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): 7/25/2023

 

 

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 July 25, 2023, UMB Financial Corporation (the “Company”) issued a press release announcing the financial results for the Company for the quarter and period ended June 30, 2023. 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 July 25, 2023, the Company announced in the same press release that the Board of Directors of the Company had declared a quarterly dividend of $0.38 per share that is payable on October 2, 2023 to shareholders of record of the Company as of the close of business on September 11, 2023.

 

The July 25, 2023 press release that is attached as Exhibit 99.1 also announced that the Board has authorized the repurchase of up to one million shares of the Company's common stock from time to time until the meeting of the Board that immediately follows the 2024 annual meeting of the Company's shareholders.

 

The Company is furnishing a copy of materials that will be used in the Company’s shareholder conference call at 9:30 a.m. (CT) on July 26, 2023. 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 July 25, 2023, 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 quarter and period ended June 30, 2023, dividend declaration, and share repurchase authorization.
99.2	Investor Presentation Materials, dated July 25, 2023.
104	The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

 

 

 

 

 

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SIGNATURES

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: July 25, 2023

 

 

 

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Exhibit 99.1

UMB Financial Corporation News Release

1010 Grand Boulevard

Kansas City, MO 64106

816.860.7000

umb.com

 

//FOR IMMEDIATE RELEASE//

Media Contact: Stephanie Hague: 816.860.5088

Investor Relations Contact: Kay Gregory: 816.860.7106

 

UMB Financial Corporation Reports Second Quarter Net Income of $90.1 Million

 

Second Quarter 2023 Financial Highlights

 

KANSAS CITY, Mo. (July 25, 2023) – UMB Financial Corporation (Nasdaq: UMBF), a financial services company, announced net income for the second quarter of 2023 of $90.1 million, or $1.85 per diluted share, compared to $92.4 million, or $1.90 per diluted share, in the first quarter of 2023 (linked quarter) and $137.6 million, or $2.83 per diluted share, in the second quarter of 2022. The results for the second quarter of 2022 include a pre-tax gain of $66.2 million on the sale of the company's entire investment in Visa Inc. Class B common shares, and a pre-tax $5.0 million contribution to the company's charitable foundation.

 

Net operating income, a non-GAAP financial measure reconciled later in this release to net income, the nearest comparable GAAP measure, was $93.8 million, or $1.93 per diluted share, for the second quarter of 2023, compared to $92.8 million, or $1.91 per diluted share, for the linked quarter and $137.6 million, or $2.83 per diluted share, for the second quarter of 2022. 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 $127.9 million, or $2.63 per diluted share, for the second quarter of 2023, compared to $135.4 million, or $2.78 per diluted share, for the linked quarter, and $187.1 million, or $3.84 per diluted share, for the second quarter of 2022. These operating PTPP results represent decreases of 5.5% on a linked-quarter basis and 31.6%, compared to the second quarter of 2022.

 

“In the second quarter of 2023, the positive impacts of fee income trends, a double-digit annualized increase in average loan balances, excellent asset quality metrics and expense management were masked by higher interest expense driven by the Federal Reserve’s monetary tightening actions as well as expected increases in funding costs in this high interest rate environment,” said Mariner Kemper, chairman, president and chief executive officer. “Average loans increased 17.3% on a linked-quarter

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annualized basis with nearly half of the increase driven by commercial & industrial loan balances. Credit metrics remain strong as evidenced by net recoveries this quarter and nine basis points of non-performing loans to total loans. Noninterest income was $138.1 million for the quarter. It's important to note that noninterest income for the same quarter in 2022 included a pre-tax gain of $66.2 million on the sale of our Visa Inc. Class B common shares. Finally, period-end deposit balances at quarter end were $33.5 billion, an increase of $1.6 billion, or 5.0%, as compared to March 31, 2023.”

 

Second Quarter 2023 earnings discussion

 

Summary of quarterly financial results		UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
		Q2				Q1				Q2
		2023				2023				2022
Net income (GAAP)		$	90,110			$	92,437			$	137,556
Earnings per share (diluted)			1.85				1.90				2.83
Operating pre-tax, pre-provision income (Non-GAAP)(i)			127,929				135,369				187,051
Operating pre-tax, pre-provision earnings per share (diluted)			2.63				2.78				3.84
Operating pre-tax, pre-provision income - FTE (Non-GAAP)(i)			134,504				141,924				193,329
Operating pre-tax, pre-provision earnings per share - FTE (diluted)			2.77				2.91				3.97
Net operating income (Non-GAAP)(i)			93,841				92,836				137,596
Operating earnings per share (diluted)			1.93				1.91				2.83
GAAP
Return on average assets			0.90	%			0.97	%			1.47	%
Return on average equity			12.56				13.76				20.83
Efficiency ratio			65.59				63.12				53.08
Non-GAAP (i)
Operating return on average assets			0.93	%			0.98	%			1.47	%
Operating return on average equity			13.08				13.82				20.84
Operating return on average tangible equity excluding AOCI			11.63				12.21				18.65
Operating efficiency ratio			64.24				62.98				53.06

 

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

 

 

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Summary of year-to-date financial results		UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)		June				June
		YTD				YTD
		2023				2022
Net income (GAAP)		$	182,547			$	243,519
Earnings per share (diluted)			3.75				4.99
Operating pre-tax, pre-provision income (Non-GAAP)(i)			263,298				306,451
Operating pre-tax, pre-provision earnings per share (diluted)			5.41				6.29
Operating pre-tax, pre-provision income - FTE (Non-GAAP)(i)			276,428				319,128
Operating pre-tax, pre-provision earnings per share - FTE (diluted)			5.68				6.55
Net operating income (Non-GAAP)(i)			186,677				243,669
Operating earnings per share (diluted)			3.83				4.99
GAAP
Return on average assets			0.93	%			1.28	%
Return on average equity			13.14				17.60
Efficiency ratio			64.34				58.03
Non-GAAP (i)
Operating return on average assets			0.95	%			1.28	%
Operating return on average equity			13.44				17.61
Operating return on average tangible equity excluding AOCI			11.91				16.86
Operating efficiency ratio			63.61				58.00

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

 

Summary of revenue		UMB Financial Corporation
(unaudited, dollars in thousands)
		Q2				Q1				Q2				CQ vs.				CQ vs.
		2023				2023				2022				LQ				PY
Net interest income		$	225,611			$	241,696			$	224,791			$	(16,085	)		$	820
Noninterest income:
Trust and securities processing			61,589				62,359				58,886				(770	)			2,703
Trading and investment banking			4,800				5,308				7,123				(508	)			(2,323	)
Service charges on deposit accounts			21,381				21,159				20,835				222				546
Insurance fees and commissions			225				274				245				(49	)			(20	)
Brokerage fees			13,604				13,676				12,391				(72	)			1,213
Bankcard fees			18,579				18,172				17,840				407				739
Investment securities gains (losses), net			900				(5,324	)			60,720				6,224				(59,820	)
Other			17,004				14,576				(1,705	)			2,428				18,709
Total noninterest income		$	138,082			$	130,200			$	176,335			$	7,882			$	(38,253	)
Total revenue		$	363,693			$	371,896			$	401,126			$	(8,203	)		$	(37,433	)
Net interest income (FTE)		$	232,186			$	248,251			$	231,069
Net interest margin (FTE)			2.44	%			2.76	%			2.60	%
Total noninterest income as a % of total revenue			38.0				35.0				44.0

 

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)
		Q2				Q1				Q2				CQ vs.				CQ vs.
		2023				2023				2022				LQ				PY
Salaries and employee benefits		$	143,312			$	142,498			$	121,390			$	814			$	21,922
Occupancy, net			11,746				12,177				11,976				(431	)			(230	)
Equipment			17,086				17,849				18,315				(763	)			(1,229	)
Supplies and services			4,195				3,875				3,492				320				703
Marketing and business development			7,124				5,335				5,308				1,789				1,816
Processing fees			26,572				23,240				19,338				3,332				7,234
Legal and consulting			7,059				7,285				11,265				(226	)			(4,206	)
Bankcard			8,307				7,133				5,880				1,174				2,427
Amortization of other intangible assets			2,117				2,298				1,225				(181	)			892
Regulatory fees			6,123				5,551				3,464				572				2,659
Other			7,032				9,811				12,474				(2,779	)			(5,442	)
Total noninterest expense		$	240,673			$	237,052			$	214,127			$	3,621			$	26,546

 

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Income taxes

Balance sheet

 

