Latest news with #UMBFinancialCorporation
Business Wire
2 days ago
- Business
- Business Wire
UMB Financial Corporation Benefits from Portfolio Company, Voyager Technologies Inc., Initial Public Offering
KANSAS CITY, Mo.--(BUSINESS WIRE)-- UMB Financial Corporation (Nasdaq: UMBF) announced that, with the assistance of its Private Investments team, it has acquired shares of Voyager Technologies, Inc. (NYSE: VOYG), following its successful Initial Public Offering (IPO) in June. UMB has recognized a pre-tax gain of $29.4 million, or a 5.8 multiple on invested capital, as of June 30, 2025, from its investment of $6 million made over the last five years. This investment will be revalued each quarter based on the closing market price of the stock and recognized in fee income. 'The success we are able to realize through strategic investments is a testament to our Private Investments team and the entrepreneurial opportunities that our diverse business model enables, including investing in high-potential companies," said Mariner Kemper, chairman and chief executive officer of UMB Financial Corporation. "We view our own story as that of a 112-year-old startup, so it is incredibly rewarding to be part of the growth story of so many others.' UMB Private Investments combines the strength of our dedicated and experienced investment associates with the deep resources of UMB Financial Corporation. This combination allows Private Investments to be a preferred capital solutions provider of minority equity or subordinated debt to fund small private businesses for long-term growth. Investments typically range from $2 million to $8 million in manufacturing, distribution, business services, or consumer products companies. UMB Private Investments has invested more than $200 million across more than 50 businesses to date. UMB will share more about this investment and the company's second quarter earnings results during its investor conference call on Wednesday, July 30, at 8:30 a.m. (CT) / 9:30 a.m. (ET). About UMB UMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in Kansas City, Missouri. UMB offers commercial banking, which includes comprehensive deposit, lending, investment and retirement plan services; personal banking, which includes comprehensive deposit, lending, wealth management and financial planning services; and institutional banking, which includes asset servicing, corporate trust solutions, investment banking and healthcare services. UMB operates branches throughout Missouri, Arizona, California, Colorado, Iowa, Kansas, Illinois, Minnesota, Nebraska, New Mexico, Oklahoma, Texas, and Wisconsin. As the company's reach continues to grow, it also serves business clients nationwide and institutional clients in several countries. For more information, visit UMB Blog, UMB Facebook and UMB LinkedIn.
Business Wire
2 days ago
- Business
- Business Wire
UMB Financial Corporation Reports Second Quarter 2025 Results
KANSAS CITY, Mo.--(BUSINESS WIRE)-- UMB Financial Corporation (Nasdaq: UMBF), a financial services company, announced net income available to common shareholders for the second quarter of 2025 of $215.4 million, or $2.82 per diluted share, compared to $79.3 million, or $1.21 per diluted share, in the first quarter (linked quarter) and $101.3 million, or $2.07 per diluted share, in the second quarter of 2024. Net operating income available to common shareholders, a non-GAAP financial measure reconciled later in this release to net income available to common shareholders, the nearest comparable GAAP measure, was $225.4 million, or $2.96 per diluted share, for the second quarter of 2025, compared to $168.9 million, or $2.58 per diluted share, for the linked quarter and $105.9 million, or $2.16 per diluted share, for the second quarter of 2024. Operating pre-tax, pre-provision income (operating PTPP), a non-GAAP measure reconciled later in this release to the components of net income before taxes, the nearest comparable GAAP measure, was $309.2 million, or $4.06 per diluted share, for the second quarter of 2025, compared to $233.3 million, or $3.57 per diluted share, for the linked quarter, and $146.8 million, or $3.00 per diluted share, for the second quarter of 2024. These operating PTPP results represent increases of 32.5% on a linked-quarter basis and 110.6% compared to the second quarter of 2024. 'Our strong second quarter financial results were once again facilitated by strong growth on both sides of our balance sheet, outsized fee income gains, improved asset quality metrics and improved operating leverage,' said Mariner Kemper, UMB Financial Corporation chairman and chief executive officer. 'Total revenues of $689.2 million in the second quarter represented a 22.2% increase from the prior quarter, driven both by organic growth from legacy UMB operations as well as the continued benefits of the acquired Heartland franchise. On a linked quarter basis, average loans increased 12.7% to $36.4 billion while average deposits increased 10.7% to $55.6 billion. On an operating basis, net operating income available to common shareholders more than doubled to $225.4 million from the year-ago quarter and increased 33.5% from the linked quarter. Net interest margin expanded 14 basis points sequentially to 3.10%, driven by the benefits of Heartland's granular core deposit base. Fee income benefited primarily from net increases in the value of the portfolio investments managed by UMB Capital Corporation as well as other private investments. We have a successful track record of investing in and financing emerging businesses, and we had yet another successful outcome with our investment in Voyager Technologies, Inc. which went public in June resulting in a pre-tax gain of $29.4 million in the second quarter. Net charge-offs for the second quarter improved to $15.5 million or 17 basis points of average loans which included $6.5 million in losses related to the acquired Heartland loan portfolio." Kemper continued, 'I am extremely proud of the teams that continue to work tirelessly to deliver a seamless transition to our customers from the Heartland acquisition. In July, we successfully converted the Minnesota franchise of Heartland to the core UMB platform and remain on track to convert the rest of the acquired operations in October.' Second Quarter 2025 earnings discussion Note: The acquisition of HTLF closed on