UMB Financial Corporation Reports Third Quarter 2012 Earnings; Posts Tenth Consecutive Quarter Of Loan Growth; Announces 4.9 Percent Dividend Increase

UMB Financial Corporation (NASDAQ: UMBF), a diversified financial holding company, announced earnings for the three months ended September 30, 2012 of $26.1 million or $0.65 per share ($0.64 diluted). This is an increase of $0.1 million, or 0.4 percent, compared to third quarter 2011 earnings of $26.0 million or $0.65 per share ($0.64 diluted). Earnings for the nine months ended September 30, 2012 were $101.7 million or $2.54 per share ($2.51 diluted). This is an increase of $18.5 million, or 22.2 percent, compared to the prior year-to-date earnings of $83.2 million or $2.08 per share ($2.06 diluted).

“UMB’s unique position as a diversified financial services company allowed us to post solid results for the quarter,” said Mariner Kemper, Chairman and Chief Executive Officer. “Investments in our fee businesses continue to pay off, demonstrated by the 5.3 percent increase in noninterest income compared to the third quarter of 2011. We are pleased to report yet another quarter of double-digit loan growth, with average balances increasing 10.5 percent over the third quarter of 2011. This marks our tenth consecutive quarter growing loans. Compared to the industry, the more than 1,400 regulated depositories that had announced third quarter results as of October 22 reported a median increase in loan balances of just 0.65 percent. In addition, UMB is an industry leader in credit quality, with net charge-offs of just 0.44 percent in the third quarter.”

Net Interest Income and Margin

Net interest income for the third quarter of 2012 increased $1.3 million, or 1.6 percent, compared to the same period in 2011. Average earning assets increased by $987.9 million, or 8.9 percent, compared to the third quarter of 2011. This increase was due to an $831.4 million, or 14.5 percent, increase in average total securities, including trading securities and a $502.9 million, or 10.5 percent, increase in average loans offset by a $335.8 million decrease in average interest bearing due from banks. Net interest margin decreased 18 basis points to 2.80 percent for the three months ended September 30, 2012 compared to the same quarter in 2011.

Noninterest Income and Expense

Noninterest income increased $5.4 million, or 5.3 percent, for the three months ended September 30, 2012 compared to the same period in 2011. This increase is primarily attributed to an increase in trust and securities processing income of $4.4 million, or 8.4 percent, for the three months ended September 30, 2012 compared to the same period in 2011. The increase in trust and securities processing income was primarily due to a $2.7 million, or 16.8 percent, in advisory fee income from the Scout Funds and a $1.3 million, or 7.8 percent, increase in fund administration and custody services.

Noninterest expense increased $6.5 million, or 4.6 percent, for the three months ended September 30, 2012 compared to the same period in 2011. This increase is driven by higher salary and benefits expense in 2012 of $3.9 million, or 5.2 percent, and increases in marketing and business development of $2.5 million, or 50.0 percent. The higher salaries and benefits expense is due to increases in salaries and wages of $3.0 million, or 6.4 percent, and a $1.9 million, or 17.4 percent, increase in employee benefits expense. The increased marketing and business development is due to timing differences of advertising initiatives in 2012 compared to 2011 as well as increased business development expenses in 2012.

“We continue to see momentum in our diversified fee businesses and are pleased with the 57 percent contribution to revenue they provided in the third quarter,” said Peter deSilva, President and Chief Operating Officer. “Our Payment Solutions segment posted another quarter of record purchase volume as spending in all of our card products increased by 38.6 percent versus the third quarter of 2011. Spending on healthcare cards grew 13.8 percent, and this business continues to be a key contributor to our fee income. Institutional Investment Management, which is our Scout Investments business, continues to execute on its distribution strategy, growing assets under management to $22.6 billion, an increase of 18.6 percent from a year ago. Our wealth management platform for individuals ended the quarter with assets under management of $8.7 billion, which when combined with Scout, brought total company assets under management to $31.3 billion at the end of the quarter, an increase of 19.3 percent compared to the third quarter of 2011.”

