Equibles

8-K

UMB FINANCIAL CORP (UMBF)

8-K 2024-10-29 For: 2024-10-29
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Added on April 04, 2026

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): 10/29/2024

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 2.02 Results of Operations and Financial Condition

On October 29, 2024, UMB Financial Corporation (the “Company”) issued a press release announcing the financial results for the Company for the quarter and period ended September 30, 2024. A copy of the press release is attached as Exhibit 99.1 and the information is hereby incorporated by reference herein. The Company does not incorporate by reference information presented at any website referenced in the press release.

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

Item 7.01 Regulation FD Disclosure

On October 29, 2024, the Company announced in the same press release that the Board of Directors of the Company had declared a quarterly dividend of $0.40 per share that is payable on January 2, 2025 to shareholders of record of the Company as of the close of business on December 10, 2024.

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 October 30, 2024. 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 October 29, 2024, and the Company disclaims any obligation to correct or update any of the materials in the future.

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

Item 9.01 Financial Statements and Exhibits

99.1 Press Release announcing financial results for the quarter and period ended September 30, 2024, and announcing dividend declaration.
99.2 Investor Presentation Materials, dated October 29, 2024.
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>Chief Financial Officer

Date: October 29, 2024

EX-99.1

Exhibit 99.1

img104034057_0.jpg

UMB Financial Corporation News Release

1010 Grand Boulevard

Kansas City, MO 64106

816.860.7000

umb.com

//FOR IMMEDIATE RELEASE//

Media Contact: Stephanie Hague: 816.729.1027

Investor Relations Contact: Kay Gregory: 816.860.7106

UMB Financial Corporation Reports Third Quarter Net Income of $109.6 Million and Net Operating Income(i) of $110.4 Million.

Third Quarter 2024 Financial Highlights

  • GAAP net income of $109.6 million, or $2.23 per diluted share.
  • Net operating income(i) of $110.4 million, or $2.25 per diluted share.
  • Average loans increased 9.8% on a linked-quarter, annualized basis, to $24.4 billion.
  • Average loans increased $1.6 billion, or 7.2%, as compared to the third quarter of 2023.
  • Average deposits increased 11.1% on a linked-quarter, annualized basis, to $35.3 billion.
  • Credit quality remained strong, with net charge-offs of just 0.08% of average loans for the nine months ended September 30, 2024.

KANSAS CITY, Mo. (October 29, 2024) – UMB Financial Corporation (Nasdaq: UMBF), a financial services company, announced net income for the third quarter of 2024 of $109.6 million, or $2.23 per diluted share, compared to $101.3 million, or $2.07 per diluted share, in the second quarter (linked quarter) and $96.6 million, or $1.98 per diluted share, in the third quarter of 2023.

Net operating income, a non-GAAP financial measure reconciled later in this release to net income, the nearest comparable GAAP measure, was $110.4 million, or $2.25 per diluted share, for the third quarter of 2024, compared to $105.9 million, or $2.16 per diluted share, for the linked quarter and $98.4 million, or $2.02 per diluted share, for the third quarter of 2023. Operating pre-tax, pre-provision income (operating PTPP), a non-GAAP measure reconciled later in this release to the components of net income before taxes, the nearest comparable GAAP measure, was $154.6 million, or $3.15 per diluted share, for the third quarter of 2024, compared to $146.8 million, or $3.00 per diluted share, for the linked quarter, and $126.6 million, or $2.60 per diluted share, for the third quarter of 2023. These operating PTPP results represent increases of 5.3% on a linked-quarter basis and 22.1% compared to the third quarter of 2023.

“We are pleased with another quarter of solid financial performance across the board,” said Mariner Kemper, UMB Financial Corporation chairman and chief executive officer. “Strong institutional banking activity contributed to the 9.5% increase in fee income compared to the linked quarter, and near-double digit annualized loan growth drove net interest income higher. Net interest margin decreased five basis points sequentially due largely to the decline in average noninterest-bearing deposit balances driven by net client disbursements within our asset servicing and corporate trust lines of business, which can be episodic in nature. Asset quality remains strong as evidenced by only eight basis points of net charge-offs to average loans on a year-to-date basis; the higher provision expense in the quarter largely reflects the impact of $793.3 million in net loan growth that was driven by record top-line loan production of $1.4 billion.”

“We are on track to complete our pending acquisition of Heartland Financial, subject to regulatory and other approvals, in the first quarter of 2025. Our preparations for legal day one of the acquisition are well underway, with many cross-functional workstreams collaborating with personnel from Heartland Financial. This financially and strategically compelling combination will add further diversity and scale to our already well-diversified financial model. We look forward to serving our prospective clients and geographies as well as welcoming new associates to our UMB family.”

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

Third Quarter 2024 earnings discussion

Summary of quarterly financial results UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
Q3 Q2 Q3
2024 2024 2023
Net income (GAAP) $ 109,643 $ 101,345 $ 96,554
Earnings per share - diluted (GAAP) 2.23 2.07 1.98
Operating pre-tax, pre-provision income (Non-GAAP)(i) 154,594 146,840 126,592
Operating pre-tax, pre-provision earnings per share - diluted (Non-GAAP)(i) 3.15 3.00 2.60
Operating pre-tax, pre-provision income - FTE (Non-GAAP)(i) 161,195 153,247 133,151
Operating pre-tax, pre-provision earnings per share - FTE - diluted (Non-GAAP)(i) 3.28 3.13 2.73
Net operating income (Non-GAAP)(i) 110,358 105,873 98,400
Operating earnings per share - diluted (Non-GAAP)(i) 2.25 2.16 2.02
GAAP
Return on average assets 1.01 % 0.96 % 0.97 %
Return on average equity 12.63 12.73 13.25
Efficiency ratio 61.69 63.37 64.51
Non-GAAP(i)
Operating return on average assets 1.01 % 1.00 % 0.99 %
Operating return on average equity 12.71 13.30 13.50
Operating efficiency ratio 61.46 61.86 63.83

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

Summary of year-to-date financial results UMB Financial Corporation
(unaudited, dollars in thousands, except per share data) September September
YTD YTD
2024 2023
Net income (GAAP) $ 321,246 $ 279,101
Earnings per share - diluted (GAAP) 6.56 5.73
Operating pre-tax, pre-provision income (Non-GAAP)(i) 458,885 389,890
Operating pre-tax, pre-provision earnings per share - diluted (Non-GAAP)(i) 9.37 8.00
Operating pre-tax, pre-provision income - FTE (Non-GAAP)(i) 478,409 409,579
Operating pre-tax, pre-provision earnings per share - FTE - diluted (Non-GAAP)(i) 9.76 8.40
Net operating income (Non-GAAP)(i) 336,943 285,077
Operating earnings per share - diluted (Non-GAAP)(i) 6.88 5.85
GAAP
Return on average assets 1.01 % 0.95 %
Return on average equity 13.13 13.18
Efficiency ratio 62.82 64.40
Non-GAAP(i)
Operating return on average assets 1.06 % 0.97 %
Operating return on average equity 13.77 13.46
Operating efficiency ratio 61.12 63.68
Summary of revenue UMB Financial Corporation
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(unaudited, dollars in thousands)
Q3 Q2 Q3 CQ vs. CQ vs.
2024 2024 2023 LQ PY
Net interest income $ 247,376 $ 245,108 $ 222,287 $ 2,268 $ 25,089
Noninterest income:
Trust and securities processing 74,222 70,010 66,668 4,212 7,554
Trading and investment banking 7,118 5,461 3,771 1,657 3,347
Service charges on deposit accounts 20,089 22,261 21,080 (2,172 ) (991 )
Insurance fees and commissions 282 267 272 15 10
Brokerage fees 15,749 14,020 13,400 1,729 2,349
Bankcard fees 22,394 22,346 19,296 48 3,098
Investment securities gains (losses), net 2,623 (1,867 ) 271 4,490 2,352
Other 16,266 12,421 8,559 3,845 7,707
Total noninterest income $ 158,743 $ 144,919 $ 133,317 $ 13,824 $ 25,426
Total revenue $ 406,119 $ 390,027 $ 355,604 $ 16,092 $ 50,515
Net interest income (FTE) $ 253,977 $ 251,515 $ 228,846
Net interest margin (FTE) 2.46 % 2.51 % 2.43 %
Total noninterest income as a % of total revenue 39.1 37.2 37.5

Net interest income

  • Third quarter 2024 net interest income totaled $247.4 million, an increase of $2.3 million, or 0.9%, from the linked quarter, driven primarily by continued growth in average loans and higher levels of liquidity, partially offset by higher interest expense driven by a mix shift in the funding composition.

  • Average earning assets increased $783.1 million, or 1.9%, from the linked quarter, largely driven by an increase of $581.3 million in average loans, an increase of $82.1 million in federal funds sold and resell agreements, and an increase of $75.8 million in interest-bearing due from banks.

  • Average interest-bearing liabilities increased $1.1 billion, or 4.0%, from the linked quarter, primarily driven by an increase of $1.6 billion in interest-bearing deposits, partially offset by a decrease of $280.1 million in borrowed funds. Average noninterest-bearing demand deposits decreased $600.9 million, or 5.9%, as compared to the linked quarter, driven by net cash disbursements within the asset servicing and other corporate trust lines of business. Compared to the linked quarter, average commercial demand deposit balances increased 2.8% during the quarter.

  • Net interest margin for the third quarter was 2.46%, a decrease of five basis points from the linked quarter, driven by the increased cost of interest-bearing liabilities due to mix shift in the funding composition, partially offset by increased loan yields and earning asset mix changes. The cost of interest-bearing liabilities increased three basis points to 4.18%. Total cost of funds increased 10 basis points from the linked quarter to 3.16%. Average loan yields increased two basis points while earning asset yields increased three basis points from the linked quarter.

