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8-K - FORM 8-K - UMB FINANCIAL CORPd915975d8k.htm
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Exhibit 99.1

 

LOGO

 

UMB Financial Corporation News Release
1010 Grand Boulevard
Kansas City, MO 64106
816.860.7000
umb.com

//FOR IMMEDIATE RELEASE//

Media Contact: Kelli Christman: 816.860.5088

Investor Relations Contact: Abby Wendel: 816.860.1685

UMB Financial Corporation Reports First Quarter 2015 Earnings of $33.8 million, or $0.74 per Diluted Share

Selected first quarter financial highlights:

 

    Average loans for the three months ended March 31, 2015, increased 11.8 percent to $7.5 billion compared to the three months ended March 31, 2014

 

    Average total deposits for the three months ended March 31, 2015, increased 1.0 percent to $13.3 billion compared to the three months ended March 31, 2014

 

    Nonperforming loans decreased to 0.39 percent of loans as of March 31, 2015, from 0.45 percent of loans as of March 31, 2014

 

    Noninterest income increased 1.8 percent from the first quarter 2014 to $125.2 million, and was 58.1 percent of total revenue

 

    Total company assets under management stood at $42.3 billion at March 31, 2015

 

    Return on average assets increased to 0.81 percent at March 31, 2015, from 0.58 percent at March 31, 2014

 

    Return on average equity increased to 8.18 percent at March 31, 2015, from 6.13 percent at March 31, 2014

 

    Tier 1 capital ratio remains strong at 12.91 percent under the new Basel III capital requirements

KANSAS CITY, Mo. (April 28, 2015) – UMB Financial Corporation (Nasdaq: UMBF), a diversified financial holding company, announced earnings for the three months ended March 31, 2015 of $33.8 million or $0.75 per share ($0.74 diluted). This is an increase of $10.4 million, or 44.2 percent, compared to first quarter 2014 earnings of $23.4 million or $0.52 per share ($0.52 diluted).

“This year is off to a good start for UMB, and we plan to focus on three main areas to continue growing our company,” said Mariner Kemper, Chairman and Chief Executive Officer. “First, our long-term strategy continues to maximize operating leverage while managing expenses over the long term. Second, we continue to focus on improving performance in Scout Investments, which


is the best way to stem future outflows. Finally, we are optimistic that our announced acquisition of Marquette Financial Companies will be approved and we’ll bring two great companies together with a strong go-to-market strategy.”

“For the first quarter of 2015, average loan balances increased 11.8 percent to $7.5 billion,” Kemper continued. “This year-over-year growth was fueled by commercial and industrial, commercial real estate and construction loan growth across our entire footprint. We continue growing our loan portfolio while adhering to our careful underwriting philosophy, as evidenced by a 0.39 percent nonperforming loans as a percentage of the total loan portfolio. Fee businesses also remain an important part of our diversified financial services model. Healthcare Services continues to perform well, with $1.4 billion in purchase volume for the quarter, an increase of 21.1 percent compared to the same quarter last year. Healthcare deposits and assets now stand at $1.2 billion as of March 31, 2015. Additionally, assets under administration at UMB Fund Services increased $7.2 billion compared to the first quarter 2014, driving revenue to $24.4 million, an increase of 5.5 percent compared to first quarter 2014 revenue.”

Net Interest Income and Margin

Net interest income for the first quarter of 2015 increased $4.9 million, or 5.7 percent, compared to the same period in 2014. Average earning assets increased by $327.1 million, or 2.1 percent, compared to the first quarter of 2014. This increase was due to a $791.2 million, or 11.8 percent, increase in average loans, offset by a $588.6 million, of 34.7 percent, decrease in average interest bearing due from banks. Net interest margin increased seven basis points to 2.46 percent for the three months ended March 31, 2015, compared to the same quarter in 2014.

