UMBF UMB Financial Corporation

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): 1/28/2025

 

 

UMB FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

 

 

Commission File Number: 001-38481

 

Missouri		43-0903811
(State or other jurisdiction of		(IRS Employer
incorporation)		Identification No.)

 

1010 Grand Blvd., Kansas City, MO 64106

(Address of principal executive offices, including zip code)

 

(816) 860-7000

(Registrant’s telephone number, including area code)

 

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13c-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 Par Value	UMBF	The NASDAQ Global Select Market

 

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

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Item 2.02 Results of Operations and Financial Condition

 

On January 28, 2025, UMB Financial Corporation (the “Company”) issued a press release announcing the financial results for the Company for the quarter and year ended December 31, 2024. A copy of the press release is attached as Exhibit 99.1 and the information is hereby incorporated by reference herein. The Company does not incorporate by reference information presented at any website referenced in the press release.

 

The information contained in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 hereto, is being furnished and shall not be deemed to be “filed” with the Securities and Exchange Commission (“SEC”) for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section and is not incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference to this Current Report on Form 8-K in such a filing.

 

Item 7.01 Regulation FD Disclosure

 

On January 28, 2025, the Company announced in the same press release that the Board of Directors of the Company had declared a quarterly dividend of $0.40 per share that is payable on April 1, 2025 to stockholders of record of the Company's common stock as of the close of business on March 10, 2025.

The Company is furnishing a copy of materials that will be used in the Company’s shareholder conference call at 8:30 a.m. (CT) on January 29, 2025. A copy of the materials is attached as Exhibit 99.2 and will be available on the Company’s website at www.umb.com. The materials are dated January 28, 2025, and the Company disclaims any obligation to correct or update any of the materials in the future.

 

The information provided under Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 hereto, is being furnished and is not deemed to be “filed” with the SEC for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section and is not incorporated by reference into any filing of the Company under the Securities Act or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference to this Current Report on Form 8-K in such a filing. The Company does not incorporate by reference to this Current Report on Form 8-K information presented at any website referenced in this report or in any of the Exhibits attached hereto.

Item 9.01 Financial Statements and Exhibits

 

99.1	Press Release announcing financial results for the quarter and year ended December 31, 2024, and announcing dividend declaration.
99.2	Investor Presentation Materials, dated January 28, 2025.
104	The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

 

 

 

 

 

 

 

 

 

SIGNATURES

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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

UMB FINANCIAL CORPORATION
By:	/s/ Ram Shankar
	Ram Shankar Chief Financial Officer

Date: January 28, 2025

 

 

 

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UMB Financial Corporation News Release

1010 Grand Boulevard

Kansas City, MO 64106

816.860.7000

umb.com

 

//FOR IMMEDIATE RELEASE//

Media Contact: Stephanie Hague: 816.729.1027

Investor Relations Contact: Kay Gregory: 816.860.7106

 

UMB Financial Corporation Reports Fourth Quarter Net Income of $120.0 Million and Net Operating Income(i) of $122.6 Million.

Full-Year 2024 Net Income of $441.2 Million; Net Operating Income(i) of $461.7 Million.

 

 

Fourth Quarter 2024 Financial Highlights

 

KANSAS CITY, Mo. (January 28, 2025) – UMB Financial Corporation (Nasdaq: UMBF), a financial services company, announced net income for the fourth quarter of 2024 of $120.0 million, or $2.44 per diluted share, compared to $109.6 million, or $2.23 per diluted share, in the third quarter (linked quarter) and $70.9 million, or $1.45 per diluted share, in the fourth quarter of 2023.

 

Net operating income, a non-GAAP financial measure reconciled later in this release to net income, the nearest comparable GAAP measure, was $122.6 million, or $2.49 per diluted share, for the fourth quarter of 2024, compared to $110.4 million, or $2.25 per diluted share, for the linked quarter and $112.0 million, or $2.29 per diluted share, for the fourth quarter of 2023. Operating pre-tax, pre-provision income (operating PTPP), a non-GAAP measure reconciled later in this release to the components of net income before taxes, the nearest comparable GAAP measure, was $166.9 million, or $3.39 per diluted share, for the fourth quarter of 2024, compared to $154.6 million, or $3.15 per diluted share, for the linked quarter, and $134.9 million, or $2.76 per diluted share, for the fourth quarter of 2023. These operating PTPP results represent increases of 8.0% on a linked-quarter basis and 23.7% compared to the fourth quarter of 2023.

 

“Our fourth quarter financial results punctuated a successful year for UMB Financial, driven by strong operating fundamentals that are the core of our investment thesis for shareholders,” said Mariner Kemper, UMB Financial Corporation chairman and chief executive officer. “Our 2024 results reflect strong growth on both sides of the balance sheet, continued momentum and new client acquisitions in many of our fee income businesses, excellent credit quality metrics and disciplined expense management. We set new company records with annual net income of $441.2 million, net operating income of $461.7 million, net interest income that surpassed $1.0 billion, and noninterest income of $628.1 million.

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“For the fourth quarter, net interest income increased 8.7% sequentially driven by both an 11-basis-point increase in net interest margin and a 15.6% linked-quarter annualized increase in average earning assets. Additionally, the strength of our fee income businesses propelled a 4.1% increase in noninterest income compared to the third quarter of 2024. Average loan balances increased 14.8% on a linked-quarter annualized basis, driven by top line loan production of $1.6 billion, another record for us.

“With the previously announced receipt of necessary approvals, we are excited to close our merger with Heartland Financial, slated for January 31, 2025. Teams at both companies have been diligently working to prepare for the closing and integration of our two franchises.”

 

 

(i) A non-GAAP financial measure reconciled later in this release to net income, the nearest comparable GAAP measure.

 

Fourth Quarter 2024 earnings discussion

 

Summary of quarterly financial results		UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
		Q4				Q3				Q4
		2024				2024				2023
Net income (GAAP)		$	119,997			$	109,643			$	70,923
Earnings per share - diluted (GAAP)			2.44				2.23				1.45
Operating pre-tax, pre-provision income (Non-GAAP)(i)			166,901				154,594				134,901
Operating pre-tax, pre-provision earnings per share - diluted (Non-GAAP)(i)			3.39				3.15				2.76
Operating pre-tax, pre-provision income - FTE (Non-GAAP)(i)			173,270				161,195				141,571
Operating pre-tax, pre-provision earnings per share - FTE - diluted (Non-GAAP)(i)			3.52				3.28				2.90
Net operating income (Non-GAAP)(i)			122,577				110,358				112,038
Operating earnings per share - diluted (Non-GAAP)(i)			2.49				2.25				2.29
GAAP
Return on average assets			1.06	%			1.01	%			0.69	%
Return on average equity			13.53				12.63				9.52
Efficiency ratio			61.83				61.69				77.65
Non-GAAP(i)
Operating return on average assets			1.08	%			1.01	%			1.10	%
Operating return on average equity			13.82				12.71				15.04
Operating efficiency ratio			61.12				61.46				63.06

(i) See reconciliation of Non-GAAP measures to their nearest comparable GAAP measures later in this release.

 

 

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Summary of revenue		UMB Financial Corporation
(unaudited, dollars in thousands)
		Q4				Q3				Q4				CQ vs.				CQ vs.
		2024				2024				2023				LQ				PY
Net interest income		$	268,974			$	247,376			$	230,522			$	21,598			$	38,452
Noninterest income:
Trust and securities processing			76,861				74,222				66,584				2,639				10,277
Trading and investment banking			6,185				7,118				5,751				(933	)			434
Service charges on deposit accounts			21,405				20,089				21,330				1,316				75
Insurance fees and commissions			425				282				238				143				187
Brokerage fees			18,635				15,749				13,439				2,886				5,196
Bankcard fees			21,089				22,394				18,672				(1,305	)			2,417
Investment securities gains, net			593				2,623				1,014				(2,030	)			(421	)
Other			20,018				16,266				13,226				3,752				6,792
Total noninterest income		$	165,211			$	158,743			$	140,254			$	6,468			$	24,957
Total revenue		$	434,185			$	406,119			$	370,776			$	28,066			$	63,409
Net interest income (FTE)		$	275,343			$	253,977			$	237,192
Net interest margin (FTE)			2.57	%			2.46	%			2.46	%
Total noninterest income as a % of total revenue			38.1				39.1				37.8

 

Net interest income

 

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Noninterest income

 

 

 

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Noninterest expense

Summary of noninterest expense		UMB Financial Corporation
(unaudited, dollars in thousands)
		Q4				Q3				Q4				CQ vs.				CQ vs.
		2024				2024				2023				LQ				PY
Salaries and employee benefits		$	161,062			$	146,984			$	134,231			$	14,078			$	26,831
Occupancy, net			11,272				12,274				12,296				(1,002	)			(1,024	)
Equipment			15,312				15,988				16,579				(676	)			(1,267	)
Supplies and services			3,173				4,967				5,546				(1,794	)			(2,373	)
Marketing and business development			8,999				6,817				6,659				2,182				2,340
Processing fees			30,565				29,697				27,271				868				3,294
Legal and consulting			12,229				9,518				8,424				2,711				3,805
Bankcard			9,398				12,482				8,677				(3,084	)			721
Amortization of other intangible assets			1,917				1,917				2,048				—				(131	)
Regulatory fees			5,255				4,686				59,183				569				(53,928	)
Other			11,179				7,124				9,060				4,055				2,119
Total noninterest expense		$	270,361			$	252,454			$	289,974			$	17,907			$	(19,613	)

 

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Full Year 2024 earnings discussion

 

Net income for the year ended December 31, 2024, was $441.2 million, or $8.99 per diluted share, compared to $350.0 million, or $7.18 per diluted share in 2023. The results for 2024 include $6.6 million in pre-tax expense for the FDIC special assessment, compared to $52.8 million in pre-tax expense in 2023. Net operating income, a non-GAAP financial measure reconciled to net income, the nearest comparable GAAP measure, later in this release, was $461.7 million, or $9.41 per diluted share, compared to $397.1 million, or $8.14 per diluted share in 2023. These results represent an increase of $64.6 million, or 16.3% as compared to 2023. Operating PTPP, a non-GAAP financial measure reconciled later in this release to the components of net income before taxes, the nearest comparable GAAP measure, was $625.8 million, or $12.75 per diluted share, compared to $524.8 million, or $10.76 per diluted share in 2023. These results represent an increase of 19.2% as compared to 2023.

