Equibles

8-K

UMB FINANCIAL CORP (UMBF)

8-K 2022-10-25 For: 2022-10-25
View Original
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):  10/25/2022

UMB FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Commission File Number: 001-38481

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

1010 Grand Blvd., Kansas City, MO 64106

(Address of principal executive offices, including zip code)

(816) 860-7000

(Registrant’s telephone number, including area code)

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02Results of Operations and Financial Condition

On October 25, 2022, UMB Financial Corporation (the “Company”) issued a press release announcing the financial results for the Company for the quarter and period ended September 30, 2022.  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 25, 2022, the Company announced in the same press release that the Board of Directors of the Company had declared a quarterly dividend of $0.38 per share that is payable on January 3, 2023 to shareholders of record of the Company as of the close of business on December 12, 2022.

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

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

Item 9.01    Financial Statements and Exhibits

99.1 Press Release announcing financial results for quarter and period ended September 30, 2022, and announcing dividend declaration.
99.2 Investor Presentation Materials, dated October 25, 2022.
104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURES

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

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

Date: October 25, 2022

umbf-ex991_6.htm

Exhibit 99.1

UMB Financial Corporation                                                      News Release

1010 Grand Boulevard

Kansas City, MO 64106

816.860.7000

umb.com

//FOR IMMEDIATE RELEASE//

Media Contact: Stephanie Hague: 816.860.5088

Investor Relations Contact: Kay Gregory: 816.860.7106

UMB Financial Corporation Reports Third Quarter Net Income of $88.0 Million and Announces 2.7% Cash Dividend Increase

Third Quarter 2022 Financial Highlights

• GAAP net income of $88.0 million, or $1.81 per diluted share.
• Average loan balances increased $2.5 billion, or 15.1%, compared to the third quarter of 2021.
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• Average deposits grew 1.3% compared to the third quarter of 2021.
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• Noninterest income increased 19.3% as compared to the third quarter of 2021, equal to 35.5% of total revenue.
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• Excluding Paycheck Protection Program (PPP) balances, average loans increased 21.9% on a linked-quarter, annualized basis.
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• Net interest margin expanded 16 basis points from the linked quarter.
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• Credit quality remained strong, with net charge-offs of just 0.02% of average loans.
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KANSAS CITY, Mo. (October 25, 2022) – UMB Financial Corporation (Nasdaq: UMBF), a financial services company, announced net income for the third quarter of 2022 of $88.0 million, or $1.81 per diluted share, compared to $137.6 million, or $2.83 per diluted share, in the second quarter of 2022 (linked quarter) and $94.5 million, or $1.94 per diluted share, in the third quarter of 2021. The results for the second quarter of 2022 include a pre-tax gain of $66.2 million on the sale of the company’s entire investment in Visa Inc. Class B common shares, and a pre-tax $5.0 million contribution to the company’s charitable foundation.

Net operating income, a non-GAAP financial measure reconciled later in this release to net income, the nearest comparable GAAP measure, was $88.3 million, or $1.82 per diluted share, for the third quarter of 2022, compared to $137.6 million, or $2.83 per diluted share, for the linked quarter and $95.1 million, or $1.95 per diluted share, for the third quarter of 2021. 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 $131.2 million, or $2.70 per diluted share, for the third quarter of 2022, compared to $187.1 million, or $3.84 per diluted share, for the linked quarter, and $109.6 million, or $2.24 per diluted share, for the third quarter of 2021. These operating PTPP results represent a decrease of 29.9% on a linked-quarter basis and an increase of 19.6%, compared to the third quarter of 2021. The results in the linked quarter comparison were impacted by the benefit from the aforementioned gain on the sale of the company’s Visa Inc. Class B common shares net of the contribution to the company’s charitable foundation in the second quarter of 2022.

“On a linked-quarter basis, our strong third quarter 2022 results were facilitated again by robust loan growth, strong revenue growth which was driven by a 3.9% increase in net interest income, net interest margin expansion, and strong fee income growth, excluding the nonrecurring gain from the sale of Visa Class B shares,” said Mariner Kemper, chairman, president and chief executive officer. “Average loans

excluding PPP balances increased 21.9% on a linked-quarter annualized basis with more than 53% of the increase driven by commercial & industrial loan growth. Our deposit costs increased in the third quarter, driven by repricing as short-term interest rates increased, and by our own efforts to attract new-to-bank customers through deposit initiatives. Our loan yields expanded 74 basis points from the second quarter and, coupled with a favorable shift in earning asset mix, drove a 16-basis-point expansion in our net interest margin. In September, we were successful in raising $110.0 million in growth capital through our subordinated notes offering that will facilitate our differentiated balance sheet growth for the remainder of this year and into 2023. Finally, our net charge-off ratio in the third quarter was just two basis points, while our nonaccrual loans comprised only ten basis points of loans.”

Summary of quarterly financial results UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
Q3 Q2 Q3
2022 2022 2021
Net income (GAAP) $ 87,990 $ 137,556 $ 94,467
Earnings per share (diluted) 1.81 2.83 1.94
Operating pre-tax, pre-provision income (Non-GAAP) 131,166 187,051 109,632
Operating pre-tax, pre-provision earnings per share (diluted) 2.70 3.84 2.24
Operating pre-tax, pre-provision income - FTE (Non-GAAP) 137,620 193,329 116,176
Operating pre-tax, pre-provision earnings per share - FTE (diluted) 2.83 3.97 2.38
Net operating income (Non-GAAP) 88,259 137,596 95,112
Operating earnings per share (diluted) 1.82 2.83 1.95
GAAP
Return on average assets 0.96 % 1.47 % 1.04 %
Return on average equity 12.90 20.83 11.89
Efficiency ratio 63.58 53.08 65.62
Non-GAAP
Operating return on average assets 0.96 % 1.47 % 1.05 %
Operating return on average equity 12.94 20.84 11.97
Operating efficiency ratio 63.49 53.06 65.36
Summary of year-to-date financial results UMB Financial Corporation
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(unaudited, dollars in thousands, except per share data) September September
YTD YTD
2022 2021
Net income (GAAP) $ 331,509 $ 274,522
Earnings per share (diluted) 6.80 5.64
Operating pre-tax, pre-provision income (Non-GAAP) 437,617 343,481
Operating pre-tax, pre-provision earnings per share (diluted) 8.98 7.06
Operating pre-tax, pre-provision income - FTE (Non-GAAP) 456,748 363,332
Operating pre-tax, pre-provision earnings per share - FTE (diluted) 9.37 7.47
Net operating income (Non-GAAP) 331,928 275,526
Operating earnings per share (diluted) 6.81 5.66
GAAP
Return on average assets 1.18 % 1.07 %
Return on average equity 16.05 11.95
Efficiency ratio 59.86 64.06
Non-GAAP
Operating return on average assets 1.18 % 1.07 %
Operating return on average equity 16.07 11.99
Operating efficiency ratio 59.81 63.93
Summary of revenue UMB Financial Corporation
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(unaudited, dollars in thousands)
Q3 Q2 Q3 CQ vs. CQ vs.
2022 2022 2021 LQ PY
Net interest income $ 233,485 $ 224,791 $ 209,765 $ 8,694 $ 23,720
Noninterest income:
Trust and securities processing 59,586 58,886 56,914 700 2,672
Trading and investment banking 5,387 7,123 5,936 (1,736 ) (549 )
Service charges on deposit accounts 19,932 20,835 19,881 (903 ) 51
Insurance fees and commissions 375 245 285 130 90
Brokerage fees 13,840 12,391 2,899 1,449 10,941
Bankcard fees 19,379 17,840 17,198 1,539 2,181
Investment securities (losses) gains, net (1,345 ) 60,720 (3,510 ) (62,065 ) 2,165
Other 11,569 (1,705 ) 8,304 13,274 3,265
Total noninterest income $ 128,723 $ 176,335 $ 107,907 $ (47,612 ) $ 20,816
Total revenue $ 362,208 $ 401,126 $ 317,672 $ (38,918 ) $ 44,536
Net interest income (FTE) $ 239,939 $ 231,069 $ 216,309
Net interest margin (FTE) 2.76 % 2.60 % 2.52 %
Total noninterest income as a % of total revenue 35.5 44.0 34.0

