UMB Financial Corp. Q2 2024 10-Q Filing

TL;DR

**UMB Financial Corp. Q2 10-Q filed. Details on CRE, credit cards, and consumer loans.**

AI Summary

UMB Financial Corp. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including various asset and liability segments such as Commercial Real Estate, Consumer Credit Cards, and Real Estate Junior Lien portfolios. Key financial reporting dates and references to US GAAP standards are also included.

Why It Matters

This filing provides investors and analysts with a detailed look at UMB Financial Corp.'s financial health and operational segments for the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — The filing contains detailed financial data and segment information, which requires careful analysis to assess the company's risk profile.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 20240801 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 1231 — Fiscal Year End (Specifies the end month and day of the company's fiscal year.)

Key Players & Entities

• UMB Financial Corp. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240801 (date) — Filing date
• 0000101382 (company) — Central Index Key for UMB Financial Corp.
• MO (location) — State of incorporation
• 64106 (location) — ZIP code for business address
• 8168607000 (phone_number) — Business phone number
• 2023-12-31 (date) — Prior year-end date referenced
• 2024-06-30 (date) — Current period-end date referenced

FAQ

Key Financial Figures

• $1.00 — nge on which registered Common Stock, $1.00 Par Value UMBF The NASDAQ Global Se
• $250,000 — ,255 20,588,606 Time deposits under $250,000 1,421,513 2,292,899 Time deposits

Filing Documents

• umbf-20240630.htm (10-Q) — 8928KB
• 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
• 0000950170-24-088982.txt ( ) — 39232KB
• umbf-20240630.xsd (EX-101.SCH) — 1978KB
• umbf-20240630_htm.xml (XML) — 13164KB

– 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 57 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 79 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 84

- OTHER INFORMATION

PART II - OTHER INFORMATION 85 ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 85 ITEM 1A.

RISK FACTORS

RISK FACTORS 85 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 85 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) June 30, December 31, 2024 2023 ASSETS Loans $ 24,197,462 $ 23,172,484 Allowance for credit losses on loans ( 239,167 ) ( 219,738 ) Net loans 23,958,295 22,952,746 Loans held for sale 4,211 4,420 Securities: Available for sale (amortized cost of $ 7,786,039 and $ 7,692,860 , respectively) 7,107,373 7,068,613 Held to maturity, net of allowance for credit losses of $ 2,956 and $ 3,258 , respectively (fair value of $ 4,913,408 and $ 5,183,367 , respectively) 5,546,634 5,688,610 Trading securities 28,981 18,093 Other securities 447,650 492,935 Total securities 13,130,638 13,268,251 Federal funds sold and securities purchased under agreements to resell 247,462 245,344 Interest-bearing due from banks 4,640,418 5,159,802 Cash and due from banks 464,719 447,201 Premises and equipment, net 226,860 241,700 Accrued income 237,874 220,306 Goodwill 207,385 207,385 Other intangibles, net 67,141 71,012 Other assets 1,284,411 1,193,507 Total assets $ 44,469,414 $ 44,011,674 LIABILITIES Deposits: Noninterest-bearing demand $ 12,034,606 $ 12,130,662 Interest-bearing demand and savings 22,400,255 20,588,606 Time deposits under $250,000 1,421,513 2,292,899 Time deposits of $250,000 or more 661,196 780,692 Total deposits 36,517,570 35,792,859 Federal funds purchased and repurchase agreements 2,217,033 2,119,644 Short-term debt 1,300,000 1,800,000 Long-term debt 384,245 383,247 Accrued expenses and taxes 352,778 389,860 Other liabilities 470,441 425,645 Total liabilities 41,242,067 40,911,255 SHAREHOLDERS' EQUITY Common stock, $ 1.00 par value; 80,000,000 shares authorized; 55,056,730 shares issued, 48,745,090 and 48,554,127 shares outst

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 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 date o

View Full Filing

View this 10-Q filing on SEC EDGAR