 

Summary of year-to-date financial results		UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)		December				December
		YTD				YTD
		2024				2023
Net income (GAAP)		$	441,243			$	350,024
Earnings per share - diluted (GAAP)			8.99				7.18
Operating pre-tax, pre-provision income (Non-GAAP)(i)			625,786				524,791
Operating pre-tax, pre-provision earnings per share - diluted (Non-GAAP)(i)			12.75				10.76
Operating pre-tax, pre-provision income - FTE (Non-GAAP)(i)			651,679				551,150
Operating pre-tax, pre-provision earnings per share - FTE - diluted (Non-GAAP)(i)			13.28				11.30
Net operating income (Non-GAAP)(i)			461,745				397,115
Operating earnings per share - diluted (Non-GAAP)(i)			9.41				8.14
GAAP
Return on average assets			1.02	%			0.88	%
Return on average equity			13.24				12.23
Efficiency ratio			62.56				67.76
Non-GAAP(i)
Operating return on average assets			1.07	%			1.00	%
Operating return on average equity			13.85				13.87
Operating efficiency ratio			61.12				63.52

 

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Income taxes

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Balance sheet

 

Summary of average loans and leases - QTD Average										UMB Financial Corporation
(unaudited, dollars in thousands)
		Q4				Q3				Q4				CQ vs.				CQ vs.
		2024				2024				2023				LQ				PY
Commercial and industrial		$	10,637,952			$	10,176,502			$	9,825,043			$	461,450			$	812,909
Specialty lending			491,546				508,957				496,816				(17,411	)			(5,270	)
Commercial real estate			10,007,361				9,669,076				8,890,057				338,285				1,117,304
Consumer real estate			3,143,613				3,045,229				2,945,114				98,384				198,499
Consumer			177,341				164,105				153,791				13,236				23,550
Credit cards			630,373				613,663				495,502				16,710				134,871
Leases and other			201,602				209,631				302,740				(8,029	)			(101,138	)
Total loans		$	25,289,788			$	24,387,163			$	23,109,063			$	902,625			$	2,180,725

 

 

Summary of average securities - QTD Average		UMB Financial Corporation
(unaudited, dollars in thousands)
		Q4				Q3				Q4				CQ vs.				CQ vs.
		2024				2024				2023				LQ				PY
Securities available for sale:
U.S. Treasury		$	1,131,295			$	821,308			$	859,114			$	309,987			$	272,181
U.S. Agencies			159,808				166,250				169,723				(6,442	)			(9,915	)
Mortgage-backed			4,200,465				3,888,879				3,466,152				311,586				734,313
State and political subdivisions			1,241,033				1,240,199				1,218,176				834				22,857
Corporates			321,939				320,570				345,634				1,369				(23,695	)
Collateralized loan obligations			359,053				340,604				349,149				18,449				9,904
Total securities available for sale		$	7,413,593			$	6,777,810			$	6,407,948			$	635,783			$	1,005,645
Securities held to maturity:
U.S. Agencies		$	116,316			$	116,286			$	123,195			$	30			$	(6,879	)
Mortgage-backed			2,542,385				2,597,430				2,756,528				(55,045	)			(214,143	)
State and political subdivisions			2,765,663				2,785,138				2,825,138				(19,475	)			(59,475	)
Total securities held to maturity		$	5,424,364			$	5,498,854			$	5,704,861			$	(74,490	)		$	(280,497	)
Trading securities		$	25,224			$	19,743			$	16,880			$	5,481			$	8,344
Other securities			466,545				447,698				456,758				18,847				9,787
Total securities		$	13,329,726			$	12,744,105			$	12,586,447			$	585,621			$	743,279

 

 

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Summary of average deposits - QTD Average						UMB Financial Corporation
(unaudited, dollars in thousands)
		Q4				Q3				Q4				CQ vs.				CQ vs.
		2024				2024				2023				LQ				PY
Deposits:
Noninterest-bearing demand		$	10,637,616			$	9,502,106			$	10,118,748			$	1,135,510			$	518,868
Interest-bearing demand and savings			25,367,316				23,779,651				19,457,878				1,587,665				5,909,438
Time deposits			2,012,287				2,010,199				3,098,636				2,088				(1,086,349	)
Total deposits		$	38,017,219			$	35,291,956			$	32,675,262			$	2,725,263			$	5,341,957
Noninterest bearing deposits as % of total			28.0	%			26.9	%			31.0	%

 

Capital

 

Capital information		UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
		December 31, 2024				September 30, 2024				December 31, 2023
Total equity		$	3,466,541			$	3,535,489			$	3,100,419
Accumulated other comprehensive loss, net			(573,050	)			(395,856	)			(556,935	)
Book value per common share			71.02				72.45				63.85
Tangible book value per common share (Non-GAAP)(i)			65.46				66.86				58.12
Regulatory capital:
Common equity Tier 1 capital		$	3,802,257			$	3,691,874			$	3,418,676
Tier 1 capital			3,802,257				3,691,874				3,418,676
Total capital			4,445,872				4,324,890				4,014,910
Regulatory capital ratios:
Common equity Tier 1 capital ratio			11.29	%			11.22	%			10.94	%
Tier 1 risk-based capital ratio			11.29				11.22				10.94
Total risk-based capital ratio			13.21				13.14				12.85
Tier 1 leverage ratio			8.50				8.58				8.49

(i) See reconciliation of Non-GAAP measures to their nearest comparable GAAP measures later in this release.

 

 

Asset Quality

Credit quality		UMB Financial Corporation
(unaudited, dollars in thousands)
		Q4				Q3				Q2				Q1				Q4
		2024				2024				2024				2024				2023
Net charge-offs - total loans		$	8,935			$	8,454			$	2,856			$	3,017			$	1,352
Net loan charge-offs as a % of total average loans			0.14	%			0.14	%			0.05	%			0.05	%			0.02	%
Loans over 90 days past due		$	7,602			$	7,133			$	5,644			$	3,076			$	3,111
Loans over 90 days past due as a % of total loans			0.03	%			0.03	%			0.02	%			0.01	%			0.01	%
Nonaccrual and restructured loans		$	19,282			$	19,291			$	13,743			$	17,756			$	13,212
Nonaccrual and restructured loans as a % of total loans			0.08	%			0.08	%			0.06	%			0.08	%			0.06	%
Provision for credit losses		$	19,000			$	18,000			$	14,050			$	10,000			$	—

 

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Dividend Declaration

At the company’s quarterly board meeting, the Board of Directors declared a $0.40 per share quarterly cash dividend, payable on April 1, 2025, to stockholders of record of the company's common stock at the close of business on March 10, 2025.

 

Conference Call

The company will host a conference call to discuss its fourth quarter 2024 earnings results on Wednesday, January 29, 2025, at 8:30 a.m. (CT).

 

Interested parties may access the call by dialing (toll-free) 833-470-1428 or (international) 404-975-4839 and requesting to join the UMB Financial call with access code 099512. The live call may also be accessed by visiting investorrelations.umb.com or by using the following link:

 

UMB Financial 4Q 2024 Conference Call

 

A replay of the conference call may be heard through February 12, 2025, by calling (toll-free) 866-813-9403 or (international) 929-458-6194. The replay access code required for playback is 612758. 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, operating pre-tax, pre-provision income (operating PTPP), operating pre-tax, pre-provision earnings per share – diluted (operating PTPP EPS), operating pre-tax, pre-provision income on a fully tax equivalent basis (operating PTPP-FTE), operating pre-tax, pre-provision FTE earnings per share – diluted (operating 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, operating PTPP, operating PTPP EPS, operating PTPP-FTE, operating 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- and severance-related items, and the FDIC special assessment that management does not believe reflect the company’s fundamental operating performance.

 

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, the FDIC special assessment, 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

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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).

 

Operating PTPP income for the relevant period is defined as GAAP net interest income plus GAAP noninterest income, less noninterest expense, adjusted to reflect the impact of excluding expenses related to acquisitions and severance, and the FDIC special assessment.

 

Operating PTPP-FTE for the relevant period is defined as GAAP net interest income on a fully tax equivalent basis plus GAAP noninterest income, less noninterest expense, adjusted to reflect the impact of excluding expenses related to acquisitions and severance, and the FDIC special assessment.

 

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, 2023, 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: macroeconomic and adverse developments and uncertainties related to the collateral effects of the collapse of, and challenges for, domestic and international banks, including the impacts to the U.S. and global economies; sustained levels of high inflation and the potential for an economic recession on the heels of aggressive quantitative tightening by the Federal Reserve; and impacts related to or resulting from instability in the Middle East and Russia’s military action in Ukraine, such as the broader impacts to financial markets and the global macroeconomic and geopolitical environments, may also cause actual results or other future events, circumstances, or aspirations to differ from our forward-looking statements. 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

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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. As the company’s reach continues to grow, it also serves business clients nationwide and institutional clients in several countries. For more information, visit UMB.com, UMB Blog, UMB Facebook and UMB LinkedIn.

 

 

 

 

 

 

 

 

 

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Consolidated Balance Sheets		UMB Financial Corporation
(unaudited, dollars in thousands)
		December 31,
		2024				2023
ASSETS
Loans		$	25,642,301			$	23,172,484
Allowance for credit losses on loans			(259,089	)			(219,738	)
Net loans			25,383,212				22,952,746
Loans held for sale			2,756				4,420
Securities:
Available for sale			7,774,334				7,068,613
Held to maturity, net of allowance for credit losses			5,376,267				5,688,610
Trading securities			28,533				18,093
Other securities			471,018				492,935
Total securities			13,650,152				13,268,251
Federal funds sold and resell agreements			545,000				245,344
Interest-bearing due from banks			7,986,270				5,159,802
Cash and due from banks			573,175				447,201
Premises and equipment, net			221,773				241,700
Accrued income			246,095				220,306
Goodwill			207,385				207,385
Other intangibles, net			63,647				71,012
Other assets			1,530,199				1,193,507
Total assets		$	50,409,664			$	44,011,674
LIABILITIES
Deposits:
Noninterest-bearing demand		$	13,617,167			$	12,130,662
Interest-bearing demand and savings			27,397,195				20,588,606
Time deposits under $250,000			969,132				2,292,899
Time deposits of $250,000 or more			1,158,535				780,692
Total deposits			43,142,029				35,792,859
Federal funds purchased and repurchase agreements			2,609,715				2,119,644
Short-term debt			—				1,800,000
Long-term debt			385,292				383,247
Accrued expenses and taxes			368,457				389,860
Other liabilities			437,630				425,645
Total liabilities			46,943,123				40,911,255
SHAREHOLDERS' EQUITY
Common stock			55,057				55,057
Capital surplus			1,145,638				1,134,363
Retained earnings			3,174,948				2,810,824
Accumulated other comprehensive loss, net			(573,050	)			(556,935	)
Treasury stock			(336,052	)			(342,890	)
Total shareholders' equity			3,466,541				3,100,419
Total liabilities and shareholders' equity		$	50,409,664			$	44,011,674

 

