UMB Financial Corp. (UMBF, Financial) filed Annual Report for the period ended 2011-12-31.
Umb Finl Corp has a market cap of $1.68 billion; its shares were traded at around $41.61 with a P/E ratio of 15.8 and P/S ratio of 2.2. The dividend yield of Umb Finl Corp stocks is 2%. Umb Finl Corp had an annual average earning growth of 9.8% over the past 10 years. GuruFocus rated Umb Finl Corp the business predictability rank of 2.5-star.
Trust and securities processing income consists of fees earned on personal and corporate trust accounts, custody of securities services, trust investments and money management services, and mutual fund assets servicing. This income category increased by $48.0 million, or 30.0 percent in 2011, compared to 2010, and increased by $39.8 million, or 33.0 percent in 2010, compared to 2009. The Company increased fund administration and custody services fee income by $6.8 million and $14.5 million in 2011 and 2010, respectively. Advisory fee income from the Scout Funds increased $14.4 million in 2011 compared to 2010 and $15.5 million in 2010 compared to 2009. Fee income from institutional and personal investment management services increased $23.2 million in 2011 and $6.0 million in 2010. Management continues to emphasize sales of services to both new and existing clients as well as increasing and improving the distribution channels.
Commercial Financial Services net income before taxes increased $7.7 million, or 12.5 percent, to $69.4 million from the prior year. The increase in net income was driven primarily by increase to margin and noninterest income, offset by an increase in noninterest expense. Total average earning asset balances increased over the prior year by $244.1 million, or 7.0 percent; additionally, average deposits and repurchase agreements increased by $574.3 million, or 15.7 percent. Net interest margin increased by $8.5 million, or 5.5 percent, due to the balance sheet increases and enhanced net margin spread in this segment. Noninterest income increased $2.7 million, or 7.2 percent, due to increased fees from the sales of commercial credit cards, deposit service charges, and letters of credit. Noninterest expense increased by $3.6 million, or 3.0 percent, primarily due to an increase in allocated technology and general overhead expenses. Provision for loan loss decreased slightly by $0.8 million, or 0.7 percent, compared to 2010 as the inherent risk in the loan portfolio remained stable in this segment.
Personal Financial Services net income before taxes decreased by $6.8 million, or 49.1 percent, to $7.0 million compared to the prior year. Net interest income decreased $3.7 million, or 3.6 percent, over 2010 due to a decrease in earning assets of $5.3 million and lower funds transfer credits on deposits in this segment. Average loans decreased by $1.4 million offset by an increase in average deposit balances of 257.0 million primarily in demand, interest checking, and money market with a reduction in savings and time deposits. Noninterest income increased $6.7 million, or 6.9 percent, from 2010. This increase was due primarily to an increase of $13.7 million in investment management fee income related to the acquisitions and growth in personal trust fee income. This increase was offset by reduced deposit service charges of $6.6 million primarily due to a decrease in overdraft and insufficient fund fees. Noninterest expense increased $9.8 million, or 5.3 percent, over 2010. The increase was primarily due to an increase of $6.0 million in salary and benefit costs and $1.0 million in amortization of intangibles related to acquisitions.
During 2011, proceeds from the sales of securities available for sale were $1.0 billion compared to $649.1 million for 2010. Securities transactions resulted in gross realized gains of $16.2 million for 2011, $8.5 million for 2010 and $9.8 million for 2009. The gross realized losses were $70 thousand for 2011, $229 thousand for 2010, and $15 thousand for 2009.
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Umb Finl Corp has a market cap of $1.68 billion; its shares were traded at around $41.61 with a P/E ratio of 15.8 and P/S ratio of 2.2. The dividend yield of Umb Finl Corp stocks is 2%. Umb Finl Corp had an annual average earning growth of 9.8% over the past 10 years. GuruFocus rated Umb Finl Corp the business predictability rank of 2.5-star.
Highlight of Business Operations:
The Company recorded consolidated net income of $106.5 million for the year ended December 31, 2011. This represents a 17.0 percent increase over 2010. Net income for 2010 increased 1.7 percent compared to 2009. Basic earnings per share for the year ended December 31, 2011, were $2.66 per share compared to $2.27 per share in 2010 and $2.22 per share in 2009. Basic earnings per share for 2011 increased 17.2 percent over 2010, which increased 2.3 percent over 2009. Fully diluted earnings per share for the year ended December 31, 2011, were $2.64 per share compared to $2.26 per share in 2010 and $2.20 per share in 2009.Trust and securities processing income consists of fees earned on personal and corporate trust accounts, custody of securities services, trust investments and money management services, and mutual fund assets servicing. This income category increased by $48.0 million, or 30.0 percent in 2011, compared to 2010, and increased by $39.8 million, or 33.0 percent in 2010, compared to 2009. The Company increased fund administration and custody services fee income by $6.8 million and $14.5 million in 2011 and 2010, respectively. Advisory fee income from the Scout Funds increased $14.4 million in 2011 compared to 2010 and $15.5 million in 2010 compared to 2009. Fee income from institutional and personal investment management services increased $23.2 million in 2011 and $6.0 million in 2010. Management continues to emphasize sales of services to both new and existing clients as well as increasing and improving the distribution channels.
Commercial Financial Services net income before taxes increased $7.7 million, or 12.5 percent, to $69.4 million from the prior year. The increase in net income was driven primarily by increase to margin and noninterest income, offset by an increase in noninterest expense. Total average earning asset balances increased over the prior year by $244.1 million, or 7.0 percent; additionally, average deposits and repurchase agreements increased by $574.3 million, or 15.7 percent. Net interest margin increased by $8.5 million, or 5.5 percent, due to the balance sheet increases and enhanced net margin spread in this segment. Noninterest income increased $2.7 million, or 7.2 percent, due to increased fees from the sales of commercial credit cards, deposit service charges, and letters of credit. Noninterest expense increased by $3.6 million, or 3.0 percent, primarily due to an increase in allocated technology and general overhead expenses. Provision for loan loss decreased slightly by $0.8 million, or 0.7 percent, compared to 2010 as the inherent risk in the loan portfolio remained stable in this segment.
Personal Financial Services net income before taxes decreased by $6.8 million, or 49.1 percent, to $7.0 million compared to the prior year. Net interest income decreased $3.7 million, or 3.6 percent, over 2010 due to a decrease in earning assets of $5.3 million and lower funds transfer credits on deposits in this segment. Average loans decreased by $1.4 million offset by an increase in average deposit balances of 257.0 million primarily in demand, interest checking, and money market with a reduction in savings and time deposits. Noninterest income increased $6.7 million, or 6.9 percent, from 2010. This increase was due primarily to an increase of $13.7 million in investment management fee income related to the acquisitions and growth in personal trust fee income. This increase was offset by reduced deposit service charges of $6.6 million primarily due to a decrease in overdraft and insufficient fund fees. Noninterest expense increased $9.8 million, or 5.3 percent, over 2010. The increase was primarily due to an increase of $6.0 million in salary and benefit costs and $1.0 million in amortization of intangibles related to acquisitions.
During 2011, proceeds from the sales of securities available for sale were $1.0 billion compared to $649.1 million for 2010. Securities transactions resulted in gross realized gains of $16.2 million for 2011, $8.5 million for 2010 and $9.8 million for 2009. The gross realized losses were $70 thousand for 2011, $229 thousand for 2010, and $15 thousand for 2009.
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