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UMB Financial Corporation Reports Third Quarter Net Income of $96.6 Million

  Third Quarter 2023 Financial Highlights

  • GAAP net income of $96.6 million, or $1.98 per diluted share.
  • Net operating income(i) of $98.4 million, or $2.02 per diluted share.
  • Average loans increased 10.1% on a linked-quarter, annualized basis, to $22.8 billion, or an 18.0% increase as compared to the third quarter of 2022.
  • Deposit balances at September 30, 2023 totaled $33.4 billion, up from $31.8 billion at September 30, 2022, and consistent with June 30, 2023 balances.
  • Average deposit balances of $31.3 billion, increased 5.1% as compared to the third quarter of 2022.
  • Net interest margin of 2.43%, consistent with the linked quarter.
  • Credit quality remained strong, with net charge-offs of just 0.08% of total loans and non-performing loans representing 0.07% of total loans, compared to 0.09% as of June 30, 2023.

UMB Financial Corporation (Nasdaq: UMBF), a financial services company, announced net income for the third quarter of 2023 of $96.6 million, or $1.98 per diluted share, compared to $90.1 million, or $1.85 per diluted share, in the second quarter of 2023 (linked quarter) and $88.0 million, or $1.81 per diluted share, in the third quarter of 2022.

Net operating income, a non-GAAP financial measure reconciled later in this release to net income, the nearest comparable GAAP measure, was $98.4 million, or $2.02 per diluted share, for the third quarter of 2023, compared to $93.8 million, or $1.93 per diluted share, for the linked quarter and $88.3 million, or $1.82 per diluted share, for the third quarter of 2022. Operating pre-tax, pre-provision income (operating PTPP), a non-GAAP measure reconciled later in this release to the components of net income before taxes, the nearest comparable GAAP measure, was $126.6 million, or $2.60 per diluted share, for the third quarter of 2023, compared to $127.9 million, or $2.63 per diluted share, for the linked quarter, and $131.2 million, or $2.70 per diluted share, for the third quarter of 2022. These operating PTPP results represent decreases of 1.0% on a linked-quarter basis and 3.5%, compared to the third quarter of 2022.

“Our third quarter results demonstrated strong loan growth, stable deposits, continued momentum in many of our fee generating businesses, and solid asset quality,” said Mariner Kemper, chairman, president and chief executive officer. “Average loan balances increased more than 10% on a linked-quarter, annualized basis, driven primarily by construction draws and commercial & industrial loan growth. While net interest income for the industry continues to be impacted by higher interest costs paid to deposit clients, our net interest margin in the third quarter was essentially flat on a linked-quarter basis. Our loan portfolio, predominantly indexed to short-term interest rates, continues to reprice in the current interest rate environment as evidenced by the 21 basis points increase in loan yields as compared to the second quarter. Client sentiment remains cautiously optimistic amidst an uncertain geopolitical and interest rate environment. At UMB, our overall portfolio health remains solid as evidenced by a low loan loss ratio of just 0.08% of average loans and nonperforming loans comprising just 0.07% of total loans.”

(i) A non-GAAP financial measure reconciled later in this release to net income, the nearest comparable GAAP measure.

Third Quarter 2023 earnings discussion

Summary of quarterly financial results

 

UMB Financial Corporation

(unaudited, dollars in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

Q3

 

 

Q2

 

 

Q3

 

 

2023

 

 

2023

 

 

2022

Net income (GAAP)

 

$

96,554

 

 

$

90,110

 

 

$

87,990

 

Earnings per share (diluted)

 

 

1.98

 

 

 

1.85

 

 

 

1.81

 

 

 

 

 

 

 

 

 

 

 

Operating pre-tax, pre-provision income (Non-GAAP)(i)

 

 

126,592

 

 

 

127,929

 

 

 

131,166

 

Operating pre-tax, pre-provision earnings per share (diluted)

 

 

2.60

 

 

 

2.63

 

 

 

2.70

 

 

 

 

 

 

 

 

 

 

 

Operating pre-tax, pre-provision income - FTE (Non-GAAP)(i)

 

 

133,151

 

 

 

134,504

 

 

 

137,620

 

Operating pre-tax, pre-provision earnings per share - FTE (diluted)

 

 

2.73

 

 

 

2.77

 

 

 

2.83

 

 

 

 

 

 

 

 

 

 

 

Net operating income (Non-GAAP)(i)

 

 

98,400

 

 

 

93,841

 

 

 

88,259

 

Operating earnings per share (diluted)

 

 

2.02

 

 

 

1.93

 

 

 

1.82

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

0.97

%

 

 

0.90

%

 

 

0.96

%

Return on average equity

 

 

13.25

 

 

 

12.56

 

 

 

12.90

 

Efficiency ratio

 

 

64.51

 

 

 

65.59

 

 

 

63.58

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP (i)

 

 

 

 

 

 

 

 

 

Operating return on average assets

 

 

0.99

%

 

 

0.93

%

 

 

0.96

%

Operating return on average equity

 

 

13.50

 

 

 

13.08

 

 

 

12.94

 

Operating return on average tangible equity excluding AOCI

 

 

11.77

 

 

 

11.63

 

 

 

11.34

 

Operating efficiency ratio

 

 

63.83

 

 

 

64.24

 

 

 

63.49

 

(i) See reconciliation of Non-GAAP measures to their nearest comparable GAAP measures later in this release.

Summary of year-to-date financial results

 

UMB Financial Corporation

(unaudited, dollars in thousands, except per share data)

 

September

 

 

September

 

 

YTD

 

 

YTD

 

 

2023

 

 

2022

Net income (GAAP)

 

$

279,101

 

 

$

331,509

 

Earnings per share (diluted)

 

 

5.73

 

 

 

6.80

 

 

 

 

 

 

 

 

Operating pre-tax, pre-provision income (Non-GAAP)(i)

 

 

389,890

 

 

 

437,617

 

Operating pre-tax, pre-provision earnings per share (diluted)

 

 

8.00

 

 

 

8.98

 

 

 

 

 

 

 

 

Operating pre-tax, pre-provision income - FTE (Non-GAAP)(i)

 

 

409,579

 

 

 

456,748

 

Operating pre-tax, pre-provision earnings per share - FTE (diluted)

 

 

8.40

 

 

 

9.37

 

 

 

 

 

 

 

 

Net operating income (Non-GAAP)(i)

 

 

285,077

 

 

 

331,928

 

Operating earnings per share (diluted)

 

 

5.85

 

 

 

6.81

 

 

 

 

 

 

 

 

GAAP

 

 

 

 

 

 

Return on average assets

 

 

0.95

%

 

 

1.18

%

Return on average equity

 

 

13.18

 

 

 

16.05

 

Efficiency ratio

 

 

64.40

 

 

 

59.86

 

 

 

 

 

 

 

 

Non-GAAP (i)

 

 

 

 

 

 

Operating return on average assets

 

 

0.97

%

 

 

1.18

%

Operating return on average equity

 

 

13.46

 

 

 

16.07

 

Operating return on average tangible equity excluding AOCI

 

 

11.86

 

 

 

14.93

 

Operating efficiency ratio

 

 

63.68

 

 

 

59.81

 

(i) See reconciliation of Non-GAAP measures to their nearest comparable GAAP measures later in this release.

Summary of revenue

 

UMB Financial Corporation

(unaudited, dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q3

 

 

Q2

 

 

Q3

 

CQ vs.

 

CQ vs.