Noninterest Income and Expense

Noninterest income increased $2.2 million, or 1.8 percent, for the three months ended March 31, 2015, compared to the same period in 2014. Increases in noninterest income include an increase of $5.9 million in gains on sales of securities available for sale and a $1.8 million, or 41.6 percent, increase in trading and investment banking income. Decreases in noninterest income include trust and securities processing income, which decreased $4.3 million, or 6.0 percent, for the three months ended March 31, 2015, compared to the same period in 2014. The decrease in trust and securities processing income was largely due to an $8.9 million, or 35.4 percent, decrease in advisory fee income from the Scout Funds, offset by a $2.2 million, or 9.6 percent, increase in fees related to institutional and personal investment management services, and a $2.1 million, or 9.9 percent, increase in fund administration and custody services. Equity earnings on alternative investments decreased $3.4 million due to a decline in unrealized gains on Prairie Capital Management (PCM) equity method investments for the three months ended March 31, 2015, compared to the same period in 2014.

Noninterest expense decreased $7.8 million, or 4.5 percent, for the three months ended March 31, 2015, compared to the same period in 2014. The primary drivers of the decrease were a $15.0 million contingency reserve recorded in the first quarter of 2014 with no related reserve during the same period in 2015, and a $5.1 million, or 49.1 percent, decrease in other noninterest expense for the three months ended March 31, 2015, compared to the same period in 2014. The decrease in other noninterest expense was due to a decrease of $6.7 million in fair value adjustments on contingent consideration expense. These decreases were offset by an increase in salaries and benefits expense, which increased by $9.7 million or 10.9 percent. This was due to an increase of $4.8 million, or 9.2 percent, in salaries and wages, a $3.2 million, or 17.9 percent, an increase in commissions and bonuses, and a $1.7 million, or 9.0 percent, increase in employee benefits expense. Equipment expense increased by $1.5 million, or 11.9 percent, due to an increase in computer and hardware expenses. Legal and consulting expenses increased $1.0


million, or 29.8 percent. Included in total noninterest expense for the three-month period ended March 31, 2015 is $0.8 million of acquisition-related expenses related to the pending acquisition of Marquette Financial Companies, primarily due to legal and consulting expenses.

Balance Sheet

Average total assets for the three months ended March 31, 2015 were $16.8 billion compared to $16.5 billion for the same period in 2014, an increase of $327.7 million, or 2.0 percent. Average earning assets increased by $327.1 million for the period, or 2.1 percent.

Average loan balances for the three months ended March 31, 2015 increased $791.2 million, or 11.8 percent, to $7.5 billion compared to the same period in 2014. Actual loan balances on March 31, 2015 were $7.5 billion, an increase of $739.2 million, or 10.9 percent, compared to March 31, 2014. This increase was driven by an increase in commercial and industrial loans of $318.5 million, or 9.1 percent, and an increase in commercial real estate loans of $232.2 million, or 13.6 percent, and an increase in construction real estate loans of $70.3 million or 37.8 percent.

Nonperforming loans, defined as nonaccrual loans and restructured loans on nonaccrual, decreased to $29.2 million on March 31, 2015 from $30.2 million on March 31, 2014. As a percentage of loans, nonperforming loans decreased to 0.39 percent as of March 31, 2015, compared to 0.45 percent on March 31, 2014. The company’s allowance for loan losses totaled $77.5 million, or 1.03 percent of loans, as of March 31, 2015, compared to $75.5 million, or 1.12 percent of loans, as of March 31, 2014.

For the three months ended March 31, 2015, average securities, including trading securities, totaled $7.2 billion. This is an increase of $117.4 million, or 1.7 percent, from the same period in 2014.

Average total deposits increased $127.2 million, or 1.0 percent, to $13.3 billion for the three months ended March 31, 2015, compared to the same period in 2014. Average noninterest-bearing demand deposits increased $493.4 million, or 9.5 percent, in the first quarter of compared to the same one in 2014. Average interest-bearing deposits decreased by $366.1 million, or 4.6 percent, in the first quarter of 2015 as compared to the same period in 2014. Total deposits as of March 31, 2015 were $13.2 billion, compared to $12.3 billion as of March 31, 2014, a 7.3 percent increase. Also, as of March 31, 2015, noninterest-bearing demand deposits were 42.7 percent of total deposits.