January 31, 2025; as such, financial results for the second quarter of 2025 include three months of impact from the acquired operations, compared to two months of impact in the first quarter of 2025. Financial results in the second quarter of 2024 were impacted by $9.6 million in acquisition-related expense and do not include any impact of the acquired operations of HTLF. Summary of revenue UMB Financial Corporation (unaudited, dollars in thousands) Q2 Q1 Q2 CQ vs. CQ vs. 2025 2025 2024 LQ PY Net interest income $ 467,024 $ 397,639 $ 245,108 $ 69,385 $ 221,916 Noninterest income: Trust and securities processing 83,263 79,781 70,010 3,482 13,253 Trading and investment banking 6,170 5,911 5,461 259 709 Service charges on deposit accounts 28,865 27,457 22,261 1,408 6,604 Insurance fees and commissions 189 178 267 11 (78 ) Brokerage fees 20,525 18,102 14,020 2,423 6,505 Bankcard fees 29,018 26,293 22,346 2,725 6,672 Investment securities gains (losses), net 37,685 (4,782 ) (1,867 ) 42,467 39,552 Other 16,470 13,258 12,421 3,212 4,049 Total noninterest income $ 222,185 $ 166,198 $ 144,919 $ 55,987 $ 77,266 Total revenue $ 689,209 $ 563,837 $ 390,027 $ 125,372 $ 299,182 Net interest income (FTE) $ 475,315 $ 405,144 $ 251,515 Net interest margin (FTE) 3.10 % 2.96 % 2.51 % Total noninterest income as a % of total revenue 32.2 29.5 37.2 Expand Net interest income Second quarter 2025 net interest income totaled $467.0 million, an increase of $69.4 million, or 17.4%, from the linked quarter, driven primarily by continued organic growth in average loans, and one additional month of benefit from the acquired HTLF franchise, including the favorable impact of purchase accounting accretion attributable to the acquisition. These increases were partially offset by higher interest expense driven by strong deposit growth. Average earning assets increased $5.9 billion, or 10.6%, from the linked quarter, largely driven by an increase of $4.1 billion in average loans and an increase of $1.8 billion in average securities. Average interest-bearing liabilities increased $4.5 billion, or 11.3%, from the linked quarter, primarily driven by an increase of $4.4 billion, or 11.9%, in interest-bearing deposits. Average non-interest bearing deposits increased $975.0 million, or 7.3%, as compared to the linked quarter. Net interest margin for the second quarter was 3.10%, an increase of 14 basis points from the linked quarter, due to higher yields on loans and securities driven in large part by the net impact of purchase accounting accretion income on acquired assets and liabilities from HTLF, and earning asset mix changes. Average loan yields increased 13 basis points and total earning asset yields increased 17 basis points from the linked quarter. Total cost of funds increased two basis points from the linked quarter to 2.60%. On a year-over-year basis, net interest income increased $221.9 million, or 90.5%, driven by a $21.2 billion, or 52.7%, increase in average earning assets, primarily due to rate and mix changes related to the acquisition of HTLF. Average loans increased $12.6 billion, average securities increased $5.0 billion, and average interest bearing due from banks increased $3.2 billion. Average deposits increased 62.1% compared to the second quarter of 2024, reflecting strong organic growth as well as the impact of acquired HTLF balances, partially offset by intentional decline in brokered certificate of deposit balances. Average interest-bearing deposits increased 70.2%, and noninterest-bearing demand deposit balances increased 42.6% compared to the second quarter of 2024. Average demand deposit balances comprised 25.9% of total deposits, compared to 26.7% in the linked quarter and 29.4% in the second quarter of 2024. Average borrowed funds increased $85.1 million as compared to the linked quarter and decreased $1.1 billion as compared to the second quarter of 2024, driven by the acquisition of HTLF and the repayment of borrowings under the BTFP and FHLB advances, respectively. Noninterest income Second quarter 2025 noninterest income increased $56.0 million, or 33.7%, on a linked-quarter basis, largely due to: An increase of $42.5 million in investment securities gains, primarily driven by the pre-tax gain of $29.4 million on the company's investment in Voyager Technologies, Inc., which completed its initial public offering in June 2025, coupled with pre-tax gains of $8.2 million on the sale of two non-marketable investments in the second quarter, as compared to $5.3 million in net losses on the company's non-marketable securities during the linked quarter. An increase of $3.5 million in trust and securities processing, primarily due to increases of $2.1 million in fund services income, $0.8 million in trust income, and $0.6 million in corporate trust income. Increases of $2.7 million in bankcard income due to increased interchange income, partially offset by increased rebates expense, and $2.4 million in brokerage income due to higher 12b-1 fees and money market income. Increases of $1.9 million and $1.6 million in company-owned life insurance income and derivative income, respectively, both recorded in other income. The increase in company-owned life insurance was offset by a proportionate increase in deferred compensation expense as noted below. Compared to the prior year, noninterest income in the second quarter of 2025 increased $77.3 million, or 53.3%, primarily driven by: An increase of $39.6 million in investment securities gains, primarily driven by the pre-tax gain of $29.4 million on the company's investment in Voyager Technologies, Inc., coupled with pre-tax gains of $8.2 million on the sale of two non-marketable investments, both recorded in the second quarter of 2025, as compared to $1.8 million in net losses on the company's non-marketable securities during the second quarter of 2024. An increase of $13.3 million in trust and securities processing driven by increases of $5.0 million in trust income, $4.9 million in fund services income, and $3.3 million in corporate trust income. Increases of $6.7 million in bankcard income due to increased interchange income, partially offset by increased rebates expense, and $6.5 million in brokerage income due to higher 12b-1 fees and money market income. An increase of $6.6 million in service charges on deposit accounts, primarily driven by increased service charge