UMB Financial : Reports Fourth Quarter Net Income of $78.5 Million and Record Full-Year Earnings of $353.0 Million - Form 8-K

UMB Financial Corporation Reports Fourth Quarter Net Income of $78.5 Million and Record Full-Year Earnings of $353.0 Million

Fourth Quarter 2021 Financial Highlights

•

GAAP net income of $78.5 million, or $1.61 per diluted share; net operating income (non-GAAP) of $78.9 million, or $1.62 per diluted share.

•

Pre-tax, pre-provision income on a fully tax equivalent basis (PTPP-FTE) of $113.4 million.

•

Excluding Paycheck Protection Program (PPP) balances, average loans increased 5.7% on a linked-quarter, annualized basis.

o

Average Commercial & Industrial loan balances, excluding PPP, increased 11.9% on a linked-quarter, annualized basis.

o

Period-end loan balances, excluding PPP, increased by $882.6 million from the linked quarter.

•

Noninterest income increased 10.1% on a linked-quarter basis to $118.8 million, equal to 36.1% of total revenue.

•

Quarterly average deposits grew 26.7% to $31.6 billion compared to the fourth quarter of 2020.

o

Average demand deposit balances increased 60.5% on a linked-quarter annualized basis to $13.1 billion.

KANSAS CITY, Mo. (January 25, 2022) - UMB Financial Corporation (Nasdaq: UMBF), afinancial services company, announced net income for the fourth quarter of 2021 of $78.5 million, or $1.61 per diluted share, compared to $94.5 million, or $1.94 per diluted share, in the third quarter of 2021 (linked quarter) and $156.3 million, or $3.24 per diluted share, in the fourth quarter of 2020. Results for the fourth quarter and full-year 2020 include a pre-tax gain of $108.8 million on the company's investment in Tattooed Chef, Inc. (TTCF).

Net operating income, a non-GAAP financial measure reconciled to net income, the nearest comparable GAAP measure, later in this release, was $78.9 million, or $1.62 per diluted share, for the fourth quarter of 2021, compared to $95.1 million, or $1.95 per diluted share, for the linked quarter and $157.4 million, or $3.26 per diluted share, for the fourth quarter of 2020. PTPP-FTE, a non-GAAP measure reconciled to the components of net income before taxes, the nearest comparable GAAP measure, later in this release, was $113.4 million, or $2.32 per diluted share, for the fourth quarter of 2021, compared to $115.3 million, or $2.37 per diluted share, for the linked quarter, and $202.9 million, or $4.20 per diluted share, for the fourth quarter of 2020. These PTPP-FTE results represent decreases of 1.7% on a linked-quarter basis and 44.1% compared to the fourth quarter of 2020.

"Notwithstanding higher-than typical operating expenses tied to profitable business growth, charitable contributions, and timing of other investments in the fourth quarter, our teams executed and delivered exceptional operating and financial results in 2021 through strong growth on both sides of the balance

sheet, strong asset quality metrics and continued build-out of our differentiated fee generation businesses," said Mariner Kemper, chairman, president and chief executive officer. "UMB is positioned to benefit even further from anticipated economic expansion, higher interest rates, our diversified fee income businesses and the franchise investments we are making. In 2021, feeincome momentum in our various businesses was offset on a year-over-year basis by the 2020 gain on our investment in Tattooed Chef and ongoing market-related adjustments. Average loans excluding PPP loan balances increased an impressive 12.3%. Average deposits increased 24.8%, including a 43.5% increase in interest-free demand deposit balances. Finally, in January, we pursued and executed the sale of our small, acquired factoring portfolio to an alternative financing company."

Fourth Quarter 2021 earnings discussion

Summary of quarterly financial results		UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
		Q4			Q3			Q4
		2021			2021			2020
Net income (GAAP)		$	78,496			$	94,467			$	156,320
Earnings per share (diluted)			1.61				1.94				3.24
Pre-tax, pre-provision income (Non-GAAP)			106,869				108,803				196,107
Pre-tax, pre-provision earnings per share (diluted)			2.19				2.23				4.06
Pre-tax, pre-provision income - FTE (Non-GAAP)			113,352				115,347				202,946
Pre-tax, pre-provision earnings per share - FTE (diluted)			2.32				2.37				4.20
Net operating income (Non-GAAP)			78,921				95,112				157,405
Operating earnings per share (diluted)			1.62				1.95				3.26
GAAP
Return on average assets			0.82	%			1.04	%			2.03	%
Return on average equity			9.91				11.89				21.18
Efficiency ratio			67.78				65.62				53.44
Non-GAAP
Operating return on average assets			0.82	%			1.05	%			2.05	%
Operating return on average equity			9.97				11.97				21.33
Operating efficiency ratio			67.61				65.36				53.11

Summary of revenue		UMB Financial Corporation
(unaudited, dollars in thousands)
		Q4			Q3			Q4			CQ vs.			CQ vs.
		2021			2021			2020			LQ			PY
Net interest income		$	210,570			$	209,765			$	194,675			$	805			$	15,895
Noninterest income:
Trust and securities processing			58,515				56,914				50,773				1,601				7,742
Trading and investment banking			6,977				5,936				9,693				1,041				(2,716	)
Service charges on deposit accounts			21,607				19,881				20,074				1,726				1,533
Insurance fees and commissions			359				285				318				74				41
Brokerage fees			3,346				2,899				3,918				447				(572	)
Bankcard fees			16,642				17,198				15,788				(556	)			854
Investment securities gains (losses), net			1,448				(3,510	)			113,010				4,958				(111,562	)
Other			9,888				8,304				14,716				1,584				(4,828	)
Total noninterest income		$	118,782			$	107,907			$	228,290			$	10,875			$	(109,508	)
Total revenue		$	329,352			$	317,672			$	422,965			$	11,680			$	(93,613	)
Net interest income (FTE)		$	217,053			$	216,309			$	201,514
Net interest margin (FTE)			2.37	%			2.52	%			2.78	%
Total noninterest income as a % of total revenue			36.07				33.97				53.97

Net interest income

•

Net interest income totaled $210.6 million, which is an increase of $0.8 million as compared to the linked quarter. The benefit from growth in average earning assets was partially offset by $4.0 million in reduced income from PPP loans. Average earning assets increased $2.2 billion, or 6.4%, driven by an increase in liquidity and investment securities purchases, while noninterest-bearing deposits increased $1.7 billion, or 15.1% and interest-bearing liabilities increased $499.1 million, or 2.4%.

