Jim Rine, UMB Bank president and CEO, discusses UMB’s continued market stability, growth in key regions and how the bank is positioned for the road ahead.
This past year proved to be an exceptional year of growth for our business, with maintained and increased deposit market share for UMB Bank across our eight-state footprint.
Growth contributors
We’ve held the position as market share leader in Kansas City‡ for 10 years running, holding 25.44% of the total market. We believe it is because people trust UMB and its stability. This stability enables them to feel confident keeping their money with us during all economic cycles. As history has shown, we tend to see positive business activity when there is a flight to quality during unpredictable times—and 2021 showcased that once again.
Additionally, our pipeline and sales activity remain strong, and we continue to see growth across our various business lines. This growth was showcased in our 2021 fourth quarter earnings report that demonstrated continued growth in deposits and loans.
As of December 31, 2021, UMB reported quarterly average deposits of $31.6 billion, a 26.7% growth compared to the fourth quarter of 2020, as well as $16.6 billion in loan balances. This represents significant growth year-over-year from $27 billion in deposits and $15.8 billion in loan balances at the end of the fourth quarter of 2020. Not only does this accomplishment represent the growth we have seen at UMB, but it also allows us to invest back into the community and support our customers.
Record deposit rankings and financial stewardship
The pandemic has greatly increased deposits across the board as consumers and businesses continue to safeguard their money during these uncertain times. You can see this reflected in the numbers reported by the FDIC*. For UMB, this meant we ranked in the top 10 for market share in five cities within our footprint, including Kansas City (No. 1), Colorado Springs (No. 6) and Denver (No. 10), as well as St. Louis (No. 11).
In Colorado, our deposits were up 23.7% year-over-year, with a 28.5% deposit increase in the Denver metropolitan area. In St. Louis, we experienced 16.3% deposit growth over the prior year in the St. Louis metropolitan area.
Deposits are the lifeblood of our organization and are vital to our ability to lend money to businesses and people in the community. Having the resources to invest in businesses, projects and other initiatives that drive a city’s progress is crucial to our role as a financial steward. As the market share leader in Kansas City, we also have a responsibility to the community – a responsibility we work to fulfill each day through our civic engagement, volunteerism, investments and more.
Supporting our clients
Amid everything happening in the world and in our country, one thing is certain – we are here and ready to assist. For more than 100 years, UMB has proven to be a strong financial steward for the communities we serve and for our customers. From our commercial and institutional customers to our consumer and private wealth management clients, we will continue to be your dedicated and trusted advisor and financial partner.
In the end, we believe people do business with us because they trust what we do and the counsel we provide. We look forward to continuing to serve our communities and customers for the next century and beyond.
Stay informed on industry trends and noteworthy company news by visiting our Industry News section on umb.com. Follow UMB on Facebook‡ and LinkedIn‡ to see regular updates about our company, people and timely financial perspectives.
*As of June 30, 2021, FDIC Summary of Deposits report
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