income on interest-bearing checking accounts, largely due to the HTLF acquisition and increased corporate service charges income. An increase of $4.0 million in other income, primarily driven by $1.3 million in recoveries of loans previously charged off by HTLF recorded in the second quarter of 2025, and an increase of $1.1 million in loan syndication income. GAAP noninterest expense for the second quarter of 2025 was $393.2 million, an increase of $8.4 million, or 2.2%, from the linked quarter and $144.1 million, or 57.9% from the second quarter of 2024. Second quarter 2025 expenses included $13.5 million in total acquisition-related and other nonrecurring costs, compared to $53.2 million in the linked quarter and $9.6 million in the second quarter of 2024. Operating noninterest expense, a non-GAAP financial measure reconciled later in this release to noninterest expense, the nearest comparable GAAP measure, was $380.0 million for the second quarter of 2025, an increase of $49.5 million, or 15.0%, from the linked quarter and an increase of $136.8 million, or 56.3%, from the second quarter of 2024. Noninterest expense in the second quarter of 2025 also included $8.3 million in charitable contribution expenses, compared to $0.5 million in the linked quarter and $0.3 million in the second quarter of 2024. The linked-quarter increase in GAAP noninterest expense was driven by: Increases of $16.8 million in salary and wage expense and $0.9 million in deferred compensation expense, recorded in salaries and employee benefits. The increase in salary and wage expense is driven by a full quarter of expense for associates added as a result of the HTLF acquisition, compared to only two months of expense for these associates in the first quarter. The increase in deferred compensation expense was offset by the increase in company-owned life insurance income noted above. Increases of $7.8 million in amortization of intangibles driven by the acquisition, $7.7 million in charitable contribution expense, recorded in other expense, and $3.3 million in marketing and business development driven by timing of multiple advertising campaigns and increased travel and entertainment expense. Amortization of intangibles includes amortization of the core deposit intangible, customer list, and purchased credit card relationship intangibles recognized from the HTLF acquisition. An increase of $2.8 million in processing fees due to increased software subscription costs and an increase of $2.5 million in occupancy expense, both driven by additional expense related to the acquisition. Increases of $1.6 million in supplies and services expense due to purchases of hardware during the second quarter and $1.0 million in regulatory fees driven by the increase in the FDIC assessment base as a result of the acquisition. These increases were partially offset by the following decreases: Decreases of $19.0 million in bonus and commission expense, and $8.3 million in payroll taxes and 401(k) expense, both recorded in salaries and employee benefits, driven by severance, retention bonuses, and change in control payments made to HTLF associates in the first quarter. Non-recurring acquisition costs of $4.3 million were included in salaries and employee benefits expense in the second quarter of 2025, as compared to $33.3 million in the linked quarter. This decrease in non-recurring costs was partially offset by higher incentive compensation accruals tied to company performance during the second quarter. A decrease of $10.1 million in legal and consulting expense, driven by the significant expense recorded in the first quarter of 2025 related to the acquisition. In the first quarter of 2025, $19.0 million of non-recurring transaction costs were recorded in legal and consulting expense, compared to $7.5 million in the second quarter. The year-over-year increase in GAAP noninterest expense was driven by: Increases of $70.7 million in salaries and employee benefits expense, driven by the additional associates added as part of the HTLF acquisition, and $23.4 million in amortization of intangibles. Amortization of intangibles includes amortization of the core deposit intangible, customer list, and purchased credit card relationship intangibles recognized from the HTLF acquisition. Increases of $13.9 million in processing fees, driven by increased software subscription costs, and $11.6 million in other expense, primarily due to higher charitable contributions and operational losses during the second quarter of 2025. Increases of $6.8 million in occupancy expense due to branch buildings and office locations added to the company's footprint related to the HTLF acquisition, and $6.7 million in regulatory fees driven by the increase in the FDIC assessment base as a result of the acquisition. Additionally, the second quarter of 2024 included a $3.8 million reduction in the FDIC special assessment as compared to a reduction of $0.7 million in the second quarter of 2025. Increases of $4.7 million in marketing and business development driven by timing of multiple advertising campaigns and increased travel and entertainment expense, $3.0 million in supplies and services due to increased computer hardware costs in 2025, and $1.9 million in legal and consulting expense due to the timing of multiple projects. Second quarter 2025 noninterest expense included $13.5 million in total acquisition-related and other nonrecurring costs, compared to $53.2 million in the linked quarter, and $9.6 million in the second quarter of 2024. During the second quarter of 2025, this expense was composed primarily of $7.5 million in legal and consulting expense, $4.3 million in salaries and employee benefits, and $1.1 million in supplies and services expense. During the linked quarter, the $53.2 million in acquisition-related expense was primarily composed of $33.3 million in salaries and employee benefits expense and $19.0 million in legal and consulting expense. During the second quarter of 2024, acquisition-related expense was primarily composed of $9.4 million in legal and consulting expense. Income taxes The company's effective tax rate was 18.8% for the six months ended June 30, 2025, compared to 18.9% for the same period in 2024. Balance sheet Average total assets for the second quarter of 2025 were $66.9 billion compared to $60.0 billion for the linked quarter and $42.5 billion