  • On a year-over-year basis, net interest income increased $25.1 million, or 11.3%, driven by a $1.6 billion, or 7.2%, increase in average loans, partially offset by higher interest costs due to unfavorable mix shift in the composition of liabilities as well as the impact of higher short-term interest rates.

  • Compared to the third quarter of 2023, average earning assets increased $3.7 billion, or 9.8%, largely driven by an increase of $2.0 billion in interest-bearing due from banks and the increase in average loans noted above.

  • Average deposits increased 12.6% compared to the third quarter of 2023. Average noninterest-bearing demand deposit balances decreased 5.1% compared to the third quarter of 2023, driven by net cash disbursements within the commercial and institutional segments. Average demand deposit balances comprised 26.9% of total deposits, compared to 29.4% in the linked quarter and 32.0% in the third quarter of 2023.

  • Average borrowed funds decreased $280.1 million as compared to the linked quarter and $1.1 billion as compared to the third quarter of 2023, driven by short-term borrowings with the Federal Home Loan Bank and the Federal Reserve.

Noninterest income

  • Third quarter 2024 noninterest income increased $13.8 million, or 9.5%, on a linked-quarter basis, largely due to:

  • $2.6 million in investment securities gains, primarily driven by increased valuations in the company's non-marketable securities compared to a $1.9 million loss in the linked quarter.

  • Increases of $2.8 million in fund services income and $1.6 million in corporate trust income, both recorded in trust and securities processing.

  • An increase of $2.7 million in company-owned life insurance and a gain of $1.1 million on the sale of a building during the third quarter of 2024, both recorded in other income. The increase in company-owned life insurance was offset by a proportionate increase in deferred compensation expense as noted below.

  • Increases of $1.7 million in both brokerage income and trading and investment banking, primarily driven by higher 12b-1 fees and money market income and increased trading volume, respectively.

  • These increases were partially offset by a decrease of $2.2 million in service charges on deposit accounts primarily due to lower healthcare income related to customer transfer and conversion.

  • Compared to the prior year, noninterest income in the third quarter of 2024 increased $25.4 million, or 19.1%, primarily driven by:

  • An increase of $7.7 million in other income, primarily driven by an increase of $4.0 million in company-owned life insurance income, a $1.1 million gain on the sale of a building during the third quarter of 2024, and an increase of $0.7 million in bank-owned life insurance income. The increase in company-owned life insurance was offset by a proportionate increase in deferred compensation expense as noted below.

  • Increases of $5.2 million in fund services income, $1.8 million in corporate trust income, and $0.6 million in trust income, all recorded in trust and securities processing.

  • Increases of $3.3 million in trading and investment banking, driven by higher trading volume and $3.1 million in bankcard income, driven by increased interchange income.

  • Increases of $2.4 million in investment securities gains, primarily driven by increased valuations in the company's non-marketable securities and $2.3 million in brokerage income, driven by higher 12b-1 fees and money market income.

Noninterest expense

Summary of noninterest expense UMB Financial Corporation
(unaudited, dollars in thousands)
Q3 Q2 Q3 CQ vs. CQ vs.
2024 2024 2023 LQ PY
Salaries and employee benefits $ 146,984 $ 142,861 $ 133,380 $ 4,123 $ 13,604
Occupancy, net 12,274 11,723 12,283 551 (9 )
Equipment 15,988 15,603 17,204 385 (1,216 )
Supplies and services 4,967 3,404 3,213 1,563 1,754
Marketing and business development 6,817 6,598 6,631 219 186
Processing fees 29,697 29,701 26,016 (4 ) 3,681
Legal and consulting 9,518 16,566 7,230 (7,048 ) 2,288
Bankcard 12,482 11,818 8,852 664 3,630
Amortization of other intangible assets 1,917 1,911 2,124 6 (207 )
Regulatory fees 4,686 2,568 6,153 2,118 (1,467 )
Other 7,124 6,314 8,355 810 (1,231 )
Total noninterest expense $ 252,454 $ 249,067 $ 231,441 $ 3,387 $ 21,013

  • GAAP noninterest expense for the third quarter of 2024 was $252.5 million, an increase of $3.4 million, or 1.4%, from the linked quarter and an increase of $21.0 million, or 9.1% from the third quarter of 2023. Operating noninterest expense, a non-GAAP financial measure reconciled later in this release to noninterest expense, the nearest comparable GAAP measure, was $251.5 million for the third quarter of 2024, an increase of $8.3 million, or 3.4%, from the linked quarter and an increase of $22.5 million, or 9.8%, from the third quarter of 2023.

  • The linked-quarter increase in GAAP noninterest expense was driven by:

  • An increase of $2.1 million in regulatory fees expense, driven primarily by changes in loss estimates related to the industry-wide FDIC special assessment levied on banks to recoup the losses related to two of the bank failures in March 2023. The results for the third quarter of 2024 include a reduction of $1.7 million in pre-tax FDIC special assessment expense while the second quarter included a reduction of $3.8 million.

  • Increases of $1.9 million in deferred compensation expense, $1.9 million in salary and wage expense, and $1.3 million in bonus and commission expense, tied to improved company performance, all recorded in salaries and employee benefits. The increase in deferred compensation expense was offset by the increase in company-owned life insurance income noted above.

  • Increases of $1.6 million in supplies driven by purchases of computers during the third quarter, $0.8 million in other expense, and $0.7 million in bankcard expense driven by higher administrative expense.

  • These increases were partially offset by a decrease of $7.0 million in legal and consulting expense driven by expense related to the announced acquisition of Heartland Financial USA, Inc. during the linked quarter.

  • The year-over-year increase in GAAP noninterest expense was driven by:

  • Increases of $5.4 million in salary and wage expense, $3.6 million in bonus and commission expense tied to improved company performance, and $2.7 million in deferred compensation expense, all recorded in salaries and employee benefits. The increase in deferred compensation expense was offset by the increase in company-owned life insurance income noted above.

  • Increases of $3.7 million in processing fees expense due to increased software subscription costs and $3.6 million in bankcard expense driven by higher administrative expense.

  • Increases of $2.3 million in legal and consulting expense related to the announced acquisition of Heartland Financial USA, Inc. and $1.8 million in supplies driven by purchases of computers during the third quarter of 2024.

  • These increases were partially offset by the following decreases:

  • A decrease of $1.5 million in regulatory fees expense driven by the aforementioned reduction of $1.7 million in FDIC special assessment expense recorded in the third quarter of 2024.

  • A decrease of $1.9 million in operational losses, recorded in other expense, driven by lower activity in the current period.

Income taxes

  • The company’s effective tax rate was 19.0% for the nine months ended September 30, 2024, compared to 18.1% for the same period in 2023. The increase in the effective tax rate in 2024 is primarily attributable to a smaller portion of income being earned from tax-exempt municipal securities and higher non-deductible acquisition costs in 2024.

Balance sheet

  • Average total assets for the third quarter of 2024 were $43.3 billion compared to $42.5 billion for the linked quarter and $39.5 billion for the same period in 2023.
Summary of average loans and leases - QTD Average UMB Financial Corporation
(unaudited, dollars in thousands)
Q3 Q2 Q3 CQ vs. CQ vs.
2024 2024 2023 LQ PY
Commercial and industrial $ 10,176,502 $ 9,926,855 $ 9,852,335 $ 249,647 $ 324,167
Specialty lending 508,957 502,646 526,711 6,311 (17,754 )
Commercial real estate 9,669,076 9,360,991 8,545,206 308,085 1,123,870
Consumer real estate 3,045,229 2,998,560 2,922,753 46,669 122,476
Consumer 164,105 159,743 139,384 4,362 24,721
Credit cards 613,663 617,502 477,904 (3,839 ) 135,759
Leases and other 209,631 239,532 287,174 (29,901 ) (77,543 )
Total loans $ 24,387,163 $ 23,805,829 $ 22,751,467 $ 581,334 $ 1,635,696
  • Average loans for the third quarter of 2024 increased $581.3 million, or 2.4%, on a linked-quarter basis and $1.6 billion, or 7.2%, compared to the third quarter of 2023.
Summary of average securities - QTD Average UMB Financial Corporation
(unaudited, dollars in thousands)
Q3 Q2 Q3 CQ vs. CQ vs.
2024 2024 2023 LQ PY
Securities available for sale:
U.S. Treasury $ 821,308 $ 900,348 $ 786,136 $ (79,040 ) $ 35,172
U.S. Agencies 166,250 210,151 172,832 (43,901 ) (6,582 )
Mortgage-backed 3,888,879 3,667,289 3,611,305 221,590 277,574
State and political subdivisions 1,240,199 1,213,000 1,275,591 27,199 (35,392 )
Corporates 320,570 323,751 345,026 (3,181 ) (24,456 )
Collateralized loan obligations 340,604 336,273 346,426 4,331 (5,822 )
Total securities available for sale $ 6,777,810 $ 6,650,812 $ 6,537,316 $ 126,998 $ 240,494
Securities held to maturity:
U.S. Agencies $ 116,286 $ 120,563 $ 123,165 $ (4,277 ) $ (6,879 )
Mortgage-backed 2,597,430 2,656,096 2,814,467 (58,666 ) (217,037 )
State and political subdivisions 2,785,138 2,798,371 2,828,029 (13,233 ) (42,891 )
Total securities held to maturity $ 5,498,854 $ 5,575,030 $ 5,765,661 $ (76,176 ) $ (266,807 )
Trading securities $ 19,743 $ 26,381 $ 17,327 $ (6,638 ) $ 2,416
Other securities 447,698 448,015 445,380 (317 ) 2,318
Total securities $ 12,744,105 $ 12,700,238 $ 12,765,684 $ 43,867 $ (21,579 )
  • Average total securities increased 0.3% on a linked-quarter basis and decreased 0.2% compared to the third quarter of 2023.
  • At September 30, 2024, the unrealized pre-tax net loss on the available-for-sale securities portfolio was $449.4 million, or 6.0% of the $7.5 billion amortized cost balance. At September 30, 2024, the unrealized pre-tax net loss on the securities designated as held to maturity was $563.5 million, or 10.3% of the $5.5 billion amortized cost value.
Summary of average deposits - QTD Average UMB Financial Corporation
(unaudited, dollars in thousands)
Q3 Q2 Q3 CQ vs. CQ vs.
2024 2024 2023 LQ PY
Deposits:
Noninterest-bearing demand $ 9,502,106 $ 10,103,035 $ 10,014,686 $ (600,929 ) $ (512,580 )
Interest-bearing demand and savings 23,779,651 21,914,116 18,142,212 1,865,535 5,637,439
Time deposits 2,010,199 2,323,610 3,173,549 (313,411 ) (1,163,350 )
Total deposits $ 35,291,956 $ 34,340,761 $ 31,330,447 $ 951,195 $ 3,961,509
Noninterest bearing deposits as % of total 26.9 % 29.4 % 32.0 %
  • Average deposits increased 2.8% on a linked-quarter basis and 12.6% compared to the third quarter of 2023.