 

 

2023

 

 

2023

 

 

2022

 

LQ

 

PY

Net interest income

 

$

222,287

 

 

$

225,611

 

 

$

233,485

 

 

$

(3,324

)

 

$

(11,198

)

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust and securities processing

 

 

66,668

 

 

 

61,589

 

 

 

59,586

 

 

 

5,079

 

 

 

7,082

 

Trading and investment banking

 

 

3,771

 

 

 

4,800

 

 

 

5,387

 

 

 

(1,029

)

 

 

(1,616

)

Service charges on deposit accounts

 

 

21,080

 

 

 

21,381

 

 

 

19,932

 

 

 

(301

)

 

 

1,148

 

Insurance fees and commissions

 

 

272

 

 

 

225

 

 

 

375

 

 

 

47

 

 

 

(103

)

Brokerage fees

 

 

13,400

 

 

 

13,604

 

 

 

13,840

 

 

 

(204

)

 

 

(440

)

Bankcard fees

 

 

19,296

 

 

 

18,579

 

 

 

19,379

 

 

 

717

 

 

 

(83

)

Investment securities gains (losses), net

 

 

271

 

 

 

900

 

 

 

(1,345

)

 

 

(629

)

 

 

1,616

 

Other

 

 

8,559

 

 

 

17,004

 

 

 

11,569

 

 

 

(8,445

)

 

 

(3,010

)

Total noninterest income

 

$

133,317

 

 

$

138,082

 

 

$

128,723

 

 

$

(4,765

)

 

$

4,594

 

Total revenue

 

$

355,604

 

 

$

363,693

 

 

$

362,208

 

 

$

(8,089

)

 

$

(6,604

)

Net interest income (FTE)

 

$

228,846

 

 

$

232,186

 

 

$

239,939

 

 

 

 

 

 

 

Net interest margin (FTE)

 

 

2.43

%

 

 

2.44

%

 

 

2.76

%

 

 

 

 

 

 

Total noninterest income as a % of total revenue

 

 

37.5

 

 

 

38.0

 

 

 

35.5

 

 

 

 

 

 

 

Net interest income

  • Third quarter 2023 net interest income totaled $222.3 million, a decrease of $3.3 million, or 1.5%, from the linked quarter, driven by higher interest expense due primarily to unfavorable mix shift in the composition of liabilities, combined with the impact of higher short-term interest rates. This decrease was partially offset by continued growth in average loans, coupled with increased loan yields.
  • Average earning assets decreased $866.4 million, or 2.3%, from the linked quarter, largely driven by decreases of $1.2 billion in interest-bearing due from banks and $299.6 million in average securities, partially offset by an increase of $559.9 million in average loans.
  • Average interest-bearing liabilities decreased $464.8 million, or 1.8%, from the linked quarter, primarily driven by decreases of $531.4 million in borrowed funds, mostly short-term borrowings, and $309.5 million in federal funds and repurchase agreements. These decreases were partially offset by an increase of $376.1 million in interest-bearing deposits. Average noninterest-bearing deposits decreased $520.6 million, or 4.9%, as compared to the linked quarter.
  • Net interest margin for the third quarter was 2.43%, a decrease of one basis point from the linked quarter, driven by increased cost and mix of interest-bearing liabilities, partially offset by improved loan yields, the benefit of free funds, and earning asset mix changes. The cost of interest-bearing liabilities increased 24 basis points to 3.82%. Total cost of funds increased 19 basis points from the linked quarter to 2.75%. Average loan yields increased 21 basis points while earning asset yields increased 17 basis points from the linked quarter.
  • On a year-over-year basis, net interest income decreased $11.2 million, or 4.8%, driven by higher interest expense primarily due to unfavorable mix shift in the composition of liabilities, as well as the impact of higher short-term interest rates. This decrease was partially offset by a $3.5 billion, or 18.0%, increase in average loans.
  • Compared to the third quarter of 2022, average earning assets increased $2.9 billion, or 8.5%, largely driven by the increase in average loans noted above, partially offset by a decrease of $933.2 million in average securities.
  • Average deposits increased 5.1% compared to the third quarter of 2022. Average noninterest-bearing demand deposit balances decreased 19.2% compared to the third quarter of 2022, driven by migration to rate-bearing deposit categories, as expected in a higher interest rate environment. Average demand deposit balances comprised 32.0% of total deposits, compared to 33.5% in the linked quarter and 41.6% in the third quarter of 2022.
  • Average borrowed funds decreased $531.4 million as compared to the linked quarter and increased $2.3 billion as compared to the third quarter of 2022, driven by short-term borrowings with the Federal Home Loan Bank and the Federal Reserve Discount Window.

Noninterest income

  • Third quarter 2023 noninterest income decreased $4.8 million, or 3.5%, on a linked-quarter basis, largely due to:
    • A decrease of $8.4 million in other income, primarily related to a $4.0 million gain on sale of other assets recorded in the second quarter, coupled with decreases of $3.5 million in company-owned life insurance income and $0.9 million in derivative income. The decrease in company-owned life insurance was offset by a proportionate decrease in deferred compensation expense as noted below.
    • A decrease of $1.0 million in trading and investment banking due to decreased trading volume.
    • These decreases were partially offset by increases of $3.2 million in fund services income, $1.3 million in corporate trust income, and $0.6 million in trust servicing income, all recorded in trust and securities processing.
  • Compared to the prior year, noninterest income in the third quarter of 2023 increased $4.6 million, or 3.6%, primarily driven by:
    • Increases of $4.1 million in fund services income, $2.4 million in corporate trust income, and $0.6 million in trust servicing income, all recorded in trust and securities processing.
    • An increase of $1.6 million in investment securities gains, primarily driven by increased valuations in the company's marketable securities.
    • An increase of $0.5 million in bank-owned life insurance income, recorded in other income.
    • These increases were partially offset by decreases of $2.7 million in company-owned life insurance income and $1.3 million in derivative income, both recorded in other income. The decrease in company-owned life insurance was offset by a proportionate decrease in deferred compensation expense as noted below.

Noninterest expense

Summary of noninterest expense

 

UMB Financial Corporation

(unaudited, dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q3

 

Q2

 

Q3

 

CQ vs.

 

CQ vs.

 

 

2023

 

2023

 

2022

 

LQ

 

PY

Salaries and employee benefits

 

$

133,380

 

$

143,312

 

$

136,467

 

$

(9,932

)

 

$

(3,087

)

Occupancy, net

 

 

12,283

 

 

11,746

 

 

12,231

 

 

537

 

 

 

52

 

Equipment

 

 

17,204

 

 

17,086

 

 

18,811

 

 

118

 

 

 

(1,607

)

Supplies and services

 

 

3,213

 

 

4,195

 

 

3,139

 

 

(982

)

 

 

74

 

Marketing and business development

 

 

6,631

 

 

7,124

 

 

6,671

 

 

(493

)

 

 

(40

)

Processing fees

 

 

26,016

 

 

26,572

 

 

20,901

 

 

(556

)

 

 

5,115

 

Legal and consulting

 

 

7,230

 

 

7,059

 

 

10,255

 

 

171

 

 

 

(3,025

)

Bankcard

 

 

8,852

 

 

8,307

 

 

6,551

 

 

545

 

 

 

2,301

 

Amortization of other intangible assets

 

 

2,124

 

 

2,117

 

 

1,092

 

 

7

 

 

 

1,032

 

Regulatory fees

 

 

6,153

 

 

6,123

 

 

4,200

 

 

30

 

 

 

1,953

 

Other

 

 

8,355

 

 

7,032

 

 

11,078

 

 

1,323

 

 

 

(2,723

)

Total noninterest expense

 

$

231,441

 

$

240,673

 

$

231,396

 

$

(9,232

)

 

$

45

 

  • Noninterest expense for the third quarter of 2023 was $231.4 million, a decrease of $9.2 million, or 3.8%, from the linked quarter and an increase of $0.1 million from the third quarter of 2022. Operating noninterest expense, a non-GAAP financial measure reconciled later in this release to noninterest expense, the nearest comparable GAAP measure, was $229.0 million for the third quarter of 2023, a decrease of $6.8 million, or 2.9%, from the linked quarter and a decrease of $2.0 million, or 0.9%, from the third quarter of 2022.
  • The linked-quarter decrease in GAAP noninterest expense was driven by:
    • A decrease of $9.9 million in salaries and employee benefits expense driven by decreases of $5.3 million in employee benefits expense and $4.6 million in salaries and bonus expense. The decrease in employee benefits was driven by a decrease in deferred compensation expense of $2.8 million and a decrease of $1.3 million in other employee benefits. The decrease in salaries and bonus expense was due to a decrease of $2.5 million in severance expense and a decrease of $1.6 million in salary and wage expense. The decrease in deferred compensation expense was offset by the decrease in company-owned life insurance income noted above.
    • These decreases were partially offset by an increase of $1.3 million in operational losses as compared to the linked quarter.
  • The year-over-year increase in GAAP noninterest expense was driven by:
    • An increase of $5.1 million in processing fees expense due to the ongoing modernization of the company’s core systems and the timing of multiple software projects.
    • This increase was partially offset by the following decreases:
      • A decrease of $3.1 million in salaries and employee benefits expense, driven primarily by decreases of $1.6 million in salaries and bonus expense and $1.5 million in employee benefits expense. The decrease in salaries and wage expense is primarily due to a decrease in bonus and commission expense. The decrease in employee benefits expense is due to a decrease of $1.9 million in deferred compensation plan expense. The decrease in deferred compensation expense was offset by the decrease in company-owned life insurance income noted above.
      • A decrease of $3.0 million in legal and consulting expense due to the timing of multiple projects.

