-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, TRir0KWK+kG9lZgkCB1x/90RVuOrvC3wBNucPCCbBbIAuDkx4l3UdXl/DtR8fiaR ccfxlmUk3HnacQL5KBoD7A== 0000101382-95-000002.txt : 19950516 0000101382-95-000002.hdr.sgml : 19950516 ACCESSION NUMBER: 0000101382-95-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950515 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: UMB FINANCIAL CORP CENTRAL INDEX KEY: 0000101382 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 430903811 STATE OF INCORPORATION: MO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-04887 FILM NUMBER: 95539606 BUSINESS ADDRESS: STREET 1: 1010 GRAND AVE CITY: KANSAS CITY STATE: MO ZIP: 64106 BUSINESS PHONE: 8168607000 MAIL ADDRESS: ZIP: ----- FORMER COMPANY: FORMER CONFORMED NAME: UNITED MISSOURI BANCSHARES INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: MISSOURI BANCSHARES INC DATE OF NAME CHANGE: 19710915 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1995 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number 0-4887 UMB FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Missouri 43-0903811 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1010 Grand Avenue, Kansas City, MO 64106 (address of principal executive offices and Zip Code) (816) 860-7000 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No At March 31, 1995, UMB Financial Corporation had 18,961,873 shares of common stock outstanding. This is the only class of stock of the Company. UMB FINANCIAL CORPORATION FORM 10-Q INDEX PART I. Financial Information Item 1. Financial Statements Consolidated Balance Sheets as of March 31, 1995 and 1994 and December 31, 1994........ 3 Consolidated Statements of Income for the Three Months Ended March 31, 1995 and 1994............................. 4 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 1995 and 1994......... 5 Consolidated Statements of Shareholders' Equity for the Three Months Ended March 31, 1995 and 1994......... 6 Notes to Consolidated Financial Statements................... 7-8 Supplemental Financial Data Average Balances/Yields and Rates.......................... 9 Analysis of Changes in Net Interest Income and Margin...... 10 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations...................... 11-12 PART II. Other Information Item 6. Exhibits and Reports on Form 8-K............................. 13 Signatures................................................... 14 UMB FINANCIAL CORPORATION CONSOLIDATED BALANCE SHEETS (in thousands)
March 31, December 31, 1995 1994 1994 ASSETS Loans: Commercial, financial and agricultural $1,178,549 $1,097,328 $1,135,827 Consumer (net of unearned interest) 684,278 578,200 687,068 Real estate 436,806 454,221 444,565 Leases 1,958 973 2,157 Allowance for loan losses (32,285) (35,377) (32,527) __________ __________ __________ Net loans $2,269,306 $2,095,345 $2,237,090 Securities available for sale: U.S. Treasury and agencies $2,064,455 $2,572,181 $2,267,188 Equity securities and other 8,015 11,216 8,025 __________ __________ __________ Total securities available for sale $2,072,470 $2,583,397 $2,275,213 Securities held to maturity: State and political subdivisions $ 307,220 $ 283,189 $ 298,556 US Agencies 85,389 86,140 86,278 ___________ _________ __________ Total securities held to maturity (market value of $386,973, $369,388 and $373,644 respectively) $ 392,609 $ 369,329 $ 384,834 Federal funds and resell agreements 216,123 311,684 534,099 Trading securities 54,410 75,944 30,982 __________ __________ __________ Total earning assets $5,004,918 $5,435,699 $5,462,218 Cash and due from banks 574,062 624,620 770,813 Bank premises and equipment, net 133,992 128,378 130,261 Accrued income 73,329 68,771 81,219 Premium on and intangibles of purchased banks 76,314 83,525 78,091 Other assets 65,914 51,711 76,418 __________ __________ __________ Total assets $5,928,529 $6,392,704 $6,599,020 ========== ========== ========== LIABILITIES Deposits: Noninterest-bearing demand $1,410,912 $1,545,223 $1,570,478 Interest-bearing demand and savings 2,205,499 2,343,964 2,421,149 Time deposits under $100,000 942,949 1,028,370 949,728 Time deposits of $100,000 or more 173,963 200,966 191,479 __________ __________ __________ Total deposits $4,733,323 $5,118,523 $5,132,834 Federal funds and repurchase agreements 480,809 579,782 801,003 Short-term debt 459 1,974 872 Long-term debt 46,249 51,529 46,330 Accrued expenses and taxes 47,227 42,033 38,638 Other liabilities 36,250 25,070 22,037 __________ __________ __________ Total liabilities $5,344,317 $5,818,911 $6,041,714 SHAREHOLDERS' EQUITY Common stock, Par Value $1.00, $12.50, and $1.00 respectively. Authorized 23,000,000 shares; 20,677,558 shares issued $ 20,678 $ 236,579 $ 20,678 Capital surplus 442,594 167,331 442,606 Retained earnings 191,222 218,397 182,159 Net unrealized loss on securities available for sale (16,138) (5,069) (35,211) Treasury stock, 1,715,685, 1,388,388 and 1,676,451 shares, at cost, respectively (54,144) (43,445) (52,926) __________ __________ __________ Total shareholders' equity $ 584,212 $ 573,793 $ 557,306 __________ __________ __________ Total liabilities and shareholders' equity $5,928,529 $6,392,704 $6,599,020 ========== ========== ========== See Notes to Consolidated Financial Statements.