Capital

Capital information UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
September 30, 2024 June 30, 2024 September 30, 2023
Total equity $ 3,535,489 $ 3,227,347 $ 2,806,659
Accumulated other comprehensive loss, net (395,856 ) (605,634 ) (792,371 )
Book value per common share 72.45 66.21 57.83
Tangible book value per common share (Non-GAAP)(i) 66.86 60.58 52.06
Regulatory capital:
Common equity Tier 1 capital $ 3,691,874 $ 3,591,755 $ 3,357,986
Tier 1 capital 3,691,874 3,591,755 3,357,986
Total capital 4,324,890 4,214,712 3,955,093
Regulatory capital ratios:
Common equity Tier 1 capital ratio 11.22 % 11.14 % 10.77 %
Tier 1 risk-based capital ratio 11.22 11.14 10.77
Total risk-based capital ratio 13.14 13.08 12.68
Tier 1 leverage ratio 8.58 8.50 8.55

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

  • At September 30, 2024, 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)
Q3 Q2 Q1 Q4 Q3
2024 2024 2024 2023 2023
Net charge-offs - total loans $ 8,454 $ 2,856 $ 3,017 $ 1,352 $ 4,618
Net loan charge-offs as a % of total average loans 0.14 % 0.05 % 0.05 % 0.02 % 0.08 %
Loans over 90 days past due $ 7,133 $ 5,644 $ 3,076 $ 3,111 $ 3,044
Loans over 90 days past due as a % of total loans 0.03 % 0.02 % 0.01 % 0.01 % 0.01 %
Nonaccrual and restructured loans $ 19,291 $ 13,743 $ 17,756 $ 13,212 $ 17,042
Nonaccrual and restructured loans as a % of total loans 0.08 % 0.06 % 0.08 % 0.06 % 0.07 %
Provision for credit losses $ 18,000 $ 14,050 $ 10,000 $ — $ 4,977
  • Provision for credit losses for the third quarter increased $4.0 million from the linked quarter and $13.0 million from the third quarter of 2023. These changes are driven largely by provision tied to the $793.3 million and $2.1 billion increases, respectively, in period-end loans from the prior periods, as well as general portfolio trends in the current period as compared to the prior periods.
  • Net charge-offs for the third quarter totaled $8.5 million, or 0.14% of average loans, compared to $2.9 million, or 0.05% of average loans in the linked quarter, and $4.6 million, or 0.08% of average loans for the third quarter of 2023.

Dividend Declaration

At the company’s quarterly board meeting, the Board of Directors approved a 2.6% increase in the quarterly cash dividend to $0.40 per share. The cash dividend will be payable on January 2, 2025, to shareholders of record at the close of business on December 10, 2024.

Conference Call

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

Interested parties may access the call by dialing (toll-free) 833-470-1428 or (international) 404-975-4839 and requesting to join the UMB Financial call with access code 961896. The live call may also be accessed by visiting investorrelations.umb.com or by using the following link:

UMB Financial 3Q 2024 Conference Call

A replay of the conference call may be heard through November 13, 2024, by calling (toll-free) 866-813-9403 or (international) 929-458-6194. The replay access code required for playback is 489413. The call replay may also be accessed at investorrelations.umb.com.

Non-GAAP Financial Information

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

Net operating income for the relevant period is defined as GAAP net income, adjusted to reflect the impact of excluding expenses related to acquisitions, severance expense, the FDIC special assessment, and the cumulative tax impact of these adjustments.

Operating EPS (diluted) is calculated as earnings per share as reported, adjusted to reflect, on a per share basis, the impact of excluding the non-GAAP adjustments described above for the relevant period. Operating ROE is calculated as net operating income, divided by the company’s average total shareholders’ equity for the relevant period. Operating ROA is calculated as net operating income,

divided by the company’s average assets for the relevant period. Operating noninterest expense for the relevant period is defined as GAAP noninterest expense, adjusted to reflect the pre-tax impact of non-GAAP adjustments described above. Operating efficiency ratio is calculated as the company’s operating noninterest expense, net of amortization of other intangibles, divided by the company’s total non-GAAP revenue (calculated as net interest income plus noninterest income, less gains on sales of securities available for sale, net).

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

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

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

Forward-Looking Statements:

This press release contains, and our other communications may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “outlook,” “forecast,” “target,” “trend,” “plan,” “goal,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, results, or aspirations. All forward-looking statements are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Our actual future objectives, strategies, plans, prospects, performance, condition, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events, circumstances, or aspirations to differ from those in forward-looking statements are described in our Annual Report on Form 10-K for the year ended December 31, 2023, our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (SEC). In addition to such factors that have been disclosed previously: macroeconomic and adverse developments and uncertainties related to the collateral effects of the collapse of, and challenges for, domestic and international banks, including the impacts to the U.S. and global economies; sustained levels of high inflation and the potential for an economic recession on the heels of aggressive quantitative tightening by the Federal Reserve; and impacts related to or resulting from instability in the Middle East and Russia’s military action in Ukraine, such as the broader impacts to financial markets and the global macroeconomic and geopolitical environments, may also cause actual results or other future events, circumstances, or aspirations to differ from our forward-looking statements. Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except to the extent required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K, or other applicable document that is filed or furnished with the SEC.

About UMB:

UMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in Kansas City, Missouri. UMB offers commercial banking, which includes comprehensive deposit, lending and 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.

Consolidated Balance Sheets
(unaudited, dollars in thousands)
2023
ASSETS
Loans 24,990,791 $ 22,881,689
Allowance for credit losses on loans (248,907 ) (221,462 )
Net loans 24,741,884 22,660,227
Loans held for sale 5,176 2,824
Securities:
Available for sale 7,015,998 6,330,699
Held to maturity, net of allowance for credit losses 5,474,710 5,729,697
Trading securities 35,839 24,509
Other securities 465,477 473,255
Total securities 12,992,024 12,558,160
Federal funds sold and resell agreements 399,234 248,203
Interest-bearing due from banks 6,601,866 3,556,076
Cash and due from banks 778,069 454,705
Premises and equipment, net 222,056 249,037
Accrued income 218,651 208,594
Goodwill 207,385 207,385
Other intangibles, net 65,564 73,060
Other assets 1,264,519 1,246,411
Total assets 47,496,428 $ 41,464,682
LIABILITIES
Deposits:
Noninterest-bearing demand 12,840,940 $ 11,254,885
Interest-bearing demand and savings 24,798,869 18,833,614
Time deposits under 250,000 1,245,532 2,834,181
Time deposits of 250,000 or more 817,251 509,072
Total deposits 39,702,592 33,431,752
Federal funds purchased and repurchase agreements 2,023,297 1,757,602
Short-term debt 1,050,000 2,300,000
Long-term debt 384,758 382,768
Accrued expenses and taxes 387,223 319,283
Other liabilities 413,069 466,618
Total liabilities 43,960,939 38,658,023
SHAREHOLDERS' EQUITY
Common stock 55,057 55,057
Capital surplus 1,138,350 1,128,239
Retained earnings 3,074,617 2,759,415
Accumulated other comprehensive loss, net (395,856 ) (792,371 )
Treasury stock (336,679 ) (343,681 )
Total shareholders' equity 3,535,489 2,806,659
Total liabilities and shareholders' equity 47,496,428 $ 41,464,682

All values are in US Dollars.