Income taxes

  • The company’s effective tax rate was 18.1% for the nine months ended September 30, 2023, compared to 18.8% for the same period in 2022. The decrease in the effective tax rate in 2023 is primarily attributable to a larger portion of income being earned from tax-exempt municipal securities.

Balance sheet

  • Average total assets for the third quarter of 2023 were $39.5 billion compared to $40.4 billion for the linked quarter and $36.3 billion for the same period in 2022.

Summary of average loans and leases - QTD Average

UMB Financial Corporation

(unaudited, dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q3

 

Q2

 

Q3

 

CQ vs.

 

CQ vs.

 

 

2023

 

2023

 

2022

 

LQ

 

PY

Commercial and industrial

 

$

9,852,335

 

$

9,724,300

 

$

8,417,174

 

$

128,035

 

 

$

1,435,161

 

Specialty lending

 

 

526,711

 

 

574,220

 

 

559,797

 

 

(47,509

)

 

 

(33,086

)

Commercial real estate

 

 

8,545,206

 

 

8,178,463

 

 

6,892,484

 

 

366,743

 

 

 

1,652,722

 

Consumer real estate

 

 

2,922,753

 

 

2,833,739

 

 

2,574,926

 

 

89,014

 

 

 

347,827

 

Consumer

 

 

139,384

 

 

139,705

 

 

142,348

 

 

(321

)

 

 

(2,964

)

Credit cards

 

 

477,904

 

 

485,749

 

 

438,235

 

 

(7,845

)

 

 

39,669

 

Leases and other

 

 

287,174

 

 

255,425

 

 

259,298

 

 

31,749

 

 

 

27,876

 

Total loans

 

$

22,751,467

 

$

22,191,601

 

$

19,284,262

 

$

559,866

 

 

$

3,467,205

 

  • Average loans for the third quarter of 2023 increased $559.9 million, or 2.5%, on a linked-quarter basis and $3.5 billion, or 18.0%, compared to the third quarter of 2022.

Summary of average securities - QTD Average

 

UMB Financial Corporation

(unaudited, dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q3

 

Q2

 

Q3

 

CQ vs.

 

CQ vs.

 

 

2023

 

2023

 

2022

 

LQ

 

PY

Securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

$

786,136

 

$

797,104

 

$

746,429

 

$

(10,968

)

 

$

39,707

 

U.S. Agencies

 

 

172,832

 

 

189,091

 

 

173,980

 

 

(16,259

)

 

 

(1,148

)

Mortgage-backed

 

 

3,611,305

 

 

3,813,234

 

 

4,363,838

 

 

(201,929

)

 

 

(752,533

)

State and political subdivisions

 

 

1,275,591

 

 

1,319,398

 

 

1,600,043

 

 

(43,807

)

 

 

(324,452

)

Corporates

 

 

345,026

 

 

349,318

 

 

381,151

 

 

(4,292

)

 

 

(36,125

)

Collateralized loan obligations

 

 

346,426

 

 

348,078

 

 

300,475

 

 

(1,652

)

 

 

45,951

 

Total securities available for sale

 

$

6,537,316

 

$

6,816,223

 

$

7,565,916

 

$

(278,907

)

 

$

(1,028,600

)

Securities held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Agencies

 

$

123,165

 

$

123,135

 

$

123,048

 

$

30

 

 

$

117

 

Mortgage-backed

 

 

2,814,467

 

 

2,878,657

 

 

3,039,998

 

 

(64,190

)

 

 

(225,531

)

State and political subdivisions

 

 

2,828,029

 

 

2,822,218

 

 

2,621,633

 

 

5,811

 

 

 

206,396

 

Total securities held to maturity

 

$

5,765,661

 

$

5,824,010

 

$

5,784,679

 

$

(58,349

)

 

$

(19,018

)

Trading securities

 

$

17,327

 

$

12,538

 

$

5,651

 

$

4,789

 

 

$

11,676

 

Other securities

 

 

445,380

 

 

407,754

 

 

330,950

 

 

37,626

 

 

 

114,430

 

Total securities

 

$

12,765,684

 

$

13,060,525

 

$

13,687,196

 

$

(294,841

)

 

$

(921,512

)

  • Average total securities decreased 2.3% on a linked-quarter basis and decreased 6.7% compared to the third quarter of 2022.
  • At September 30, 2023, the unrealized pre-tax net loss on the available-for-sale securities portfolio was $917.8 million, or 12.7% of the $7.2 billion amortized cost value. At September 30, 2023, the unrealized pre-tax net loss on the securities designated as held to maturity was $876.1 million, or 15.3% of the $5.7 billion amortized cost value.
  • During 2022, the company transferred securities with an amortized cost balance of $4.1 billion and a fair value of $3.8 billion from the available-for-sale category to the held-to-maturity category. The remaining balance of unrealized pre-tax net losses related to transferred securities was $216.5 million as of September 30, 2023 and was included in the amortized cost balance of held-to-maturity securities.
  • At September 30, 2023, an after-tax gain of $55.9 million was included in accumulated other comprehensive income (AOCI) related to the company’s fair value hedges of municipal securities. During 2021, the company entered into ten of these hedge transactions, all of which have since been terminated. The gain on the terminated hedges is being amortized over the remaining life of the underlying bonds.

Summary of average deposits - QTD Average

UMB Financial Corporation

(unaudited, dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q3

 

 

Q2

 

 

Q3

 

 

CQ vs.

 

CQ vs.

 

 

2023

 

 

2023

 

 

2022

 

 

LQ

 

PY

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing demand

 

$

10,014,686

 

 

$

10,535,325

 

 

$

12,394,251

 

 

$

(520,639

)

 

$

(2,379,565

)

Interest-bearing demand and savings

 

 

18,142,212

 

 

 

17,463,022

 

 

 

16,723,205

 

 

 

679,190

 

 

 

1,419,007

 

Time deposits

 

 

3,173,549

 

 

 

3,476,616

 

 

 

679,994

 

 

 

(303,067

)

 

 

2,493,555

 

Total deposits

 

$

31,330,447

 

 

$

31,474,963

 

 

$

29,797,450

 

 

$

(144,516

)

 

$

1,532,997

 

Noninterest bearing deposits as % of total

 

 

32.0

%

 

 

33.5

%

 

 

41.6

%

 

 

 

 

 

 

  • Average deposits decreased 0.5% on a linked-quarter basis and increased 5.1% compared to the third quarter of 2022.
  • As of September 30, 2023, the total estimated uninsured deposits were $20.7 billion, or approximately 62.0% of total deposits. Estimated uninsured deposits, when adjusted to exclude affiliate (company-owned) and collateralized deposits, were $14.2 billion, and represented approximately 42.6% of total deposits.

Capital

Capital information

 

UMB Financial Corporation

(unaudited, dollars in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

September 30, 2023

 

 

June 30, 2023

 

 

September 30, 2022

Total equity

 

$

2,806,659

 

 

$

2,831,628

 

 

$

2,523,545

 

Accumulated other comprehensive loss, net

 

 

(792,371

)

 

 

(685,831

)

 

 

(759,260

)

Book value per common share

 

 

57.83

 

 

 

58.36

 

 

 

52.24

 

Tangible book value per common share (Non-GAAP)(i)

 

 

52.06

 

 

 

52.54

 

 

 

48.19

 

 

 

 

 

 

 

 

 

 

 

Regulatory capital:

 

 

 

 

 

 

 

 

 

Common equity Tier 1 capital

 

$

3,357,986

 

 

$

3,273,841

 

 

$

3,132,209

 

Tier 1 capital

 

 

3,357,986

 

 

 

3,273,841

 

 

 

3,132,209

 

Total capital

 

 

3,955,093

 

 

 

3,870,101

 

 

 

3,679,116

 

 

 

 

 

 

 

 

 

 

 

Regulatory capital ratios:

 

 

 

 

 

 

 

 

 

Common equity Tier 1 capital ratio

 

 

10.77

%

 

 

10.65

%

 

 

11.18

%

Tier 1 risk-based capital ratio

 

 

10.77

 

 

 

10.65

 

 

 

11.18

 

Total risk-based capital ratio

 

 

12.68

 

 

 

12.59

 

 

 

13.13

 

Tier 1 leverage ratio

 

 

8.55

 

 

 

8.16

 

 

 

8.66

 

(i) See reconciliation of Non-GAAP measures to their nearest comparable GAAP measures later in this release.

