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Section 1: 10-Q (FORM 10-Q)

umbf-10q_20200331.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(MARK ONE)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from          to         

Commission file number001-38481

 

UMB FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

 

 

Missouri

 

43-0903811

(State or other jurisdiction of
incorporation or organization)

 

(I.R.S. Employer
Identification Number)

 

1010 Grand Boulevard, Kansas City, Missouri

 

64106

(Address of principal executive offices)

 

(Zip Code)

(Registrant's telephone number, including area code): (816) 860-7000

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $1.00 Par Value

UMBF

The NASDAQ Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non- accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of April 24, 2020, UMB Financial Corporation had 48,136,923 shares of common stock outstanding.

 

 

 


 

UMB FINANCIAL CORPORATION

FORM 10-Q

INDEX

 

PART I – FINANCIAL INFORMATION

3

 

 

 

ITEM 1.

FINANCIAL STATEMENTS (UNAUDITED)

3

CONSOLIDATED BALANCE SHEETS

3

CONSOLIDATED STATEMENTS OF INCOME

4

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

5

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

6

CONSOLIDATED STATEMENTS OF CASH FLOWS

7

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

9

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

48

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

65

ITEM 4.

CONTROLS AND PROCEDURES

70

 

 

 

PART II - OTHER INFORMATION

71

 

 

 

ITEM 1.

LEGAL PROCEEDINGS

71

ITEM 1A.

RISK FACTORS

71

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

72

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

72

ITEM 4.

MINE SAFETY DISCLOSURES

72

ITEM 5.

OTHER INFORMATION

72

ITEM 6.

EXHIBITS

73

SIGNATURES

74

 

2


 

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

UMB FINANCIAL CORPORATION

CONSOLIDATED BALANCE SHEETS

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

 

 

 

March 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

(unaudited)

 

 

(audited)

 

ASSETS

 

 

 

 

 

 

 

 

Loans

 

$

13,949,710

 

 

$

13,431,722

 

Allowance for credit losses on loans(1)

 

 

(187,911

)

 

 

(101,788

)

Net loans

 

 

13,761,799

 

 

 

13,329,934

 

Loans held for sale

 

 

9,585

 

 

 

7,803

 

Securities:

 

 

 

 

 

 

 

 

Available for sale (amortized cost of $7,353,180 and $7,323,980, respectively)

 

 

7,639,451

 

 

 

7,447,362

 

Held to maturity, net of allowance for credit losses of $3,235 and $0, respectively (fair value of $1,146,909 and $1,082,345, respectively)

 

 

1,110,925

 

 

 

1,116,102

 

Trading securities

 

 

61,177

 

 

 

45,618

 

Other securities

 

 

135,194

 

 

 

108,420

 

Total securities

 

 

8,946,747

 

 

 

8,717,502

 

Federal funds sold and securities purchased under agreements to resell

 

 

784,750

 

 

 

1,578,345

 

Interest-bearing due from banks

 

 

1,109,254

 

 

 

1,225,491

 

Cash and due from banks

 

 

340,553

 

 

 

472,958

 

Premises and equipment, net

 

 

297,668

 

 

 

300,334

 

Accrued income

 

 

111,879

 

 

 

124,508

 

Goodwill

 

 

180,867

 

 

 

180,867

 

Other intangibles, net

 

 

25,839

 

 

 

27,597

 

Other assets

 

 

675,945

 

 

 

596,016

 

Total assets

 

$

26,244,886

 

 

$

26,561,355

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Noninterest-bearing demand

 

$

7,269,520

 

 

$

6,944,465

 

Interest-bearing demand and savings

 

 

12,920,980

 

 

 

13,432,415

 

Time deposits under $250,000

 

 

595,128

 

 

 

611,587

 

Time deposits of $250,000 or more

 

 

389,892

 

 

 

614,777

 

Total deposits

 

 

21,175,520

 

 

 

21,603,244

 

Federal funds purchased and repurchase agreements

 

 

1,890,917

 

 

 

1,896,508

 

Short-term debt

 

 

15,000

 

 

 

 

Long-term debt

 

 

121,582

 

 

 

97,490

 

