Logo of jester cap with thought bubble.

Image source: The Motley Fool.

Umb Financial Corp (NASDAQ:UMBF)
Q3 2021 Earnings Call
Oct 27, 2021, 9:30 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good morning, and welcome to UMB Financial Third Quarter 2021 Financial Results Conference Call. [Operator Instructions]

Now I'd like to turn the call over to Ms. Kay Gregory, Investor Relations. Please go ahead.

Kay Gregory -- Investor Relations

Good morning, and welcome to our third quarter 2021 call. Mariner Kemper, President and Chief Executive Officer; and Ram Shankar, Chief Financial Officer, will share a few comments about our results. Jim Rine, Chief Executive Officer of UMB Bank; and Tom Terry, Chief Credit Officer, will also be available for the question-and-answer session. Before we begin, let me remind you that today's presentation contains forward-looking statements, all of which are subject to assumptions, risks and uncertainties. These risks are included in our SEC filings and are summarized on slide 43 of our presentation. Actual results and circumstances may differ from those set forth in any forward-looking statements. Forward-looking statements speak only as of today, and we undertake no obligation to update them unless required by securities laws. Our presentation materials and press release are available online at investorrelations.umb.com.

Now I'll turn the call over to Mariner Kemper.

Mariner Kemper -- Chairman, President and Chief Executive Officer

Thank you, Kay, and thanks, everyone, for joining us today. We continue to see the benefits of our diverse business model, which helps us drive key points of our investment thesis: above-peer loan growth, solid net interest income and strong fee income contributions. For the third quarter, we posted 15.3% average loan growth on a linked-quarter annualized basis, excluding PPP balances. Asset quality remains strong with net charge-offs of just seven basis points and a $5 million negative provision for credit losses.

Sentiment in our markets continues to move toward more normalized levels. While supply chain dynamics and rising material costs weigh on businesses across our footprint, pricing and customer demand led to strong loan growth. Turning to our third quarter results, net income was $94.5 million or $1.94 per share, and pre-tax pre-provision income on an FTE basis was $115.3 million or $2.37 per share. Slide 18 shows primary drivers behind our results, and I'll provide some high-level comments and then turn it over to Ram for more details. Net interest income increased 4.3% from the second quarter, driven by strong earning asset growth and controlled liability costs.

Net interest margin was 2.52% versus 2.56% last quarter, impacted by continued elevated liquidity levels, reinvestment rates, core loan mix and repricing. We are working to deploy the excess liquidity as prudently as possible as the rate environment changes. While reported noninterest income declined for the linked quarter, it was largely driven by unrealized mark-to-market adjustments in the equity holdings, including a $10.7 million swing to our Tattooed Chef position in the second quarter. We saw positive momentum in fund services income and bank card fees with increases of 8.5% and 7.1%, respectively. Trading and investment banking income fell during the quarter on lower trading volumes after an extremely strong second quarter.

Moving to the balance sheet. Slide 24 is a snapshot of our loan portfolio, showing the drivers behind our loan growth. C&I led the growth in average balances this quarter as we continue to gain share across our footprint. Prospects are recognizing us as a consistent, stable player in our markets. More than half of our commercial loan growth came from new customers this quarter. During the quarter, we saw some return of Capex spending. And while the growing number of middle-market companies selling to private equity firms contributes to payoffs, we've had success in building relationships with PE firms and are often able to participate in those purchases.

Average mortgage balances increased 7.4% from the second quarter to $1.8 billion. Funded mortgage loans for the quarter were $236 million, including $30 million in the secondary market. Year-to-date, we've seen 53% in secondary market mortgages compared to the same period in 2020. Top line loan production, as shown on slide 25, was $905 million for the quarter outside of PPP balance changes. Payoffs and paydowns were 5.9% of loans, above recent levels. We do expect acquisition activity among middle-market companies to continue, which makes estimating payoffs unpredictable. However, we see a robust pipeline for the fourth quarter with opportunities across all verticals.

On slide 26, we've updated our exposure to sensitive industries. We continue to monitor our hotel and senior living portfolios, which stood at a combined $885 million at quarter end, representing 5.5% of loans, excluding PPP. After analysis of mitigating factors, including strong sponsors and guarantors, we feel approximately $419 million or 2.6% of loans warrant closer monitoring. We've included this analysis again in this quarter. However, as the economy continues to improve, this will be less of a focus going forward. Slide 27 and 28 show asset quality trends. I'm pleased with the reported seven basis points of net charge-offs for the quarter. And as I mentioned last quarter, given what we know today and the quality we see across our portfolio, we expect charge-offs to come in near our historical levels of 25 to 30 basis points for the full year of 2021.