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Summary of average loans and leases - QTD Average										UMB Financial Corporation
(unaudited, dollars in thousands)
		Q2				Q1				Q2				CQ vs.				CQ vs.
		2023				2023				2022				LQ				PY
Commercial and industrial		$	9,724,300			$	9,287,319			$	7,918,552			$	436,981			$	1,805,748
Specialty lending			574,220				564,633				518,575				9,587				55,645
Commercial real estate			8,178,463				7,812,140				6,569,784				366,323				1,608,679
Consumer real estate			2,833,739				2,738,184				2,458,815				95,555				374,924
Consumer			139,705				136,571				148,412				3,134				(8,707	)
Credit cards			485,749				453,704				428,167				32,045				57,582
Leases and other			255,425				279,049				275,638				(23,624	)			(20,213	)
Total loans		$	22,191,601			$	21,271,600			$	18,317,943			$	920,001			$	3,873,658

 

 

Summary of average securities - QTD Average		UMB Financial Corporation
(unaudited, dollars in thousands)
		Q2				Q1				Q2				CQ vs.				CQ vs.
		2023				2023				2022				LQ				PY
Securities available for sale:
U.S. Treasury		$	797,104			$	783,170			$	639,161			$	13,934			$	157,943
U.S. Agencies			189,091				171,825				172,798				17,266				16,293
Mortgage-backed			3,813,234				3,938,137				4,764,452				(124,903	)			(951,218	)
State and political subdivisions			1,319,398				1,356,785				1,891,377				(37,387	)			(571,979	)
Corporates			349,318				364,854				377,586				(15,536	)			(28,268	)
Collateralized loan obligations			348,078				348,477				247,639				(399	)			100,439
Total securities available for sale		$	6,816,223			$	6,963,248			$	8,093,013			$	(147,025	)		$	(1,276,790	)
Securities held to maturity:
U.S. Agencies		$	123,135			$	123,106			$	65,964			$	29			$	57,171
Mortgage-backed			2,878,657				2,934,113				2,892,986				(55,456	)			(14,329	)
State and political subdivisions			2,822,218				2,814,912				2,240,018				7,306				582,200
Total securities held to maturity		$	5,824,010			$	5,872,131			$	5,198,968			$	(48,121	)		$	625,042
Trading securities		$	12,538			$	9,258			$	10,190			$	3,280			$	2,348
Other securities			407,754				359,238				347,527				48,516				60,227
Total securities		$	13,060,525			$	13,203,875			$	13,649,698			$	(143,350	)		$	(589,173	)

 

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Summary of average deposits - QTD Average						UMB Financial Corporation
(unaudited, dollars in thousands)
		Q2				Q1				Q2				CQ vs.				CQ vs.
		2023				2023				2022				LQ				PY
Deposits:
Noninterest-bearing demand		$	10,535,325			$	11,919,277			$	14,209,159			$	(1,383,952	)		$	(3,673,834	)
Interest-bearing demand and savings			17,463,022				18,427,662				16,808,998				(964,640	)			654,024
Time deposits			3,476,616				1,215,506				570,812				2,261,110				2,905,804
Total deposits		$	31,474,963			$	31,562,445			$	31,588,969			$	(87,482	)		$	(114,006	)
Noninterest bearing deposits as % of total			33.5	%			37.8	%			45.0	%

 

Capital

 

Capital information		UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
		June 30, 2023				March 31, 2023				June 30, 2022
Total equity		$	2,831,628			$	2,814,659			$	2,642,888
Accumulated other comprehensive loss, net			(685,831	)			(626,776	)			(564,803	)
Book value per common share			58.36				58.03				54.71
Tangible book value per common share (Non-GAAP)(i)			52.54				52.17				50.64
Regulatory capital:
Common equity Tier 1 capital		$	3,273,841			$	3,196,111			$	3,055,747
Tier 1 capital			3,273,841				3,196,111				3,055,747
Total capital			3,870,101				3,776,407				3,473,040
Regulatory capital ratios:
Common equity Tier 1 capital ratio			10.65	%			10.57	%			11.44	%
Tier 1 risk-based capital ratio			10.65				10.57				11.44
Total risk-based capital ratio			12.59				12.49				13.00
Tier 1 leverage ratio			8.16				8.35				8.17

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

 

 

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Asset Quality

Credit quality		UMB Financial Corporation
(unaudited, dollars in thousands)
		Q2				Q1				Q4				Q3				Q2
		2023				2023				2022				2022				2022
Net (recoveries) charge-offs - total loans		$	(139	)		$	4,643			$	2,189			$	1,173			$	28,128
Net loan (recoveries) charge-offs as a % of total average loans			(0.00	)%			0.09	%			0.04	%			0.02	%			0.62	%
Loans over 90 days past due		$	10,861			$	1,723			$	1,617			$	2,513			$	3,446
Loans over 90 days past due as a % of total loans			0.05	%			0.01	%			0.01	%			0.01	%			0.02	%
Nonaccrual and restructured loans		$	19,347			$	15,480			$	19,269			$	19,817			$	18,117
Nonaccrual and restructured loans as a % of total loans			0.09	%			0.07	%			0.09	%			0.10	%			0.10	%
Provision for credit losses		$	13,000			$	23,250			$	9,000			$	22,000			$	13,400

 

 

Dividend Declaration and Share Repurchase Authorization

At the company’s quarterly board meeting, the Board of Directors declared a $0.38 per share quarterly cash dividend, payable on October 2, 2023, to shareholders of record at the close of business on September 11, 2023.

 

The Board also approved the repurchase of up to 1,000,000 shares of the company's common stock. Share repurchases may occur from time to time at any point until the regular meeting of the Board that immediately follows the 2024 annual meeting of the company’s shareholders. Shares acquired under the repurchase program may be available for reissuance or resale, including in connection with the company's compensation plans and dividend reinvestment plan. Under the repurchase program, the company may acquire the shares from time to time in open market or privately negotiated transactions, at the discretion of management.

 

Conference Call

The company plans to host a conference call to discuss its second quarter 2023 earnings results on Wednesday, July 26, 2023, at 9:30 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 835446. The live call may also be accessed by visiting investorrelations.umb.com or by using the following link:

 

UMB Financial 2Q 2023 Conference Call

 

A replay of the conference call may be heard through August 9, 2023, by calling (toll-free)

866-813-9403 or (international) 929-458-6194. The replay access code required for playback is 506453. The call replay may also be accessed at investorrelations.umb.com.

 

Non-GAAP Financial Information

In this release, we may 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,

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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, tangible book value per share, and operating return on average tangible equity excluding AOCI, 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, tangible book value per share, and operating return on average tangible equity excluding AOCI – 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 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, 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 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 expense.

 

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 expense.

 

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.

 

Operating return on average tangible equity excluding AOCI is calculated as net operating income, divided by the company’s average tangible shareholders’ equity exclusive of AOCI for the relevant period.

 

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

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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, 2022, 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 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 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)
		June 30,
		2023				2022
ASSETS
Loans		$	22,483,542			$	18,972,158
Allowance for credit losses on loans			(222,161	)			(164,346	)
Net loans			22,261,381				18,807,812
Loans held for sale			3,819				750
Securities:
Available for sale			6,668,615				7,739,216
Held to maturity, net of allowance for credit losses			5,807,763				5,707,282
Trading securities			28,887				9,646
Other securities			428,149				342,543
Total securities			12,933,414				13,798,687
Federal funds sold and resell agreements			319,838				1,055,459
Interest-bearing due from banks			3,369,911				1,825,295
Cash and due from banks			431,527				360,242
Premises and equipment, net			255,127				257,729
Accrued income			190,387				144,874
Goodwill			207,385				182,225
Other intangibles, net			75,184				14,465
Other assets			1,195,069				1,060,303
Total assets		$	41,243,042			$	37,507,841
LIABILITIES
Deposits:
Noninterest-bearing demand		$	12,142,906			$	14,925,555
Interest-bearing demand and savings			18,184,063				16,007,087
Time deposits under $250,000			2,665,166				383,832
Time deposits of $250,000 or more			528,326				169,550
Total deposits			33,520,461				31,486,024
Federal funds purchased and repurchase agreements			2,050,583				2,661,283
Short-term debt			1,800,000				—
Long-term debt			382,280				272,505
Accrued expenses and taxes			256,845				182,185
Other liabilities			401,245				262,956
Total liabilities			38,411,414				34,864,953
SHAREHOLDERS' EQUITY
Common stock			55,057				55,057
Capital surplus			1,124,977				1,115,504
Retained earnings			2,681,448				2,384,454
Accumulated other comprehensive loss, net			(685,831	)			(564,803	)
Treasury stock			(344,023	)			(347,324	)
Total shareholders' equity			2,831,628				2,642,888
Total liabilities and shareholders' equity		$	41,243,042			$	37,507,841