•

Net interest margin for the fourth quarter was 2.37%, a decrease of 15 basis points from the linked quarter, driven in large part by earning asset mix shift in favor of lower-yielding liquidity balances. Earning asset yields declined 16 basis points from the linked quarter, driven by an eight-basis-point decline in loan yields and mix changes. The cost of interest-bearing liabilities decreased two basis points to 0.20%. Net interest spread decreased 14 basis points to 2.29% from the linked quarter and was 39 basis points lower than the fourth quarter of 2020.

•

On a year-over-year basis, net interest income increased $15.9 million, or 8.2%, driven by a $2.6 billion, or 25.5% increase in average securities, coupled with a $651.6 million, or 4.1%, increase in average loans. These increases were driven by organic loan growth, excess liquidity, and the company's PPP participation.

•

Average deposits increased 7.5% on a linked-quarter basis and 26.7% compared to the fourth quarter of 2020. Average noninterest-bearing demand deposit balances increased 15.1% on a linked-quarter basis and 46.7% compared to the fourth quarter of 2020.

Noninterest income

•

Fourth quarter 2021 noninterest income increased $10.9 million, or 10.1%, on a linked-quarter basis, largely due to:

o

An increase of $3.3 million in the company's equity investments, and an increase of $1.7 million in gains on sales of available-for-sale securities, both recorded in investment securities gains.

o

An increase of $3.2 million in derivative income, recorded in other income.

o

An increase of $1.7 million in service charges on deposits primarily driven by an increase of $0.9 million in healthcare income related to customer transfer and conversion fees and increased corporate service charge income.

o

Increases of $1.6 million in trust and securities processing and $1.0 million in trading and investment banking. The increase in trust and securities processing income is primarily due to an increase of $1.0 million in fund services income driven by higher levels of assets administered and $0.6 million in corporate trust income. The increase in trading and investment banking income is driven by increased trading volume.

o

These increases were partially offset by a decrease of $1.6 million in company owned life insurance income, recorded in other income. The decrease in company-owned life insurance is offset by a proportionate decrease in deferred compensation expense as noted below.

•

Compared to the prior year, noninterest income in the fourth quarter of 2021 decreased $109.5 million, or 48.0%, primarily driven by:

o

A decrease of $111.6 million in investment securities gains, primarily due to mark-to-market valuations on the company's equity investment in TTCF. The fourth quarter of 2020 included a pre-tax gain on TTCF of $108.8 million.

o

A decrease of $6.4 million in company-owned life insurance income, recorded in other income. The decrease in company-owned life insurance is offset by a proportionate decrease in deferred compensation expense as noted below.

o

A $2.7 million decrease in trading and investment banking due to decreased trading volumes.

o

These decreases were partially offset by an increase of $7.7 million in trust and securities processing income, an increase of $1.9 million in derivative income, recorded in other income, and an increase of $1.5 million in service charges on deposits. The increase in trust and securities processing was driven by an increase of $8.6 million in fund services income tied to higher levels of assets administered, and an increase of $1.3 million in corporate trust income, partially offset by a decrease of $2.1 million in trust services income.

Noninterest expense

Summary of noninterest expense		UMB Financial Corporation
(unaudited, dollars in thousands)
		Q4			Q3			Q4			CQ vs.			CQ vs.
		2021			2021			2020			LQ			PY
Salaries and employee benefits		$	131,360			$	124,986			$	129,272			$	6,374			$	2,088
Occupancy, net			10,907				12,207				11,858				(1,300	)			(951	)
Equipment			19,886				19,701				22,008				185				(2,122	)
Supplies and services			4,646				3,379				4,125				1,267				521
Marketing and business development			6,528				4,863				3,717				1,665				2,811
Processing fees			19,083				16,562				14,408				2,521				4,675
Legal and consulting			10,858				7,646				10,191				3,212				667
Bankcard			4,865				4,795				4,711				70				154
Amortization of other intangible assets			1,110				1,110				1,601				-				(491	)
Regulatory fees			3,393				3,186				2,393				207				1,000
Other			9,847				10,434				22,574				(587	)			(12,727	)
Total noninterest expense		$	222,483			$	208,869			$	226,858			$	13,614			$	(4,375	)

•

Noninterest expense for the fourth quarter of 2021 was $222.5 million, an increase of $13.6 million, or 6.5%, from the linked quarter and a decrease of $4.4 million, or 1.9%, from the fourth quarter of 2020.

•

The linked-quarter increase in noninterest expense was driven by:

o

An increase of $7.3 million in salaries and bonus expense, recorded in salaries and employee benefits, driven primarily by increased incentive compensation tied to business growth and higher overall company performance.

o

Increases of $3.2 million in legal and consulting expense and $1.7 million in marketing and business development due to the timing of multiple projects.

o

An increase of $2.5 million in processing fees, due to timing of software projects and an increase of $2.1 million in charitable contributions expense, recorded in other expense.

o

These increases were partially offset by decreases of $2.5 million in operational losses, recorded in other expense, and $0.9 million in deferred compensation expense, recorded in salaries and employee benefits. The decrease in deferred compensation expense was offset by the decrease in company-owned life insurance income noted above.