Accrued expenses and taxes

 

 

216,272

 

 

 

232,200

 

Other liabilities

 

 

162,154

 

 

 

125,473

 

Total liabilities

 

 

23,581,445

 

 

 

23,954,915

 

 

 

 

 

 

 

 

 

 

SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Common stock, $1.00 par value; 80,000,000 shares authorized; 55,056,730 shares issued, 48,134,601 and 49,097,606 shares outstanding, respectively

 

 

55,057

 

 

 

55,057

 

Capital surplus

 

 

1,073,089

 

 

 

1,073,764

 

Retained earnings

 

 

1,646,751

 

 

 

1,672,438

 

Accumulated other comprehensive income, net

 

 

219,390

 

 

 

83,180

 

Treasury stock, 6,922,129 and 5,959,124 shares, at cost, respectively

 

 

(330,846

)

 

 

(277,999

)

Total shareholders' equity

 

 

2,663,441

 

 

 

2,606,440

 

Total liabilities and shareholders' equity

 

$

26,244,886

 

 

$

26,561,355

 

 

(1)

As of December 31, 2019, this line represents the Allowance for loan losses. See further discussion of this change in Note 3, “New Accounting Pronouncements.”

See Notes to Consolidated Financial Statements.

3


 

UMB FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

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

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

INTEREST INCOME

 

 

 

 

 

 

 

 

Loans

 

$

151,026

 

 

$

157,261

 

Securities:

 

 

 

 

 

 

 

 

Taxable interest

 

 

27,212

 

 

 

25,391

 

Tax-exempt interest

 

 

24,404

 

 

 

20,697

 

Total securities income

 

 

51,616

 

 

 

46,088

 

Federal funds and resell agreements

 

 

5,452

 

 

 

3,625

 

Interest-bearing due from banks

 

 

2,663

 

 

 

3,899

 

Trading securities

 

 

654

 

 

 

434

 

Total interest income

 

 

211,411

 

 

 

211,307

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

Deposits

 

 

29,732

 

 

 

37,834

 

Federal funds and repurchase agreements

 

 

6,381

 

 

 

8,264

 

Other

 

 

1,357

 

 

 

1,341

 

Total interest expense

 

 

37,470

 

 

 

47,439

 

Net interest income

 

 

173,941

 

 

 

163,868

 

Provision for credit losses(1)

 

 

88,000

 

 

 

12,350

 

Net interest income after provision for credit losses

 

 

85,941

 

 

 

151,518

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

Trust and securities processing

 

 

47,000

 

 

 

41,957

 

Trading and investment banking

 

 

1,723

 

 

 

5,581

 

Service charges on deposit accounts

 

 

25,081

 

 

 

21,281

 

Insurance fees and commissions

 

 

259

 

 

 

338

 

Brokerage fees

 

 

9,860

 

 

 

7,243

 

Bankcard fees

 

 

16,545

 

 

 

17,067

 

Gains on sales of securities available for sale, net

 

 

1,227

 

 

 

809

 

Other

 

 

(3,271

)

 

 

13,106

 

Total noninterest income

 

 

98,424

 

 

 

107,382

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

111,060

 

 

 

116,032

 

Occupancy, net

 

 

12,180

 

 

 

11,743

 

Equipment

 

 

21,241

 

 

 

19,684

 

Supplies and services

 

 

4,185

 

 

 

3,873

 

Marketing and business development

 

 

4,640

 

 

 

4,913

 

Processing fees

 

 

13,390

 

 

 

12,132

 

Legal and consulting

 

 

6,110

 

 

 

5,633

 

Bankcard

 

 

4,860

 

 

 

4,345

 

Amortization of other intangible assets

 

 

1,734

 

 

 

1,327

 

Regulatory fees

 

 

2,366

 

 

 

2,890

 

Other

 

 

6,853

 

 

 

8,054

 

Total noninterest expense

 

 

188,619

 

 

 

190,626

 

(Loss) income before income taxes

 

 

(4,254

)

 

 

68,274

 

Income tax (benefit) expense

 

 

(815

)

 

 

10,530

 

NET (LOSS) INCOME

 

$

(3,439

)

 

$

57,744

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

Net (loss) income – basic

 

$

(0.07

)

 

$

1.19

 

Net (loss) income – diluted

 

 

(0.07

)

 

 

1.18

 

Dividends

 

 

0.31

 

 

 

0.30

 

Weighted average shares outstanding – basic

 

 

48,689,876

 

 

 

48,712,153

 

Weighted average shares outstanding – diluted

 

 

48,689,876

 

 

 

48,998,571

 

 

(1)

For the three months ended March 31, 2019, this line represents the Provision for loan losses. See further discussion of this change in Note 3, “New Accounting Pronouncements.