 

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Consolidated Statements of Income		UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2023				2022				2023				2022
INTEREST INCOME
Loans		$	342,994			$	169,919			$	651,435			$	319,389
Securities:
Taxable interest			54,587				47,295				107,636				90,677
Tax-exempt interest			25,550				23,538				50,856				47,393
Total securities income			80,137				70,833				158,492				138,070
Federal funds and resell agreements			3,889				3,497				9,540				5,947
Interest-bearing due from banks			34,206				4,207				50,372				6,664
Trading securities			154				114				288				299
Total interest income			461,380				248,570				870,127				470,369
INTEREST EXPENSE
Deposits			170,550				15,439				298,449				21,612
Federal funds and repurchase agreements			24,745				4,998				48,047				7,146
Other			40,474				3,342				56,324				6,465
Total interest expense			235,769				23,779				402,820				35,223
Net interest income			225,611				224,791				467,307				435,146
Provision for credit losses			13,000				13,400				36,250				6,900
Net interest income after provision for credit losses			212,611				211,391				431,057				428,246
NONINTEREST INCOME
Trust and securities processing			61,589				58,886				123,948				118,414
Trading and investment banking			4,800				7,123				10,108				12,563
Service charges on deposit accounts			21,381				20,835				42,540				45,477
Insurance fees and commissions			225				245				499				504
Brokerage fees			13,604				12,391				27,280				15,847
Bankcard fees			18,579				17,840				36,751				34,475
Investment securities gains (losses), net			900				60,720				(4,424	)			60,198
Other			17,004				(1,705	)			31,580				12,535
Total noninterest income			138,082				176,335				268,282				300,013
NONINTEREST EXPENSE
Salaries and employee benefits			143,312				121,390				285,810				252,024
Occupancy, net			11,746				11,976				23,923				24,208
Equipment			17,086				18,315				34,935				36,479
Supplies and services			4,195				3,492				8,070				6,754
Marketing and business development			7,124				5,308				12,459				10,240
Processing fees			26,572				19,338				49,812				37,781
Legal and consulting			7,059				11,265				14,344				18,176
Bankcard			8,307				5,880				15,440				12,447
Amortization of other intangible assets			2,117				1,225				4,415				2,296
Regulatory fees			6,123				3,464				11,674				6,946
Other			7,032				12,474				16,843				21,554
Total noninterest expense			240,673				214,127				477,725				428,905
Income before income taxes			110,020				173,599				221,614				299,354
Income tax expense			19,910				36,043				39,067				55,835
NET INCOME		$	90,110			$	137,556			$	182,547			$	243,519
PER SHARE DATA
Net income – basic		$	1.86			$	2.85			$	3.77			$	5.03
Net income – diluted			1.85				2.83				3.75				4.99
Dividends			0.38				0.37				0.76				0.74
Weighted average shares outstanding – basic			48,514,277				48,347,226				48,474,865				48,376,868
Weighted average shares outstanding – diluted			48,668,413				48,673,964				48,707,487				48,755,059

 

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Consolidated Statements of Comprehensive Income		UMB Financial Corporation
(unaudited, dollars in thousands)
		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2023				2022				2023				2022
Net income		$	90,110			$	137,556			$	182,547			$	243,519
Other comprehensive (loss) income, before tax:
Unrealized gains and losses on debt securities:
Change in unrealized holding gains and losses, net			(87,505	)			(308,352	)			6,152				(931,262	)
Less: Reclassification adjustment for net losses included in net income			—				—				433				—
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity			10,312				12,539				20,295				13,121
Change in unrealized gains and losses on debt securities			(77,193	)			(295,813	)			26,880				(918,141	)
Unrealized gains and losses on derivative hedges:
Change in unrealized gains and losses on derivative hedges, net			1,848				4,437				321				9,117
Less: Reclassification adjustment for net gains included in net income			(2,660	)			(1,090	)			(5,221	)			(1,941	)
Change in unrealized gains and losses on derivative hedges			(812	)			3,347				(4,900	)			7,176
Other comprehensive (loss) income, before tax			(78,005	)			(292,466	)			21,980				(910,965	)
Income tax benefit (expense)			18,950				70,791				(5,076	)			219,848
Other comprehensive (loss) income			(59,055	)			(221,675	)			16,904				(691,117	)
Comprehensive income (loss)		$	31,055			$	(84,119	)		$	199,451			$	(447,598	)

 

 

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 Income (Loss)				Treasury Stock				Total
Balance - January 1, 2022		$	55,057			$	1,110,520			$	2,176,998			$	126,314			$	(323,465	)		$	3,145,424
Total comprehensive income (loss)			—				—				243,519				(691,117	)			—				(447,598	)
Dividends ($0.74 per share)			—				—				(36,063	)			—				—				(36,063	)
Purchase of treasury stock			—				—				—				—				(31,806	)			(31,806	)
Issuances of equity awards, net of forfeitures			—				(6,630	)			—				—				7,309				679
Recognition of equity-based compensation			—				11,223				—				—				—				11,223
Sale of treasury stock			—				174				—				—				111				285
Exercise of stock options			—				217				—				—				527				744
Balance - June 30, 2022		$	55,057			$	1,115,504			$	2,384,454			$	(564,803	)		$	(347,324	)		$	2,642,888
Balance - January 1, 2023		$	55,057			$	1,125,949			$	2,536,086			$	(702,735	)		$	(347,264	)		$	2,667,093
Total comprehensive income			—				—				182,547				16,904				—				199,451
Dividends ($0.76 per share)			—				—				(37,185	)			—				—				(37,185	)
Purchase of treasury stock			—				—				—				—				(7,902	)			(7,902	)
Issuances of equity awards, net of forfeitures			—				(9,764	)			—				—				10,483				719
Recognition of equity-based compensation			—				8,455				—				—				—				8,455
Sale of treasury stock			—				115				—				—				140				255
Exercise of stock options			—				222				—				—				520				742
Balance - June 30, 2023		$	55,057			$	1,124,977			$	2,681,448			$	(685,831	)		$	(344,023	)		$	2,831,628

 

 

 

 

 

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Average Balances / Yields and Rates		UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
		Three Months Ended June 30,
		2023								2022
		Average				Average				Average				Average
		Balance				Yield/Rate				Balance				Yield/Rate
Assets
Loans, net of unearned interest		$	22,191,601				6.20	%		$	18,317,943				3.72	%
Securities:
Taxable			9,228,103				2.37				9,825,114				1.93
Tax-exempt			3,819,884				3.36				3,814,394				3.13
Total securities			13,047,987				2.66				13,639,508				2.27
Federal funds and resell agreements			276,459				5.64				1,100,918				1.27
Interest bearing due from banks			2,707,740				5.07				2,632,307				0.64
Trading securities			12,538				5.37				10,190				5.35
Total earning assets			38,236,325				4.91				35,700,866				2.86
Allowance for credit losses			(216,876	)							(182,118	)
Other assets			2,345,714								2,043,977
Total assets		$	40,365,163							$	37,562,725
Liabilities and Shareholders' Equity
Interest-bearing deposits		$	20,939,638				3.27	%		$	17,379,810				0.36	%
Federal funds and repurchase agreements			2,336,929				4.25				2,658,219				0.75
Borrowed funds			3,137,267				5.17				272,254				4.92
Total interest-bearing liabilities			26,413,834				3.58				20,310,283				0.47
Noninterest-bearing demand deposits			10,535,325								14,209,159
Other liabilities			539,172								394,923
Shareholders' equity			2,876,832								2,648,360
Total liabilities and shareholders' equity		$	40,365,163							$	37,562,725
Net interest spread							1.33	%							2.39	%
Net interest margin							2.44								2.60

 

