UMB Financial Corp. Files Q3 2024 10-Q Report

TL;DR

UMB Financial Corp. dropped its Q3 2024 10-Q. Key segments like leases and consumer real estate detailed.

AI Summary

UMB Financial Corp. reported its third-quarter results for the period ending September 30, 2024. The company, headquartered in Kansas City, MO, filed its 10-Q with the SEC on October 31, 2024. Key financial data and business segments, including leases and consumer real estate, were detailed in the filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational details of UMB Financial Corp., crucial for understanding its current standing and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing financial updates, not indicating any immediate or significant new risks.

Key Numbers

• Q3 — Quarter (Reporting Period)
• 20240930 — Period End Date (Fiscal Quarter End)
• 20241031 — Filing Date (Date of Report Submission)

Key Players & Entities

• UMB FINANCIAL CORP (company) — Filer
• KANSAS CITY (location) — Headquarters City
• MO (location) — Headquarters State
• 20240930 (date) — Reporting Period End Date
• 20241031 (date) — Filing Date

FAQ

Key Financial Figures

• $1.00 — nge on which registered Common Stock, $1.00 Par Value UMBF The NASDAQ Global Se
• $250,000 — ,869 20,588,606 Time deposits under $250,000 1,245,532 2,292,899 Time deposits

Filing Documents

• umbf-20240930.htm (10-Q) — 8790KB
• 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
• 0000950170-24-119267.txt ( ) — 38477KB
• umbf-20240930.xsd (EX-101.SCH) — 1963KB
• umbf-20240930_htm.xml (XML) — 12786KB

– 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 56 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 5. OTHER INFORMATION 85 ITEM 6. EXHIBITS 87

– FINANCI AL INFORMATION

PART I – FINANCI AL INFORMATION

FINANCI AL STATEMENTS

ITEM 1. FINANCI AL STATEMENTS UMB FINANCIAL CORPORATION CONSOLIDATED B ALANCE SHEETS (unaudited, dollars in thousands, except share and per share data) September 30, December 31, 2024 2023 ASSETS Loans $ 24,990,791 $ 23,172,484 Allowance for credit losses on loans ( 248,907 ) ( 219,738 ) Net loans 24,741,884 22,952,746 Loans held for sale 5,176 4,420 Securities: Available for sale (amortized cost of $ 7,465,379 and $ 7,692,860 , respectively) 7,015,998 7,068,613 Held to maturity, net of allowance for credit losses of $ 2,762 and $ 3,258 , respectively (fair value of $ 4,913,972 and $ 5,183,367 , respectively) 5,474,710 5,688,610 Trading securities 35,839 18,093 Other securities 465,477 492,935 Total securities 12,992,024 13,268,251 Federal funds sold and securities purchased under agreements to resell 399,234 245,344 Interest-bearing due from banks 6,601,866 5,159,802 Cash and due from banks 778,069 447,201 Premises and equipment, net 222,056 241,700 Accrued income 218,651 220,306 Goodwill 207,385 207,385 Other intangibles, net 65,564 71,012 Other assets 1,264,519 1,193,507 Total assets $ 47,496,428 $ 44,011,674 LIABILITIES Deposits: Noninterest-bearing demand $ 12,840,940 $ 12,130,662 Interest-bearing demand and savings 24,798,869 20,588,606 Time deposits under $250,000 1,245,532 2,292,899 Time deposits of $250,000 or more 817,251 780,692 Total deposits 39,702,592 35,792,859 Federal funds purchased and repurchase agreements 2,023,297 2,119,644 Short-term debt 1,050,000 1,800,000 Long-term debt 384,758 383,247 Accrued expenses and taxes 387,223 389,860 Other liabilities 413,069 425,645 Total liabilities 43,960,939 40,911,255 SHAREHOLDERS' EQUITY Common stock, $ 1.00 par value; 80,000,000 shares authorized; 55,056,730 shares issued, 48,797,672 and 48,554,

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 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

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View this 10-Q filing on SEC EDGAR