for the same period in 2024. Average loans for the second quarter of 2025 increased $4.1 billion, or 12.7%, on a linked-quarter basis and $12.6 billion, or 52.9%, compared to the second quarter of 2024. These increases reflect continued organic momentum across legacy UMB geographies, as well as the impact of acquired HTLF balances. Average total securities increased 11.5% on a linked-quarter basis and 39.4% compared to the second quarter of 2024. Average deposits increased 10.7% on a linked-quarter basis and 62.1% compared to the second quarter of 2024. These increases reflect continued organic momentum across legacy UMB geographies as well as the impact of acquired HTLF balances. Capital At June 30, 2025, the regulatory capital ratios presented in the foregoing table exceeded all 'well-capitalized' regulatory thresholds. During the second quarter, the company completed an underwritten public offering of Series B non-cumulative perpetual preferred stock that netted approximately $294.1 million in Tier 1 regulatory capital. In June 2025, the company announced the redemption of $115.0 million in outstanding Series A non-cumulative perpetual preferred stock. This redemption was completed in mid-July 2025. Asset Quality Provision for credit losses for the second quarter decreased $65.0 million from the linked quarter and increased $7.0 million from the second quarter of 2024. Provision in the first quarter of 2025 included $62.0 million for Day 1 provision expense to establish an allowance for credit losses on acquired HTLF loans that were designated as non-purchase credit deteriorated (non-PCD) at the close of the transaction. The remainder of the change in provision expense is driven by ongoing recalibrations of econometric loss models and general portfolio trends in the current periods as compared to the prior periods. Net charge-offs for the second quarter totaled $15.5 million, or 0.17% of average loans, compared to $35.9 million, or 0.45% of average loans in the linked quarter, and $2.9 million, or 0.05% of average loans for the second quarter of 2024. Approximately $6.5 million of the net charge-offs in the second quarter of 2025 were related to loans acquired from HTLF as compared to $29.7 million of the net charge-offs in the first quarter of 2025. Dividend Declaration At the company's quarterly board meeting, the Board of Directors declared a $0.40 per share quarterly cash dividend, payable on October 1, 2025, to stockholders of record of the company's common stock at the close of business on September 10, 2025. Additionally, the Board of Directors declared a dividend of $264.79 per share of the Company's Series B 7.75% preferred stock, which results in a dividend of $0.66 per depositary share. The preferred stock dividend is payable on October 15, 2025, to stockholders of record of the preferred stock as of the close of business on September 30, 2025. Conference Call The company will host a conference call to discuss its second quarter 2025 earnings results on Wednesday, July 30, 2025, at 8:30 a.m. (CT). Interested parties may access the call by dialing (toll-free) 833-470-1428 or (international) 404-975-4839 and requesting to join the UMB Financial call with access code 601688. The live call may also be accessed by visiting or by using the following link: UMB Financial 2Q 2025 Conference Call A replay of the conference call may be heard through August 13, 2025, by calling (toll-free) 866-813-9403 or (international) 929-458-6194. The replay access code required for playback is 929563. The call replay may also be accessed at Non-GAAP Financial Information In this release, we provide information about net operating income available to common shareholders, operating earnings per share – diluted (operating EPS), operating return on average common equity (operating ROE), operating return on average assets (operating ROA), operating noninterest expense, operating efficiency ratio, operating pre-tax, pre-provision income (operating PTPP), operating pre-tax, pre-provision earnings per share – diluted (operating PTPP EPS), operating pre-tax, pre-provision income on a fully tax equivalent basis (operating PTPP-FTE), operating pre-tax, pre-provision FTE earnings per share – diluted (operating PTPP-FTE EPS), tangible common shareholders' equity, and tangible book value per share, all of which are non-GAAP financial measures. This information supplements the results that are reported according to generally accepted accounting principles in the United States (GAAP) and should not be viewed in isolation from, or as a substitute for, GAAP results. The differences between the non-GAAP financial measures – net operating income available to common shareholders, operating EPS, operating ROE, operating ROA, operating noninterest expense, operating efficiency ratio, operating PTPP, operating PTPP EPS, operating PTPP-FTE, operating PTPP-FTE EPS, tangible common shareholders' equity, and tangible book value per share – and the nearest comparable GAAP financial measures are reconciled later in this release. The company believes that these non-GAAP financial measures and the reconciliations may be useful to investors because they adjust for acquisition- and severance-related items, and the FDIC special assessment that management does not believe reflect the company's fundamental operating performance. Net operating income available to common shareholders for the relevant period is defined as GAAP net income available to common shareholders, adjusted to reflect the impact of excluding expenses related to Day 1 acquisition provision expense, acquisitions, severance expense, the FDIC special assessment, and the cumulative tax impact of these adjustments. Operating EPS (diluted) is calculated as earnings per share as reported, adjusted to reflect, on a per share basis, the impact of excluding the non-GAAP adjustments described above for the relevant period. Operating ROE is calculated as net operating income available to common shareholders, divided by the company's average total common shareholders' equity for the relevant period. Operating ROA is calculated as net operating income available to common shareholders, divided by the company's average assets for the relevant period. Operating noninterest expense for the relevant period is defined as GAAP noninterest expense, adjusted to reflect the pre-tax impact of