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Consolidated Statements of Income		UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
		Three Months Ended								Year Ended
		December 31,								December 31,
		2024				2023				2024				2023
INTEREST INCOME
Loans		$	410,631			$	381,041			$	1,612,948			$	1,399,961
Securities:
Taxable interest			71,403				53,890				257,562				214,981
Tax-exempt interest			24,387				25,637				99,375				102,197
Total securities income			95,790				79,527				356,937				317,178
Federal funds and resell agreements			5,902				3,540				17,628				17,647
Interest-bearing due from banks			42,314				32,267				182,145				103,190
Trading securities			331				227				1,351				729
Total interest income			554,968				496,602				2,171,009				1,838,705
INTEREST EXPENSE
Deposits			255,303				213,842				982,302				704,210
Federal funds and repurchase agreements			23,745				21,903				106,558				93,026
Other			6,946				30,335				81,257				121,353
Total interest expense			285,994				266,080				1,170,117				918,589
Net interest income			268,974				230,522				1,000,892				920,116
Provision for credit losses			19,000				—				61,050				41,227
Net interest income after provision for credit losses			249,974				230,522				939,842				878,889
NONINTEREST INCOME
Trust and securities processing			76,861				66,584				290,571				257,200
Trading and investment banking			6,185				5,751				24,226				19,630
Service charges on deposit accounts			21,405				21,330				84,512				84,950
Insurance fees and commissions			425				238				1,257				1,009
Brokerage fees			18,635				13,439				61,564				54,119
Bankcard fees			21,089				18,672				87,797				74,719
Investment securities gains (losses), net			593				1,014				10,720				(3,139	)
Other			20,018				13,226				67,470				53,365
Total noninterest income			165,211				140,254				628,117				541,853
NONINTEREST EXPENSE
Salaries and employee benefits			161,062				134,231				593,913				553,421
Occupancy, net			11,272				12,296				47,539				48,502
Equipment			15,312				16,579				63,406				68,718
Supplies and services			3,173				5,546				14,845				16,829
Marketing and business development			8,999				6,659				28,439				25,749
Processing fees			30,565				27,271				117,899				103,099
Legal and consulting			12,229				8,424				46,207				29,998
Bankcard			9,398				8,677				44,265				32,969
Amortization of other intangible assets			1,917				2,048				7,705				8,587
Regulatory fees			5,255				59,183				31,904				77,010
Other			11,179				9,060				30,564				34,258
Total noninterest expense			270,361				289,974				1,026,686				999,140
Income before income taxes			144,824				80,802				541,273				421,602
Income tax expense			24,827				9,879				100,030				71,578
NET INCOME		$	119,997			$	70,923			$	441,243			$	350,024
PER SHARE DATA
Net income – basic		$	2.46			$	1.46			$	9.05			$	7.22
Net income – diluted			2.44				1.45				8.99				7.18
Dividends			0.40				0.39				1.57				1.53
Weighted average shares outstanding – basic			48,807,081				48,538,127				48,747,814				48,503,643
Weighted average shares outstanding – diluted			49,178,891				48,860,020				49,056,956				48,763,820

 

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Consolidated Statements of Comprehensive Income		UMB Financial Corporation
(unaudited, dollars in thousands)
		Three Months Ended								Year Ended
		December 31,								December 31,
		2024				2023				2024				2023
Net income		$	119,997			$	70,923			$	441,243			$	350,024
Other comprehensive (loss) income, before tax:
Unrealized gains and losses on debt securities:
Change in unrealized holding gains and losses, net			(183,961	)			293,578				(8,956	)			147,977
Less: Reclassification adjustment for net (gains) losses included in net income			—				—				(139	)			279
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity			8,560				9,288				35,905				39,851
Change in unrealized gains and losses on debt securities			(175,401	)			302,866				26,810				188,107
Unrealized gains and losses on derivative hedges:
Change in unrealized gains and losses on derivative hedges, net			(58,542	)			10,767				(40,530	)			15,015
Less: Reclassification adjustment for net gains included in net income			(677	)			(2,589	)			(8,069	)			(10,654	)
Change in unrealized gains and losses on derivative hedges			(59,219	)			8,178				(48,599	)			4,361
Other comprehensive (loss) income, before tax			(234,620	)			311,044				(21,789	)			192,468
Income tax benefit (expense)			57,426				(75,608	)			5,674				(46,668	)
Other comprehensive (loss) income			(177,194	)			235,436				(16,115	)			145,800
Comprehensive (loss) income		$	(57,197	)		$	306,359			$	425,128			$	495,824

 

 

Consolidated Statements of Shareholders' Equity						UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
		Common Stock				Capital Surplus				Retained Earnings				Accumulated Other Comprehensive (Loss) Income				Treasury Stock				Total
Balance - January 1, 2023		$	55,057			$	1,125,949			$	2,536,086			$	(702,735	)		$	(347,264	)		$	2,667,093
Total comprehensive income			—				—				350,024				145,800				—				495,824
Dividends ($1.53 per share)			—				—				(75,286	)			—				—				(75,286	)
Purchase of treasury stock			—				—				—				—				(8,367	)			(8,367	)
Issuances of equity awards, net of forfeitures			—				(10,385	)			—				—				11,104				719
Recognition of equity-based compensation			—				17,975				—				—				—				17,975
Sale of treasury stock			—				220				—				—				296				516
Exercise of stock options			—				604				—				—				1,341				1,945
Balance - December 31, 2023		$	55,057			$	1,134,363			$	2,810,824			$	(556,935	)		$	(342,890	)		$	3,100,419
Balance - January 1, 2024		$	55,057			$	1,134,363			$	2,810,824			$	(556,935	)		$	(342,890	)		$	3,100,419
Total comprehensive income (loss)			—				—				441,243				(16,115	)			—				425,128
Dividends ($1.57 per share)			—				—				(77,119	)			—				—				(77,119	)
Purchase of treasury stock			—				—				—				—				(7,738	)			(7,738	)
Issuances of equity awards, net of forfeitures			—				(11,220	)			—				—				11,923				703
Recognition of equity-based compensation			—				21,876				—				—				—				21,876
Sale of treasury stock			—				342				—				—				240				582
Exercise of stock options			—				1,690				—				—				2,413				4,103
Common stock issuance costs			—				(1,413	)			—				—				—				(1,413	)
Balance - December 31, 2024		$	55,057			$	1,145,638			$	3,174,948			$	(573,050	)		$	(336,052	)		$	3,466,541

 

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Average Balances / Yields and Rates		UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
		Three Months Ended December 31,
		2024								2023
		Average				Average				Average				Average
		Balance				Yield/Rate				Balance				Yield/Rate
Assets
Loans, net of unearned interest		$	25,289,788				6.46	%		$	23,109,063				6.54	%
Securities:
Taxable			9,739,156				2.92				8,853,426				2.41
Tax-exempt			3,565,346				3.42				3,716,141				3.44
Total securities			13,304,502				3.05				12,569,567				2.72
Federal funds and resell agreements			429,898				5.46				235,284				5.97
Interest bearing due from banks			3,573,884				4.71				2,372,767				5.40
Trading securities			25,224				5.68				16,880				5.83
Total earning assets			42,623,296				5.24				38,303,561				5.21
Allowance for credit losses			(250,824	)							(223,668	)
Other assets			2,608,524								2,435,687
Total assets		$	44,980,996							$	40,515,580
Liabilities and Shareholders' Equity
Interest-bearing deposits		$	27,379,603				3.71	%		$	22,556,514				3.76	%
Federal funds and repurchase agreements			2,250,507				4.20				1,883,392				4.61
Borrowed funds			409,474				6.75				2,286,271				5.26
Total interest-bearing liabilities			30,039,584				3.79				26,726,177				3.95
Noninterest-bearing demand deposits			10,637,616								10,118,748
Other liabilities			776,031								715,688
Shareholders' equity			3,527,765								2,954,967
Total liabilities and shareholders' equity		$	44,980,996							$	40,515,580
Net interest spread							1.45	%							1.26	%
Net interest margin							2.57								2.46

 

 

 

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Average Balances / Yields and Rates		UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
		Year Ended December 31,
		2024								2023
		Average				Average				Average				Average
		Balance				Yield/Rate				Balance				Yield/Rate
Assets
Loans, net of unearned interest		$	24,212,645				6.66	%		$	22,337,119				6.27	%
Securities:
Taxable			9,290,809				2.77				9,097,110				2.36
Tax-exempt			3,634,588				3.44				3,790,921				3.38
Total securities			12,925,397				2.96				12,888,031				2.66
Federal funds and resell agreements			303,096				5.82				316,072				5.58
Interest bearing due from banks			3,482,402				5.23				2,046,349				5.04
Trading securities			22,311				6.53				14,030				5.65
Total earning assets			40,945,851				5.37				37,601,601				4.96
Allowance for credit losses			(235,370	)							(216,245	)
Other assets			2,479,363								2,344,911
Total assets		$	43,189,844							$	39,730,267
Liabilities and Shareholders' Equity
Interest-bearing deposits		$	25,224,201				3.89	%		$	21,122,305				3.33	%
Federal funds and repurchase agreements			2,338,455				4.56				2,175,415				4.28
Borrowed funds			1,447,646				5.61				2,311,238				5.25
Total interest-bearing liabilities			29,010,302				4.03				25,608,958				3.59
Noninterest-bearing demand deposits			10,077,251								10,640,344
Other liabilities			769,479								618,230
Shareholders' equity			3,332,812								2,862,735
Total liabilities and shareholders' equity		$	43,189,844							$	39,730,267
Net interest spread							1.34	%							1.37	%
Net interest margin							2.51								2.52

 

 

 

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Business Segment Information		UMB Financial Corporation
(unaudited, dollars in thousands)
		Three Months Ended December 31, 2024
		Commercial Banking				Institutional Banking				Personal Banking				Total
Net interest income		$	180,085			$	53,118			$	35,771			$	268,974
Provision for credit losses			15,392				1,021				2,587				19,000
Noninterest income			29,278				109,812				26,121				165,211
Noninterest expense			92,740				109,850				67,771				270,361
Income (loss) before taxes			101,231				52,059				(8,466	)			144,824
Income tax expense (benefit)			17,764				8,246				(1,183	)			24,827
Net income (loss)		$	83,467			$	43,813			$	(7,283	)		$	119,997
		Three Months Ended December 31, 2023
		Commercial Banking				Institutional Banking				Personal Banking				Total
Net interest income		$	154,289			$	44,150			$	32,083			$	230,522
Provision for credit losses			(1,926	)			653				1,273				—
Noninterest income			25,956				90,361				23,937				140,254
Noninterest expense			114,190				114,306				61,478				289,974
Income (loss) before taxes			67,981				19,552				(6,731	)			80,802
Income tax expense (benefit)			5,198				2,867				1,814				9,879
Net income (loss)		$	62,783			$	16,685			$	(8,545	)		$	70,923
		Year Ended December 31, 2024
		Commercial Banking				Institutional Banking				Personal Banking				Total
Net interest income		$	665,587			$	199,821			$	135,484			$	1,000,892
Provision for credit losses			50,155				2,781				8,114				61,050
Noninterest income			130,187				398,306				99,624				628,117
Noninterest expense			356,136				408,323				262,227				1,026,686
Income (loss) before taxes			389,483				187,023				(35,233	)			541,273
Income tax expense (benefit)			71,248				33,126				(4,344	)			100,030
Net income (loss)		$	318,235			$	153,897			$	(30,889	)		$	441,243
		Year Ended December 31, 2023
		Commercial Banking				Institutional Banking				Personal Banking				Total
Net interest income		$	598,371			$	192,765			$	128,980			$	920,116
Provision for credit losses			33,184				1,406				6,637				41,227
Noninterest income			97,614				347,933				96,306				541,853
Noninterest expense			365,856				382,770				250,514				999,140
Income (loss) before taxes			296,945				156,522				(31,865	)			421,602
Income tax expense (benefit)			47,874				26,664				(2,960	)			71,578
Net income (loss)		$	249,071			$	129,858			$	(28,905	)		$	350,024

 

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, 2024.