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Average Balances / Yields and Rates		UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
		Six Months Ended June 30,
		2023								2022
		Average				Average				Average				Average
		Balance				Yield/Rate				Balance				Yield/Rate
Assets
Loans, net of unearned interest		$	21,734,142				6.05	%		$	17,842,153				3.61	%
Securities:
Taxable			9,288,392				2.34				9,644,345				1.90
Tax-exempt			3,832,505				3.36				3,926,444				3.08
Total securities			13,120,897				2.64				13,570,789				2.24
Federal funds and resell agreements			363,341				5.29				1,182,891				1.01
Interest bearing due from banks			2,127,343				4.77				3,965,267				0.34
Trading securities			10,907				5.77				15,484				4.70
Total earning assets			37,356,630				4.77				36,576,584				2.66
Allowance for credit losses			(206,559	)							(190,123	)
Other assets			2,292,479								1,966,176
Total assets		$	39,442,550							$	38,352,637
Liabilities and Shareholders' Equity
Interest-bearing deposits		$	20,294,984				2.97	%		$	17,964,006				0.24	%
Federal funds and repurchase agreements			2,399,090				4.04				2,815,130				0.51
Borrowed funds			2,174,157				5.22				271,994				4.79
Total interest-bearing liabilities			24,868,231				3.27				21,051,130				0.34
Noninterest-bearing demand deposits			11,223,478								14,117,879
Other liabilities			549,787								393,732
Shareholders' equity			2,801,054								2,789,896
Total liabilities and shareholders' equity		$	39,442,550							$	38,352,637
Net interest spread							1.50	%							2.32	%
Net interest margin							2.59								2.47

 

 

 

 

 

 

 

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Business Segment Information		UMB Financial Corporation
(unaudited, dollars in thousands)
		Three Months Ended June 30, 2023
		Commercial Banking				Institutional Banking				Personal Banking				Total
Net interest income		$	144,389			$	50,397			$	30,825			$	225,611
Provision for credit losses			11,055				234				1,711				13,000
Noninterest income			25,666				86,813				25,603				138,082
Noninterest expense			85,896				91,591				63,186				240,673
Income (loss) before taxes			73,104				45,385				(8,469	)			110,020
Income tax expense (benefit)			13,230				8,213				(1,533	)			19,910
Net income (loss)		$	59,874			$	37,172			$	(6,936	)		$	90,110
		Three Months Ended June 30, 2022
		Commercial Banking				Institutional Banking				Personal Banking				Total
Net interest income		$	149,094			$	34,981				40,716			$	224,791
Provision for credit losses			12,067				89				1,244				13,400
Noninterest income			56,894				81,082				38,359				176,335
Noninterest expense			79,521				76,511				58,095				214,127
Income before taxes			114,400				39,463				19,736				173,599
Income tax expense			23,752				8,193				4,098				36,043
Net income		$	90,648			$	31,270			$	15,638			$	137,556
		Six Months Ended June 30, 2023
		Commercial Banking				Institutional Banking				Personal Banking				Total
Net interest income		$	295,416			$	105,482			$	66,409			$	467,307
Provision for credit losses			32,099				331				3,820				36,250
Noninterest income			48,568				171,051				48,663				268,282
Noninterest expense			169,900				180,962				126,863				477,725
Income (loss) before taxes			141,985				95,240				(15,611	)			221,614
Income tax expense (benefit)			25,030				16,789				(2,752	)			39,067
Net income (loss)		$	116,955			$	78,451			$	(12,859	)		$	182,547
		Six Months Ended June 30, 2022
		Commercial Banking				Institutional Banking				Personal Banking				Total
Net interest income		$	294,096			$	61,233			$	79,817			$	435,146
Provision for credit losses			5,027				240				1,633				6,900
Noninterest income			83,594				154,354				62,065				300,013
Noninterest expense			159,110				152,112				117,683				428,905
Income before taxes			213,553				63,235				22,566				299,354
Income tax expense			39,831				11,795				4,209				55,835
Net income		$	173,722			$	51,440			$	18,357			$	243,519

 

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 June 30, 2023.

 

 

 

 

 

 

 

 

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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 June 30,								Six Months Ended June 30,
		2023				2022				2023				2022
Net income (GAAP)		$	90,110			$	137,556			$	182,547			$	243,519
Adjustments:
Acquisition expense			18				—				57				—
Severance expense			4,891				52				5,377				197
Tax-impact of adjustments (i)			(1,178	)			(12	)			(1,304	)			(47	)
Total Non-GAAP adjustments (net of tax)			3,731				40				4,130				150
Net operating income (Non-GAAP)		$	93,841			$	137,596			$	186,677			$	243,669
Earnings per share - diluted (GAAP)		$	1.85			$	2.83			$	3.75			$	4.99
Acquisition expense			—				—				—				—
Severance expense			0.10				—				0.11				—
Tax-impact of adjustments (i)			(0.02	)			—				(0.03	)			—
Operating earnings per share - diluted (Non-GAAP)		$	1.93			$	2.83			$	3.83			$	4.99
GAAP
Return on average assets			0.90	%			1.47	%			0.93	%			1.28	%
Return on average equity			12.56				20.83				13.14				17.60
Non-GAAP
Operating return on average assets			0.93	%			1.47	%			0.95	%			1.28	%
Operating return on average equity			13.08				20.84				13.44				17.61

 

 

(i) Calculated using the company’s marginal tax rate of 24.0%.

 

 

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Operating noninterest expense and operating efficiency ratio Non-GAAP reconciliations:		UMB Financial Corporation
(unaudited, dollars in thousands)
		Three Months Ended June 30,								Six Months Ended June 30,
		2023				2022				2023				2022
Noninterest expense		$	240,673			$	214,127			$	477,725			$	428,905
Adjustments to arrive at operating noninterest expense (pre-tax):
Acquisition expense			18				—				57				—
Severance expense			4,891				52				5,377				197
Total Non-GAAP adjustments (pre-tax)			4,909				52				5,434				197
Operating noninterest expense (Non-GAAP)		$	235,764			$	214,075			$	472,291			$	428,708
Noninterest expense		$	240,673			$	214,127			$	477,725			$	428,905
Less: Amortization of other intangibles			2,117				1,225				4,415				2,296
Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A)		$	238,556			$	212,902			$	473,310			$	426,609
Operating noninterest expense		$	235,764			$	214,075			$	472,291			$	428,708
Less: Amortization of other intangibles			2,117				1,225				4,415				2,296
Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B)		$	233,647			$	212,850			$	467,876			$	426,412
Net interest income		$	225,611			$	224,791			$	467,307			$	435,146
Noninterest income			138,082				176,335				268,282				300,013
Less: Losses on sales of securities available for sale, net			—				—				(2	)			—
Total Non-GAAP Revenue (denominator A)		$	363,693			$	401,126			$	735,591			$	735,159
Efficiency ratio (numerator A/denominator A)			65.59	%			53.08	%			64.34	%			58.03	%
Operating efficiency ratio (Non-GAAP) (numerator B/denominator A)			64.24				53.06				63.61				58.00

 

 

 

 

 

 

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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 June 30,								Six Months Ended June 30,
		2023				2022				2023				2022
Net interest income (GAAP)		$	225,611			$	224,791			$	467,307			$	435,146
Noninterest income (GAAP)			138,082				176,335				268,282				300,013
Noninterest expense (GAAP)			240,673				214,127				477,725				428,905
Adjustments to arrive at operating noninterest expense:
Acquisition expense			18				—				57				—
Severance expense			4,891				52				5,377				197
Total Non-GAAP adjustments			4,909				52				5,434				197
Operating noninterest expense (Non-GAAP)			235,764				214,075				472,291				428,708
Operating pre-tax, pre-provision income (Non-GAAP)		$	127,929			$	187,051			$	263,298			$	306,451
Net interest income earnings per share - diluted (GAAP)		$	4.64			$	4.62			$	9.60			$	8.93
Noninterest income (GAAP)			2.84				3.62				5.51				6.16
Noninterest expense (GAAP)			4.95				4.40				9.81				8.80
Acquisition expense			—				—				—				—
Severance expense			0.10				—				0.11				—
Operating pre-tax, pre-provision earnings per share - diluted (Non-GAAP)		$	2.63			$	3.84			$	5.41			$	6.29

 

 

 

 

 

 

 

