UMB Financial Corporation Reports Third Quarter Net Income of $88.0 Million and Announces 2.7% Cash Dividend Increase

Rhea-AI Summary

UMB Financial Corporation reported third quarter 2022 net income of $88.0 million ($1.81 per diluted share), down from $137.6 million in Q2 2022 and $94.5 million in Q3 2021. Average loans increased by 15.1% year-over-year, while deposits grew 1.3%. Noninterest income rose 19.3%, contributing 35.5% of total revenue. The net interest margin expanded to 2.76%. The Board approved a 2.7% increase in the quarterly cash dividend to $0.38, payable on January 3, 2023. Credit quality remained strong with low charge-offs of 0.02%.

Positive

• Net income of $88.0 million, or $1.81 per share.
• Average loan balances increased by $2.5 billion, or 15.1% year-over-year.
• Noninterest income grew 19.3%, representing 35.5% of total revenue.
• Net interest margin expanded to 2.76%, up 16 basis points from Q2 2022.
• Board approved a 2.7% increase in quarterly cash dividend to $0.38.

Negative

• Net income decreased from $137.6 million in Q2 2022.
• Operating pre-tax, pre-provision income decreased 29.9% from Q2 2022.
• Average deposits fell 5.7% on a linked-quarter basis.
• Total noninterest expenses increased by 8.1% from Q2 2022.

Third Quarter 2022 Financial Highlights

• GAAP net income of $88.0 million, or $1.81 per diluted share.
• Average loan balances increased $2.5 billion, or 15.1%, compared to the third quarter of 2021.
• Average deposits grew 1.3% compared to the third quarter of 2021.
• Noninterest income increased 19.3% as compared to the third quarter of 2021, equal to 35.5% of total revenue.
• Excluding Paycheck Protection Program (PPP) balances, average loans increased 21.9% on a linked-quarter, annualized basis.
• Net interest margin expanded 16 basis points from the linked quarter.
• Credit quality remained strong, with net charge-offs of just 0.02% of average loans.

 

KANSAS CITY, Mo.--(BUSINESS WIRE)-- UMB Financial Corporation (Nasdaq: UMBF), a financial services company, announced net income for the third quarter of 2022 of $88.0 million, or $1.81 per diluted share, compared to $137.6 million, or $2.83 per diluted share, in the second quarter of 2022 (linked quarter) and $94.5 million, or $1.94 per diluted share, in the third quarter of 2021. The results for the second quarter of 2022 include a pre-tax gain of $66.2 million on the sale of the company’s entire investment in Visa Inc. Class B common shares, and a pre-tax $5.0 million contribution to the company’s charitable foundation.

Net operating income, a non-GAAP financial measure reconciled later in this release to net income, the nearest comparable GAAP measure, was $88.3 million, or $1.82 per diluted share, for the third quarter of 2022, compared to $137.6 million, or $2.83 per diluted share, for the linked quarter and $95.1 million, or $1.95 per diluted share, for the third quarter of 2021. 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 $131.2 million, or $2.70 per diluted share, for the third quarter of 2022, compared to $187.1 million, or $3.84 per diluted share, for the linked quarter, and $109.6 million, or $2.24 per diluted share, for the third quarter of 2021. These operating PTPP results represent a decrease of 29.9% on a linked-quarter basis and an increase of 19.6%, compared to the third quarter of 2021. The results in the linked quarter comparison were impacted by the benefit from the aforementioned gain on the sale of the company’s Visa Inc. Class B common shares net of the contribution to the company’s charitable foundation in the second quarter of 2022.

“On a linked-quarter basis, our strong third quarter 2022 results were facilitated again by robust loan growth, strong revenue growth which was driven by a 3.9% increase in net interest income, net interest margin expansion, and strong fee income growth, excluding the nonrecurring gain from the sale of Visa Class B shares,” said Mariner Kemper, chairman, president and chief executive officer. “Average loans excluding PPP balances increased 21.9% on a linked-quarter annualized basis with more than 53% of the increase driven by commercial & industrial loan growth. Our deposit costs increased in the third quarter, driven by repricing as short-term interest rates increased, and by our own efforts to attract new-to-bank customers through deposit initiatives. Our loan yields expanded 74 basis points from the second quarter and, coupled with a favorable shift in earning asset mix, drove a 16-basis-point expansion in our net interest margin. In September, we were successful in raising $110.0 million in growth capital through our subordinated notes offering that will facilitate our differentiated balance sheet growth for the remainder of this year and into 2023. Finally, our net charge-off ratio in the third quarter was just two basis points, while our nonaccrual loans comprised only ten basis points of loans.”