 

 

 

 

 

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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,
		2024				2023				2024				2023
Net income (GAAP)		$	119,997			$	70,923			$	441,243			$	350,024
Adjustments:
Acquisition expense			3,658				52				16,250				179
Severance expense			245				1,207				569				8,943
FDIC special assessment			(826	)			52,840				6,644				52,840
Tax-impact of adjustments (i)			(497	)			(12,984	)			(2,961	)			(14,871	)
Total Non-GAAP adjustments (net of tax)			2,580				41,115				20,502				47,091
Net operating income (Non-GAAP)		$	122,577			$	112,038			$	461,745			$	397,115
Earnings per share - diluted (GAAP)		$	2.44			$	1.45			$	8.99			$	7.18
Acquisition expense			0.07				—				0.33				—
Severance expense			—				0.02				0.01				0.18
FDIC special assessment			(0.01	)			1.08				0.14				1.08
Tax-impact of adjustments (i)			(0.01	)			(0.26	)			(0.06	)			(0.30	)
Operating earnings per share - diluted (Non-GAAP)		$	2.49			$	2.29			$	9.41			$	8.14
GAAP
Return on average assets			1.06	%			0.69	%			1.02	%			0.88	%
Return on average equity			13.53				9.52				13.24				12.23
Non-GAAP
Operating return on average assets			1.08	%			1.10	%			1.07	%			1.00	%
Operating return on average equity			13.82				15.04				13.85				13.87

 

 

(i) Calculated using the company’s marginal tax rate of 23.0% for 2024 and 24.0% for 2023. Certain merger-related expenses are non-deductible.

 

 

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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,
		2024				2023				2024				2023
Noninterest expense		$	270,361			$	289,974			$	1,026,686			$	999,140
Adjustments to arrive at operating noninterest expense (pre-tax):
Acquisition expense			3,658				52				16,250				179
Severance expense			245				1,207				569				8,943
FDIC special assessment			(826	)			52,840				6,644				52,840
Total Non-GAAP adjustments (pre-tax)			3,077				54,099				23,463				61,962
Operating noninterest expense (Non-GAAP)		$	267,284			$	235,875			$	1,003,223			$	937,178
Noninterest expense		$	270,361			$	289,974			$	1,026,686			$	999,140
Less: Amortization of other intangibles			1,917				2,048				7,705				8,587
Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A)		$	268,444			$	287,926			$	1,018,981			$	990,553
Operating noninterest expense		$	267,284			$	235,875			$	1,003,223			$	937,178
Less: Amortization of other intangibles			1,917				2,048				7,705				8,587
Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B)		$	265,367			$	233,827			$	995,518			$	928,591
Net interest income		$	268,974			$	230,522			$	1,000,892			$	920,116
Noninterest income			165,211				140,254				628,117				541,853
Less: Gains on sales of securities available for sale, net			—				—				139				152
Total Non-GAAP Revenue (denominator A)		$	434,185			$	370,776			$	1,628,870			$	1,461,817
Efficiency ratio (numerator A/denominator A)			61.83	%			77.65	%			62.56	%			67.76	%
Operating efficiency ratio (Non-GAAP) (numerator B/denominator A)			61.12				63.06				61.12				63.52

 

 

 

 

 

 

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Operating 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,
		2024				2023				2024				2023
Net interest income (GAAP)		$	268,974			$	230,522			$	1,000,892			$	920,116
Noninterest income (GAAP)			165,211				140,254				628,117				541,853
Noninterest expense (GAAP)			270,361				289,974				1,026,686				999,140
Adjustments to arrive at operating noninterest expense:
Acquisition expense			3,658				52				16,250				179
Severance expense			245				1,207				569				8,943
FDIC special assessment			(826	)			52,840				6,644				52,840
Total Non-GAAP adjustments			3,077				54,099				23,463				61,962
Operating noninterest expense (Non-GAAP)			267,284				235,875				1,003,223				937,178
Operating pre-tax, pre-provision income (Non-GAAP)		$	166,901			$	134,901			$	625,786			$	524,791
Net interest income earnings per share - diluted (GAAP)		$	5.47			$	4.72			$	20.40			$	18.87
Noninterest income (GAAP)			3.36				2.87				12.80				11.11
Noninterest expense (GAAP)			5.50				5.93				20.93				20.48
Acquisition expense			0.07				—				0.33				—
Severance expense			—				0.02				0.01				0.18
FDIC special assessment			(0.01	)			1.08				0.14				1.08
Operating pre-tax, pre-provision earnings per share - diluted (Non-GAAP)		$	3.39			$	2.76			$	12.75			$	10.76

 

 

 

 

 

 

 

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Operating 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,
		2024				2023				2024				2023
Net interest income (GAAP)		$	268,974			$	230,522			$	1,000,892			$	920,116
Adjustments to arrive at net interest income - FTE:
Tax equivalent interest			6,369				6,670				25,893				26,359
Net interest income - FTE (Non-GAAP)			275,343				237,192				1,026,785				946,475
Noninterest income (GAAP)			165,211				140,254				628,117				541,853
Noninterest expense (GAAP)			270,361				289,974				1,026,686				999,140
Adjustments to arrive at operating noninterest expense:
Acquisition expense			3,658				52				16,250				179
Severance expense			245				1,207				569				8,943
FDIC special assessment			(826	)			52,840				6,644				52,840
Total Non-GAAP adjustments			3,077				54,099				23,463				61,962
Operating noninterest expense (Non-GAAP)			267,284				235,875				1,003,223				937,178
Operating pre-tax, pre-provision income - FTE (Non-GAAP)		$	173,270			$	141,571			$	651,679			$	551,150
Net interest income earnings per share - diluted (GAAP)		$	5.47			$	4.72			$	20.40			$	18.87
Tax equivalent interest			0.13				0.14				0.53				0.54
Net interest income - FTE (Non-GAAP)			5.60				4.86				20.93				19.41
Noninterest income (GAAP)			3.36				2.87				12.80				11.11
Noninterest expense (GAAP)			5.50				5.93				20.93				20.48
Acquisition expense			0.07				—				0.33				—
Severance expense			—				0.02				0.01				0.18
FDIC special assessment			(0.01	)			1.08				0.14				1.08
Operating pre-tax, pre-provision income - FTE earnings per share - diluted (Non-GAAP)		$	3.52			$	2.90			$	13.28			$	11.30

 

 

 

 

Tangible book value non-GAAP reconciliations:		UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
		As of December 31,
		2024				2023
Total shareholders' equity (GAAP)		$	3,466,541			$	3,100,419
Less: Intangible assets
Goodwill			207,385				207,385
Other intangibles, net			63,647				71,012
Total intangibles, net			271,032				278,397
Total tangible shareholders' equity (Non-GAAP)		$	3,195,509			$	2,822,022
Total shares outstanding			48,814,177				48,554,127
Ratio of total shareholders' equity (book value) per share		$	71.02			$	63.85
Ratio of total tangible shareholders' equity (tangible book value) per share (Non-GAAP)			65.46				58.12

 

 

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4th Quarter 2024Update January 28, 2025

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Presentation Index Corporate Overview Our Investment Thesis 4th Quarter 2024 Results Line of Business Updates Appendix 3 10 18 34 45 Board of Directors Peer Group Non-GAAP Reconciliations Please refer to the Forward-Looking Statements on slides 49-51 for important disclosures about information contained in this presentation. Forward-Looking Statements Acquisition Update 7 HTLF Financial Update

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Corporate Overview Asset-based lending Healthcare Services National Presence International Presence UMBF Trust & Agency Services – Dublin, Ireland Specialized Lending Verticals Corporate Trust Capital Markets (5) Fund Services Private Wealth Management & Personal Trust 93 banking centers (4) 235 ATMs UMB Bank Presence & Expansion UMB Financial Corporation Headquarters Highlights At, or for the 3 months ended 12/31/24. (1) Includes $14.0B in managed assets and $2.5B in Assets Under Administration for Private Wealth customers; (2) Includes AUA in Fund Services / custody, corporate trust and Healthcare Services; (3) Operating ROTCE is a non-GAAP measure. See reconciliation on slide 57; 4) 93 OCC-licensed physical locations, including 89 retail branches plus 4 commercial and/or private banking centers; (5) UMB Bank, n.a. Capital Markets Division.

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Business ModelOur Diverse Foundation Commercial & Personal Banking Services 4Q’24 Revenue: $271.3 million. 4Q’24 Average Deposits: $23.1 billion (1) Average loans: $3.3B (2) (3) Average deposits: $7.2B Retail deposit and lending services through 93 banking centers (4) and online Private banking services Consumer mortgage AUM = $14.0B AUA = $2.5B Financial planning Investment management Wealth solutions Business succession and exit planning Trust and custody Estate planning Direct private equity investment access C&I lending Small business lending CRE and Construction lending Specialized Expertise: Average loans: $21.3B (2) Average deposits: $15.9B Agribusiness Energy Practice finance Mezzanine debt and equity investments Commercial Consumer Private Wealth Institutional Banking Services 4Q’24 Revenue: $162.9 million. 4Q’24 Average Deposits: $14.9 billion (1) Institutional Banking provides solutions for the entire marketplace; $525.9 billion in AUA (5) Corporate Trust Bond trustee, paying agent and escrow services Institutional Custody Domestic and international custody services Fund Services Fund accounting and administration; transfer agency Alternative investment servicing Specialty Trust & Agency Solutions Default workout and successor trustee services Aviation, ABS and loan agency services CLO trustee and loan administration services Capital Markets Division (6) Fixed income sales and trading Public finance Asset / liability management services Investor Solutions Banking, cash management and specialty services for financial firms Healthcare Services Health savings and benefit spending accounts Healthcare payment solutions Aviation Asset-based lending Beverage Treasury management Merchant payments Balances at, or for quarter ended, 12/31/24 (1) Excludes brokered CDs issued by Corp. Treasury; (2) Excludes credit card; (3) Includes consumer plus residential real estate loans; (4) 93 OCC-licensed physical locations, including 89 retail branches plus 4 commercial and/or private banking centers; (5) Includes AUA in Fund Services/custody, corporate trust and Healthcare Services; (6) Products offered through UMB Bank Capital Markets Division: NOT FDIC INSURED | MAY LOSE VALUE  | NOT BANK GUARANTEED.