Net interest income

• Third quarter 2022 net interest income totaled $233.5 million, an increase of $8.7 million, or 3.9% from the linked quarter, driven by an increase of $966.3 million in average loans and the impact from increased short-term and long-term interest rates.
• Average earning assets decreased $1.2 billion, or 3.5%, largely driven by a decrease of $2.0 billion in interest-bearing due from banks, partially offset by the increase of $966.3 million in average loans noted above. The decrease in excess liquidity was commensurate with a decrease of $1.8 billion in average noninterest-bearing deposits. Average interest-bearing liabilities increased
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$442.8 million, or 2.2%, primarily driven by an increase of $396.9 million in federal funds purchased and repurchase agreements.
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• Net interest margin for the third quarter was 2.76%, an increase of 16 basis points from the linked quarter, driven by benefits of higher short-term interest rates as well as favorable earning asset mix changes. Average loan yields increased 74 basis points while earning asset yields increased 67 basis points from the linked quarter. The cost of interest-bearing liabilities increased 81 basis points to 1.28%. Net interest spread decreased 14 basis points to 2.25% from the linked quarter and was 18 basis points lower than the third quarter of 2021.
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• On a year-over-year basis, net interest income increased $23.7 million, or 11.3%, driven by a $2.5 billion, or 15.1% increase in average loans, coupled with a $1.8 billion, or 14.7% increase in average securities. These increases were driven by organic loan growth and excess liquidity.
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• Average deposits decreased 5.7% on a linked-quarter basis and increased 1.3% compared to the third quarter of 2021. Average noninterest-bearing demand deposit balances decreased 12.8% on a linked-quarter basis and increased 8.7% compared to the third quarter of 2021. The linked-quarter decline in average deposits was primarily driven by decreases in rate-sensitive institutional segment balances in the current interest rate environment. Demand deposit balances comprised 41.6% of total deposits, compared to 45.0% in the linked quarter and 38.7% in the third quarter of 2021.
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Noninterest income

• Third quarter 2022 noninterest income totaled $128.7 million, compared to $176.3 million in the linked quarter. The linked quarter results included the $66.2 million realized gain on the sale of the company’s Visa Inc. Class B common shares recorded in investment securities gains, net. The remainder of the change in noninterest income is largely due to:
o Increases of $13.0 million in company-owned life insurance income and $1.2 million in derivative income, both recorded in other income. The increase in company-owned life insurance is offset by a proportionate increase in deferred compensation expense as noted below.
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o Increases of $1.5 million and $1.4 million in bankcard income and brokerage income, respectively.  These increases were driven by higher interchange income and increased 12b-1 fee income, respectively.
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o These increases were partially offset by a decrease of $1.7 million in trading and investment banking due to lower trading volume.
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• Compared to the prior year, noninterest income in the third quarter of 2022 increased $20.8 million, or 19.3%, primarily driven by:
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o An increase of $10.9 million in brokerage income, largely driven by increases in 12b-1 fees and money market income.
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o Increases of $2.1 million and $1.7 million in derivative income and company-owned life insurance income, respectively, both recorded in other income. The increase in company-owned life insurance is offset by a proportionate increase in deferred compensation expense as noted below.
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o An increase of $2.7 million in trust and securities processing income, largely driven by increased fund services income and corporate trust income.
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o Increases of $2.2 million in both bankcard income and investment securities gains, net, driven by increased interchange, and mark-to-market gains on marketable securities, respectively.
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Noninterest expense

Summary of noninterest expense UMB Financial Corporation
(unaudited, dollars in thousands)
Q3 Q2 Q3 CQ vs. CQ vs.
2022 2022 2021 LQ PY
Salaries and employee benefits $ 136,467 $ 121,390 $ 124,986 $ 15,077 $ 11,481
Occupancy, net 12,231 11,976 12,207 255 24
Equipment 18,811 18,315 19,701 496 (890 )
Supplies and services 3,139 3,492 3,379 (353 ) (240 )
Marketing and business development 6,671 5,308 4,863 1,363 1,808
Processing fees 20,901 19,338 16,562 1,563 4,339
Legal and consulting 10,255 11,265 7,646 (1,010 ) 2,609
Bankcard 6,551 5,880 4,795 671 1,756
Amortization of other intangible assets 1,092 1,225 1,110 (133 ) (18 )
Regulatory fees 4,200 3,464 3,186 736 1,014
Other 11,078 12,474 10,434 (1,396 ) 644
Total noninterest expense $ 231,396 $ 214,127 $ 208,869 $ 17,269 $ 22,527
• Noninterest expense for the third quarter of 2022 was $231.4 million, an increase of $17.3 million, or 8.1%, from the linked quarter and an increase of $22.5 million, or 10.8%, from the third quarter of 2021.
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• The linked-quarter increase in noninterest expense was driven by:
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o An increase of $15.1 million in salaries and employee benefits expense, primarily driven by an increase of $11.5 million in deferred compensation expense and an increase of $4.5 million in salaries and wage expense. The increase in deferred compensation expense was offset by the increase in company-owned life insurance income noted above.
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o An increase of $3.7 million in operational losses, recorded in other expense.
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o Increases of $1.6 million and $1.4 million in processing fees and marketing and business development expense, respectively, due to the timing of multiple projects.
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o These increases were offset by a decrease of $4.8 million in charitable contributions expense, recorded in other expense.
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• The year-over-year increase in noninterest expense was driven by:
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o An increase of $11.5 million in salaries and employee benefits expense, driven primarily by an increase of $7.0 million in salaries and wage expense and $4.1 million in employee benefits expense, primarily due to an increase of $1.7 million in payroll taxes, insurance, and 401(k) expense, and an increase of $1.3 million in deferred compensation expense.
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o Increases of $4.3 million, $2.6 million, and $1.8 million in processing fees, legal and consulting expense, and marketing and business development expense, respectively, due to the timing of multiple projects.
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o Increases of $1.5 million in operational losses, recorded in other expense, and $1.0 million in regulatory fees.
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Income taxes

• The company’s effective tax rate was 18.8% for the nine months ended September 30, 2022, compared to 17.0% for the same period in 2021. The increase in the effective rate in 2022 is
primarily attributable to a smaller portion of income being earned from tax-exempt municipal securities.
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Balance sheet