•

The year-over-year decrease in noninterest expense was driven by:

o

A decrease of $13.8 million in operational losses, recorded in other expense.

o

A decrease of $4.5 million in deferred compensation expense, recorded in salaries and employee benefits. The decrease in deferred compensation expense was offset by the decrease in company-owned life insurance income noted above.

o

These decreases were partially offset by the following increases:

▪

Increases of $4.7 million in processing fees and $2.8 million in marketing and business development due to the timing of multiple software projects and marketing campaigns, respectively.

▪

An increase of $4.5 million in salaries and bonus expense, recorded in salaries and employee benefits, driven primarily by increased incentive compensation tied to business growth and higher overall company performance.

▪

An increase of $2.1 million in charitable contributions expense, recorded in other expense.

Full year 2021 earnings discussion

Net income for the year ended December 31, 2021 was $353.0 million, or $7.24 per diluted share, compared to $286.5 million, or $5.93 per diluted share in 2020. Net operating income, a non-GAAP financial measure reconciled to net income, the nearest comparable GAAP measure, later in this release, was $354.4 million, or $7.27 per diluted share, compared to $295.8 million, or $6.12 per diluted share in 2020. These results represent increases of 23.2% and 19.8%, respectively.

Summary of year-to-date financial results		UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)		December			December
		YTD			YTD
		2021			2020
Net income (GAAP)		$	353,018			$	286,502
Earnings per share (diluted)			7.24				5.93
Pre-tax, pre-provision income (Non-GAAP)			449,060				469,390
Pre-tax, pre-provision earnings per share (diluted)			9.21				9.71
Pre-tax, pre-provision income - FTE (Non-GAAP)			475,394				496,108
Pre-tax, pre-provision earnings per share - FTE (diluted)			9.75				10.26
Net operating income (Non-GAAP)			354,446				295,793
Operating earnings per share (diluted)			7.27				6.12
GAAP
Return on average assets			1.00	%			1.00	%
Return on average equity			11.43				10.21
Efficiency ratio			65.02				63.49
Non-GAAP
Operating return on average assets			1.00	%			1.04	%
Operating return on average equity			11.47				10.55
Operating efficiency ratio			64.87				62.56

•

Net interest income increased $84.3 million, or 11.5%, year-over-year due to a $6.7 billion increase in earning assets, primarily driven by increased volume in the company's investment portfolio, strong organic loan growth and the company's participation in the PPP. This growth was partially offset by the impact of lower short-term and long-term interest rates. In 2021, average securities increased $2.2 billion and average loan balances increased $1.5 billion. Average interest-bearing liabilities increased $3.1 billion, while the cost of interest-bearing liabilities declined 22 basis points.

•

Full-year noninterest income decreased $93.0 million, or 16.6%, due to:

o

A decrease of $115.6 million in investment securities gains. 2020 included a pre-tax gain of $108.8 million on the company's investment in TTCF, compared to a pre-tax loss of $15.4 million in 2021.

o

A decrease of $12.2 million in brokerage fees, primarily driven by lower 12b-1 and money market income.

o

A decrease of $3.8 million in trust income, recorded in trust and securities processing.

o

These decreases were partially offset by the following increases:

▪

Increases of $27.5 million in fund services income driven by higher levels of assets administered and $5.8 million in corporate trust revenue, both recorded in trust and securities processing.

▪

An increase of $4.0 million in bankcard income, due to higher interchange revenue, offset by increased rebates and rewards expense.

•

Full-year noninterest expense increased $11.6 million, or 1.4%, primarily due to:

o

A $13.4 million increase in processing fees driven by the timing of multiple software projects.

o

An increase of $9.0 million in salary and employee benefit expense driven primarily by increased bonus and sales commission expense tied to business volumes, revenue growth, and overall company performance.

o

Increases of $3.9 million and $2.6 million in marketing and business development and legal and consulting expense, respectively, due to the timing of multiple projects.

o

An increase of $3.9 million in charitable contributions expense, recorded in other expense.

o

These increases were partially offset by a decrease of $14.1 million in operational losses, recorded in other expense, and a decrease of $7.3 million in equipment expense due to lower software amortization expense.

Income taxes

•

The company's effective tax rate was 17.7% for the year ended December 31, 2021, compared to 15.5% for the same period in 2020. The increase in the effective tax rate for 2021 is primarily attributable to a smaller portion of income being earned from tax-exempt municipal securities and higher state and local income taxes.

Balance sheet

•

Average total assets for the fourth quarter of 2021 were $38.1 billion compared to $35.9 billion for the linked quarter and $30.6 billion for the same period in 2020.

Summary of average loans and leases - QTD Average	UMB Financial Corporation
(unaudited, dollars in thousands)
		Q4			Q3			Q4			CQ vs.			CQ vs.
		2021			2021			2020			LQ			PY
Commercial and industrial		$	6,994,935			$	7,097,248			$	7,079,646			$	(102,313	)		$	(84,711	)
Specialty lending			484,552				486,021				506,225				(1,469	)			(21,673	)
Commercial real estate			6,218,138				6,285,348				5,847,439				(67,210	)			370,699
Consumer real estate			2,272,498				2,178,010				1,903,892				94,488				368,606
Consumer			107,841				115,702				128,350				(7,861	)			(20,509	)
Credit cards			414,267				400,189				382,166				14,078				32,101
Leases and other			200,417				194,235				193,363				6,182				7,054
Total loans		$	16,692,648			$	16,756,753			$	16,041,081			$	(64,105	)		$	651,567

•

Average loans for the fourth quarter of 2021 decreased 0.4% on a linked-quarter basis and increased 4.1% compared to the fourth quarter of 2020 primarily due to the company's participation in the PPP. Excluding PPP balances, average loans increased 1.4% on a linked-quarter basis.