“We continue to make progress on our strategy to shift the balance sheet into higher-yielding loans versus investment securities,” said Brian Walker, Chief Financial Officer. “First quarter 2015 average loans were a higher percentage of earning assets than first quarter 2014 average loans, resulting in a 56.3 percent loan-to-deposit ratio and a 2.46 percent net interest margin. We are encouraged by the year-over-year margin improvement and are cautiously optimistic for the remainder of 2015.”

As of March 31, 2015, UMB had total shareholders’ equity of $1.7 billion, an increase of 9.1 percent as compared to March 31, 2014.

Conference Call

The company plans to host a conference call to discuss its 2015 first quarter earnings results on April 29, 2015, at 8:30 a.m. (CT).


Interested parties may access the call by dialing (toll-free) 877-267-8760 or (U.S.) 412-542-4148 and requesting to join the UMB Financial call. The live call can also be accessed by visiting the investor relations area of umbfinancial.com or by using the following the link:

UMB Financial 1Q 2015 Conference Call

A replay of the conference call may be heard until May 14, 2015, by calling (toll-free) 877-344-7529 or (U.S.) 412-317-0088. The replay pass code required for playback is 10063617. The call replay may also be accessed via the company’s website umbfinancial.com by visiting the investor relations area.

Forward-Looking Statements:

This release contains, and our other communications may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “outlook,” “forecast,” “target,” “trend,” “plan,” “goal,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, results, or aspirations. All forward-looking statements are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Our actual future objectives, strategies, plans, prospects, performance, condition, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events, circumstances, or aspirations to differ from those in forward-looking statements are described in our Annual Report on Form 10-K for the year ended December 31, 2014, our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the SEC. Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K, or other applicable document that is filed or furnished with the SEC.

About UMB:

UMB Financial Corporation (Nasdaq: UMBF) is a diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors. For more information, visit umb.com, umbfinancial.com, blog.umb.com or follow us on Twitter at @UMBBank, Facebook at facebook.com/UMBBank and LinkedIn at linkedin.com/company/umb-bank.


Consolidated Balance Sheets

  UMB Financial Corporation   

(unaudited, dollars in thousands)

     March 31,  
     2015     2014  

Assets

    

Loans

   $ 7,498,308      $ 6,759,089   

Allowance for loan losses

     (77,479     (75,514
  

 

 

   

 

 

 

Net loans

  7,420,829      6,683,575   
  

 

 

   

 

 

 

Loans held for sale

  3,141      1,108   

Investment securities:

Available for sale

  6,787,001      6,734,931   

Held to maturity

  346,885      219,724   

Trading securities

  29,380      43,055   

Other securities

  67,200      54,551   
  

 

 

   

 

 

 

Total investment securities

  7,230,466      7,052,261   
  

 

 

   

 

 

 

Federal funds and resell agreements

  24,379      108,986   

Interest-bearing due from banks

  769,321      770,458   

Cash and due from banks

  449,315      593,956   

Bank premises and equipment, net

  263,542      247,770   

Accrued income

  80,083      75,384   

Goodwill

  209,758      209,758   

Other intangibles

  41,236      52,483   

Other assets

  238,053      150,091   
  

 

 

   

 

 

 

Total assets

$ 16,730,123    $ 15,945,830   
  

 

 

   

 

 

 

Liabilities

Deposits:

Noninterest-bearing demand

$ 5,617,788    $ 5,303,067   

Interest-bearing demand and savings

  6,668,991      5,747,984   

Time deposits under $100,000

  416,497      458,484   

Time deposits of $100,000 or more

  453,012      756,236   
  

 

 

   

 

 

 

Total deposits

  13,156,288      12,265,771   
  

 

 

   

 

 

 

Federal funds and repurchase agreements

  1,719,080      1,973,736   

Long-term debt

  7,600      5,815   

Accrued expenses and taxes

  135,758      118,918   

Other liabilities

  29,021      39,392   
  

 