• Average total assets for the third quarter of 2022 were $36.3 billion compared to $37.6 billion for the linked quarter and $35.9 billion for the same period in 2021.
Summary of average loans and leases - QTD Average UMB Financial Corporation
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(unaudited, dollars in thousands)
Q3 Q2 Q3 CQ vs. CQ vs.
2022 2022 2021 LQ PY
Commercial and industrial $ 8,417,174 $ 7,918,552 $ 7,097,248 $ 498,622 $ 1,319,926
Specialty lending 559,797 518,575 486,021 41,222 73,776
Commercial real estate 6,892,484 6,569,784 6,285,348 322,700 607,136
Consumer real estate 2,574,926 2,458,815 2,178,010 116,111 396,916
Consumer 142,348 148,412 115,702 (6,064 ) 26,646
Credit cards 438,235 428,167 400,189 10,068 38,046
Leases and other 259,298 275,638 194,235 (16,340 ) 65,063
Total loans $ 19,284,262 $ 18,317,943 $ 16,756,753 $ 966,319 $ 2,527,509
• Average loans for the third quarter of 2022 increased 5.3% on a linked-quarter basis and 15.1% compared to the third quarter of 2021. Excluding PPP balances, average loans increased 5.5% on a linked-quarter basis and 18.6% as compared to the third quarter of 2021.
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Summary of average securities - QTD Average UMB Financial Corporation
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(unaudited, dollars in thousands)
Q3 Q2 Q3 CQ vs. CQ vs.
2022 2022 2021 LQ PY
Securities available for sale:
U.S. Treasury $ 746,429 $ 639,161 $ 17,903 $ 107,268 $ 728,526
U.S. Agencies 173,980 172,798 94,049 1,182 79,931
Mortgage-backed 4,363,838 4,764,452 6,766,619 (400,614 ) (2,402,781 )
State and political subdivisions 1,600,043 1,891,377 3,530,031 (291,334 ) (1,929,988 )
Corporates 381,151 377,586 158,326 3,565 222,825
Collateralized loan obligations 300,475 247,639 — 52,836 300,475
Total securities available for sale $ 7,565,916 $ 8,093,013 $ 10,566,928 $ (527,097 ) $ (3,001,012 )
Securities held to maturity:
U.S. Agencies $ 123,048 $ 65,964 $ — $ 57,084 $ 123,048
Mortgage-backed 3,039,998 2,892,986 — 147,012 3,039,998
State and political subdivisions 2,621,633 2,240,018 1,073,133 381,615 1,548,500
Total securities held to maturity $ 5,784,679 $ 5,198,968 $ 1,073,133 $ 585,711 $ 4,711,546
Trading securities 5,651 10,190 25,392 (4,539 ) (19,741 )
Other securities 330,950 347,527 262,453 (16,577 ) 68,497
Total securities $ 13,687,196 $ 13,649,698 $ 11,927,906 $ 37,498 $ 1,759,290
• Average total securities increased 0.3% on a linked-quarter basis and 14.7% compared to the third quarter of 2021. During the third quarter, cash flows from the securities portfolio were not reinvested and were redeployed to fund loan growth.
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Summary of average deposits - QTD Average UMB Financial Corporation
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(unaudited, dollars in thousands)
Q3 Q2 Q3 CQ vs. CQ vs.
2022 2022 2021 LQ PY
Deposits:
Noninterest-bearing demand $ 12,394,251 $ 14,209,159 $ 11,400,143 $ (1,814,908 ) $ 994,108
Interest-bearing demand and savings 16,723,205 16,808,998 17,376,135 (85,793 ) (652,930 )
Time deposits 679,994 570,812 651,727 109,182 28,267
Total deposits $ 29,797,450 $ 31,588,969 $ 29,428,005 $ (1,791,519 ) $ 369,445
Noninterest bearing deposits as % of total 41.6 % 45.0 % 38.7 %
• Average deposits decreased 5.7% on a linked-quarter basis and increased 1.3% compared to the third quarter of 2021. The decrease in noninterest-bearing demand deposit balances was driven by the impact of higher short-term interest rates including higher earnings credit rates earned on such balances, as well as an overall decrease in customer balances consistent with typical trends observed during an economic tightening cycle.
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Capital

Capital information UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
September 30, 2022 June 30, 2022 September 30, 2021
Total equity $ 2,523,545 $ 2,642,888 $ 3,112,840
Book value per common share 52.24 54.71 64.37
Tangible book value per common share (Non-GAAP) 48.19 50.64 60.44
Regulatory capital:
Common equity Tier 1 capital $ 3,132,209 $ 3,055,747 $ 2,811,117
Tier 1 capital 3,132,209 3,055,747 2,811,117
Total capital 3,679,116 3,473,040 3,248,869
Regulatory capital ratios:
Common equity Tier 1 capital ratio 11.18 % 11.44 % 12.26 %
Tier 1 risk-based capital ratio 11.18 11.44 12.26
Total risk-based capital ratio 13.13 13.00 14.17
Tier 1 leverage ratio 8.66 8.17 7.87
• At September 30, 2022, the regulatory capital ratios presented in the foregoing table exceeded all “well-capitalized” regulatory thresholds.
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• Total risk-based capital was favorably impacted by the $110.0 million subordinated note issuance during the third quarter.
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Asset Quality

Credit quality UMB Financial Corporation
(unaudited, dollars in thousands)
Q3 Q2 Q1 Q4 Q3
2022 2022 2022 2021 2021
Net charge-offs - total loans $ 1,173 $ 28,128 $ 8,378 $ 8,061 $ 3,127
Net loan charge-offs as a % of total average loans 0.02 % 0.62 % 0.20 % 0.19 % 0.07 %
Loans over 90 days past due $ 2,513 $ 3,446 $ 3,600 $ 2,633 $ 2,319
Loans over 90 days past due as a % of total loans 0.01 % 0.02 % 0.02 % 0.02 % 0.01 %
Nonaccrual and restructured loans $ 19,817 $ 18,117 $ 110,356 $ 92,300 $ 96,536
Nonaccrual and restructured loans as a % of total loans 0.10 % 0.10 % 0.62 % 0.54 % 0.59 %
Provision for credit losses $ 22,000 $ 13,400 $ (6,500 ) $ 8,500 $ (5,000 )
• Provision for credit losses for the third quarter increased $8.6 million from the linked quarter and $27.0 million from the third quarter of 2021. These increases are driven by loan growth, portfolio credit metric changes, and changes in macro-economic metrics in the current period as compared to the prior periods.
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• Net charge-offs for the third quarter totaled $1.2 million, or 0.02%, of average loans, compared to $28.1 million, or 0.62%, of average loans in the linked quarter, and $3.1 million, or 0.07%, of average loans for the third quarter of 2021. On a year-to-date basis, net charge-offs totaled $37.7 million, or 0.27%, of average loans, compared to $36.8 million, or 0.30%, of average loans, for the same period in 2021.
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Dividend Declaration

At the company’s quarterly board meeting, the Board of Directors approved a 2.7% increase in the company’s quarterly cash dividend to shareholders, to $0.38 per share. This dividend will be payable on January 3, 2023, to shareholders of record at the close of business on December 12, 2022.

Conference Call

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

Interested parties may access the call by dialing (toll-free) 844-200-6205 or (international) 646-904-5544 and requesting to join the UMB Financial call with access code 644175. The live call may also be accessed by visiting investorrelations.umb.com or by using the following link:

UMB Financial 3Q 2022 Conference Call

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

866-813-9403 or (international) 929-458-6194. The replay access code required for playback is 298424. The call replay may also be accessed at investorrelations.umb.com.

Non-GAAP Financial Information

In this release, we may provide information about net operating income, operating earnings per share – diluted (operating EPS), operating return on average equity (operating ROE), operating return on average assets (operating ROA), operating noninterest expense, operating efficiency ratio, operating pre-tax, 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-, severance-, and COVID-19 related items that management does not believe reflect the company’s fundamental operating performance. COVID-19 related expense includes hazard pay for branch associates, computer hardware expense to support associates working remotely, and additional equipment, cleaning, and janitorial supplies to protect the well-being of our associates and customers while on the company’s premises.