  • At September 30, 2023, the regulatory capital ratios presented in the foregoing table exceeded all “well-capitalized” regulatory thresholds.

Asset Quality

Credit quality

 

UMB Financial Corporation

(unaudited, dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q3

 

 

Q2

 

 

Q1

 

 

Q4

 

 

Q3

 

 

2023

 

 

2023

 

 

2023

 

 

2022

 

 

2022

Net charge-offs (recoveries) - total loans

 

$

4,618

 

 

$

(139

)

 

$

4,643

 

 

$

2,189

 

 

$

1,173

 

Net loan charge-offs (recoveries) as a % of total average loans

 

 

0.08

%

 

 

(0.00

)%

 

 

0.09

%

 

 

0.04

%

 

 

0.02

%

Loans over 90 days past due

 

$

3,044

 

 

$

10,675

 

 

$

1,723

 

 

$

1,617

 

 

$

2,513

 

Loans over 90 days past due as a % of total loans

 

 

0.01

%

 

 

0.05

%

 

 

0.01

%

 

 

0.01

%

 

 

0.01

%

Nonaccrual and restructured loans

 

$

17,042

 

 

$

19,347

 

 

$

15,480

 

 

$

19,269

 

 

$

19,817

 

Nonaccrual and restructured loans as a % of total loans

 

 

0.07

%

 

 

0.09

%

 

 

0.07

%

 

 

0.09

%

 

 

0.10

%

Provision for credit losses

 

$

4,977

 

 

$

13,000

 

 

$

23,250

 

 

$

9,000

 

 

$

22,000

 

  • Provision for credit losses for the third quarter totaled $5.0 million, a decrease of $8.0 million from the linked quarter and a decrease of $17.0 million from the third quarter of 2022. These changes are driven largely by changes in macro-economic variables in the current period as compared to the prior periods.
  • Net charge-offs for the third quarter totaled $4.6 million, or 0.08% of average loans, compared to net recoveries of $0.1 million in the linked quarter, and net charge-offs of $1.2 million, or 0.02% of average loans, for the third quarter of 2022. On a year-to-date basis, net charge-offs totaled $9.1 million, or 0.06% of average loans, compared to $37.7 million, or 0.27% of average loans, for the same period in 2022.

Dividend Declaration

At the company’s quarterly board meeting, the Board of Directors approved a 2.6% increase in the quarterly cash dividend to $0.39 per share. The cash dividend will be payable on January 2, 2024, to shareholders of record at the close of business on December 11, 2023.

Conference Call

The company plans to host a conference call to discuss its third quarter 2023 earnings results on Wednesday, October 25, 2023, at 8:30 a.m. (CT).

Interested parties may access the call by dialing (toll-free) 833-470-1428 or (international) 404-975-4839 and requesting to join the UMB Financial call with access code 879142. The live call may also be accessed by visiting investorrelations.umb.com or by using the following link:

UMB Financial 3Q 2023 Conference Call

A replay of the conference call may be heard through November 8, 2023, by calling (toll-free) 866-813-9403 or (international) 204-525-0658. The replay access code required for playback is 504739. The call replay may also be accessed at investorrelations.umb.com.

Non-GAAP Financial Information

In this release, we may provide information about net operating income, operating earnings per share – diluted (operating EPS), operating return on average equity (operating ROE), operating return on average assets (operating ROA), operating noninterest expense, operating efficiency ratio, operating pre-tax, pre-provision income (operating PTPP), operating pre-tax, pre-provision earnings per share – diluted (operating PTPP EPS), operating pre-tax, pre-provision income on a fully tax equivalent basis (operating PTPP-FTE), operating pre-tax, pre-provision FTE earnings per share – diluted (operating PTPP-FTE EPS), tangible shareholders’ equity, tangible book value per share, and operating return on average tangible equity excluding AOCI, all of which are non-GAAP financial measures. This information supplements the results that are reported according to generally accepted accounting principles in the United States (GAAP) and should not be viewed in isolation from, or as a substitute for, GAAP results. The differences between the non-GAAP financial measures – net operating income, operating EPS, operating ROE, operating ROA, operating noninterest expense, operating efficiency ratio, operating PTPP, operating PTPP EPS, operating PTPP-FTE, operating PTPP-FTE EPS, tangible shareholders’ equity, tangible book value per share, and operating return on average tangible equity excluding AOCI – and the nearest comparable GAAP financial measures are reconciled later in this release. The company believes that these non-GAAP financial measures and the reconciliations may be useful to investors because they adjust for acquisition- and severance-related items that management does not believe reflect the company’s fundamental operating performance.

Net operating income for the relevant period is defined as GAAP net income, adjusted to reflect the impact of excluding expenses related to acquisitions, severance expense, and the cumulative tax impact of these adjustments.

Operating EPS (diluted) is calculated as earnings per share as reported, adjusted to reflect, on a per share basis, the impact of excluding the non-GAAP adjustments described above for the relevant period. Operating ROE is calculated as net operating income, divided by the company’s average total shareholders’ equity for the relevant period. Operating ROA is calculated as net operating income, divided by the company’s average assets for the relevant period. Operating noninterest expense for the relevant period is defined as GAAP noninterest expense, adjusted to reflect the pre-tax impact of non-GAAP adjustments described above. Operating efficiency ratio is calculated as the company’s operating noninterest expense, net of amortization of other intangibles, divided by the company’s total non-GAAP revenue (calculated as net interest income plus noninterest income, less gains on sales of securities available for sale, net).

Operating PTPP income for the relevant period is defined as GAAP net interest income plus GAAP noninterest income, less noninterest expense, adjusted to reflect the impact of excluding expenses related to acquisitions and severance expense.

Operating PTPP-FTE for the relevant period is defined as GAAP net interest income on a fully tax equivalent basis plus GAAP noninterest income, less noninterest expense, adjusted to reflect the impact of excluding expenses related to acquisitions and severance expense.

Tangible shareholders’ equity for the relevant period is defined as GAAP shareholders’ equity, net of intangible assets. Tangible book value per share is defined as tangible shareholders’ equity divided by the Company’s total shares outstanding.

Operating return on average tangible equity excluding AOCI is calculated as net operating income, divided by the company’s average tangible shareholders’ equity exclusive of AOCI for the relevant period.

Forward-Looking Statements:

This press release contains, and our other communications may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “outlook,” “forecast,” “target,” “trend,” “plan,” “goal,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, results, or aspirations. All forward-looking statements are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Our actual future objectives, strategies, plans, prospects, performance, condition, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events, circumstances, or aspirations to differ from those in forward-looking statements are described in our Annual Report on Form 10-K for the year ended December 31, 2022, our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (SEC). In addition to such factors that have been disclosed previously: macroeconomic and adverse developments and uncertainties related to the collateral effects of the collapse of, and challenges for, domestic and international banks, including the impacts to the U.S. and global economies; sustained levels of high inflation and the potential for an economic recession on the heels of aggressive quantitative tightening by the Federal Reserve, and impacts related to or resulting from Russia’s military action in Ukraine, such as the broader impacts to financial markets and the global macroeconomic and geopolitical environments, may also cause actual results or other future events, circumstances, or aspirations to differ from our forward-looking statements. Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except to the extent required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K, or other applicable document that is filed or furnished with the SEC.

About UMB:

UMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in Kansas City, Missouri. UMB offers commercial banking, which includes comprehensive deposit, lending and investment services, personal banking, which includes wealth management and financial planning services, and institutional banking, which includes asset servicing, corporate trust solutions, investment banking, and healthcare services. UMB operates branches throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas. As the company’s reach continues to grow, it also serves business clients nationwide and institutional clients in several countries. For more information, visit UMB.com, UMB Blog, UMB Facebook and UMB LinkedIn.

