8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  1/25/2022

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. ☐

Item 2.02Results of Operations and Financial Condition

On January 25, 2022, UMB Financial Corporation (the “Company”) issued a press release announcing the financial results for the Company for the quarter and year ended December 31, 2021.  A copy of the press release is attached as Exhibit 99.1 and the information is hereby incorporated by reference herein.

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

Item 7.01    Regulation FD Disclosure

On January 25, 2022, the Company announced in the same press release that the Board of Directors of the Company (“the Board”) had declared a quarterly dividend of $0.37 per share that is payable on April 1, 2022 to shareholders of record of the Company as of the close of business on March 10, 2022.

The Company is furnishing a copy of materials that will be used in the Company’s shareholder conference call at 8:30 a.m. (CT) on January 26, 2022.  A copy of the materials is attached as Exhibit 99.2 and will be available on the Company’s website at www.umb.com.  The materials are dated January 25, 2022, 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.

Item 9.01    Financial Statements and Exhibits

99.1	Press Release announcing financial results for quarter and year ended December 31, 2021, and announcing dividend declaration.
99.2	Investor Presentation Materials, dated January 25, 2022.
104	The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

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<br><br><br>Chief Financial Officer

Date: January 25, 2022

umbf-ex991_7.htm

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 Fourth Quarter Net Income of $78.5 Million and Record Full-Year Earnings of $353.0 Million

Fourth Quarter 2021 Financial Highlights

•	GAAP net income of $78.5 million, or $1.61 per diluted share; net operating income (non-GAAP) of $78.9 million, or $1.62 per diluted share.
•	Pre-tax, pre-provision income on a fully tax equivalent basis (PTPP-FTE) of $113.4 million.
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•	Excluding Paycheck Protection Program (PPP) balances, average loans increased 5.7% on a linked-quarter, annualized basis.
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o	Average Commercial & Industrial loan balances, excluding PPP, increased 11.9% on a linked-quarter, annualized basis.
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o	Period-end loan balances, excluding PPP, increased by $882.6 million from the linked quarter.
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•	Noninterest income increased 10.1% on a linked-quarter basis to $118.8 million, equal to 36.1% of total revenue.
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•	Quarterly average deposits grew 26.7% to $31.6 billion compared to the fourth quarter of 2020.
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o	Average demand deposit balances increased 60.5% on a linked-quarter annualized basis to $13.1 billion.
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KANSAS CITY, Mo. (January 25, 2022) – UMB Financial Corporation (Nasdaq: UMBF), a financial services company, announced net income for the fourth quarter of 2021 of $78.5 million, or $1.61 per diluted share, compared to $94.5 million, or $1.94 per diluted share, in the third quarter of 2021 (linked quarter) and $156.3 million, or $3.24 per diluted share, in the fourth quarter of 2020. Results for the fourth quarter and full-year 2020 include a pre-tax gain of $108.8 million on the company’s investment in Tattooed Chef, Inc. (TTCF).

Net operating income, a non-GAAP financial measure reconciled to net income, the nearest comparable GAAP measure, later in this release, was $78.9 million, or $1.62 per diluted share, for the fourth quarter of 2021, compared to $95.1 million, or $1.95 per diluted share, for the linked quarter and $157.4 million, or $3.26 per diluted share, for the fourth quarter of 2020. PTPP-FTE, a non-GAAP measure reconciled to the components of net income before taxes, the nearest comparable GAAP measure, later in this release, was $113.4 million, or $2.32 per diluted share, for the fourth quarter of 2021, compared to $115.3 million, or $2.37 per diluted share, for the linked quarter, and $202.9 million, or $4.20 per diluted share, for the fourth quarter of 2020. These PTPP-FTE results represent decreases of 1.7% on a linked-quarter basis and 44.1% compared to the fourth quarter of 2020.

“Notwithstanding higher-than typical operating expenses tied to profitable business growth, charitable contributions, and timing of other investments in the fourth quarter, our teams executed and delivered exceptional operating and financial results in 2021 through strong growth on both sides of the balance

sheet, strong asset quality metrics and continued build-out of our differentiated fee generation businesses,” said Mariner Kemper, chairman, president and chief executive officer. “UMB is positioned to benefit even further from anticipated economic expansion, higher interest rates, our diversified fee income businesses and the franchise investments we are making. In 2021, fee income momentum in our various businesses was offset on a year-over-year basis by the 2020 gain on our investment in Tattooed Chef and ongoing market-related adjustments. Average loans excluding PPP loan balances increased an impressive 12.3%. Average deposits increased 24.8%, including a 43.5% increase in interest-free demand deposit balances. Finally, in January, we pursued and executed the sale of our small, acquired factoring portfolio to an alternative financing company.”

Fourth Quarter 2021 earnings discussion

Summary of quarterly financial results	UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
	Q4			Q3			Q4
	2021			2021			2020
Net income (GAAP)	$	78,496		$	94,467		$	156,320
Earnings per share (diluted)		1.61			1.94			3.24
Pre-tax, pre-provision income (Non-GAAP)		106,869			108,803			196,107
Pre-tax, pre-provision earnings per share (diluted)		2.19			2.23			4.06
Pre-tax, pre-provision income - FTE (Non-GAAP)		113,352			115,347			202,946
Pre-tax, pre-provision earnings per share - FTE (diluted)		2.32			2.37			4.20
Net operating income (Non-GAAP)		78,921			95,112			157,405
Operating earnings per share (diluted)		1.62			1.95			3.26
GAAP
Return on average assets		0.82	%		1.04	%		2.03	%
Return on average equity		9.91			11.89			21.18
Efficiency ratio		67.78			65.62			53.44
Non-GAAP
Operating return on average assets		0.82	%		1.05	%		2.05	%
Operating return on average equity		9.97			11.97			21.33
Operating efficiency ratio		67.61			65.36			53.11
Summary of revenue	UMB Financial Corporation
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(unaudited, dollars in thousands)
	Q4			Q3			Q4			CQ vs.			CQ vs.
	2021			2021			2020			LQ			PY
Net interest income	$	210,570		$	209,765		$	194,675		$	805		$	15,895
Noninterest income:
Trust and securities processing		58,515			56,914			50,773			1,601			7,742
Trading and investment banking		6,977			5,936			9,693			1,041			(2,716	)
Service charges on deposit accounts		21,607			19,881			20,074			1,726			1,533
Insurance fees and commissions		359			285			318			74			41
Brokerage fees		3,346			2,899			3,918			447			(572	)
Bankcard fees		16,642			17,198			15,788			(556	)		854
Investment securities gains (losses), net		1,448			(3,510	)		113,010			4,958			(111,562	)
Other		9,888			8,304			14,716			1,584			(4,828	)
Total noninterest income	$	118,782		$	107,907		$	228,290		$	10,875		$	(109,508	)
Total revenue	$	329,352		$	317,672		$	422,965		$	11,680		$	(93,613	)
Net interest income (FTE)	$	217,053		$	216,309		$	201,514
Net interest margin (FTE)		2.37	%		2.52	%		2.78	%
Total noninterest income as a % of total revenue		36.07			33.97			53.97

Net interest income

•	Net interest income totaled $210.6 million, which is an increase of $0.8 million as compared to the linked quarter. The benefit from growth in average earning assets was partially offset by $4.0 million in reduced income from PPP loans. Average earning assets increased $2.2 billion, or 6.4%, driven by an increase in liquidity and investment securities purchases, while noninterest-bearing deposits increased $1.7 billion, or 15.1% and interest-bearing liabilities increased $499.1 million, or 2.4%.
•	Net interest margin for the fourth quarter was 2.37%, a decrease of 15 basis points from the linked quarter, driven in large part by earning asset mix shift in favor of lower-yielding liquidity balances. Earning asset yields declined 16 basis points from the linked quarter, driven by an eight-basis-point decline in loan yields and mix changes. The cost of interest-bearing liabilities decreased two basis points to 0.20%. Net interest spread decreased 14 basis points to 2.29% from the linked quarter and was 39 basis points lower than the fourth quarter of 2020.
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•	On a year-over-year basis, net interest income increased $15.9 million, or 8.2%, driven by a $2.6 billion, or 25.5% increase in average securities, coupled with a $651.6 million, or 4.1%, increase in average loans. These increases were driven by organic loan growth, excess liquidity, and the company’s PPP participation.
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•	Average deposits increased 7.5% on a linked-quarter basis and 26.7% compared to the fourth quarter of 2020. Average noninterest-bearing demand deposit balances increased 15.1% on a linked-quarter basis and 46.7% compared to the fourth quarter of 2020.
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Noninterest income