Consolidated Statements of Income UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2024 2023 2024 2023
INTEREST INCOME
Loans $ 416,400 $ 367,485 $ 1,202,317 $ 1,018,920
Securities:
Taxable interest 63,466 53,455 186,159 161,091
Tax-exempt interest 24,578 25,704 74,988 76,560
Total securities income 88,044 79,159 261,147 237,651
Federal funds and resell agreements 4,990 4,567 11,726 14,107
Interest-bearing due from banks 47,969 20,551 139,831 70,923
Trading securities 291 214 1,020 502
Total interest income 557,694 471,976 1,616,041 1,342,103
INTEREST EXPENSE
Deposits 262,599 191,919 726,999 490,368
Federal funds and repurchase agreements 27,070 23,076 82,813 71,123
Other 20,649 34,694 74,311 91,018
Total interest expense 310,318 249,689 884,123 652,509
Net interest income 247,376 222,287 731,918 689,594
Provision for credit losses 18,000 4,977 42,050 41,227
Net interest income after provision for credit losses 229,376 217,310 689,868 648,367
NONINTEREST INCOME
Trust and securities processing 74,222 66,668 213,710 190,616
Trading and investment banking 7,118 3,771 18,041 13,879
Service charges on deposit accounts 20,089 21,080 63,107 63,620
Insurance fees and commissions 282 272 832 771
Brokerage fees 15,749 13,400 42,929 40,680
Bankcard fees 22,394 19,296 66,708 56,047
Investment securities gains (losses), net 2,623 271 10,127 (4,153 )
Other 16,266 8,559 47,452 40,139
Total noninterest income 158,743 133,317 462,906 401,599
NONINTEREST EXPENSE
Salaries and employee benefits 146,984 133,380 432,851 419,190
Occupancy, net 12,274 12,283 36,267 36,206
Equipment 15,988 17,204 48,094 52,139
Supplies and services 4,967 3,213 11,672 11,283
Marketing and business development 6,817 6,631 19,440 19,090
Processing fees 29,697 26,016 87,334 75,828
Legal and consulting 9,518 7,230 33,978 21,574
Bankcard 12,482 8,852 34,867 24,292
Amortization of other intangible assets 1,917 2,124 5,788 6,539
Regulatory fees 4,686 6,153 26,649 17,827
Other 7,124 8,355 19,385 25,198
Total noninterest expense 252,454 231,441 756,325 709,166
Income before income taxes 135,665 119,186 396,449 340,800
Income tax expense 26,022 22,632 75,203 61,699
NET INCOME $ 109,643 $ 96,554 $ 321,246 $ 279,101
PER SHARE DATA
Net income – basic $ 2.25 $ 1.99 $ 6.59 $ 5.76
Net income – diluted 2.23 1.98 6.56 5.73
Dividends 0.39 0.38 1.17 1.14
Weighted average shares outstanding – basic 48,775,072 48,525,776 48,727,914 48,492,022
Weighted average shares outstanding – diluted 49,078,497 48,762,696 48,993,581 48,737,065
Consolidated Statements of Comprehensive Income UMB Financial Corporation
--- --- --- --- --- --- --- --- --- --- --- --- ---
(unaudited, dollars in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
2024 2023 2024 2023
Net income $ 109,643 $ 96,554 $ 321,246 $ 279,101
Other comprehensive income (loss), before tax:
Unrealized gains and losses on debt securities:
Change in unrealized holding gains and losses, net 229,285 (151,753 ) 175,005 (145,601 )
Less: Reclassification adjustment for net (gains) losses included in net income — (154 ) (139 ) 279
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity 9,618 10,268 27,345 30,563
Change in unrealized gains and losses on debt securities 238,903 (141,639 ) 202,211 (114,759 )
Unrealized gains and losses on derivative hedges:
Change in unrealized gains and losses on derivative hedges, net 40,445 3,927 18,012 4,248
Less: Reclassification adjustment for net gains included in net income (1,666 ) (2,844 ) (7,392 ) (8,065 )
Change in unrealized gains and losses on derivative hedges 38,779 1,083 10,620 (3,817 )
Other comprehensive income (loss), before tax 277,682 (140,556 ) 212,831 (118,576 )
Income tax (expense) benefit (67,904 ) 34,016 (51,752 ) 28,940
Other comprehensive income (loss) 209,778 (106,540 ) 161,079 (89,636 )
Comprehensive income (loss) $ 319,421 $ (9,986 ) $ 482,325 $ 189,465
Consolidated Statements of Shareholders' Equity UMB Financial Corporation
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(unaudited, dollars in thousands except per share data)
Capital<br>Surplus Retained<br>Earnings Accumulated Other Comprehensive (Loss) Income Treasury<br>Stock Total
Balance - January 1, 2023 55,057 $ 1,125,949 $ 2,536,086 $ (702,735 ) $ (347,264 ) $ 2,667,093
Total comprehensive income (loss) — — 279,101 (89,636 ) — 189,465
Dividends (1.14 per share) — — (55,772 ) — — (55,772 )
Purchase of treasury stock — — — — (8,096 ) (8,096 )
Issuances of equity awards, net of forfeitures — (10,115 ) — — 10,834 719
Recognition of equity-based compensation — 11,983 — — — 11,983
Sale of treasury stock — 167 — — 216 383
Exercise of stock options — 255 — — 629 884
Balance - September 30, 2023 55,057 $ 1,128,239 $ 2,759,415 $ (792,371 ) $ (343,681 ) $ 2,806,659
Balance - January 1, 2024 55,057 $ 1,134,363 $ 2,810,824 $ (556,935 ) $ (342,890 ) $ 3,100,419
Total comprehensive income — — 321,246 161,079 — 482,325
Dividends (1.17 per share) — — (57,453 ) — — (57,453 )
Purchase of treasury stock — — — — (7,738 ) (7,738 )
Issuances of equity awards, net of forfeitures — (11,220 ) — — 11,923 703
Recognition of equity-based compensation — 14,886 — — — 14,886
Sale of treasury stock — 237 — — 184 421
Exercise of stock options — 1,433 — — 1,842 3,275
Common stock issuance costs — (1,349 ) — — — (1,349 )
Balance - September 30, 2024 55,057 $ 1,138,350 $ 3,074,617 $ (395,856 ) $ (336,679 ) $ 3,535,489

All values are in US Dollars.

Average Balances / Yields and Rates UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
Three Months Ended September 30,
2024 2023
Average Average Average Average
Balance Yield/Rate Balance Yield/Rate
Assets
Loans, net of unearned interest $ 24,387,163 6.79 % $ 22,751,467 6.41 %
Securities:
Taxable 9,122,386 2.77 8,964,467 2.37
Tax-exempt 3,601,976 3.43 3,783,890 3.37
Total securities 12,724,362 2.96 12,748,357 2.66
Federal funds and resell agreements 328,240 6.05 303,864 5.96
Interest bearing due from banks 3,562,746 5.36 1,548,867 5.26
Trading securities 19,743 6.37 17,327 5.31
Total earning assets 41,022,254 5.47 37,369,882 5.08
Allowance for credit losses (239,950 ) (227,878 )
Other assets 2,484,538 2,381,496
Total assets $ 43,266,842 $ 39,523,500
Liabilities and Shareholders' Equity
Interest-bearing deposits $ 25,789,850 4.05 % $ 21,315,761 3.57 %
Federal funds and repurchase agreements 2,298,240 4.69 2,027,382 4.52
Borrowed funds 1,464,393 5.61 2,605,897 5.28
Total interest-bearing liabilities 29,552,483 4.18 25,949,040 3.82
Noninterest-bearing demand deposits 9,502,106 10,014,686
Other liabilities 757,379 667,920
Shareholders' equity 3,454,874 2,891,854
Total liabilities and shareholders' equity $ 43,266,842 $ 39,523,500
Net interest spread 1.29 % 1.26 %
Net interest margin 2.46 2.43
Average Balances / Yields and Rates UMB Financial Corporation
--- --- --- --- --- --- --- --- --- --- --- --- ---
(tax - equivalent basis)
(unaudited, dollars in thousands)
Nine Months Ended September 30,
2024 2023
Average Average Average Average
Balance Yield/Rate Balance Yield/Rate
Assets
Loans, net of unearned interest $ 23,850,976 6.73 % $ 22,076,977 6.17 %
Securities:
Taxable 9,140,270 2.72 9,179,230 2.35
Tax-exempt 3,657,837 3.44 3,816,122 3.36
Total securities 12,798,107 2.93 12,995,352 2.64
Federal funds and resell agreements 260,520 6.01 343,297 5.49
Interest bearing due from banks 3,451,537 5.41 1,935,029 4.90
Trading securities 21,333 6.88 13,071 5.56
Total earning assets 40,382,473 5.41 37,363,726 4.87
Allowance for credit losses (230,181 ) (213,744 )
Other assets 2,433,597 2,322,171
Total assets $ 42,585,889 $ 39,472,153
Liabilities and Shareholders' Equity
Interest-bearing deposits $ 24,500,489 3.96 % $ 20,638,982 3.18 %
Federal funds and repurchase agreements 2,367,985 4.67 2,273,826 4.18
Borrowed funds 1,796,230 5.53 2,319,652 5.25
Total interest-bearing liabilities 28,664,704 4.12 25,232,460 3.46
Noninterest-bearing demand deposits 9,889,099 10,816,120
Other liabilities 764,733 591,919
Shareholders' equity 3,267,353 2,831,654
Total liabilities and shareholders' equity $ 42,585,889 $ 39,472,153
Net interest spread 1.29 % 1.41 %
Net interest margin 2.49 2.54
Business Segment Information UMB Financial Corporation
--- --- --- --- --- --- --- --- --- ---
(unaudited, dollars in thousands)
Three Months Ended September 30, 2024
Commercial Banking Institutional Banking Personal Banking Total
Net interest income $ 167,769 $ 45,341 $ 34,266 $ 247,376
Provision for credit losses 15,764 435 1,801 18,000
Noninterest income 30,223 100,687 27,833 158,743
Noninterest expense 85,198 102,565 64,691 252,454
Income (loss) before taxes 97,030 43,028 (4,393 ) 135,665
Income tax expense (benefit) 18,527 8,147 (652 ) 26,022
Net income (loss) $ 78,503 $ 34,881 $ (3,741 ) $ 109,643
Three Months Ended September 30, 2023
Commercial Banking Institutional Banking Personal Banking Total
Net interest income $ 148,666 $ 43,133 $ 30,488 $ 222,287
Provision for credit losses 3,010 423 1,544 4,977
Noninterest income 23,091 86,521 23,705 133,317
Noninterest expense 81,767 87,502 62,172 231,441
Income (loss) before taxes 86,980 41,729 (9,523 ) 119,186
Income tax expense (benefit) 16,181 7,797 (1,346 ) 22,632
Net income (loss) $ 70,799 $ 33,932 $ (8,177 ) $ 96,554
Nine Months Ended September 30, 2024
Commercial Banking Institutional Banking Personal Banking Total
Net interest income $ 485,503 $ 146,703 $ 99,712 $ 731,918
Provision for credit losses 34,763 1,760 5,527 42,050
Noninterest income 100,908 288,495 73,503 462,906
Noninterest expense 263,397 298,472 194,456 756,325
Income (loss) before taxes 288,251 134,966 (26,768 ) 396,449
Income tax expense (benefit) 53,747 25,016 (3,560 ) 75,203
Net income (loss) $ 234,504 $ 109,950 $ (23,208 ) $ 321,246
Nine Months Ended September 30, 2023
Commercial Banking Institutional Banking Personal Banking Total
Net interest income $ 444,083 $ 148,615 $ 96,896 $ 689,594
Provision for credit losses 35,110 754 5,363 41,227
Noninterest income 71,658 257,573 72,368 401,599
Noninterest expense 251,667 268,464 189,035 709,166
Income (loss) before taxes 228,964 136,970 (25,134 ) 340,800
Income tax expense (benefit) 40,727 24,405 (3,433 ) 61,699
Net income (loss) $ 188,237 $ 112,565 $ (21,701 ) $ 279,101