Consolidated Balance Sheets

 

UMB Financial Corporation

(unaudited, dollars in thousands)

 

 

 

 

 

 

 

 

September 30,

 

 

 

2023

 

2022

ASSETS

 

 

 

 

 

 

Loans

 

$

22,881,689

 

 

$

19,883,573

 

Allowance for credit losses on loans

 

 

(221,462

)

 

 

(184,913

)

Net loans

 

 

22,660,227

 

 

 

19,698,660

 

Loans held for sale

 

 

2,824

 

 

 

2,870

 

Securities:

 

 

 

 

 

 

Available for sale

 

 

6,330,699

 

 

 

7,128,277

 

Held to maturity, net of allowance for credit losses

 

 

5,729,697

 

 

 

5,835,187

 

Trading securities

 

 

24,509

 

 

 

14,390

 

Other securities

 

 

473,255

 

 

 

333,732

 

Total securities

 

 

12,558,160

 

 

 

13,311,586

 

Federal funds sold and resell agreements

 

 

248,203

 

 

 

716,549

 

Interest-bearing due from banks

 

 

3,556,076

 

 

 

1,768,008

 

Cash and due from banks

 

 

454,705

 

 

 

371,336

 

Premises and equipment, net

 

 

249,037

 

 

 

260,685

 

Accrued income

 

 

208,594

 

 

 

153,759

 

Goodwill

 

 

207,385

 

 

 

182,225

 

Other intangibles, net

 

 

73,060

 

 

 

13,373

 

Other assets

 

 

1,246,411

 

 

 

1,102,011

 

Total assets

 

$

41,464,682

 

 

$

37,581,062

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Noninterest-bearing demand

 

$

11,254,885

 

 

$

13,876,929

 

Interest-bearing demand and savings

 

 

18,833,614

 

 

 

17,059,492

 

Time deposits under $250,000

 

 

2,834,181

 

 

 

365,644

 

Time deposits of $250,000 or more

 

 

509,072

 

 

 

504,323

 

Total deposits

 

 

33,431,752

 

 

 

31,806,388

 

Federal funds purchased and repurchase agreements

 

 

1,757,602

 

 

 

2,314,168

 

Short-term debt

 

 

2,300,000

 

 

 

 

Long-term debt

 

 

382,768

 

 

 

381,543

 

Accrued expenses and taxes

 

 

319,283

 

 

 

211,465

 

Other liabilities

 

 

466,618

 

 

 

343,953

 

Total liabilities

 

 

38,658,023

 

 

 

35,057,517

 

 

 

 

 

 

 

 

SHAREHOLDERS' EQUITY

 

 

 

 

 

 

Common stock

 

 

55,057

 

 

 

55,057

 

Capital surplus

 

 

1,128,239

 

 

 

1,120,489

 

Retained earnings

 

 

2,759,415

 

 

 

2,454,422

 

Accumulated other comprehensive loss, net

 

 

(792,371

)

 

 

(759,260

)

Treasury stock

 

 

(343,681

)

 

 

(347,163

)

Total shareholders' equity

 

 

2,806,659

 

 

 

2,523,545

 

Total liabilities and shareholders' equity

 

$

41,464,682

 

 

$

37,581,062

 

 

Consolidated Statements of Income

 

UMB Financial Corporation

(unaudited, dollars in thousands except share and per share data)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 

2023

 

2022

 

 

2023

 

 

2022

INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

Loans

 

$

367,485

 

$

216,970

 

 

$

1,018,920

 

 

$

536,359

Securities:

 

 

 

 

 

 

 

 

 

 

Taxable interest

 

 

53,455

 

 

50,003

 

 

 

161,091

 

 

 

140,680

Tax-exempt interest

 

 

25,704

 

 

24,692

 

 

 

76,560

 

 

 

72,085

Total securities income

 

 

79,159

 

 

74,695

 

 

 

237,651

 

 

 

212,765

Federal funds and resell agreements

 

 

4,567

 

 

6,056

 

 

 

14,107

 

 

 

12,003

Interest-bearing due from banks

 

 

20,551

 

 

2,545

 

 

 

70,923

 

 

 

9,209

Trading securities

 

 

214

 

 

73

 

 

 

502

 

 

 

372

Total interest income

 

 

471,976

 

 

300,339

 

 

 

1,342,103

 

 

 

770,708

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

191,919

 

 

48,457

 

 

 

490,368

 

 

 

70,069

Federal funds and repurchase agreements

 

 

23,076

 

 

14,709

 

 

 

71,123

 

 

 

21,855

Other

 

 

34,694

 

 

3,688

 

 

 

91,018

 

 

 

10,153

Total interest expense

 

 

249,689

 

 

66,854

 

 

 

652,509

 

 

 

102,077

Net interest income

 

 

222,287

 

 

233,485

 

 

 

689,594

 

 

 

668,631

Provision for credit losses

 

 

4,977

 

 

22,000

 

 

 

41,227

 

 

 

28,900

Net interest income after provision for credit losses

 

 

217,310

 

 

211,485

 

 

 

648,367

 

 

 

639,731

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

Trust and securities processing

 

 

66,668

 

 

59,586

 

 

 

190,616

 

 

 

178,000

Trading and investment banking

 

 

3,771

 

 

5,387

 

 

 

13,879

 

 

 

17,950

Service charges on deposit accounts

 

 

21,080

 

 

19,932

 

 

 

63,620

 

 

 

65,409

Insurance fees and commissions

 

 

272

 

 

375

 

 

 

771

 

 

 

879

Brokerage fees

 

 

13,400

 

 

13,840

 

 

 

40,680

 

 

 

29,687

Bankcard fees

 

 

19,296

 

 

19,379

 

 

 

56,047

 

 

 

53,854

Investment securities gains (losses), net

 

 

271

 

 

(1,345

)

 

 

(4,153

)

 

 

58,853

Other

 

 

8,559

 

 

11,569

 

 

 

40,139

 

 

 

24,104

Total noninterest income

 

 

133,317

 

 

128,723

 

 

 

401,599

 

 

 

428,736

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

133,380

 

 

136,467

 

 

 

419,190

 

 

 

388,491

Occupancy, net

 

 

12,283

 

 

12,231

 

 

 

36,206

 

 

 

36,439

Equipment

 

 

17,204

 

 

18,811

 

 

 

52,139

 

 

 

55,290

Supplies and services

 

 

3,213

 

 

3,139

 

 

 

11,283

 

 

 

9,893

Marketing and business development

 

 

6,631

 

 

6,671

 

 

 

19,090

 

 

 

16,911

Processing fees

 

 

26,016

 

 

20,901

 

 

 

75,828

 

 

 

58,682

Legal and consulting

 

 

7,230

 

 

10,255

 

 

 

21,574

 

 

 

28,431

Bankcard

 

 

8,852

 

 

6,551

 

 

 

24,292

 

 

 

18,998

Amortization of other intangible assets

 

 

2,124

 

 

1,092

 

 

 

6,539

 

 

 

3,388

Regulatory fees

 

 

6,153

 

 

4,200

 

 

 

17,827

 

 

 

11,146

Other

 

 

8,355

 

 

11,078

 

 

 

25,198

 

 

 

32,632

Total noninterest expense

 

 

231,441

 

 

231,396

 

 

 

709,166

 

 

 

660,301

Income before income taxes

 

 

119,186

 

 

108,812

 

 

 

340,800

 

 

 

408,166

Income tax expense

 

 

22,632

 

 

20,822

 

 

 

61,699

 

 

 

76,657

NET INCOME

 

$

96,554

 

$

87,990

 

 

$

279,101

 

 

$

331,509

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

Net income – basic

 

$

1.99

 

$

1.82

 

 

$

5.76

 

 

$

6.86

Net income – diluted

 

 

1.98

 

 

1.81

 

 

 

5.73

 

 

 

6.80

Dividends

 

 

0.38

 

 

0.37

 

 

 

1.14

 

 

 

1.11

Weighted average shares outstanding – basic

 

 

48,525,776

 

 

48,300,129

 

 

 

48,492,022

 

 

 

48,351,007

Weighted average shares outstanding – diluted

 

 

48,762,696

 

 

48,648,804

 

 

 

48,737,065

 

 

 

48,723,572

Consolidated Statements of Comprehensive Income

 

UMB Financial Corporation

(unaudited, dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 

2023

 

2022

 

 

2023

 

2022

Net income

 

$

96,554

 

 

$

87,990

 

 

$

279,101

 

 

$

331,509

 

Other comprehensive loss, before tax:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains and losses on debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrealized holding gains and losses, net

 

 

(151,753

)

 

 

(271,079

)

 

 

(145,601

)

 

 

(1,202,341

)

Less: Reclassification adjustment for net (gains) losses included in net income

 

 

(154

)

 

 

 

 

 

279

 

 

 

 

Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity

 

 

10,268

 

 

 

12,587

 

 

 

30,563

 

 

 

25,708

 

Change in unrealized gains and losses on debt securities

 

 

(141,639

)

 

 

(258,492

)