Net operating income for the relevant period is defined as GAAP net income, adjusted to reflect the impact of excluding expenses related to acquisitions, severance expense, COVID-19 related expense, and the cumulative tax impact of these adjustments.

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

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 COVID-19 related expense.

Operating PTPP-FTE for the relevant period is defined as GAAP net interest income on a fully tax equivalent basis plus GAAP noninterest income, less noninterest expense, adjusted to reflect the impact of excluding expenses related to acquisitions, severance expense and COVID-19 related expense.

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

Forward-Looking Statements:

This press release contains, and our other communications may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “outlook,” “forecast,” “target,” “trend,” “plan,” “goal,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, results, or aspirations. All forward-looking statements are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Our actual future objectives, strategies, plans, prospects, performance, condition, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events, circumstances, or aspirations to differ from those in forward-looking statements are described in our Annual Report on Form 10-K for the year ended December 31, 2021, 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 other challenges and uncertainties related to the COVID-19 pandemic, such as the impacts to the U.S. and global economies; sustained levels of high inflation and the potential for an economic recession on the heels of aggressive quantitative tightening by the Federal Reserve, and impacts related to or resulting from Russia’s military action in Ukraine, such as the broader impacts to financial markets and the global macroeconomic and geopolitical environments, may also cause actual results or other future events, circumstances, or aspirations to differ from our forward-looking statements. Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except to the extent required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K, or other applicable document that is filed or furnished with the SEC.

About UMB:

UMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in Kansas City, Missouri. UMB offers commercial banking, which includes comprehensive deposit, lending and investment services, personal banking, which includes wealth management and financial planning services, and institutional banking, which includes asset servicing, corporate trust solutions, investment banking, and healthcare services. UMB operates branches throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas. As the company’s reach continues to grow, it also serves business clients nationwide and institutional clients in several countries. For more information, visit UMB.com, UMB Blog, UMB Facebook and UMB LinkedIn, or follow us on Twitter at @UMBBank.

Consolidated Balance Sheets
(unaudited, dollars in thousands)
2021
ASSETS
Loans 19,883,573 $ 16,469,463
Allowance for credit losses on loans (184,913 ) (194,156 )
Net loans 19,698,660 16,275,307
Loans held for sale 2,870 4,645
Securities:
Available for sale 7,128,277 11,162,690
Held to maturity, net of allowance for credit losses 5,835,187 1,087,308
Trading securities 14,390 68,882
Other securities 333,732 274,645
Total securities 13,311,586 12,593,525
Federal funds sold and resell agreements 716,549 1,092,104
Interest-bearing due from banks 1,768,008 5,739,267
Cash and due from banks 371,336 426,843
Premises and equipment, net 260,685 273,378
Accrued income 153,759 122,798
Goodwill 182,225 174,518
Other intangibles, net 13,373 15,526
Other assets 1,102,011 836,374
Total assets 37,581,062 $ 37,554,285
LIABILITIES
Deposits:
Noninterest-bearing demand 13,876,929 $ 13,189,739
Interest-bearing demand and savings 17,059,492 17,461,390
Time deposits under 250,000 365,644 415,068
Time deposits of 250,000 or more 504,323 169,613
Total deposits 31,806,388 31,235,810
Federal funds purchased and repurchase agreements 2,314,168 2,500,340
Long-term debt 381,543 271,049
Accrued expenses and taxes 211,465 249,567
Other liabilities 343,953 184,679
Total liabilities 35,057,517 34,441,445
SHAREHOLDERS' EQUITY
Common stock 55,057 55,057
Capital surplus 1,120,489 1,102,818
Retained earnings 2,454,422 2,116,568
Accumulated other comprehensive (loss) income, net (759,260 ) 164,307
Treasury stock (347,163 ) (325,910 )
Total shareholders' equity 2,523,545 3,112,840
Total liabilities and shareholders' equity 37,581,062 $ 37,554,285

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,
2022 2021 2022 2021
INTEREST INCOME
Loans $ 216,970 $ 159,242 $ 536,359 $ 463,949
Securities:
Taxable interest 50,003 33,307 140,680 90,249
Tax-exempt interest 24,692 24,458 72,085 74,165
Total securities income 74,695 57,765 212,765 164,414
Federal funds and resell agreements 6,056 2,389 12,003 7,762
Interest-bearing due from banks 2,545 1,699 9,209 3,235
Trading securities 73 231 372 579
Total interest income 300,339 221,326 770,708 639,939
INTEREST EXPENSE
Deposits 48,457 6,741 70,069 20,113
Federal funds and repurchase agreements 14,709 1,596 21,855 5,261
Other 3,688 3,224 10,153 9,614
Total interest expense 66,854 11,561 102,077 34,988
Net interest income 233,485 209,765 668,631 604,951
Provision for credit losses 22,000 (5,000 ) 28,900 11,500
Net interest income after provision for credit losses 211,485 214,765 639,731 593,451
NONINTEREST INCOME
Trust and securities processing 59,586 56,914 178,000 165,611
Trading and investment banking 5,387 5,936 17,950 23,962
Service charges on deposit accounts 19,932 19,881 65,409 64,449
Insurance fees and commissions 375 285 879 950
Brokerage fees 13,840 2,899 29,687 8,825
Bankcard fees 19,379 17,198 53,854 47,934
Investment securities (losses) gains, net (1,345 ) (3,510 ) 58,853 3,609
Other 11,569 8,304 24,104 33,053
Total noninterest income 128,723 107,907 428,736 348,393
NONINTEREST EXPENSE
Salaries and employee benefits 136,467 124,986 388,491 373,082
Occupancy, net 12,231 12,207 36,439 36,438
Equipment 18,811 19,701 55,290 58,512
Supplies and services 3,139 3,379 9,893 10,340
Marketing and business development 6,671 4,863 16,911 12,005
Processing fees 20,901 16,562 58,682 48,480
Legal and consulting 10,255 7,646 28,431 21,548
Bankcard 6,551 4,795 18,998 14,280
Amortization of other intangible assets 1,092 1,110 3,388 3,647
Regulatory fees 4,200 3,186 11,146 8,501
Other 11,078 10,434 32,632 24,320
Total noninterest expense 231,396 208,869 660,301 611,153
Income before income taxes 108,812 113,803 408,166 330,691
Income tax expense 20,822 19,336 76,657 56,169
NET INCOME $ 87,990 $ 94,467 $ 331,509 $ 274,522
PER SHARE DATA
Net income – basic $ 1.82 $ 1.96 $ 6.86 $ 5.69
Net income – diluted 1.81 1.94 6.80 5.64
Dividends 0.37 0.37 1.11 1.01
Weighted average shares outstanding – basic 48,300,129 48,319,414 48,351,007 48,237,819
Weighted average shares outstanding – diluted 48,648,804 48,742,883 48,723,572 48,658,290
Consolidated Statements of Comprehensive Income UMB Financial Corporation
--- --- --- --- --- --- --- --- --- --- --- --- ---
(unaudited, dollars in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
2022 2021 2022 2021
Net income $ 87,990 $ 94,467 $ 331,509 $ 274,522
Other comprehensive loss, before tax:
Unrealized gains and losses on debt securities:
Change in unrealized holding gains and losses, net (271,079 ) (75,717 ) (1,202,341 ) (198,420 )
Less: Reclassification adjustment for gains included in net income — (1,058 ) — (5,078 )
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity 12,587 — 25,708 —
Change in unrealized gains and losses on debt securities (258,492 ) (76,775 ) (1,176,633 ) (203,498 )
Unrealized gains and losses on derivative hedges:
Change in unrealized gains and losses on derivative hedges, net 3,321 432 12,438 3,513
Less: Reclassification adjustment for gains included in net income (1,470 ) (831 ) (3,411 ) (2,550 )
Change in unrealized gains and losses on derivative hedges 1,851 (399 ) 9,027 963
Other comprehensive loss, before tax (256,641 ) (77,174 ) (1,167,606 ) (202,535 )
Income tax benefit 62,184 18,374 282,032 48,502
Other comprehensive loss (194,457 ) (58,800 ) (885,574 ) (154,033 )
Comprehensive (loss) income $ (106,467 ) $ 35,667 $ (554,065 ) $ 120,489
Consolidated Statements of Shareholders' Equity UMB Financial Corporation
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(unaudited, dollars in thousands except per share data)
Capital<br><br><br>Surplus Retained<br><br><br>Earnings Accumulated Other Comprehensive Income (Loss) Treasury<br><br><br>Stock Total
Balance - January 1, 2021 55,057 $ 1,090,450 $ 1,891,246 $ 318,340 $ (338,145 ) $ 3,016,948
Total comprehensive income (loss) — — 274,522 (154,033 ) — 120,489
Dividends (1.01 per share) — — (49,200 ) — — (49,200 )
Purchase of treasury stock — — — — (4,269 ) (4,269 )
Issuances of equity awards, net of forfeitures — (4,374 ) — — 5,069 695
Recognition of equity-based compensation — 13,401 — — — 13,401
Sale of treasury stock — 223 — — 214 437
Exercise of stock options — 3,118 — — 11,221 14,339
Balance - September 30, 2021 55,057 $ 1,102,818 $ 2,116,568 $ 164,307 $ (325,910 ) $ 3,112,840
Balance - January 1, 2022 55,057 $ 1,110,520 $ 2,176,998 $ 126,314 $ (323,465 ) $ 3,145,424
Total comprehensive income (loss) — — 331,509 (885,574 ) — (554,065 )
Dividends (1.11 per share) — — (54,085 ) — — (54,085 )
Purchase of treasury stock — — — — (31,806 ) (31,806 )
Issuances of equity awards, net of forfeitures — (6,630 ) — — 7,309 679
Recognition of equity-based compensation — 16,062 — — — 16,062
Sale of treasury stock — 257 — — 172 429
Exercise of stock options — 280 — — 627 907
Balance - September 30, 2022 55,057 $ 1,120,489 $ 2,454,422 $ (759,260 ) $ (347,163 ) $ 2,523,545