•	Fourth quarter 2021 noninterest income increased $10.9 million, or 10.1%, on a linked-quarter basis, largely due to:
o	An increase of $3.3 million in the company’s equity investments, and an increase of $1.7 million in gains on sales of available-for-sale securities, both recorded in investment securities gains.
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o	An increase of $3.2 million in derivative income, recorded in other income.
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o	An increase of $1.7 million in service charges on deposits primarily driven by an increase of $0.9 million in healthcare income related to customer transfer and conversion fees and increased corporate service charge income.
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o	Increases of $1.6 million in trust and securities processing and $1.0 million in trading and investment banking. The increase in trust and securities processing income is primarily due to an increase of $1.0 million in fund services income driven by higher levels of assets administered and $0.6 million in corporate trust income. The increase in trading and investment banking income is driven by increased trading volume.
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o	These increases were partially offset by a decrease of $1.6 million in company owned life insurance income, recorded in other income. The decrease in company-owned life insurance is offset by a proportionate decrease in deferred compensation expense as noted below.
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•	Compared to the prior year, noninterest income in the fourth quarter of 2021 decreased $109.5 million, or 48.0%, primarily driven by:
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o	A decrease of $111.6 million in investment securities gains, primarily due to mark-to-market valuations on the company’s equity investment in TTCF. The fourth quarter of 2020 included a pre-tax gain on TTCF of $108.8 million.
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o	A decrease of $6.4 million in company-owned life insurance income, recorded in other income. The decrease in company-owned life insurance is offset by a proportionate decrease in deferred compensation expense as noted below.
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o	A $2.7 million decrease in trading and investment banking due to decreased trading volumes.
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o	These decreases were partially offset by an increase of $7.7 million in trust and securities processing income, an increase of $1.9 million in derivative income, recorded in other income, and an increase of $1.5 million in service charges on deposits. The increase in trust and securities processing was driven by an increase of $8.6 million in fund services income tied to higher levels of assets administered, and an increase of $1.3 million in corporate trust income, partially offset by a decrease of $2.1 million in trust services income.
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Noninterest expense

Summary of noninterest expense	UMB Financial Corporation
(unaudited, dollars in thousands)
	Q4		Q3		Q4		CQ vs.			CQ vs.
	2021		2021		2020		LQ			PY
Salaries and employee benefits	$	131,360	$	124,986	$	129,272	$	6,374		$	2,088
Occupancy, net		10,907		12,207		11,858		(1,300	)		(951	)
Equipment		19,886		19,701		22,008		185			(2,122	)
Supplies and services		4,646		3,379		4,125		1,267			521
Marketing and business development		6,528		4,863		3,717		1,665			2,811
Processing fees		19,083		16,562		14,408		2,521			4,675
Legal and consulting		10,858		7,646		10,191		3,212			667
Bankcard		4,865		4,795		4,711		70			154
Amortization of other intangible assets		1,110		1,110		1,601		—			(491	)
Regulatory fees		3,393		3,186		2,393		207			1,000
Other		9,847		10,434		22,574		(587	)		(12,727	)
Total noninterest expense	$	222,483	$	208,869	$	226,858	$	13,614		$	(4,375	)
•	Noninterest expense for the fourth quarter of 2021 was $222.5 million, an increase of $13.6 million, or 6.5%, from the linked quarter and a decrease of $4.4 million, or 1.9%, from the fourth quarter of 2020.
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•	The linked-quarter increase in noninterest expense was driven by:
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o	An increase of $7.3 million in salaries and bonus expense, recorded in salaries and employee benefits, driven primarily by increased incentive compensation tied to business growth and higher overall company performance.
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o	Increases of $3.2 million in legal and consulting expense and $1.7 million in marketing and business development due to the timing of multiple projects.
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o	An increase of $2.5 million in processing fees, due to timing of software projects and an increase of $2.1 million in charitable contributions expense, recorded in other expense.
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o	These increases were partially offset by decreases of $2.5 million in operational losses, recorded in other expense, and $0.9 million in deferred compensation expense, recorded in salaries and employee benefits. The decrease in deferred compensation expense was offset by the decrease in company-owned life insurance income noted above.
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•	The year-over-year decrease in noninterest expense was driven by:
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o	A decrease of $13.8 million in operational losses, recorded in other expense.
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o	A decrease of $4.5 million in deferred compensation expense, recorded in salaries and employee benefits. The decrease in deferred compensation expense was offset by the decrease in company-owned life insurance income noted above.
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o	These decreases were partially offset by the following increases:
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▪	Increases of $4.7 million in processing fees and $2.8 million in marketing and business development due to the timing of multiple software projects and marketing campaigns, respectively.
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▪	An increase of $4.5 million in salaries and bonus expense, recorded in salaries and employee benefits, driven primarily by increased incentive compensation tied to business growth and higher overall company performance.
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▪	An increase of $2.1 million in charitable contributions expense, recorded in other expense.
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Full year 2021 earnings discussion

Net income for the year ended December 31, 2021 was $353.0 million, or $7.24 per diluted share, compared to $286.5 million, or $5.93 per diluted share in 2020. Net operating income, a non-GAAP financial measure reconciled to net income, the nearest comparable GAAP measure, later in this release, was $354.4 million, or $7.27 per diluted share, compared to $295.8 million, or $6.12 per diluted share in 2020. These results represent increases of 23.2% and 19.8%, respectively.

Summary of year-to-date financial results	UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)	December			December
	YTD			YTD
	2021			2020
Net income (GAAP)	$	353,018		$	286,502
Earnings per share (diluted)		7.24			5.93
Pre-tax, pre-provision income (Non-GAAP)		449,060			469,390
Pre-tax, pre-provision earnings per share (diluted)		9.21			9.71
Pre-tax, pre-provision income - FTE (Non-GAAP)		475,394			496,108
Pre-tax, pre-provision earnings per share - FTE (diluted)		9.75			10.26
Net operating income (Non-GAAP)		354,446			295,793
Operating earnings per share (diluted)		7.27			6.12
GAAP
Return on average assets		1.00	%		1.00	%
Return on average equity		11.43			10.21
Efficiency ratio		65.02			63.49
Non-GAAP
Operating return on average assets		1.00	%		1.04	%
Operating return on average equity		11.47			10.55
Operating efficiency ratio		64.87			62.56
•	Net interest income increased $84.3 million, or 11.5%, year-over-year due to a $6.7 billion increase in earning assets, primarily driven by increased volume in the company’s investment portfolio, strong organic loan growth and the company’s participation in the PPP. This growth was partially offset by the impact of lower short-term and long-term interest rates. In 2021, average securities increased $2.2 billion and average loan balances increased $1.5 billion. Average interest-bearing liabilities increased $3.1 billion, while the cost of interest-bearing liabilities declined 22 basis points.
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•	Full-year noninterest income decreased $93.0 million, or 16.6%, due to:
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o	A decrease of $115.6 million in investment securities gains. 2020 included a pre-tax gain of $108.8 million on the company’s investment in TTCF, compared to a pre-tax loss of $15.4 million in 2021.
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o	A decrease of $12.2 million in brokerage fees, primarily driven by lower 12b-1 and money market income.
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o	A decrease of $3.8 million in trust income, recorded in trust and securities processing.
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o	These decreases were partially offset by the following increases:
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▪	Increases of $27.5 million in fund services income driven by higher levels of assets administered and $5.8 million in corporate trust revenue, both recorded in trust and securities processing.
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▪	An increase of $4.0 million in bankcard income, due to higher interchange revenue, offset by increased rebates and rewards expense.
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•	Full-year noninterest expense increased $11.6 million, or 1.4%, primarily due to:
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o	A $13.4 million increase in processing fees driven by the timing of multiple software projects.
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o	An increase of $9.0 million in salary and employee benefit expense driven primarily by increased bonus and sales commission expense tied to business volumes, revenue growth, and overall company performance.
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o	Increases of $3.9 million and $2.6 million in marketing and business development and legal and consulting expense, respectively, due to the timing of multiple projects.
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o	An increase of $3.9 million in charitable contributions expense, recorded in other expense.
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o	These increases were partially offset by a decrease of $14.1 million in operational losses, recorded in other expense, and a decrease of $7.3 million in equipment expense due to lower software amortization expense.
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Income taxes

•	The company’s effective tax rate was 17.7% for the year ended December 31, 2021, compared to 15.5% for the same period in 2020. The increase in the effective tax rate for 2021 is primarily attributable to a smaller portion of income being earned from tax-exempt municipal securities and higher state and local income taxes.