Summary of quarterly financial results		UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
		Q3				Q2				Q3
		2022				2022				2021
Net income (GAAP)		$	87,990			$	137,556			$	94,467
Earnings per share (diluted)			1.81				2.83				1.94
Operating pre-tax, pre-provision income (Non-GAAP)			131,166				187,051				109,632
Operating pre-tax, pre-provision earnings per share (diluted)			2.70				3.84				2.24
Operating pre-tax, pre-provision income - FTE (Non-GAAP)			137,620				193,329				116,176
Operating pre-tax, pre-provision earnings per share - FTE (diluted)			2.83				3.97				2.38
Net operating income (Non-GAAP)			88,259				137,596				95,112
Operating earnings per share (diluted)			1.82				2.83				1.95
GAAP
Return on average assets			0.96	%			1.47	%			1.04	%
Return on average equity			12.90				20.83				11.89
Efficiency ratio			63.58				53.08				65.62
Non-GAAP
Operating return on average assets			0.96	%			1.47	%			1.05	%
Operating return on average equity			12.94				20.84				11.97
Operating efficiency ratio			63.49				53.06				65.36

Summary of year-to-date financial results		UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)		September				September
		YTD				YTD
		2022				2021
Net income (GAAP)		$	331,509			$	274,522
Earnings per share (diluted)			6.80				5.64
Operating pre-tax, pre-provision income (Non-GAAP)			437,617				343,481
Operating pre-tax, pre-provision earnings per share (diluted)			8.98				7.06
Operating pre-tax, pre-provision income - FTE (Non-GAAP)			456,748				363,332
Operating pre-tax, pre-provision earnings per share - FTE (diluted)			9.37				7.47
Net operating income (Non-GAAP)			331,928				275,526
Operating earnings per share (diluted)			6.81				5.66
GAAP
Return on average assets			1.18	%			1.07	%
Return on average equity			16.05				11.95
Efficiency ratio			59.86				64.06
Non-GAAP
Operating return on average assets			1.18	%			1.07	%
Operating return on average equity			16.07				11.99
Operating efficiency ratio			59.81				63.93

Summary of revenue		UMB Financial Corporation
(unaudited, dollars in thousands)
		Q3				Q2				Q3				CQ vs.				CQ vs.
		2022				2022				2021				LQ				PY
Net interest income		$	233,485			$	224,791			$	209,765			$	8,694			$	23,720
Noninterest income:
Trust and securities processing			59,586				58,886				56,914				700				2,672
Trading and investment banking			5,387				7,123				5,936				(1,736	)			(549	)
Service charges on deposit accounts			19,932				20,835				19,881				(903	)			51
Insurance fees and commissions			375				245				285				130				90
Brokerage fees			13,840				12,391				2,899				1,449				10,941
Bankcard fees			19,379				17,840				17,198				1,539				2,181
Investment securities (losses) gains, net			(1,345	)			60,720				(3,510	)			(62,065	)			2,165
Other			11,569				(1,705	)			8,304				13,274				3,265
Total noninterest income		$	128,723			$	176,335			$	107,907			$	(47,612	)		$	20,816
Total revenue		$	362,208			$	401,126			$	317,672			$	(38,918	)		$	44,536
Net interest income (FTE)		$	239,939			$	231,069			$	216,309
Net interest margin (FTE)			2.76	%			2.60	%			2.52	%
Total noninterest income as a % of total revenue			35.5				44.0				34.0

Net interest income

• Third quarter 2022 net interest income totaled $233.5 million, an increase of $8.7 million, or 3.9% from the linked quarter, driven by an increase of $966.3 million in average loans and the impact from increased short-term and long-term interest rates.
• Average earning assets decreased $1.2 billion, or 3.5%, largely driven by a decrease of $2.0 billion in interest-bearing due from banks, partially offset by the increase of $966.3 million in average loans noted above. The decrease in excess liquidity was commensurate with a decrease of $1.8 billion in average noninterest-bearing deposits. Average interest-bearing liabilities increased $442.8 million, or 2.2%, primarily driven by an increase of $396.9 million in federal funds purchased and repurchase agreements.
• Net interest margin for the third quarter was 2.76%, an increase of 16 basis points from the linked quarter, driven by benefits of higher short-term interest rates as well as favorable earning asset mix changes. Average loan yields increased 74 basis points while earning asset yields increased 67 basis points from the linked quarter. The cost of interest-bearing liabilities increased 81 basis points to 1.28%. Net interest spread decreased 14 basis points to 2.25% from the linked quarter and was 18 basis points lower than the third quarter of 2021.
• On a year-over-year basis, net interest income increased $23.7 million, or 11.3%, driven by a $2.5 billion, or 15.1% increase in average loans, coupled with a $1.8 billion, or 14.7% increase in average securities. These increases were driven by organic loan growth and excess liquidity.
• Average deposits decreased 5.7% on a linked-quarter basis and increased 1.3% compared to the third quarter of 2021. Average noninterest-bearing demand deposit balances decreased 12.8% on a linked-quarter basis and increased 8.7% compared to the third quarter of 2021. The linked-quarter decline in average deposits was primarily driven by decreases in rate-sensitive institutional segment balances in the current interest rate environment. Demand deposit balances comprised 41.6% of total deposits, compared to 45.0% in the linked quarter and 38.7% in the third quarter of 2021.