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,
2022 2021
Average Average Average Average
Balance Yield/Rate Balance Yield/Rate
Assets
Loans, net of unearned interest $ 19,284,262 4.46 % $ 16,756,753 3.77 %
Securities:
Taxable 9,796,212 2.03 7,662,106 1.72
Tax-exempt 3,885,333 3.18 4,240,408 2.90
Total securities 13,681,545 2.35 11,902,514 2.14
Federal funds and resell agreements 848,844 2.83 1,092,266 0.87
Interest bearing due from banks 632,595 1.60 4,345,422 0.16
Trading securities 5,651 5.69 25,392 4.30
Total earning assets 34,452,897 3.53 34,122,347 2.65
Allowance for credit losses (167,939 ) (203,144 )
Other assets 2,025,193 1,953,337
Total assets $ 36,310,151 $ 35,872,540
Liabilities and Shareholders' Equity
Interest-bearing deposits $ 17,403,199 1.10 % $ 18,027,862 0.15 %
Federal funds and repurchase agreements 3,055,164 1.91 2,596,326 0.24
Borrowed funds 294,739 4.96 270,795 4.72
Total interest-bearing liabilities 20,753,102 1.28 20,894,983 0.22
Noninterest-bearing demand deposits 12,394,251 11,400,143
Other liabilities 456,992 425,385
Shareholders' equity 2,705,806 3,152,029
Total liabilities and shareholders' equity $ 36,310,151 $ 35,872,540
Net interest spread 2.25 % 2.43 %
Net interest margin 2.76 2.52
Average Balances / Yields and Rates UMB Financial Corporation
--- --- --- --- --- --- --- --- --- --- --- --- ---
(tax - equivalent basis)
(unaudited, dollars in thousands)
Nine Months Ended September 30,
2022 2021
Average Average Average Average
Balance Yield/Rate Balance Yield/Rate
Assets
Loans, net of unearned interest $ 18,328,139 3.91 % $ 16,608,711 3.74 %
Securities:
Taxable 9,695,499 1.94 7,022,914 1.72
Tax-exempt 3,912,590 3.11 4,276,813 2.93
Total securities 13,608,089 2.28 11,299,727 2.18
Federal funds and resell agreements 1,070,319 1.50 1,280,177 0.81
Interest bearing due from banks 2,841,510 0.43 3,506,727 0.12
Trading securities 12,170 4.86 21,475 4.28
Total earning assets 35,860,227 2.94 32,716,817 2.70
Allowance for credit losses (182,647 ) (207,338 )
Other assets 1,988,189 1,892,516
Total assets $ 37,665,769 $ 34,401,995
Liabilities and Shareholders' Equity
Interest-bearing deposits $ 17,775,016 0.53 % $ 17,397,225 0.15 %
Federal funds and repurchase agreements 2,896,021 1.01 2,620,354 0.27
Borrowed funds 279,659 4.85 270,230 4.76
Total interest-bearing liabilities 20,950,696 0.65 20,287,809 0.23
Noninterest-bearing demand deposits 13,537,023 10,624,524
Other liabilities 416,492 418,397
Shareholders' equity 2,761,558 3,071,265
Total liabilities and shareholders' equity $ 37,665,769 $ 34,401,995
Net interest spread 2.29 % 2.47 %
Net interest margin 2.56 2.55
Business Segment Information UMB Financial Corporation
--- --- --- --- --- --- --- --- --- --- --- ---
(unaudited, dollars in thousands)
Three Months Ended September 30, 2022
Commercial Banking Institutional Banking Personal Banking Total
Net interest income $ 150,080 $ 43,382 $ 40,023 $ 233,485
Provision for credit losses 20,156 162 1,682 22,000
Noninterest income 16,785 89,386 22,552 128,723
Noninterest expense 87,120 82,073 62,203 231,396
Income (loss) before taxes 59,589 50,533 (1,310 ) 108,812
Income tax expense (benefit) 11,403 9,670 (251 ) 20,822
Net income (loss) $ 48,186 $ 40,863 $ (1,059 ) $ 87,990
Three Months Ended September 30, 2021
Commercial Banking Institutional Banking Personal Banking Total
Net interest income $ 150,871 $ 21,203 37,691 $ 209,765
Provision for credit losses (5,720 ) 172 548 (5,000 )
Noninterest income 17,048 65,568 25,291 107,907
Noninterest expense 78,708 73,369 56,792 208,869
Income before taxes 94,931 13,230 5,642 113,803
Income tax expense 16,130 2,248 958 19,336
Net income $ 78,801 $ 10,982 $ 4,684 $ 94,467
Nine Months Ended September 30, 2022
Commercial Banking Institutional Banking Personal Banking Total
Net interest income $ 444,176 $ 104,615 $ 119,840 $ 668,631
Provision for credit losses 25,183 402 3,315 28,900
Noninterest income 100,379 243,740 84,617 428,736
Noninterest expense 246,230 234,185 179,886 660,301
Income before taxes 273,142 113,768 21,256 408,166
Income tax expense 51,298 21,367 3,992 76,657
Net income $ 221,844 $ 92,401 $ 17,264 $ 331,509
Nine Months Ended September 30, 2021
Commercial Banking Institutional Banking Personal Banking Total
Net interest income $ 430,158 $ 64,599 $ 110,194 $ 604,951
Provision for credit losses 8,096 539 2,865 11,500
Noninterest income 62,306 202,769 83,318 348,393
Noninterest expense 221,883 217,257 172,013 611,153
Income before taxes 262,485 49,572 18,634 330,691
Income tax expense 44,584 8,419 3,166 56,169
Net income $ 217,901 $ 41,153 $ 15,468 $ 274,522

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, 2022.