non-GAAP adjustments described above. Operating efficiency ratio is calculated as the company's operating noninterest expense, net of amortization of other intangibles, divided by the company's total non-GAAP revenue (calculated as net interest income plus noninterest income, less gains on sales of securities available for sale, net). Operating PTPP income for the relevant period is defined as GAAP net interest income plus GAAP noninterest income, less noninterest expense, adjusted to reflect the impact of excluding expenses related to acquisitions and severance, and the FDIC special assessment. Operating PTPP-FTE for the relevant period is defined as GAAP net interest income on a fully tax equivalent basis plus GAAP noninterest income, less noninterest expense, adjusted to reflect the impact of excluding expenses related to acquisitions and severance, and the FDIC special assessment. Tangible common shareholders' equity for the relevant period is defined as GAAP common shareholders' equity, net of intangible assets. Tangible book value per share is defined as tangible common shareholders' equity divided by the Company's total common shares outstanding. Forward-Looking Statements: This press 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, 2024, 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 U.S. Securities and Exchange Commission (SEC). In addition to such factors that have been disclosed previously: macroeconomic and adverse developments and uncertainties related to the collateral effects of the collapse of, and challenges for, domestic and international banks, including the impacts to the U.S. and global economies; sustained levels of high inflation and the potential for an economic recession on the heels of aggressive quantitative tightening by the Federal Reserve; and impacts related to or resulting from instability in the Middle East and Russia's military action in Ukraine, such as the broader impacts to financial markets and the global macroeconomic and geopolitical environments, may also cause actual results or other future events, circumstances, or aspirations to differ from our forward-looking statements. 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, except to the extent required by applicable securities laws. 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 financial services company headquartered in Kansas City, Mo. UMB offers commercial banking, which includes comprehensive deposit, lending, investment and retirement plan services; personal banking, which includes comprehensive deposit, lending, wealth management and financial planning services; and institutional banking, which includes asset servicing, corporate trust solutions, investment banking and healthcare services. UMB operates branches throughout Missouri, Arizona, California, Colorado, Iowa, Kansas, Illinois, Minnesota, Nebraska, New Mexico, Oklahoma, Texas, and Wisconsin. As the company's reach continues to grow, it also serves business clients nationwide and institutional clients in several countries. For more information, visit UMB Blog, UMB Facebook and UMB LinkedIn. 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, 2025 2024 2025 2024 INTEREST INCOME Loans $ 612,414 $ 400,351 $ 1,139,818 $ 785,917 Securities: Taxable interest 122,237 61,582 220,533 122,693 Tax-exempt interest 33,024 25,077 62,987 50,410 Total securities income 155,261 86,659 283,520 173,103 Federal funds and resell agreements 8,733 3,674 15,685 6,736 Interest-bearing due from banks 73,874 47,174 148,859 91,862 Trading securities 255 424 625 729 Total interest income 850,537 538,282 1,588,507 1,058,347 INTEREST EXPENSE Deposits 343,153 240,525 646,559 464,400 Federal funds and repurchase agreements 27,423 28,081 53,213 55,743 Other 12,937 24,568 24,072 53,662 Total interest expense 383,513 293,174 723,844 573,805 Net interest income 467,024 245,108 864,663 484,542 Provision for credit losses 21,000 14,050 107,000 24,050 Net interest income after provision for credit losses 446,024 231,058 757,663 460,492 NONINTEREST INCOME Trust and securities processing 83,263 70,010 163,044 139,488 Trading and investment banking 6,170 5,461 12,081 10,923 Service charges on deposit accounts 28,865 22,261 56,322 43,018 Insurance fees and commissions 189 267 367 550 Brokerage fees 20,525 14,020 38,627 27,180 Bankcard fees 29,018 22,346 55,311 44,314 Investment securities gains (losses), net 37,685 (1,867 ) 32,903 7,504 Other 16,470 12,421 29,728 31,186 Total noninterest income 222,185 144,919 388,383 304,163 NONINTEREST EXPENSE Salaries and employee benefits 213,551 142,861 434,949 285,867 Occupancy, net 18,571 11,723 34,640 23,993 Equipment 16,426 15,603 33,374 32,106 Supplies and services 6,383 3,404 11,168 6,705 Marketing and business development 11,344 6,598 19,342 12,623 Processing fees 43,638 29,701 84,488 57,637 Legal and consulting 18,468 16,566 47,074 24,460 Bankcard 12,363 11,818 25,158 22,385 Amortization of other intangible assets 25,268 1,911 42,750 3,871 Regulatory fees 9,259 2,568 17,496 21,963 Other 17,897 6,314 27,516 12,261 Total noninterest expense 393,168 249,067 777,955 503,871 Income before income taxes 275,041 126,910 368,091 260,784 Income tax expense 57,647 25,565 69,364 49,181 NET INCOME 217,394 101,345 298,727 211,603 Less: Preferred dividends 2,012 — 4,025 — NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 215,382 $ 101,345 $ 294,702 $ 211,603 PER SHARE DATA Net income per common share – basic $ 2.84 $ 2.08 $ 4.18 $ 4.34 Net income per common share – diluted 2.82 2.07 4.16 4.32 Dividends per common share 0.40 0.39 0.80 0.78 Weighted average common shares outstanding – basic 75,923,082 48,744,636 70,523,171 48,704,075 Weighted average common shares outstanding – diluted 76,241,798 48,974,265 70,901,635 48,952,054 Expand Consolidated Statements of Comprehensive Income UMB Financial Corporation (unaudited, dollars in thousands) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Net income $ 217,394 $ 101,345 $ 298,727 $ 211,603 Other comprehensive income (loss), before tax: Unrealized gains and losses on debt securities: Change in unrealized holding gains and losses, net 43,337 (12,727 ) 119,572 (54,280 ) Less: Reclassification adjustment for net gains included in net income (33 ) — (423 ) (139 ) Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity 7,989 8,938 16,279 17,727 Change in unrealized gains and