UMB Financial Corporation Reports Second Quarter 2012 Earnings Of $29.2 Million, An Increase Of 10.8 Percent, And Double-Digit Loan Growth

UMB Financial Corporation (NASDAQ: UMBF), a diversified financial holding company, announced earnings for the three months ended June 30, 2012 of $29.2 million or $0.73 per share ($0.72 diluted). This is an increase of $2.8 million, or 10.8 percent, compared to second quarter 2011 earnings of $26.3 million or $0.66 per share ($0.65 diluted). Earnings for the six months ended June 30, 2012 were $75.5 million or $1.89 per share ($1.87 diluted). This is an increase of $18.3 million, or 32.1 percent, compared to the prior year-to-date earnings of $57.2 million or $1.43 per share ($1.42 diluted).

“We are very pleased with our second quarter operating results as they demonstrate growth, discipline and quality,” said Mariner Kemper, Chairman and Chief Executive Officer. “We experienced double-digit loan growth of 10.4 percent. This is our ninth consecutive quarter growing loans, and compares favorably to the industry, which, through July 20, had reported an average increase in loan balances of just 1.7 percent for the second quarter. Net charge offs for the quarter were 0.41 percent, compared to the industry average of 0.63 percent in the first quarter. Noninterest income increased 2.2 percent over the second quarter of 2011 and represents 57.8 percent of total revenue, providing the company with a unique position in the marketplace. Finally, expenses were flat for the quarter.”

Net Interest Income and Margin

Net interest income for the second quarter of 2012 increased $0.5 million, or 0.6 percent, compared to the same period in 2011. Average earning assets increased by $839.3 million, or 7.4 percent, compared to the second quarter of 2011. This increase was due to a $778.2 million, or 13.6 percent, increase in average total securities, including trading securities and a $492.8 million, or 10.4 percent, increase in average loans offset by a $440.3 million decrease in average interest bearing due from banks. Net interest margin decreased 16 basis points to 2.82 percent for the three months ended June 30, 2012 compared to the same quarter in 2011.

Noninterest Income and Expense

Noninterest income increased $2.4 million, or 2.2 percent, for the three months ended June 30, 2012 compared to the same period in 2011. This increase is partially attributed to increased trust and securities processing income of $2.1 million, or 4.0 percent, for the three months ended June 30, 2012 compared to the same period in 2011. The increase in trust and securities processing

income was primarily due to a $1.2 million, or 7.1 percent, in advisory fee income from the Scout Funds, a $0.5 million, or 2.9 percent, increase in fund administration and custody services and a $0.6 million, or 3.5 percent, increase in fees related to institutional and personal investment management services.

Noninterest expense decreased $0.9 million, or 0.6 percent, for the three months ended June 30, 2012 compared to the same period in 2011. This decrease is driven by the impact from the legal settlement in 2011, mostly offset by higher salary and benefits expense in 2012 of $5.1 million, or 7.0 percent. The higher salaries and benefits is due to increases in salaries and wages of $3.6 million, or 7.8 percent, and a $1.4 million, or 13.4 percent, increase in employee benefits expense. During the second quarter of 2011, the company and its subsidiary banks entered into an agreement to settle a class action lawsuit and established a $7.8 million escrow fund in accordance with the agreement.

“Our diversified fee businesses continue to perform well, contributing to our results in the second quarter,” said Peter deSilva, President and Chief Operating Officer. “Our Payment Solutions segment posted record purchase volume as spending across our entire suite of card products expanded by 29.8 percent versus the second quarter of 2011. Spending on healthcare cards grew 16.3 percent, which drove a 25 percent growth in healthcare interchange as compared to the prior year. Institutional Investment Management, which is our Scout Investments business, continues to execute on its distribution strategy. Net fund flows for the quarter were $13.3 million, bringing year-to-date flows to more than $1.5 billion. Scout assets under management stood at $22.4 billion at June 30. Our wealth management platform for individuals ended the quarter with assets under management of nearly $8.6 billion, which when combined with Scout, brought total company assets under management to $31 billion at the end of the quarter, an increase of 6.8 percent compared to the second quarter of 2011.”

Balance Sheet

Average total assets for the three months ended June 30, 2012 were $13.2 billion compared to $12.4 billion for the same period in 2011, an increase of $838.7 million, or 6.8 percent. Average earning assets increased by $839.3 million for the period, or 7.4 percent.