Balance Sheet

Average total assets for the three months ended September 30, 2012 were $13.2 billion compared to $12.2 billion for the same period in 2011, an increase of $1.0 billion, or 8.3 percent. Average earning assets increased by $987.9 million for the period, or 8.9 percent.

Average loan balances for the three months ended September 30, 2012 increased $502.9 million, or 10.5 percent, to $5.3 billion compared to the same period in 2011. Actual loan balances on September 30, 2012 were $5.4 billion, an increase of $613.7 million, or 12.8 percent, compared to September 30, 2011. This increase was primarily driven by an increase in commercial loans of $592.5 million, or 28.2 percent.

Nonperforming loans increased to $27.4 million on September 30, 2012 from $20.1 million on September 30, 2011. As a percentage of loans, nonperforming loans increased to 0.51 percent as of September 30, 2012 compared to 0.42 percent on September 30, 2011. Nonperforming loans are defined as nonaccrual loans and restructured loans. The company’s allowance for loan losses totaled $71.4 million, or 1.32 percent of loans, as of September 30, 2012 compared to $72.9 million, or 1.53 percent of loans, as of September 30, 2011.

For the three months ended September 30, 2012, average securities, including trading securities, totaled $6.6 billion. This is an increase of $831.4 million, or 14.5 percent, from the same period in 2011.

Average total deposits increased $917.9 million, or 9.7 percent, to $10.4 billion for the three months ended September 30, 2012 compared to the same period in 2011. Average noninterest-bearing demand deposits increased $690.9 million, or 19.7 percent, compared to 2011. Average interest-bearing deposits increased by $227.0 million, or 3.8 percent, in 2012 as compared to 2011. Total deposits as of September 30, 2012 were $10.6 billion, compared to $9.4 billion as of September 30, 2011, a 13.0 percent increase. Also, as of September 30, 2012, noninterest-bearing demand deposits were 41.6 percent of total deposits.

“This quarter marks the sixth increase in the company’s dividend since the beginning of the economic crisis of 2008,” said Mike Hagedorn, Chief Financial Officer. “Our dividend has increased by more than 43 percent during that time. Comparatively, the industry has reported a 50 percent median decrease in declared dividends over the same period. We have also continued to organically grow shareholders’ equity, which has increased by 45.3 percent since the beginning of 2008—without government assistance.”

As of September 30, 2012, UMB had total shareholders’ equity of $1.3 billion, an increase of 10.6 percent as compared to the same period in 2011.

Dividend Declaration

The Board of Directors declared during the company’s quarterly board meeting a $0.215 quarterly cash dividend, payable on December 28, 2012, to shareholders of record at the close of business on December 10, 2012.

Year-to-Date

Earnings for the nine months ended September 30, 2012 were $101.7 million or $2.54 per share ($2.51 diluted). This is an increase of $18.5 million, or 22.2 percent, compared to the prior year-to-date earnings of $83.2 million or $2.08 per share ($2.06 diluted).

Net interest income for the nine months ended September 30, 2012 increased $2.4 million, or 1.0 percent, compared to the same period in 2011. Net interest margin decreased to 2.79 percent for the nine months ended September 30, 2012 as compared to 2.95 percent for the same period in 2011.

Noninterest income increased $32.3 million, or 10.2 percent, to $348.8 million for the nine months ended September 30, 2012 as compared to the same period in 2011. Trust and securities processing income increased $9.5 million, or 6.0 percent, for year-to-date September 30, 2012 as compared to the same period in 2011. Gains from the sale of securities available for sale of $20.0 million were recognized during the first nine months of 2012 compared to $15.9 million for the first nine months of 2011. Other noninterest income increased $13.2 million, or 139.6 percent, primarily driven by an $8.7 million adjustment in contingent consideration liabilities on acquisitions.

Noninterest expense increased $12.0 million, or 2.8 percent, for the nine months ended September 30, 2012 compared to the same period in 2011. Salary and employee benefit expense increased by $16.0 million, or 7.2 percent, offset by a $7.8 million escrow fund established during the second quarter of 2011 to settle a class action lawsuit.

Conference Call

The company plans to host a conference call to discuss its 2012 third quarter earnings results on October 24, 2012, at 8:30 a.m. (CDT).