Summary of average securities - QTD Average		UMB Financial Corporation
(unaudited, dollars in thousands)
		Q4			Q3			Q4			CQ vs.			CQ vs.
		2021			2021			2020			LQ			PY
Securities available for sale:
U.S. Treasury		$	69,398			$	17,903			$	30,778			$	51,495			$	38,620
U.S. Agencies			93,619				94,049				96,082				(430	)			(2,463	)
Mortgage-backed			7,395,528				6,766,619				5,053,821				628,909				2,341,707
State and political subdivisions			3,437,841				3,530,031				3,600,704				(92,190	)			(162,863	)
Corporates			236,743				158,326				76,870				78,417				159,873
Collateralized loan obligations			38,099				-				-				38,099				38,099
Total securities available for sale		$	11,271,228			$	10,566,928			$	8,858,255			$	704,300			$	2,412,973
Securities held to maturity:
State and political subdivisions		$	1,089,587			$	1,073,133			$	1,045,640			$	16,454			$	43,947
Mortgage-backed			105,622				-				-				105,622				105,622
Total securities held to maturity		$	1,195,209			$	1,073,133			$	1,045,640			$	122,076			$	149,569
Trading securities			29,426				25,392				29,659				4,034				(233	)
Other securities			299,829				262,453				267,445				37,376				32,384
Total securities		$	12,795,692			$	11,927,906			$	10,200,999			$	867,786			$	2,594,693

•

Average securities available for sale increased 6.7% on a linked-quarter basis and 27.2% compared to the fourth quarter of 2020.

Summary of average deposits - QTD Average	UMB Financial Corporation
(unaudited, dollars in thousands)
		Q4			Q3			Q4			CQ vs.			CQ vs.
		2021			2021			2020			LQ			PY
Deposits:
Noninterest-bearing demand		$	13,124,918			$	11,400,143			$	8,947,389			$	1,724,775			$	4,177,529
Interest-bearing demand and savings			17,809,817				17,376,135				15,250,236				433,682				2,559,581
Time deposits			701,836				651,727				767,755				50,109				(65,919	)
Total deposits		$	31,636,571			$	29,428,005			$	24,965,380			$	2,208,566			$	6,671,191
Noninterest bearing deposits as % of total			41.49	%			38.74	%			35.84	%

•

Average deposits increased 7.5% on a linked-quarter basis and 26.7% compared to the fourth quarter of 2020.

•

Average noninterest-bearing demand deposits increased 15.1% on a linked-quarter basis to $13.1 billion.

Capital

Capital information		UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
		December 31, 2021			September 30, 2021			December 31, 2020
Total equity		$	3,145,424			$	3,112,840			$	3,016,948
Book value per common share			64.95				64.37				62.84
Tangible book value per common share			61.05				60.44				58.64
Regulatory capital:
Common equity Tier 1 capital		$	2,885,576			$	2,811,117			$	2,547,634
Tier 1 capital			2,885,576				2,811,117				2,547,634
Total capital			3,324,284				3,248,869				3,002,545
Regulatory capital ratios:
Common equity Tier 1 capital ratio			12.05	%			12.26	%			12.10	%
Tier 1 risk-based capital ratio			12.05				12.26				12.10
Total risk-based capital ratio			13.88				14.17				14.26
Tier 1 leverage ratio			7.61				7.87				8.37

•

At December 31, 2021, the regulatory capital ratios presented in the foregoing table exceeded all "well-capitalized" regulatory thresholds.

Asset Quality

Credit quality		UMB Financial Corporation
(unaudited, dollars in thousands)
		Q4			Q3			Q2			Q1			Q4
		2021			2021			2021			2021			2020
Net charge-offs - Total loans		$	8,061			$	3,127			$	28,374			$	5,310			$	1,801
Net loan charge-offs as a % of total average loans			0.19	%			0.07	%			0.68	%			0.13	%			0.04	%
Loans over 90 days past due		$	2,633			$	2,319			$	1,265			$	1,773			$	1,952
Loans over 90 days past due as a % of total loans			0.02	%			0.01	%			0.01	%			0.01	%			0.01	%
Nonaccrual and restructured loans		$	92,300			$	96,536			$	58,219			$	76,706			$	87,823
Nonaccrual and restructured loans as a % of total loans			0.54	%			0.59	%			0.34	%			0.46	%			0.55	%
Provision for credit losses		$	8,500			$	(5,000	)		$	24,000			$	(7,500	)		$	5,000

•

Provision for credit losses for the fourth quarter totaled $8.5 million, an increase of $13.5 million from the linked quarter and an increase of $3.5 million from the fourth quarter of 2020. The fourth quarter provision expense is commensurate with the increases of $701.4 million and $1.1 billion in period-end loan balances as compared to the linked quarter and the fourth quarter of 2020, respectively, as well as considerations for portfolio changes and various macro-economic factors. Provision expense in the third quarter of 2021 represented a release of the Allowance for Credit Losses (ACL) based on positive macro-economic data and portfolio credit metrics.

•

Net charge-offs for the fourth quarter totaled $8.1 million, or 0.19%, of average loans, compared to $3.1 million, or 0.07%, of average loans in the linked quarter, and $1.8 million, or 0.04%, of average loans for the fourth quarter of 2020.

Dividend Declaration

At the company's quarterly board meeting, the Board of Directors declared a $0.37 per share quarterly cash dividend, payable on April 1, 2022, to shareholders of record at the close of business on March 10, 2022.

Conference Call

The company plans to host a conference call to discuss its fourth quarter 2021 earnings results on Wednesday, January 26, 2022, at 8:30 a.m. (CT).

Interested parties may access the call by dialing (toll-free) 877-267-8760 or (international) 412-542-4148 and requesting to join the UMB Financial call. The live call may also be accessed by visiting investorrelations.umb.com or by using the following link:

UMB Financial 4Q 2021 Conference Call

A replay of the conference call may be heard through February 9, 2022 by calling (toll-free)

877-344-7529 or (international) 412-317-0088. The replay access code required for playback is 1378406. The call replay may also be accessed at investorrelations.umb.com.