UMB FINANCIAL CORPORATION CONSOLIDATED STATEMENTS OF INCOME (unaudited in thousands)
Three Months Ended March 31, INTEREST INCOME 1995 1994 ____________________ Loans $ 50,398 $ 38,676 Securities: Taxable interest $ 29,035 $ 30,455 Tax-exempt interest 3,488 2,938 ________ ________ Total securities income $ 32,523 $ 33,393 Federal funds and resell agreement 4,681 3,171 Trading securities and other 972 879 ________ ________ Total interest income $ 88,574 $ 76,119 INTEREST EXPENSE Deposits $ 31,652 $ 25,522 Federal funds and repurchase agreements 7,845 4,338 Short-term debt 12 8 Long-term debt 917 1,018 ________ ________ Total interest expense $ 40,426 $ 30,886 Net interest income $ 48,148 $ 45,233 Provision for loan losses 926 382 ________ ________ Net interest income after provision $ 47,222 $ 44,851 ________ ________ NONINTEREST INCOME Trust income $ 8,411 $ 8,460 Securities processing 2,610 3,122 Trading and investment banking 2,751 2,990 Service charges on deposits 8,254 8,194 Other service charges and fees 3,422 3,662 Bankcard fees 6,125 5,314 Net investment security gains 417 3,027 Other 3,997 1,353 ________ ________ Total noninterest income $ 35,987 $ 36,122 NONINTEREST EXPENSE Salaries and employee benefits $ 31,041 $ 29,829 Occupancy, net 3,803 3,802 Equipment 5,189 5,099 Supplies and services 4,597 4,638 Bankcard processing 5,328 4,535 Marketing and business development 3,589 3,562 FDIC and regulatory fees 3,027 2,995 Other 7,441 7,429 ________ ________ Total noninterest expense $ 64,015 $ 61,889 Income before income taxes $ 19,194 $ 19,084 Income tax provision 6,339 5,737 ________ ________ NET INCOME $ 12,855 $ 13,347 ======== ======== PER SHARE DATA Net income $0.68 $0.69 Dividends $0.20 $0.18 Weighted average shares 18,991,427 19,324,498 outstanding See Notes to Consolidated Financial Statements.
UMB FINANCIAL CORPORATION CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited in thousands)
Three Months Ended March 31, 1995 1994 _________________________ Operating Activities Net Income $ 12,855 $ 13,347 Adjustments to reconcile net income to net cash provided by operating activities: Provision for loan losses 926 382 Depreciation and amortization 5,499 5,505 Deferred income taxes and investment tax credits (1,702) (693) Net (increase) decrease in trading securities (23,428) 7,802 Investment security gains (424) (3,073) Investment security losses 7 46 Amortization of securities premium, net of discount accretion 10,317 11,199 Increase in interest receivable 7,890 3,780 Decrease in interest payable (53) (1,246) Other, net 23,272 (23,747) __________ __________ Net cash provided by operating activities $ 35,159 $ 13,302 __________ __________ Investing Activities Proceeds from maturities of investment $ 19,387 $ 32,079 securities Proceeds from sales of securities available for sale 448 115,294 Proceeds from maturities of securities available for sale 383,416 244,633 Purchases of investment securities (28,636) (36,891) Purchases of securities available for sale (158,685) (368,099) Net decrease in loans (33,142) 28,444 Net decrease in federal funds and resell agreements 317,976 27,491 Purchases of bank premises and equipment (7,511) (3,222) Proceeds from sales of bank premises and equipment 58 1 __________ __________ Net cash provided by investing activities $ 493,311 $ 39,730 __________ __________ Financing Activities Net increase (decrease) in demand and savings $ (375,216) $ 36,568 deposits Net decrease in time deposits (24,295) (79,774) Net decrease in federal funds and repurchase (320,194) (45,300) agreements Net increase (decrease) in short term borrowings (413) 521 Repayments of long term debt (81) - Cash dividends (3,792) (3,507) Proceeds from exercise of stock options 28 82 Purchases of treasury stock (1,258) (3,370) __________ __________ Net cash used by financing activities $ (725,221) $ (94,780) Decrease in cash and due from banks $ (196,751) $ (41,748) Cash and due from banks at beginning of year 770,813 666,368 __________ __________ Cash and due from banks at end of period $ 574,062 $ 624,620 ========== ========== See Notes to Consolidated Financial Statements.