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 September 30, 2024.

Non-GAAP Financial Measures

Net operating income Non-GAAP reconciliations: UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Net income (GAAP) $ 109,643 $ 96,554 $ 321,246 $ 279,101
Adjustments:
Acquisition expense 2,611 70 12,592 127
Severance expense 48 2,359 324 7,736
FDIC special assessment (1,730 ) — 7,470 —
Tax-impact of adjustments (i) (214 ) (583 ) (4,689 ) (1,887 )
Total Non-GAAP adjustments (net of tax) 715 1,846 15,697 5,976
Net operating income (Non-GAAP) $ 110,358 $ 98,400 $ 336,943 $ 285,077
Earnings per share - diluted (GAAP) $ 2.23 $ 1.98 $ 6.56 $ 5.73
Acquisition expense 0.06 — 0.26 —
Severance expense — 0.05 0.01 0.16
FDIC special assessment (0.04 ) — 0.15 —
Tax-impact of adjustments (i) — (0.01 ) (0.10 ) (0.04 )
Operating earnings per share - diluted (Non-GAAP) $ 2.25 $ 2.02 $ 6.88 $ 5.85
GAAP
Return on average assets 1.01 % 0.97 % 1.01 % 0.95 %
Return on average equity 12.63 13.25 13.13 13.18
Non-GAAP
Operating return on average assets 1.01 % 0.99 % 1.06 % 0.97 %
Operating return on average equity 12.71 13.50 13.77 13.46

(i) Calculated using the company’s marginal tax rate of 23.0% for 2024 and 24.0% for 2023.

Operating noninterest expense and operating efficiency ratio Non-GAAP reconciliations: UMB Financial Corporation
(unaudited, dollars in thousands)
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Noninterest expense $ 252,454 $ 231,441 $ 756,325 $ 709,166
Adjustments to arrive at operating noninterest expense (pre-tax):
Acquisition expense 2,611 70 12,592 127
Severance expense 48 2,359 324 7,736
FDIC special assessment (1,730 ) — 7,470 —
Total Non-GAAP adjustments (pre-tax) 929 2,429 20,386 7,863
Operating noninterest expense (Non-GAAP) $ 251,525 $ 229,012 $ 735,939 $ 701,303
Noninterest expense $ 252,454 $ 231,441 $ 756,325 $ 709,166
Less: Amortization of other intangibles 1,917 2,124 5,788 6,539
Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A) $ 250,537 $ 229,317 $ 750,537 $ 702,627
Operating noninterest expense $ 251,525 $ 229,012 $ 735,939 $ 701,303
Less: Amortization of other intangibles 1,917 2,124 5,788 6,539
Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B) $ 249,608 $ 226,888 $ 730,151 $ 694,764
Net interest income $ 247,376 $ 222,287 $ 731,918 $ 689,594
Noninterest income 158,743 133,317 462,906 401,599
Less: Gains on sales of securities available for sale, net — 154 139 152
Total Non-GAAP Revenue (denominator A) $ 406,119 $ 355,450 $ 1,194,685 $ 1,091,041
Efficiency ratio (numerator A/denominator A) 61.69 % 64.51 % 62.82 % 64.40 %
Operating efficiency ratio (Non-GAAP) (numerator B/denominator A) 61.46 63.83 61.12 63.68
Operating pre-tax, pre-provision income non-GAAP reconciliations: UMB Financial Corporation
--- --- --- --- --- --- --- --- --- ---
(unaudited, dollars in thousands except per share data)
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Net interest income (GAAP) $ 247,376 $ 222,287 $ 731,918 $ 689,594
Noninterest income (GAAP) 158,743 133,317 462,906 401,599
Noninterest expense (GAAP) 252,454 231,441 756,325 709,166
Adjustments to arrive at operating noninterest expense:
Acquisition expense 2,611 70 12,592 127
Severance expense 48 2,359 324 7,736
FDIC special assessment (1,730 ) — 7,470 —
Total Non-GAAP adjustments 929 2,429 20,386 7,863
Operating noninterest expense (Non-GAAP) 251,525 229,012 735,939 701,303
Operating pre-tax, pre-provision income (Non-GAAP) $ 154,594 $ 126,592 $ 458,885 $ 389,890
Net interest income earnings per share - diluted (GAAP) $ 5.04 $ 4.56 $ 14.94 $ 14.15
Noninterest income (GAAP) 3.24 2.73 9.45 8.24
Noninterest expense (GAAP) 5.15 4.74 15.44 14.55
Acquisition expense 0.06 — 0.26 —
Severance expense — 0.05 0.01 0.16
FDIC special assessment (0.04 ) — 0.15 —
Operating pre-tax, pre-provision earnings per share - diluted (Non-GAAP) $ 3.15 $ 2.60 $ 9.37 $ 8.00
Operating pre-tax, pre-provision income - FTE Non-GAAP reconciliations: UMB Financial Corporation
--- --- --- --- --- --- --- --- --- ---
(unaudited, dollars in thousands except per share data)
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Net interest income (GAAP) $ 247,376 $ 222,287 $ 731,918 $ 689,594
Adjustments to arrive at net interest income - FTE:
Tax equivalent interest 6,601 6,559 19,524 19,689
Net interest income - FTE (Non-GAAP) 253,977 228,846 751,442 709,283
Noninterest income (GAAP) 158,743 133,317 462,906 401,599
Noninterest expense (GAAP) 252,454 231,441 756,325 709,166
Adjustments to arrive at operating noninterest expense:
Acquisition expense 2,611 70 12,592 127
Severance expense 48 2,359 324 7,736
FDIC special assessment (1,730 ) — 7,470 —
Total Non-GAAP adjustments 929 2,429 20,386 7,863
Operating noninterest expense (Non-GAAP) 251,525 229,012 735,939 701,303
Operating pre-tax, pre-provision income - FTE (Non-GAAP) $ 161,195 $ 133,151 $ 478,409 $ 409,579
Net interest income earnings per share - diluted (GAAP) $ 5.04 $ 4.56 $ 14.94 $ 14.15
Tax equivalent interest 0.13 0.13 0.39 0.40
Net interest income - FTE (Non-GAAP) 5.17 4.69 15.33 14.55
Noninterest income (GAAP) 3.24 2.73 9.45 8.24
Noninterest expense (GAAP) 5.15 4.74 15.44 14.55
Acquisition expense 0.06 — 0.26 —
Severance expense — 0.05 0.01 0.16
FDIC special assessment (0.04 ) — 0.15 —
Operating pre-tax, pre-provision income - FTE earnings per share - diluted (Non-GAAP) $ 3.28 $ 2.73 $ 9.76 $ 8.40
Tangible book value non-GAAP reconciliations: UMB Financial Corporation
--- --- --- --- ---
(unaudited, dollars in thousands except share and per share data)
As of September 30,
2024 2023
Total shareholders' equity (GAAP) $ 3,535,489 $ 2,806,659
Less: Intangible assets
Goodwill 207,385 207,385
Other intangibles, net 65,564 73,060
Total intangibles, net 272,949 280,445
Total tangible shareholders' equity (Non-GAAP) $ 3,262,540 $ 2,526,214
Total shares outstanding 48,797,672 48,529,097
Ratio of total shareholders' equity (book value) per share $ 72.45 $ 57.83
Ratio of total tangible shareholders' equity (tangible book value) per share (Non-GAAP) 66.86 52.06

Slide 1

3rd Quarter 2024 Update October 29, 2024

Slide 2

Presentation Index Corporate Overview Our Investment Thesis 3rd Quarter 2024 Results Line of Business Updates Appendix 3 10 19 35 46 Board of Directors Peer Group Non-GAAP Reconciliations Please refer to the Forward-Looking Statements on slides 48-50 for important disclosures about information contained in this presentation. Forward-Looking Statements Acquisition Update 7