You will see that nonperforming loans ticked up this quarter to 0.59% of loans, in line with the third quarter of 2020. This increase was largely driven by one credit relationship. As we've talked about often, we'll see peaks and valleys as we manage credit, moving them to watch list or NPAs, but our historical track record has shown limited migration to loss. Moving to capital. We saw improvement in our already strong ratios with total capital of 14.17% compared to 13.84% in the second quarter.

While we returned additional capital to shareholders through the increased dividend payment announced in July, our top priority for use of capital remains supporting strong organic growth. And as market conditions allow, we'll continue to look for opportunities to augment that growth with strategic acquisitions. Along these lines, we recently announced a single branch acquisition with approximately $250 million in deposits in the Kansas City market. Finally, we recently announced the formal launch of our family wealth offering.

This is a registered investment advisor, which focuses on providing entrepreneurial investment strategies, sophisticated tax planning and generational wealth guidance to families with significant wealth. We were already providing many of these services within private wealth management, and we decided it was time to formalize the offering, including hiring and developing a dedicated team of investment professionals. Additionally, UMB Capital Corporation, which holds our SBIC, will be part of our family wealth offering and will focus on investment opportunities in private equity, direct investments and other alternatives for our clients. To wrap it up, we continue to see positive momentum across the company. And I'm pleased with our third quarter performance, and I'm excited by the opportunities we see as we head into the fourth quarter and beyond into 2022.

Now I'll turn it over to Ram for a few comments.

Ram Shankar -- Chief Financial Officer and Executive Vice President

Thank you, Mariner. Net interest income of $209.8 million represented an increase of 4.3% from the second quarter. We amortized $8.8 million of PPP origination fees into income, and the overall PPP contribution to the third quarter net interest income was $10.1 million compared to $12.4 million last quarter. At quarter end, our PPP balances stood at $318 million, down from $766 million at June 30. Approximately $9.3 million in unamortized fees remain at the end of the third quarter. Average earning asset yields decreased five basis points to 2.65% due to a three basis point decline in security yields and asset mix changes, including increased liquidity and a $659 million decline in average PPP balances.

Our Fed account, reverse repo and cash balances now comprise 16% of average earning assets compared to 14% last quarter with a yield of 30 basis points. This increased liquidity, along with core loan repricing pressure and mix changes, drove the decline in net interest margin. We continue to deploy a portion of excess liquidity as well as cash flows from our securities book back into our AFS portfolio, driving an increase of $643 million in average balances from the prior quarter and nearly $2 billion compared to the third quarter of 2020.

Looking ahead, our internal outlook for any Fed actions are in line with the current consensus for an early 2023 increase. We remain modestly asset-sensitive with more than 50% of our loan portfolio tied to short-term interest rates and over 1/3 of our deposits in interest rate demand deposits. Actual experience when rates do rise will depend on a number of factors, including the pace and source of liquidity reductions, overall size of our investment portfolio, mix shift within the deposit book, steepness of the yield curve to include the 10-year treasury yields and the number of rate increases as pertinent to our $1 billion in pay fixed, receive float swap portfolio.

As we've noted in our investment thesis, we believe that our ability to grow our loan portfolio through market share gains, potential to redeploy our over $4 billion in excess liquidity, coupled with opportunities to rotate within our earning asset base, will also add to net interest income outperformance relative to our peers. Additionally, a few of our fee income businesses benefit from higher interest rates such as 12b-1 money market fees in our Corporate Trust business. The portfolio composition and activity trends are shown on slide 29. And during the quarter, we had cash flows of $375 million at a yield of 1.98%. We repurchased $1.1 billion of securities that yielded 1.28%. Noninterest income for the third quarter was $107.9 million, down $23.7 million from the last quarter, driven largely by market-related adjustments.

The market value of our investment in Tattooed Chef, TTCF, resulted in a $3.5 million unrealized loss in the third quarter compared to a $7.2 million write-up in the second quarter. Additionally, as noted last quarter, our second quarter fees had included over $5 million in investment gains from liquidity events on portfolio companies held at UMB Capital Corporation. Other drivers to fee income for the quarter are shown on slide 22. Noninterest expense trends are shown on slide 23.