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Beyond FinancialsOur Culture Our Values Our Commitment Our Vision the unparalleled customer experience Customers First We do the unparalleled to create an environment that consistently exceeds the expectations of our customers. Integrity & Trust We demonstrate our uncompromising honesty and integrity to earn the trust of everyone we serve. Performance & Strength We achieve sustainable greatness by delivering on our promise, remaining independent and maintaining financial soundness. Associate Spirit We rely upon our people and their collective attitude and skills to differentiate us from our competitors. Inclusion & Diversity We believe an inclusive and diverse culture energizes the workplace and ignites innovation. Creating an unparalleled customer experience requires a culture where our people feel part of something more, something bigger. We foster this experience through our policies, our business decisions and our expectations of each associate. the unparalleled customer experience An unwavering commitment to doing more for our customers. Whether it’s having a heart for each other, our customers or our communities, we support work through inclusive policies and empowering people to create fulfilling lives in and out of the workplace. MORE HEART Our goal is to grow existing strengths and build new skills. We’re committed to empowering our workforce to make an impact and achieve their goals through open conversations and providing the tools to develop potential. MORE OPPORTUNITY MORE TRUST Our associates have confidence they will be encouraged and expected to do the right thing at all times — no matter what. We’re focused on setting clear expectations and a leadership team who is accessible and transparent.

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Beyond FinancialsOur Commitment to Corporate Citizenship Read our 2023 Corporate Citizenship Report at UMB.com/ESGreport; 2024 report available in April 2025 UMB recognizes the undeniable importance of sustainable business practices. Efficient & Sensible Resource Use Associate volunteerism and corporate philanthropy help build strong community partnerships. $6.8 million in company donations and sponsorships in 2023, supporting housing needs, small business, education and emerging talent UMB provided more than $8.3 million in grants and closing costs to first-time homebuyers across the bank’s footprint We delivered more than 344 community engagement activities and held 127 financial education classes, serving more than 1,400 community participants More than 1,000 associates participated in our matching gift program; combined with workplace giving, associated giving totaled nearly $650k Associates receive 16 hours of paid Volunteer Time Off annually. 697 participants logged nearly 7,700 hours of volunteer time in 2023, supporting 303 unique charities Community Impact All UMB-owned buildings and 4 leased locations use automated systems to conserve energy, meeting our goal to have all converted by year-end 2023. Additionally, exterior lighting upgrades saved 920k Kilowatt hours during the year More than 172k Kilowatt hours generated from solar panels 2023 recycling efforts produced more than 17k pounds of comingled recycling, 7k pounds of cardboard and 443 pounds of recycled batteries Beehives housed at a Denver branch support the local honeybee population, with a peak of 270k resident bees. Since installation, we’ve harvested 330 pounds of edible honey Effective governance practices preserve the confidence and trust of our stakeholders. 11-person board of directors, with 10 independent members, a lead independent director, and 100% independence on board committees 36% board diversity Deliberate selection criteria which includes diversity standards in the board nomination process Robust risk oversight with distinct risk management committees: enterprise risk, asset and liability, and credit Board oversight of the executive ESG Committee Strong Corporate Governance We want our company to be as diverse as the world we live in. As an early CEO Action for Diversity and Inclusion signatory, we regularly review progress of our inclusion strategy with executives and our board of directors Eight Business Resource Groups (BRGs) help us understand the needs of our associates, customers and communities and turn empathy into action In 2023, 36% of all UMB hires were people of color, 54% were women and 3% were veterans Diversity among executive leadership team – 50%; 7 of 14 members Inclusion & Diversity

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Acquisition Update

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HTLF Acquisition – Strategically Compelling (1) Expected branch count at close; (2) UMB has 93 OCC-licensed physical locations, including 89 retail branches plus 4 commercial and/or private banking centers; (3) Calculated using 12/31/24 metrics for UMBF and HTLF; (4) Pro forma market capitalization uses shares outstanding of 48.8mm for UMBF and 42.9mm for HTLF, and the closing UMBF stock price of $112.86/share, all as of 12/31/24. Assumes HTLF shares convert to 23.6mm share of UMBF, based on conversion ratio of 0.55; (5) Deposit data based on the FDIC Summary of Deposits data study as of 06/30/24; (6) UMB’s branch locations in Illinois are part of the St. Louis MSA. Creating a ~$68B Asset Regional Champion Increases density in existing markets Expands into attractive new geographies Top 10 deposit market share ranking in 5 states (5) UMB: 93 (2) Heartland: 104 (1) Pro Forma: 197 Builds Presence in Midwest & Southwest Additional HTLF States Shared States Market Pro Forma Deposits (6) (4) ($mm) Franchise Rank Share (%) State Current Footprint Missouri ü ü $29,138 56.1% 1 12.4% Colorado ü ü 5,835 11.2 5 3.2 Kansas ü ü 3,150 6.1 7 3.2 Illinois ü 1,899 3.7 31 0.3 Wisconsin ü 1,221 2.4 21 0.6 Iowa ü 1,072 2.1 24 0.9 California ü 1,062 2.0 70 0.1 Minnesota ü 499 1.0 55 0.2 Arizona ü ü 3,086 5.9 10 1.5 Texas ü ü 2,291 4.4 49 0.2 New Mexico ü $2,290 4.4% 5 5.2% $67.7B Assets $21.8B Wealth AUM/AUA $57.8B Deposits $36.8B Loans ~$8.2B Market Cap 13 Total States Pro Forma Snapshot (3) (4)

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Acquisition Update Progress Submitted regulatory applications and filed S-4 / proxy statement; June - July Received approval from shareholders of both UMBF and HTLF; August 6, 2024 Our integration program governance structure continues to facilitate planning and execution Functional teams within both UMBF and HTLF Focus on organizational alignment; security and oversight support; financial reconciliation Integration/Conversion team Focus on product and system mapping and conversion; customer segmentation Both UMBF and HTLF completed cultural fitness diagnostic exercises to aid in the integration of the two organizations Selected five HTLF directors who will join the UMBF Board at close, pending approval (1) Announced receipt of regulatory approvals from the Office of the Comptroller of the Currency and Board of Governors of the Federal Reserve; January 10, 2025 2024 2025 2Q’24 3Q’24 4Q’24 1Q’25 2Q’25 4Q’25 3Q’25 April 29 Announcement June 13 Regulatory application filed July 2 Preliminary S-4 filed August 6 Shareholder meetings and approvals INTEGRATION PLANNING & DEVELOPMENT Targeted Systems and Brand Conversion (1) See additional details on slide 48; (2) Subject to satisfaction or waiver of the remaining customary closing conditions. June Launched integration programs Expected Timeline January 10 8-K announcing OCC and Fed approvals January 31 Targeted closing (2) CONVERSION FINALIZATION & TESTING October

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Our Investment Thesis

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Investment ThesisOpportunity in Our Diverse Business Model Track record of strong loan growth – opportunities remain Underpenetrated across our geographic footprint, focused on market share gains Underpenetrated vertically on an asset class basis; built out specialized teams Runway for Growth Diverse deposit base across multiple lines of business, customer segments and geographies No one commercial sector represents more than 6% of total deposits Long-tenured relationships: 49% of our deposit accounts have been with us for more than 10 years and account for ~36% of deposit balances (1) Flexible balance sheet well-positioned for changing interest rate environments Above peer earning asset growth Lower loan-to-deposit ratio provides flexibility 28% of average deposit balances in DDA Focus on returning value to shareholders; risk-adjusted returns EPS and tangible book value growth outpace peers over the long-term Consistent dividend growth Differentiated revenue profile and growing fee income Revenue from diverse lines of business and verticals provide a natural hedge in a variety of rate environments Lower-than-peer reliance on mortgage and NSF/OD revenue Solid capital levels and ample liquidity sources Strong regulatory capital ratios Access to multiple contingent funding sources Time-tested underwriting philosophy Unwavering credit standards Long-tenured credit team – average of 24 years with UMB Chief Credit Officer – 39 years with UMB Variable asset base $1.5 billion of securities cash flow expected within 12 months (1) Average collected balances for December 2024; excludes CDs, health savings and FinTech deposits.

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Differentiated Revenue Profile Multiple Sources of Growth Net Interest Income Fee Income Provides Diversity 35% 56% 39% $ 1,282.7 $1,291.4 $1,468.0 $613.2 $1,462.0 $731.3 $587.8 $778.2 $671.0 $825.1 $878.5 $982.5 $848.7 $1,012.1 $971.4 $1,097.7 Total Revenue 20 Year CAGR 7.2% Revenue Growth Annual NII Growth Annual Revenue Growth 12% 12% 18% 10% 3% 2% 1% 9% 4% 5% 18% 20% 13% 9% 10% -1% 14% -0.4% 13% 4% 9% 9% 6% 18% 6% 3% 4% 11% 1% 3% 8% 20 Year CAGR 5.2% Fee Income Growth $815.5 $731.2 $913.8 $303.0 $920.1 $317.0 $275.1 $320.1 $310.6 $333.3 $412.1 $558.9 $350.1 $610.4 $495.3 $670.9 1% 20% Net Interest Income (before provision) Noninterest Income (1) (2) % fee income Peer Median % Fee Income (3) Dollars in millions. (1) Noninterest income prior to 2017 contains income from discontinued operations; (2) 2022 noninterest income included a $66.2 million pre-tax gain on the sale of Visa Inc. Class B shares; (3) UMB peers (15 banks) as of latest available annual period. Source: S&P Capital IQ. Peer group defined on slide 52. $188.3 $232.7 $179.1 $217.2 $1,000.9 $1,629.0 $440.2 $521.5 $407.2 472.2 -8% 8% 7% 10% 11% -7% 5% 15% 7% 9% 20 Year CAGR 9.0%

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7% Balance Sheet Growth Across All Business Cycles Average Loans (1) Average annual balance in billions. (1) Loan balances exclude PPP loans for ’20 – ’22. (2) UMB peers (15 banks), as of latest available annual period. Source: S&P Capital IQ. Average Deposits Annual Loan Growth 12% 19% 19% 5% 2% 6% 10% 10% 18% 12% 21% 19% 9% 7% 10% 20 Year CAGR 11.4% 8% 7% 13% 14% 9% 8% Average Deposits Average Total Deposit Cost Peer Median Deposit Cost (2) 1.23% 0.54% 2.78% 25% 1% 14% 16% 11% 14% 10% 20% 13% 6% 11% 9% 4% 7% 14% 1.51% 20 Year CAGR 10.3% 11% -6% 3% 7% 4% Conservative Loans / Deposits (%) 20-year Avg: 61% Annual Deposit Growth

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Resilient Credit Metrics Through All Economic Environments Net Charge-Offs / Average Loans Nonperforming Loans / Loans Industry (2) UMBF Peer Median (1) Industry (2) UMBF Peer Median (1) (1) UMB peers (15 banks), as of latest available annual period. Source: S&P Capital IQ; (2) All FDIC-insured banks, as of last available annual period. Source: FDIC. 0.10% ’04 – ‘24 Average 0.27% ’04 – ‘24 Average 0.38% 0.18% 0.52% 0.08% 0.33% 0.86%

