UMB Financial Corp. (UMBF, Financial) filed Quarterly Report for the period ended 2010-03-31.
Umb Financial Corp. has a market cap of $1.66 billion; its shares were traded at around $41.08 with a P/E ratio of 17.8 and P/S ratio of 2.5. The dividend yield of Umb Financial Corp. stocks is 1.8%. Umb Financial Corp. had an annual average earning growth of 5.1% over the past 10 years.UMBF is in the portfolios of Jim Simons of Renaissance Technologies LLC.
The second strategy is a focus on net interest income through loan and deposit growth. Net interest income remained relatively flat with only a modest increase of $0.6 million for the three months ended March 31, 2010, as compared to one year ago. However, total deposits increased $543.7 million, or 7.1 percent, as compared to first quarter of 2009, which positions the Company well to fund customer credit needs when the demand for loans returns. Average earning assets increased by $675.9 million, or 7.1 percent, compared to the first quarter of 2009 due to the increased deposit funding. This earning asset growth was attributable to an increase of $539.2 million in interest bearing due from banks and a $183.3 million increase in total securities, including trading.
The fourth strategy is a focus on capital management. Specifically, the Company continues to invest in organic growth; analyze acquisition opportunities that make sense strategically, financially, operationally, and culturally; and focus on returning capital to shareholders. The Company repurchased 76,809 shares of common stock at an average price of $38.55 per share during the first quarter of 2010. The Company places a significant emphasis on the maintenance of a strong capital position, which management believes promotes investor confidence, provides access to funding sources under favorable terms, and enhances the Companys ability to capitalize on business growth and acquisition opportunities. At March 31, 2010, the Company had greater than $1.0 billion in shareholders equity, which resulted in a total risk-based capital ratio of 14.64 percent, which is substantially higher than the 10 percent regulatory minimum to be considered well-capitalized.
The Company recorded consolidated net income of $26.2 million for the three-month period ended March 31, 2010, compared to $22.6 million for the same period a year earlier. This represents a 15.9 percent increase over the three-month period ended March 31, 2009. Basic earnings per share for the first quarter of 2010 were $0.65 per share ($0.65 per share fully-diluted) compared to $0.56 per share ($0.55 per share fully-diluted) for the first quarter of 2009. Return on average assets and return on average common shareholders equity for the three-month period ended March 31, 2010 were 0.96 and 10.25 percent, respectively, compared to 0.89 and 9.23 percent for the three-month period ended March 31, 2009.
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Umb Financial Corp. has a market cap of $1.66 billion; its shares were traded at around $41.08 with a P/E ratio of 17.8 and P/S ratio of 2.5. The dividend yield of Umb Financial Corp. stocks is 1.8%. Umb Financial Corp. had an annual average earning growth of 5.1% over the past 10 years.UMBF is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
The first strategy is to grow the Companys fee-based businesses. The emphasis on fee-based operations helps reduce the Companys exposure to changes in interest rates. During the first quarter of 2010, noninterest income increased $17.5 million, or 25.4 percent, compared to the same period of 2009. The Company continues to emphasize its asset management, bankcard services, health care services, and treasury management solution businesses. In particular, during the first quarter of 2010, the increase in noninterest income is primarily attributable to increased trust and securities processing income and gains on the sales of securities available for sale. Trust and securities processing income increased $10.7 million, or 42.9 percent, for the three months ended March 31, 2009 compared to the same period in 2009. This increase was primarily due to a $3.8 million, or 57.0 percent, increase in fee income from Scout Funds and a $6.5 million, or 76.8 percent, increase in fund administration and custody services. Additionally, trust and securities processing benefits from a $4.1 million increase predominately from the acquisition of J.D. Clark and Co., Inc. during 2009. Also during the first quarter of 2010, the Company sold securities available for sale at a pre-tax gain of $5.4 million.The second strategy is a focus on net interest income through loan and deposit growth. Net interest income remained relatively flat with only a modest increase of $0.6 million for the three months ended March 31, 2010, as compared to one year ago. However, total deposits increased $543.7 million, or 7.1 percent, as compared to first quarter of 2009, which positions the Company well to fund customer credit needs when the demand for loans returns. Average earning assets increased by $675.9 million, or 7.1 percent, compared to the first quarter of 2009 due to the increased deposit funding. This earning asset growth was attributable to an increase of $539.2 million in interest bearing due from banks and a $183.3 million increase in total securities, including trading.
The fourth strategy is a focus on capital management. Specifically, the Company continues to invest in organic growth; analyze acquisition opportunities that make sense strategically, financially, operationally, and culturally; and focus on returning capital to shareholders. The Company repurchased 76,809 shares of common stock at an average price of $38.55 per share during the first quarter of 2010. The Company places a significant emphasis on the maintenance of a strong capital position, which management believes promotes investor confidence, provides access to funding sources under favorable terms, and enhances the Companys ability to capitalize on business growth and acquisition opportunities. At March 31, 2010, the Company had greater than $1.0 billion in shareholders equity, which resulted in a total risk-based capital ratio of 14.64 percent, which is substantially higher than the 10 percent regulatory minimum to be considered well-capitalized.
The Company recorded consolidated net income of $26.2 million for the three-month period ended March 31, 2010, compared to $22.6 million for the same period a year earlier. This represents a 15.9 percent increase over the three-month period ended March 31, 2009. Basic earnings per share for the first quarter of 2010 were $0.65 per share ($0.65 per share fully-diluted) compared to $0.56 per share ($0.55 per share fully-diluted) for the first quarter of 2009. Return on average assets and return on average common shareholders equity for the three-month period ended March 31, 2010 were 0.96 and 10.25 percent, respectively, compared to 0.89 and 9.23 percent for the three-month period ended March 31, 2009.
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