UMB Financial Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>UMB Financial Corp. has submitted its 2023 10-K annual report, detailing its financial performance and corporate structure.</b>

AI Summary

UMB FINANCIAL CORP (UMBFO) filed a Annual Report (10-K) with the SEC on February 22, 2024. UMB Financial Corp. filed its annual report for the fiscal year ending December 31, 2023. The filing is a 10-K, indicating a comprehensive overview of the company's financial performance and condition. The company's principal executive offices are located at 1010 Grand Ave, Kansas City, MO 64106. UMB Financial Corp. was formerly known as United Missouri Bancshares Inc. and Missouri Bancshares Inc. The filing includes data related to various financial assets, liabilities, and portfolio segments, such as consumer, commercial real estate, and specialty lending.

Why It Matters

For investors and stakeholders tracking UMB FINANCIAL CORP, this filing contains several important signals. This 10-K filing provides investors and analysts with a detailed look at UMB Financial Corp.'s financial health, operational performance, and strategic positioning for the fiscal year 2023. Understanding the specifics within this report is crucial for assessing the company's stability, growth prospects, and potential risks in the current economic climate.

Risk Assessment

Risk Level: medium — UMB FINANCIAL CORP shows moderate risk based on this filing. The filing is a standard 10-K, which inherently contains detailed financial information and risk factors typical for a publicly traded financial institution, requiring careful analysis to assess specific risks.

Analyst Insight

Review the detailed financial statements and risk factor sections within the 10-K to understand UMB Financial Corp.'s performance and potential challenges.

Key Numbers

• 20231231 — Fiscal Year End (FISCAL YEAR END)
• 1010 GRAND AVE — Business Address (BUSINESS ADDRESS)
• 8168607000 — Business Phone (BUSINESS PHONE)
• 19920703 — Date of Name Change (United Missouri Bancshares Inc.) (FORMER COMPANY)
• 19710915 — Date of Name Change (Missouri Bancshares Inc.) (FORMER COMPANY)

Key Players & Entities

• UMB FINANCIAL CORP (company) — FILER
• 0000950170-24-018456 (other) — ACCESSION NUMBER
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240222 (date) — FILED AS OF DATE
• 1010 GRAND AVE (other) — BUSINESS ADDRESS STREET 1
• KANSAS CITY (other) — BUSINESS ADDRESS CITY
• MO (other) — BUSINESS ADDRESS STATE
• 64106 (other) — BUSINESS ADDRESS ZIP

FAQ

Risk Factors

• Financial Asset Past Due [medium — financial]: Details provided for past due financial assets within the Credit Cards Portfolio Segment as of December 31, 2022.
• Collateral Pledged [medium — financial]: Information on collateral pledged for Consumer Portfolio Segment and Commercial Real Estate General Construction Portfolio Segment as of December 31, 2023 and December 31, 2022, respectively.
• Financial Asset Not Past Due [medium — financial]: Details provided for financial assets not past due within the Credit Cards Portfolio Segment as of December 31, 2022.
• Special Mention Assets [medium — financial]: Information on Equipment Accounts Receivable Inventory within the Commercial and Industrial Portfolio Segment classified as 'Special Mention' as of December 31, 2022.
• US States and Political Subdivisions [medium — financial]: Data related to US States and Political Subdivisions with a Moody's B2 Rating as of December 31, 2023.

Key Financial Figures

• $1.00 — nge on which registered Common Stock, $1.00 Par Value UMBF The NASDAQ Global Se
• $100 b — ding companies with assets of less than $100 billion, including the Company, are no lo
• $50 billion — pply enhanced prudential standards from $50 billion to $250 billion (subject to certain dis
• $250 billion — rudential standards from $50 billion to $250 billion (subject to certain discretion by the F
• $100 billion — o any bank holding company with between $100 billion and $250 billion in total consolidated

Filing Documents

• umbf-20231231.htm (10-K) — 10519KB
• umbf-ex21_1.htm (EX-21.1) — 65KB
• umbf-ex23_1.htm (EX-23.1) — 3KB
• umbf-ex24_1.htm (EX-24.1) — 46KB
• umbf-ex31_1.htm (EX-31.1) — 12KB
• umbf-ex31_2.htm (EX-31.2) — 12KB
• umbf-ex32_1.htm (EX-32.1) — 8KB
• umbf-ex32_2.htm (EX-32.2) — 8KB
• umbf-ex97_1.htm (EX-97.1) — 84KB
• img179981199_0.jpg (GRAPHIC) — 134KB
• img208074887_0.jpg (GRAPHIC) — 4KB
• 0000950170-24-018456.txt (&nbsp;) — 46156KB
• umbf-20231231.xsd (EX-101.SCH) — 2864KB
• umbf-20231231_htm.xml (XML) — 14357KB

BUSINESS

ITEM 1. BUSINESS 4

RISK FACTORS

ITEM 1A. RISK FACTORS 11

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 20

CYBERSECURITY

ITEM 1C. CYBERSECURITY 20

PROPERTIES

ITEM 2. PROPERTIES 22

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 23

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 23 PART II 24

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 24

[RESERVED]

ITEM 6. [RESERVED] 25

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

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 26

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 51

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 58

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 123

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 123

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 125

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 125 PART III 126

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 126

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 126

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 126

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 127

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 127 PART IV 128

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 128

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY 129

SIGNATURES

SIGNATURES 130 CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 PART I

B USINESS

ITEM 1. B USINESS General UMB Financial Corporation (together with its consolidated subsidiaries, unless the context requires otherwise, the Company) is a financial holding company that is headquartered in Kansas City, Missouri. The Company provides banking services and asset servicing to its customers in the United States and around the globe. The Company was organized as a corporation under Missouri law in 1967 and is registered as a bank holding company under the Bank Holding Company Act of 1956, as amended (the BHCA) and a financial holding company under the Gramm-Leach-Bliley Act of 1999, as amended (the GLBA). The Company currently owns all of the outstanding stock of one national bank and several nonbank subsidiaries. The Company's national bank, UMB Bank, National Association (the Bank), has its principal office in Missouri and also has branches in Arizona, Colorado, Illinois, Kansas, Nebraska, Oklahoma, and Texas. The Bank offers a full complement of banking products and other services to commercial, retail, government, and correspondent-bank customers, including a wide range of asset-management, trust, bankcard, and cash-management services. The Company also owns UMB Fund Services, Inc. (UMBFS), which is a significant nonbank subsidiary that has offices in Milwaukee, Wisconsin, Chadds Ford, Pennsylvania, and Ogden, Utah. UMBFS provides fund accounting, transfer agency, and other services to mutual fund and alternative-investment groups. Prior to March 31, 2021, the Company also owned Prairie Capital Management, LLC (PCM), which provided investment management services and alternative investments in hedge funds and private equity funds. The Company sold its membership interests in PCM during the first quarter of 2021. Business Segments The Company's products and services are grouped into three segments: Commercial Banking, Institutional Banking, and Personal Banking. These segments and their financial results are described in detail in (i)

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