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Capital & LiquiditySupports Growth Outlook Cash & Securities / Assets (3) Average Loans / Average Deposits Tier 1 Capital Ratio Equity / Assets UMBF Peer Median (1) UMBF Peer Median (1) Peer Median TCE / Tang. Assets (1) UMBF Peer Median (1) (1) UMB peers (15 banks), as of latest available annual period. Source: S&P Capital IQ; (2) Tangible equity and tangible assets are non-GAAP measures. See reconciliation on slide 56; (3) As defined by S&P Capital IQ: “Cash, cash equivalents, and investment securities/assets.” Tangible Equity / Tangible Assets (2) UMBF Equity / Assets UMBF TCE / Tang. Assets (2) 20% 15% 10% 5% 0% 100% 75% 50% 25% 0%

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Risk-Adjusted Returns Rowing Close to Shore UMBF Peer Median (1) (1) UMB peers (15 banks), data as of latest available annual period. Source: S&P Capital IQ. (2) The numerator for the calculation of Return on Risk-Weighted Assets is GAAP net income, which included expenses related to the FDIC special assessment, recognized in 2023 and 2024. UMBF Peer Median (1) Risk-Weighted Assets / Assets Return on Risk-Weighted Assets (2)

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Dividend Trends Sustained Growth (1) Dividends adjusted for 2-for-1 stock split in 2006. (2) Annualized 2025 full-year dividend assumes all 4 quarterly dividends are declared at $0.40/share, consistent with 1Q 2025 dividends. The Board of Directors may declare dividends of different amounts in future quarters. Annual Dividends Declared (1) 2025 = $1.60 (2) +1.9% vs. 2024 +282.9% 2004 - 2024 (2)

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4th Quarter 2024Financial Review

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(1) Net gains/losses on any disposition or impairment of debt securities + mark-to-market valuations of equity investments; (2) Operating noninterest expense and operating PTPP income & EPS are non-GAAP measures. See reconciliation on slide 55; (3) Net operating income and operating EPS are non-GAAP measures. See reconciliation on slide 54. 4Q 2024 Results At-A-Glance $ millions, except per share amounts. 4Q ’23 3Q ’24 4Q ’24 Linked-Quarter Variance & Commentary

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4Q 2024 Earnings Highlights Operating PTPP Income (2) $166.9 $134.9 $157.5 $146.8 $154.6 Net Income & Net Operating Income (1) Operating PTPP Income – gains/losses on inv. securities (3) Operating PTPP Income, ex. gains/losses on inv. securities Dollars in millions, except per share amounts. (1) Net operating income and operating EPS are non-GAAP measures. See reconciliation on slide 54; (2) Operating PTPP income is a non-GAAP measure. See reconciliation on slide 55; (3) Net gains/losses on any disposition or impairment of debt securities plus mark-to-market valuations of equity investments. EPS Net Income Operating EPS (1) Net Operating Income (1) $110.4 $122.6 $112.0 $120.7 $105.9

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Revenue Trends Dollars in millions. Columns may not sum due to rounding differences. 4Q ’23 1Q ’24 2Q ’24 3Q ’24 4Q ’24 Linked-Qtr. Variance $ ∆ % ∆

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Net Interest Income $4.0B $2.6B $3.5B $3.7B $3.9B Asset Yield and Liability Cost Trends Liquidity Trends NIM Spread Net Interest Income $269.0 $239.4 $245.1 9.4% 6.8% 8.8% 9.3% 9.5% $230.5 8.4% Fed funds & resell agreements Int-bearing due from banks % of average earning assets Liquidity trends shown as average quarterly balances. $ millions $ billions EA % IBL % COF % $247.4 Pre- pandemic $2.1B

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Noninterest income increased $6.5mm or 4.1%, vs. 3Q’24. Primary drivers: + $4.1mm gain on the sale of UMB Distribution Services in 4Q’24; + $2.9mm in brokerage fees from higher 12b-1/money market income; + $2.6mm trust and securities processing income, driven by strong performance in corporate trust, private wealth and fund services; + $1.7mm in derivative income related to customer swaps; Partial offsets include decreases of: $2.0mm in investment securities gains; and $2.0mm in company-owned life insurance income (COLI*). * COLI (company-owned life insurance) income was $1.5mm in 4Q’24, compared to $3.6mm in 3Q’24, and $3.3mm in 4Q’23. Variances are offset by a proportionate change in deferred comp. expense. Noninterest Income Current Quarter Drivers Fee Income / Revenue Peer Median Fee Income / Revenue (1) Dollars in millions. (1) UMB peers (15 banks), data as of latest available quarter. Source: S&P Capital IQ. (2) Columns and rows may not sum due to rounding differences. Investment Securities Gains (Losses) Brokerage Fees Trust / Securities Processing Bankcard Fees Trading / Invest. Banking Other Income Deposit Svc. Charges. $165.2 $140.3 $159.2 $144.9 $158.7 LQ Variance Composition / Changes in Inv. Securities Gains (Losses) and Trust & Securities Processing (2)

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Noninterest Expense Current Quarter Drivers (1) Columns may not sum due to rounding differences; (2) Operating noninterest expense is a non-GAAP metric. See reconciliation on slide 55. Noninterest expense increased $17.9mm or 7.1%, vs. 3Q’24 on a GAAP basis. On an operating basis, which excludes FDIC special assessments and expenses related to acquisitions and severance, noninterest expense increased $15.8mm, or 6.3%. (2) Notable drivers of the linked-quarter variance in operating noninterest expense include:    + $15.4mm in salaries and bonus expense, driven by increased incentives related to 2024 company performance; and + $4.5mm in operational losses, recorded in other expense. Partial offsets include decreases of: $3.1mm in bankcard expense due to lower administrative costs; $1.8mm in deferred compensation expense*; and $1.8mm in supplies expense related to purchases of computers in the prior quarter. Deferred compensation expense was $1.3mm in 4Q’24, $3.1mm in 3Q’24, and $ 3.1mm in 4Q’23. Variances are offset by a proportionate change in COLI income. 4Q ’23 1Q ’24 2Q ’24 3Q ’24 4Q ’24 $ ∆ % ∆ $ in millions Linked-Qtr. Variance

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$23,806 $ 24,387 $ 25,290 $ 23,109 Diversified Loan Portfolio Average balances in millions. Average Loan Yield Commercial R/E Asset-Based Lending C&I Residential R/E Consumer Construction Credit Card $ 23,354 Kansas City 31% Colorado 18% Arizona 9% St. Louis 17% Greater MO 5% KS - 2% Texas 11% NE - 1% OK - 1% Utah - 5% 4Q ’23 3Q ’24 4Q ’24 Linked-Qtr. Variance $ ∆ % ∆ Loans by Region

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Quarterly Loan Activity Dollars in millions. (1) Payoffs and paydowns include C&I and CRE loans. (1) (1) 4Q ’23 1Q ’24 2Q ’24 3Q ’24 4Q ’24

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Strong Asset Quality Nonperforming Loans NPLs / Total Loans Net Loan Charge-Offs (Recoveries) Delinquencies Delinquencies (1) Delinquencies / Total Loans Allowance for Credit Losses on Loans ACL / Total Loans Nonperforming Loans Allowance for Credit Losses Dollars in millions. (1) Delinquencies represent accruing loans > 30 days past due. Net Charge-offs (Recoveries) NCOs / Average Loans

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Detailed Net Charge-Off History Recent Quarterly Trends Annual 2004 - 2024 Avg. Annual NCOs 0.27% of avg. loans 2004 - 2024 Avg. Loan Balances +778%

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High-Quality Investment Portfolio $7,414 $6,408 $6,865 $6,651 $5,424 $5,705 $5,653 $5,575 $5,499 Average balances - $ millions Average Blended Yield Treasuries Corp. & Commercial Paper GNMA/GSE Mortgage-Backed GSE Agencies General Obligation Municipals Revenue Bonds Collateralized Loan Obligations $6,778 Available-for-Sale (1) Held-to-Maturity (1) (1) Balances are presented at carrying value, which is fair value for the available-for-sale portfolio and amortized cost for the held-to-maturity portfolio. Average balances - $ millions

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Securities Portfolio Statistics Amortized Cost (4) Fair Value (4) Net Unrealized Loss (4) $ in millions; as of 12/31/24 (1) Purchase activity, cash flow and duration includes excludes of HTM industrial revenue bonds; (2) Purchases for roll-off and overbuy, net of purchases related to sales/trades or short-term collateral needs; (3) Amounts and yields exclude impact of collateral-related short-term securities as noted in previous quarters; (4) Columns and rows may not sum due to rounding differences. Securities Portfolio Activity (1) $ in millions Pre-purchases of U.S. Treasuries and agency mortgage-backed securities in advance of planned de-levering of certain bonds held by HTLF at closing: 3Q’24 – $125 million 4Q’24 – $848 million

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Deposits by Line of Business Diversified Deposit Mix $38,017 $33,526 $34,341 $35,292 Commercial Personal Institutional Commercial Banking 42% Consumer & Private Wealth 19% Capital Markets & Corp. Trust 12% Healthcare Services 8% Fund Services 8% Investor Solutions 11% 3o% 29% 27% 28% 31% Average balances in millions. $32,675 Interest-Bearing Demand & Savings Demand Deposits Time Deposits Avg. Total Deposit Cost DDA / total deposits 4Q ’23 3Q ’24 4Q ’24 Linked-Qtr. Variance $ ∆ % ∆ Brokered <1%

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Interest Rate Sensitivity Impact to Net Interest Income Loan Maturities & Repricing Increase / decrease based on hypothetical rate changes and stable balance sheet Projected rates for new loans and deposits based on historical analysis, management outlook and repricing strategies Asset prepayments and other market risks developed from industry estimates of prepayment speeds and other changes Ramp Scenario 67% of total end-of-period loans, or ~ $17.2B, are variable. 70% of total loans reprice within the next 12 months. Of variable loans - % tied to indices for next 12 months: Cash Flow Hedges of Interest Rate Risk Year 2 Year 1 - 300 - 200 - 100 + 100 Shock Scenario Year 2 Year 1 73% - 1-Month SOFR 80% adjust monthly 11% adjust daily 4% - other 23% - Prime 21% adjust monthly 73% adjust daily 4.05% contract; notional value of $125mm, effective 10/24 4.80% contract; notional value of $250mm, effective 12/24 5.05% contract; notional value of $250mm, effective 03/25 Floor Contracts – indexed to 1 Month SOFR; 4–6-year terms Interest Rate Floor Spreads Ten floor spreads; aggregate notional value of $2.375B Weighted average rate: 4.84% / 2.37%

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Strong Capital Available Liquidity Sources Capital & Liquidity Position As of December 31, 2024 $ billions Wholesale Funding Update UMBF ratio Regulatory Minimum CET 1 Total Capital Tier 1 Leverage Regulatory Capital Ratios Tangible Common Equity Ratio (1) 6.37% Total Equity / Total Assets 6.88% 6.50% 10.00% 5.00% (1) Tangible common equity is a non-GAAP measure. See reconciliation on slide 56. 13.21% 11.29% 8.50% BTFP – $800 million paid off Oct. 2024 FHLB advances – $250 million matured Oct. 2024 Brokered CDs – $250 million matured Oct. 2024