Slide 3

Corporate Overview 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 09/30/24. (1) Includes $14.0B in managed assets and $2.8B in Assets Under Administration for Private Wealth customers; (2) Includes AUA in Fund Services / custody, corporate trust and Healthcare Services; (3) Operating ROTCE is a non-GAAP measure. See reconciliation on slide 56; (4) UMB Bank, n.a. Capital Markets Division. 90 banking centers 237 ATMs UMB Bank Presence & Expansion UMB Financial Corporation Headquarters Highlights

Slide 4

Business Model Our Diverse Foundation Commercial & Personal Banking Services 3Q’24 Revenue: $260.1 million. 3Q’24 Average Deposits: $21.2 billion (1) Average loans: $3.2B (2) (3) Average deposits: $7.0B Retail deposit & lending services through 90 banking centers and online Private banking services Consumer mortgage AUM = $14.0B AUA = $2.8B Financial planning Investment management Wealth solutions Business succession and exit planning Trust & custody Estate planning Direct private equity investment access C&I lending Small business lending CRE & Construction lending Average loans: $20.6B (2) Average deposits: $14.2B Agribusiness Energy Practice finance Mezzanine debt & equity investments Commercial Consumer Private Wealth Institutional Banking Services 3Q’24 Revenue: $146.0 million. 3Q’24 Average Deposits: $13.7 billion (1) Institutional Banking provides solutions for the entire marketplace; $514.3 billion in AUA (4) Corporate Trust Bond trustee, paying agent & escrow services Institutional Custody Domestic & international custody services Fund Services Fund accounting, fund administration & transfer agency Alternative investment servicing Specialty Trust & Agency Solutions Default workout & successor trustee services Aviation, ABS & loan agency services CLO trustee and loan administration services Capital Markets Division (5) Fixed income sales & trading Public finance Asset / liability management services 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, 09/30/24 (1) Excludes brokered CDs issued by Corp. Treasury; (2) Excludes credit card; (3) Includes consumer plus residential real estate loans; (4) Includes AUA in Fund Services/custody, corporate trust & Healthcare Services; (5) Products offered through UMB Bank Capital Markets Division: NOT FDIC INSURED | MAY LOSE VALUE  | NOT BANK GUARANTEED.

Slide 5

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

Slide 6

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

Slide 7

Acquisition Update

Slide 8

HTLF Acquisition – Strategically Compelling Creating a ~$65B Asset Regional Champion Increases density in existing markets Expands into attractive new geographies Top 10 deposit market share ranking in 5 states (4) UMB: 90 Heartland: 104 (1) Pro Forma: 194 Builds Presence in Midwest & Southwest Pro Forma Snapshot (2) Additional HTLF States Shared States Market Pro Forma Deposits (4) (5) ($mm) Franchise Rank Share (%) State Current Footprint Missouri ü ü $29,138 56.1% 1 12.4% Colorado ü ü 5,835 11.2 5 3.2 Kansas ü ü 3,150 6.1 7 3.2 Arizona ü ü 3,086 5.9 10 1.5 Texas ü ü 2,291 4.4 49 0.2 New Mexico ü $2,290 4.4% 5 5.2% Illinois ü 1,899 3.7 31 0.3 Wisconsin ü 1,221 2.4 21 0.6 Iowa ü 1,072 2.1 24 0.9 California ü 1,062 2.0 70 0.1 Minnesota ü 499 1.0 55 0.2 (1) Expected branch count at close; (2) Pro Forma metrics based on 03/31/24 data. These are subject to assumptions and uncertainties. See additional information on slide 50; (3) Market cap based on stock price as of 04/26/24 as included in acquisition announcement; (4) Deposit data based on the FDIC Summary of Deposits data study as of 06/30/24; (5) UMB’s branch locations in Illinois are part of St. Louis MSA.

Slide 9

Acquisition Update Expected Timeline Progress Submitted regulatory applications and filed S-4 / proxy statement; June - July Received approval from shareholders of both UMBF and HTLF; August 6, 2024 Our integration program governance structure continues to facilitate planning and execution Functional teams within both UMBF and HTLF Focus on organizational alignment; security and oversight support; financial reconciliation Integration/Conversion team Focus on product and system mapping and conversion; customer segmentation Both UMBF and HTLF completed cultural fitness diagnostic exercises to aid in the integration of the two organizations Completed vetting process for the five prospective UMBF board seats to be held by HTLF directors Active discussions regarding community benefits continue 2024 2025 2Q’24 3Q’24 4Q’24 1Q’25 2Q’25 4Q’25 3Q’25 April 29 Announcement June 13 Regulatory application filed July 2 Preliminary S-4 filed August 6 Shareholder meeting INTEGRATION PLANNING & DEVELOPMENT Target Closing (1) Target System & Brand Conversion (1) Subject to customary regulatory approvals and closing conditions. June Launched integration programs

Slide 10

Our Investment Thesis

Slide 11

Investment Thesis Opportunity in Our Diverse Business Model Track record of strong loan growth – opportunities remain Underpenetrated across our geographic footprint, focused on market share gains Underpenetrated vertically on an asset class basis; built out specialized teams Runway for Growth Diverse deposit base across multiple lines of business, customer segments and geographies No one commercial sector represents more than 4% of total deposits Long-tenured relationships: 50% of our deposit accounts have been with us for more than 10 years and account for ~31% 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 27% of average deposit balances in DDA Focus on returning value to shareholders; risk-adjusted returns EPS and tangible book value growth outpace peers over the long-term Consistent dividend growth Differentiated revenue profile and growing fee income Revenue from diverse lines of business and verticals provide a natural hedge in a variety of rate environments Lower-than-peer reliance on mortgage and NSF/OD revenue Solid capital levels and ample liquidity sources Strong regulatory capital ratios Access to multiple contingent funding sources Time-tested underwriting philosophy Unwavering credit standards Long-tenured credit team – average of 23 years with UMB Chief Credit Officer – 38 years with UMB Variable asset base > $1.5 billion of securities cash flow expected within 12 months (1) Average collected balances for September 2024; excludes CDs, health savings and FinTech deposits.

Slide 12

Differentiated Revenue Profile Multiple Sources of Growth Net Interest Income Fee Income Provides Diversity 30% 53% 37% $ 1,282.7 $1,291.4 $1,468.0 $613.2 $1,462.0 $731.3 $587.8 $778.2 $671.0 $825.1 $878.5 $982.5 $848.7 $1,012.1 $971.4 $1,097.7 Total Revenue 15 Year CAGR 6.3% Revenue Growth Annual NII Growth Annual Revenue Growth 12% 12% 18% 10% 3% 2% 1% 9% 4% 5% 18% 20% 13% 9% 10% -1% 14% -0.4% 13% 4% 9% 9% 6% 18% 6% 3% 4% 11% 1% 3% 8% 15 Year CAGR 8.4% 15 Year CAGR 3.7% Fee Income Growth $815.5 $731.2 $913.8 $303.0 $920.1 $317.0 $275.1 $320.1 $310.6 $333.3 $412.1 $558.9 $350.1 $610.4 $495.3 $670.9 1% 20% Net Interest Income (before provision) Noninterest Income (1) (2) % fee income Peer Median % Fee Income (3) Dollars in millions. (1) Noninterest income prior to 2017 contains income from discontinued operations; (2) 2022 noninterest income included a $66.2 million pre-tax gain on the sale of Visa Inc. Class B shares; (3) UMB peers (15 banks) as of latest available annual period. Source: S&P Capital IQ. Peer group defined on slide 51.

Slide 13

7% 8% Balance Sheet Growth Across All Business Cycles Average Deposits Average Deposits Average Total Deposit Cost Peer Median Deposit Cost (1) 2.01% 1.37% 2.22% 25% 1% 14% 16% 11% 14% 10% 20% 13% 6% 11% 9% 4% 7% 14% 15 Year CAGR 11.1% Average annual balance in billions. (1) UMB peers (15 banks), as of latest available annual period. Source: S&P Capital IQ; (2) Loan balances exclude PPP loans for ’20 – ’22. Annual Deposit Growth 15 Year CAGR 11.8% Average Loans (2) Annual Loan Growth 12% 19% 19% 5% 2% 6% 10% 10% 18% 12% 21% 19% 9% 7% 10% 1.51%

Slide 14

Resilient Credit Metrics Through All Economic Environments Net Charge-Offs / Average Loans Nonperforming Loans / Loans Industry (2) UMBF Peer Median (1) Industry (2) UMBF Peer Median (1) (1) UMB peers (15 banks), as of latest available annual period. Source: S&P Capital IQ; (2) All FDIC-insured banks, as of last available annual period. Source: FDIC. 0.05% 15 Year Average 0.29% 15 Year Average 0.44% 0.18% 0.52% 0.06% 0.33% 0.86%

Slide 15

Capital & Liquidity Supports 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 peers (15 banks), as of latest available annual period. Source: S&P Capital IQ; (2) Tangible equity and tangible assets are non-GAAP measures. See reconciliation on slide 55; (3) As defined by S&P Capital IQ: “Cash, cash equiv. & investment securities/assets.” Tangible Equity / Tangible Assets (2) UMBF Equity / Assets UMBF TCE / Tang. Assets (2)

Slide 16

Risk-Adjusted Returns Rowing Close to Shore UMBF Peer Median (1) (1) UMB peers (15 banks), data as of latest available annual period. Source: S&P Capital IQ. (2) The numerator for the calculation of Return on Risk-Weighted Assets is GAAP net income, which in 2023 included $52.8 million of pre-tax expense for the FDIC special assessment, recognized in 4Q’23. UMBF Peer Median (1) Risk-Weighted Assets / Assets Return on Risk-Weighted Assets (2)