Balance sheet

•	Average total assets for the fourth quarter of 2021 were $38.1 billion compared to $35.9 billion for the linked quarter and $30.6 billion for the same period in 2020.
Summary of average loans and leases - QTD Average					UMB Financial Corporation
---	---	---	---	---	---	---	---	---	---	---	---	---
(unaudited, dollars in thousands)
	Q4		Q3		Q4		CQ vs.			CQ vs.
	2021		2021		2020		LQ			PY
Commercial and industrial	$	6,994,935	$	7,097,248	$	7,079,646	$	(102,313	)	$	(84,711	)
Specialty lending		484,552		486,021		506,225		(1,469	)		(21,673	)
Commercial real estate		6,218,138		6,285,348		5,847,439		(67,210	)		370,699
Consumer real estate		2,272,498		2,178,010		1,903,892		94,488			368,606
Consumer		107,841		115,702		128,350		(7,861	)		(20,509	)
Credit cards		414,267		400,189		382,166		14,078			32,101
Leases and other		200,417		194,235		193,363		6,182			7,054
Total loans	$	16,692,648	$	16,756,753	$	16,041,081	$	(64,105	)	$	651,567
•	Average loans for the fourth quarter of 2021 decreased 0.4% on a linked-quarter basis and increased 4.1% compared to the fourth quarter of 2020 primarily due to the company’s participation in the PPP. Excluding PPP balances, average loans increased 1.4% on a linked-quarter basis.
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Summary of average securities - QTD Average	UMB Financial Corporation
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(unaudited, dollars in thousands)
	Q4		Q3		Q4		CQ vs.			CQ vs.
	2021		2021		2020		LQ			PY
Securities available for sale:
U.S. Treasury	$	69,398	$	17,903	$	30,778	$	51,495		$	38,620
U.S. Agencies		93,619		94,049		96,082		(430	)		(2,463	)
Mortgage-backed		7,395,528		6,766,619		5,053,821		628,909			2,341,707
State and political subdivisions		3,437,841		3,530,031		3,600,704		(92,190	)		(162,863	)
Corporates		236,743		158,326		76,870		78,417			159,873
Collateralized loan obligations		38,099		—		—		38,099			38,099
Total securities available for sale	$	11,271,228	$	10,566,928	$	8,858,255	$	704,300		$	2,412,973
Securities held to maturity:
State and political subdivisions	$	1,089,587	$	1,073,133	$	1,045,640	$	16,454		$	43,947
Mortgage-backed		105,622		—		—		105,622			105,622
Total securities held to maturity	$	1,195,209	$	1,073,133	$	1,045,640	$	122,076		$	149,569
Trading securities		29,426		25,392		29,659		4,034			(233	)
Other securities		299,829		262,453		267,445		37,376			32,384
Total securities	$	12,795,692	$	11,927,906	$	10,200,999	$	867,786		$	2,594,693
•	Average securities available for sale increased 6.7% on a linked-quarter basis and 27.2% compared to the fourth quarter of 2020.
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Summary of average deposits - QTD Average				UMB Financial Corporation
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
(unaudited, dollars in thousands)
	Q4			Q3			Q4			CQ vs.		CQ vs.
	2021			2021			2020			LQ		PY
Deposits:
Noninterest-bearing demand	$	13,124,918		$	11,400,143		$	8,947,389		$	1,724,775	$	4,177,529
Interest-bearing demand and savings		17,809,817			17,376,135			15,250,236			433,682		2,559,581
Time deposits		701,836			651,727			767,755			50,109		(65,919	)
Total deposits	$	31,636,571		$	29,428,005		$	24,965,380		$	2,208,566	$	6,671,191
Noninterest bearing deposits as % of total		41.49	%		38.74	%		35.84	%
•	Average deposits increased 7.5% on a linked-quarter basis and 26.7% compared to the fourth quarter of 2020.
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•	Average noninterest-bearing demand deposits increased 15.1% on a linked-quarter basis to $13.1 billion.
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Capital

Capital information	UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
	December 31, 2021			September 30, 2021			December 31, 2020
Total equity	$	3,145,424		$	3,112,840		$	3,016,948
Book value per common share		64.95			64.37			62.84
Tangible book value per common share		61.05			60.44			58.64
Regulatory capital:
Common equity Tier 1 capital	$	2,885,576		$	2,811,117		$	2,547,634
Tier 1 capital		2,885,576			2,811,117			2,547,634
Total capital		3,324,284			3,248,869			3,002,545
Regulatory capital ratios:
Common equity Tier 1 capital ratio		12.05	%		12.26	%		12.10	%
Tier 1 risk-based capital ratio		12.05			12.26			12.10
Total risk-based capital ratio		13.88			14.17			14.26
Tier 1 leverage ratio		7.61			7.87			8.37
•	At December 31, 2021, the regulatory capital ratios presented in the foregoing table exceeded all “well-capitalized” regulatory thresholds.
---	---

Asset Quality

Credit quality	UMB Financial Corporation
(unaudited, dollars in thousands)
	Q4			Q3			Q2			Q1			Q4
	2021			2021			2021			2021			2020
Net charge-offs - Total loans	$	8,061		$	3,127		$	28,374		$	5,310		$	1,801
Net loan charge-offs as a % of total average loans		0.19	%		0.07	%		0.68	%		0.13	%		0.04	%
Loans over 90 days past due	$	2,633		$	2,319		$	1,265		$	1,773		$	1,952
Loans over 90 days past due as a % of total loans		0.02	%		0.01	%		0.01	%		0.01	%		0.01	%
Nonaccrual and restructured loans	$	92,300		$	96,536		$	58,219		$	76,706		$	87,823
Nonaccrual and restructured loans as a % of total loans		0.54	%		0.59	%		0.34	%		0.46	%		0.55	%
Provision for credit losses	$	8,500		$	(5,000	)	$	24,000		$	(7,500	)	$	5,000
•	Provision for credit losses for the fourth quarter totaled $8.5 million, an increase of $13.5 million from the linked quarter and an increase of $3.5 million from the fourth quarter of 2020. The fourth quarter provision expense is commensurate with the increases of $701.4 million and $1.1 billion in period-end loan balances as compared to the linked quarter and the fourth quarter of 2020, respectively, as well as considerations for portfolio changes and various macro-economic factors. Provision expense in the third quarter of 2021 represented a release of the Allowance for Credit Losses (ACL) based on positive macro-economic data and portfolio credit metrics.
---	---
•	Net charge-offs for the fourth quarter totaled $8.1 million, or 0.19%, of average loans, compared to $3.1 million, or 0.07%, of average loans in the linked quarter, and $1.8 million, or 0.04%, of average loans for the fourth quarter of 2020.
---	---

Dividend Declaration

At the company’s quarterly board meeting, the Board of Directors declared a $0.37 per share quarterly cash dividend, payable on April 1, 2022, to shareholders of record at the close of business on March 10, 2022.

Conference Call

The company plans to host a conference call to discuss its fourth quarter 2021 earnings results on Wednesday, January 26, 2022, at 8:30 a.m. (CT).

Interested parties may access the call by dialing (toll-free) 877-267-8760 or (international) 412-542-4148 and requesting to join the UMB Financial call. The live call may also be accessed by visiting investorrelations.umb.com or by using the following link:

UMB Financial 4Q 2021 Conference Call

A replay of the conference call may be heard through February 9, 2022 by calling (toll-free)

877-344-7529 or (international) 412-317-0088. The replay access code required for playback is 1378406. The call replay may also be accessed at investorrelations.umb.com.

Non-GAAP Financial Information

In this release, we provide information about net operating income, operating earnings per share - diluted (operating EPS), operating return on average equity (operating ROE), operating return on average assets (operating ROA), operating noninterest expense, operating efficiency ratio, pre-tax, pre-provision income, pre-tax, pre-provision earnings per share – diluted (PTPP EPS), pre-tax, pre-provision income on a fully tax equivalent basis (PTPP-FTE), pre-tax, pre-provision FTE earnings per share – diluted (PTPP-FTE EPS), tangible shareholders’ equity, and tangible book value per share, all of which are non-GAAP financial measures. This information supplements the results that are reported according to generally accepted accounting principles in the United States (GAAP) and should not be viewed in isolation from, or as a substitute for, GAAP results. The differences between the non-GAAP financial measures – net operating income, operating EPS, operating ROE, operating ROA, operating noninterest expense, operating efficiency ratio, PTPP, PTPP EPS, PTPP-FTE, PTPP-FTE EPS, tangible shareholders’ equity, and tangible book value per share – and the nearest comparable GAAP financial measures are reconciled later in this release. The company believes that these non-GAAP financial measures and the reconciliations may be useful to investors because they adjust for acquisition-, severance-, and COVID-19 related items that management does not believe reflect the company’s fundamental operating performance. COVID-19 related expense includes hazard pay for branch associates, computer hardware expense to support associates working remotely, and additional equipment, cleaning, and janitorial supplies to protect the well-being of our associates and customers while on the company’s premises.

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, COVID-19 related 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).

PTPP income for the relevant period is defined as GAAP net income, adjusted to reflect the impact of excluding income tax and provision expenses.

PTPP-FTE for the relevant period is defined as GAAP net interest income on a fully tax equivalent basis plus noninterest income, less noninterest 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.