Non-GAAP Financial Information

In this release, we provide information about net operating income, operating earnings per share - diluted (operating EPS), operating return on average equity (operating ROE), operating return on average assets (operating ROA), operating noninterest expense, operating efficiency ratio, pre-tax, pre-provision income, pre-tax, pre-provision earnings per share - diluted (PTPP EPS), pre-tax, pre-provision income on a fully tax equivalent basis (PTPP-FTE), pre-tax, pre-provision FTE earnings per share - diluted (PTPP-FTE EPS), tangible 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, operating EPS, operating ROE, operating ROA, operating noninterest expense, operating efficiency ratio, PTPP, PTPP EPS, PTPP-FTE, PTPP-FTE EPS, tangible 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-, severance-, and COVID-19 related items that management does not believe reflect the company's fundamental operating performance. COVID-19 related expense includes hazard pay for branch associates, computer hardware expense to support associates working remotely, and additional equipment, cleaning, and janitorial supplies to protect the well-being of our associates and customers while on the company's premises.

Net operating income for the relevant period is defined as GAAP net income, adjusted to reflect the impact of excluding expenses related to acquisitions, severance expense, COVID-19 related expense, 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, divided by the company's average total shareholders' equity for the relevant period. Operating ROA is calculated as net operating income, 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).

PTPP income for the relevant period is defined as GAAP net income, adjusted to reflect the impact of excluding income tax and provision expenses.

PTPP-FTE for the relevant period is defined as GAAP net interest income on a fully tax equivalent basis plus noninterest income, less noninterest expense.

Tangible shareholders' equity for the relevant period is defined as GAAP shareholders' equity, net of intangible assets. Tangible book value per share is defined as tangible shareholders' equity divided by the Company's total 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, 2020, 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, the COVID-19 pandemic (the pandemic) may also cause actual results or other future events, circumstances, or aspirations to differ from our forward-looking statements. The pandemic has created a global public-health crisis that has resulted in widespread volatility and deteriorations in household, business, economic, and market conditions. It is currently adversely affecting the company and its customers, counterparties, employees, and first-party service providers, and the continued adverse impacts on our business, financial position, results of operations, and prospects could be significant. We are not able to accurately predict the extent of the impact of the pandemic on our capital, liquidity, and other financial positions and on our business, results of operations, and prospects at this time, and we believe it will depend on a number of evolving factors, including: (i) the duration, extent and severity of the pandemic; (ii) the response of governmental and non-governmental authorities to the pandemic, which is rapidly changing and not always coordinated or consistent across jurisdictions; (iii) the effect of the pandemic on our customers, counterparties, employees and first-party service providers, which may vary widely, and which is generally expected to increase our credit, counterparty, operational, and other risks; and (iv) the effect of the pandemic on economies and markets, which in turn could adversely affect, among other things, the origination of new loans and the performance of our existing loans. Any forward-looking statement should be evaluated in light of these considerations. 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, Missouri. UMB offers commercial banking, which includes comprehensive deposit, lending and investment services, personal banking, which includes 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, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, and serves business and institutional clients nationwide.For more information, visit UMB.com, UMB Blog,UMB Facebook and UMB LinkedIn, or follow us on Twitter at @UMBBank. For information about UMB's operations, approach and relief measures during the COVID-19 pandemic, please visit umb.com/COVID-19.

Consolidated Balance Sheets		UMB Financial Corporation
(dollars in thousands)
		December 31,
		2021			2020
		(unaudited)			(audited)
ASSETS
Loans		$	17,170,871			$	16,103,651
Allowance for credit losses on loans			(194,771	)			(215,973	)
Net loans			16,976,100				15,887,678
Loans held for sale			1,277				6,708
Securities:
Available for sale			11,976,514				9,299,688
Held to maturity, net of allowance for credit losses			1,478,476				1,012,004
Trading securities			31,875				35,020
Other securities			327,098				296,053
Total securities			13,813,963				10,642,765
Federal funds sold and resell agreements			1,216,357				1,650,335
Interest-bearing due from banks			8,841,906				3,110,042
Cash and due from banks			413,821				430,638
Premises and equipment, net			270,933				293,095
Accrued income			131,102				139,892
Goodwill			174,518				180,867
Other intangibles, net			14,416				21,056
Other assets			839,091				764,428
Total assets		$	42,693,484			$	33,127,504
LIABILITIES
Deposits:
Noninterest-bearing demand		$	16,342,642			$	9,879,970
Interest-bearing demand and savings			18,405,644				16,295,186
Time deposits under $250,000			403,660				477,748
Time deposits of $250,000 or more			447,981				398,347
Total deposits			35,599,927				27,051,251
Federal funds purchased and repurchase agreements			3,238,435				2,315,497
Long-term debt			271,544				269,595
Accrued expenses and taxes			249,492				319,676
Other liabilities			188,662				154,537
Total liabilities			39,548,060				30,110,556
SHAREHOLDERS' EQUITY
Common stock			55,057				55,057
Capital surplus			1,110,520				1,090,450
Retained earnings			2,176,998				1,891,246
Accumulated other comprehensive income, net			126,314				318,340
Treasury stock			(323,465	)			(338,145	)
Total shareholders' equity			3,145,424				3,016,948
Total liabilities and shareholders' equity		$	42,693,484			$	33,127,504