Slide 17

Dividend Trends Sustained Growth (1) Dividends adjusted for 2-for-1 stock split in 2006. Annual Dividends Declared (1) 2024 = $1.57 +2.6% vs. 2023 +282.9% 2004 - 2024

Slide 18

Outperformance Building Long-Term Value 15-Year Compounded Annual Growth Rates 2008 – 2023 UMBF KRX* Industry*** Peer Median** Diluted Earnings Per Share Tangible Book Value Per Share (2) *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 2008 and 2023. (1) ‘23 diluted EPS includes FDIC Special Assessment, as applicable; (2) Tangible book value per share is a non-GAAP measure. See reconciliation on slide 52. Peer, KRX & Industry source: S&P Capital IQ. (1)

Slide 19

3rd Quarter 2024 Financial Review

Slide 20

(1) Net gains/losses on any disposition or impairment of debt securities + mark-to-market valuations of equity investments; (2) Operating noninterest expense and operating PTPP income & EPS are non-GAAP measures. See reconciliation on slide 54; (3) Net operating income & operating EPS are non-GAAP measures. See reconciliation on slide 53. 3Q 2024 Results At-A-Glance $ millions, except per share amounts. 3Q ’23 2Q ’24 3Q ’24 Linked-Quarter Variance & Commentary

Slide 21

3Q 2024 Earnings Highlights Operating PTPP Income (2) $126.6 $134.9 $157.5 $146.8 $154.6 Net Income & Net Operating Income (1) Operating PTPP Income – gains/losses on inv. securities (3) Operating PTPP Income, ex. gains/losses on inv. securities Dollars in millions, except per share amounts. (1) Net operating income and operating EPS are non-GAAP measures. See reconciliation on slide 53; (2) Operating PTPP income is a non-GAAP measure. See reconciliation on slide 54; (3) Net gains/losses on any disposition or impairment of debt securities plus mark-to-market valuations of equity investments. EPS Net Income Operating EPS (1) Net Operating Income (1) $110.4 $98.4 $112.0 $120.7 $105.9

Slide 22

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

Slide 23

Net Interest Income $1.8B $2.6B $3.5B $3.7B $3.9B Asset Yield and Liability Cost Trends Liquidity Trends NIM Spread Net Interest Income $222.3 $239.4 $245.1 9.5% 5.0% 6.8% 8.8% 9.3% $230.5 8.4% Fed funds & resell agreements Int-bearing due from banks % of average earning assets Liquidity trends shown as average quarterly balances. $ millions $ billions EA % IBL % COF % $247.4 Pre- pandemic $2.1B

Slide 24

Noninterest income increased $13.8mm or 9.5%, vs. 2Q’24. Primary drivers: +$4.5mm investment securities gains related to increased valuations; +$4.2mm trust & securities processing income, driven by fund services & corporate trust; +$2.7mm in COLI* income; Increases of $1.7mm in both brokerage income and trading/investment banking, driven by higher 12b-1/money market income and increased trading volume, respectively; and, +$1.1mm gain on the sale of a building in 3Q’24. Partial offsets include $2.2mm in lower deposit service charges, primarily due to lower customer transfer and conversion fees in healthcare services. * COLI (company-owned life insurance) income was $3.6mm in 3Q’24, compared to $852k in 2Q’24, and $(410k) in 3Q’23. Variances are offset by a proportionate change in deferred comp. expense. Noninterest Income Current Quarter Drivers Fee Income / Revenue Peer Median Fee Income / Revenue (1) Dollars in millions. (1) UMB peers (15 banks), data as of latest available quarter. Source: S&P Capital IQ. Investment Securities Gains (Losses) Brokerage Fees Trust / Securities Processing Bankcard Fees Trading / Invest. Banking Other Income Deposit Svc. Charges. $133.3 $140.3 $159.2 $144.9 $158.7 LQ Variance Composition / Changes in Inv. Securities Gains (Losses) and Trust & Securities Processing

Slide 25

Noninterest Expense Current Quarter Drivers (1) Columns may not sum due to rounding differences. (2) Operating noninterest expense is a non-GAAP metric. See reconciliation on slide 54. Noninterest expense increased $3.4mm or 1.4%, vs. 2Q’24 on a GAAP basis. On an operating basis, which excludes FDIC special assessments and expenses related to acquisitions and severance, noninterest expense increased $8.3mm, or 3.4%. (2) Primary drivers of the linked-quarter variance in operating noninterest expense include:    +$4.1mm in salary & benefits expense, including: +$1.9mm in salaries & wages; +$1.9mm in deferred compensation expense*; and +$1.3mm in bonus & commissions related to company performance/sales volumes. +$1.6 million in supplies driven by purchases of computers during 3Q’24. +$0.8 million in other expense, and +$0.7 million in bankcard expense driven by higher administrative expense. * Deferred compensation expense was $3.1mm in 3Q’24, $ 1.2mm in 2Q’24, and $425k in 3Q’23. Variances are offset by a proportionate change in COLI income. 3Q ’23 4Q ’23 1Q ’24 2Q ’24 3Q ’24 $ ∆ % ∆ $ in millions Linked-Qtr. Variance (2) Excludes acquisition & severance expense, FDIC special assessments and other expenses as noted on slide 54.

Slide 26

$23,806 $ 24,387 $ 22,751 $ 23,109 Diversified Loan Portfolio Average balances in millions. Average Loan Yield Commercial R/E Asset-Based Lending C&I Residential R/E Consumer Construction Credit Card $ 23,354 Kansas City 31% Colorado 18% Arizona 9% St. Louis 17% Greater MO 5% KS - 2% Texas 11% NE - 1% OK - 1% Utah - 5% 3Q ’23 2Q ’24 3Q ’24 Linked-Qtr. Variance $ ∆ % ∆ Loans by Region

Slide 27

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

Slide 28

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

Slide 29

Detailed Net Charge-Off History Recent Quarterly Trends Historical

Slide 30

High-Quality Investment Portfolio $6,537 $6,408 $6,865 $6,651 $5,766 $5,705 $5,653 $5,575 $5,499 Average balances - $ millions Average Blended Yield Treasuries Corp. & Commercial Paper GNMA/GSE Mortgage-Backed GSE Agencies General Obligation Municipals Revenue Bonds Collateralized Loan Obligations $6,778 Available-for-Sale (1) Held-to-Maturity (1) (1) Balances are presented at carrying value, which is fair value for the available-for-sale portfolio and amortized cost for the held-to-maturity portfolio. Average balances - $ millions

Slide 31

Securities Portfolio Statistics Amortized Cost (4) Fair Value (4) Net Unrealized Loss (4) $ in millions; as of 09/30/24 Additional 3Q’24 Activity 3Q’24 roll-off totals exclude $500 million of Agency Discount Notes previously purchased for collateral needs. (1) Purchase activity, cash flow and duration includes AFS securities and HTM portfolio exclusive of industrial revenue bonds held-to-maturity; (2) Purchases made for roll-off and overbuy, net of purchases related to sales/trades and short-term collateral needs within the quarter; (3) Amounts and yields in the table the exclude impact of collateral-related short-term securities as noted in previous quarters and above; (4) Columns & rows may not sum due to rounding differences. Securities Portfolio Activity (1) $ in millions

Slide 32

Deposits by Line of Business Diversified Deposit Mix $31,330 $33,526 $34,341 $35,292 Commercial Personal Institutional Commercial Banking 40% Consumer & Private Wealth 20% Capital Markets & Corp. Trust 12% Healthcare Services 8% Fund Services 9% Investor Solutions 10% 31% 30% 29% 27% 32% Average balances in millions. $32,675 Interest-Bearing Demand & Savings Demand Deposits Time Deposits Avg. Total Deposit Cost DDA / total deposits 1% 3Q ’23 2Q ’24 3Q ’24 Linked-Qtr. Variance $ ∆ % ∆ Brokered

Slide 33

Interest Rate Sensitivity Impact to Net Interest Income Loan Maturities & Repricing Increase / decrease based on hypothetical rate changes and stable balance sheet Projected rates for new loans and deposits based on historical analysis, management outlook and repricing strategies Asset prepayments and other market risks developed from industry estimates of prepayment speeds and other changes Ramp Scenario 67% of total end-of-period loans, or $16.7B, are variable. 69% of total loans reprice within the next 12 months. Of variable loans - % tied to indices for next 12 months: Cash Flow Hedges of Interest Rate Risk Year 2 Year 1 - 300 - 200 - 100 + 100 Shock Scenario Year 2 Year 1 71% - 1-Month SOFR 85% adjust monthly 8% adjust daily 4% - other 25% - Prime 20% adjust monthly 74% adjust daily 4.05% contract; notional value of $125mm, begins 10/24 4.80% contract; notional value of $250mm, begins 12/24 5.05% contract; notional value of $250mm, begins 03/25 Floor Contracts – indexed to 1 Month SOFR; 4–6-year terms Interest Rate Floor Spreads Eight floor spreads; aggregate notional value of $1.875B Weighted average rate: 4.88% / 2.38%

Slide 34

Strong Capital Available Liquidity Sources Capital & Liquidity Position $ millions Bank Term Funding Program FHLB Advances Brokered CDs As of September 30, 2024 $ billions Wholesale Funding by Maturity UMBF ratio Regulatory Minimum CET 1 Total Capital Tier 1 Leverage Regulatory Capital Ratios Tangible Common Equity Ratio (1) 6.91% Total Equity / Total Assets 7.44% 6.50% 10.00% 5.00% (1) Tangible common equity is a non-GAAP measure. See reconciliation on slide 55. 5.21% Weighted average rate 4.76% $800 $500 13.14% 11.22% 8.58% As of September 30, 2024 BTFP – paid off 10/01/24 FHLB advances – matured 10/11/24 Brokered CDs – matured 10/25/24 Post Quarter-End Updates