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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 June 30,								Six Months Ended June 30,
		2023				2022				2023				2022
Net interest income (GAAP)		$	225,611			$	224,791			$	467,307			$	435,146
Adjustments to arrive at net interest income - FTE:
Tax equivalent interest			6,575				6,278				13,130				12,677
Net interest income - FTE (Non-GAAP)			232,186				231,069				480,437				447,823
Noninterest income (GAAP)			138,082				176,335				268,282				300,013
Noninterest expense (GAAP)			240,673				214,127				477,725				428,905
Adjustments to arrive at operating noninterest expense:
Acquisition expense			18				—				57				—
Severance expense			4,891				52				5,377				197
Total Non-GAAP adjustments			4,909				52				5,434				197
Operating noninterest expense (Non-GAAP)			235,764				214,075				472,291				428,708
Operating pre-tax, pre-provision income - FTE (Non-GAAP)		$	134,504			$	193,329			$	276,428			$	319,128
Net interest income earnings per share - diluted (GAAP)		$	4.64			$	4.62			$	9.60			$	8.93
Tax equivalent interest			0.14				0.13				0.27				0.26
Net interest income - FTE (Non-GAAP)			4.78				4.75				9.87				9.19
Noninterest income (GAAP)			2.84				3.62				5.51				6.16
Noninterest expense (GAAP)			4.95				4.40				9.81				8.80
Acquisition expense			—				—				—				—
Severance expense			0.10				—				0.11				—
Operating pre-tax, pre-provision income - FTE earnings per share - diluted (Non-GAAP)		$	2.77			$	3.97			$	5.68			$	6.55

 

 

 

 

Tangible book value non-GAAP reconciliations:		UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
		As of June 30,
		2023				2022
Total shareholders' equity (GAAP)		$	2,831,628			$	2,642,888
Less: Intangible assets
Goodwill			207,385				182,225
Other intangibles, net			75,184				14,465
Total intangibles, net			282,569				196,690
Total tangible shareholders' equity (Non-GAAP)		$	2,549,059			$	2,446,198
Total shares outstanding			48,517,750				48,305,286
Ratio of total shareholders' equity (book value) per share		$	58.36			$	54.71
Ratio of total tangible shareholders' equity (tangible book value) per share (Non-GAAP)			52.54				50.64

 

 

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Operating return on average tangible equity excluding AOCI non-GAAP reconciliations:		UMB Financial Corporation
(unaudited, dollars in thousands)
		Three Months Ended June 30,								Six Months Ended June 30,
		2023				2022				2023				2022
Average total shareholders' equity (GAAP)		$	2,876,832			$	2,648,360			$	2,801,054			$	2,789,896
Less: Average intangible assets
Average goodwill			207,385				182,225				207,385				178,478
Average other intangibles, net			75,685				15,261				76,954				14,686
Average total intangibles, net			283,070				197,486				284,339				193,164
Average total tangible shareholders' equity (Non-GAAP)			2,593,762				2,450,874				2,516,715				2,596,732
Less: Average accumulated other comprehensive loss (AOCI)			(644,003	)			(507,740	)			(643,782	)			(318,119	)
Average total tangible shareholders' equity excluding AOCI (Non-GAAP)		$	3,237,765			$	2,958,614			$	3,160,497			$	2,914,851
Net operating income (Non-GAAP)		$	93,841			$	137,596			$	186,677			$	243,669
Non-GAAP
Operating return on average tangible equity excluding AOCI			11.63	%			18.65	%			11.91	%			16.86	%

 

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2nd Quarter 2023Update July 25, 2023

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Presentation Index Corporate Overview Opportunity – Our Investment Thesis 2nd Quarter 2023 Results Line of Business Updates Appendix 3 8 17 34 45 Board of Directors Forward-Looking Statements Non-GAAP Reconciliations Please refer to the Forward-Looking Statements on slide 47 for important disclosures about information contained in this presentation. Peer Group

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Corporate Overview Highlights Asset-based lending Healthcare Services National Presence International Presence UMBF Trust & Agency Services – Dublin, Ireland Specialized Lending Verticals Corporate Trust Capital Markets (4) Fund Services Private Wealth Management & Personal Trust At, or for the 3 months ended, 06/30/23. (1) Includes $11.9B in managed assets and $4.0B in Assets Under Administration for Private Wealth customers; (2) Includes AUA in Fund Services / custody, corporate trust and Healthcare Services; (3) Non-GAAP measure. See reconciliation on slide 51; (4) UMB Bank, n.a. Capital Markets Division. 91 banking centers 237 ATMs UMB Bank Presence Twin Cities - MN Salt Lake City - UT UMB Financial Corporation Headquarters Expansion Markets

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Business ModelOur Diverse Foundation Commercial & Personal Banking Services 2Q’23 Revenue: $226.5 million. 2Q’23 Average Deposits: $18.0 billion Average loans: $3.0B (1) (2) Average deposits: $6.2B Retail deposit & lending services through 91 branches and online Private banking services Consumer mortgage AUM = $11.9B AUA = $4.0B Financial planning Investment management Trust & custody Estate planning Family office Business exit planning C&I lending Small business lending CRE & Construction lending Average loans: $18.7B (1) Average deposits: $11.8B Agribusiness Energy Practice finance Mezzanine debt & equity investments Commercial Consumer Private Wealth Institutional Banking Services 2Q’23 Revenue: $137.2 million. 2Q’23 Average Deposits: $11.3 billion Institutional Banking provides solutions for the entire marketplace; $414.9 billion in AUA. (3) Corporate Trust Bond trustee, paying agent & escrow services Institutional Custody Domestic & international custody services Fund Services Fund accounting, fund administration & transfer agency Specialty Trust & Agency Solutions Default workout & successor trustee services Aviation, ABS & loan agency services Capital Markets Division (4) Fixed income sales & trading Public finance Investor Solutions Banking, cash management & specialty services for financial firms Healthcare Services Health savings & benefit spending accounts Healthcare payment solutions Aviation Asset-based lending Beverage Treasury management Merchant payments Specialized Expertise: Balances at, or for quarter ended, 06/30/23 (1) Loan balances exclude credit card; (2) Includes consumer plus residential real estate loans to retail & private banking clients; (3) Includes AUA in Fund Services/custody, corporate trust & Healthcare Services; (4) Products offered through UMB Bank Capital Markets Div.: NOT FDIC INSURED | MAY LOSE VALUE  | NOT BANK GUARANTEED.

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An unwavering commitment to doing more for our customers. 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.

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Beyond FinancialsOur Culture 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 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 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. MORE TRUST 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

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Beyond FinancialsOur Commitment to Corporate Citizenship Read our 2022 Corporate Citizenship & ESG Report at UMB.com/ESGreport UMB recognizes the undeniable importance of sustainable business practices. Efficient & Sensible Resource Use Associate volunteerism and corporate philanthropy help build strong community partnerships. $9.0 million in company donations and sponsorships in 2022, supporting underserved communities’ housing needs, small business efforts, education and emerging talent Nearly 1,000 participants in our workplace giving campaign supporting more than 700 qualified nonprofits with pledges of $65k Associates receive 16 hours of paid Volunteer Time Off (VTO) annually, and participants logged nearly 7,500 hours of volunteer time, despite some continuing impact from the pandemic School of Economics provides interactive, educational experiences through curriculum-based field trips for students each year. UMB leases space in downtown KC to the nonprofit for $1. 250 UMB volunteer hours reached more than 4,500 students in 2022 Community Impact 80 UMB buildings use automated systems to conserve energy, with a goal to include all UMB properties by year-end 2023 More than 192k Kilowatt hours generated from solar panels Exterior lighting upgrades to LED saved nearly 678k Kilowatt hours; committed to convert all locations by year-end 2023 2022 recycling efforts produced nearly 15k pounds of comingled recycling, 8k pounds of cardboard and 360 pounds of recycled batteries Beehives housed at a Denver branch support the local honeybee population, with a peak population of 210k bees. In 2022, we harvested 300 pounds of edible honey and 6 pounds of wax Effective governance practices preserve the confidence and trust of our stakeholders. 12-person board of directors, with 10 independent members, a lead independent director, and 100% independence on board committees 33% 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 2022, 36% of all UMB hires were people of color, 56% were women and 6% were veterans Diversity among executive leadership team – 53%; 8 of 15 members Inclusion & Diversity

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Our Investment Thesis

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Investment ThesisOur Opportunity 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 4% of total average deposits Long-tenured relationships: Clients that have been with us for more than 15 years hold ~49% 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 33% 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 all 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 22 years with UMB Chief Credit Officer – 37 years with UMB 69% of loans reprice within 12 months > $1.6 billion of securities cash flow expected within 12 months (1) Average collected balances for June 2023; excludes CDs, health savings and FinTech deposits.