UMB FINANCIAL CORPORATION CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (in thousands)
Net Unrealized Common Capital Retained Holding Treasury Stock Surplus Earnings Gain (Loss) Stock Balance - December 31, 1993 $236,579 $167,368 $208,557 $ 14,333 $(40,194) Net income - - 13,347 - - Cash dividends - - (3,507) - - Purchase of treasury stock - - - - (3,370) Exercise of stock options - (37) - - 119 Net unrealized loss on securities available for sale - - - (19,402) - ________ ________ ________ ___________ ________ Balance - March 31, 1994 $236,579 $167,331 $218,397 $ (5,069) $(43,445) ======== ======== ======== =========== ========= Balance - December 31, 1994 $ 20,678 $442,606 $182,159 $ (35,211) $(52,926) Net income - - 12,855 - - Cash dividends - - (3,792) - - Purchase of treasury stock - - - - (1,258) Exercise of stock options - (12) - - 40 Net unrealized gain on securities available for sale - - - 19,073 - ________ ________ ________ ___________ _________ Balance - March 31, 1995 $ 20,678 $442,594 $191,222 $ (16,138) $(54,144) ======== ======== ======== =========== ========= See Notes to Consolidated Financial Statements.
UMB FINANCIAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED MARCH 31, 1995 1. Change of Company Name and Par Value of Common Stock: On April 21, 1994, the Company's shareholders approved changing the Company's name from United Missouri Bancshares, Inc. to UMB Financial Corporation. The name change was made in order to have a corporate identity which was not geographically restrictive and which was consistent with the broad range of financial services and products provided by the Company. On this same date the shareholders approved an amendment to the Company's Articles of Incorporation to reduce the par value of the Company's common stock from $12.50 per share to $1.00 per share. 2. Financial Statement Presentation: The consolidated financial statements include the accounts of the Company and its subsidiaries after elimination of all material intercompany transactions. In the opinion of management of the Company, all adjustments, which were of a normal recurring nature, necessary for a fair presentation of the financial position and results of operations have been made. The financial statements should be read in conjunction with the Management's Discussion and Analysis of Financial Condition and Results of Operations and with reference to the 1994 Annual Report to Shareholders. 3. Earnings Per Share: Earnings per share are based on the weighted average number of shares of common stock outstanding during the interim periods. All share and per share data has been adjusted to reflect a 10% stock dividend paid on July 1, 1994. 4. Allowance for Loan Losses: The following is a summary of the Allowance for Loan Losses for the three months ended March 31, 1995 and 1994 (in thousands): Three Months Ended March 31, 1995 1994 Balance January 1 $32,527 $35,590 Additions: Provision for loan losses 926 382 _______ _______ $33,453 $35,972 _______ _______ Deductions: Charge-offs $(1,653) $(1,303) Less recoveries on loans previously charged-off 485 708 _______ _______ Net charge-offs $(1,168) $ (595) _______ _______ Balance, March 31 $32,285 $35,377 ======= ======= At March 31, 1995 the amount of Commercial and Commercial Real Estate Loans that are considered to be impaired under SFAS No.114 was $944,000. All of these loans are currently on a nonaccrual basis. Included in the impaired loans is $572,000 of loans for which the related allowance for loan losses is $209,000. The remaining $372,000 of impaired loans do not have an allowance for loan loss as a result of write-downs and supporting collateral value. The average recorded investment in impaired loans during the period ended March 31, 1995 was approximately $984,000. The Company has recorded no interest income on its impaired loans for the three months ended March 31, 1995. UMB FINANCIAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED MARCH 31, 1995 5. Commitments and Contingencies: In the normal course of business, the Company and its subsidiaries are named defendants in various lawsuits and counterclaims. In the opinion of management after consultation with legal counsel, none of these suits will have a materially adverse effect on the financial position or results of operations of the Company. UMB FINANCIAL CORPORATION AVERAGE BALANCES/YIELDS AND RATES (Tax-Equivalent Basis) (in thousands)
