UMB Financial Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>UMB Financial Corp. filed its Q1 2024 10-Q, detailing loan portfolio performance and financial instruments.</b>

AI Summary

UMB FINANCIAL CORP (UMBFO) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. UMB Financial Corp. filed its 10-Q report for the quarter ended March 31, 2024. The filing includes data points related to various loan portfolios, including Commercial and Industrial, Consumer Real Estate, and Credit Cards. Specific credit score ranges and loan types like Revolver Accounts and Equipment Accounts Receivable Inventory are detailed. Fair value measurements for assets, including Mortgage Backed Securities and Collateral Dependent Assets, are reported. The company utilizes hedging instruments such as Interest Rate Swaps for fair value hedging.

Why It Matters

For investors and stakeholders tracking UMB FINANCIAL CORP, this filing contains several important signals. This 10-Q provides a granular look at UMB Financial Corp.'s loan book composition and risk profiles as of Q1 2024, crucial for understanding asset quality. The disclosure of hedging activities, specifically interest rate swaps, offers insight into the company's strategy for managing interest rate risk.

Risk Assessment

Risk Level: medium — UMB FINANCIAL CORP shows moderate risk based on this filing. The company's exposure to various loan segments, including commercial real estate and consumer credit cards, along with specific credit score breakdowns, indicates potential credit risk that warrants medium-level concern.

Analyst Insight

Investors should analyze the detailed loan portfolio segments and credit quality metrics to assess potential credit losses and the effectiveness of risk management strategies.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-07 — Filing Date (Filed as of date)
• 0000101382 — Central Index Key (Company Identifier)
• 6021 — Standard Industrial Classification (National Commercial Banks)

Key Players & Entities

• UMB FINANCIAL CORP (company) — Filer
• 2024-03-31 (date) — Conformed Period of Report
• 2024-05-07 (date) — Filed as of date
• 0000101382 (company) — Central Index Key
• MO (location) — State of Incorporation
• 1010 GRAND AVE (address) — Business Address Street 1
• KANSAS CITY (location) — Business Address City
• 64106 (postal_code) — Business Address Zip

FAQ

Risk Factors

• Fair Value Measurements [medium — financial]: The company reports fair value measurements for various financial assets and liabilities, including Mortgage Backed Securities and Collateral Dependent Assets, using Level 2 inputs.
• Loan Portfolio Risk [medium — financial]: Details on Commercial and Industrial, Consumer Real Estate, and Credit Card portfolios, including specific credit score ranges and loan types, highlight potential credit risks.
• Hedging Activities [low — financial]: The use of Interest Rate Swaps for fair value hedging indicates a strategy to manage interest rate risk, with associated disclosures.

Key Dates

• 2024-03-31: Quarterly Period End — Reporting period for the 10-Q filing.
• 2024-05-07: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive overview of a company's financial performance during a specific quarter.)

Key Financial Figures

• $1.00 — nge on which registered Common Stock, $1.00 Par Value UMBF The NASDAQ Global Se
• $250,000 — ,911 20,588,606 Time deposits under $250,000 2,044,280 2,292,899 Time deposits

Filing Documents

• umbf-20240331.htm (10-Q) — 7479KB
• umbf-ex31_1.htm (EX-31.1) — 9KB
• umbf-ex31_2.htm (EX-31.2) — 9KB
• umbf-ex32_1.htm (EX-32.1) — 6KB
• umbf-ex32_2.htm (EX-32.2) — 6KB
• 0000950170-24-053990.txt (&nbsp;) — 35065KB
• umbf-20240331.xsd (EX-101.SCH) — 1956KB
• umbf-20240331_htm.xml (XML) — 11729KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 3 ITEM 1.

FINANCIAL STATEMENTS (UNAUDITED)

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 9 ITEM 2.

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

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 55 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 74 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 79

- OTHER INFORMATION

PART II - OTHER INFORMATION 80 ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 80 ITEM 1A.

RISK FACTORS

RISK FACTORS 80 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 84 ITEM 6. EXHIBITS 86

– FINANCI AL INFORMATION

PART I – FINANCI AL INFORMATION

FINANCI AL STATEMENTS

ITEM 1. FINANCI AL STATEMENTS UMB FINANCIAL CORPORATION CONSOLIDATED B ALANCE SHEETS (dollars in thousands, except share and per share data) March 31, December 31, 2024 2023 (unaudited) (audited) ASSETS Loans $ 23,637,649 $ 23,172,484 Allowance for credit losses on loans ( 226,159 ) ( 219,738 ) Net loans 23,411,490 22,952,746 Loans held for sale 4,415 4,420 Securities: Available for sale (amortized cost of $ 7,207,331 and $ 7,692,860 , respectively) 6,541,391 7,068,613 Held to maturity, net of allowance for credit losses of $ 3,820 and $ 3,258 , respectively (fair value of $ 5,025,138 and $ 5,183,367 , respectively) 5,622,617 5,688,610 Trading securities 40,187 18,093 Other securities 473,434 492,935 Total securities 12,677,629 13,268,251 Federal funds sold and securities purchased under agreements to resell 180,275 245,344 Interest-bearing due from banks 6,673,104 5,159,802 Cash and due from banks 356,963 447,201 Premises and equipment, net 231,918 241,700 Accrued income 221,447 220,306 Goodwill 207,385 207,385 Other intangibles, net 69,052 71,012 Other assets 1,309,697 1,193,507 Total assets $ 45,343,375 $ 44,011,674 LIABILITIES Deposits: Noninterest-bearing demand $ 13,251,090 $ 12,130,662 Interest-bearing demand and savings 21,018,911 20,588,606 Time deposits under $250,000 2,044,280 2,292,899 Time deposits of $250,000 or more 599,329 780,692 Total deposits 36,913,610 35,792,859 Federal funds purchased and repurchase agreements 2,225,474 2,119,644 Short-term debt 1,800,000 1,800,000 Long-term debt 383,742 383,247 Accrued expenses and taxes 374,888 389,860 Other liabilities 492,845 425,645 Total liabilities 42,190,559 40,911,255 SHAREHOLDERS' EQUITY Common stock, $ 1.00 par value; 80,000,000 shares authorized; 55,056,730 shares issued, 48,743,348

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 (UNAUDITED) 1. Financial Statement Presentation The Consolidated Financial Statements include the accounts of UMB Financial Corporation and its subsidiaries (collectively, the Company) after the elimination of all intercompany transactions. In the opinion of management of the Company, all adjustments relating to items that are of a normal recurring nature and necessary for a fair presentation of the financial position and results of operations have been made. The results of operations and cash flows for the interim periods presented may not be indicative of the results of the full year ending December 31, 2024. The financial statements should be read in conjunction with "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" within this Quarterly Report on Form 10-Q (the Form 10-Q) and in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (SEC) on February 22, 2024 (the Form 10-K). The Company is a financial holding company, which offers a wide range of banking and other financial services to its customers through its branches and offices. 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 Company also has offices in Pennsylvania, South Dakota, Indiana, Utah, Minnesota, California, Wisconsin, Iowa, Delaware, and New York. 2. Summary of Significant Accounting Policies The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the dat

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View this 10-Q filing on SEC EDGAR