losses on debt securities 51,293 (3,789 ) 135,428 (36,692 ) Unrealized gains and losses on derivative hedges: Change in unrealized gains and losses on derivative hedges, net 14,386 (8,775 ) 37,032 (22,433 ) Less: Reclassification adjustment for net losses (gains) included in net income 2,041 (2,066 ) 2,017 (5,726 ) Change in unrealized gains and losses on derivative hedges 16,427 (10,841 ) 39,049 (28,159 ) Other comprehensive income (loss), before tax 67,720 (14,630 ) 174,477 (64,851 ) Income tax (expense) benefit (17,069 ) 3,534 (43,474 ) 16,152 Other comprehensive income (loss) 50,651 (11,096 ) 131,003 (48,699 ) Comprehensive income $ 268,045 $ 90,249 $ 429,730 $ 162,904 Expand Consolidated Statements of Shareholders' Equity UMB Financial Corporation (unaudited, dollars in thousands except per share data) Preferred Stock Common Stock Capital Surplus Retained Earnings Accumulated Other Comprehensive (Loss) Income Treasury Stock Total Balance - January 1, 2024 $ — $ 55,057 $ 1,134,363 $ 2,810,824 $ (556,935 ) $ (342,890 ) $ 3,100,419 Total comprehensive income (loss) — — — 211,603 (48,699 ) — 162,904 Dividends ($0.78 per share) — — — (38,275 ) — — (38,275 ) Purchase of treasury stock — — — — — (7,537 ) (7,537 ) Issuances of equity awards, net of forfeitures — — (10,964 ) — — 11,667 703 Recognition of equity-based compensation — — 10,040 — — — 10,040 Sale of treasury stock — — 125 — — 107 232 Exercise of stock options — — 54 — — 124 178 Common stock issuance costs — — (1,317 ) — — — (1,317 ) Balance - June 30, 2024 $ — $ 55,057 $ 1,132,301 $ 2,984,152 $ (605,634 ) $ (338,529 ) $ 3,227,347 Balance - January 1, 2025 $ — $ 55,057 $ 1,145,638 $ 3,174,948 $ (573,050 ) $ (336,052 ) $ 3,466,541 Total comprehensive income — — — 298,727 131,003 — 429,730 Cash dividends declared: Preferred dividends ($350.00 per share) — — — (4,025 ) — — (4,025 ) Common dividends ($0.80 per share) — — — (59,944 ) — — (59,944 ) Purchase of treasury stock — — — — — (15,724 ) (15,724 ) Issuances of equity awards, net of forfeitures — — (16,202 ) — — 17,002 800 Recognition of equity-based compensation — — 40,298 — — — 40,298 Sale of treasury stock — — 169 — — 143 312 Exercise of stock options — — 112 — — 246 358 Common stock issuance — — 67,056 — — 168,085 235,141 Preferred stock issuance 294,062 — — — — — 294,062 Stock issuance for acquisition, net of issuance costs 110,705 23,609 2,763,902 — — — 2,898,216 Balance - June 30, 2025 $ 404,767 $ 78,666 $ 4,000,973 $ 3,409,706 $ (442,047 ) $ (166,300 ) $ 7,285,765 Expand Average Balances / Yields and Rates UMB Financial Corporation (tax - equivalent basis) (unaudited, dollars in thousands) Three Months Ended June 30, 2025 2024 Assets Loans, net of unearned interest $ 36,406,753 6.75 % $ 23,805,829 6.77 % Securities: Taxable 13,409,940 3.66 9,033,829 2.74 Tax-exempt 4,273,494 3.87 3,640,028 3.47 Total securities 17,683,434 3.71 12,673,857 2.95 Federal funds and resell agreements 684,747 5.12 246,132 6.00 Interest bearing due from banks 6,660,111 4.45 3,486,907 5.44 Trading securities 16,693 6.54 26,381 6.95 Total earning assets 61,451,738 5.61 40,239,106 5.44 Allowance for credit losses (367,919 ) (228,369 ) Other assets 5,787,982 2,465,492 Total assets $ 66,871,801 $ 42,476,229 Liabilities and Shareholders' Equity Interest-bearing deposits $ 41,246,157 3.34 % $ 24,237,726 3.99 % Federal funds and repurchase agreements 2,767,216 3.97 2,421,727 4.66 Borrowed funds 655,575 7.92 1,744,448 5.66 Total interest-bearing liabilities 44,668,948 3.44 28,403,901 4.15 Noninterest-bearing demand deposits 14,403,211 10,103,035 Other liabilities 839,134 767,687 Shareholders' equity 6,960,508 3,201,606 Total liabilities and shareholders' equity $ 66,871,801 $ 42,476,229 Net interest spread 2.17 % 1.29 % Net interest margin 3.10 2.51 Expand Average Balances / Yields and Rates UMB Financial Corporation (tax - equivalent basis) (unaudited, dollars in thousands) Six Months Ended June 30, 2025 2024 Assets Loans, net of unearned interest $ 34,369,543 6.69 % $ 23,579,936 6.70 % Securities: Taxable 12,557,618 3.54 9,149,309 2.70 Tax-exempt 4,197,951 3.78 3,686,075 3.44 Total securities 16,755,569 3.60 12,835,384 2.91 Federal funds and resell agreements 620,632 5.10 226,288 5.99 Interest bearing due from banks 6,733,977 4.46 3,395,466 5.44 Trading securities 18,767 7.10 22,137 7.10 Total earning assets 58,498,488 5.53 40,059,211 5.38 Allowance for credit losses (344,276 ) (225,243 ) Other assets 5,285,676 2,411,681 Total assets $ 63,439,888 $ 42,245,649 Liabilities and Shareholders' Equity Interest-bearing deposits $ 39,063,362 3.34 % $ 23,848,724 3.92 % Federal funds and repurchase agreements 2,730,267 3.93 2,403,240 4.66 Borrowed funds 613,236 7.92 1,963,971 5.49 Total interest-bearing liabilities 42,406,865 3.44 28,215,935 4.09 Noninterest-bearing demand deposits 13,918,401 10,084,722 Other liabilities 846,697 772,430 Shareholders' equity 6,267,925 3,172,562 Total liabilities and shareholders' equity $ 63,439,888 $ 42,245,649 Net interest spread 2.09 % 1.29 % Net interest margin 3.04 2.50 Expand Business Segment Information UMB Financial Corporation (unaudited, dollars in thousands) Three Months Ended June 30, 2025 Net interest income $ 322,619 $ 66,331 $ 78,074 $ 467,024 Provision for credit losses 18,334 430 2,236 21,000 Noninterest income 43,219 107,998 70,968 222,185 Noninterest expense 170,648 105,137 117,383 393,168 Income before taxes 176,856 68,762 29,423 275,041 Income tax expense 37,068 14,412 6,167 57,647 Net income $ 139,788 $ 54,350 $ 23,256 $ 217,394 Three Months Ended June 30, 2024 Net interest income $ 161,163 $ 50,826 $ 33,119 $ 245,108 Provision for credit losses 12,058 268 1,724 14,050 Noninterest income 28,777 94,035 22,107 144,919 Noninterest expense 88,597 92,714 67,756 249,067 Income (loss) before taxes 89,285 51,879 (14,254 ) 126,910 Income tax expense (benefit) 17,579 9,573 (1,587 ) 25,565 Net income (loss) $ 71,706 $ 42,306 $ (12,667 ) $ 101,345 Six Months Ended June 30, 2025 Commercial Banking Institutional Banking Personal Banking Total Net interest income $ 596,536 $ 127,489 $ 140,638 $ 864,663 Provision for credit losses 85,085 865 21,050 107,000 Noninterest income 80,438 211,792 96,153 388,383 Noninterest expense 343,660 212,402 221,893 777,955 Income (loss) before taxes 248,229 126,014 (6,152 ) 368,091 Income tax expense (benefit) 46,777 23,746 (1,159 ) 69,364 Net income (loss) $ 201,452 $ 102,268 $ (4,993 ) $ 298,727 Six Months Ended June 30, 2024 Commercial Banking Institutional Banking Personal Banking Total Net interest income $ 319,145 $ 99,951 $ 65,446 $ 484,542 Provision for credit losses 19,823 502 3,725 24,050 Noninterest income 72,755 185,739 45,669 304,163 Noninterest expense 183,852 190,254 129,765 503,871 Income (loss) before taxes 188,225 94,934 (22,375 ) 260,784 Income tax expense (benefit) 34,411 17,161 (2,391 ) 49,181 Net income (loss) $ 153,814 $ 77,773 $ (19,984 ) $ 211,603 Expand The company has strategically aligned its operations into the following three reportable segments: Commercial Banking, Institutional Banking, and Personal Banking. Senior executive officers regularly evaluate business segment financial results produced by the company's internal reporting system in deciding how to allocate resources and assess performance for individual business segments. The company's reportable segments include certain corporate overhead, technology and service costs that are allocated based on methodologies that are applied consistently between periods. For comparability purposes, amounts in all periods are based on methodologies in effect at June 30, 2025. Non-GAAP Financial Measures Net operating income available to common shareholders Non-GAAP reconciliations: UMB Financial Corporation (unaudited, dollars in thousands except per share data) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income available to common shareholders (GAAP) $ 215,382 $ 101,345 $ 294,702 $ 211,603 Adjustments: Day 1 acquisition provision expense — — 62,037 — Acquisition expense 13,494 9,550 66,663 9,981 Severance expense 373 130 818 276 FDIC special assessment (726 ) (3,800 ) (97 ) 9,200 Tax-impact of adjustments (i) (3,144 ) (1,352 ) (29,866 ) (4,475 ) Total Non-GAAP adjustments (net of tax) 9,997 4,528 99,555 14,982 Net operating income (Non-GAAP) $ 225,379 $ 105,873 $ 394,257 $ 226,585 Earnings per common share - diluted (GAAP) $ 2.82 $ 2.07 $ 4.16 $ 4.32 Day 1 acquisition provision expense — — 0.87 — Acquisition expense 0.19 0.19 0.94 0.20 Severance expense — 0.01 0.01 0.01 FDIC special assessment (0.01 ) (0.08 ) — 0.19 Tax-impact of adjustments (i) (0.04 ) (0.03 ) (0.42 ) (0.09 ) Operating earnings per common share - diluted (Non-GAAP) $ 2.96 $ 2.16 $ 5.56 $ 4.63 GAAP Return on average assets 1.29 % 0.96 % 0.94 % 1.01 % Return on average common equity 12.72 12.73 9.67 13.41 Non-GAAP Operating return on average assets 1.35 % 1.00 % 1.25 % 1.08 % Operating return on average common equity 13.31 13.30 12.94 14.36 (i) Calculated using the company's marginal tax rate of 24.0% for 2025 and 23.0% for 2024. Certain merger-related expenses are non-deductible. Expand Operating pre-tax, pre-provision income non-GAAP reconciliations: UMB Financial Corporation (unaudited, dollars in thousands except per share data) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net interest income (GAAP) $ 467,024 $ 245,108 $ 864,663 $ 484,542 Noninterest income (GAAP) 222,185 144,919 388,383 304,163 Noninterest expense (GAAP) 393,168 249,067 777,955 503,871 Adjustments to arrive at operating noninterest expense: Acquisition expense 13,494 9,550 66,663 9,981 Severance expense 373 130 818 276 FDIC special assessment (726 ) (3,800 ) (97 ) 9,200 Total Non-GAAP adjustments 13,141 5,880 67,384 19,457 Operating noninterest expense (Non-GAAP) 380,027 243,187 710,571 484,414 Operating pre-tax, pre-provision income (Non-GAAP) $ 309,182 $ 146,840 $ 542,475 $ 304,291 Net interest income earnings per common share - diluted (GAAP) $ 6.13 $ 5.00 $ 12.20 $ 9.90 Noninterest income (GAAP) 2.91 2.96 5.47 6.21 Noninterest expense (GAAP) 5.16 5.08 10.97 10.29 Acquisition expense 0.19 0.19 0.94 0.20 Severance expense — 0.01 0.01 0.01 FDIC special assessment (0.01 ) (0.08 ) — 0.19 Operating pre-tax, pre-provision earnings per common share - diluted (Non-GAAP) $ 4.06 $ 3.00 $ 7.65 $ 6.22 Expand Operating pre-tax, pre-provision income - FTE Non-GAAP reconciliations: UMB Financial Corporation (unaudited, dollars in thousands except per share data) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net interest income (GAAP) $ 467,024 $ 245,108 $ 864,663 $ 484,542 Adjustments to arrive at net interest income - FTE: Tax equivalent interest 8,291 6,407 15,796 12,923 Net interest income - FTE (Non-GAAP) 475,315 251,515 880,459 497,465 Noninterest income (GAAP) 222,185 144,919 388,383 304,163 Noninterest expense (GAAP) 393,168 249,067 777,955 503,871 Adjustments to arrive at operating noninterest expense: Acquisition expense 13,494 9,550 66,663 9,981 Severance expense 373 130 818 276 FDIC special assessment (726 ) (3,800 ) (97 ) 9,200 Total Non-GAAP adjustments 13,141 5,880 67,384 19,457 Operating noninterest expense (Non-GAAP) 380,027 243,187 710,571 484,414 Operating pre-tax, pre-provision income - FTE (Non-GAAP) $ 317,473 $ 153,247 $ 558,271 $ 317,214 Net interest income earnings per common share - diluted (GAAP) $ 6.13 $ 5.00 $ 12.20 $ 9.90 Tax equivalent interest 0.11 0.13 0.22 0.26 Net interest income - FTE (Non-GAAP) 6.24 5.13 12.42 10.16 Noninterest income (GAAP) 2.91 2.96 5.47 6.21 Noninterest expense (GAAP) 5.16 5.08 10.97 10.29 Acquisition expense 0.19 0.19 0.94 0.20 Severance expense — 0.01 0.01 0.01 FDIC special assessment (0.01 ) (0.08 ) — 0.19 Operating pre-tax, pre-provision income - FTE earnings per common share - diluted (Non-GAAP) $ 4.17 $ 3.13 $ 7.87 $ 6.48 Expand Tangible book value non-GAAP reconciliations: UMB Financial Corporation (unaudited, dollars in thousands except share and per share data) As of June 30, 2025 2024 Total common shareholders' equity (GAAP) $ 6,885,023 $ 3,227,347 Less: Intangible assets Goodwill 1,812,694 207,385 Other intangibles, net 531,918 67,141 Total intangibles, net 2,344,612 274,526 Total tangible common shareholders' equity (Non-GAAP) $ 4,540,411 $ 2,952,821 Total common shares outstanding 75,927,002 48,745,090 Ratio of total common shareholders' equity (book value) per share $ 90.68 $ 66.21 Ratio of total tangible common shareholders' equity (tangible book value) per share (Non-GAAP) 59.80 60.58 Expand
Associated Press
09-07-2025
- Business
- Associated Press
UMB Announces Conference Call to Discuss Second Quarter 2025 Results