Expenses increased $7.5 million or 3.7% from the second quarter to $208.9 million, driven by larger performance-related incentive expense and $2.7 million in operational losses. Our effective tax rate for both the third quarter and year-to-date was 17%. For the full year 2021, we anticipate it will be approximately 16% to 18%. Our tangible book value per share has increased nearly 10% during the past 12 months to $60.44 at September 30.

That concludes our prepared remarks, and I'll now turn it back over to the operator to begin the Q&A portion of the call.

Questions and Answers:

Operator

[Operator Instructions] First question comes from Jared Shaw, Wells Fargo Securities. Please go ahead.

Jared Shaw -- Wells Fargo Securities -- Analyst

Thank you, I guess maybe first with the loan growth and outlook. Good growth on an average basis quarter-over-quarter. I mean I see the slide with the paydown, payoff activity. How should we be thinking about loan growth going into the end of the year? Should we -- can we expect to see average growth from third quarter with the impact of PPP rolling off? Or I guess how should we be thinking about the strong pipeline versus some of the structural headwinds there?

Mariner Kemper -- Chairman, President and Chief Executive Officer

Well, I think the news -- this is Mariner, Jared. I think the news is similar to what we've already talked about, which is our top line growth. We expect to continue to be strong payoff, paydown activity. Against that is an unknown -- this last quarter was, I think, representative of a buildup from the coronavirus from last year where we got low cap rates and low interest rates, and there's some sales activity taking place within our -- largely our CRE book. But otherwise, top line growth continues to look strong. Obviously, ex PPP, we continue to have the same trends as we always do with our loan growth.

Jared Shaw -- Wells Fargo Securities -- Analyst

Okay. And then you had mentioned some strength with PE firm customers. Are you doing capital call lending with them? Or what's the type of lending relationship that that's driving?

Mariner Kemper -- Chairman, President and Chief Executive Officer

Well, we do, do some lending into our fund services clients, but that's not really what we're referencing. We're really talking more about M&A-driven PE lending. So as companies in our portfolio or through relationships with PE firms get bought or sold, we're participating in that acquisition debt.

Jared Shaw -- Wells Fargo Securities -- Analyst

Okay. Great. And then looking at loan yields, do you think that overall, we sort of hit a bottom here, assuming a stable rate environment? Or could there be maybe a little more incremental squeeze on loan yields?

Mariner Kemper -- Chairman, President and Chief Executive Officer

Things remain very competitive. They always do. I don't know, Tom, if you want to add. We're near the bottom, I suppose.

Jared Shaw -- Wells Fargo Securities -- Analyst

Yes. No, I would agree with that. It's still a very aggressive environment. And I don't expect that part of it to change. If rates stabilize, however you define that, we may be near the bottom, but it's still always a competitive environment.

Mariner Kemper -- Chairman, President and Chief Executive Officer

Probably not a lot of downward pressure, but it certainly remains competitive.

Jared Shaw -- Wells Fargo Securities -- Analyst

Okay. And then just finally for me, any color you can give on that increase in C&I NPL, whether it's detail on the sector? And then I guess what gives you confidence that the loss content could be low on that?

Mariner Kemper -- Chairman, President and Chief Executive Officer

So it is, as we mentioned in the call, it is one credit. What I would tell you is, which has been true for some time, I've been in credit leadership at UMB for 25 years as of the two other gentlemen on the call with me today, Jim Rine and Tom Terry. And what has always been true about the way we manage credit is we're quick to take action, quick to recognize trouble and quick to manage credits. And our history is very strong and long in not seeing migration -- much material migration from troubled credits to loss. And we don't expect that would be any different on a go-forward basis as there are peaks and valleys from time to time and, typically, very few credits. So they're not really trends in any one -- there's never a trend in an industry. It's usually a particular credit or two.

Jared Shaw -- Wells Fargo Securities -- Analyst

Okay. Is that -- and is that throughout this quarter?

Mariner Kemper -- Chairman, President and Chief Executive Officer

We would expect full year charge-offs to remain within our 10-year averages of 25 to 30 basis points.

Jared Shaw -- Wells Fargo Securities -- Analyst

Okay. And was that growth in the factoring unit?

Mariner Kemper -- Chairman, President and Chief Executive Officer

No, it's not from factoring. It will be in our core portfolio, yes.

Jared Shaw -- Wells Fargo Securities -- Analyst

Okay, Thank you.

Operator

Next question comes from Nathan Race, Piper Sandler. Please go ahead.