Average loan balances for the three months ended June 30, 2012 increased $492.8 million, or 10.4 percent, to $5.2 billion compared to the same period in 2011. Actual loan balances on June 30, 2012 were $5.3 billion, an increase of $584.3 million, or 12.4 percent, compared to June 30, 2011. This increase was primarily driven by an increase in commercial loans of $623.0 million, or 31.0 percent.

Nonperforming loans increased to $30.6 million on June 30, 2012 from $15.4 million on June 30, 2011. As a percentage of loans, nonperforming loans increased to 0.58 percent as of June 30, 2012 compared to 0.33 percent on June 30, 2011. Nonperforming loans are defined as nonaccrual loans and restructured loans. The company’s allowance for loan losses totaled $72.7 million, or 1.37 percent of loans, as of June 30, 2012 compared to $72.4 million, or 1.53 percent of loans, as of June 30, 2011.

For the three months ended June 30, 2012, average securities, including trading securities, totaled $6.5 billion. This is an increase of $778.2 million, or 13.6 percent, from the same period in 2011.

Average total deposits increased $801.4 million, or 8.4 percent, to $10.3 billion for the three months ended June 30, 2012 compared to the same period in 2011. Average noninterest-bearing demand deposits increased $915.1 million, or 28.5 percent, compared to 2011. Average interest-bearing deposits decreased by $113.7 million, or 1.8 percent, in 2012 as compared to 2011. Total deposits as of June 30, 2012 were $10.3 billion, compared to $9.9 billion as of June 30, 2011, a 4.2 percent increase. Also, as of June 30, 2012, noninterest-bearing demand deposits were 40.8 percent of total deposits.

“We continue to see strong growth in average deposits, which increased 8.4 percent during the quarter,” said Mike Hagedorn, Chief Financial Officer. “While this validates the strength and stability of our balance sheet, it does put downward pressure on net interest margin. The quality of our investment portfolio allowed us to harvest $3.2 million in pre-tax gains on the sale of securities during the quarter and $19.8 million year-to-date, supplementing our revenue in a difficult rate environment. In addition, shareholder equity has increased by 40.6 percent since the beginning of 2008, demonstrating our ability to grow equity through the financial crisis without assistance from the government.”

As of June 30, 2012, UMB had total shareholders’ equity of $1.3 billion, an increase of 10.5 percent as compared to the same period in 2011.

Dividend Declaration

The Board of Directors declared during the company’s quarterly board meeting a $0.205 quarterly cash dividend, payable on October 1, 2012, to shareholders of record at the close of business on September 10, 2012.

Year-to-Date

Earnings for the six months ended June 30, 2012 were $75.5 million or $1.89 per share ($1.87 diluted). This is an increase of $18.3 million, or 32.1 percent, compared to the prior year-to-date earnings of $57.2 million or $1.43 per share ($1.42 diluted).

Net interest income for the six months ended June 30, 2012 increased $1.1 million, or 0.7 percent, compared to the same period in 2011. Net interest margin decreased to 2.79 percent for the six months ended June 30, 2012 as compared to 2.94 percent for the same period in 2011.

Noninterest income increased $26.9 million, or 12.5 percent, to $242.5 million for the six months ended June 30, 2012 as compared to the same period in 2011. Trust and securities processing income increased $5.1 million, or 4.8 percent, for year-to-date June 30, 2012 as compared to the same period in 2011. Gains from the sale of securities available for sale of $19.8 million were recognized during the first six months of 2012 compared to $13.5 million for the first six months of 2011. Other noninterest income increased $11.5 million, or 186.0 percent, primarily driven by an $8.2 million adjustment in contingent consideration liabilities on acquisitions.

Noninterest expense increased $5.5 million, or 2.0 percent, for the six months ended June 30, 2012 compared to the same period in 2011. Salary and employee benefit expense increased by $12.1 million, or 8.3 percent. During the second quarter of 2011, the company established a $7.8 million escrow fund to settle a class action lawsuit.

Conference Call

The company plans to host a conference call to discuss its 2012 second quarter earnings results on July 25, 2012, at 8:30 a.m. (CST).

Interested parties may access the call by dialing (toll-free) 866-225-8754 or (U.S.) 480-629-9818. The live call can also be accessed by visiting the investor relations area of umb.com or by using the following the link:

http://event.on24.com/r.htm?e=492972&s=1&k=B663EE8D1F8F9310CD8A9CD09B50830B

A replay of the conference call may be heard until August 8, 2012 by calling (toll-free) 800-406-7325 or (U.S.) 303-590-3030. The replay pass code required for playback is conference identification number 4550495. The call replay may also be accessed via the company's website, umb.com, by visiting the investor relations area.