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,
2022 2021 2022 2021
Net income (GAAP) $ 87,990 $ 94,467 $ 331,509 $ 274,522
Adjustments:
Acquisition expense 71 — 71 —
Severance expense 283 639 480 763
COVID-19 related expense — 190 — 527
Tax-impact of adjustments (i) (85 ) (184 ) (132 ) (286 )
Total Non-GAAP adjustments (net of tax) 269 645 419 1,004
Net operating income (Non-GAAP) $ 88,259 $ 95,112 $ 331,928 $ 275,526
Earnings per share - diluted (GAAP) $ 1.81 $ 1.94 $ 6.80 $ 5.64
Acquisition expense — — — —
Severance expense 0.01 0.01 0.01 0.02
COVID-19 related expense — — — 0.01
Tax-impact of adjustments (i) — — — (0.01 )
Operating earnings per share - diluted (Non-GAAP) $ 1.82 $ 1.95 $ 6.81 $ 5.66
GAAP
Return on average assets 0.96 % 1.04 % 1.18 % 1.07 %
Return on average equity 12.90 11.89 16.05 11.95
Non-GAAP
Operating return on average assets 0.96 % 1.05 % 1.18 % 1.07 %
Operating return on average equity 12.94 11.97 16.07 11.99

(i) Calculated using the company’s marginal tax rate of 24.0% in 2022 and 22.2% in 2021.

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,
2022 2021 2022 2021
Noninterest expense $ 231,396 $ 208,869 $ 660,301 $ 611,153
Adjustments to arrive at operating noninterest expense (pre-tax):
Acquisition expense 71 — 71 —
Severance expense 283 639 480 763
COVID-19 related expense — 190 — 527
Total Non-GAAP adjustments (pre-tax) 354 829 551 1,290
Operating noninterest expense (Non-GAAP) $ 231,042 $ 208,040 $ 659,750 $ 609,863
Noninterest expense $ 231,396 $ 208,869 $ 660,301 $ 611,153
Less: Amortization of other intangibles 1,092 1,110 3,388 3,647
Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A) $ 230,304 $ 207,759 $ 656,913 $ 607,506
Operating noninterest expense $ 231,042 $ 208,040 $ 659,750 $ 609,863
Less: Amortization of other intangibles 1,092 1,110 3,388 3,647
Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B) $ 229,950 $ 206,930 $ 656,362 $ 606,216
Net interest income $ 233,485 $ 209,765 $ 668,631 $ 604,951
Noninterest income 128,723 107,907 428,736 348,393
Less: Gains on sales of securities available for sale, net — 1,058 — 5,078
Total Non-GAAP Revenue (denominator A) $ 362,208 $ 316,614 $ 1,097,367 $ 948,266
Efficiency ratio (numerator A/denominator A) 63.58 % 65.62 % 59.86 % 64.06 %
Operating efficiency ratio (Non-GAAP) (numerator B/denominator A) 63.49 65.36 59.81 63.93
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,
2022 2021 2022 2021
Net interest income (GAAP) $ 233,485 $ 209,765 $ 668,631 $ 604,951
Noninterest income (GAAP) 128,723 107,907 428,736 348,393
Noninterest expense (GAAP) 231,396 208,869 660,301 611,153
Adjustments to arrive at operating noninterest expense:
Acquisition expense 71 — 71 —
Severance expense 283 639 480 763
COVID-19 related expense — 190 — 527
Total Non-GAAP adjustments 354 829 551 1,290
Operating noninterest expense (Non-GAAP) 231,042 208,040 659,750 609,863
Operating pre-tax, pre-provision income (Non-GAAP) $ 131,166 $ 109,632 $ 437,617 $ 343,481
Net interest income earnings per share - diluted (GAAP) $ 4.80 $ 4.30 $ 13.72 $ 12.43
Noninterest income (GAAP) 2.65 2.22 8.80 7.16
Noninterest expense (GAAP) 4.76 4.29 13.55 12.56
Acquisition expense — — — —
Severance expense 0.01 0.01 0.01 0.02
COVID-19 related expense — — — 0.01
Operating pre-tax, pre-provision earnings per share - diluted (Non-GAAP) $ 2.70 $ 2.24 $ 8.98 $ 7.06
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,
2022 2021 2022 2021
Net interest income (GAAP) $ 233,485 $ 209,765 $ 668,631 $ 604,951
Adjustments to arrive at net interest income - FTE:
Tax equivalent interest 6,454 6,544 19,131 19,851
Net interest income - FTE (Non-GAAP) 239,939 216,309 687,762 624,802
Noninterest income (GAAP) 128,723 107,907 428,736 348,393
Noninterest expense (GAAP) 231,396 208,869 660,301 611,153
Adjustments to arrive at operating noninterest expense:
Acquisition expense 71 — 71 —
Severance expense 283 639 480 763
COVID-19 related expense — 190 — 527
Total Non-GAAP adjustments 354 829 551 1,290
Operating noninterest expense (Non-GAAP) 231,042 208,040 659,750 609,863
Operating pre-tax, pre-provision income - FTE (Non-GAAP) $ 137,620 $ 116,176 $ 456,748 $ 363,332
Net interest income earnings per share - diluted (GAAP) $ 4.80 $ 4.30 $ 13.72 $ 12.43
Tax equivalent interest 0.13 0.14 0.39 0.41
Net interest income - FTE (Non-GAAP) 4.93 4.44 14.11 12.84
Noninterest income (GAAP) 2.65 2.22 8.80 7.16
Noninterest expense (GAAP) 4.76 4.29 13.55 12.56
Acquisition expense — — — —
Severance expense 0.01 0.01 0.01 0.02
COVID-19 related expense — — — 0.01
Operating pre-tax, pre-provision income - FTE earnings per share - diluted (Non-GAAP) $ 2.83 $ 2.38 $ 9.37 $ 7.47
Tangible book value non-GAAP reconciliations: UMB Financial Corporation
--- --- --- --- ---
(unaudited, dollars in thousands except share and per share data)
As of September 30,
2022 2021
Total shareholders' equity (GAAP) $ 2,523,545 $ 3,112,840
Less: Intangible assets
Goodwill 182,225 174,518
Other intangibles, net 13,373 15,526
Total intangibles, net 195,598 190,044
Total tangible shareholders' equity (Non-GAAP) $ 2,327,947 $ 2,922,796
Total shares outstanding 48,309,638 48,355,373
Ratio of total shareholders' equity (book value) per share $ 52.24 $ 64.37
Ratio of total tangible shareholders' equity (tangible book value) per share (Non-GAAP) 48.19 60.44

Slide 1

3rd Quarter 2022 Update October 25, 2022

Slide 2

Presentation Index 2 Corporate Overview Opportunity – Our Investment Thesis 3rd Quarter 2022 Results Line of Business Updates Appendix 3 8 17 31 41 Board of Directors Forward-Looking Statements Non-GAAP Reconciliations Please refer to the Forward-Looking Statements on slide 43 for important disclosures about information contained in this presentation. Peer Group

Slide 3

Corporate Overview Highlights Asset-based lending Healthcare Services 91 banking centers 233 ATMs UMB Bank Presence Twin Cities - MN Salt Lake City - UT UMB Financial Corporation Headquarters Expansion Markets International Presence UMBF Trust & Agency Services – Dublin, Ireland Specialized Lending Verticals Corporate Trust Capital Markets (4) Fund Services Private Wealth Management & Personal Trust

At, or for the 3 months ended, 09/30/22. (1) Includes $16.4mm in PPP balances; (2) Includes $10.5B in managed assets and $4.0 B in Assets Under Administration for Private Wealth customers; (3) Includes assets in Fund Services, Corporate Trust and Healthcare Services; (4) UMB Bank, n.a. Capital Markets Division. 3

Slide 4

An unwavering commitment to doing more for our customers. Beyond Financials Our Culture 4 Customers First We do the unparalleled to create an environment that consistently exceeds the expectations of our customers.