Consolidated Statements of Income		UMB Financial Corporation
(dollars in thousands except share and per share data)
		Three Months Ended			Year Ended
		December 31,			December 31,
		2021			2020			2021			2020
		(unaudited)			(unaudited)			(unaudited)			(audited)
INTEREST INCOME
Loans		$	155,324			$	152,486			$	619,273			$	585,957
Securities:
Taxable interest			37,376				26,226				127,625				105,701
Tax-exempt interest			24,140				25,427				98,305				99,820
Total securities income			61,516				51,653				225,930				205,521
Federal funds and resell agreements			2,286				2,567				10,048				11,840
Interest-bearing due from banks			2,182				384				5,417				3,744
Trading securities			275				202				854				1,427
Total interest income			221,583				207,292				861,522				808,489
INTEREST EXPENSE
Deposits			6,299				7,955				26,412				58,214
Federal funds and repurchase agreements			1,673				1,726				6,934				11,787
Other			3,041				2,936				12,655				7,259
Total interest expense			11,013				12,617				46,001				77,260
Net interest income			210,570				194,675				815,521				731,229
Provision for credit losses			8,500				5,000				20,000				130,500
Net interest income after provision for credit losses			202,070				189,675				795,521				600,729
NONINTEREST INCOME
Trust and securities processing			58,515				50,773				224,126				194,646
Trading and investment banking			6,977				9,693				30,939				32,945
Service charges on deposit accounts			21,607				20,074				86,056				83,879
Insurance fees and commissions			359				318				1,309				1,369
Brokerage fees			3,346				3,918				12,171				24,350
Bankcard fees			16,642				15,788				64,576				60,544
Investment securities gains, net			1,448				113,010				5,057				120,634
Other			9,888				14,716				42,941				41,799
Total noninterest income			118,782				228,290				467,175				560,166
NONINTEREST EXPENSE
Salaries and employee benefits			131,360				129,272				504,442				495,464
Occupancy, net			10,907				11,858				47,345				47,476
Equipment			19,886				22,008				78,398				85,719
Supplies and services			4,646				4,125				14,986				15,537
Marketing and business development			6,528				3,717				18,533				14,679
Processing fees			19,083				14,408				67,563				54,213
Legal and consulting			10,858				10,191				32,406				29,765
Bankcard			4,865				4,711				19,145				18,954
Amortization of other intangible assets			1,110				1,601				4,757				6,517
Regulatory fees			3,393				2,393				11,894				10,279
Other			9,847				22,574				34,167				43,402
Total noninterest expense			222,483				226,858				833,636				822,005
Income before income taxes			98,369				191,107				429,060				338,890
Income tax expense			19,873				34,787				76,042				52,388
NET INCOME		$	78,496			$	156,320			$	353,018			$	286,502
PER SHARE DATA
Net income - basic		$	1.62			$	3.26			$	7.31			$	5.95
Net income - diluted			1.61				3.24				7.24				5.93
Dividends			0.37				0.320				1.38				1.25
Weighted average shares outstanding - basic			48,371,296				47,927,358				48,271,462				48,137,791
Weighted average shares outstanding - diluted			48,854,383				48,264,097				48,738,292				48,343,750

Consolidated Statements of Comprehensive Income		UMB Financial Corporation
(dollars in thousands)
		Three Months Ended			Year Ended
		December 31,			December 31,
		2021			2020			2021			2020
		(unaudited)			(unaudited)			(unaudited)			(audited)
Net income		$	78,496			$	156,320			$	353,018			$	286,502
Other comprehensive (loss) income, before tax:
Unrealized gains and losses on debt securities:
Change in unrealized holding gains and losses, net			(46,275	)			25,576				(244,695	)			295,552
Less: Reclassification adjustment for gains included in net income			(2,739	)			(1,436	)			(7,817	)			(6,980	)
Change in unrealized gains and losses on debt securities			(49,014	)			24,140				(252,512	)			288,572
Unrealized gains and losses on derivative hedges:
Change in unrealized gains and losses on derivative hedges, net			(407	)			1,964				3,106				20,979
Less: Reclassification adjustment for gains included in net income			(802	)			(1,036	)			(3,352	)			(1,905	)
Change in unrealized gains and losses on derivative hedges			(1,209	)			928				(246	)			19,074
Other comprehensive (loss) income, before tax			(50,223	)			25,068				(252,758	)			307,646
Income tax benefit (expense)			12,230				(5,831	)			60,732				(72,486	)
Other comprehensive (loss) income			(37,993	)			19,237				(192,026	)			235,160
Comprehensive income		$	40,503			$	175,557			$	160,992			$	521,662

Consolidated Statements of Shareholders' Equity	UMB Financial Corporation
(dollars in thousands except per share data)
(audited)		Common Stock			Capital Surplus			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Total
Balance - January 1, 2020		$	55,057			$	1,073,764			$	1,672,438			$	83,180			$	(277,999	)		$	2,606,440
Total comprehensive income			-				-				286,502				235,160				-				521,662
Dividends ($1.25 per share)			-				-				(60,655	)			-				-				(60,655	)
Purchase of treasury stock			-				616				-				-				(64,382	)			(63,766	)
Forfeitures of equity awards, net of issuances			-				624				-				-				(16	)			608
Recognition of equity-based compensation			-				14,512				-				-				-				14,512
Sale of treasury stock			-				201				-				-				414				615
Exercise of stock options			-				733				-				-				3,838				4,571
Cumulative effect adjustment			-				-				(7,039	)			-				-				(7,039	)
Balance - December 31, 2020		$	55,057			$	1,090,450			$	1,891,246			$	318,340			$	(338,145	)		$	3,016,948
(unaudited)
Balance - January 1, 2021		$	55,057			$	1,090,450			$	1,891,246			$	318,340			$	(338,145	)		$	3,016,948
Total comprehensive income (loss)			-				-				353,018				(192,026	)			-				160,992
Dividends ($1.38 per share)			-				-				(67,266	)			-				-				(67,266	)
Purchase of treasury stock			-				-				-				-				(5,506	)			(5,506	)
Issuances of equity awards, net of forfeitures			-				(4,605	)			-				-				5,299				694
Recognition of equity-based compensation			-				20,514				-				-				-				20,514
Sale of treasury stock			-				316				-				-				283				599
Exercise of stock options			-				3,845				-				-				14,604				18,449
Balance - December 31, 2021		$	55,057			$	1,110,520			$	2,176,998			$	126,314			$	(323,465	)		$	3,145,424