Three Months Ended March 31, 1995 1994 Average Average Average Average Balance Yield/Rate Balance Yield/Rate ASSETS Loans, net of unearned interest $2,300,477 8.93% $2,109,499 7.50% Securities: Taxable $2,265,748 5.20 $2,703,522 4.57 Tax-exempt 304,602 6.60 272,266 6.39 __________ __________ Total securities $2,570,350 5.36 $2,975,788 4.73 Federal funds and resell agreements 325,549 5.83 403,587 3.19 Other earning assets 64,091 6.39 73,253 4.99 __________ __________ Total earning assets $5,260,467 6.96 $5,562,127 5.67 Allowance for loan losses (32,545) (35,506) Other assets 970,503 1,036,439 __________ __________ Total assets $6,198,425 $6,563,060 ========== ========== LIABILITIES & SHAREHOLDERS' EQUITY Interest-bearing deposits $3,525,470 3.64% $3,692,318 2.80% Federal funds and repurchase agreements 607,371 5.24 611,840 2.88 Borrowed funds 47,350 7.96 52,808 7.88 __________ __________ Total interest-bearing liabilities $4,180,191 3.92 $4,356,966 2.87 Noninterest-bearing demand deposits 1,381,474 1,541,301 Other liabilities 63,173 76,288 Shareholders' equity 573,587 588,505 __________ __________ Total liabilities and shareholders' equity $6,198,425 $6,563,060 ========== ========== Net interest spread 3.04% 2.80% Net interest margin 3.85 3.42
UMB FINANCIAL CORPORATION ANALYSIS OF CHANGES IN NET INTEREST INCOME AND MARGIN (tax-equivalent basis) (in thousands)
ANALYSIS OF CHANGES IN NET INTEREST INCOME Three Months Ended March 31, 1995 vs. 1994 Volume Rate Total Change in interest earned on: Loans $ 3,748 $ 7,908 $ 11,656 Securities: Taxable (5,299) 3,879 (1,420) Tax-exempt 522 144 666 Federal funds sold (709) 2,219 1,510 Other (123) 232 109 ________ ________ ________ Interest income $ (1,861)$ 14,382 $ 12,521 ________ ________ ________ Change in interest paid on: Interest-bearing deposits $ (1,198)$ 7,328 $ 6,130 Federal funds purchased (32) 3,539 3,507 Borrowed funds (107) 10 (97) ________ ________ ________ Interest expense $ (1,337)$ 10,877 $ 9,540 ________ ________ ________ Net interest income $ (524)$ 3,505 $ 2,981 ======== ======== ========
ANALYSIS OF NET INTEREST MARGIN Three Months Ended March 31, 1995 1994 Change Average earning assets $5,260,467 $5,562,127 $(301,660) Interest-bearing liabilities 4,180,191 4,356,966 (176,775) __________ __________ _________ Interest free funds $1,080,276 $1,205,161 $(124,885) ========== ========== ========== Free funds ratio (free funds to earning assets) 20.54% 21.67% (1.13)% Tax-equivalent yield on earning assets 6.96% 5.67% 1.29% Cost of interest- bearing liabilities 3.92 2.87 1.05 _____ _____ _____ Net interest spread 3.04% 2.80% 0.24% Benefit of interest free funds 0.81 0.62 0.19 _____ _____ _____ Net interest margin 3.85% 3.42% 0.43% ===== ===== =====
UMB FINANCIAL CORPORATION MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 1995 SUMMARY UMB Financial Corporation, (the Company) recorded net income of $12,855,000 for the three months ended March 31, 1995 compared to $13,347,000 for the same period in 1994. Per share earnings were $0.68 for 1995 compared to $0.69 for 1994. In comparing results for the first quarter of 1995 to the same period in 1994, an increase in the Company's net interest income was offset by a slightly higher provision for loan losses and an increase in non interest expenses. These changes resulted in a $110,000 increase in pre tax earnings for the first quarter of 1995 compared to first quarter 1994. Income tax expense for 1995 was $602,000 greater than the expense for the comparable period in 1994 due to the utilization of certain tax credits available in 1994. Earnings per share for the first quarter of 1995 decreased by 1.4% from the first quarter of 1994 compared to a period to period decrease in net income of 3.7%. The percentage decrease in earnings per share was less than the decrease in earnings due to a reduction of average outstanding shares caused by treasury stock purchases by the