Integrity & Trust We demonstrate our uncompromising honesty and integrity to earn the trust of everyone we serve.

Performance & Strength We achieve sustainable greatness by delivering on our promise, remaining independent and maintaining financial soundness.

Associate Spirit We rely upon our people and their collective attitude and skills to differentiate us from our competitors.

Inclusion & Diversity We believe an inclusive and diverse culture energizes the workplace and ignites innovation. Our Values Our Commitment Our Vision the unparalleled customer experience

Slide 5

5 Beyond Financials Our Culture Creating an unparalleled customer experience requires a culture where our people feel part of something more, something bigger. We foster this experience through our policies, our business decisions and our expectations of each associate.

Slide 6

6 Beyond Financials Our Commitment to Corporate Citizenship Read our 2021 Corporate Citizenship Report at UMB.com/CorporateCitizenship UMB recognizes the undeniable importance of sustainable business practices. Efficient & Sensible Resource Use Associate volunteerism and corporate philanthropy help build strong community partnerships. $6.6 million in company donations and sponsorships in 2021, supporting underserved communities’ housing needs, small business efforts, education and emerging talent

1,000+ participants in our workplace giving campaign supporting qualified nonprofits with pledges of $526k

Associates receive 16 hours of paid Volunteer Time Off (VTO) annually, and participates logged over 6,500 hours of volunteer time, despite the pandemic

UMB Market, which helps children learn about healthy shopping on a budget, was the Financial Education winner in the American Bankers Association Community Commitment Awards Community Impact 74 UMB buildings use automated systems to conserve energy, with a goal to include all UMB properties by year-end 2023

More than 183k Kilowatt hours generated from solar panels

Exterior lighting upgrades to LED saved more than 95k Kilowatt hours; committed to convert all locations by year-end 2023

Committed to paper reduction through digital opportunities and education programs

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

Installed beehives at a Colorado branch to support the local honeybee population Effective governance practices preserve the confidence and trust of our stakeholders. 12-person board of directors, with 10 independent members, a lead independent director, and 100% independence on board committees

33% board diversity

Deliberate selection criteria which includes diversity standards in the board nomination process

Robust risk oversight with distinct risk management committees: enterprise risk, asset and liability, and credit

Board oversight of the executive ESG Committee Strong Corporate Governance We want our company to be as diverse as the world we live in. As an early CEO Action for Diversity and Inclusion signatory, we regularly review progress of our inclusion strategy with executives and our board of directors

Eight Business Resource Groups (BRGs) help us understand the needs of our associates, customers and communities and turn empathy into action

In 2021, 34% of all UMB hires were people of color, 52% were women and 2% were veterans

Diversity among leadership team – 8 of 16 members Inclusion & Diversity

Slide 7

Business Model Our Diverse Foundation Commercial & Personal Banking Services 3Q’22 Revenue: 3Q’22 $229.4 million. 3Q’22 Average Deposits: $19.5 billion Average loans: $2.7B (1) (2) Average deposits: $6.3B Retail deposit & lending services through 91 branches and online Private banking services Consumer mortgage AUM = $10.5B AUA = $4.0B Financial planning Investment management Trust & custody Estate planning Family office Business exit planning C&I lending Small business lending CRE & Construction lending Average loans: $16.1B (1) Average deposits: $13.2B Agribusiness Energy Practice finance Mezzanine debt & equity investments Commercial Private Wealth Institutional Banking Services 3Q’22 Revenue: 3Q’22 $132.8 million. 3Q’22 Average Deposits: $10.3 billion Institutional Banking provides solutions for the entire marketplace; $385.0 billion in AUA. (3) Corporate Trust Bond trustee, paying agent & escrow services Institutional Custody Domestic & international custody services Fund Services Fund accounting, fund administration & transfer agency Specialty Trust & Agency Solutions Default workout & successor trustee services Aviation, ABS & loan agency services Capital Markets Division (4) Fixed income sales & trading Public finance Investor Solutions Banking, cash management & specialty services for financial firms Healthcare Services Health savings & benefit spending accounts Healthcare payment solutions Balances at or for quarter ended 09/30/22. (1) Loan balances exclude credit card and PPP loans; (2) Includes consumer loans plus residential real estate loans to retail and private banking clients; (3) Includes AUA in Fund Services/custody, corporate trust and Healthcare Services; (4) Products and services offered through UMB Bank Capital Markets Division: NOT FDIC INSURED | MAY LOSE VALUE  | NOT BANK GUARANTEED. Aviation Asset-based lending Beverage Treasury management Merchant payments Specialized Expertise: 7

Slide 8

Our Investment Thesis

Slide 9

9 Investment Thesis Our Opportunity Track record of relative outperformance in loan growth – opportunities remain Underpenetrated across our geographic footprint, focused on market share gains Underpenetrated vertically on an asset class basis; built out specialized teams Runway for Growth Attractive deposit base Diverse funding sources Track record of strong deposit growth in challenging times Net interest income growth Above peer earning asset growth Balance sheet flexibility to lever up deposit base through deployment into high-quality earning assets Focus on returning value to shareholders Risk-adjusted returns EPS and tangible book value growth outpace peers over the long-term Consistent dividend growth Differentiated revenue profile and growing fee income Revenue from diverse lines of business and verticals provide a natural hedge in all rate environments Lower-than-peer reliance on mortgage and NSF/OD revenue Solid capital and liquidity positions support growth objectives Higher common equity levels Attractive loan-to-deposit ratio provides flexibility Time-tested underwriting philosophy Unwavering credit standards Long-tenured credit team – average of 24 years with UMB Chief Credit Officer – 36 years with UMB

Slide 10

7% Balance Sheet Growth Across All Business Cycles 10 Average Loans Average Deposits Average annual balances in billions. 2.50% 0.14% 1.77% 0.09% Annual Loan Growth 12% 14% 9% 7% 5% 2% 6% 10% 10% 18% 12% 21% 19% 9% 7% 10% 25% 4% 14% 16% 11% 14% 10% 20% 13% 6% 11% 9% 4% 7% 14% 15 Year CAGR

10.4% 15 Year CAGR

11.7% (1) (1) Exludes PPP balances for ’20 & ‘21; (2) UMB traditional peers (15 banks), as of latest available annual period. Source: S&P Global Market Intelligence. Peer group defined on slide 47. (1) Annual Deposit Growth

Slide 11

Differentiated Revenue Profile Multiple Sources of Growth 11 Net Interest Income Fee Income Provides Diversity Dollars in millions. 29% 28% 54% 36% $ 1,282.7 $1,291.4 $472.2 $613.2 $521.5 $731.3 $587.8 $778.2 $671.0 $825.1 $878.5 $982.5 $848.7 $1,012.1 $971.4 $1,097.7 Total Revenue 15 Year CAGR