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Line of Business Updates

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Commercial BankingCommercial Capabilities Investment Real Estate Industrial Multi-family Office Retail Hotel Student Housing Agribusiness Asset-based Lending Energy Lending Lending Verticals C&I Lending Owner-Occupied CRE Middle Market Working capital lines Equipment loans Business Banking Practice Finance Small Business Banking Small / Medium Business Middle Market 53% Investment Real Estate 33% Sm./Med Biz 4% Specialized Verticals 10% $21.3B Average balance for 4Q’24, excludes credit card. (1) Rank among U.S. Visa and Mastercard Commercial Card Issuers, Source: Nilson Report, May ‘24; (2) “Production ag lending” per ABA 3Q 2024, FDIC data. Additionally, UMB has significant relationships with “Agribusiness / Middle Market Ag” companies. #34 of 100 Largest Farm Lenders in the U.S. (2) Commercial Credit Card Purchase Volume (1) TOP 15 Prepaid & Purchasing Card Volume (1) TOP 10 Commercial Lending Portfolio Average Loan Balance & Composition

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Commercial BankingC&I Lending Includes Middle Market, Lending Verticals and Small / Medium Business Considerations Internal limits on loan size and projects per sponsor Concentration guidelines for all lending verticals, monitored for changing conditions End-of-Period C&I Balance Trends Transp. / Warehouse Diversified Tech. & Telecom Materials & Commodities Manu-facturing Retail Healthcare Commercial Services Other (2) Agri-business Finance & Insurance 9% Energy-Related 4% Total Commercial & Industrial Loans $11.1B 43.2% of total UMB loans Average Line Utilization Trends (2) Other - 4% of total UMB loans Entertainment / Recreation Auto-related Food & Beverage Apparel / Textiles Consumer Services Government / Education Utilities Construction & Real Estate Industry 5% Petroleum–2% Nat. Gas–1% Other Energy–1% +8% YoY $ billions (1) End-of-period balances as of December 31, 2024. Commercial & Industrial Statistics C&I Industries as % of Total UMB Loans (1)

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Commercial BankingCommercial Real Estate Commercial Real Estate Statistics Investment CRE as % of Total UMB Loans (1) Const. / Land Dev. 10% Owner-Occupied 9% Investment CRE 18% $10.1B Farmland 2% as of Dec. 31, 2024 % of total UMB loans 1-4 Unit Resi. Construction <1% Retail Multifamily Office Hotel Industrial Sr. Living 1-4 Unit Rentals Vacant Land Other (5) (1) End-of-period balances as of December 31, 2024; (2) Adjusting for customer interest rate swaps on variable rate loans, “fixed” rate exposure would be ~53% and variable rate exposure would be ~47%; (3) Swap adjusted: “fixed” rate exposure ~48% and variable rate exposure ~52%; (4) Defined as Tier 1 capital plus an adjusted allowance for credit losses, per regulatory guidelines. (5) Other - 2% of Total UMB loans Mixed Use Student Housing Healthcare Homebuilder for Sale Special Purpose Self-storage Regulatory Concentrations Total non-farmland CRE / Capital (4): 195% Construction & Development / Capital (4): 67% Total Inv. CRE & Construction Loans $7.3B 28.5% of total UMB loans Investment CRE and Construction Portfolio Average Loan-to-Value: 57% Recourse: 90% Investment CRE Rate Type: (3) Fixed – 30% Variable – 70% Total CRE and Construction = 39.5% of UMB loans Owner-occupied – new purchase or refinance Real estate development – construction / perm financing, bridge financing, renovations Total UMB Commercial R/E Rate Type: (2) Fixed – 39% Variable – 61%

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Investment Real EstateSelect Property Details Average Loan: $8.9mm Average LTV: 63% Recourse: 84% Geographic Diversity – By Property Location Average Loan-to-Value, Select Asset Classes Total Investment CRE Portfolio Office CRE Portfolio MSA Diversification Statistics Market Type $987 mm Suburban Central Business District Medical Offices $ millions Industrial: 60% Multifamily: 55% Hotel: 50% Retail: 55% Vacant Land: 51% 1-4 Unit Rentals: 53% Senior Living: 63% (No state > 3.1%) By outstanding balances as of December 31, 2024

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Personal Banking Consumer Metrics at, or for the quarter ended, 12/31/24. (1) Includes residential real estate and other consumer loans; (2) 4Q’24 Q2 Net Promoter Score for 57 financial services companies - Medallia, Inc.; (3) 93 physical locations licensed with the OCC, including 89 retail branches plus 4 commercial and/or private banking centers. Strategic & Stable Source of Low-Cost Funds +7.2% YoY $3.3B Total Average Loans (1) Consumer plays a strategic role for UMB as a large and stable source of deposits. Poised for continued asset growth Growth engine for new customers; deepening existing relationships NPS Score 74.1 UMBF Industry Average (2) 54.3 Private Banking Strategically positioned for sales growth Retail Banking Hybrid Service & Sales Model – Provides broad products and services to meet diverse client needs High Customer Satisfaction Consumer serves the personal banking needs of clients across all divisions of the bank 93 Banking Centers (3) 235 ATMs Digital Capabilities across Consumer 27 $2.6B Private Bankers Across 9 regions Avg. Private Banking Deposits Digital loan and deposit application and originations Mobile Banking: Deposits, transfers, bill pay, acct review and more +19.1% YoY $7.2B Total Average Deposits Mortgage 22 MLOs across UMB Footprint Community Development Provide competitive mortgage solutions for all client types Avg. Mortgage Balances +6.5% YoY Expand diversity of client engagement in communities served 35 Financial Education Classes 8 Community Partners Served 700 Community Participants Key Products Offered Fannie Mae / Freddie Mac Portfolio on balance sheet mortgages Secondary market mortgages 1st Time Homebuyer Assistance $2.8B

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Personal Banking Private Wealth Management Composition as of December 31, 2024. (1) Includes Assets Under Management and Assets Under Administration. Personal Trust 25% Investment Advisory 45% Non-Managed AUA 15% IRAs 6% Brokerage 4% Other 5% Customer Assets Wealth Management Financial planning Discretionary investment management Strategic wealth solutions for ultra-high net worth families Business succession and exit planning Brokerage services   Personal Trust & Custody Trust administration Charitable foundation planning and administration Personal custody services Unique asset administration Fine art management Trust tax preparation   Asset Management Direct private equity investment access $14.0B Managed Assets (AUM) $2.5B Non-Managed Assets (AUA) New Assets / Sales (1) $ millions

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Institutional Banking Fund Services & Institutional Custody $411B $460B $472B $482B Provides services for 2,500 funds, including registered and alternative investment funds, PE funds, real estate and venture capital funds and ETFs and more. One of the nation's leading providers of domestic and global custody, serving insurance companies, public and private corporations, nonprofits, municipalities, fund companies and endowments. Established in 1948. Best Custodian (6) (7) Custodian Service of the Year (8) Net New Accounts YTD Custody AUA +13% YoY +532 $443B Assets Under Administration Registered Funds & Alternative Investments Institutional Custody Transfer Agency Alternative Servicing Fund Acct/Admin. Custody Note: Asset categories sum > total AUA due to shared client assets. (1) With Intelligence ’19, ’20, ‘22 and ‘23 Awards; (2) Hedgeweek US Emerging Managers Awards ’23; (3) Hedgeweek US Emerging Managers Awards ’24; (4) Global Custodian Industry Leaders Editor’s Choice ’23; (5) PE Wire ’23; (6) HFM Services Awards ’21 and ’22; (7) Hedgeweek US Awards ‘23; (8) Private Credit US Awards ‘24. Best Interval Fund Administrator (1) Best Fund accounting and reporting software (2) Best Administrator – Mid Market & Emerging Managers (5)   Best New Fund Services Project – RFS (4)   Administrator of the Year – Technology (3)  

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Institutional BankingCorp./Specialty Trust & Capital Markets (1)Thomson Reuters municipal rankings, September ‘24; (2) Ranked by number of issues. Corporate Trust & Escrow Services Provides trustee, paying agent and escrow services to municipal and corporate issuers. $42B Assets Under Administration Paying Agent in U.S. (1) (2) #2 Municipal Trustee in U.S. (1) (2) #3 Specialty Trust & Agency Solutions Services for asset-backed securitizations, aviation and other transportation and real estate projects. Workout and successor trustee services on behalf of bondholders of defaulted transactions. +21% Examples of recent deals: Products and services offered through UMB Bank Capital Markets Division NOT FDIC INSURED | MAY LOSE VALUE  | NOT BANK GUARANTEED. Capital Markets Division Capital solutions including fixed income sales, trading and underwriting for institutional, municipal and not-for-profit organizations. Public Finance Growth in new business FY 2024 vs. 2023 December YTD Closed Deals

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FDIC Sweep Assets Under Administration $49B Institutional BankingInvestor Solutions & Healthcare Services Investor Solutions Annual ACH Transactions Healthcare Services Provides a suite of tax-advantaged benefit accounts including Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), and Commuter Benefit Accounts.  HSA Account Holders 1.6mm In HSA Deposits $3.0B Top 10 HSA Custodians in the U.S. (2) TOP 10 Benefit Cards 5.4mm ~90mm ~ 5.3 mm accounts Recognized for Investment Quality (1) Sample BaaS Partnerships Named a Top HSA for Features & Investment Options (1) (1) Investor’s Business Daily ‘23; (2) #6 in total accounts and #8 in total assets as of June 30, 2024 - Devenir Research Mid-Year ‘24. (3) End-of-period balances as of December 31, 2024. Our banking as a service (BaaS) solution includes deposit services for checking, saving, and investment accounts, including expanded FDIC insurance through our proprietary Sweep Program. In HSA Invested Assets $1.5B

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PaymentsCredit & Debit Card Products Dollars in millions. (1) Rank in commercial, consumer and small business cards among top 50 U.S. issuers as of June 30, 2024. Source: Nilson Report, September 2024. Card Purchase Volume & Interchange Trends 23rd in U.S. Credit Card Purchase Volume (1) #23 $4,575 $4,558 $4,701 $4,658 $4,088 Interchange Income Consumer Credit Healthcare Debit Commercial Credit Inst. Cash Mgmt. Consumer Debit +11.9% YoY 4Q ’24 Card Spend $4.6B

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Appendix

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HTLF Financial Update (1) Total customer deposits include the DDA amounts shown; (2) These metrics for 12/31/23 were adjusted to exclude amounts for Rocky Mountain Bank, which was sold in 2024; removes loans of $343.8 million, total customer deposits of $531.9 million, and DDA deposits of $131.7 million.