Company. RESULTS OF OPERATIONS During the three month period ended March 31, 1995 the Company earned net interest income of $48,148,000 compared to $45,233,000 for the first quarter of 1994. This increase was the result of an improvement in the Company's net interest spread from 2.80% for the first quarter of 1994 to 3.04% for the first quarter of 1995. The improvement in the net interest spread resulted primarily from a change in the mix of interest earning assets. This change also resulted in an increase in the Company's margin which was 3.85% for the first quarter of 1995 compared to 3.42% for the first three months of 1994. Changes in the level of interest earning assets also effected the change in the Company's net interest margin and net interest income earned. For the three months ended March 31, 1995 average interest earning assets decreased by 5.4% compared to the same period in 1994. The effect of this decrease was offset by the mix change as loans increased during first quarter 1995 compared to first quarter 1994. Loans represented 43.7% of average interest earning assets during first quarter 1995 compared to 37.9% for the same period in 1994. The Company's provision for loan losses was $926,000 for the first quarter of 1995 compared to $382,000 for the same period in 1994. The increase in the loan loss provision approximates the increases in net loan losses during the first quarter of 1995 compared to the same period a year earlier. The adequacy of the allowance for loan losses is managed on a bank by bank basis. In the opinion of management the allowance for loan losses at March 31, 1995 is adequate to absorb the potential losses in the loan portfolio. Non interest income totaled $35,987,000 for the three month period ended March 31, 1995, compared to $36,122,000 for the same period in 1994. Decreases in transactional fee income related to securities processing and securities trading and investment banking were offset by increased income from merchant bankcard activity. The above variances in fee income resulted primarily from changes in transaction volumes. Net gains on the sale securities available for sale were only $417,000 for the first quarter of 1995 as only limited securities were sold during the period. Included in other income for the first quarter of 1995 is a gain of approximately $2,600,000 from the sale of the Company's minority ownership position in an ATM switching station. Non interest expense increased to $64,015,000 during the first three months of 1995 from $61,889,000 for the same period in 1994. This increase was fueled by higher costs associated with staffing and merchant bankcard processing. At March 31, 1995 the Company's staffing level on a full time equivalent basis increased by 73 associates compared to one year earlier. UMB FINANCIAL CORPORATION MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 1995 FINANCIAL CONDITION Total assets at March 31, 1995 were $5.929 billion compared to $6.599 billion and $6.393 billion at December 31, 1994 and March 31, 1994, respectively. Average assets for the first quarter of 1995 decreased by $365 million from average assets for the first quarter of 1994. Securities available for sale at March 31, 1995 totaled $2.072 billion which represents a $203 million decrease for year end 1994 totals and a decrease of $511 million from March 31, 1994. The decrease in securities available for sale for the twelve month period ended March 31, 1995 was the result of loan growth and a decrease in total deposits. The decrease in securities for the three months ended March 31, 1995 was primarily the result of a reduction in deposits. Average deposits for the first quarter of 1995 were $4.907 billion compared to $5.234 billion for the first quarter of 1994. Deposit pricing in most of the Company's markets has been very competitive and has resulted in the loss of some balances. Management believes the rates paid on the Company's deposit products are competitive and further significant decreases are not expected. Demand deposit totals have also decreased, primarily as a result of balances associated with trust business. Loans for the first quarter of 1995 averaged $2.300 billion which represents a 9.05% increase over average loans for the first quarter of 1994. Management expects loan growth to continue as a result of an increased emphasis and ongoing marketing of this line of business. The level of non performing loans has decreased during the twelve month period ended March 31, 1995. Non accrual and restructured loans totaled $4.5 million or 0.20% of total loans at March 31, 1995 compared to $9.3 million or 0.43% of total loans at March 31, 1994. Loans over ninety days past due represented 0.21% of total loans at both March 31, 1995 and 1994. LIQUIDITY AND CAPITAL RESOURCES The Company's liquidity position continues to be strong. At March 31, 1995, the Company's loan to deposit ratio was 48.6%. The Company is not heavily dependent upon large liabilities as a funding source. At March 31, 1995, the average life of the securities portfolio was 16 months and 44% of the portfolio matures during the next twelve months. At March 31, 1995, shareholders' equity totaled $584,212,000 compared to $557,306,000 and $573,793,000 at December 31, 1994, and March 31, 1994, respectively. During the three months ended March 31, 1995, the Company's equity increased by $19 million due to a decrease in the unrealized loss on securities available for sale. Total equity for the year ended March 31, 1995 included the effect of an $11 million increase in the loss on securities available for sale and the purchase of $10.7 million in treasury stock. From time to time the Company will continue to consider treasury stock purchases depending on price and availability. Due to the types of securities held by the Company and the relatively short average life, future changes in market valuation should not have a significant adverse effect on capital. The Company's capital ratio's are included in table below and far exceed regulatory requirements. Three Months Ended March 31, 1995 1994 RATIOS Return on average assets 0.84% 0.82% Return on average equity 9.09 9.20 Average equity to assets 9.25 8.97 Tier 1 risk-based capital ratio 17.46 16.58 Total risk-based capital ratio 18.57 17.92 Leverage ratio 8.95 7.85 PER SHARE DATA Earnings $ 0.68 $ 0.69 Cash dividends 0.20 0.18 Dividend payout ratio 29.41% 26.09% Book value $30.81 $29.75 UMB FINANCIAL CORPORATION MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 1995 PART II. Other information Item 6. Exhibits and Reports on Form 8-K (a) The following exhibit is filed herewith: 27- Article 9 of Regulation S-X Financial Data Schedule for the March 31, 1995 Form 10-Q. (b) Reports on Form 8-K: The Company filed no reports on Form 8-K during the quarter ended March 31, 1995. UMB FINANCIAL CORPORATION FORM 10-Q SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. UMB FINANCIAL CORPORATION /s/ R. Crosby Kemper R. Crosby Kemper Chairman /s/ Timothy M. Connealy Timothy M. Connealy Senior Vice President of Finance Date: May 15, 1995 EX-9 2 [ARTICLE] 9 [MULTIPLIER] 1,000 [PERIOD-TYPE] 3-MOS [FISCAL-YEAR-END] DEC-31-1995 [PERIOD-END] MAR-31-1995 [CASH] 574,062 [INT-BEARING-DEPOSITS] 3,322,411 [FED-FUNDS-SOLD] 216,123 [TRADING-ASSETS] 54,410 [INVESTMENTS-HELD-FOR-SALE] 2,072,470 [INVESTMENTS-CARRYING] 392,609 [INVESTMENTS-MARKET] 386,973 [LOANS] 2,301,591 [ALLOWANCE] 32,285 [TOTAL-ASSETS] 5,928,528 [DEPOSITS] 4,733,323 [SHORT-TERM] 459 [LIABILITIES-OTHER] 83,477 [LONG-TERM] 46,249 [COMMON] 20,678 [PREFERRED-MANDATORY] 0 [PREFERRED] 0 [OTHER-SE] 563,534 [TOTAL-LIABILITIES-AND-EQUITY] 5,928,529 [INTEREST-LOAN] 50,398 [INTEREST-INVEST] 33,495 [INTEREST-OTHER] 4,681 [INTEREST-TOTAL] 88,574 [INTEREST-DEPOSIT] 31,652 [INTEREST-EXPENSE] 40,426 [INTEREST-INCOME-NET] 48,148 [LOAN-LOSSES] 926 [SECURITIES-GAINS] 417 [EXPENSE-OTHER] 64,015 [INCOME-PRETAX] 19,194 [INCOME-PRE-EXTRAORDINARY] 19,194 [EXTRAORDINARY] 0 [CHANGES] 0 [NET-INCOME] 12,855 [EPS-PRIMARY] 0.68 [EPS-DILUTED] 0.68 [YIELD-ACTUAL] 3.56 [LOANS-NON] 2,547 [LOANS-PAST] 4,939 [LOANS-TROUBLED] 1,999 [LOANS-PROBLEM] 0 [ALLOWANCE-OPEN] 32,527 [CHARGE-OFFS] 1,653 [RECOVERIES] 485 [ALLOWANCE-CLOSE] 32,285 [ALLOWANCE-DOMESTIC] 32,285 [ALLOWANCE-FOREIGN] 0 [ALLOWANCE-UNALLOCATED] 0
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