Noninterest income

• Third quarter 2022 noninterest income totaled $128.7 million, compared to $176.3 million in the linked quarter. The linked quarter results included the $66.2 million realized gain on the sale of the company’s Visa Inc. Class B common shares recorded in investment securities gains, net. The remainder of the change in noninterest income is largely due to:
  • Increases of $13.0 million in company-owned life insurance income and $1.2 million in derivative income, both recorded in other income. The increase in company-owned life insurance is offset by a proportionate increase in deferred compensation expense as noted below.
  • Increases of $1.5 million and $1.4 million in bankcard income and brokerage income, respectively. These increases were driven by higher interchange income and increased 12b-1 fee income, respectively.
  • These increases were partially offset by a decrease of $1.7 million in trading and investment banking due to lower trading volume.
• Compared to the prior year, noninterest income in the third quarter of 2022 increased $20.8 million, or 19.3%, primarily driven by:
  • An increase of $10.9 million in brokerage income, largely driven by increases in 12b-1 fees and money market income.
  • Increases of $2.1 million and $1.7 million in derivative income and company-owned life insurance income, respectively, both recorded in other income. The increase in company-owned life insurance is offset by a proportionate increase in deferred compensation expense as noted below.
  • An increase of $2.7 million in trust and securities processing income, largely driven by increased fund services income and corporate trust income.
  • Increases of $2.2 million in both bankcard income and investment securities gains, net, driven by increased interchange, and mark-to-market gains on marketable securities, respectively.

Noninterest expense

Summary of noninterest expense		UMB Financial Corporation
(unaudited, dollars in thousands)
		Q3				Q2				Q3				CQ vs.				CQ vs.
		2022				2022				2021				LQ				PY
Salaries and employee benefits		$	136,467			$	121,390			$	124,986			$	15,077			$	11,481
Occupancy, net			12,231				11,976				12,207				255				24
Equipment			18,811				18,315				19,701				496				(890	)
Supplies and services			3,139				3,492				3,379				(353	)			(240	)
Marketing and business development			6,671				5,308				4,863				1,363				1,808
Processing fees			20,901				19,338				16,562				1,563				4,339
Legal and consulting			10,255				11,265				7,646				(1,010	)			2,609
Bankcard			6,551				5,880				4,795				671				1,756
Amortization of other intangible assets			1,092				1,225				1,110				(133	)			(18	)
Regulatory fees			4,200				3,464				3,186				736				1,014
Other			11,078				12,474				10,434				(1,396	)			644
Total noninterest expense		$	231,396			$	214,127			$	208,869			$	17,269			$	22,527

• Noninterest expense for the third quarter of 2022 was $231.4 million, an increase of $17.3 million, or 8.1%, from the linked quarter and an increase of $22.5 million, or 10.8%, from the third quarter of 2021.
• The linked-quarter increase in noninterest expense was driven by:
  • An increase of $15.1 million in salaries and employee benefits expense, primarily driven by an increase of $11.5 million in deferred compensation expense and an increase of $4.5 million in salaries and wage expense. The increase in deferred compensation expense was offset by the increase in company-owned life insurance income noted above.
  • An increase of $3.7 million in operational losses, recorded in other expense.
  • Increases of $1.6 million and $1.4 million in processing fees and marketing and business development expense, respectively, due to the timing of multiple projects.
  • These increases were offset by a decrease of $4.8 million in charitable contributions expense, recorded in other expense.
• The year-over-year increase in noninterest expense was driven by:
  • An increase of $11.5 million in salaries and employee benefits expense, driven primarily by an increase of $7.0 million in salaries and wage expense and $4.1 million in employee benefits expense, primarily due to an increase of $1.7 million in payroll taxes, insurance, and 401(k) expense, and an increase of $1.3 million in deferred compensation expense.
  • Increases of $4.3 million, $2.6 million, and $1.8 million in processing fees, legal and consulting expense, and marketing and business development expense, respectively, due to the timing of multiple projects.
  • Increases of $1.5 million in operational losses, recorded in other expense, and $1.0 million in regulatory fees.

Income taxes

• The company’s effective tax rate was 18.8% for the nine months ended September 30, 2022, compared to 17.0% for the same period in 2021. The increase in the effective rate in 2022 is primarily attributable to a smaller portion of income being earned from tax-exempt municipal securities.

Balance sheet

• Average total assets for the third quarter of 2022 were $36.3 billion compared to $37.6 billion for the linked quarter and $35.9 billion for the same period in 2021.

Summary of average loans and leases - QTD Average										UMB Financial Corporation
(unaudited, dollars in thousands)
		Q3				Q2				Q3				CQ vs.				CQ vs.
		2022				2022				2021				LQ				PY
Commercial and industrial		$	8,417,174			$	7,918,552			$	7,097,248			$	498,622			$	1,319,926
Specialty lending			559,797				518,575				486,021				41,222				73,776
Commercial real estate			6,892,484				6,569,784				6,285,348				322,700				607,136
Consumer real estate			2,574,926				2,458,815				2,178,010				116,111				396,916
Consumer			142,348				148,412				115,702				(6,064	)			26,646
Credit cards			438,235				428,167				400,189				10,068				38,046
Leases and other			259,298				275,638				194,235				(16,340	)			65,063
Total loans		$	19,284,262			$	18,317,943			$	16,756,753			$	966,319			$	2,527,509

• Average loans for the third quarter of 2022 increased 5.3% on a linked-quarter basis and 15.1% compared to the third quarter of 2021. Excluding PPP balances, average loans increased 5.5% on a linked-quarter basis and 18.6% as compared to the third quarter of 2021.