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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) (2) UMBF Peer Median (1) (1) UMB traditional peers (15 banks), as of latest available annual period. Source: S&P Global Market Intelligence; Peer group defined on slide 53; (2) Non-GAAP measure. See reconciliation on slide 50; (3) As defined by S&P Global: “Cash, cash equiv. & investment securities/assets.” Tangible Equity / Tangible Assets (2) UMBF Equity / Assets UMBF TCE / Tang. Assets (2)

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8% Balance Sheet Growth Across All Business Cycles Average Deposits Average annual balances in billions. Average Deposits Average Total Deposit Cost Peer Median Deposit Cost (1) 2.89% 2.10% 0.53% 25% 4% 14% 16% 11% 14% 10% 20% 13% 6% 11% 9% 4% 7% 14% 15 Year CAGR 12.0% (1) UMB traditional peers (15 banks), as of latest available annual period. Source: S&P Global Market Intelligence; (2) Excludes PPP balances for ’20 – ’22. Annual Deposit Growth 0.32% 15 Year CAGR 11.0% Average Loans Annual Loan Growth 12% 19% 9% 7% 5% 2% 6% 10% 10% 18% 12% 21% 19% 9% 7% 10%

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Differentiated Revenue Profile Multiple Sources of Growth Net Interest Income Fee Income Provides Diversity Dollars in millions. 29% 55% 38% $ 1,282.7 $1,291.4 $1,468.0 $613.2 $521.5 $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 15 Year CAGR 7.1% Revenue Growth Annual NII Growth Annual Revenue Growth 12% 12% 7% 18% 10% 3% 2% 1% 9% 4% 5% 18% 20% 13% 9% 10% -1% 14% 10% 13% 4% 9% 9% 6% 18% 6% 3% 4% 11% 1% 3% 8% (1) Fee income prior to 2017 contains income from discontinued operations; (2) UMB traditional peers (15 banks) as of latest available annual period. Source: S&P Global Market Intelligence. Net Interest Income (before provision) Noninterest Income (1) % fee income Peer Median % Fee Income (2) 15 Year CAGR 9.5% 15 Year CAGR 4.4% Fee Income Growth $ 815.5 $731.2 $913.8 $303.0 $232.7 $317.0 $275.1 $320.1 $310.6 $333.3 $412.1 $558.9 $350.1 $610.4 $495.3 $670.9 23%

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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 traditional peers (15 banks), as of latest available annual period. Source: S&P Global Market Intelligence; (2) All FDIC-insured banks. Source: FDIC. 0.21% 0.09% 15 Year Average 0.30% 15 Year Average 0.44%

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Risk-Adjusted Returns Rowing Close to Shore UMBF Peer Median (1) (1) UMB traditional peers (15 banks), data as of latest available annual period. Source: S&P Global Market Intelligence. UMBF Peer Median (1) Risk-Weighted Assets / Assets Return on Risk-Weighted Assets

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Dividend Trends Sustained Growth (1) Dividends adjusted for 2-for-1 stock split in 2006. (2) Annualized 2023 full-year dividend assumes all 4 quarters are $0.38/share, consistent with dividends declared for the first 3 quarters of 2023. The Board of Directors may declare dividends of different amounts in future quarters. Annual Dividends Declared (1) +292.1% 2002 - 2022 2023 = $1.52 +2.0% vs. 2022 (2) (2)

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OutperformanceBuilding Long-Term Value 15-Year Compounded Annual Growth Rates 2007 – 2022 UMBF KRX* Industry*** Peer Median** Diluted Earnings Per Share Tangible Book Value Per Share (1) *KBW Nasdaq Regional Bank Index (median of 50 banks); **UMB’s traditional peers (median of 15 banks); ***Median of all publicly-traded banks with data reported for both 2007 and 2022. (1) Non-GAAP measure. See reconciliation on slide 52. Source: KRX, Peer and Industry data from S&P Global Market Intelligence.

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2nd Quarter 2023Financial Review

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(1) Estimated uninsured deposits to be reported in schedule RC-O of UMB Bank’s 06/30/23 Call Report; (2) Adjusted for affiliate deposits (accounts of wholly-owned subsidiaries of UMBFC) and collateralized deposits (public funds or corp. trust deposits collateralized by high quality securities in UMB’s investment portfolio); (3) Net gains/losses on any disposition or impairment of debt securities plus mark-to-market valuations of equity investments; (4) Non-GAAP measure. See reconciliation on slide 48.(5) Non-GAAP measure. See reconciliation on slide 49. 2Q 2023 Results At-A-Glance 2Q ’22 1Q ’23 2Q ’23 Linked-Quarter Variance & Commentary $ millions, except per share amounts.

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2Q 2023 Earnings Highlights Operating PTPP Income (1) $187.1 $131.2 $134.1 $135.4 $127.9 Diluted EPS Net Income Net Income $90.1 $137.6 $88.0 $100.2 $92.4 Dollars in millions, except per share amounts. (1) Operating pre-tax, pre-provision income is a non-GAAP metric. See reconciliation on slide 49; (2) Net gains/losses on any disposition or impairment of debt securities plus mark-to-market valuations of equity investments. Operating PTPP Income – gains/losses on inv. securities (2) Operating PTPP Income, ex. gains/losses on inv. securities

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Revenue Trends Dollars in millions. Columns may not sum due to rounding differences. 2Q ’22 3Q ’22 4Q ’22 1Q ’23 2Q ’23 Linked-Qtr. Variance $ ∆ % ∆

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Net Interest Income $3.7B $1.5B $1.8B $2.0B $3.0B Asset Yield and Liability Cost Trends Liquidity Trends NIM Spread Net Interest Income $224.8 $245.2 $241.7 10.5% 4.3% 5.1% 5.4% 7.8% $233.5 $2.1B 8.4% Fed funds & resell agreements Int-bearing due from banks % of average earning assets Pre- pandemic Liquidity trends shown as average quarterly balances. $ millions $ billions EA % IBL % COF % $225.6

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Noninterest Income Current Quarter Drivers Fee Income / Revenue Peer Median Fee Income / Revenue (1) Dollars in millions. (1) UMB traditional peers (15 banks), data as of latest available quarter. Source: S&P Global Market Intelligence. Investment Securities Gains (Losses) Brokerage Fees Trust / Securities Processing Bankcard Fees Trading / Invest. Banking Other Income Deposit Svc. Charges. $176.3 $128.7 $125.5 $130.2 $138.1 LQ Variance Included sale of Visa B shares Composition / Changes in Inv. Securities Gains (Losses) and Trust & Securities Processing Noninterest income increased $7.9mm, or 6.1%, vs. 1Q’23. Primary drivers: An increase of $6.2mm in investment securities gains, largely driven by an impairment loss on an AFS subordinated debt security in 1Q’23 and increased valuation of equity investments in 2Q’23. An increase of $2.4mm in other income, primarily related to a $4.0mm gain on the sale of assets in 2Q’23, partially offset by a decrease of $1.3mm in derivative income. These increases were partially offset by a decrease of $770k in trust and securities processing income, driven largely by reduced corporate trust income, related to elevated customer onboarding fees in 1Q'23

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Noninterest Expense Current Quarter Drivers Dollars in millions. Columns may not sum due to rounding differences. 2Q ’22 3Q ’22 4Q ’22 1Q ’23 2Q ’23 Linked-Qtr. Variance $ ∆ % ∆ Noninterest expense increased $3.6mm or 1.5%, vs. 1Q’23. Primary drivers: An increase of $3.3mm in processing fees due to the ongoing modernization of the company's core systems and timing of multiple projects. An increase of $1.8mm in marketing and business development expense related to deposit campaigns and other advertising project costs and an increase in sales travel and entertainment. $7.4mm in additional salary and bonus expense, largely driven by $4.4mm in additional severance/acquisition expenses and higher salaries related to annual merit increases beginning in 2Q’23. These increases were partially offset partially offset by A decrease of $6.6mm in employee benefits, largely related to seasonally lower payroll taxes and insurance, and lower 401(k) accruals; and A decrease of $2.0mm in operational losses compared to 1Q’23. Deferred compensation expense was $3.2mm in 2Q’23, $3.2mm in 1Q’23 and ($9.2)mm in 2Q’22.

