Financial Performance - The net income for the three months ended March 31, 2025, was $81,333 thousand, a decrease of 26.3% compared to $110,258 thousand for the same period in 2024[33]. - Basic net income per common share for Q1 2025 was $1.22, down from $2.27 in Q1 2024, reflecting a decline of 46.2%[33]. - For the three months ended March 31, 2025, the total net interest income was $397.639 million, an increase from $239.434 million for the same period in 2024, representing a growth of approximately 66.2%[159]. - Noninterest income for the three months ended March 31, 2025, totaled $166.198 million, up from $159.244 million in the same period of 2024, reflecting a growth of about 4.3%[159]. - The total noninterest expense for the three months ended March 31, 2025, was $384.787 million, compared to $254.804 million for the same period in 2024, representing an increase of approximately 50.9%[159]. Loan Portfolio - As of March 31, 2025, the total loans amounted to $35,936.2 million, compared to $25,642.3 million on December 31, 2024, reflecting a significant increase[47]. - The total current loans as of March 31, 2025, were $35,762.1 million, indicating a strong performance in loan management[47]. - The company has shown a consistent growth trend in various loan segments, indicating a strong market position and potential for future expansion[52]. - The total past due loans as of March 31, 2025, were $174,092 thousand, with a past due percentage of 89%[47]. - Nonaccrual loans with no related allowance for credit losses totaled $100.9 million at March 31, 2025, up from $19.3 million at December 31, 2024[50]. Credit Quality and Risk Management - The company tracks credit quality indicators, including net charge-offs and non-performing loans, to monitor the health of its loan portfolio[54]. - The company employs multiple modeling techniques to measure credit losses across various portfolio segments, including consumer and commercial loans[99]. - The allowance for credit losses (ACL) is estimated based on historical credit loss experience and current economic conditions, with a focus on a one-year reasonable and supportable forecast period[98]. - The company has implemented risk management practices to minimize credit risk, including thorough initial credit-granting processes and consistent underwriting standards[45]. - The company assigns risk ratings based on borrowers' financial positions, ensuring continuous monitoring of credit quality[58]. Securities and Investments - The total amount of securities available for sale increased to $11,453,157 thousand as of March 31, 2025, up from $8,407,676 thousand as of December 31, 2024, reflecting a growth of 36%[117]. - The Company held securities with an amortized cost of $5,717,330,000 and a fair value of $5,107,059,000 as of March 31, 2025, reflecting unrealized losses of $(619,383,000)[126]. - The total fair value of available-for-sale securities as of March 31, 2025, was $10.896 billion, with $1.884 billion classified under Level 2 inputs[203]. - The company recognized $1.6 billion of goodwill related to the acquisition of HTLF, along with a $474.1 million core deposit intangible asset and a wealth customer list valued at $26.0 million[142]. - The total fair value of held-to-maturity investments was $4,413.7 million, with unrealized losses of $619.38 million[131]. Borrowings and Debt Management - As of March 31, 2025, total borrowed funds amounted to $654.4 million, an increase from $385.3 million as of December 31, 2024, reflecting a significant rise in long-term debt[144]. - The total long-term debt as of March 31, 2025, included trust preferred securities amounting to $216.8 million, reflecting the Company's ongoing financing strategies[146]. - The Company purchased and retired $11.1 million of its 2020 subordinated notes during the three months ended March 31, 2025, as part of its debt management strategy[146]. - The Company had 30 letters of credit outstanding with the FHLB of Des Moines, totaling $409.2 million as of March 31, 2025[150]. - Total repurchase agreements as of March 31, 2025, were $2.45 billion, with U.S. Treasury securities securing $299.2 million and U.S. Agencies securing $2.15 billion[152]. Derivatives and Hedging - The fair value of derivatives as of March 31, 2025, was $294.003 million, while the fair value of liabilities related to derivatives was $145.962 million[203]. - The company had 782 interest rate swaps with an aggregate notional amount of $9.7 billion related to its derivative program[194]. - The total gain recognized in Other Comprehensive Income (OCI) for derivatives in cash flow hedging relationships was $22.646 million for the three months ended March 31, 2025, compared to a loss of $13.658 million for the same period in 2024[197]. - The company recognized a gain of $23.735 million from interest rate floors and floor spreads in OCI for the three months ended March 31, 2025[197]. - The company expects to reclassify $0.7 million from AOCI as a reduction to interest expense and $8.1 million from AOCI as a reduction to interest income during the next 12 months[193].
UMB Financial Corporation(UMBFP) - 2025 Q1 - Quarterly Report