Summary of average securities - QTD Average		UMB Financial Corporation
(unaudited, dollars in thousands)
		Q3				Q2				Q3				CQ vs.				CQ vs.
		2022				2022				2021				LQ				PY
Securities available for sale:
U.S. Treasury		$	746,429			$	639,161			$	17,903			$	107,268			$	728,526
U.S. Agencies			173,980				172,798				94,049				1,182				79,931
Mortgage-backed			4,363,838				4,764,452				6,766,619				(400,614	)			(2,402,781	)
State and political subdivisions			1,600,043				1,891,377				3,530,031				(291,334	)			(1,929,988	)
Corporates			381,151				377,586				158,326				3,565				222,825
Collateralized loan obligations			300,475				247,639				—				52,836				300,475
Total securities available for sale		$	7,565,916			$	8,093,013			$	10,566,928			$	(527,097	)		$	(3,001,012	)
Securities held to maturity:
U.S. Agencies		$	123,048			$	65,964			$	—			$	57,084			$	123,048
Mortgage-backed			3,039,998				2,892,986				—				147,012				3,039,998
State and political subdivisions			2,621,633				2,240,018				1,073,133				381,615				1,548,500
Total securities held to maturity		$	5,784,679			$	5,198,968			$	1,073,133			$	585,711			$	4,711,546
Trading securities			5,651				10,190				25,392				(4,539	)			(19,741	)
Other securities			330,950				347,527				262,453				(16,577	)			68,497
Total securities		$	13,687,196			$	13,649,698			$	11,927,906			$	37,498			$	1,759,290

• Average total securities increased 0.3% on a linked-quarter basis and 14.7% compared to the third quarter of 2021. During the third quarter, cash flows from the securities portfolio were not reinvested and were redeployed to fund loan growth.

Summary of average deposits - QTD Average						UMB Financial Corporation
(unaudited, dollars in thousands)
		Q3				Q2				Q3				CQ vs.				CQ vs.
		2022				2022				2021				LQ				PY
Deposits:
Noninterest-bearing demand		$	12,394,251			$	14,209,159			$	11,400,143			$	(1,814,908	)		$	994,108
Interest-bearing demand and savings			16,723,205				16,808,998				17,376,135				(85,793	)			(652,930	)
Time deposits			679,994				570,812				651,727				109,182				28,267
Total deposits		$	29,797,450			$	31,588,969			$	29,428,005			$	(1,791,519	)		$	369,445
Noninterest bearing deposits as % of total			41.6	%			45.0	%			38.7	%

• Average deposits decreased 5.7% on a linked-quarter basis and increased 1.3% compared to the third quarter of 2021. The decrease in noninterest-bearing demand deposit balances was driven by the impact of higher short-term interest rates including higher earnings credit rates earned on such balances, as well as an overall decrease in customer balances consistent with typical trends observed during an economic tightening cycle.

Capital

Capital information		UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
		September 30, 2022				June 30, 2022				September 30, 2021
Total equity		$	2,523,545			$	2,642,888			$	3,112,840
Book value per common share			52.24				54.71				64.37
Tangible book value per common share (Non-GAAP)			48.19				50.64				60.44
Regulatory capital:
Common equity Tier 1 capital		$	3,132,209			$	3,055,747			$	2,811,117
Tier 1 capital			3,132,209				3,055,747				2,811,117
Total capital			3,679,116				3,473,040				3,248,869
Regulatory capital ratios:
Common equity Tier 1 capital ratio			11.18	%			11.44	%			12.26	%
Tier 1 risk-based capital ratio			11.18				11.44				12.26
Total risk-based capital ratio			13.13				13.00				14.17
Tier 1 leverage ratio			8.66				8.17				7.87

• At September 30, 2022, the regulatory capital ratios presented in the foregoing table exceeded all “well-capitalized” regulatory thresholds.
• Total risk-based capital was favorably impacted by the $110.0 million subordinated note issuance during the third quarter.

Asset Quality

Credit quality		UMB Financial Corporation
(unaudited, dollars in thousands)
		Q3				Q2				Q1				Q4				Q3
		2022				2022				2022				2021				2021
Net charge-offs - total loans		$	1,173			$	28,128			$	8,378			$	8,061			$	3,127
Net loan charge-offs as a % of total average loans			0.02	%			0.62	%			0.20	%			0.19	%			0.07	%
Loans over 90 days past due		$	2,513			$	3,446			$	3,600			$	2,633			$	2,319
Loans over 90 days past due as a % of total loans			0.01	%			0.02	%			0.02	%			0.02	%			0.01	%
Nonaccrual and restructured loans		$	19,817			$	18,117			$	110,356			$	92,300			$	96,536
Nonaccrual and restructured loans as a % of total loans			0.10	%			0.10	%			0.62	%			0.54	%			0.59	%
Provision for credit losses		$	22,000			$	13,400			$	(6,500	)		$	8,500			$	(5,000	)

• Provision for credit losses for the third quarter increased $8.6 million from the linked quarter and $27.0 million from the third quarter of 2021. These increases are driven by loan growth, portfolio credit metric changes, and changes in macro-economic metrics in the current period as compared to the prior periods.
• Net charge-offs for the third quarter totaled $1.2 million, or 0.02%, of average loans, compared to $28.1 million, or 0.62%, of average loans in the linked quarter, and $3.1 million, or 0.07%, of average loans for the third quarter of 2021. On a year-to-date basis, net charge-offs totaled $37.7 million, or 0.27%, of average loans, compared to $36.8 million, or 0.30%, of average loans, for the same period in 2021.