Nathan Race -- Piper Sandler -- Analyst

Thank you, Good morning. A few questions on the fee income growth outlook. It looks like the fund services unit is continuing to post pretty impressive growth over the last several quarters here. And I appreciate the additional breakouts on slide 22 along those lines. So I'm just curious, as you guys maybe look out over the next several quarters, total fee income growth has been kind of the low to mid-single digit range over the last couple of years. Is that still a reasonable expectation to think about for 2022? And where do you see a lot of that growth coming from across the overall composition of the year?

Jim Rine -- President and Chief Executive Officer

Nate, this is Jim Rine. We have had great growth in the fund services area, and half of that is coming from new clients. Won't really give forward guidance on what we see for fee income. I can tell you, though, through our Institutional business, our Public Finance area is up. We anticipate additional strong growth there through the rest of the year. They're already having a record year. Corporate Trust is up 61% over 2020. We've continued to expand and add additional associates in that area, and we've made additional investments in our healthcare services area to expand our direct-to-employer network to where we're expecting additional growth in the future there. Keep in mind in the -- through our fund services as well as some of the other business, we are absent 12b-I fees due to the rate environment. And if you go back to pre-2020, we had roughly $30 million in 12b-I fees on a run rate. So again, not providing guidance, but as rates do tick up, we would see additional fee income in that -- from that category as well.

Mariner Kemper -- Chairman, President and Chief Executive Officer

And the driver, as a backdrop for all of those businesses, continue to be strong. There's a lot of disruption in our competitors within the Fund Services business. We've been benefiting handsomely from that disruption. And we're a real strong player in the PE space. So alternatives have been very strong, right, in this low interest rate environment. Alternatives have been a very strong asset class. So there's a lot of growth there, both in formation as well as asset growth within our customer base. So -- and then infrastructure and rates all are sort of headed -- real rates are headed up, and the anticipation of an infrastructure bill is speeding up activity in the public and corporate trust space. And as travel has recovered, our aviation business is also starting to see some positive outlook. So a lot of really good drivers as we look forward. And also, our mortgage business is -- as we've talked in the past, we have a lot of runway across all of our business lines. And that's true for mortgage for us, too, even if purchase -- or refi -- even if the refi business slows down on an industrywide level, our business is so nascent that we have a lot of opportunity and runway just within our customer base to participate in the purchase volume. And so we see some legs for our mortgage business on a relative basis even if rates rise and the refi business slows down. Along with our card business for -- which is, for a company our size, is a pretty good business, and we're starting to see some nice momentum in card spend driving interchange revenue for us.

Nathan Race -- Piper Sandler -- Analyst

Got it. That's very helpful color. Maybe just changing gears and thinking about the trajectory of the reserve over the next several quarters. You guys are back below kind of pre-pandemic relative reserve levels. As we sit here today, ex PPP, how are you guys kind of thinking about the need to provide for additional growth going forward kind of within the context of the charge-off outlook kind of remain in that 25 to 35 basis point range going forward?

Jim Rine -- President and Chief Executive Officer

Ram, do you want to take that?

Ram Shankar -- Chief Financial Officer and Executive Vice President

Yes. I mean we're still not at pre-pandemic levels. So on day one, our CECL number was 85 basis points coverage. And if you look at where we are today, we're close to 120, right? So there's still -- as the macro environment and the Moody's forecast gets better, there's going to be pressure on the allowance coverage ratio to go down further from where we are. But a lot of our provision, typically, to your point, happens because of the outsized loan growth that we have. So on that basis, I think our relative recapture of the reserve might be slower than peers because of that because we continue to grow our balance sheet on the loan side. And so that will be a good differentiating factor, if you will.

Nathan Race -- Piper Sandler -- Analyst

Got it. Makes sense. And maybe just one last one for me. Any additional color on the operational loss in the other expense line item here in the third quarter? And I assume that doesn't recur going forward. But would just appreciate any additional color on the driver there.

Mariner Kemper -- Chairman, President and Chief Executive Officer

Yes, that's something that will -- I think you see this in other income statements. This bounces around a little bit. It's not regulatory. It's not a regulatory loss. It's just a typical kind of business operating type losses that we will bump into from one quarter to the next based on our business activities and breadth and depth of our business.

Nathan Race -- Piper Sandler -- Analyst

Ok, Well appreciated. Thank you guys.

Operator

Thank you, Next question comes from Chris McGratty, KBW. Please go ahead.