See Notes to Consolidated Financial Statements.

4


 

UMB FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited, dollars in thousands)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

Net (loss) income

 

$

(3,439

)

 

$

57,744

 

Other comprehensive income, before tax:

 

 

 

 

 

 

 

 

Unrealized gains and losses on debt securities:

 

 

 

 

 

 

 

 

Change in unrealized holding gains and losses, net

 

 

164,116

 

 

 

106,434

 

Less:  Reclassification adjustment for gains included in net income

 

 

(1,227

)

 

 

(809

)

Change in unrealized gains and losses on debt securities during the period

 

 

162,889

 

 

 

105,625

 

Unrealized gains and losses on derivative hedges:

 

 

 

 

 

 

 

 

Change in unrealized gains and losses on derivative hedges

 

 

14,525

 

 

 

(2,088

)

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

 

 

768

 

 

 

(5

)

Change in unrealized gains and losses on derivative hedges

 

 

15,293

 

 

 

(2,093

)

Other comprehensive income, before tax

 

 

178,182

 

 

 

103,532

 

Income tax expense

 

 

(41,972

)

 

 

(25,389

)

Other comprehensive income

 

 

136,210

 

 

 

78,143

 

Comprehensive income

 

$

132,771

 

 

$

135,887

 

 

See Notes to Consolidated Financial Statements.

5


 

UMB FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

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

 

 

 

Common

Stock

 

 

Capital

Surplus

 

 

Retained

Earnings

 

 

Accumulated Other Comprehensive (Loss) Income

 

 

Treasury

Stock

 

 

Total

 

Balance – January 1, 2019

 

$

55,057

 

 

$

1,054,601

 

 

$

1,488,421

 

 

$

(95,782

)

 

$

(273,827

)

 

$

2,228,470

 

Total comprehensive income

 

 

 

 

 

 

 

 

57,744

 

 

 

78,143

 

 

 

 

 

 

135,887

 

Dividends ($0.30 per share)

 

 

 

 

 

 

 

 

(14,769

)

 

 

 

 

 

 

 

 

(14,769

)

Purchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,086

)

 

 

(4,086

)

Forfeitures of equity awards, net of issuances

 

 

 

 

 

2,383

 

 

 

 

 

 

 

 

 

(1,779

)

 

 

604

 

Recognition of equity-based compensation

 

 

 

 

 

3,289

 

 

 

 

 

 

 

 

 

 

 

 

3,289

 

Sale of treasury stock

 

 

 

 

 

100

 

 

 

 

 

 

 

 

 

161

 

 

 

261

 

Exercise of stock options

 

 

 

 

 

257

 

 

 

 

 

 

 

 

 

930

 

 

 

1,187

 

Balance – March 31, 2019

 

$

55,057

 

 

$

1,060,630

 

 

$

1,531,396

 

 

$

(17,639

)

 

$

(278,601

)

 

$

2,350,843

 

Balance – January 1, 2020

 

$

55,057

 

 

$

1,073,764

 

 

$

1,672,438

 

 

$

83,180

 

 

$

(277,999

)

 

$

2,606,440

 

Total comprehensive (loss) income

 

 

 

 

 

 

 

 

(3,439

)

 

 

136,210

 

 

 

 

 

 

132,771

 

Dividends ($0.31 per share)

 

 

 

 

 

 

 

 

(15,209

)

 

 

 

 

 

 

 

 

(15,209

)

Purchase of treasury stock

 

 

 

 

 

(4,500

)

 

 

 

 

 

 

 

 

(54,886

)