 

 

(114,759

)

 

 

(1,176,633

)

Unrealized gains and losses on derivative hedges:

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrealized gains and losses on derivative hedges, net

 

 

3,927

 

 

 

3,321

 

 

 

4,248

 

 

 

12,438

 

Less: Reclassification adjustment for net gains included in net income

 

 

(2,844

)

 

 

(1,470

)

 

 

(8,065

)

 

 

(3,411

)

Change in unrealized gains and losses on derivative hedges

 

 

1,083

 

 

 

1,851

 

 

 

(3,817

)

 

 

9,027

 

Other comprehensive loss, before tax

 

 

(140,556

)

 

 

(256,641

)

 

 

(118,576

)

 

 

(1,167,606

)

Income tax benefit

 

 

34,016

 

 

 

62,184

 

 

 

28,940

 

 

 

282,032

 

Other comprehensive loss

 

 

(106,540

)

 

 

(194,457

)

 

 

(89,636

)

 

 

(885,574

)

Comprehensive (loss) income

 

$

(9,986

)

 

$

(106,467

)

 

$

189,465

 

 

$

(554,065

)

Consolidated Statements of Shareholders' Equity

UMB Financial Corporation

(unaudited, dollars in thousands except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common

Stock

 

Capital

Surplus

 

 

Retained

Earnings

 

Accumulated Other Comprehensive Income (Loss)

 

Treasury

Stock

 

Total

Balance - January 1, 2022

 

$

55,057

 

$

1,110,520

 

 

$

2,176,998

 

 

$

126,314

 

 

$

(323,465

)

 

$

3,145,424

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

331,509

 

 

 

(885,574

)

 

 

 

 

 

(554,065

)

Dividends ($1.11 per share)

 

 

 

 

 

 

 

(54,085

)

 

 

 

 

 

 

 

 

(54,085

)

Purchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

(31,806

)

 

 

(31,806

)

Issuances of equity awards, net of forfeitures

 

 

 

 

(6,630

)

 

 

 

 

 

 

 

 

7,309

 

 

 

679

 

Recognition of equity-based compensation

 

 

 

 

16,062

 

 

 

 

 

 

 

 

 

 

 

 

16,062

 

Sale of treasury stock

 

 

 

 

257

 

 

 

 

 

 

 

 

 

172

 

 

 

429

 

Exercise of stock options

 

 

 

 

280

 

 

 

 

 

 

 

 

 

627

 

 

 

907

 

Balance - September 30, 2022

 

$

55,057

 

$

1,120,489

 

 

$

2,454,422

 

 

$

(759,260

)

 

$

(347,163

)

 

$

2,523,545

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance - January 1, 2023

 

$

55,057

 

$

1,125,949

 

 

$

2,536,086

 

 

$

(702,735

)

 

$

(347,264

)

 

$

2,667,093

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

279,101

 

 

 

(89,636

)

 

 

 

 

 

189,465

 

Dividends ($1.14 per share)

 

 

 

 

 

 

 

(55,772

)

 

 

 

 

 

 

 

 

(55,772

)

Purchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,096

)

 

 

(8,096

)

Issuances of equity awards, net of forfeitures

 

 

 

 

(10,115

)

 

 

 

 

 

 

 

 

10,834

 

 

 

719

 

Recognition of equity-based compensation

 

 

 

 

11,983

 

 

 

 

 

 

 

 

 

 

 

 

11,983

 

Sale of treasury stock

 

 

 

 

167

 

 

 

 

 

 

 

 

 

216

 

 

 

383

 

Exercise of stock options

 

 

 

 

255

 

 

 

 

 

 

 

 

 

629

 

 

 

884

 

Balance - September 30, 2023

 

$

55,057

 

$

1,128,239

 

 

$

2,759,415

 

 

$

(792,371

)

 

$

(343,681

)

 

$

2,806,659

 

Average Balances / Yields and Rates

 

UMB Financial Corporation

(tax - equivalent basis)

 

 

 

 

 

 

 

 

 

 

 

 

(unaudited, dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

Average

 

Average

 

 

Average

 

Average

 

 

Balance

 

Yield/Rate

 

 

Balance

 

Yield/Rate

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net of unearned interest

 

$

22,751,467

 

 

 

6.41

%

 

$

19,284,262

 

 

 

4.46

%

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

8,964,467

 

 

 

2.37

 

 

 

9,796,212

 

 

 

2.03

 

Tax-exempt

 

 

3,783,890

 

 

 

3.37

 

 

 

3,885,333

 

 

 

3.18

 

Total securities

 

 

12,748,357

 

 

 

2.66

 

 

 

13,681,545

 

 

 

2.35

 

Federal funds and resell agreements

 

 

303,864

 

 

 

5.96

 

 

 

848,844

 

 

 

2.83

 

Interest bearing due from banks

 

 

1,548,867

 

 

 

5.26

 

 

 

632,595

 

 

 

1.60

 

Trading securities

 

 

17,327

 

 

 

5.31

 

 

 

5,651

 

 

 

5.69

 

Total earning assets

 

 

37,369,882

 

 

 

5.08

 

 

 

34,452,897

 

 

 

3.53

 

Allowance for credit losses

 

 

(227,878

)

 

 

 

 

 

(167,939

)

 

 

 

Other assets

 

 

2,381,496

 

 

 

 

 

 

2,025,193

 

 

 

 

Total assets

 

$

39,523,500

 

 

 

 

 

$

36,310,151

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

 

$

21,315,761

 

 

 

3.57

%

 

$

17,403,199

 

 

 

1.10

%

Federal funds and repurchase agreements

 

 

2,027,382

 

 

 

4.52

 

 

 

3,055,164

 

 

 

1.91

 

Borrowed funds

 

 

2,605,897

 

 

 

5.28

 

 

 

294,739

 

 

 

4.96

 

Total interest-bearing liabilities

 

 

25,949,040

 

 

 

3.82

 

 

 

20,753,102

 

 

 

1.28

 

Noninterest-bearing demand deposits

 

 

10,014,686

 

 

 

 

 

 

12,394,251

 

 

 

 

Other liabilities

 

 

667,920

 

 

 

 

 

 

456,992

 

 

 

 

Shareholders' equity

 

 

2,891,854

 

 

 

 

 

 

2,705,806

 

 

 

 

Total liabilities and shareholders' equity

 

$

39,523,500

 

 

 

 

 

$

36,310,151

 

 

 

 

Net interest spread

 

 

 

 

 

1.26

%

 

 

 

 

 

2.25

%

Net interest margin

 

 

 

 

 

2.43

 

 

 

 

 

 

2.76

 

Average Balances / Yields and Rates

 

UMB Financial Corporation

(tax - equivalent basis)

 

 

 

 

 

 

 

 

 

 

 

 

(unaudited, dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

Average

 

 

Average

 

 

Average

 

 

Average

 

 

Balance

 

 

Yield/Rate

 

 

Balance

 

 

Yield/Rate

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net of unearned interest

 

$

22,076,977

 

 

 

6.17

%

 

$

18,328,139

 

 

 

3.91

%

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

9,179,230

 

 

 

2.35

 

 

 

9,695,499

 

 

 

1.94

 

Tax-exempt

 

 

3,816,122

 

 

 

3.36

 

 

 

3,912,590

 

 

 

3.11

 

Total securities

 

 

12,995,352

 

 

 

2.64

 

 

 

13,608,089

 

 

 

2.28

 

Federal funds and resell agreements

 

 

343,297

 

 

 

5.49

 

 

 

1,070,319

 

 

 

1.50

 

Interest bearing due from banks

 

 

1,935,029

 

 

 

4.90

 

 

 

2,841,510

 

 

 

0.43

 

Trading securities

 

 

13,071

 

 

 

5.56

 

 

 

12,170

 

 

 

4.86

 

Total earning assets

 

 

37,363,726

 

 

 

4.87

 

 

 

35,860,227

 

 

 

2.94

 

Allowance for credit losses

 

 

(213,744

)

 

 

 

 

 

(182,647

)

 

 

 

Other assets

 

 

2,322,171

 

 

 

 

 

 

1,988,189

 

 

 

 

Total assets

 

$

39,472,153

 

 

 

 

 

$

37,665,769

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

 

$

20,638,982

 

 

 

3.18

%

 

$

17,775,016

 

 

 

0.53

%

Federal funds and repurchase agreements

 

 

2,273,826

 

 

 

4.18

 

 

 

2,896,021

 

 

 

1.01

 