Dividend Declaration

At the company’s quarterly board meeting, the Board of Directors approved a 2.7% increase in the company’s quarterly cash dividend to shareholders, to $0.38 per share. This dividend will be payable on January 3, 2023, to shareholders of record at the close of business on December 12, 2022.

Conference Call

The company plans to host a conference call to discuss its third quarter 2022 earnings results on Wednesday, October 26, 2022, at 8:30 a.m. (CT).

Interested parties may access the call by dialing (toll-free) 844-200-6205 or (international) 646-904-5544 and requesting to join the UMB Financial call with access code 644175. The live call may also be accessed by visiting investorrelations.umb.com or by using the following link:

UMB Financial 3Q 2022 Conference Call

A replay of the conference call may be heard through November 9, 2022 by calling (toll-free) 866-813-9403 or (international) 929-458-6194. The replay access code required for playback is 298424. 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, and tangible book value per share, 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, and tangible book value per share – 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-, severance-, and COVID-19 related items that management does not believe reflect the company’s fundamental operating performance. COVID-19 related expense includes hazard pay for branch associates, computer hardware expense to support associates working remotely, and additional equipment, cleaning, and janitorial supplies to protect the well-being of our associates and customers while on the company’s premises.

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, COVID-19 related 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, severance expense, and COVID-19 related 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, severance expense and COVID-19 related 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.

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, 2021, 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 other challenges and uncertainties related to the COVID-19 pandemic, such as 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, or follow us on Twitter at @UMBBank.

Consolidated Balance Sheets		UMB Financial Corporation
(unaudited, dollars in thousands)
		September 30,
		2022				2021
ASSETS
Loans		$	19,883,573			$	16,469,463
Allowance for credit losses on loans			(184,913	)			(194,156	)
Net loans			19,698,660				16,275,307
Loans held for sale			2,870				4,645
Securities:
Available for sale			7,128,277				11,162,690
Held to maturity, net of allowance for credit losses			5,835,187				1,087,308
Trading securities			14,390				68,882
Other securities			333,732				274,645
Total securities			13,311,586				12,593,525
Federal funds sold and resell agreements			716,549				1,092,104
Interest-bearing due from banks			1,768,008				5,739,267
Cash and due from banks			371,336				426,843
Premises and equipment, net			260,685				273,378
Accrued income			153,759				122,798
Goodwill			182,225				174,518
Other intangibles, net			13,373				15,526
Other assets			1,102,011				836,374
Total assets		$	37,581,062			$	37,554,285
LIABILITIES
Deposits:
Noninterest-bearing demand		$	13,876,929			$	13,189,739
Interest-bearing demand and savings			17,059,492				17,461,390
Time deposits under $250,000			365,644				415,068
Time deposits of $250,000 or more			504,323				169,613
Total deposits			31,806,388				31,235,810
Federal funds purchased and repurchase agreements			2,314,168				2,500,340
Long-term debt			381,543				271,049
Accrued expenses and taxes			211,465				249,567
Other liabilities			343,953				184,679
Total liabilities			35,057,517				34,441,445
SHAREHOLDERS' EQUITY
Common stock			55,057				55,057
Capital surplus			1,120,489				1,102,818
Retained earnings			2,454,422				2,116,568
Accumulated other comprehensive (loss) income, net			(759,260	)			164,307
Treasury stock			(347,163	)			(325,910	)
Total shareholders' equity			2,523,545				3,112,840
Total liabilities and shareholders' equity		$	37,581,062			$	37,554,285

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,
		2022				2021				2022				2021
INTEREST INCOME
Loans		$	216,970			$	159,242			$	536,359			$	463,949
Securities:
Taxable interest			50,003				33,307				140,680				90,249
Tax-exempt interest			24,692				24,458				72,085				74,165
Total securities income			74,695				57,765				212,765				164,414
Federal funds and resell agreements			6,056				2,389				12,003				7,762
Interest-bearing due from banks			2,545				1,699				9,209				3,235
Trading securities			73				231				372				579
Total interest income			300,339				221,326				770,708				639,939
INTEREST EXPENSE
Deposits			48,457				6,741				70,069				20,113
Federal funds and repurchase agreements			14,709				1,596				21,855				5,261
Other			3,688				3,224				10,153				9,614
Total interest expense			66,854				11,561				102,077				34,988
Net interest income			233,485				209,765				668,631				604,951
Provision for credit losses			22,000				(5,000	)			28,900				11,500
Net interest income after provision for credit losses			211,485				214,765				639,731				593,451
NONINTEREST INCOME
Trust and securities processing			59,586				56,914				178,000				165,611
Trading and investment banking			5,387				5,936				17,950				23,962
Service charges on deposit accounts			19,932				19,881				65,409				64,449
Insurance fees and commissions			375				285				879				950
Brokerage fees			13,840				2,899				29,687				8,825
Bankcard fees			19,379				17,198				53,854				47,934
Investment securities (losses) gains, net			(1,345	)			(3,510	)			58,853				3,609
Other			11,569				8,304				24,104				33,053
Total noninterest income			128,723				107,907				428,736				348,393
NONINTEREST EXPENSE
Salaries and employee benefits			136,467				124,986				388,491				373,082
Occupancy, net			12,231				12,207				36,439				36,438
Equipment			18,811				19,701				55,290				58,512
Supplies and services			3,139				3,379				9,893				10,340
Marketing and business development			6,671				4,863				16,911				12,005
Processing fees			20,901				16,562				58,682				48,480
Legal and consulting			10,255				7,646				28,431				21,548
Bankcard			6,551				4,795				18,998				14,280
Amortization of other intangible assets			1,092				1,110				3,388				3,647
Regulatory fees			4,200				3,186				11,146				8,501
Other			11,078				10,434				32,632				24,320
Total noninterest expense			231,396				208,869				660,301				611,153
Income before income taxes			108,812				113,803				408,166				330,691
Income tax expense			20,822				19,336				76,657				56,169
NET INCOME		$	87,990			$	94,467			$	331,509			$	274,522
PER SHARE DATA
Net income – basic		$	1.82			$	1.96			$	6.86			$	5.69
Net income – diluted			1.81				1.94				6.80				5.64
Dividends			0.37				0.37				1.11				1.01
Weighted average shares outstanding – basic			48,300,129				48,319,414				48,351,007				48,237,819
Weighted average shares outstanding – diluted			48,648,804				48,742,883				48,723,572				48,658,290