Interested parties may access the call by dialing (toll-free) 877-941-0844 or (U.S.) 480-629-9835. 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=524870&s=1&k=B9EE876276A519260D14226523D52957.

A replay of the conference call may be heard until November 7, 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 4568203. 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)  
September 30,

Assets
2012   2011
 
Loans $ 5,389,763 $ 4,776,071

Allowance for loan losses
  (71,368 )     (72,876 )
Net loans   5,318,395       4,703,195  
Loans held for sale 13,899 11,562
Investment securities:
Available for sale 6,487,124 5,757,923
Held to maturity 98,479 88,376
Trading securities 39,919 71,077
Federal Reserve Bank Stock and other   25,526       22,789  
Total investment securities   6,651,048       5,940,165  
Federal funds and resell agreements 41,172 86,695
Interest-bearing due from banks 174,012 322,993
Cash and due from banks 397,339 383,757
Bank premises and equipment, net 239,234 225,593
Accrued income 70,099 75,189
Goodwill 209,758 211,114
Other intangibles 72,351 88,243
Other assets   98,538       90,578  
Total assets $ 13,285,845     $ 12,139,084  
 
 

Liabilities
Deposits:
Noninterest-bearing demand $ 4,415,669 $ 3,617,202
Interest-bearing demand and savings 5,070,680 4,434,430
Time deposits under $100,000 562,357 635,055
Time deposits of $100,000 or more   564,074       708,336  
Total deposits   10,612,780       9,395,023  
Federal funds and repurchase agreements 1,164,199 1,340,693
Short-term debt - 30,689
Long-term debt 5,632 7,841
Accrued expenses and taxes 191,926 181,210
Other liabilities   17,133       13,329  
Total liabilities   11,991,670       10,968,785  
 

Shareholders' Equity
Common stock 55,057 55,057
Capital surplus 730,274 721,511
Retained earnings 774,641 682,942
Accumulated other comprehensive income 101,413 77,286
Treasury stock   (367,210 )     (366,497 )
Total shareholders' equity   1,294,175       1,170,299  
Total liabilities and shareholders' equity $ 13,285,845     $ 12,139,084  
 
Consolidated Statements of Income           UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)        
Three Months Ended Nine Months Ended
September 30, September 30,

Interest Income
2012   2011   2012   2011
Loans $ 54,558 $ 55,424 $ 162,613 $ 164,519
Securities:
Taxable interest 20,345 20,511 61,652 64,896
Tax-exempt interest   9,602     8,825     28,445     25,345
Total securities income 29,947 29,336 90,097 90,241
Federal funds and resell agreements 48 45 88 73
Interest-bearing due from banks 225 628 1,422 2,633
Trading securities   201     191     842     682
Total interest income   84,979     85,624     255,062     258,148
 

Interest Expense
Deposits 4,079 6,139 13,443 18,968
Federal funds and repurchase agreements 454 339 1,402 1,405
Other   81     72     390     335
Total interest expense   4,614     6,550     15,235     20,708
Net interest income 80,365 79,074 239,827 237,440
Provision for loan losses   4,500     4,500     13,500     17,200
Net interest income after provision for loan losses   75,865     74,574     226,327     220,240
 

Noninterest Income
Trust and securities processing 56,291 51,928 166,756 157,291
Trading and investment banking 7,120 4,952 23,938 20,449
Service charges on deposits 19,171 18,880 58,191 55,669
Insurance fees and commissions 1,028 1,038 2,949 3,407
Brokerage fees 3,104 2,627 8,324 7,540
Bankcard fees 14,466 15,882 46,031 46,869
Gains on sale of securities available for sale, net 259 2,411 20,022 15,891
Other   4,882     3,239     22,637     9,447
Total noninterest income   106,321     100,957     348,848     316,563
 

Noninterest Expense
Salaries and employee benefits 78,813 74,905 236,728 220,726
Occupancy, net 9,870 9,398 28,359 28,582
Equipment 10,330 10,424 31,999 32,135
Supplies and services 4,995 5,513 15,256 16,670
Marketing and business development 7,368 4,912 17,615 14,192
Processing fees 12,964 12,704 38,372 38,197
Legal and consulting 4,311 3,272 11,838 9,965
Bankcard 4,700 4,001 13,572 12,072
Amortization of intangible assets 3,643 4,022 11,228 12,187
Regulatory fees 2,363 2,130 7,096 8,241
Class action litigation settlement - - - 7,800
Other   6,548     8,147     20,432     19,758
Total noninterest expense 145,905 139,428 432,495 420,525
 