Forward-Looking Statements:

This press release contains, and our other communications may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “outlook,” “forecast,” “target,” “trend,” “plan,” “goal,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, results, or aspirations. All forward-looking statements are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Our actual future objectives, strategies, plans, prospects, performance, condition, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events, circumstances, or aspirations to differ from those in forward-looking statements are described in our Annual Report on Form 10-K for the year ended December 31, 2020, 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, the COVID-19 pandemic (the pandemic) may also cause actual results or other future events, circumstances, or aspirations to differ from our forward-looking statements. The pandemic has created a global public-health crisis that has resulted in widespread volatility and deteriorations in household, business, economic, and market conditions. It is currently adversely affecting the company and its customers, counterparties, employees, and first-party service providers, and the continued adverse impacts on our business, financial position, results of operations, and prospects could be significant. We are not able to accurately predict the extent of the impact of the pandemic on our capital, liquidity, and other financial positions and on our business, results of operations, and prospects at this time, and we believe it will depend on a number of evolving factors, including: (i) the duration, extent and severity of the pandemic; (ii) the response of governmental and non-governmental authorities to the pandemic, which is rapidly changing and not always coordinated or consistent across jurisdictions; (iii) the effect of the pandemic on our customers, counterparties, employees and first-party service providers, which may vary widely, and which is generally expected to increase our credit, counterparty, operational, and other risks; and (iv) the effect of the pandemic on economies and markets, which in turn could adversely affect, among other things, the origination of new loans and the performance of our existing loans. Any forward-looking statement should be evaluated in light of these considerations. 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, and serves business and institutional clients nationwide. For more information, visit UMB.com, UMB Blog, UMB Facebook and UMB LinkedIn, or follow us on Twitter at @UMBBank. For information about UMB’s operations, approach and relief measures during the COVID-19 pandemic, please visit umb.com/COVID-19.

Consolidated Balance Sheets
(dollars in thousands)
			2020
			(audited)
ASSETS
Loans	17,170,871		$	16,103,651
Allowance for credit losses on loans	(194,771	)		(215,973	)
Net loans	16,976,100			15,887,678
Loans held for sale	1,277			6,708
Securities:
Available for sale	11,976,514			9,299,688
Held to maturity, net of allowance for credit losses	1,478,476			1,012,004
Trading securities	31,875			35,020
Other securities	327,098			296,053
Total securities	13,813,963			10,642,765
Federal funds sold and resell agreements	1,216,357			1,650,335
Interest-bearing due from banks	8,841,906			3,110,042
Cash and due from banks	413,821			430,638
Premises and equipment, net	270,933			293,095
Accrued income	131,102			139,892
Goodwill	174,518			180,867
Other intangibles, net	14,416			21,056
Other assets	839,091			764,428
Total assets	42,693,484		$	33,127,504
LIABILITIES
Deposits:
Noninterest-bearing demand	16,342,642		$	9,879,970
Interest-bearing demand and savings	18,405,644			16,295,186
Time deposits under 250,000	403,660			477,748
Time deposits of 250,000 or more	447,981			398,347
Total deposits	35,599,927			27,051,251
Federal funds purchased and repurchase agreements	3,238,435			2,315,497
Long-term debt	271,544			269,595
Accrued expenses and taxes	249,492			319,676
Other liabilities	188,662			154,537
Total liabilities	39,548,060			30,110,556
SHAREHOLDERS' EQUITY
Common stock	55,057			55,057
Capital surplus	1,110,520			1,090,450
Retained earnings	2,176,998			1,891,246
Accumulated other comprehensive income, net	126,314			318,340
Treasury stock	(323,465	)		(338,145	)
Total shareholders' equity	3,145,424			3,016,948
Total liabilities and shareholders' equity	42,693,484		$	33,127,504

All values are in US Dollars.

Consolidated Statements of Income	UMB Financial Corporation
(dollars in thousands except share and per share data)
	Three Months Ended				Year Ended
	December 31,				December 31,
	2021		2020		2021		2020
	(unaudited)		(unaudited)		(unaudited)		(audited)
INTEREST INCOME
Loans	$	155,324	$	152,486	$	619,273	$	585,957
Securities:
Taxable interest		37,376		26,226		127,625		105,701
Tax-exempt interest		24,140		25,427		98,305		99,820
Total securities income		61,516		51,653		225,930		205,521
Federal funds and resell agreements		2,286		2,567		10,048		11,840
Interest-bearing due from banks		2,182		384		5,417		3,744
Trading securities		275		202		854		1,427
Total interest income		221,583		207,292		861,522		808,489
INTEREST EXPENSE
Deposits		6,299		7,955		26,412		58,214
Federal funds and repurchase agreements		1,673		1,726		6,934		11,787
Other		3,041		2,936		12,655		7,259
Total interest expense		11,013		12,617		46,001		77,260
Net interest income		210,570		194,675		815,521		731,229
Provision for credit losses		8,500		5,000		20,000		130,500
Net interest income after provision for credit losses		202,070		189,675		795,521		600,729
NONINTEREST INCOME
Trust and securities processing		58,515		50,773		224,126		194,646
Trading and investment banking		6,977		9,693		30,939		32,945
Service charges on deposit accounts		21,607		20,074		86,056		83,879
Insurance fees and commissions		359		318		1,309		1,369
Brokerage fees		3,346		3,918		12,171		24,350
Bankcard fees		16,642		15,788		64,576		60,544
Investment securities gains, net		1,448		113,010		5,057		120,634
Other		9,888		14,716		42,941		41,799
Total noninterest income		118,782		228,290		467,175		560,166
NONINTEREST EXPENSE
Salaries and employee benefits		131,360		129,272		504,442		495,464
Occupancy, net		10,907		11,858		47,345		47,476
Equipment		19,886		22,008		78,398		85,719
Supplies and services		4,646		4,125		14,986		15,537
Marketing and business development		6,528		3,717		18,533		14,679
Processing fees		19,083		14,408		67,563		54,213
Legal and consulting		10,858		10,191		32,406		29,765
Bankcard		4,865		4,711		19,145		18,954
Amortization of other intangible assets		1,110		1,601		4,757		6,517
Regulatory fees		3,393		2,393		11,894		10,279
Other		9,847		22,574		34,167		43,402
Total noninterest expense		222,483		226,858		833,636		822,005
Income before income taxes		98,369		191,107		429,060		338,890
Income tax expense		19,873		34,787		76,042		52,388
NET INCOME	$	78,496	$	156,320	$	353,018	$	286,502
PER SHARE DATA
Net income – basic	$	1.62	$	3.26	$	7.31	$	5.95
Net income – diluted		1.61		3.24		7.24		5.93
Dividends		0.37		0.320		1.38		1.25
Weighted average shares outstanding – basic		48,371,296		47,927,358		48,271,462		48,137,791
Weighted average shares outstanding – diluted		48,854,383		48,264,097		48,738,292		48,343,750
Consolidated Statements of Comprehensive Income	UMB Financial Corporation
---	---	---	---	---	---	---	---	---	---	---	---	---
(dollars in thousands)
	Three Months Ended						Year Ended
	December 31,						December 31,
	2021			2020			2021			2020
	(unaudited)			(unaudited)			(unaudited)			(audited)
Net income	$	78,496		$	156,320		$	353,018		$	286,502
Other comprehensive (loss) income, before tax:
Unrealized gains and losses on debt securities:
Change in unrealized holding gains and losses, net		(46,275	)		25,576			(244,695	)		295,552
Less: Reclassification adjustment for gains included in net income		(2,739	)		(1,436	)		(7,817	)		(6,980	)
Change in unrealized gains and losses on debt securities		(49,014	)		24,140			(252,512	)		288,572
Unrealized gains and losses on derivative hedges:
Change in unrealized gains and losses on derivative hedges, net		(407	)		1,964			3,106			20,979
Less: Reclassification adjustment for gains included in net income		(802	)		(1,036	)		(3,352	)		(1,905	)
Change in unrealized gains and losses on derivative hedges		(1,209	)		928			(246	)		19,074
Other comprehensive (loss) income, before tax		(50,223	)		25,068			(252,758	)		307,646
Income tax benefit (expense)		12,230			(5,831	)		60,732			(72,486	)
Other comprehensive (loss) income		(37,993	)		19,237			(192,026	)		235,160
Comprehensive income	$	40,503		$	175,557		$	160,992		$	521,662
Consolidated Statements of Shareholders' Equity		UMB Financial Corporation
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
(dollars in thousands except per share data)
(audited)		Capital<br><br><br>Surplus			Retained<br><br><br>Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury<br><br><br>Stock			Total
Balance - January 1, 2020	55,057	$	1,073,764		$	1,672,438		$	83,180		$	(277,999	)	$	2,606,440
Total comprehensive income	—		—			286,502			235,160			—			521,662
Dividends (1.25 per share)	—		—			(60,655	)		—			—			(60,655	)
Purchase of treasury stock	—		616			—			—			(64,382	)		(63,766	)
Forfeitures of equity awards, net of issuances	—		624			—			—			(16	)		608
Recognition of equity-based compensation	—		14,512			—			—			—			14,512
Sale of treasury stock	—		201			—			—			414			615
Exercise of stock options	—		733			—			—			3,838			4,571
Cumulative effect adjustment	—		—			(7,039	)		—			—			(7,039	)
Balance - December 31, 2020	55,057	$	1,090,450		$	1,891,246		$	318,340		$	(338,145	)	$	3,016,948
(unaudited)
Balance - January 1, 2021	55,057	$	1,090,450		$	1,891,246		$	318,340		$	(338,145	)	$	3,016,948
Total comprehensive income (loss)	—		—			353,018			(192,026	)		—			160,992
Dividends (1.38 per share)	—		—			(67,266	)		—			—			(67,266	)
Purchase of treasury stock	—		—			—			—			(5,506	)		(5,506	)
Issuances of equity awards, net of forfeitures	—		(4,605	)		—			—			5,299			694
Recognition of equity-based compensation	—		20,514			—			—			—			20,514
Sale of treasury stock	—		316			—			—			283			599
Exercise of stock options	—		3,845			—			—			14,604			18,449
Balance - December 31, 2021	55,057	$	1,110,520		$	2,176,998		$	126,314		$	(323,465	)	$	3,145,424

All values are in US Dollars.