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$21,272 $ 22,192 $ 18,318 $ 19,284 Diversified Loan Portfolio Average balances in millions. Average Loan Yield Commercial R/E Asset-Based Lending C&I Residential R/E Consumer Construction Factoring Credit Card $ 20,295 Loans by Region Kansas City 32% Colorado 18% Arizona 10% St. Louis 15% Greater MO 5% KS - 2% Texas 12% NE - 2% OK - 1% UT - 2% MN - 1% 2Q ’22 1Q ’23 2Q ’23 Linked-Qtr. Variance $ ∆ % ∆

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Quarterly Loan Activity (1) Payoffs and paydowns include C&I and CRE loans. (1) (1) 2Q ’22 3Q ’22 4Q ’22 1Q ’23 2Q ’23

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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 ($0.1) 0.00% 0.25% 0.50% 0.75%

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Detailed Net Charge-Off History (1) Loan categories updated in 2020 with adoption of ASU 2016-13. In prior periods, NCOs for “Commercial” included C&I, commercial card, ABL and factoring loans. NCOs for “Other” included consumer cards, all real-estate loans, consumer loans and DDA. Historical Recent Trends

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High-Quality Investment Portfolio $8,093 $7,566 $6,999 $6,963 $5,199 $5,785 $5,872 $5,872 $5,824 Average balances - $ millions Average Blended Yield Treasuries Corp. & Commercial Paper GNMA/GSE Mortgage-Backed GSE Agencies Municipals Industrial Revenue Bonds Collateralized Loan Obligations $6,816 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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(1) Cash flow and purchase activity and HTM duration includes AFS and the portion of the HTM portfolio managed by the Corporate Treasury team; excludes industrial revenue bonds held-to-maturity; (2) Purchases made for roll-off and overbuy; net of purchases related to sales/trades. (3) Includes impact of pay-fixed receive-float swap portfolio with varying start dates. (4) Columns and rows may not sum due to rounding differences. Securities Portfolio Statistics Amortized Cost Fair Value Unrealized Loss - Net Securities Portfolio Activity (1) $ in millions Balances as of June 30, 2023; $ in millions (4)

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Deposits by Line of Business Diversified Deposit Mix $31,589 $31,374 $31,562 $31,475 Commercial Personal Institutional Commercial Banking 37% Consumer & Private Wealth 20% Capital Markets & Corp. Trust 14% Healthcare Services 9% Fund Services 6% Investor Solutions 7% 38% 33% 45% 42% 40% Average balances in millions. $29,797 Interest-Bearing Demand & Savings Demand Deposits Time Deposits Avg. Total Deposit Cost DDA / total deposits Brokered 7% 2Q ’22 1Q ’23 2Q ’23 Linked-Qtr. Variance $ ∆ % ∆

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(1) Estimated uninsured deposits to be reported on schedule RC-O of UMB’’s 06/30/23 Call Report; (2) Accounts of wholly-owned subsidiaries of UMBFC (3) Public funds or corp. trust deposits collateralized by high quality securities in UMB’s investment portfolio; (4) Total deposits as of June 30, 2023. (5) Excludes CDs, health savings and FinTech deposits. Deposit Diversity & Characteristics Average balances for 2Q’23 As of June 30, 2023 Based on actual balances as of June 30, 2023 Average Collected Balances for June 2023 Average balances for 2Q’23; based on NAICS industry classifications (5)

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Interest Rate Sensitivity Impact to Net Interest Income Assumptions Projected rates for new loans and deposits based on historical analysis, management outlook and repricing strategies Asset prepayments and other market risks are developed from industry estimates of prepayment speeds and other market changes Ramp Scenario – Static Balance Sheet Shock Scenario – Static Balance Sheet 62% of total end-of-period loans, or $13.9B, are variable. 69% of total loans reprice within the next 12 months. Of variable loans - % tied to indices for next 12 months: 69% - SOFR 27% - Prime 4% - other Loan Maturities & Repricing

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Ample Liquidity Strong Capital Liquidity & Capital Position (1) Estimated uninsured deposits to be reported in schedule RC-O of UMB’s 06/30/23 Call Report. (2) Estimated uninsured deposits adjusted for deposits of wholly-owned subsidiaries of UMBFC and public funds or corporate trust deposits collateralized by high quality securities in UMB’s investment portfolio; (3) Non-GAAP measure. See reconciliation on slide 50. 5.00% 10.00% 6.50% UMBF ratio Regulatory Minimum CET 1 Total Capital Tier 1 Leverage Regulatory Capital Ratios 12.59% 10.65% 8.16% As of June 30, 2023 $ billions Tangible Common Equity Ratio (3) 6.22% Tangible Common Equity Ratio, ex. AOCI (3) 7.90% Total Equity / Total Assets 6.87% Available Liquidity Sources Wholesale Funding by Maturity * Sources include Fed discount window, FHLB advances, Fed funds purchased, free bond collateral, cash sweep and cash/due from banks (including Fed account) $ millions 5.25% 4.90% 5.00% 5.11% Weighted average rate

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Line of Business Updates

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Commercial BankingCommercial Capabilities Investment Real Estate Office Industrial Hotel Retail Multi-family Student Housing Agribusiness Asset-based Lending Aviation Lending Lending Verticals Beverage Lending Energy Lending 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 29% Sm./Med Biz 5% Specialized Verticals 13% $18.7B Average balance for 2Q’23, excludes credit card. (1) Rank among U.S. Visa & Mastercard Commercial Card Issuers, Source: Nilson Report, ‘22; (2) “Production ag lending” per ABA 1Q 2023, FDIC data. Additionally, UMB has significant relationships with “Agribusiness / Middle Market Ag” companies. #29 of 100 Largest Farm Lenders in the U.S. (2) Commercial Credit Card Purchase Volume (1) TOP 15 Prepaid & Purchasing Card Volume (1) TOP 5 Commercial Lending Portfolio Average Loan Balance & Composition

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Commercial BankingC&I Lending Commercial & Industrial Statistics C&I Industries as % of UMB Loans (1) Includes Middle Market, Lending Verticals & Small / Medium Business Considerations Internal limits on loan size and projects per sponsor Concentration guidelines for all lending verticals, monitored for changing conditions C&I Balance Trends Transp. / Warehouse Diversified Tech. & Telecom Materials & Commodities Manu-facturing Food & Bev. Healthcare Commercial Services Other (2) Agri-business Finance & Insurance 9% Energy-Related 5% Total C&I Loans $10.1B 45.1% of total UMB loans (1) End-of-period balances as of June 30, 2023. (2) Average Line Utilization Trends (2) Other - 4% of UMB loans Retail Auto-related Entertainment / Recreation Consumer Services Apparel / Textiles Government / Education Portfolio Mgmt.–2% Inv. Banking–2% Leasing–1% Insurance–1% Other Financial-3% RE & Construction 6% Comml. Lessors–1% Bldg. Const.–1% Varied Construction Services– 4% Petroleum–2% Nat. Gas–1% Other Energy–2% +18% YoY

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Commercial BankingCommercial Real Estate Commercial Real Estate Statistics Investment CRE as % of UMB Loans (1) Const. / Land Dev. 9% Owner-Occupied 10% Investment CRE 15% $8.3B Farmland 2% as of June 30, 2023 1-4 Unit Residential Construction < 1% of total UMB loans Retail Multifamily Office Building Hotel Industrial Sr. Living Mixed Use Vacant Land Other (4) (1) End-of-period balances as of June 30, 2023; (2) Adjusting for customer interest rate swaps on variable rate exposure, “fixed” rate exposure would be approximately 50% and variable rate exposure would be approximately 50%; (3) Tier 1 capital plus an adjusted ACL, per regulatory guidelines. (4) Other - 2% of UMB loans Student Housing Residential Rental Healthcare Homebuilder for Sale Special Purpose Self-storage Manufactured Housing Investment CRE & Construction Portfolio Average Loan-to-Value: 59% Recourse: 89% Investment CRE Rate Type: (2) Fixed – 33% Variable – 67% Total CRE & Construction = 37% 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: Fixed – 44% Variable – 56% Regulatory Concentrations (3) Total non-farmland CRE / Total RBC: 175% Construction & Development / Total RBC: 60% Total Inv. CRE & Construction Loans $5.5B 24.4% of total UMB loans

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Investment Real EstateSelect Property Details Average Loan: $8.5mm Average LTV: 65% Recourse: 82% Geographic Diversity – By Property Location By outstanding balances as of June 30, 2023 Average Loan-to-Value, Select Industries Total Investment CRE Portfolio Office CRE Portfolio (No state > 3%) MSA Diversification Statistics Market Type $1,007mm Suburban Central Business District Medical $ millions Industrial: 62% Multifamily: 54% Retail: 55% Hotel: 51% Vacant Land: 63% Senior Living: 67% Mixed Use: 53%