 

   

 

 

 

Total liabilities

  15,047,747      14,403,632   
  

 

 

   

 

 

 

Shareholders’ Equity

Common stock

  55,057      55,057   

Capital surplus

  892,658      883,195   

Retained earnings

  986,923      897,826   

Accumulated other comprehensive income (loss)

  26,810      (13,297

Treasury stock

  (279,072   (280,583
  

 

 

   

 

 

 

Total shareholders’ equity

  1,682,376      1,542,198   
  

 

 

   

 

 

 

Total liabilities and shareholders’ equity

$ 16,730,123    $ 15,945,830   
  

 

 

   

 

 

 


Consolidated Statements of Income

  UMB Financial Corporation   

(unaudited, dollars in thousands except share and per share data)

     Three Months Ended  
     March 31,  
     2015     2014  

Interest Income

    

Loans

   $ 64,232      $ 58,900   

Securities:

    

Taxable Interest

     18,808        18,961   

Tax-exempt interest

     9,915        9,907   
  

 

 

   

 

 

 

Total securities income

  28,723      28,868   

Federal funds and resell agreements

  51      33   

Interest bearing due from banks

  852      1,123   

Trading securities

  95      123   
  

 

 

   

 

 

 

Total interest income

  93,953      89,047   
  

 

 

   

 

 

 

Interest Expense

Deposits

  3,048      3,059   

Federal funds and repurchase agreements

  492      481   

Other

  55      62   
  

 

 

   

 

 

 

Total interest expense

  3,595      3,602   
  

 

 

   

 

 

 

Net interest income

  90,358      85,445   

Provision for loan losses

  3,000      4,500   
  

 

 

   

 

 

 

Net interest income after provision for loan losses

  87,358      80,945   
  

 

 

   

 

 

 

Noninterest Income

Trust and securities processing

  67,299      71,563   

Trading and investment banking

  6,122      4,323   

Service charges on deposits

  21,541      21,558   

Insurance fees and commissions

  570      603   

Brokerage fees

  2,854      1,815   

Bankcard fees

  16,183      15,623   

Gains on sales of securities available for sale

  7,336      1,470   

Equity (loss) earnings on alternative investments

  (842   2,530   

Other

  4,144      3,479   
  

 

 

   

 

 

 

Total noninterest income

  125,207      122,964   
  

 

 

   

 

 

 

Noninterest Expense

Salaries and employee benefits

  98,537      88,881   

Occupancy, net

  10,010      9,705   

Equipment

  14,172      12,663   

Supplies, postage and telephone

  4,325      4,637   

Marketing and business development

  4,618      4,602   

Processing fees

  12,783      13,651   

Legal and consulting

  4,378      3,372   

Bankcard

  4,768      3,688   

Amortization of other intangibles

  2,755      3,102   

Regulatory fees

  2,756      2,516   

Contingency reserve

  —        15,000   

Other

  5,311      10,424   
  

 

 

   

 

 

 

Total noninterest expense

  164,413      172,241   
  

 

 

   

 

 

 

Income before income taxes

  48,152      31,668   
  

 

 

   

 

 

 

Income tax provision

  14,387      8,255   
  

 

 

   

 

 

 

Net income

$ 33,765    $ 23,413   
  

 

 

   

 

 

 

Per Share Data

Net income- Basic

$ 0.75    $ 0.52   

Net income- Diluted

  0.74      0.52   

Dividends

  0.235      0.225   

Weighted average shares outstanding – basic

  45,000,831      44,742,068   

Weighted average shares outstanding – diluted

  45,437,654      45,382,692   


Statements of Consolidated Comprehensive Income

  UMB Financial Corporation   

(unaudited, dollars in thousands, except per share data)

    

Three Months Ended

March 31,

 
     2015     2014  

Net Income

   $ 33,765      $ 23,413   

Other comprehensive income, net of tax:

    

Unrealized gains on securities:

    

Change in unrealized holding gains, net

     32,676        32,459   

Less: Reclassifications adjustment for gains included in net income

     (7,336     (1,470
  

 