Chris McGratty -- KBW -- Analyst

Hey, Good morning. Thanks Ram or Mariner, the deposit growth has been just off the charts. I'm interested in kind of an outlook for deposit flows, particularly noninterest-bearing. How much do you think is sustainable versus a little bit transitory? Because those numbers are pretty strong.

Mariner Kemper -- Chairman, President and Chief Executive Officer

It's a great question. And when you get the answer, will you give us a call? No, we're -- we've benefited. I think one of the reasons ours is outsized is the mix of business, right? So we have a large Commercial and Institutional business. So the question -- so that's certainly a big driver, which would be less transitory, right? So the growth of our asset servicing business, the growth of our new aviation trust business, the coming back of our regular corporate trust business and 12b-1 fees, and so those kind of comments around Corporate Trust and Public Finance business picking up in a rising rate environment, all of those things would be the non-transitory part of the increased levels of liquidity on our balance sheet. If you just look at the pre and the post sort of numbers, the range, right, we've got an additional $4.5-some-odd billion on our balance sheet. The question, right, the million-dollar question for everybody is, is it a $4.5 million in excess transitory liquidity or something less? We certainly believe that it's less than that because of the growth in our business lines and the complexity of our balance sheet and income statement. Certainly, there is some excess liquidity on the balance sheet, but we have internal debate ourselves really about how much there is. So I know you're looking for more than that, but I think a lot of it is going to be driven by the complexity in all of the institutional businesses, adding core balances, but there's certainly some excess liquidity on there. It's a great question. And when you get the answer, will you give us a call? No, we're -- we've benefited. I think one of the reasons ours is outsized is the mix of business, right? So we have a large Commercial and Institutional business. So the question -- so that's certainly a big driver, which would be less transitory, right? So the growth of our asset servicing business, the growth of our new aviation trust business, the coming back of our regular corporate trust business and 12b-1 fees, and so those kind of comments around Corporate Trust and Public Finance business picking up in a rising rate environment, all of those things would be the non-transitory part of the increased levels of liquidity on our balance sheet. If you just look at the pre and the post sort of numbers, the range, right, we've got an additional $4.5-some-odd billion on our balance sheet. The question, right, the million-dollar question for everybody is, is it a $4.5 million in excess transitory liquidity or something less? We certainly believe that it's less than that because of the growth in our business lines and the complexity of our balance sheet and income statement. Certainly, there is some excess liquidity on the balance sheet, but we have internal debate ourselves really about how much there is. So I know you're looking for more than that, but I think a lot of it is going to be driven by the complexity in all of the institutional businesses, adding core balances, but there's certainly some excess liquidity on there.

Chris McGratty -- KBW -- Analyst

Okay. Yes, it's a guess, but I appreciate the color. Second -- my follow-up would be on expenses. I've heard from many of your peers this quarter, just inflationary wages, pressures to run the business. I'm interested how you're thinking about retention and the cost to retain and also recruit.

Mariner Kemper -- Chairman, President and Chief Executive Officer

Another great question, right? As we're all sort of feeling our way through this, the pressure to work from home and the regions from the Coast and just the competitive landscape for employment, I think it's early, right, to tell -- to understand some of the longer-term implications of coming out of COVID and some of the, I think, more permanent implications of the way we've been working in the last couple of years. But I would say that we have seen some wage inflation, and that is we do not believe that it's transitory. You can't unring that bell. But I think from a competitive landscape, we have a great culture. We're not losing people. Our voluntary turnover rate and turnover rates in general are not much different than they were prior to the period we've gone through. So we've been watching that. And so we don't feel like there's any signs on the turnover side where we have been able to maintain and hold the people that we have. Competitively, on the hiring side, that's the biggest challenge because everybody is looking and everybody is in need. But again, we feel pretty good about the culture and the strength of kind of the consistency of our company as we look to hiring.

Jim Rine -- President and Chief Executive Officer

Yes. And Chris, it's Jim Rine. The one thing that we've also been just dealing with, I think most of our peers are dealing with too, is just getting our mix of flexibility correctly. I think that's what associates are really looking for and the workplace right now. And that's something that we're addressing and putting a lot -- and being very thoughtful with also as much as the wage inflation. It's just what the new work environment looks like. And that's where you're going to see a lot of changes in the industry, quite frankly. Yes.

Mariner Kemper -- Chairman, President and Chief Executive Officer

And we want to be a thoughtful leader in that space. So we're not going to dig our heels in. We're going to make some real changes and adapt.