Consolidated Statements of Comprehensive Income		UMB Financial Corporation
(unaudited, dollars in thousands)
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2022				2021				2022				2021
Net income		$	87,990			$	94,467			$	331,509			$	274,522
Other comprehensive loss, before tax:
Unrealized gains and losses on debt securities:
Change in unrealized holding gains and losses, net			(271,079	)			(75,717	)			(1,202,341	)			(198,420	)
Less: Reclassification adjustment for gains included in net income			—				(1,058	)			—				(5,078	)
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity			12,587				—				25,708				—
Change in unrealized gains and losses on debt securities			(258,492	)			(76,775	)			(1,176,633	)			(203,498	)
Unrealized gains and losses on derivative hedges:
Change in unrealized gains and losses on derivative hedges, net			3,321				432				12,438				3,513
Less: Reclassification adjustment for gains included in net income			(1,470	)			(831	)			(3,411	)			(2,550	)
Change in unrealized gains and losses on derivative hedges			1,851				(399	)			9,027				963
Other comprehensive loss, before tax			(256,641	)			(77,174	)			(1,167,606	)			(202,535	)
Income tax benefit			62,184				18,374				282,032				48,502
Other comprehensive loss			(194,457	)			(58,800	)			(885,574	)			(154,033	)
Comprehensive (loss) income		$	(106,467	)		$	35,667			$	(554,065	)		$	120,489

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, 2021		$	55,057			$	1,090,450			$	1,891,246			$	318,340			$	(338,145	)		$	3,016,948
Total comprehensive income (loss)			—				—				274,522				(154,033	)			—				120,489
Dividends ($1.01 per share)			—				—				(49,200	)			—				—				(49,200	)
Purchase of treasury stock			—				—				—				—				(4,269	)			(4,269	)
Issuances of equity awards, net of forfeitures			—				(4,374	)			—				—				5,069				695
Recognition of equity-based compensation			—				13,401				—				—				—				13,401
Sale of treasury stock			—				223				—				—				214				437
Exercise of stock options			—				3,118				—				—				11,221				14,339
Balance - September 30, 2021		$	55,057			$	1,102,818			$	2,116,568			$	164,307			$	(325,910	)		$	3,112,840
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

Average Balances / Yields and Rates		UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
		Three Months Ended September 30,
		2022								2021
		Average				Average				Average				Average
		Balance				Yield/Rate				Balance				Yield/Rate
Assets
Loans, net of unearned interest		$	19,284,262				4.46	%		$	16,756,753				3.77	%
Securities:
Taxable			9,796,212				2.03				7,662,106				1.72
Tax-exempt			3,885,333				3.18				4,240,408				2.90
Total securities			13,681,545				2.35				11,902,514				2.14
Federal funds and resell agreements			848,844				2.83				1,092,266				0.87
Interest bearing due from banks			632,595				1.60				4,345,422				0.16
Trading securities			5,651				5.69				25,392				4.30
Total earning assets			34,452,897				3.53				34,122,347				2.65
Allowance for credit losses			(167,939	)							(203,144	)
Other assets			2,025,193								1,953,337
Total assets		$	36,310,151							$	35,872,540
Liabilities and Shareholders' Equity
Interest-bearing deposits		$	17,403,199				1.10	%		$	18,027,862				0.15	%
Federal funds and repurchase agreements			3,055,164				1.91				2,596,326				0.24
Borrowed funds			294,739				4.96				270,795				4.72
Total interest-bearing liabilities			20,753,102				1.28				20,894,983				0.22
Noninterest-bearing demand deposits			12,394,251								11,400,143
Other liabilities			456,992								425,385
Shareholders' equity			2,705,806								3,152,029
Total liabilities and shareholders' equity		$	36,310,151							$	35,872,540
Net interest spread							2.25	%							2.43	%
Net interest margin							2.76								2.52