Forward-Looking Statements:

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements rely on a number of assumptions concerning future events and are subject to risks and uncertainties, which could cause actual results to differ materially from those contemplated by the forward-looking statements in this Current Report on Form 8-K, any exhibits to this Current Report and other public statements the company may make. While management of UMB believes their assumptions are reasonable, UMB cautions that changes in general economic conditions, changes in interest rates, changes in the securities markets, changes in operations, changes in competition, technology changes, legislative or regulatory changes, the ability of customers to repay loans, changes in loan demand, increases in employee costs, its ability to integrate acquisitions and other risks and uncertainties detailed in UMB’s filings with the Securities and Exchange Commission, may cause actual results to differ materially from those discussed in this release. UMB has no duty to update such statements, and undertakes no obligation to update or supplement forward-looking statements that become untrue because of new information, future events or otherwise.

About UMB :

UMB Financial Corporation (NASDAQ: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. Its banking subsidiaries own and operate banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. Subsidiaries of the holding company and the lead bank, UMB Bank, n.a., include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers. For more information, visit umb.com or follow us on Twitter at @UMBBank.
     
CONSOLIDATED BALANCE SHEETS         UMB Financial Corporation
(unaudited, dollars in thousands)      
June 30,

Assets
  2012         2011
 
Loans $ 5,315,609 $ 4,731,303
Allowance for loan losses   (72,652)         (72,442)
Net loans   5,242,957         4,658,861
Loans held for sale 11,027 6,581
Investment securities:
Available for sale 6,329,724 5,510,299
Held to maturity 96,250 69,393
Trading securities 56,844 43,280
Federal Reserve Bank Stock and other   21,705         22,511
Total investment securities   6,504,523         5,645,483
Federal funds and resell agreements 30,733 44,486
Interest-bearing due from banks 295,499 1,371,431
Cash and due from banks 402,893 347,369
Bank premises and equipment, net 234,754 220,499
Accrued income 71,396 78,129
Goodwill 211,114 211,114
Other intangibles 76,604 92,132
Other assets   101,162         94,491
Total assets $ 13,182,662       $ 12,770,576
 
 

Liabilities
Deposits:
Noninterest-bearing demand $ 4,217,487 $ 3,818,556
Interest-bearing demand and savings 4,920,957 4,696,077
Time deposits under $100,000 575,714 652,792
Time deposits of $100,000 or more   615,692         746,376
Total deposits   10,329,850         9,913,801
Federal funds and repurchase agreements 1,400,566 1,505,937
Short-term debt 10,000 23,724
Long-term debt 5,260 7,545
Accrued expenses and taxes 169,812 166,060
Other liabilities   15,176         20,553
Total liabilities   11,930,664         11,637,620
 

Shareholders' Equity
Common stock 55,057 55,057
Capital surplus 726,708 719,990
Retained earnings 756,835 664,805
Accumulated other comprehensive income 81,244 55,111
Treasury stock   (367,846)         (362,007)
Total shareholders' equity   1,251,998         1,132,956
Total liabilities and shareholders' equity $ 13,182,662       $ 12,770,576
 
Consolidated Statements of Income                             UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)                  
      Three Months Ended Six Months Ended
June 30, June 30,

Interest Income
  2012         2011         2012         2011
Loans $ 54,000 $ 55,106 $ 108,055 $ 109,095
Securities:
Taxable interest 21,178 22,077 41,307 44,385
Tax-exempt interest 9,468         8,282         18,843         16,520
Total securities income 30,646 30,359 60,150 60,905
Federal funds and resell agreements 25 13 41 28
Interest-bearing due from banks 362 843 1,197 2,005
Trading securities 317         230         640         491
Total interest income 85,350         86,551         170,083         172,524
 

Interest Expense
Deposits 4,376 6,163 9,364 12,829
Federal funds and repurchase agreements 508 398 948 1,066
Other 93         72         309         263
Total interest expense 4,977         6,633         10,621         14,158
Net interest income 80,373 79,918 159,462 158,366
Provision for loan losses 4,500         5,600         9,000         12,700
Net interest income after provision for loan losses 75,873         74,318         150,462         145,666
 