Borrowed funds

 

 

2,319,652

 

 

 

5.25

 

 

 

279,659

 

 

 

4.85

 

Total interest-bearing liabilities

 

 

25,232,460

 

 

 

3.46

 

 

 

20,950,696

 

 

 

0.65

 

Noninterest-bearing demand deposits

 

 

10,816,120

 

 

 

 

 

 

13,537,023

 

 

 

 

Other liabilities

 

 

591,919

 

 

 

 

 

 

416,492

 

 

 

 

Shareholders' equity

 

 

2,831,654

 

 

 

 

 

 

2,761,558

 

 

 

 

Total liabilities and shareholders' equity

 

$

39,472,153

 

 

 

 

 

$

37,665,769

 

 

 

 

Net interest spread

 

 

 

 

 

1.41

%

 

 

 

 

 

2.29

%

Net interest margin

 

 

 

 

 

2.54

 

 

 

 

 

 

2.56

 

Business Segment Information

 

UMB Financial Corporation

(unaudited, dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2023

 

 

Commercial Banking

 

 

Institutional Banking

 

 

Personal

Banking

 

Total

Net interest income

 

$

148,666

 

 

$

43,133

 

 

$

30,488

 

 

$

222,287

 

Provision for credit losses

 

 

3,010

 

 

 

423

 

 

 

1,544

 

 

 

4,977

 

Noninterest income

 

 

23,091

 

 

 

86,521

 

 

 

23,705

 

 

 

133,317

 

Noninterest expense

 

 

81,767

 

 

 

87,502

 

 

 

62,172

 

 

 

231,441

 

Income (loss) before taxes

 

 

86,980

 

 

 

41,729

 

 

 

(9,523

)

 

 

119,186

 

Income tax expense (benefit)

 

 

16,311

 

 

 

7,866

 

 

 

(1,545

)

 

 

22,632

 

Net income (loss)

 

$

70,669

 

 

$

33,863

 

 

$

(7,978

)

 

$

96,554

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2022

 

 

Commercial Banking

 

 

Institutional Banking

 

 

Personal

Banking

 

Total

Net interest income

 

$

150,080

 

 

$

43,382

 

 

 

40,023

 

 

$

233,485

 

Provision for credit losses

 

 

20,156

 

 

 

162

 

 

 

1,682

 

 

 

22,000

 

Noninterest income

 

 

16,785

 

 

 

89,386

 

 

 

22,552

 

 

 

128,723

 

Noninterest expense

 

 

87,120

 

 

 

82,073

 

 

 

62,203

 

 

 

231,396

 

Income (loss) before taxes

 

 

59,589

 

 

 

50,533

 

 

 

(1,310

)

 

 

108,812

 

Income tax expense

 

 

12,859

 

 

 

7,735

 

 

 

228

 

 

 

20,822

 

Net income (loss)

 

$

46,730

 

 

$

42,798

 

 

$

(1,538

)

 

$

87,990

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2023

 

 

Commercial Banking

 

 

Institutional Banking

 

 

Personal

Banking

 

Total

Net interest income

 

$

444,083

 

 

$

148,615

 

 

$

96,896

 

 

$

689,594

 

Provision for credit losses

 

 

35,110

 

 

 

754

 

 

 

5,363

 

 

 

41,227

 

Noninterest income

 

 

71,658

 

 

 

257,573

 

 

 

72,368

 

 

 

401,599

 

Noninterest expense

 

 

251,667

 

 

 

268,464

 

 

 

189,035

 

 

 

709,166

 

Income (loss) before taxes

 

 

228,964

 

 

 

136,970

 

 

 

(25,134

)

 

 

340,800

 

Income tax expense (benefit)

 

 

41,114

 

 

 

24,558

 

 

 

(3,973

)

 

 

61,699

 

Net income (loss)

 

$

187,850

 

 

$

112,412

 

 

$

(21,161

)

 

$

279,101

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2022

 

 

Commercial Banking

 

 

Institutional Banking

 

 

Personal

Banking

 

 

Total

Net interest income

 

$

444,176

 

 

$

104,615

 

 

$

119,840

 

 

$

668,631

 

Provision for credit losses

 

 

25,183

 

 

 

402

 

 

 

3,315

 

 

 

28,900

 

Noninterest income

 

 

100,379

 

 

 

243,740

 

 

 

84,617

 

 

 

428,736

 

Noninterest expense

 

 

246,230

 

 

 

234,185

 

 

 

179,886

 

 

 

660,301

 

Income before taxes

 

 

273,142

 

 

 

113,768

 

 

 

21,256

 

 

 

408,166

 

Income tax expense

 

 

52,001

 

 

 

22,353

 

 

 

2,303

 

 

 

76,657

 

Net income

 

$

221,141

 

 

$

91,415

 

 

$

18,953

 

 

$

331,509

 

The company has strategically aligned its operations into the following three reportable segments: Commercial Banking, Institutional Banking, and Personal Banking. Senior executive officers regularly evaluate business segment financial results produced by the company’s internal reporting system in deciding how to allocate resources and assess performance for individual business segments. The company’s reportable segments include certain corporate overhead, technology and service costs that are allocated based on methodologies that are applied consistently between periods. For comparability purposes, amounts in all periods are based on methodologies in effect at September 30, 2023.

Non-GAAP Financial Measures

Net operating income Non-GAAP reconciliations:

 

UMB Financial Corporation

(unaudited, dollars in thousands except per share data)

 

 

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

2023

 

2022

 

2023

 

2022

Net income (GAAP)

 

$

96,554

 

 

$

87,990

 

 

$

279,101

 

 

$

331,509

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition expense

 

 

70

 

 

 

71

 

 

 

127

 

 

 

71

 

Severance expense

 

 

2,359

 

 

 

283

 

 

 

7,736

 

 

 

480

 

Tax-impact of adjustments (i)

 

 

(583

)

 

 

(85

)

 

 

(1,887

)

 

 

(132

)

Total Non-GAAP adjustments (net of tax)

 

 

1,846

 

 

 

269

 

 

 

5,976

 

 

 

419

 

Net operating income (Non-GAAP)

 

$

98,400

 

 

$

88,259

 

 

$

285,077

 

 

$

331,928

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share - diluted (GAAP)

 

$

1.98

 

 

$

1.81

 

 

$

5.73

 

 

$

6.80

 

Acquisition expense

 

 

 

 

 

 

 

 

 

 

 

 

Severance expense

 

 

0.05

 

 

 

0.01

 

 

 

0.16

 

 

 

0.01

 

Tax-impact of adjustments (i)

 

 

(0.01

)

 

 

 

 

 

(0.04

)

 

 

 

Operating earnings per share - diluted (Non-GAAP)

 

$

2.02

 

 

$

1.82

 

 

$

5.85

 

 

$

6.81

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

0.97

%

 

 

0.96

%

 

 

0.95

%

 

 

1.18

%

Return on average equity

 

 

13.25

 

 

 

12.90

 

 

 

13.18

 

 

 

16.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP

 

 

 

 

 

 

 

 

 

 

 

 

Operating return on average assets

 

 

0.99

%

 

 

0.96

%

 

 

0.97

%

 

 

1.18

%

Operating return on average equity

 

 

13.50

 

 

 

12.94

 

 

 

13.46

 

 

 

16.07

 

(i) Calculated using the company’s marginal tax rate of 24.0%.