KANSAS CITY, Mo.--(BUSINESS WIRE)--Jul 9, 2025-- UMB Financial Corporation (Nasdaq: UMBF), a financial services company, will release earnings results for the second quarter 2025 after market hours on Tuesday, July 29, 2025. The company plans to host an investor conference call to discuss these results on Wednesday, July 30, at 8:30 a.m. (CT) / 9:30 a.m. (ET). Interested parties may access the call by dialing (toll-free) 833-470-1428 or (international) 404-975-4839 and requesting to join the UMB Financial call with access code 601688. You may register in advance and receive a calendar invitation with call access details here: pre-registration. The live webcast may also be accessed by visiting or by using the following link: UMB Financial 2Q 2025 Conference Call A replay of the conference call may be heard through August 13, 2025, by calling (toll-free) 866-813-9403 or (international) 929-458-6194. The replay access code required for playback is 929563. The call replay may also be accessed at About UMB: UMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in Kansas City, Missouri. UMB offers commercial banking, which includes comprehensive deposit, lending, investment and retirement plan services; personal banking, which includes comprehensive deposit, lending, wealth management and financial planning services; and institutional banking, which includes asset servicing, corporate trust solutions, investment banking and healthcare services. UMB operates branches throughout Missouri, Arizona, California, Colorado, Iowa, Kansas, Illinois, Minnesota, Nebraska, New Mexico, Oklahoma, Texas, and Wisconsin. As the company's reach continues to grow, it also serves business clients nationwide and institutional clients in several countries. For more information, visit UMB Blog, UMB Facebook and UMB LinkedIn. View source version on CONTACT: Stephanie Hollander, 816.729.1027 [email protected] KEYWORD: UNITED STATES NORTH AMERICA MISSOURI INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE SOURCE: UMB Financial Corporation Copyright Business Wire 2025. PUB: 07/09/2025 08:45 AM/DISC: 07/09/2025 08:46 AM
Business Wire
09-07-2025
- Business
- Business Wire
UMB Announces Conference Call to Discuss Second Quarter 2025 Results
KANSAS CITY, Mo.--(BUSINESS WIRE)-- UMB Financial Corporation (Nasdaq: UMBF), a financial services company, will release earnings results for the second quarter 2025 after market hours on Tuesday, July 29, 2025. The company plans to host an investor conference call to discuss these results on Wednesday, July 30, at 8:30 a.m. (CT) / 9:30 a.m. (ET). Interested parties may access the call by dialing (toll-free) 833-470-1428 or (international) 404-975-4839 and requesting to join the UMB Financial call with access code 601688. You may register in advance and receive a calendar invitation with call access details here: pre-registration. The live webcast may also be accessed by visiting or by using the following link: UMB Financial 2Q 2025 Conference Call A replay of the conference call may be heard through August 13, 2025, by calling (toll-free) 866-813-9403 or (international) 929-458-6194. The replay access code required for playback is 929563. The call replay may also be accessed at About UMB: UMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in Kansas City, Missouri. UMB offers commercial banking, which includes comprehensive deposit, lending, investment and retirement plan services; personal banking, which includes comprehensive deposit, lending, wealth management and financial planning services; and institutional banking, which includes asset servicing, corporate trust solutions, investment banking and healthcare services. UMB operates branches throughout Missouri, Arizona, California, Colorado, Iowa, Kansas, Illinois, Minnesota, Nebraska, New Mexico, Oklahoma, Texas, and Wisconsin. As the company's reach continues to grow, it also serves business clients nationwide and institutional clients in several countries. For more information, visit UMB Blog, UMB Facebook and UMB LinkedIn.
Business Wire
12-06-2025
- Business
- Business Wire
UMB Financial Corporation Announces Full Redemption of Its Series A Preferred Stock; Nasdaq UMBFP
KANSAS CITY, Mo.--(BUSINESS WIRE)--UMB Financial Corporation (the 'Company') (Nasdaq: UMBF), a financial services company, announced today that it will redeem all outstanding shares of the Company's 7.00% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, $0.01 par value per share ('Series A Preferred Stock'). All 11,500 outstanding shares of the Series A Preferred Stock (CUSIP: 902788 306) will be redeemed at a price of $10,000 per share of preferred stock on the dividend payment date of July 15, 2025. Regular dividends on the outstanding shares of the Series A Preferred Stock of $175 per share will be paid separately on July 15, 2025, to holders of record as of the close of business on June 30, 2025, in the customary manner. Accordingly, the redemption price for the Series A Preferred Stock will not include any accrued and unpaid dividends. On and after the redemption date, all dividends on the shares of Series A Preferred Stock will cease to accrue. The Series A Preferred Stock is held through The Depository Trust Company ('DTC') and will be redeemed in accordance with the procedures of DTC. Payment to DTC for the Series A Preferred Stock will be made by Computershare Trust Company, N.A., as redemption agent, in accordance with the Deposit Agreement and the Redemption Agent Agreement that govern the redemption of the Series A Preferred Stock. The address for the redemption agent is as follows: Computershare Trust Company, N.A. Attn: Corporate Actions 150 Royall St. Canton, MA 02021 About UMB: UMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in Kansas City, Missouri. UMB offers commercial banking, which includes comprehensive deposit, lending, investment and retirement plan services; personal banking, which includes comprehensive deposit, lending, wealth management and financial planning services; and institutional banking, which includes asset servicing, corporate trust solutions, investment banking and healthcare services. UMB operates branches throughout Missouri, Arizona, California, Colorado, Iowa, Kansas, Illinois, Minnesota, Nebraska, New Mexico, Oklahoma, Texas, and Wisconsin. As the company's reach continues to grow, it also serves business clients nationwide and institutional clients in several countries. For more information, visit UMB Blog, UMB Facebook and UMB LinkedIn.