Average Balances / Yields and Rates		UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
		Three Months Ended December 31,
		2021			2020
		Average			Average			Average			Average
		Balance			Yield/Rate			Balance			Yield/Rate
Assets
Loans, net of unearned interest		$	16,692,648				3.69	%		$	16,041,081				3.78	%
Securities:
Taxable			8,607,960				1.72				5,776,606				1.81
Tax-exempt			4,158,306				2.92				4,394,734				2.91
Total securities			12,766,266				2.11				10,171,340				2.28
Federal funds and resell agreements			1,099,090				0.83				1,186,939				0.86
Interest bearing due from banks			5,712,993				0.15				1,443,979				0.11
Trading securities			29,426				4.41				29,659				3.21
Total earning assets			36,300,423				2.49				28,872,998				2.95
Allowance for credit losses			(196,891	)							(217,923	)
Other assets			1,974,579								1,930,559
Total assets		$	38,078,111							$	30,585,634
Liabilities and Shareholders' Equity
Interest-bearing deposits		$	18,511,653				0.13	%		$	16,017,991				0.20	%
Federal funds and repurchase agreements			2,611,151				0.25				1,963,865				0.35
Borrowed funds			271,296				4.45				274,279				4.26
Total interest-bearing liabilities			21,394,100				0.20				18,256,135				0.27
Noninterest-bearing demand deposits			13,124,918								8,947,389
Other liabilities			417,015								446,572
Shareholders' equity			3,142,078								2,935,538
Total liabilities and shareholders' equity		$	38,078,111							$	30,585,634
Net interest spread							2.29	%							2.68	%
Net interest margin							2.37								2.78

Average Balances / Yields and Rates		UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
		Year Ended December 31,
		2021			2020
		Average			Average			Average			Average
		Balance			Yield/Rate			Balance			Yield/Rate
Assets
Loans, net of unearned interest		$	16,629,867				3.72	%		$	15,126,110				3.87	%
Securities:
Taxable			7,422,432				1.72				5,256,715				2.01
Tax-exempt			4,246,943				2.93				4,226,363				2.99
Total securities			11,669,375				2.16				9,483,078				2.45
Federal funds and resell agreements			1,234,533				0.81				1,099,447				1.08
Interest bearing due from banks			4,063,089				0.13				1,218,919				0.31
Trading securities			23,480				4.33				37,086				4.28
Total earning assets			33,620,344				2.64				26,964,640				3.10
Allowance for credit losses			(204,705	)							(184,482	)
Other assets			1,912,911								1,787,979
Total assets		$	35,328,550							$	28,568,137
Liabilities and Shareholders' Equity
Interest-bearing deposits		$	17,678,122				0.15	%		$	15,336,492				0.38	%
Federal funds and repurchase agreements			2,618,034				0.26				2,023,813				0.58
Borrowed funds			270,498				4.68				136,957				5.30
Total interest-bearing liabilities			20,566,654				0.22				17,497,262				0.44
Noninterest-bearing demand deposits			11,254,761								7,845,667
Other liabilities			418,021								420,247
Shareholders' equity			3,089,114								2,804,961
Total liabilities and shareholders' equity		$	35,328,550							$	28,568,137
Net interest spread							2.42	%							2.66	%
Net interest margin							2.50								2.81

Business Segment Information		UMB Financial Corporation
(unaudited, dollars in thousands)
		Three Months Ended December 31, 2021
		Commercial Banking			Institutional Banking			Personal Banking			Total
Net interest income		$	144,051			$	23,044			$	43,475			$	210,570
Provision for credit losses			7,446				90				964				8,500
Noninterest income			21,457				70,695				26,630				118,782
Noninterest expense			79,895				74,869				67,719				222,483
Income before taxes			78,167				18,780				1,422				98,369
Income tax expense			15,791				3,794				288				19,873
Net income		$	62,376			$	14,986			$	1,134			$	78,496
		Three Months Ended December 31, 2020
		Commercial Banking			Institutional Banking			Personal Banking			Total
Net interest income		$	133,019			$	22,322			$	39,334			$	194,675
Provision for credit losses			3,891				116				993				5,000
Noninterest income			131,630				63,746				32,914				228,290
Noninterest expense			85,942				71,562				69,354				226,858
Income before taxes			174,816				14,390				1,901				191,107
Income tax expense			31,821				2,620				346				34,787
Net income		$	142,995			$	11,770			$	1,555			$	156,320
		Year Ended December 31, 2021
		Commercial Banking			Institutional Banking			Personal Banking			Total
Net interest income		$	556,673			$	87,644			$	171,204			$	815,521
Provision for credit losses			15,553				630				3,817				20,000
Noninterest income			81,752				273,413				112,010				467,175
Noninterest expense			289,039				292,080				252,517				833,636
Income before taxes			333,833				68,347				26,880				429,060
Income tax expense			59,165				12,113				4,764				76,042
Net income		$	274,668			$	56,234			$	22,116			$	353,018
		Year Ended December 31, 2020
		Commercial Banking			Institutional Banking			Personal Banking			Total
Net interest income		$	475,425			$	106,856			$	148,948			$	731,229
Provision for credit losses			119,424				882				10,194				130,500
Noninterest income			189,412				254,874				115,880				560,166
Noninterest expense			272,283				286,635				263,087				822,005
Income (loss) before taxes			273,130				74,213				(8,453	)			338,890
Income tax expense (benefit)			42,223				11,472				(1,307	)			52,388
Net income (loss)		$	230,907			$	62,741			$	(7,146	)		$	286,502

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 December 31, 2021.