Average Balances / Yields and Rates	UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
	Three Months Ended December 31,
	2021						2020
	Average			Average			Average			Average
	Balance			Yield/Rate			Balance			Yield/Rate
Assets
Loans, net of unearned interest	$	16,692,648			3.69	%	$	16,041,081			3.78	%
Securities:
Taxable		8,607,960			1.72			5,776,606			1.81
Tax-exempt		4,158,306			2.92			4,394,734			2.91
Total securities		12,766,266			2.11			10,171,340			2.28
Federal funds and resell agreements		1,099,090			0.83			1,186,939			0.86
Interest bearing due from banks		5,712,993			0.15			1,443,979			0.11
Trading securities		29,426			4.41			29,659			3.21
Total earning assets		36,300,423			2.49			28,872,998			2.95
Allowance for credit losses		(196,891	)					(217,923	)
Other assets		1,974,579						1,930,559
Total assets	$	38,078,111					$	30,585,634
Liabilities and Shareholders' Equity
Interest-bearing deposits	$	18,511,653			0.13	%	$	16,017,991			0.20	%
Federal funds and repurchase agreements		2,611,151			0.25			1,963,865			0.35
Borrowed funds		271,296			4.45			274,279			4.26
Total interest-bearing liabilities		21,394,100			0.20			18,256,135			0.27
Noninterest-bearing demand deposits		13,124,918						8,947,389
Other liabilities		417,015						446,572
Shareholders' equity		3,142,078						2,935,538
Total liabilities and shareholders' equity	$	38,078,111					$	30,585,634
Net interest spread					2.29	%					2.68	%
Net interest margin					2.37						2.78
Average Balances / Yields and Rates	UMB Financial Corporation
---	---	---	---	---	---	---	---	---	---	---	---	---
(tax - equivalent basis)
(unaudited, dollars in thousands)
	Year Ended December 31,
	2021						2020
	Average			Average			Average			Average
	Balance			Yield/Rate			Balance			Yield/Rate
Assets
Loans, net of unearned interest	$	16,629,867			3.72	%	$	15,126,110			3.87	%
Securities:
Taxable		7,422,432			1.72			5,256,715			2.01
Tax-exempt		4,246,943			2.93			4,226,363			2.99
Total securities		11,669,375			2.16			9,483,078			2.45
Federal funds and resell agreements		1,234,533			0.81			1,099,447			1.08
Interest bearing due from banks		4,063,089			0.13			1,218,919			0.31
Trading securities		23,480			4.33			37,086			4.28
Total earning assets		33,620,344			2.64			26,964,640			3.10
Allowance for credit losses		(204,705	)					(184,482	)
Other assets		1,912,911						1,787,979
Total assets	$	35,328,550					$	28,568,137
Liabilities and Shareholders' Equity
Interest-bearing deposits	$	17,678,122			0.15	%	$	15,336,492			0.38	%
Federal funds and repurchase agreements		2,618,034			0.26			2,023,813			0.58
Borrowed funds		270,498			4.68			136,957			5.30
Total interest-bearing liabilities		20,566,654			0.22			17,497,262			0.44
Noninterest-bearing demand deposits		11,254,761						7,845,667
Other liabilities		418,021						420,247
Shareholders' equity		3,089,114						2,804,961
Total liabilities and shareholders' equity	$	35,328,550					$	28,568,137
Net interest spread					2.42	%					2.66	%
Net interest margin					2.50						2.81
Business Segment Information	UMB Financial Corporation
---	---	---	---	---	---	---	---	---	---
(unaudited, dollars in thousands)
	Three Months Ended December 31, 2021
	Commercial Banking		Institutional Banking		Personal Banking			Total
Net interest income	$	144,051	$	23,044	$	43,475		$	210,570
Provision for credit losses		7,446		90		964			8,500
Noninterest income		21,457		70,695		26,630			118,782
Noninterest expense		79,895		74,869		67,719			222,483
Income before taxes		78,167		18,780		1,422			98,369
Income tax expense		15,791		3,794		288			19,873
Net income	$	62,376	$	14,986	$	1,134		$	78,496
	Three Months Ended December 31, 2020
	Commercial Banking		Institutional Banking		Personal Banking			Total
Net interest income	$	133,019	$	22,322	$	39,334		$	194,675
Provision for credit losses		3,891		116		993			5,000
Noninterest income		131,630		63,746		32,914			228,290
Noninterest expense		85,942		71,562		69,354			226,858
Income before taxes		174,816		14,390		1,901			191,107
Income tax expense		31,821		2,620		346			34,787
Net income	$	142,995	$	11,770	$	1,555		$	156,320
	Year Ended December 31, 2021
	Commercial Banking		Institutional Banking		Personal Banking			Total
Net interest income	$	556,673	$	87,644	$	171,204		$	815,521
Provision for credit losses		15,553		630		3,817			20,000
Noninterest income		81,752		273,413		112,010			467,175
Noninterest expense		289,039		292,080		252,517			833,636
Income before taxes		333,833		68,347		26,880			429,060
Income tax expense		59,165		12,113		4,764			76,042
Net income	$	274,668	$	56,234	$	22,116		$	353,018
	Year Ended December 31, 2020
	Commercial Banking		Institutional Banking		Personal Banking			Total
Net interest income	$	475,425	$	106,856	$	148,948		$	731,229
Provision for credit losses		119,424		882		10,194			130,500
Noninterest income		189,412		254,874		115,880			560,166
Noninterest expense		272,283		286,635		263,087			822,005
Income (loss) before taxes		273,130		74,213		(8,453	)		338,890
Income tax expense (benefit)		42,223		11,472		(1,307	)		52,388
Net income (loss)	$	230,907	$	62,741	$	(7,146	)	$	286,502

The company has strategically aligned its operations into the following three reportable segments: Commercial Banking, Institutional Banking, and Personal Banking. Senior executive officers regularly evaluate business segment financial results produced by the company’s internal reporting system in deciding how to allocate resources and assess performance for individual business segments. The company’s reportable segments include certain corporate overhead, technology and service costs that are allocated based on methodologies that are applied consistently between periods. For comparability purposes, amounts in all periods are based on methodologies in effect at December 31, 2021.

Non-GAAP Financial Measures

Net operating income Non-GAAP reconciliations:	UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
	Three Months Ended December 31,						Year Ended December 31,
	2021			2020			2021			2020
Net income (GAAP)	$	78,496		$	156,320		$	353,018		$	286,502
Adjustments:
Acquisition expense		18			—			18			324
Severance expense		359			109			1,122			4,757
COVID-19 related expense		169			1,286			696			6,861
Tax-impact of adjustments (i)		(121	)		(310	)		(408	)		(2,651	)
Total Non-GAAP adjustments (net of tax)		425			1,085			1,428			9,291
Net operating income (Non-GAAP)	$	78,921		$	157,405		$	354,446		$	295,793
Earnings per share - diluted (GAAP)	$	1.61		$	3.24		$	7.24		$	5.93
Acquisition expense		—			—			—			0.01
Severance expense		0.01			—			0.02			0.10
COVID-19 related expense		—			0.03			0.02			0.14
Tax-impact of adjustments (i)		—			(0.01	)		(0.01	)		(0.06	)
Operating earnings per share - diluted (Non-GAAP)	$	1.62		$	3.26		$	7.27		$	6.12
GAAP
Return on average assets		0.82	%		2.03	%		1.00	%		1.00	%
Return on average equity		9.91			21.18			11.43			10.21
Non-GAAP
Operating return on average assets		0.82	%		2.05	%		1.00	%		1.04	%
Operating return on average equity		9.97			21.33			11.47			10.55

(i) Calculated using the company’s marginal tax rate of 22.2%.