Income before income taxes 36,281 36,103 142,680 116,278
Income tax provision   10,156     10,088     41,023     33,072
Net income $ 26,125   $ 26,015   $ 101,657   $ 83,206
 

Per Share Data
Net income - basic $ 0.65 $ 0.65 $ 2.54 $ 2.08
Net income – diluted 0.64 0.64 2.51 2.06
Dividends 0.205 0.195 0.615 0.585
Weighted average shares outstanding 40,081,304 40,020,772 40,047,261 40,057,009
 
Condensed Statements of Consolidated Comprehensive Income   UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)      
Three Months Ended

September 30,
Nine Months Ended

September 30,
2012   2011   2012   2011
Net Income $ 26,125   $ 26,015 $ 101,657 $ 83,206
Other comprehensive income, net of tax:
Unrealized gains on securities:
Change in unrealized holding gains, net 32,256 37,526 52,410 98,039
Less: Reclassifications adjustment for gains included in net income   (259 )     (2,411 )     (20,022 )     (15,891 )
Change in unrealized gains on securities during the period 31,997 35,115 32,388 82,148
Income tax expense   (11,827 )     (12,940 )     (12,074 )     (30,327 )
Other comprehensive income   20,170       22,175       20,314       51,821  
Comprehensive income $ 46,295     $ 48,190     $ 121,971     $ 135,027  
 
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 - - 83,206 51,821 - 135,027
Cash dividends ($0.585 per share) - - (23,679 ) - - (23,679 )
Purchase of treasury stock - - - - (8,435 ) (8,435 )
Issuance of equity awards - (2,244 ) - - 2,484 240
Recognition of equity based compensation - 4,964 - - - 4,964
Net tax benefit related to equity compensation plans - 96 - - - 96
Sale of treasury stock - 213 - - 205 418
Exercise of stock options   -     176       -       -     632       808  
Balance – September 30, 2011 $ 55,057   $ 721,511     $ 682,942     $ 77,286   $ (366,497 )   $ 1,170,299  
 
Balance - January 1, 2012 $ 55,057 $ 723,299 $ 697,923 $ 81,099 $ (366,246 ) $ 1,191,132
Total comprehensive income - - 101,657 20,314 - 121,971
Cash dividends ($0.615 per share) - - (24,939 ) - - (24,939 )
Purchase of treasury stock - - - - (6,062 ) (6,062 )
Issuance of equity awards - (1,612 ) - - 1,856 244
Recognition of equity based compensation - 5,425 - - - 5,425
Net tax benefit related to equity compensation plans - 333 - - - 333
Sale of treasury stock - 354 - - 256 610
Exercise of stock options   -     2,475       -       -     2,986       5,461  
Balance – September 30, 2012 $ 55,057   $ 730,274     $ 774,641     $ 101,413   $ (367,210 )   $ 1,294,175  
 
Average Balances / Yields and Rates       UMB Financial Corporation
(tax - equivalent basis)        
(unaudited, dollars in thousands) Three Months Ended September 30,
2012   2011
Average Average Average Average
Assets Balance   Yield/Rate   Balance   Yield/Rate
Loans, net of unearned interest $ 5,292,970 4.10 % $ 4,790,043 4.60 %
Securities:
Taxable 4,617,059 1.75 4,119,391 1.98
Tax-exempt   1,903,490     3.05     1,569,903     3.42  
Total securities 6,520,549 2.13 5,689,294 2.37
Federal funds and resell agreements 38,498 0.50 49,159 0.36
Interest-bearing due from banks 248,290 0.36 584,130 0.43
Trading securities   47,269     1.86     47,098     1.74  
Total earning assets 12,147,576 2.94 11,159,724 3.21
Allowance for loan losses (72,909 ) (71,513 )
Other assets   1,097,489     1,069,219  
Total assets $ 13,172,156   $ 12,157,430  
 