Non-GAAP Financial Measures

Net operating income Non-GAAP reconciliations:		UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
		Three Months Ended December 31,			Year Ended December 31,
		2021			2020			2021			2020
Net income (GAAP)		$	78,496			$	156,320			$	353,018			$	286,502
Adjustments:
Acquisition expense			18				-				18				324
Severance expense			359				109				1,122				4,757
COVID-19 related expense			169				1,286				696				6,861
Tax-impact of adjustments (i)			(121	)			(310	)			(408	)			(2,651	)
Total Non-GAAP adjustments (net of tax)			425				1,085				1,428				9,291
Net operating income (Non-GAAP)		$	78,921			$	157,405			$	354,446			$	295,793
Earnings per share - diluted (GAAP)		$	1.61			$	3.24			$	7.24			$	5.93
Acquisition expense			-				-				-				0.01
Severance expense			0.01				-				0.02				0.10
COVID-19 related expense			-				0.03				0.02				0.14
Tax-impact of adjustments (i)			-				(0.01	)			(0.01	)			(0.06	)
Operating earnings per share - diluted (Non-GAAP)		$	1.62			$	3.26			$	7.27			$	6.12
GAAP
Return on average assets			0.82	%			2.03	%			1.00	%			1.00	%
Return on average equity			9.91				21.18				11.43				10.21
Non-GAAP
Operating return on average assets			0.82	%			2.05	%			1.00	%			1.04	%
Operating return on average equity			9.97				21.33				11.47				10.55

(i) Calculated using the company's marginal tax rate of 22.2%.

Operating noninterest expense and operating efficiency ratio Non-GAAP reconciliations:		UMB Financial Corporation
(unaudited, dollars in thousands)
		Three Months Ended December 31,			Year Ended December 31,
		2021			2020			2021			2020
Noninterest expense		$	222,483			$	226,858			$	833,636			$	822,005
Adjustments to arrive at operating noninterest expense (pre-tax):
Acquisition expense			18				-				18				324
Severance expense			359				109				1,122				4,757
COVID-19 related expense			169				1,286				696				6,861
Total Non-GAAP adjustments (pre-tax)			546				1,395				1,836				11,942
Operating noninterest expense (Non-GAAP)		$	221,937			$	225,463			$	831,800			$	810,063
Noninterest expense		$	222,483			$	226,858			$	833,636			$	822,005
Less: Amortization of other intangibles			1,110				1,601				4,757				6,517
Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A)		$	221,373			$	225,257			$	828,879			$	815,488
Operating noninterest expense		$	221,937			$	225,463			$	831,800			$	810,063
Less: Amortization of other intangibles			1,110				1,601				4,757				6,517
Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B)		$	220,827			$	223,862			$	827,043			$	803,546
Net interest income		$	210,570			$	194,675			$	815,521			$	731,229
Noninterest income			118,782				228,290				467,175				560,166
Less: Gains on sales of securities available for sale, net			2,739				1,436				7,817				6,980
Total Non-GAAP Revenue (denominator A)		$	326,613			$	421,529			$	1,274,879			$	1,284,415
Efficiency ratio (numerator A/denominator A)			67.78	%			53.44	%			65.02	%			63.49	%
Operating efficiency ratio (Non-GAAP) (numerator B/denominator A)			67.61				53.11				64.87				62.56

Pre-tax, pre-provision income non-GAAP reconciliations:	UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
		Three Months Ended December 31,			Year Ended December 31,
		2021			2020			2021			2020
Net income before taxes (GAAP)		$	98,369			$	191,107			$	429,060			$	338,890
Adjustments:
Provision for credit losses			8,500				5,000				20,000				130,500
Pre-tax, pre-provision income (Non-GAAP)		$	106,869			$	196,107			$	449,060			$	469,390
Pre-tax earnings per share - diluted (GAAP)		$	2.01			$	3.96			$	8.80			$	7.01
Provision for credit losses			0.18				0.10				0.41				2.70
Pre-tax, pre-provision earnings per share - diluted (Non-GAAP)		$	2.19			$	4.06			$	9.21			$	9.71

Pre-tax, pre-provision income - FTE Non-GAAP reconciliations:		UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
		Three Months Ended December 31,			Year Ended December 31,
		2021			2020			2021			2020
Net interest income		$	210,570			$	194,675			$	815,521			$	731,229
Adjustments to arrive at net interest income - FTE:
Tax equivalent interest			6,483				6,839				26,334				26,718
Net interest income - FTE		$	217,053			$	201,514			$	841,855			$	757,947
Noninterest income			118,782				228,290				467,175				560,166
Less: Noninterest expense			222,483				226,858				833,636				822,005
Pre-tax, pre-provision income - FTE (Non-GAAP)		$	113,352			$	202,946			$	475,394			$	496,108
Net interest income earnings per share - diluted		$	4.31			$	4.03			$	16.73			$	15.12
Tax equivalent interest			0.13				0.14				0.53				0.55
Net interest income - FTE			4.44				4.17				17.26				15.67
Noninterest income			2.43				4.73				9.59				11.59
Less: Noninterest expense			4.55				4.70				17.10				17.00
Pre-tax, pre-provision income - FTE earnings per share - diluted (Non-GAAP)		$	2.32			$	4.20			$	9.75			$	10.26

Tangible book value non-GAAP reconciliations:	UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
		As of December 31,
		2021			2020
Total shareholders' equity (GAAP)		$	3,145,424			$	3,016,948
Less: Intangible assets
Goodwill			174,518				180,867
Other intangibles, net			14,416				21,056
Total intangibles, net			188,934				201,923
Total tangible shareholders' equity (Non-GAAP)		$	2,956,490			$	2,815,025
Total shares outstanding			48,430,805				48,006,386
Ratio of total shareholders' equity (book value) per share		$	64.95			$	62.84
Ratio of total tangible shareholders' equity (tangible book value) per share (Non-GAAP)			61.05				58.64