Chris McGratty -- KBW -- Analyst

Okay. And then the last one would be, Ram, on the PPP. Can you just remind us the fees that were in the quarter and then what's left?

Ram Shankar -- Chief Financial Officer and Executive Vice President

Yes. So it was $10 million in the quarter, Chris. That includes both the origination fee and interest income. We still have $9 million of fees left on the PPP program on balances of about $320 million at quarter end.

Chris McGratty -- KBW -- Analyst

Ok, Thanks.

Operator

[Operator Instructions] Next question comes from David Long, Raymond James. Please go ahead.

David Long -- Raymond James -- Analyst

Good morning everyone. The utilization rate, can you talk about where utilization rate was here at the quarter end and how you -- if you expect that to change here anytime soon?

Mariner Kemper -- Chairman, President and Chief Executive Officer

So it was at 32% at the end of the quarter, and it ranges from 29% to 35%. And I would say that the way to think about it is the average is a low for us, it's low 30s. And if you think about an environment where there's a lot of liquidity in the system, my take for the industry is that it's likely that, that liquidity gets spent first before we would see something on the higher end of our range.

David Long -- Raymond James -- Analyst

Got you. Okay. And then looking at the average balances in loans, pretty good growth there in the quarter, but the period end didn't show the same. Was there some accelerated payoffs or paydowns near the end of the quarter?

Thomas Terry -- Executive Vice President and Chief Credit Officer

Yes. This is Tom Terry. As Mariner mentioned earlier in his comments, we're seeing a greater amount of payoffs in our commercial real estate book principally due to low cap rates, a low rate environment. They're either being refinanced in the nonrecourse market or there are a lot of just outright sales of commercial real estate properties. And so we are seeing a greater amount of that this year and certainly in the third quarter than we've seen historically.

Mariner Kemper -- Chairman, President and Chief Executive Officer

But that point in time question, though, that's just -- that's literally just a point in time. It means that the growth -- I'd pay more attention to the averages than the point in time.

Jim Rine -- President and Chief Executive Officer

And Dave, slide 25 has the roll-off, roll-on on that. You can see those numbers in there. And as a percentage of loans, as Mariner and Tom both alluded to, it was a little elevated at 5.9% of total loans.

David Long -- Raymond James -- Analyst

Got it. Okay. All right, that's all I had. Thanks guys.

Mariner Kemper -- Chairman, President and Chief Executive Officer

I might add that -- it wasn't asked, but it's something we're pretty proud of. We're going to have a new tearsheet coming out in a week or so on our community development and our ESG efforts. We spent a lot of time on it. We're really proud of the things we're doing. As a matter of fact, I'd say ESG is a new term really for some things that we, as a company, have always really cared about. We're pretty excited about that. So I keep an eye out. You can go to our website to see our community development statement. And within a week or so, you'll see our new tearsheet for -- where we're making sure we're getting recognized for a lot of the things we've been doing by detailing them in the statement. We're doing some real neat things. We're rolling out, here in December, a down payment assistance program to reach into LMI neighborhoods and help lift people up and help increase home ownership. And in our fourth quarter expenses, we think that if things continue the way they have for us this year into the fourth quarter, we're likely to share some of our profits with our communities in the fourth quarter as we have been doing. And anyway, we're really proud of what our team is doing and what our company is doing to make a difference and -- in the communities we're serving. And we'd love for you all of our investors to take a look at what we're doing on our website and keep an eye out for those efforts going forward. So thanks, everybody, for joining today.

Kay Gregory -- Investor Relations

All right. It looks like we have no further questions. Thank you, everybody, for joining us. The replay will be on our website shortly. And as always, you can contact the UMB Investor Relations at (816) 860-7106 with any follow-up questions. And we appreciate your interest and time. Thank you.

Operator

[Operator Closing Remarks]

Duration: 34 minutes

Call participants:

Kay Gregory -- Investor Relations

Mariner Kemper -- Chairman, President and Chief Executive Officer

Ram Shankar -- Chief Financial Officer and Executive Vice President

Jim Rine -- President and Chief Executive Officer

Thomas Terry -- Executive Vice President and Chief Credit Officer

Jared Shaw -- Wells Fargo Securities -- Analyst

Nathan Race -- Piper Sandler -- Analyst

Chris McGratty -- KBW -- Analyst

David Long -- Raymond James -- Analyst

More UMBF analysis

All earnings call transcripts

AlphaStreet Logo

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.