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Governance Our Board of Directors AC = Audit Committee; CC = Compensation Committee; GC = Governance Committee; RC = Risk Committee Tim Murphy AC, CC Janine Davidson CC, GC Tammy Peterman GC, RC K.C. Gallagher AC, RC Kris Robbins AC, RC (Chair) Greg Graves Lead Independent Director, GC (Chair) Josh Sosland GC, RC Mariner Kemper Chairman of the Board Leroy Williams CC, RC Robin Beery CC (Chair), RC Gordon Lansford AC (Chair), CC Advisory Directors Tom Wood Jim Rine Vice Chairman

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Governance New Directors to Join UMBF Board Susan Murphy has served as the chairperson of the HTLF Audit Committee since April 5, 2022. She has been a Principal at The Grace Alliance, LLC in Denver since 2005, which assists individuals and families in developing and maintaining financial strategies for the future Five HTLF directors will join the UMB Financial Corporation Board (1) Brad Henderson is the chief executive officer of P33, a nonprofit organization focused on inclusively driving Chicago’s global technology leadership, where he has served since July 2019. Jenny Hopkins has been a managing partner at Crescendo Capital, a private investment firm for early-stage companies, since 2007. Margaret Lazo is a senior operating consultant at Cerberus Capital Management, a global private equity firm, where she is engaged in human capital initiatives across its portfolio companies. John Schmidt has served as the independent Chairman of the HTLF Board since March 2022.  He was previously employed as senior vice president and chief financial officer (CFO) of A.Y. McDonald Industries from 2013, and as Corporate Secretary from 2014, until his retirement in January 2025. (1) Subject to final approval by the UMBF Board at acquisition close.

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Forward-Looking Statements This presentation contains, and our other communications, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder, which statements involve inherent risks and uncertainties. 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 annual, quarterly and 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: macroeconomic and adverse developments and uncertainties related to the collateral effects of the collapse of, and challenges for, domestic and international banks, including the impacts to the U.S. and global economies; sustained levels of high inflation and the potential for an economic recession on the heels of aggressive quantitative tightening by the Federal Reserve, decreases in demand for office space caused by shifts in the work environment, and impacts related to or resulting from instability in the Middle East and Russia’s military action in Ukraine, such as the broader impacts to financial markets and the global macroeconomic and geopolitical environments, may also cause actual results or other future events, circumstances, or aspirations to differ from our forward-looking statements. 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 disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent documents that are filed or furnished with the SEC. Any statements about UMB Financial Corporation’s (“UMB”), Heartland Financial USA, Inc.’s (“Heartland” or “HTLF”) or the combined company’s plans, objectives, expectations, strategies, beliefs, or future performance or events constitute forward-looking statements. Such statements are generally identified as those that include words or phrases such as “believes,” “expects,” “anticipates,” “plans,” “objective,” or similar expressions or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “may,” or similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, assumptions, estimates, and other important factors that change over time and could cause actual results to differ materially from any results, performance, or events expressed or implied by such forward-looking statements. Such forward-looking statements include but are not limited to statements about the benefits of the business combination transaction between UMB and HTLF, including future financial and operating results, the combined company’s plans, objectives, expectations and intentions, and other statements that are not historical facts. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected.

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Forward-Looking Statements In addition to factors previously disclosed in UMB’s and HTLF’s reports filed with the SEC, the following factors could cause actual results to differ materially from forward-looking statements or historical performance: The occurrence of any event, change, or other circumstance that could give rise to the right of one or both of the parties to terminate the definitive merger agreement; the outcome of any legal proceedings that may be instituted against UMB or HTLF; the possibility that the Transaction does not close when expected or at all because required conditions to closing are not received or satisfied on a timely basis or at all (and the risk that any approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the Transaction); the risk that the benefits from the Transaction may not be fully realized or may take longer to realize than expected, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which UMB and HTLF operate; the ability to promptly and effectively integrate the businesses of UMB and HTLF; the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; reputational risk and potential adverse reactions of UMB’s or HTLF’s customers, employees or other business partners, including those resulting from the announcement or completion of the Transaction; the dilution caused by UMB’s issuance of additional shares of its capital stock in connection with the Transaction; and the diversion of management’s attention and time from ongoing business operations and opportunities on merger-related matters. These factors are not necessarily all of the factors that could cause UMB’s, HTLF’s or the combined company’s actual results, performance, or achievements to differ materially from those expressed in or implied by any of the forward-looking statements. Other factors, including unknown or unpredictable factors, also could harm UMB’s, HTLF’s or the combined company’s results. All forward-looking statements attributable to UMB, HTLF, or the combined company, or persons acting on UMB’s or HTLF’s behalf, are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date they are made and UMB and HTLF do not undertake or assume any obligation to update publicly any of these statements to reflect actual results, new information or future events, changes in assumptions, or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If UMB or HTLF update one or more forward-looking statements, no inference should be drawn that UMB or HTLF will make additional updates with respect to those or other forward-looking statements. Further information regarding UMB, HTLF and factors which could affect the forward-looking statements contained herein can be found in UMB’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (and which is available at on the SEC’s archive site, here,) and its other filings with the SEC, and in HTLF’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (and which is available here,) its other filings with the SEC, and the risks described in UMB’s definitive joint proxy statement/prospectus related to the Transaction, which was filed with the SEC on July 5, 2024, available here.

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Market and Industry Data. Unless otherwise indicated, market data and certain industry forecast data used in this presentation were obtained from internal reports, as well as third party sources and other publicly available information. Data regarding the industries in which the Company competes, its market position and market share within these industries are inherently imprecise and are subject to significant business, economic and competitive uncertainties beyond the Company’s control. In addition, assumptions and estimates of the Company and its industries’ future performance are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause future performance to differ materially from assumptions and estimates. HTLF Data. Unless otherwise indicated, data about HTLF provided in this presentation, including financial information, has been obtained from HTLF management and its public filings with the Securities and Exchange Commission. This presentation also includes certain financial information regarding the quarter ended December 31, 2024, and is preliminary, has not been reviewed by its independent registered public accounting firm and is subject to change. HTLF's actual results remain subject to the completion of HTLF management's final review and other closing procedures and may differ materially from such financial information included in this presentation due to the completion of HTLF management's financial closing procedures, audit procedures and final adjustments. The preliminary estimates are not a comprehensive statement of HTLF's financial results and should not be viewed as a substitute for full interim or annual financial statements prepared in accordance with GAAP. In addition, these preliminary estimates as of and for the three months ended December 31, 2024, are not necessarily indicative of the result to be achieved in any future period. Accordingly, you should not place undue reliance on these preliminary financial results. Pro Forma Forward-Looking Data. Neither our nor HTLF’s independent registered public accounting firms have studied, reviewed or performed any procedures with respect to the pro forma forward-looking financial data and, accordingly, neither have expressed an opinion or provided any form of assurance with respect thereto for the purpose of this presentation. These pro forma forward-looking financial data are for illustrative purposes only and should not be relied on as necessarily being indicative of future results. The assumptions and estimates underlying the pro forma forward-looking financial data are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information, including those in the “Forward-Looking Statements” disclaimer above. Pro forma forward-looking financial data is inherently uncertain due to a number of factors outside of our or HTLF’s control.   Additional Information about the Transaction and Where to Find It. This presentation does not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell, any securities. In connection with the Transaction, UMB filed with the SEC a registration statement on Form S-4 on June 13, 2024, as amended on July 2, 2024 (available here) to register the shares of UMB capital stock to be issued in connection with the Transaction.   Investors may obtain free copies of these documents through websites maintained by the SEC, UMB and HTLF at http://www.sec.gov, www.UMB.com, or www.htlf.com. UMB documents filed with the SEC are available free of charge by accessing the “Investor Relations” page of UMB’s website, or by directing a mailed request to UMB, Attn: Corporate Secretary, 1010 Grand Blvd., Kansas City, MO 64106. HTLF documents filed with the SEC are available free of charge by accessing the “Investor Relations” tab of HTLF’s website or, by directing a request to HTLF’s Corporate Secretary, 1800 Larimer St., #1800, Denver, CO 80202. Additional Information – HTLF Acquisition

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Peer Group

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Non-GAAP Reconciliations The following are non-GAAP measures used from time to time. To the extent a non-GAAP measure is used in this presentation, a reconciliation to such measure’s closest GAAP equivalent is provided below. UMB believes that these non-GAAP financial measures may be useful to investors because they adjust for items that management does not believe reflect the Company’s fundamental operating performance. Tangible book value per share is defined as total shareholders’ equity, net of intangible assets, divided by total shares outstanding. Net operating income is defined as GAAP net income, adjusted to exclude expenses related to acquisitions and severance, the FDIC special assessment, and the cumulative tax impact of these adjustments. Operating PTPP income for the relevant period is defined as GAAP net interest income plus GAAP noninterest income, less noninterest expense, adjusted to reflect the impact of excluding expenses related to acquisitions, severance expense, and the FDIC special assessment. Tangible common equity ratio is total shareholders’ equity, net of intangible assets, divided by total assets, net of intangible assets. Return on tangible common equity is calculated as net income divided by average tangible shareholders' equity for the relevant period. Operating return on tangible common equity is calculated as net operating income, divided by average tangible shareholders’ equity. Tangible Book Value Unaudited, dollars in thousands except per share data.

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Non-GAAP Reconciliations Unaudited, dollars in thousands except per share data. (1) Calculated using marginal tax rate of 23.0% for 2024 and 24.0% for 2023. Certain merger-related expenses are non-deductible. Net Operating Income Net operating income is defined as GAAP net income, adjusted to exclude expenses related to acquisitions and severance, the FDIC special assessment and the cumulative tax impact of these adjustments.

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Non-GAAP Reconciliations Operating Pre-Tax, Pre-Provision Income Unaudited, dollars in thousands except per share data. Operating PTPP income for the relevant period is defined as GAAP net interest income plus GAAP noninterest income, less noninterest expense, adjusted to reflect the impact of excluding expenses related to acquisitions and severance, and the FDIC special assessment.

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Tangible common equity ratio is calculated as total shareholders’ equity, net of intangible assets, divided by total assets, net of intangible assets. Non-GAAP Reconciliations Unaudited, dollars in thousands. Tangible Common Equity Ratio

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Non-GAAP Reconciliations Return on tangible common equity is calculated as net income divided by the company's average tangible shareholders' equity for the relevant period. Operating return on tangible common equity is calculated as net operating income, divided by the company’s average tangible shareholders’ equity. Unaudited, dollars in thousands. Return on Tangible Common Equity & Operating Return on Tangible Common Equity

v3.24.4

Document and Entity Information	Jan. 28, 2025
Cover [Abstract]
Entity Registrant Name	UMB FINANCIAL CORP
Amendment Flag	false
Entity Central Index Key	0000101382
Document Type	8-K
Document Period End Date	Jan. 28, 2025
Entity File Number	001-38481
Entity Incorporation State Country Code	MO
Entity Tax Identification Number	43-0903811
Entity Address, Address Line One	1010 Grand Blvd.
Entity Address, City or Town	Kansas City
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	64106
City Area Code	(816)
Local Phone Number	860-7000
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock, $1.00 Par Value
Trading Symbol	UMBF
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

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