Noninterest Income
Trust and securities processing 55,755 53,635 110,465 105,363
Trading and investment banking 7,140 6,478 16,818 15,497
Service charges on deposits 19,009 18,181 39,020 36,789
Insurance fees and commissions 913 1,165 1,922 2,368
Brokerage fees 2,705 2,573 5,219 4,914
Bankcard fees 16,830 16,545 31,565 30,987
Gains on sale of securities available for sale, net 3,222 6,023 19,763 13,480
Other 4,652         3,256         17,755         6,208
Total noninterest income 110,226         107,856         242,527         215,606
 

Noninterest Expense
Salaries and employee benefits 78,001 72,922 157,915 145,821
Occupancy, net 9,211 9,579 18,489 19,184
Equipment 11,004 10,774 21,669 21,710
Supplies and services 5,218 5,577 10,261 11,157
Marketing and business development 5,986 5,158 10,246 9,280
Processing fees 12,593 13,319 25,409 25,492
Legal and consulting 4,012 4,075 7,527 6,692
Bankcard 4,630 4,219 8,872 8,072
Amortization of intangible assets 3,733 4,159 7,585 8,165
Regulatory fees 2,314 2,394 4,733 6,111
Class action litigation settlement - 7,800 - 7,800
Other 7,984         5,605         13,884         11,613
Total noninterest expense 144,686 145,581 286,590 281,097
 
Income before income taxes 41,413 36,593 106,399 80,175
Income tax provision 12,248         10,272         30,867         22,984
Net income $ 29,165       $ 26,321       $ 75,532       $ 57,191
 

Per Share Data
Net income - basic $ 0.73 $ 0.66 $ 1.89 $ 1.43
Net income – diluted 0.72 0.65 1.87 1.42
Dividends 0.205 0.195 0.410 0.390
Weighted average shares outstanding 40,034,649 40,080,402 40,030,052 40,075,428
 
Condensed Statements of Consolidated Comprehensive Income       UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)                
Three Months Ended

June 30,
Six Months Ended

June 30,
2012       2011       2012       2011
Net Income $ 29,165       $ 26,321 $ 75,532       $ 57,191
Other comprehensive income, net of tax:
Unrealized gains on securities:
Change in unrealized holding gains, net 30,771 62,003 20,155 60,513
Less: Reclassifications adjustment for gains included in net income   (3,222)         (6,023)         (19,763)         (13,480)
Change in unrealized gains on securities during the period 27,549 55,980 392 47,033
Income tax expense   (10,173)         (20,679)         (247)         (17,387)
Other comprehensive income   17,376         35,301         145         29,646
Comprehensive income $ 46,541       $ 61,622       $ 75,677       $ 86,837
 
Consolidated Statements of                                    
Shareholders' Equity                                       UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
 
 
Accumulated
Other
Common Capital Retained Comprehensive Treasury
  Stock         Surplus         Earnings         Income         Stock         Total

Balance - January 1, 2011
$ 55,057 $ 718,306 $ 623,415 $ 25,465 $ (361,383) $ 1,060,860
Total comprehensive income - - 57,191 29,646 - 86,837
Cash dividends ($0.39 per share) - - (15,801) - - (15,801)
Purchase of treasury stock - - - - (3,382) (3,382)
Issuance of equity awards - (1,918) - - 2,157 239

Recognition of equity based  compensation
- 3,262 - - - 3,262

Net tax benefit related to equity  compensation plans
- 97 - - - 97
Sale of treasury stock - 115 - - 116 231
Exercise of stock options   -         128         -         -         485         613
Balance – June 30, 2011 $ 55,057       $ 719,990       $ 664,805       $ 55,111       $ (362,007)       $ 1,132,956
 
Balance - January 1, 2012 $ 55,057 $ 723,299 $ 697,923 $ 81,099 $ (366,246) $ 1,191,132
Total comprehensive income - - 75,532 145 - 75,677
Cash dividends ($0.41 per share) - - (16,620) - - (16,620)
Purchase of treasury stock - - - - (5,284) (5,284)
Issuance of equity awards - (1,698) - - 1,942 244

Recognition of equity based  compensation
- 3,565 - - - 3,565

Net tax benefit related to equity  compensation plans
- 164 - - - 164
Sale of treasury stock - 234 - - 189 423
Exercise of stock options   -         1,144         -         -         1,553         2,697
Balance – June 30, 2012 $ 55,057       $ 726,708       $ 756,835       $ 81,244       $ (367,846)       $ 1,251,998
 