Operating noninterest expense and operating efficiency ratio Non-GAAP reconciliations:	UMB Financial Corporation
(unaudited, dollars in thousands)
	Three Months Ended December 31,						Year Ended December 31,
	2021			2020			2021			2020
Noninterest expense	$	222,483		$	226,858		$	833,636		$	822,005
Adjustments to arrive at operating noninterest expense (pre-tax):
Acquisition expense		18			—			18			324
Severance expense		359			109			1,122			4,757
COVID-19 related expense		169			1,286			696			6,861
Total Non-GAAP adjustments (pre-tax)		546			1,395			1,836			11,942
Operating noninterest expense (Non-GAAP)	$	221,937		$	225,463		$	831,800		$	810,063
Noninterest expense	$	222,483		$	226,858		$	833,636		$	822,005
Less: Amortization of other intangibles		1,110			1,601			4,757			6,517
Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A)	$	221,373		$	225,257		$	828,879		$	815,488
Operating noninterest expense	$	221,937		$	225,463		$	831,800		$	810,063
Less: Amortization of other intangibles		1,110			1,601			4,757			6,517
Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B)	$	220,827		$	223,862		$	827,043		$	803,546
Net interest income	$	210,570		$	194,675		$	815,521		$	731,229
Noninterest income		118,782			228,290			467,175			560,166
Less: Gains on sales of securities available for sale, net		2,739			1,436			7,817			6,980
Total Non-GAAP Revenue (denominator A)	$	326,613		$	421,529		$	1,274,879		$	1,284,415
Efficiency ratio (numerator A/denominator A)		67.78	%		53.44	%		65.02	%		63.49	%
Operating efficiency ratio (Non-GAAP) (numerator B/denominator A)		67.61			53.11			64.87			62.56
Pre-tax, pre-provision income non-GAAP reconciliations:	UMB Financial Corporation
---	---	---	---	---	---	---	---	---
(unaudited, dollars in thousands except per share data)
	Three Months Ended December 31,				Year Ended December 31,
	2021		2020		2021		2020
Net income before taxes (GAAP)	$	98,369	$	191,107	$	429,060	$	338,890
Adjustments:
Provision for credit losses		8,500		5,000		20,000		130,500
Pre-tax, pre-provision income (Non-GAAP)	$	106,869	$	196,107	$	449,060	$	469,390
Pre-tax earnings per share - diluted (GAAP)	$	2.01	$	3.96	$	8.80	$	7.01
Provision for credit losses		0.18		0.10		0.41		2.70
Pre-tax, pre-provision earnings per share - diluted (Non-GAAP)	$	2.19	$	4.06	$	9.21	$	9.71
Pre-tax, pre-provision income - FTE Non-GAAP reconciliations:	UMB Financial Corporation
---	---	---	---	---	---	---	---	---
(unaudited, dollars in thousands except per share data)
	Three Months Ended December 31,				Year Ended December 31,
	2021		2020		2021		2020
Net interest income	$	210,570	$	194,675	$	815,521	$	731,229
Adjustments to arrive at net interest income - FTE:
Tax equivalent interest		6,483		6,839		26,334		26,718
Net interest income - FTE	$	217,053	$	201,514	$	841,855	$	757,947
Noninterest income		118,782		228,290		467,175		560,166
Less: Noninterest expense		222,483		226,858		833,636		822,005
Pre-tax, pre-provision income - FTE (Non-GAAP)	$	113,352	$	202,946	$	475,394	$	496,108
Net interest income earnings per share - diluted	$	4.31	$	4.03	$	16.73	$	15.12
Tax equivalent interest		0.13		0.14		0.53		0.55
Net interest income - FTE		4.44		4.17		17.26		15.67
Noninterest income		2.43		4.73		9.59		11.59
Less: Noninterest expense		4.55		4.70		17.10		17.00
Pre-tax, pre-provision income - FTE earnings per share - diluted (Non-GAAP)	$	2.32	$	4.20	$	9.75	$	10.26
Tangible book value non-GAAP reconciliations:	UMB Financial Corporation
---	---	---	---	---
(unaudited, dollars in thousands except share and per share data)
	As of December 31,
	2021		2020
Total shareholders' equity (GAAP)	$	3,145,424	$	3,016,948
Less: Intangible assets
Goodwill		174,518		180,867
Other intangibles, net		14,416		21,056
Total intangibles, net		188,934		201,923
Total tangible shareholders' equity (Non-GAAP)	$	2,956,490	$	2,815,025
Total shares outstanding		48,430,805		48,006,386
Ratio of total shareholders' equity (book value) per share	$	64.95	$	62.84
Ratio of total tangible shareholders' equity (tangible book value) per share (Non-GAAP)		61.05		58.64

4th Quarter 2021 Update UMB Financial Corporation January 25, 2022 Exhibit 99.2

Presentation Index 2 Corporate Overview Opportunity – Our Investment Thesis 4th Quarter 2021 Results Line of Business Updates Appendix 3 8 17 30 40 Board of Directors Forward-Looking Statements Non-GAAP Reconciliations Please refer to the Forward-Looking Statements on slide 42 for important disclosures about information contained in this presentation. Peer Group

Corporate Overview 3 Highlights Asset-based lending Healthcare Services 91 banking centers 230 ATMs UMB Bank Presence Twin Cities - MN Salt Lake City - UT UMB Financial Corporation Headquarters Expansion Markets International Presence UMBF Trust & Agency Services – Dublin, Ireland Corporate Trust Capital Markets (4) Fund Services Private Wealth Management & Personal Trust

At, or for the 3 months ended, 12/31/21. (1) Includes $136mm in PPP balances; (2) Includes $12.2B in managed assets and $4.9B in Assets Under Administration for Private Wealth customers; (3) Includes assets in Fund Services, Corporate Trust and Healthcare Services; (4) UMB Bank, n.a. Capital Markets Division.

Beyond Financials – Our Culture 4 A company built to withstand the test of time.

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. Our Values Our Goal Our Vision

5 Beyond Financials – Our 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.

Beyond Financials – Our Commitment to Corporate Citizenship Read our 2020 Corporate Citizenship Report at UMB.com/CorporateCitizenship 6 Effective governance programs help achieve business goals and drive value. 12-person board of directors, with 10 independent members

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

Closely analyzed and competitive compensation practices Strong Corporate Governance UMB recognizes the undeniable importance of sustainable business practices. Efficient & Sensible Resource Use Associate volunteerism and corporate philanthropy help build strong community partnerships. 1,000+ participants in our workplace giving campaign supporting qualified nonprofits

UMB’s Matching Gift Program utilization increased 380% from 2019 to 2020

$2.6mm+ in donations and sponsorships in 2020, increased to >$6mm in 2021

UMB Market went virtual, with videos and worksheets to help children learn about healthy shopping on a budget Community Impact We want our company to be as diverse as the world we live in. Eight Business Resource Groups (BRGs) help us understand the needs of our associates, customers and communities

Our BRGs provide opportunities to listen, learn and turn empathy into action

Unconscious bias training is embedded throughout manager development offerings

In 2020, 29% of all UMB hires were people of color, 47% were women and 8% were veterans

Diversity among leadership team – 8 of 16 members Inclusion & Diversity Six of our branch locations are LEED certified

Our Arizona locations retrofitted with xeriscape and water-conserving irrigation systems

More than 161,000 kilowatt hours generated from solar panels

Efficient lighting programs saved more than 189,000 kilowatt hours

Recycled 13,350 pounds of comingled materials and 308 pounds of batteries

Adapting to new technology with rooftop gardens, geothermal energy and charging stations for electric cars

Business Model – Our Diverse Foundation Commercial & Personal Banking Services Revenue: FY’20 $929 million; FY’21 $922 million / Average deposits: $20.0 billion C&I and CRE Lending Asset-Based Lending Treasury Management Merchant Payments Specialized Expertise: Average loans: $13.7B (1) Average deposits: $12.7B Agribusiness Energy Practice Finance Mezzanine debt & equity investments 7 Institutional Banking Services Revenue: FY’20 $362 million; FY’21 $361 million / Average deposits: $11.6 billion Institutional Banking provides solutions for the entire marketplace; $453.2 billion in AUA. 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 (3) Fixed income sales & trading Public finance Investor Solutions Banking, cash management & specialty services for financial firms Healthcare Services Health savings accounts Healthcare payment solutions Balances at or for quarter ended 12/31/21. (1) Excludes $220mm in avg. PPP balances and $414mm in avg. credit card balances; (2) Includes consumer loans plus residential real estate loans to retail and private banking clients; (3) Products and services offered through UMB Bank Capital Markets Division; NOT FDIC INSURED | MAY LOSE VALUE  | NOT BANK GUARANTEED. Aviation Construction

Our Investment Thesis

Investment Thesis – Our Opportunity 9 Track record of relative outperformance in 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 Attractive deposit base Stable, diverse and low-cost funding sources Net interest income growth outpacing the industry Above peer earning asset growth Focus on returning value to shareholders Risk-adjusted returns EPS and tangible book value growth outpace peers Consistent dividend growth Differentiated revenue profile and growing fee income Revenue from diverse lines of business and verticals provide a natural hedge against lower rate environments Solid capital and liquidity positions support growth objectives Higher common equity levels Attractive loan-to-deposit ratio Time-tested underwriting philosophy Unwavering credit standards Long-tenured credit team – average of 23 years with UMB Chief Credit Officer – 36 years with UMB

7% Balance Sheet Growth – Across All Business Cycles 10 Average Loans Average Deposits Average annual balances in billions. 2.50% 0.40% 1.77% 0.09% Annual Loan Growth 12% 14% 9% 7% 5% 2% 6% 10% 10% 18% 12% 21% 19% 9% 7% 10% 25% 4% 14% 16% 11% 14% 10% 20% 13% 6% 11% 9% 4% 7% 14% 15 Year CAGR

10.4% 15 Year CAGR

11.7% (1) (1) Excludes PPP balances for 2020 and 2021; (2) UMB traditional peer group (15 banks), as of latest available annual period. Source: S&P Global. Peer group defined on slide 47. (1) Annual Deposit Growth

Differentiated Revenue Profile – Multiple Sources of Growth 11 Net Interest Income Fee Income Provides Diversity Dollars in millions. 29% 28% 54% 36% $ 1,282.7 $1,291.4 $472.2 $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

6.9% Revenue Growth Annual NII Growth Annual Revenue Growth 12% 15% 7% 18% 10% 3% 2% 1% 9% 4% 5% 18% 20% 13% 9% 10% -1% 7% 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 peer group (15 banks) as of latest available annual period. Source: S&P Global. 15 Year CAGR

9.2% 15 Year CAGR

4.1% Fee Income Growth $ 815.5 $731.2 $217.2 $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

Capital & Liquidity – Supports Growth Outlook 12 Cash & Securities / Assets Loans / Deposits Tier 1 Capital Ratio Tangible Common Equity / Assets (4) (3) (2) (1) UMB traditional peer group (15 banks), as of latest available annual period. Source: S&P Global; (2) Non-GAAP measure. See reconciliation on slide 46; (3) As defined by S&P Global; “Cash, cash equiv. & investment securities/assets;” (4) EOP balances. Keep or use different metric?