 
Liabilities and Shareholders' Equity
Interest-bearing deposits $ 6,183,598 0.26 % $ 5,956,609 0.41 %
Federal funds and repurchase agreements 1,315,729 0.14 1,306,627 0.10
Borrowed funds   7,962     4.05     31,155     0.93  
Total interest-bearing liabilities 7,507,289 0.24 7,294,391 0.36
Noninterest-bearing demand deposits 4,199,085 3,508,183
Other liabilities 186,612 183,084
Shareholders' equity   1,279,170     1,171,772  
Total liabilities and shareholders' equity $ 13,172,156   $ 12,157,430  
Net interest spread 2.70 % 2.85 %
Net interest margin 2.80 2.98
 
 
Nine Months Ended September 30,
2012   2011
Average Average Average Average
Assets Balance   Yield/Rate   Balance   Yield/Rate
Loans, net of unearned interest $ 5,187,756 4.19 % $ 4,716,008 4.67 %
Securities:
Taxable 4,525,462 1.82 4,229,389 2.05
Tax-exempt   1,833,229     3.15     1,428,301     3.62  
Total securities 6,358,691 2.20 5,657,690 2.45
Federal funds and resell agreements 27,686 0.42 29,913 0.33
Interest-bearing due from banks 573,474 0.33 908,528 0.39
Trading securities   49,741     2.44     50,384     1.96  
Total earning assets 12,197,348 2.95 11,362,523 3.19
Allowance for loan losses (73,246 ) (73,109 )
Other assets   1,099,748     1,084,414  
Total assets $ 13,223,850   $ 12,373,828  
 
 
Liabilities and Shareholders' Equity
Interest-bearing deposits $ 6,231,448 0.29 % $ 6,231,546 0.41 %
Federal funds and repurchase agreements 1,445,701 0.13 1,546,097 0.12
Borrowed funds   13,384     3.89     34,917     1.29  
Total interest-bearing liabilities 7,690,533 0.26 7,812,560 0.35
Noninterest-bearing demand deposits 4,103,786 3,263,666
Other liabilities 183,447 172,487
Shareholders' equity   1,246,084     1,125,115  
Total liabilities and shareholders' equity $ 13,223,850   $ 12,373,828  
Net interest spread 2.69 % 2.84 %
Net interest margin 2.79 2.95
 
THIRD QUARTER 2012    
FINANCIAL HIGHLIGHTS   UMB Financial Corporation
(unaudited, dollars in thousands, except share and per share data)
 
Nine Months Ended September 30 2012   2011
Net interest income $ 239,827 $ 237,440
Provision for loan losses 13,500 17,200
Noninterest income 348,848 316,563
Noninterest expense 432,495 420,525
Income before income taxes 142,680 116,278
Net income 101,657 83,206
Net income per share - Basic 2.54 2.08
Net income per share - Diluted 2.51 2.06
Return on average assets 1.03 % 0.90 %
Return on average equity 10.90 % 9.89 %
 
Three Months Ended September 30
Net interest income $ 80,365 $ 79,074
Provision for loan losses 4,500 4,500
Noninterest income 106,321 100,957
Noninterest expense 145,905 139,428
Income before income taxes 36,281 36,103
Net income 26,125 26,015
Net income per share - Basic 0.65 0.65
Net income per share - Diluted 0.64 0.64
Return on average assets 0.79 % 0.85 %
Return on average equity 8.12 % 8.81 %
 
At September 30
Assets $ 13,285,845 $ 12,139,084
Loans, net of unearned interest 5,389,763 4,776,071
Securities 6,651,048 5,940,165
Deposits 10,612,780 9,395,023
Shareholders' equity 1,294,175 1,170,299
Book value per share 31.88 28.97
Market price per share 48.68 32.08
Equity to assets 9.74 % 9.64 %
Allowance for loan losses $ 71,368 $ 72,876
As a % of loans 1.32 % 1.53 %
Nonaccrual and restructured loans $ 27,389 $ 20,140
As a % of loans 0.51 % 0.42 %
Loans over 90 days past due $ 4,160 $ 6,387
As a % of loans 0.08 % 0.13 %
Other real estate owned $ 5,567 $ 5,299
Net loan charge-offs quarter-to-date $ 5,784 $ 4,065
As a % of average loans 0.44 % 0.34 %
Net loan charge-offs year-to-date $ 14,149 $ 18,276
As a % of average loans 0.36 % 0.52 %
 
