<PAGE>
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.
<PAGE>
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
<PAGE>
UMB FINANCIAL CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands)
<TABLE>
<CAPTION>
March 31, December 31,
1995 1994 1994
ASSETS
Loans:
<S> <C> <C> <C>
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
========== ========== ==========
<FN>
See Notes to Consolidated Financial Statements.
</TABLE>
<PAGE>
UMB FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(unaudited in thousands)
<TABLE>
<CAPTION>
Three Months
Ended March 31,
INTEREST INCOME 1995 1994
____________________
<S> <C> <C>
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
<FN>
See Notes to Consolidated Financial Statements.
</TABLE>
<PAGE>
UMB FINANCIAL CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited in thousands)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
1995 1994
_________________________
Operating Activities
<S> <C> <C>
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
========== ==========
<FN>
See Notes to Consolidated Financial Statements.
</TABLE>
<PAGE>
UMB FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(in thousands)
<TABLE>
<CAPTION>
Net Unrealized
Common Capital Retained Holding Treasury
Stock Surplus Earnings Gain (Loss) Stock
<S> <C> <C> <C> <C> <C>
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)
======== ======== ======== =========== =========
<FN>
See Notes to Consolidated Financial Statements.
</TABLE>
<PAGE>
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.
<PAGE>
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.
<PAGE>
UMB FINANCIAL CORPORATION
AVERAGE BALANCES/YIELDS AND RATES (Tax-Equivalent Basis)
(in thousands)
<TABLE>
<CAPTION>
Three Months Ended March 31,
1995 1994
Average Average Average Average
Balance Yield/Rate Balance Yield/Rate
ASSETS
<S> <C> <C> <C> <C>
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
</TABLE>
<PAGE>
UMB FINANCIAL CORPORATION
ANALYSIS OF CHANGES IN NET INTEREST INCOME AND MARGIN
(tax-equivalent basis)
(in thousands)
<TABLE>
<CAPTION>
ANALYSIS OF CHANGES IN NET INTEREST INCOME
Three Months Ended
March 31, 1995 vs. 1994
Volume Rate Total
Change in interest earned on:
<S> <C> <C> <C>
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
======== ======== ========
</TABLE>
<TABLE>
<CAPTION>
ANALYSIS OF NET INTEREST MARGIN
Three Months Ended
March 31,
1995 1994 Change
<S> <C> <C> <C>
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%
===== ===== =====
</TABLE>
<PAGE>
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.
<PAGE>
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
<PAGE>
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.
<PAGE>
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
[ARTICLE] 9
[MULTIPLIER] 1,000
<TABLE>
<S> <C>
[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
</TABLE>