History of Strong, Resilient Credit – Through All Economic Environments 13 Net Charge-Offs / Average Loans Nonperforming Loans / Loans 0.39% 0.20% 0.13% 0.80% 0.34% 0.17% 1.18% 0.79% 0.54% 0.50% 15 Year Average

0.30% 15 Year Average

0.45% (1) UMB traditional peer group (15 banks), as of latest available annual period. Source: S&P Global; (2) All FDIC-insured institutions, as of latest available annual period. Source: FDIC. 0.22% 0.27%

Risk-Adjusted Returns – Rowing Close to Shore 14 Risk-Weighted Assets / Assets Return on Risk-Weighted Assets (1) UMB traditional peer group (15 banks), data as of latest available annual period. Source: S&P Global.

Outperformance – Building Long-Term Value 15 15-Year Compounded Annual Growth Rates 2005 – 2020 (1) *KBW Nasdaq Regional Bank Index (50 banks); **UMB’s traditional peer group (15 banks); ***All publicly-traded banks with data reported for both 2005 and 2020. Source: S&P Global. (1) Non-GAAP measure. See reconciliation on slide 45.

Dividend Trends – Sustained Growth 16 (1) Dividends adjusted for 2-for-1 stock split in 2006. (2) S&P Dow Jones Indices, January 24, 2022. Annual Dividends Declared (1)

4th Quarter 2021 Financial Review

4Q 2021 Results At-A-Glance 18 Dollars in millions, except per share amounts. (1) Non-GAAP measure. See reconciliations on slides 43 and 44. 4Q ’20 3Q ’21 4Q ’21 Linked-Quarter Commentary

4Q 2021 Earnings Highlights 19 Pre-Tax, Pre-Provision (“PTPP”) Income (1) $102.1 $131.3 $108.8 $106.9 $196.1 Net Income $156.3 $92.6 $87.4 $94.5 $78.5 Dollars in millions, except per share amounts. (1) Non-GAAP measure. See reconciliation on slide 43; (2) Net gains/losses related to mark-to-market valuations and any disposition of shares in our investment in TTCF.

Revenue Trends 20 Dollars in millions. Columns may not sum due to rounding differences. 4Q ’20 1Q ’21 2Q ’21 3Q ’21 4Q ‘21 Linked-Qtr. Variance $ ∆ % ∆

Net Interest Income 21 @ 0.10% $4.5B $4.5B $5.4B $6.8B $2.6B @ 0.92% @ 0.87% @ 0.83% @ 0.86% @ 0.70% @ 0.16% @ 0.15% @ 0.11% @ 0.10% Asset Yield and Liability Cost Trends Liquidity Trends Impact NIM $194.1 $209.8 $210.6 $194.7 $199.7 $204.5 $180.8 $180.7 Dollars in millions. $201.1 $188.7

Noninterest Income 22 Current Quarter Highlights Composition / Changes in Inv. Securities Gains (Losses) and Trust & Securities Processing Dollars in millions. (1) UMB traditional peer group (15 banks), data as of latest available quarter. Source: S&P Global. Noninterest income increased $10.9mm, or 10.1%, vs. 3Q’21, driven by:

A $5mm increase in gains on investment securities, including A $3.3mm positive variance in market value of equity investments; and $1.7mm in additional in gains on sales of AFS securities An increase of $3.2mm in derivative income, recorded in other income; A $1.7mm increase in deposit service charges, largely related to client conversion fees in our healthcare business, and other corporate service charges; and An increase of $1.6 million in trust and securities processing (detailed below). Partial offsets included a $1.6mm decrease in company-owned life insurance income, recorded in other income. $108.9 $131.6 $107.9 $118.8 $228.3 LQ Variance

Noninterest Expense 23 Current Quarter Highlights Noninterest expense increased $13.6mm, or 6.5%, vs. 3Q’21. Primary drivers:

An increase of $7.3mm in salaries and bonus expense, driven largely by higher associate population and by higher performance-based incentives related to business activity; Higher costs related to investments in our business, including increases of $3.2mm in legal and consulting expense and $2.5mm in software costs, recorded in processing fees; $2.1mm in additional charitable contributions; and An increase of $1.7mm in marketing and business development due to the timing of multiple projects. Dollars in millions. Columns may not sum due to rounding differences.

$16,693 $16,473 $ 14,625 $ 14,933 $ 16,041 $ 16,246 $ 16,818 Diversified Loan Portfolio 24 Average balances in millions. Loans by Region Kansas City 34% Colorado 19% Arizona 10% St. Louis 14% Greater MO 5% KS - 2% Texas 11% NE - 2% OK - 2% MN - 1% $ 15,642 $ 16,757 $ 16,240

Quarterly Loan Activity 25 (1) Payoffs and paydowns include C&I and CRE loans. (1) (1)

Strong Asset Quality 26 Net Loan Charge-Offs Delinquencies Nonperforming Loans Allowance for Credit Losses Dollars in millions. (1) Delinquencies represent accruing loans > 30 days past due; (2) Total loans include PPP balances.

27 Detailed Net Charge-Off History (1) Loan categories were updated in 2020 with the 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. Recent Trends

$10,699 $11,284 $11,903 $12,766 $10,171 $11,271 $8,858 $9,368 $9,924 $10,567 Available-for-sale Portfolio High-Quality Investment Portfolio 28 (1) purchases made for roll-off and overbuy; net of purchases related to sales/trades. (2) Includes impact of ~$1B pay-fixed receive-float swap portfolio with varying start dates Securities Portfolio Statistics & Activity Average balances in millions.

Diversified Deposit Mix 29 $26,826 $29,428 $31,637 $24,965 Deposits by Line of Business Commercial Personal Institutional Commercial Banking 40% Consumer & Private Wealth 23% Capital Mkts. & Corp. Trust 14% Healthcare Services 8% Fund Services 6% Investor Solutions 9% 41% 36% 36% 39% 39% Average balances in millions. $27,783

Line of Business Updates

Commercial Banking – C&I Lending 31 Commercial & Industrial Statistics (1) C&I Industry Diversification (2) Average loan size: $4.8 million 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 Technology Materials & Commodities Manufacturing Food/Beverage Manufacturing Healthcare Commercial Services Other (4) Agribusiness RE & Construction Finance & Insurance Energy-Related $7.4B 43.5% of total UMB loans Commercial Line Utilization Trends +23% YoY Dollars in billions at period end. (1) Includes commercial & industrial and leases, excludes PPP loans; (2) Industries as a percentage of C&I portfolio; (3) Excluding PPP loans. (3)

Commercial Banking – Commercial Real Estate 32 Commercial Real Estate Statistics Investment CRE / Construction Portfolio (1) Total Investment CRE Portfolio

Average Loan-to-Value: 60% Recourse: 82% Const. / Land Dev. 12% Owner-Occupied 30% Investment CRE 49% $6.3B Farmland 8% as of Dec. 31, 2021 1-4 Unit Residential Construction = 1% of total (2) Retail Multifamily Office Building Hotel Industrial Sr. Living Mixed Use Student Housing Other (4) Owner-occupied – new purchase or refinance Real estate development – construction / perm financing, bridge financing, renovations Investment CRE – 3 to 10-year term loans for property investors Resi. Rental (1) Industries as a percentage of investment CRE and construction portfolio; (2) Excluding PPP loans; (3) Calculated using Tier 1 capital plus an adjusted ACL, per regulatory guidelines. Regulatory Concentrations

Total non-farmland CRE / Total RBC: 154% Construction & Development Loans / Total RBC: 28% (3) $3.8B 22.6% of total UMB loans

Commercial Banking – Capital Finance 33 SBIC fund - UMB Capital Corporation is a small business investment company that provides financing solutions via loans, equity and debt securities

Swaps and derivatives - UMB Capital Finance will build customized instruments to help manage interest rate risk and optimize balance sheets

Syndicated finance – Expertise in complex funding arrangements Serving small to lower middle-market companies with revenues ~ $2mm to $150mm.