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Personal Banking Consumer Metrics at, or for the quarter ended, 06/30/23. (1) Includes residential real estate and other consumer loans; (2) 2022 Net Promoter Score for 16 financial services companies - Medallia, Inc. Strategic & Stable Source of Low-Cost Funds +14% YoY $3.0B Total Average Loans Consumer plays a strategic role for UMB as a large and stable source of deposits. Poised for continued asset growth -8% YoY $6.2B Total Average Deposits Growth engine for new customers; deepening existing relationships NPS Score 71.7 UMBF Industry Average (2) 54.2 Private Banking Strategically positioned for sales growth Retail Banking Hybrid Service & Sales Model – Provides broad products and services to meet diverse client needs Mortgage 1st Time Homebuyer Program - Down Payment Assistance to Qualified Buyers Program to Date (Jan ‘22 – 2Q ‘23): 3,700+ Applications Down payment assistance Community Development High Customer Satisfaction Consumer serves the personal banking needs of clients across all divisions of the bank $2.5B Provide competitive mortgage solutions for all client types 91 Banking Centers 237 ATMs Digital Capabilities across Consumer 26 $1.9B Private Bankers Across 9 regions Avg. Private Banking Deposits Avg. Mortgage Balances +16% YoY Expand diversity of client engagement in communities served Digital loan and deposit application and originations Mobile Banking: Deposits, transfers, bill pay, acct review & more $5.9mm 27 Financial Education Classes 17 Community Partners Served 415 Community Participants

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Personal Banking Private Wealth Management Composition as of 06/30/23. (1) Includes AUM and AUA. Personal Trust 21% Investment Advisory 40% Non-Managed AUA 25% IRAs 5% Brokerage 4% Other 5% Customer Assets Wealth Management Financial planning Discretionary investment management Investment research & education Brokerage services   Trust Management and Estate Planning Charitable foundation planning & administration Trustee & successor trustee services Personal custody, including self-directed IRAs Unique asset administration Fine art management Trust tax preparation   Family Wealth Management A multi-family office Strategic wealth solutions for ultra-high net worth families Business succession planning & continuity Direct private equity investments opportunities New Assets / Sales (1) $11.9B Managed Assets (AUM) $4.0B Non-Managed Assets (AUA) $479mm YTD ’23 New Assets $639mm $694mm $836mm $1.4B 2019 2020 2021 2022

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Institutional Banking Fund Services & Institutional Custody Best Interval Fund Administrator (1) Best Administrator – Technology (2) $352B $379B $383B $382B Provides services for 1,700 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 & private corporations, nonprofits, municipalities, fund companies and endowments. Established in 1948. Best Custodian – 2021 & 2022 (6) Net New Accounts YTD Custody AUA +20% YoY +74 $363B (1) With Intelligence ’19, ’20, ‘22 & ‘23 Awards; (2) Hedgeweek US Awards ’20 - ’22; (3) PE Wire ’21 & ‘22; (4) HFM Services Awards ’21 & ’22; (5) Hedgeweek Emerging Managers Awards ‘23 (6) Global Custodian Fund Admin Survey ’22. Best Administrator – GPs w/assets <$30B (3)   Assets Under Administration Industry Leader in Client Service (4)   Registered Funds & Alternative Investments Institutional Custody Transfer Agency Alternative Servicing Fund Acct/Admin. Custody Best Fund Accounting & Reporting Software (5)   Note: Asset categories sum > total AUA due to shared client assets. Prior quarters adjusted to show Transfer Agency.

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Institutional BankingCorp/Specialty Trust & Capital Markets (1)Thomson Reuters municipal rankings, March ‘23; (2) Ranked by number of issues; (3) M&A Advisor – ’22; (4) Debtwire – ranking ’21; (5) Green Street Advisors’ Asset-Based Alert – 2021. Corporate Trust & Escrow Services Provides trustee, paying agent and escrow services to municipal and corporate issuers. $31B Assets Under Administration Paying Agent in U.S. (1) (2) #3 Municipal Trustee in U.S. (1) (2) #5 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. +929mm Examples of recent deals: Products and services offered through UMB Bank Capital Markets Division NOT FDIC INSURED | MAY LOSE VALUE  | NOT BANK GUARANTEED. State of Oregon $24.9M Hospital Revenue Bonds, Series ’23 Sole Manager Nemaha Valley Hospital Seneca, KS City of Celina, TX $91.1M Tax, Waterworks & Sewer Revenue Certificates ’23 Co-manager Capital Markets Division Capital solutions including fixed income sales, trading and underwriting for institutional, municipal and not-for-profit organizations. Public Finance 85 Closed Deals YTD vs. 68 YTD ’22 2019 62 2020 84 2021 119 2022 142 $ 151.6M Lottery Revenue Bonds, ’23A $70.7M Taxable Lottery Rev. Bonds, Series ’23B Co-manager #1 Agent for Debtor-in-Possession financing (4) #7 Aviation & Asset-Based Securitization Trustee (5) TOP 10 Winner – Turnaround Award for Divestiture of the Year (2) Growth in on-balance sheet deposits +64% vs. 2Q’22 Closed Deals Expanded capabilities in serving community banks. New Vertical: Reinsurance Trust Services $852mm AUA Acquisition of Hybarger & Assoc. May 2023

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FDIC Sweep Assets Under Administration $57B 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 1.4mm In HSA Assets & Deposits $3.3B Top 10 HSA Custodians in the U.S. (2) TOP 10 Benefit Cards 5.1mm ~70mm ~ 5.3 mm accounts Recognized for Investment Quality (1) Sample Fintech Partnerships Named a Top HSA for Features & Investment Options (1) (1) Investor’s Business Daily ‘21; (2) #6 by total accounts and #8 by total assets - Devenir Research Year-End ‘22. 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.

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PaymentsCredit & Debit Card Products $3,812 $3,708 $4,079 $4,020 $3,680 Dollars in millions. (1) Rank in commercial, consumer and small business cards among top 50 U.S. issuers. Source: Nilson Report, December 2022. Card Purchase Volume & Interchange Trends Interchange Income Consumer Credit Healthcare Debit Commercial Credit Inst. Cash Mgmt. Consumer Debit 2Q ’23 Card Spend $4.0B 24th in U.S. Credit Card Purchase Volume (2) #24

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Appendix

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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 Sandy Kemper Robin Beery CC (Chair), RC Gordon Lansford AC (Chair), CC Advisory Directors Tom Wood Jim Rine CEO, UMB Bank, n.a.

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Forward-Looking Statements This presentation 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, our 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 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 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.

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Non-GAAP Reconciliations (unaudited, dollars in thousands except per share data) 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. Net operating income is defined as GAAP net income, adjusted to exclude expenses related to acquisitions, severance expense 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, and severance expense. Tangible book value per share is defined as total shareholders’ equity, net of intangible assets, divided by total shares outstanding. Tangible common equity ratio is calculated as total shareholders’ equity, net of intangible assets, divided by total assets, net of intangible assets. Tangible common equity ratio, excluding accumulated other comprehensive income (“AOCI”), is calculated as total shareholders’ equity, net of intangible assets and less AOCI, divided by total assets, net of intangible assets. 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, excluding AOCI is calculated as net operating income, divided by the company’s average tangible shareholders’ equity exclusive of AOCI for the relevant period. Net Operating Income

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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 expense.

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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. Tangible common equity ratio, excluding accumulated other comprehensive income (“AOCI”), is calculated as total shareholders’ equity, net of intangible assets and less AOCI, divided by total assets, net of intangible assets. Non-GAAP Reconciliations Tangible Common Equity Ratio & Tangible Common Equity Ratio, ex. AOCI (unaudited, dollars in thousands)

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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, excluding AOCI is calculated as net operating income, divided by the company’s average tangible shareholders’ equity exclusive of AOCI for the relevant period. Operating Return on Tangible Common Equity, Excluding AOCI Return on Tangible Common Equity (unaudited, dollars in thousands)

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Non-GAAP Reconciliations Tangible book value per share is defined as total shareholders’ equity, net of intangible assets, divided by total shares outstanding. Tangible Book Value (unaudited, dollars in thousands except per share data)

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Our Peer Group UMB Financial Corporation1010 Grand BoulevardKansas City, MO 64106 UMBFInvestorRelations@umb.com

v3.23.2

Document and Entity Information	Jul. 25, 2023
Cover [Abstract]
Entity Registrant Name	UMB FINANCIAL CORP
Entity Incorporation State Country Code	MO
Amendment Flag	false
Entity Central Index Key	0000101382
Document Type	8-K
Document Period End Date	Jul. 25, 2023
Entity File Number	001-38481
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
Entity Emerging Growth Company	false
Security 12b Title	Common Stock, $1.00 Par Value
Trading Symbol	UMBF
Security Exchange Name	NASDAQ

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