UMB Financial Corporation (NASDAQ:UMBF) Q3 2023 Earnings Call Transcript

Mariner Kemper: Thanks. Yes, I might just remind everybody before we’re done, just because it has been a – it started in April with the way the world looked and you looked and to get to where we are now, we feel pretty good about where we sit. And just want to remind you a couple of things I said a moment ago, UMB said early on in the summer and spring that we would get – likely get to 32% on non-interest bearing total that’s about where we sit here now. We said we would go through the margin trouble early and then while others were seeing the declines, we flatten out on a link quarter basis, you’ve seen us flatten out margin on a link quarter basis. We continue to tell you we’re going to have outsized loan growth. We continue to have outsized loan growth.

We continue to tell the street about our ability over time to manage asset quality. And while everybody’s asset quality looks good right now, ours looked good in the last cycle, so we continue to have excellent asset quality. We’ve had the best five quarters linked together we’ve had in our history from an asset quality standpoint. And we have the same management team managing credit that we’ve seen through the last few cycles, is still on top of credit cycle. And we expect that we’ll continue to manage our company the way we always have. And lastly, we’re one of the few banks this quarter on a linked quarter basis to show reduction in expenses of 3.4% in our case. And so really, across the Board, everything that we can control, we’ve controlled and have performed.

And any business every once in a while, for geopolitical reasons or otherwise, their input costs go up. And this is businesses job to manage and how you pass on those costs, or you become more efficient and we’re doing our job. And we’re pleased with the results and we hope you are as well.

Kay Gregory: Thanks Mariner. Thanks everyone for joining us today and if you have any follow-up questions, you can always reach us at 816-860-7106. Thank you and have great day. I’ll turn it back to the operator for close the call.

Operator: Ladies and gentlemen, today’s call has now concluded. We would like to thank you for your participation, you may now disconnect your lines.