Working capital facilities typically between $500k to $10mm.

Financing that facilitates cash flow when traditional lending may not be available for highly-leveraged borrowers or those with a concentrated customer mix. Serving middle-market companies with revenues ~$15mm to $300mm.

Working capital facilities typically $10mm to $50mm via lines of credit secured by accounts receivable and inventory, and term loans supported by equipment, real estate and cash-flow.

Deeply experienced in financing acquisitions, recapitalizations and aggressive growth strategies Asset-based Lending Factoring / Accounts Receivable Financing Mezzanine Debt & Minority Equity Investments Examples of recent investments: Average balances in millions.

Personal Banking – Consumer 34 Metrics at or for the quarter ended 12/31/21. (1) Includes residential real estate and other consumer loans for retail and private banking customers. $ millions +30% YoY Mobile Deposits 18% Digital Sales 26% 12% of non-mortgage loan applications of new retail deposit accounts vs. 16% 4Q’20 $50mm $15.5mm vs. $37mm 4Q’20 Expanding Digital Capabilities of consumer deposits via mobile app Mobile App Rating Apple Store 4.2 stars Google Store 4.4 stars +35%

Personal Banking – Private Wealth Management 35 (1) Includes AUM and AUA; (2) American Customer Satisfaction Index “Score.” Source: Market Strategies International; (3) Source: 2020 Forrester Net Promoter Benchmarks Study Customer Assets Managed Assets (AUM): $12.2B Non-Managed Assets (AUA): $4.9B Composition as of 12/31/21. Personal Trust 21% Investment Advisory 36% Non-Managed AUA 29% IRAs 6% Brokerage 4% Other 4%

Institutional Banking – Fund Services & Institutional Custody 36 Assets Under Administration +25% YoY Best Interval Fund Administrator (1) Best Administrator – Technology (2) Fund Services – Registered Funds & Alternative Investments Institutional Custody $345B $405B $419B $336B 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. Top 10 Mutual Fund Custodian (4) TOP 10 Best Custodian – 2021 (5) Custody New Accounts +19% Year-over-Year +124 Custody Assets +25% Year-over-Year $152B $379B (1) Fund Intelligence ‘19-’20 Awards; (2) Hedgeweek U.S. Awards ‘20 & PE Wire U.S. Awards ’20; (3) PE Wire ‘21; (4) Mutual Fund Services Guide ‘20; (5) HFM U.S. Services Awards ‘21. Best Administrator – GPs with assets <$30B (3)

Institutional Banking – Corp/Specialty Trust & Capital Markets Corporate Trust & Escrow Services Provides trustee, paying agent and escrow services to municipal and corporate issuers. $34B Assets Under Administration Municipal Trustee (1) (2) & Paying Agent (2) in U.S. #3 Specialty Trust & Agency Solutions Services for asset-backed securitizations, aviation and other transportation and real estate projects. Workout and successor trustee services on behalf of bondholders of defaulted transactions. Irish Office +52% 704 New Deals Closed YTD vs. 464 in 2020 +149% +52% New Business $ Volume YTD 2,874 Deals Building presence in top aviation leasing market Growth in New Business $ Volume YTD 37 Examples of recent deals: Capital Markets Division Capital solutions including fixed income sales, trading and underwriting for institutional, municipal and not-for-profit organizations. $576,355,000 Sr. Lien Sales Tax Revenue Refunding Bonds, Taxable Series ‘21 Co-Manager $31,020,000 Refunding Bonds, Series ‘21 Senior Manager

$7,200,000 Educational Facilities Revenue Bonds, Series ‘21 Sole Manager

Benedictine College (KS) Midland Co. Water Supply District #1 (TX) Dallas Area Rapid Transit (TX) Products and services offered through UMB Bank Capital Markets Division NOT FDIC INSURED | MAY LOSE VALUE  | NOT BANK GUARANTEED. #1 Agent for Debtor-in-Possession financing (3) #7 Aviation & Asset-Based Securitization Trustee (4) TOP 10 Public Finance (1) Ranked by proceeds and number of issues; (2)Thomson Reuters municipal rankings, Sept. 2021; (3) Debtwire - ranking 1H’21; (4) Green Street Advisors’ Asset-Based Alert - 1H’21. All comparisons are 2021 vs. 2020. Year-over-Year Increase in Closed Deals +42%

FDIC Sweep Assets Under Administration $68B Institutional Banking – Investor Solutions & Healthcare Services 38 Investor Solutions Provides large-scale banking services and payment solutions for non-bank financial institutions and fintech companies. Annual ACH Transactions Healthcare Services Provides healthcare payment solutions including health savings accounts (HSAs), healthcare spending accounts and payments technology.  HSA Account Holders 1.4mm In HSA Assets & Deposits $3.0B Top 10 HSA Custodians in the U.S. (4) TOP 10 Benefit Cards 5.2mm >65mm ~ 6mm accounts Recognized for Investment Quality (3) Fintech Partnerships Named a Top HSA for Features & Investment Options (5) 3 of the Top 10 Independent Broker-Dealers are UMB Clients (2) 6 of the Top 10 Clearing Firms are UMB Clients (1) (1) InvestmentNews ‘19; (2) Financial Planning June ‘20; (3) Investor’s Business Daily 2021; (4) #6 by total accounts - Devenir Research Mid-Year ’21; (5) Investor’s Business Daily ‘21.

Payments – Credit & Debit Card Products 39 $3,550 $3,789 $3,714 $3,315 Card Purchase Volume & Interchange Trends 4Q ‘21 Card Spend

$3.7B 23rd In U.S. Credit Card Purchase Volume (1) #23 $3,658 $ millions (1) Rank in commercial, consumer and small business cards among top 50 U.S. issuers. Source: Nilson Report, December 2020.

Appendix

Leadership – Our Board of Directors 41 AC = Audit Committee; CC = Compensation Committee; GC = Governance Committee RC = Risk Committee Advisory Directors

Forward-Looking Statements 42 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, the COVID-19 pandemic (the “pandemic”) may also cause actual results or other future events, circumstances, or aspirations to differ from our forward-looking statements. The pandemic has created a global public-health crisis that has resulted in widespread volatility and deteriorations in household, business, economic, and market conditions. It is currently adversely affecting the company and its customers, counterparties, employees, and third-party service providers, and the continued adverse impacts on our business, financial position, results of operations, and prospects could be significant. We are not able to accurately predict the extent of the impact of the pandemic on our capital, liquidity, and other financial positions and on our business, results of operations, and prospects at this time, and we believe it will depend on a number of evolving factors, including: (i) the duration, extent and severity of the pandemic; (ii) the response of governmental and non-governmental authorities to the pandemic, which is rapidly changing and not always coordinated or consistent across jurisdictions; (iii) the effect of the pandemic on our customers, counterparties, employees and third-party service providers, which may vary widely, and which is generally expected to increase our credit, operational, and other risks and (iv) the effect of the pandemic on economies and markets, which in turn could adversely affect, among other things, the origination of new loans and the performance of our existing loans. The pandemic is also expected to have a significant impact on our current expected credit loss (CECL) calculation and related provision under a new accounting standard that we were required to adopt in January 2020. The CECL calculation includes periodic estimates of the net amount expected to be collected over the contractual term of certain financial assets, and requires us to take into account, among other things, economic conditions forecasted over the life of the financial asset, including the current and anticipated effects of the pandemic. Any forward-looking statement should be evaluated in light of these considerations.

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.

Non-GAAP Reconciliations 43 The following are non-GAAP measures used by the company from time to time. To the extent a non-GAAP measure is used during this presentation, a reconciliation to such measure’s closest GAAP equivalent is provided below. The Company believes that these non-GAAP financial measures and the reconciliations may be useful to investors because they adjust for items that management does not believe reflect the Company’s fundamental operating performance.

Pre-tax, pre-provision income for the relevant period is defined as GAAP net income, adjusted to reflect the impact of excluding income tax and provision expense.

Pre-tax, pre-provision income on a fully tax equivalent basis for the relevant period is defined as GAAP net interest income on a fully tax equivalent basis plus noninterest income, less noninterest expense.

Tangible book value per share is defined as the Company’s total shareholders’ equity, net of intangible assets, divided by total shares outstanding.

Tangible common equity ratio is calculated as the Company’s total shareholders’ equity, net of intangible assets, divided by total assets, net of intangible assets. Pre-Tax, Pre-Provision Income (unaudited, dollars in thousands except per share data)

Non-GAAP Reconciliations 44 Pre-Tax, Pre-Provision Income on a Fully Tax-Equivalent Basis (unaudited, dollars in thousands except per share data)

Non-GAAP Reconciliations 45 Tangible Book Value (1) Share count for December 31, 2005, adjusted for Company’s 2-for-1 stock split on May 31, 2006. (unaudited, dollars in thousands except share and per share data)

Non-GAAP Reconciliations 46 Tangible Common Equity Ratio (unaudited, dollars in thousands)

47 Our Peer Group All peer data in this presentation is sourced from S&P Global.