Average Balances / Yields and Rates                   UMB Financial Corporation  
(tax - equivalent basis)                        
(unaudited, dollars in thousands) Three Months Ended June 30,
  2012         2011
Average Average Average Average
Assets   Balance       Yield/Rate           Balance       Yield/Rate  
Loans, net of unearned interest $ 5,216,477 4.17 % $ 4,723,668 4.68 %
Securities:
Taxable 4,616,169 1.85 4,281,896 2.07
Tax-exempt 1,830,468       3.16 1,386,995       3.65
Total securities 6,446,637 2.22 5,668,891 2.46
Federal funds and resell agreements 24,908 0.40 16,392 0.32
Interest-bearing due from banks 432,693 0.34 872,967 0.39
Trading securities 49,789       2.80 49,313       1.98
Total earning assets 12,170,504 2.99 11,331,231 3.22
Allowance for loan losses (74,437) (72,759)
Other assets   1,105,978   1,104,871
Total assets $ 13,202,045 $ 12,363,343
 
 
Liabilities and Shareholders' Equity
Interest-bearing deposits $ 6,194,126 0.28 % $ 6,307,790 0.39 %
Federal funds and repurchase agreements 1,450,375 0.14 1,513,263 0.11
Borrowed funds 15,317       2.44 37,638       0.75
Total interest-bearing liabilities 7,659,818 0.26 7,858,691 0.34
Noninterest-bearing demand deposits 4,126,141 3,211,035
Other liabilities 170,920 167,196
Shareholders' equity   1,245,166   1,126,421
Total liabilities and shareholders' equity $ 13,202,045 $ 12,363,343
Net interest spread 2.73 % 2.88 %
Net interest margin 2.82 2.98
 
 
Six Months Ended June 30,
  2012         2011
Average Average Average Average
Assets   Balance       Yield/Rate           Balance       Yield/Rate  
Loans, net of unearned interest $ 5,134,570 4.24 % $ 4,678,376 4.71 %
Securities:
Taxable 4,479,160 1.85 4,285,300 2.09
Tax-exempt 1,797,713       3.21 1,356,326       3.74
Total securities 6,276,873 2.24 5,641,626 2.49
Federal funds and resell agreements 22,220 0.37 21,128 0.27
Interest-bearing due from banks 737,853 0.33 1,073,415 0.38
Trading securities 50,991       2.71 52,055       2.06
Total earning assets 12,222,507 2.96 11,466,600 3.19
Allowance for loan losses (73,416) (73,921)
Other assets   1,100,889   1,091,142
Total assets $ 13,249,980 $ 12,483,821
 
 
Liabilities and Shareholders' Equity
Interest-bearing deposits $ 6,255,636 0.30 % $ 6,371,292 0.41 %
Federal funds and repurchase agreements 1,511,401 0.13 1,667,817 0.13
Borrowed funds 16,125       3.85 36,830       1.43
Total interest-bearing liabilities 7,783,162 0.27 8,075,939 0.35
Noninterest-bearing demand deposits 4,055,613 3,139,381
Other liabilities 181,845 167,101
Shareholders' equity   1,229,360   1,101,400
Total liabilities and shareholders' equity $ 13,249,980 $ 12,483,821
Net interest spread 2.69 % 2.84 %
Net interest margin 2.79 2.94
             
SECOND QUARTER 2012
FINANCIAL HIGHLIGHTS           UMB Financial Corporation
(unaudited, dollars in thousands, except share and per share data)
 
Six Months Ended June 30   2012           2011  
Net interest income $ 159,462 $ 158,366
Provision for loan losses 9,000 12,700
Noninterest income 242,527 215,606
Noninterest expense 286,590 281,097
Income before income taxes 106,399 80,175
Net income 75,532 57,191
Net income per share - Basic 1.89 1.43
Net income per share - Diluted 1.87 1.42
Return on average assets 1.15 % 0.92 %
Return on average equity 12.36 % 10.47 %
 
Three Months Ended June 30
Net interest income $ 80,373 $ 79,918
Provision for loan losses 4,500 5,600
Noninterest income 110,226 107,856
Noninterest expense 144,686 145,581
Income before income taxes 41,413 36,593
Net income 29,165 26,321
Net income per share - Basic 0.73 0.66
Net income per share - Diluted 0.72 0.65
Return on average assets 0.89 % 0.85 %
Return on average equity 9.42 % 9.37 %
 