Average Balances / Yields and Rates		UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
		Nine Months Ended September 30,
		2022								2021
		Average				Average				Average				Average
		Balance				Yield/Rate				Balance				Yield/Rate
Assets
Loans, net of unearned interest		$	18,328,139				3.91	%		$	16,608,711				3.74	%
Securities:
Taxable			9,695,499				1.94				7,022,914				1.72
Tax-exempt			3,912,590				3.11				4,276,813				2.93
Total securities			13,608,089				2.28				11,299,727				2.18
Federal funds and resell agreements			1,070,319				1.50				1,280,177				0.81
Interest bearing due from banks			2,841,510				0.43				3,506,727				0.12
Trading securities			12,170				4.86				21,475				4.28
Total earning assets			35,860,227				2.94				32,716,817				2.70
Allowance for credit losses			(182,647	)							(207,338	)
Other assets			1,988,189								1,892,516
Total assets		$	37,665,769							$	34,401,995
Liabilities and Shareholders' Equity
Interest-bearing deposits		$	17,775,016				0.53	%		$	17,397,225				0.15	%
Federal funds and repurchase agreements			2,896,021				1.01				2,620,354				0.27
Borrowed funds			279,659				4.85				270,230				4.76
Total interest-bearing liabilities			20,950,696				0.65				20,287,809				0.23
Noninterest-bearing demand deposits			13,537,023								10,624,524
Other liabilities			416,492								418,397
Shareholders' equity			2,761,558								3,071,265
Total liabilities and shareholders' equity		$	37,665,769							$	34,401,995
Net interest spread							2.29	%							2.47	%
Net interest margin							2.56								2.55

Business Segment Information		UMB Financial Corporation
(unaudited, dollars in thousands)
		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 (benefit)			11,403				9,670			(251	)			20,822
Net income (loss)		$	48,186			$	40,863		$	(1,059	)		$	87,990
		Three Months Ended September 30, 2021
		Commercial Banking				Institutional Banking			Personal Banking				Total
Net interest income		$	150,871			$	21,203			37,691			$	209,765
Provision for credit losses			(5,720	)			172			548				(5,000	)
Noninterest income			17,048				65,568			25,291				107,907
Noninterest expense			78,708				73,369			56,792				208,869
Income before taxes			94,931				13,230			5,642				113,803
Income tax expense			16,130				2,248			958				19,336
Net income		$	78,801			$	10,982		$	4,684			$	94,467
		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			51,298				21,367			3,992				76,657
Net income		$	221,844			$	92,401		$	17,264			$	331,509
		Nine Months Ended September 30, 2021
		Commercial Banking				Institutional Banking			Personal Banking				Total
Net interest income		$	430,158			$	64,599		$	110,194			$	604,951
Provision for credit losses			8,096				539			2,865				11,500
Noninterest income			62,306				202,769			83,318				348,393
Noninterest expense			221,883				217,257			172,013				611,153
Income before taxes			262,485				49,572			18,634				330,691
Income tax expense			44,584				8,419			3,166				56,169
Net income		$	217,901			$	41,153		$	15,468			$	274,522

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, 2022.

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,
		2022				2021				2022				2021
Net income (GAAP)		$	87,990			$	94,467			$	331,509			$	274,522
Adjustments:
Acquisition expense			71				—				71				—
Severance expense			283				639				480				763
COVID-19 related expense			—				190				—				527
Tax-impact of adjustments (i)			(85	)			(184	)			(132	)			(286	)
Total Non-GAAP adjustments (net of tax)			269				645				419				1,004
Net operating income (Non-GAAP)		$	88,259			$	95,112			$	331,928			$	275,526
Earnings per share - diluted (GAAP)		$	1.81			$	1.94			$	6.80			$	5.64
Acquisition expense			—				—				—				—
Severance expense			0.01				0.01				0.01				0.02
COVID-19 related expense			—				—				—				0.01
Tax-impact of adjustments (i)			—				—				—				(0.01	)
Operating earnings per share - diluted (Non-GAAP)		$	1.82			$	1.95			$	6.81			$	5.66
GAAP
Return on average assets			0.96	%			1.04	%			1.18	%			1.07	%
Return on average equity			12.90				11.89				16.05				11.95
Non-GAAP
Operating return on average assets			0.96	%			1.05	%			1.18	%			1.07	%
Operating return on average equity			12.94				11.97				16.07				11.99
(i) Calculated using the company’s marginal tax rate of 24.0% in 2022 and 22.2% in 2021.