 

   

 

 

 

Change in unrealized gains on securities during the period

  25,340      30,989   

Income tax expense

  (9,536   (11,646
  

 

 

   

 

 

 

Other comprehensive income

  15,804      19,343   
  

 

 

   

 

 

 

Comprehensive income

$ 49,569    $ 42,756   
  

 

 

   

 

 

 

 

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 (Loss)     Stock     Total  

Balance - January 1, 2014

   $ 55,057       $ 882,407      $ 884,630      $ (32,640   $ (283,389   $ 1,506,065   

Total comprehensive income (loss)

     —           —          23,413        19,343        —          42,756   

Cash dividends ($0.225 per share)

     —           —          (10,217     —          —          (10,217

Purchase of treasury stock

     —           —          —          —          (2,867     (2,867

Issuance of equity awards

     —           (3,648     —          —          4,117        469   

Recognition of equity based compensation

     —           2,212        —          —          —          2,212   

Net tax benefit related to equity compensation plans

     —           1,068        —          —          —          1,068   

Sale of treasury stock

     —           143        —          —          77        220   

Exercise of stock options

     —           1,013        —          —          1,479        2,492   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance – March 31, 2014

$ 55,057    $ 883,195    $ 897,826    $ (13,297 $ (280,583 $ 1,542,198   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance - January 1, 2015

$ 55,057    $ 894,602    $ 963,911    $ 11,006    $ (280,818 $ 1,643,758   

Total comprehensive income

  —        —        33,765      15,804      —        49,569   

Cash dividends ($0.235 per share)

  —        —        (10,753   —        —        (10,753

Purchase of treasury stock

  —        —        —        —        (5,309   (5,309

Issuance of equity awards

  —        (5,848   —        —        6,308      460   

Recognition of equity based compensation

  —        2,609      —        —        —        2,609   

Net tax benefit related to equity compensation plans

  —        585      —        —        —        585   

Sale of treasury stock

  —        141      —        —        94      235   

Exercise of stock options

  —        569      —        —        653      1,222   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance – March 31, 2015

$ 55,057    $ 892,658    $ 986,923    $ 26,810    $ (279,072 $ 1,682,376   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 


Average Balances / Yields and Rates

              UMB Financial Corporation   

(tax - equivalent basis)

(unaudited, dollars in thousands)

     Three Months Ended March 31,  
     2015     2014  
     Average     Average     Average     Average  
     Balance     Yield/Rate     Balance     Yield/Rate  

Assets

        

Loans, net of unearned interest

   $ 7,470,101        3.49  %    $ 6,678,932        3.58  % 

Securities:

        

Taxable

     4,868,560        1.57        4,887,151        1.57   

Tax-exempt

     2,254,237        2.75        2,109,901        2.93   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total securities

  7,122,797      1.94      6,997,052      1.98   

Federal funds and resell agreements

  34,340      0.60      27,155      0.49   

Interest-bearing due from banks

  1,107,862      0.31      1,696,482      0.27   

Trading securities

  30,221      1.84      38,590      1.48   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total earning assets

  15,765,321      2.56      15,438,211      2.48   

Allowance for loan losses

  (76,574   (74,997

Other assets

  1,143,208      1,141,037   
  

 

 

     

 

 

   

Total assets

$ 16,831,955    $ 16,504,251   
  

 

 

     

 

 

   

Liabilities and Shareholders’ Equity

Interest-bearing deposits

$ 7,602,258      0.16  %  $ 7,968,400      0.16  % 

Federal funds and repurchase agreements

  1,710,908      0.12      1,667,764      0.12   

Borrowed funds

  8,331      2.68      5,705      4.41   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total interest-bearing liabilities

  9,321,497      0.16      9,641,869      0.15   

Noninterest-bearing demand deposits

  5,660,893      5,167,513   

Other liabilities

  174,804      147,147   

Shareholders’ equity

  1,674,761      1,547,722   
  

 

 

     

 

 

   

Total liabilities and shareholders’ equity

$ 16,831,955    $ 16,504,251   
  

 