Slide 35

Line of Business Updates

Slide 36

Commercial Banking Commercial Capabilities Investment Real Estate Industrial Multi-family Office Retail Hotel Student Housing Agribusiness Asset-based Lending Energy Lending Lending Verticals C&I Lending Owner-Occupied CRE Middle Market Working capital lines Equipment loans Business Banking Practice Finance Small Business Banking Small / Medium Business Middle Market 53% Investment Real Estate 33% Sm./Med Biz 4% Specialized Verticals 10% $20.6B Average balance for 3Q’24, excludes credit card. (1) Rank among U.S. Visa & Mastercard Commercial Card Issuers, Source: Nilson Report, ‘24; (2) “Production ag lending” per ABA 4Q 2023, FDIC data. Additionally, UMB has significant relationships with “Agribusiness / Middle Market Ag” companies. #30 of 100 Largest Farm Lenders in the U.S. (2) Commercial Credit Card Purchase Volume (1) TOP 15 Prepaid & Purchasing Card Volume (1) TOP 10 Commercial Lending Portfolio Average Loan Balance & Composition

Slide 37

Commercial Banking C&I Lending Commercial & Industrial Statistics C&I Industries as % of Total 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 End-of-Period C&I Balance Trends Transp. / Warehouse Diversified Tech. & Telecom Materials & Commodities Manu-facturing Retail Healthcare Commercial Services Other (2) Agri-business Finance & Insurance 10% Energy-Related 4% Total Commercial & Industrial Loans $10.9B 43.5% of total UMB loans Average Line Utilization Trends (2) Other - 4% of total UMB loans Entertainment / Recreation Food & Beverage Auto-related Apparel / Textiles Consumer Services Government / Education Construction & Real Estate Industry 5% Petroleum–2% Nat. Gas–1% Other Energy–1% +8% YoY $ billions (1) End-of-period balances as of September 30, 2024.

Slide 38

Commercial Banking Commercial Real Estate Commercial Real Estate Statistics Investment CRE as % of Total UMB Loans (1) Const. / Land Dev. 11% Owner-Occupied 9% Investment CRE 17% $9.8B Farmland 2% as of Sept. 30, 2024 1-4 Unit Residential Construction < 1% of total UMB loans Retail Multifamily Office Hotel Industrial Sr. Living 1-4 Unit Rentals Vacant Land Other (5) (1) End-of-period balances as of September 30, 2024; (2) Adjusting for customer interest rate swaps on variable rate loans, “fixed” rate exposure would be ~52% and variable rate exposure would be ~48%; (3) Swap adjusted: “fixed” rate exposure ~46% and variable rate exposure ~54%; (4) Defined as Tier 1 capital plus an adjusted allowance for credit losses, per regulatory guidelines. (5) Other - 2% of Total UMB loans Mixed Use Homebuilder for Sale Student Housing Healthcare Special Purpose Self-storage Regulatory Concentrations Total non-farmland CRE / Capital (4): 190% Construction & Development / Capital (4): 73% Total Inv. CRE & Construction Loans $6.9B 27.7% of total UMB loans Investment CRE & Construction Portfolio Average Loan-to-Value: 57% Recourse: 90% Investment CRE Rate Type: (3) Fixed – 29% Variable – 71% Total CRE & Construction = 39% of UMB loans Owner-occupied – new purchase or refinance Real estate development – construction / perm financing, bridge financing, renovations Total UMB Commercial R/E Rate Type: (2) Fixed – 38% Variable – 62%

Slide 39

Investment Real Estate Select Property Details Average Loan: $9.3mm Average LTV: 64% Recourse: 84% Geographic Diversity – By Property Location Average Loan-to-Value, Select Asset Classes Total Investment CRE Portfolio Office CRE Portfolio MSA Diversification Statistics Market Type $1,023 mm Suburban Central Business District Medical $ millions Industrial: 60% Multifamily: 55% Retail: 55% Hotel: 50% Vacant Land: 51% Senior Living: 63% 1-4 Unit Rentals: 52% (No state > 3.3%) By outstanding balances as of September 30, 2024

Slide 40

Personal Banking Consumer Metrics at, or for the quarter ended, 09/30/24. (1) Includes residential real estate and other consumer loans; (2) 3Q’24 Q2 Net Promoter Score for 52 financial services companies - Medallia, Inc. Strategic & Stable Source of Low-Cost Funds +4.8% YoY $3.2B Total Average Loans (1) Consumer plays a strategic role for UMB as a large and stable source of deposits. Poised for continued asset growth Growth engine for new customers; deepening existing relationships NPS Score 73.7 UMBF Industry Average (2) 54.1 Private Banking Strategically positioned for sales growth Retail Banking Hybrid Service & Sales Model – Provides broad products and services to meet diverse client needs High Customer Satisfaction Consumer serves the personal banking needs of clients across all divisions of the bank 90 Banking Centers 237 ATMs Digital Capabilities across Consumer 27 $2.4B Private Bankers Across 9 regions Avg. Private Banking Deposits Digital loan and deposit application and originations Mobile Banking: Deposits, transfers, bill pay, acct review & more +14.6% YoY $7.0B Total Average Deposits Mortgage 23 MLOs across UMB Footprint Community Development Provide competitive mortgage solutions for all client types Avg. Mortgage Balances +3.6% YoY Expand diversity of client engagement in communities served 46 Financial Education Classes 10 Community Partners Served 800 Community Participants Key Products Offered Fannie Mae / Freddie Mac Portfolio on balance sheet mortgages Secondary market mortgages 1st Time Homebuyer Assistance $2.7B

Slide 41

Personal Banking Private Wealth Management Composition as of September 30, 2024. (1) Includes Assets Under Management and Assets Under Administration. Personal Trust 24% Investment Advisory 44% Non-Managed AUA 17% IRAs 6% Brokerage 4% Other 5% Customer Assets Wealth Management Financial planning Discretionary investment management Strategic wealth solutions for ultra-high net worth families Business succession and exit planning Brokerage services   Personal Trust & Custody Trust administration Charitable foundation planning and administration Personal custody services Unique asset administration Fine art management Trust tax preparation   Asset Management Direct private equity investment access $14.0B Managed Assets (AUM) $2.8B Non-Managed Assets (AUA) New Assets / Sales (1) $ millions

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Institutional Banking Fund Services & Institutional Custody $411B $460B $472B $400B 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 (6) (7) Custodian Service of the Year (8) Net New Accounts YTD Custody AUA +24% YoY +497 $443B Assets Under Administration Registered Funds & Alternative Investments Institutional Custody Transfer Agency Alternative Servicing Fund Acct/Admin. Custody Note: Asset categories sum > total AUA due to shared client assets. (1) With Intelligence ’19, ’20, ‘22 & ‘23 Awards; (2) Hedgeweek US Emerging Managers Awards ’23; (3) Hedgeweek US Emerging Managers Awards ’24; (4) Global Custodian Industry Leaders Editor’s Choice ’23; (5) PE Wire ’23; (6) HFM Services Awards ’21 & ’22; (7) Hedgeweek US Awards ‘23; (8) Private Credit US Awards ‘24. Best Interval Fund Administrator (1) Best Fund accounting and reporting software (2) Best Administrator – Mid Market & Emerging Managers (5)   Best New Fund Services Project – RFS (4)   Administrator of the Year – Technology (3)

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Institutional Banking Corp./Specialty Trust & Capital Markets (1)Thomson Reuters municipal rankings, June ‘24; (2) Ranked by number of issues. Corporate Trust & Escrow Services Provides trustee, paying agent and escrow services to municipal and corporate issuers. $41B Assets Under Administration Paying Agent in U.S. (1) (2) #2 Municipal Trustee in U.S. (1) (2) #3 Specialty Trust & Agency Solutions Services for asset-backed securitizations, aviation and other transportation and real estate projects. Workout and successor trustee services on behalf of bondholders of defaulted transactions. +27% Examples of recent deals: Products and services offered through UMB Bank Capital Markets Division NOT FDIC INSURED | MAY LOSE VALUE  | NOT BANK GUARANTEED. Capital Markets Division Capital solutions including fixed income sales, trading and underwriting for institutional, municipal and not-for-profit organizations. Public Finance Growth in new business YTD vs. 3Q ’23 September YTD Closed Deals

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FDIC Sweep Assets Under Administration $49B Institutional Banking Investor 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 1.5mm In HSA Assets & Deposits $4.3B Top 10 HSA Custodians in the U.S. (2) TOP 10 Benefit Cards 5.2mm ~88mm ~ 5.4 mm accounts Recognized for Investment Quality (1) Sample BaaS Partnerships Named a Top HSA for Features & Investment Options (1) (1) Investor’s Business Daily ‘23; (2) #6 in total accounts & #8 in total assets as of June 30, 2024 - Devenir Research Mid-Year ‘24. 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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Payments Credit & Debit Card Products Dollars in millions. (1) Rank in commercial, consumer and small business cards among top 50 U.S. issuers. Source: Nilson Report, December 2023. Card Purchase Volume & Interchange Trends 26th in U.S. Credit Card Purchase Volume (1) #26 $4,009 $4,558 $4,701 $4,658 $4,088 Interchange Income Consumer Credit Healthcare Debit Commercial Credit Inst. Cash Mgmt. Consumer Debit +16.2% YoY 3Q ’24 Card Spend $4.7B

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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 Robin Beery CC (Chair), RC Gordon Lansford AC (Chair), CC Advisory Directors Tom Wood Jim Rine Vice Chairman

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

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

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

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Peer Group

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

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

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

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

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

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