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,
		2022				2021				2022				2021
Noninterest expense		$	231,396			$	208,869			$	660,301			$	611,153
Adjustments to arrive at operating noninterest expense (pre-tax):
Acquisition expense			71				—				71				—
Severance expense			283				639				480				763
COVID-19 related expense			—				190				—				527
Total Non-GAAP adjustments (pre-tax)			354				829				551				1,290
Operating noninterest expense (Non-GAAP)		$	231,042			$	208,040			$	659,750			$	609,863
Noninterest expense		$	231,396			$	208,869			$	660,301			$	611,153
Less: Amortization of other intangibles			1,092				1,110				3,388				3,647
Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A)		$	230,304			$	207,759			$	656,913			$	607,506
Operating noninterest expense		$	231,042			$	208,040			$	659,750			$	609,863
Less: Amortization of other intangibles			1,092				1,110				3,388				3,647
Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B)		$	229,950			$	206,930			$	656,362			$	606,216
Net interest income		$	233,485			$	209,765			$	668,631			$	604,951
Noninterest income			128,723				107,907				428,736				348,393
Less: Gains on sales of securities available for sale, net			—				1,058				—				5,078
Total Non-GAAP Revenue (denominator A)		$	362,208			$	316,614			$	1,097,367			$	948,266
Efficiency ratio (numerator A/denominator A)			63.58	%			65.62	%			59.86	%			64.06	%
Operating efficiency ratio (Non-GAAP) (numerator B/denominator A)			63.49				65.36				59.81				63.93

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,
		2022				2021				2022				2021
Net interest income (GAAP)		$	233,485			$	209,765			$	668,631			$	604,951
Noninterest income (GAAP)			128,723				107,907				428,736				348,393
Noninterest expense (GAAP)			231,396				208,869				660,301				611,153
Adjustments to arrive at operating noninterest expense:
Acquisition expense			71				—				71				—
Severance expense			283				639				480				763
COVID-19 related expense			—				190				—				527
Total Non-GAAP adjustments			354				829				551				1,290
Operating noninterest expense (Non-GAAP)			231,042				208,040				659,750				609,863
Operating pre-tax, pre-provision income (Non-GAAP)		$	131,166			$	109,632			$	437,617			$	343,481
Net interest income earnings per share - diluted (GAAP)		$	4.80			$	4.30			$	13.72			$	12.43
Noninterest income (GAAP)			2.65				2.22				8.80				7.16
Noninterest expense (GAAP)			4.76				4.29				13.55				12.56
Acquisition expense			—				—				—				—
Severance expense			0.01				0.01				0.01				0.02
COVID-19 related expense			—				—				—				0.01
Operating pre-tax, pre-provision earnings per share - diluted (Non-GAAP)		$	2.70			$	2.24			$	8.98			$	7.06

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,
		2022				2021				2022				2021
Net interest income (GAAP)		$	233,485			$	209,765			$	668,631			$	604,951
Adjustments to arrive at net interest income - FTE:
Tax equivalent interest			6,454				6,544				19,131				19,851
Net interest income - FTE (Non-GAAP)			239,939				216,309				687,762				624,802
Noninterest income (GAAP)			128,723				107,907				428,736				348,393
Noninterest expense (GAAP)			231,396				208,869				660,301				611,153
Adjustments to arrive at operating noninterest expense:
Acquisition expense			71				—				71				—
Severance expense			283				639				480				763
COVID-19 related expense			—				190				—				527
Total Non-GAAP adjustments			354				829				551				1,290
Operating noninterest expense (Non-GAAP)			231,042				208,040				659,750				609,863
Operating pre-tax, pre-provision income - FTE (Non-GAAP)		$	137,620			$	116,176			$	456,748			$	363,332
Net interest income earnings per share - diluted (GAAP)		$	4.80			$	4.30			$	13.72			$	12.43
Tax equivalent interest			0.13				0.14				0.39				0.41
Net interest income - FTE (Non-GAAP)			4.93				4.44				14.11				12.84
Noninterest income (GAAP)			2.65				2.22				8.80				7.16
Noninterest expense (GAAP)			4.76				4.29				13.55				12.56
Acquisition expense			—				—				—				—
Severance expense			0.01				0.01				0.01				0.02
COVID-19 related expense			—				—				—				0.01
Operating pre-tax, pre-provision income - FTE earnings per share - diluted (Non-GAAP)		$	2.83			$	2.38			$	9.37			$	7.47

Tangible book value non-GAAP reconciliations:		UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
		As of September 30,
		2022				2021
Total shareholders' equity (GAAP)		$	2,523,545			$	3,112,840
Less: Intangible assets
Goodwill			182,225				174,518
Other intangibles, net			13,373				15,526
Total intangibles, net			195,598				190,044
Total tangible shareholders' equity (Non-GAAP)		$	2,327,947			$	2,922,796
Total shares outstanding			48,309,638				48,355,373
Ratio of total shareholders' equity (book value) per share		$	52.24			$	64.37
Ratio of total tangible shareholders' equity (tangible book value) per share (Non-GAAP)			48.19				60.44

 

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Media Contact: Stephanie Hague: 816.860.5088

Investor Relations Contact: Kay Gregory: 816.860.7106

Source: UMB Financial Corporation

FAQ

What is UMBF's net income for the third quarter of 2022?

UMB Financial Corporation reported a net income of $88.0 million for the third quarter of 2022.

How much is the quarterly dividend for UMBF?

The Board approved a quarterly dividend of $0.38 per share, payable on January 3, 2023.

What was the increase in average loans for UMBF?

Average loans increased by $2.5 billion, or 15.1%, year-over-year.

What is UMBF's net interest margin for Q3 2022?

The net interest margin for UMBF was 2.76% for the third quarter of 2022.

What is the charge-off ratio reported by UMBF?

UMB Financial Corporation reported a charge-off ratio of 0.02% of average loans.