 

     

 

 

   

Net interest spread

  2.40  %    2.33  % 

Net interest margin

  2.46      2.39   


FIRST QUARTER 2015

FINANCIAL HIGHLIGHTS

     UMB Financial Corporation   

(unaudited, dollars in thousands, except share and per share data)

    

Three Months Ended March 31

   2015     2014  

Net interest income

   $ 90,358      $ 85,445   

Provision for loan losses

     3,000        4,500   

Noninterest income

     125,207        122,964   

Noninterest expense

     164,413        172,241   

Income before income taxes

     48,152        31,668   

Net income

     33,765        23,413   

Net income per share - Basic

     0.75        0.52   

Net income per share - Diluted

     0.74        0.52   

Return on average assets

     0.81  %      0.58  % 

Return on average equity

     8.18  %      6.13  % 

At March 31

            

Assets

   $ 16,730,123      $ 15,945,830   

Loans, net of unearned interest

     7,498,308        6,759,089   

Securities

     7,230,466        7,052,261   

Deposits

     13,156,288        12,265,771   

Shareholders’ equity

     1,682,376        1,542,198   

Book value per share

     36.76        33.94   

Market price per share

     52.89        64.70   

Equity to assets

     10.06  %      9.67  % 

Allowance for loan losses

   $ 77,479      $ 75,514   

As a % of loans

     1.03  %      1.12  % 

Nonaccrual and restructured loans

   $ 29,187      $ 30,153   

As a % of loans

     0.39  %      0.45  % 

Loans over 90 days past due

   $ 5,170      $ 5,101   

As a % of loans

     0.07  %      0.08  % 

Other real estate owned

   $ 500      $ 1,286   

Net loan charge-offs quarter-to-date

   $ 1,661      $ 3,737   

As a % of average loans

     0.09  %      0.23  % 

Common shares outstanding

     45,763,132        45,433,101   

Average Balances

Three Months Ended March 31

            

Assets

   $ 16,831,955      $ 16,504,251   

Loans, net of unearned interest

     7,470,101        6,678,932   

Securities

     7,153,018        7,035,642   

Deposits

     13,263,151        13,135,913   

Shareholders’ equity

     1,674,761        1,547,722   


Business Segment Information

  

        UMB Financial Corporation   

(unaudited, dollars in thousands)

     Three Months Ended March 31, 2015  
     Bank      Payment
Solutions
     Institutional
Investment
Management
    Asset
Servicing
     Total  

Net interest income

   $ 75,327       $ 14,033       $ 1      $ 997       $ 90,358   

Provision for loan losses

     1,600         1,400         —          —           3,000   

Noninterest income

     51,551         23,138         27,084        23,434         125,207   

Noninterest expense

     100,748         24,396         17,973        21,296         164,413   
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Income before taxes

  24,530      11,375      9,112      3,135      48,152   

Income tax expense

  7,344      3,406      2,717      920      14,387   
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Net income

$ 17,186    $ 7,969    $ 6,395    $ 2,215    $ 33,765   
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Average assets

$ 12,749,000    $ 3,086,000    $ 73,000    $ 924,000    $ 16,832,000   
     Three Months Ended March 31, 2014  
     Bank      Payment
Solutions
     Institutional
Investment
Management
    Asset
Servicing
     Total  

Net interest income

   $ 71,122       $ 12,388       $ (3   $ 1,938       $ 85,445   

Provision for loan losses

     2,426         2,074         —          —           4,500   

Noninterest income

     47,435         20,219         34,095        21,215         122,964   

Noninterest expense

     107,861         20,948         25,889        17,543         172,241   
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Income before taxes

  8,270      9,585      8,203      5,610      31,668   

Income tax expense

  2,005      2,593      2,146      1,511      8,255   
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Net income

$ 6,265    $ 6,992    $ 6,057    $ 4,099    $ 23,413   
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Average assets

$ 12,399,000    $ 1,906,000    $ 73,000    $ 2,126,000    $ 16,504,000