Operating noninterest expense and operating efficiency ratio Non-GAAP reconciliations:

 

UMB Financial Corporation

(unaudited, dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

Noninterest expense

 

$

231,441

 

 

$

231,396

 

 

$

709,166

 

 

$

660,301

 

Adjustments to arrive at operating noninterest expense (pre-tax):

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition expense

 

 

70

 

 

 

71

 

 

 

127

 

 

 

71

 

Severance expense

 

 

2,359

 

 

 

283

 

 

 

7,736

 

 

 

480

 

Total Non-GAAP adjustments (pre-tax)

 

 

2,429

 

 

 

354

 

 

 

7,863

 

 

 

551

 

Operating noninterest expense (Non-GAAP)

 

$

229,012

 

 

$

231,042

 

 

$

701,303

 

 

$

659,750

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense

 

$

231,441

 

 

$

231,396

 

 

$

709,166

 

 

$

660,301

 

Less: Amortization of other intangibles

 

 

2,124

 

 

 

1,092

 

 

 

6,539

 

 

 

3,388

 

Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A)

 

$

229,317

 

 

$

230,304

 

 

$

702,627

 

 

$

656,913

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating noninterest expense

 

$

229,012

 

 

$

231,042

 

 

$

701,303

 

 

$

659,750

 

Less: Amortization of other intangibles

 

 

2,124

 

 

 

1,092

 

 

 

6,539

 

 

 

3,388

 

Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B)

 

$

226,888

 

 

$

229,950

 

 

$

694,764

 

 

$

656,362

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

222,287

 

 

$

233,485

 

 

$

689,594

 

 

$

668,631

 

Noninterest income

 

 

133,317

 

 

 

128,723

 

 

 

401,599

 

 

 

428,736

 

Less: Gains on sales of securities available for sale, net

 

 

154

 

 

 

 

 

 

152

 

 

 

 

Total Non-GAAP Revenue (denominator A)

 

$

355,450

 

 

$

362,208

 

 

$

1,091,041

 

 

$

1,097,367

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Efficiency ratio (numerator A/denominator A)

 

 

64.51

%

 

 

63.58

%

 

 

64.40

%

 

 

59.86

%

Operating efficiency ratio (Non-GAAP) (numerator B/denominator A)

 

 

63.83

 

 

 

63.49

 

 

 

63.68

 

 

 

59.81

 

Operating pre-tax, pre-provision income non-GAAP reconciliations:

UMB Financial Corporation

(unaudited, dollars in thousands except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

Net interest income (GAAP)

 

$

222,287

 

 

$

233,485

 

 

$

689,594

 

 

$

668,631

 

Noninterest income (GAAP)

 

 

133,317

 

 

 

128,723

 

 

 

401,599

 

 

 

428,736

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense (GAAP)

 

 

231,441

 

 

 

231,396

 

 

 

709,166

 

 

 

660,301

 

Adjustments to arrive at operating noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition expense

 

 

70

 

 

 

71

 

 

 

127

 

 

 

71

 

Severance expense

 

 

2,359

 

 

 

283

 

 

 

7,736

 

 

 

480

 

Total Non-GAAP adjustments

 

 

2,429

 

 

 

354

 

 

 

7,863

 

 

 

551

 

Operating noninterest expense (Non-GAAP)

 

 

229,012

 

 

 

231,042

 

 

 

701,303

 

 

 

659,750

 

Operating pre-tax, pre-provision income (Non-GAAP)

 

$

126,592

 

 

$

131,166

 

 

$

389,890

 

 

$

437,617

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income earnings per share - diluted (GAAP)

 

$

4.56

 

 

$

4.80

 

 

$

14.15

 

 

$

13.72

 

Noninterest income (GAAP)

 

 

2.73

 

 

 

2.65

 

 

 

8.24

 

 

 

8.80

 

Noninterest expense (GAAP)

 

 

4.74

 

 

 

4.76

 

 

 

14.55

 

 

 

13.55

 

Acquisition expense

 

 

 

 

 

 

 

 

 

 

 

 

Severance expense

 

 

0.05

 

 

 

0.01

 

 

 

0.16

 

 

 

0.01

 

Operating pre-tax, pre-provision earnings per share - diluted (Non-GAAP)

 

$

2.60

 

 

$

2.70

 

 

$

8.00

 

 

$

8.98

 

Operating pre-tax, pre-provision income - FTE Non-GAAP reconciliations:

 

UMB Financial Corporation

(unaudited, dollars in thousands except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

Net interest income (GAAP)

 

$

222,287

 

 

$

233,485

 

 

$

689,594

 

 

$

668,631

 

Adjustments to arrive at net interest income - FTE:

 

 

 

 

 

 

 

 

 

 

 

 

Tax equivalent interest

 

 

6,559

 

 

 

6,454

 

 

 

19,689

 

 

 

19,131

 

Net interest income - FTE (Non-GAAP)

 

 

228,846

 

 

 

239,939

 

 

 

709,283

 

 

 

687,762

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income (GAAP)

 

 

133,317

 

 

 

128,723

 

 

 

401,599

 

 

 

428,736

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense (GAAP)

 

 

231,441

 

 

 

231,396

 

 

 

709,166

 

 

 

660,301

 

Adjustments to arrive at operating noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition expense

 

 

70

 

 

 

71

 

 

 

127

 

 

 

71

 

Severance expense

 

 

2,359

 

 

 

283

 

 

 

7,736

 

 

 

480

 

Total Non-GAAP adjustments

 

 

2,429

 

 

 

354

 

 

 

7,863

 

 

 

551

 

Operating noninterest expense (Non-GAAP)

 

 

229,012

 

 

 

231,042

 

 

 

701,303

 

 

 

659,750

 

Operating pre-tax, pre-provision income - FTE (Non-GAAP)

 

$

133,151

 

 

$

137,620

 

 

$

409,579

 

 

$

456,748

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income earnings per share - diluted (GAAP)

 

$

4.56

 

 

$

4.80

 

 

$

14.15

 

 

$

13.72

 

Tax equivalent interest

 

 

0.13

 

 

 

0.13

 

 

 

0.40

 

 

 

0.39

 

Net interest income - FTE (Non-GAAP)

 

 

4.69

 

 

 

4.93

 

 

 

14.55

 

 

 

14.11

 

Noninterest income (GAAP)

 

 

2.73

 

 

 

2.65

 

 

 

8.24

 

 

 

8.80

 

Noninterest expense (GAAP)

 

 

4.74

 

 

 

4.76

 

 

 

14.55

 

 

 

13.55

 

Acquisition expense

 

 

 

 

 

 

 

 

 

 

 

 

Severance expense

 

 

0.05

 

 

 

0.01

 

 

 

0.16

 

 

 

0.01

 

Operating pre-tax, pre-provision income - FTE earnings per share - diluted (Non-GAAP)

 

$

2.73

 

 

$

2.83

 

 

$

8.40

 

 

$

9.37

 

Tangible book value non-GAAP reconciliations:

UMB Financial Corporation

(unaudited, dollars in thousands except share and per share data)

 

 

 

 

 

 

As of September 30,

 

 

2023

 

2022

Total shareholders' equity (GAAP)

 

$

2,806,659

 

$

2,523,545

Less: Intangible assets

 

 

 

 

Goodwill

 

 

207,385

 

 

182,225

Other intangibles, net

 

 

73,060

 

 

13,373

Total intangibles, net

 

 

280,445

 

 

195,598

Total tangible shareholders' equity (Non-GAAP)

 

$

2,526,214

 

$

2,327,947

 

 

 

 

 

Total shares outstanding

 

 

48,529,097

 

 

48,309,638

 

 

 

 

 

Ratio of total shareholders' equity (book value) per share

 

$

57.83

 

$

52.24

Ratio of total tangible shareholders' equity (tangible book value) per share (Non-GAAP)

 

 

52.06

 

 

48.19

Operating return on average tangible equity excluding AOCI non-GAAP reconciliations:

UMB Financial Corporation

(unaudited, dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

Average total shareholders' equity (GAAP)

 

$

2,891,854

 

 

$

2,705,806

 

 

$

2,831,654

 

 

$

2,761,558

 

Less: Average intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

Average goodwill

 

 

207,385

 

 

 

182,225

 

 

 

207,385

 

 

 

179,741

 

Average other intangibles, net

 

 

74,444

 

 

 

14,061

 

 

 

75,892

 

 

 

14,476

 

Average total intangibles, net

 

 

281,829

 

 

 

196,286

 

 

 

283,277

 

 

 

194,216

 

Average total tangible shareholders' equity (Non-GAAP)

 

 

2,610,025

 

 

 

2,509,520

 

 

 

2,548,377

 

 

 

2,567,342

 

Less: Average accumulated other comprehensive loss (AOCI)

 

 

(706,062

)

 

 

(576,947

)

 

 

(664,770

)

 

 

(405,343

)

Average total tangible shareholders' equity excluding AOCI (Non-GAAP)

 

$

3,316,087

 

 

$

3,086,467

 

 

$

3,213,147

 

 

$

2,972,685

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net operating income (Non-GAAP)

 

$

98,400

 

 

$

88,259

 

 

$

285,077

 

 

$

331,928

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP

 

 

 

 

 

 

 

 

 

 

 

 

Operating return on average tangible equity excluding AOCI

 

 

11.77

%

 

 

11.34

%

 

 

11.86

%

 

 

14.93

%

 

Contacts

Media Contact: Stephanie Hague: 816.860.5088

Investor Relations Contact: Kay Gregory: 816.860.7106

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