UMB Financial (UMBF) in Kansas City, Mo., is getting ready to lose a large deposit account.
The $15.3 billion-asset company disclosed in a regulatory filing Thursday that a client is expected to move about $1.1 billion in deposits to an unnamed depository institution in the next 120 days. UMB said that it held about $871 million of the client's deposits at June 30, or roughly 7.4% of UMB's total deposits.
"We do not have any other client that has a similar risk profile," the filing said.
UMB said it may look to replace some or all of the funding provided by the deposits. The company said its earnings per share could take a hit of 4 cents to 9 cents next year if it chose to replace all of the funding, based on the current rate environment and assumptions about the cost and availability of other funding sources. "We can provide no assurance that we will be able to replace the funding provided by these deposits," the filing added.