At June 30
Assets $ 13,182,662 $ 12,770,576
Loans, net of unearned interest 5,315,609 4,731,303
Securities 6,504,523 5,645,483
Deposits 10,329,850 9,913,801
Shareholders' equity 1,251,998 1,132,956
Book value per share 30.89 27.97
Market price per share 51.23 41.88
Equity to assets 9.50 % 8.87 %
Allowance for loan losses $ 72,652 $ 72,442
As a % of loans 1.37 % 1.53 %
Nonaccrual and restructured loans $ 30,642 $ 15,383
As a % of loans 0.58 % 0.33 %
Loans over 90 days past due $ 6,198 $ 7,421
As a % of loans 0.12 % 0.16 %
Other real estate owned $ 5,954 $ 6,696
Net loan charge-offs quarter-to-date $ 5,334 $ 5,876
As a % of average loans 0.41 % 0.50 %
Net loan charge-offs year-to-date $ 8,365 $ 14,210
As a % of average loans 0.33 % 0.61 %
 
Common shares outstanding 40,529,293 40,499,385
 
Average Balances
Six Months Ended June 30
Assets $ 13,249,980 $ 12,483,821
Loans, net of unearned interest 5,134,570 4,678,376
Securities 6,327,864 5,693,681
Deposits 10,311,249 9,510,673
Shareholders' equity 1,229,360 1,101,400
 
   
Business Segment Information        

UMB Financial Corporation
(unaudited, dollars in thousands)    
Three Months Ended June 30, 2012

 

Bank

 

Payment Solutions
 

InstitutionalInvestmentManagement

AssetServicing
Total
   

 
           
Net interest income $ 69,447 $ 10,558

$

1

$

367

$

80,373
Provision for loan losses 2,281 2,219 - - 4,500
Noninterest income 50,574 17,172 23,671 18,809 110,226
Noninterest expense   94,626     16,513     16,271     17,276     144,686
Income before taxes 23,114 8,998 7,401 1,900 41,413
Income tax expense   6,411     2,817     2,167     853     12,248
Net income $ 16,703   $ 6,181  

$

5,234
 

$
$1,047  

$

29,165
 
Average assets $ 10,800,000 $ 871,000

$

83,000
$1,448,000

$

13,202,000
 
Three Months Ended June 30, 2011

 

Bank
 

 

Payment Solutions
   

InstitutionalInvestmentManagement
   

Asset Servicing
    Total
Net interest income $ 68,999 $ 10,440

$

11
$468

$

79,918
Provision for loan losses 2,868 2,732 - - 5,600
Noninterest income 52,674 14,778 22,157 18,247 107,856
Noninterest expense   97,205     14,611     17,366     16,399     145,581
Income before taxes 21,600 7,875 4,802 2,316 36,593
Income tax expense   6,141     2,159     1,185     787     10,272
Net income $ 15,459   $ 5,716  

$

3,617
    $1,529  

$

26,321
 
Average assets $ 10,044,000 $ 683,000

$

89,000
$1,547,000

$

12,363,000
 
Six Months Ended June 30, 2012

 

Bank

 

Payment Solutions

 

InstitutionalInvestmentManagement

Asset Servicing
Total
   

 
           
Net interest income $ 137,499 $ 21,282 $

3

$

678

$
159,462
Provision for loan losses 4,256 4,744 - - 9,000
Noninterest income 121,029 32,743 49,798 38,957 242,527
Noninterest expense   188,117     31,339     33,192     33,942     286,590
Income before taxes 66,155 17,942 16,609 5,693 106,399
Income tax expense   18,406     5,491     4,800     2,170     30,867
Net income $ 47,749   $ 12,451   $

11,809
 

$

3,523
 

$
75,532
 
Average assets $ 10,935,000 $ 857,000 $

83,000

$

1,375,000

$
13,250,000
 
Six Months Ended June 30, 2011

 

Bank
 

 

Payment Solutions
 

 

Institutional Investment Management
   

Asset Servicing
    Total
Net interest income $ 136,560 $ 20,869 $

14

$

923

$
158,366
Provision for loan losses 6,975 5,725 - - 12,700
Noninterest income 109,663 27,753 42,563 35,627 215,606
Noninterest expense   188,876     27,935     32,546     31,740     281,097
Income before taxes 50,372 14,962 10,031 4,810 80,175
Income tax expense   14,284     4,490     2,515     1,695     22,984
Net income $ 36,088   $ 10,472   $

7,516
 

$

3,115
 

$
57,191
 

Average assets
$ 10,172,000 $ 763,000 $

87,000

$

1,560,000

$
12,483,000

Copyright Business Wire 2010

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