Common shares outstanding 40,596,751 40,395,963
 
Average Balances
Nine Months Ended September 30
Assets $ 13,223,850 $ 12,373,828
Loans, net of unearned interest 5,187,756 4,716,008
Securities 6,408,432 5,708,074
Deposits 10,335,234 9,495,212
Shareholders' equity 1,246,084 1,125,115
 
 
Business Segment Information   UMB Financial Corporation
(unaudited, dollars in thousands)
  Three Months Ended September 30, 2012
Bank  

PaymentSolutions
 

InstitutionalInvestmentManagement
 

AssetServicing
  Total
Net interest income $ 69,109   $ 10,843 $ -   $ 413   $ 80,365
Provision for loan losses 2,168 2,332 - - 4,500
Noninterest income 47,851 15,381 24,789 18,300 106,321
Noninterest expense   94,012     17,696     17,186     17,011     145,905
Income before taxes 20,780 6,196 7,603 1,702 36,281
Income tax expense   5,320     2,060     2,130     646     10,156
Net income $ 15,460   $ 4,136   $ 5,473   $ 1,056   $ 26,125
 
Average assets $ 10,681,000 $ 849,000 $ 80,000 $ 1,562,000 $ 13,172,000
 
Three Months Ended September 30, 2011
Bank  

PaymentSolutions
 

InstitutionalInvestmentManagement
 

AssetServicing
  Total
Net interest income $ 67,773 $ 10,832 $ 3 $ 466 $ 79,074
Provision for loan losses 1,873 2,627 - - 4,500
Noninterest income 48,386 14,004 21,593 16,974 100,957
Noninterest expense   92,768     13,199     16,792     16,669     139,428
Income before taxes 21,518 9,010 4,804 771 36,103
Income tax expense   5,818     2,634     1,340     296     10,088
Net income $ 15,700   $ 6,376   $ 3,464   $ 475   $ 26,015
 
Average assets $ 10,360,000 $ 745,000 $ 93,000 $ 959,000 $ 12,157,000
 
Nine Months Ended September 30, 2012

Bank
 

PaymentSolutions
 

InstitutionalInvestmentManagement
 

AssetServicing
  Total
Net interest income $ 206,611 $ 32,124 $ 2 $ 1,090 $ 239,827
Provision for loan losses 6,424 7,076 - - 13,500
Noninterest income 168,885 48,122 74,585 57,256 348,848
Noninterest expense   282,142     49,030     50,375     50,948     432,495
Income before taxes 86,930 24,140 24,212 7,398 142,680
Income tax expense   23,772     7,544     6,974     2,733     41,023
Net income $ 63,158   $ 16,596   $ 17,238   $ 4,665   $ 101,657
 
Average assets $ 10,850,000 $ 855,000 $ 82,000 $ 1,437,000 $ 13,224,000
 
Nine Months Ended September 30, 2011
Bank  

PaymentSolutions
 

InstitutionalInvestmentManagement
 

AssetServicing
  Total
Net interest income $ 204,368 $ 31,687 $ 9 $ 1,376 $ 237,440
Provision for loan losses 8,849 8,351 - - 17,200
Noninterest income 158,049 41,757 64,156 52,601 316,563
Noninterest expense   281,643     41,135     49,337     48,410     420,525
Income before taxes 71,925 23,958 14,828 5,567 116,278
Income tax expense   19,418     7,394     4,217     2,043     33,072
Net income $ 52,507   $ 16,564   $ 10,611   $ 3,524   $ 83,206
 
Average assets $ 10,235,000 $ 692,000 $ 89,000 $ 1,358,000 $ 12,374,000

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Three-Part FREE Webinar Series

March 24 Full-Day Course Offering: Professional Approach to Trading SPX

March 24 Full-Day Course Offering: Professional Approach to Trading SPX