6.9% Revenue Growth Annual NII Growth Annual Revenue Growth 12% 15% 7% 18% 10% 3% 2% 1% 9% 4% 5% 18% 20% 13% 9% 10% -1% 7% 10% 13% 4% 9% 9% 6% 18% 6% 3% 4% 11% 1% 3% 8% (1) Fee income prior to 2017 contains income from discontinued operations; (2) UMB traditional peers (15 banks) as of latest available annual period. Source: S&P Global Market Intelligence. 15 Year CAGR

9.2% 15 Year CAGR

4.1% Fee Income Growth $ 815.5 $731.2 $217.2 $303.0 $232.7 $317.0 $275.1 $320.1 $310.6 $333.3 $412.1 $558.9 $350.1 $610.4 $495.3 $670.9

Slide 12

Capital & Liquidity Supports Growth Outlook Cash & Securities / Assets Loans / Deposits Tier 1 Capital Ratio Tangible Common Equity / Assets (4) (3) (2) (1) UMB traditional peers (15 banks), as of latest available annual period. Source: S&P Global Market Intelligence; (2) Non-GAAP measure. See reconciliation on slide 45; (3) As defined by S&P Global: “Cash, cash equiv. & investment securities/assets;” (4) Period-end balances. 12

Slide 13

Resilient Credit Metrics Through All Economic Environments 13 Net Charge-Offs / Average Loans Nonperforming Loans / Loans 15 Year Average

0.30% 15 Year Average

0.45% (1) UMB traditional peers (15 banks), as of latest available annual period. Source: S&P Global Market Intelligence; (2) All FDIC-insured banks. Source: FDIC. 0.25% 0.10% 0.27% 0.89% 0.47% 0.54%

Slide 14

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

Slide 15

Outperformance Building Long-Term Value 15 15-Year Compounded Annual Growth Rates 2006 – 2021 (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 2006 and 2021. (1) As of March 2022; (2) Non-GAAP measure. See reconciliation on slide 46. Source: KRX, Peer and Industry data from S&P Global Market Intelligence. (1)

Slide 16

Dividend Trends Sustained Growth 16 (1) Dividends adjusted for 2-for-1 stock split in 2006. Annual Dividends Declared (1) +292.1%

2002 - 2022

Slide 17

3rd Quarter 2022 Financial Review

Slide 18

3Q 2022 Results At-A-Glance 3Q ’21 2Q ’22 3Q ’22 Linked-Quarter Commentary 18 Dollars in millions, except per share amounts. (1) Net gains/losses from mark-to-market valuations and any dispositions of equity investments. (2) Non-GAAP measure; reconciled on slide 44.

Slide 19

3Q 2022 Earnings Highlights 19 Operating PTPP Income (1) $187.1 $131.2 $109.6 $107.4 $119.4 Net Income $106.0 $137.6 $88.0 $94.5 $78.5 Dollars in millions, except per share amounts. (1) Operating pre-tax, pre-provision income. See reconciliation on slide 44; (2) Net gains/losses related to mark-to-market valuations and any disposition of shares in our equity investments.

Slide 20

Revenue Trends 20 Dollars in millions. Columns may not sum due to rounding differences. 3Q ’21 4Q ’21 1Q ’22 2Q ’22 3Q ‘22 Linked-Qtr. Variance $ ∆ % ∆

Slide 21

Net Interest Income 21 @ 0.16% $3.7B $1.5B $5.4B $6.8B $6.6B @ 2.83% @ 0.87% @ 0.83% @ 0.78% @ 1.27% @ 0.15% @ 0.19% @ 0.64% @ 1.60% Asset Yield and Liability Cost Trends Liquidity Trends Impact NIM $224.8 $209.8 $210.6 $210.4 15.9% 18.8% 17.6% 10.5% 4.3% $233.5 $2.1B @ 1.79% @ 1.30% 8.4% Pre- pandemic Liquidity trends shown as average quarterly balances. $ millions $ billions EA % IBL % COF %

Slide 22

Noninterest Income 22 Current Quarter Drivers Dollars in millions. (1) UMB traditional peers (15 banks), data as of latest available quarter. Source: S&P Global Market Intelligence. Noninterest income was $128.7mm vs. $176.3mm in 2Q’22.

Income from investment securities gains (losses) decreased $62.1mm, largely due to the realized gain on the sale of Visa Inc. Class B shares in the prior quarter.

The remaining variance from 2Q’22 is primarily due to:

+$13.0mm in company-owned life insurance income and +$1.2mm in derivative income, both included in “other” income. The COLI income has a proportionate offset in noninterest expense;

+$1.5mm in bankcard income related to higher interchange levels and lower rebate/reward expense; and

+$1.4mm in brokerage income from money market revenue and 12b-1 fees.

Partially offset by a $1.7mm reduction in trading and investment banking income due to lower volumes. $176.3 $128.7 $107.9 $118.8 $123.7 LQ Variance Included sale of Visa B shares Composition / Changes in Inv. Securities Gains (Losses) and Trust & Securities Processing

Slide 23

Noninterest Expense 23 Current Quarter Drivers Dollars in millions. Columns may not sum due to rounding differences. Noninterest expense increased $17.3mm, or 8.1%, vs. 2Q’22. Primary drivers:

+$11.5mm in deferred compensation expense in the salary & benefits line (offset by increased COLI income noted);

+$4.5mm in salaries and wage expense, largely related to one additional salary day in the quarter;

+$3.7mm in operational losses, recorded in “other” expense, that are not expected to recur; and

Increases of $1.6mm and $1.4mm in processing fees and marketing and business development expense, respectively, due to the timing of multiple projects.

These increases were partially offset by

a decrease of $4.8mm in charitable contributions, recorded in other expense. 3Q ’21 4Q ’21 1Q ’22 2Q ’22 3Q ‘22 Linked-Qtr. Variance $ ∆ % ∆

Slide 24

$16,693 $ 17,361 $ 18,318 $ 19,284 Diversified Loan Portfolio 24 Average balances in millions. $ 16,757 3Q ’21 2Q ’22 3Q ’22 Linked-Qtr. Variance $ ∆ % ∆ Loans by Region Kansas City 33% Colorado 19% Arizona 10% St. Louis 15% Greater MO 5% KS - 3% Texas 11% NE - 2% OK - 2%

Slide 25

Quarterly Loan Activity 25 (1) Payoffs and paydowns include C&I and CRE loans. 3Q ’21 4Q ’21 1Q ’22 2Q ’22 3Q ’22 (1) (1)

Slide 26

Strong Asset Quality Net Loan Charge-Offs Delinquencies Nonperforming Loans Allowance for Credit Losses Dollars in millions. (1) Delinquencies represent accruing loans > 30 days past due; (2) Total loans include PPP balances. 26 0.02%

Slide 27

Detailed Net Charge-Off History Historical Recent Trends (1) Loan categories updated in 2020 with adoption of ASU 2016-13. In prior periods, NCOs for “Commercial” included C&I, commercial card, ABL and factoring loans. NCOs for “Other” included consumer cards, all real-estate loans, consumer loans and DDA. 27

Slide 28

High-Quality Investment Portfolio $8,093 $7,566 $10,567 $11,271 $11,278 $5,199 $5,785 $1,073 $1,195 $1,894 Available-for-Sale Held-to-Maturity Average balances - $ millions (1) Cash flow and purchase activity and HTM duration includes AFS and the portion of the HTM portfolio managed by the Corporate Treasury team; excludes industrial revenue bonds held-to-maturity; (2) Purchases made for roll-off and overbuy; net of purchases related to sales/trades. (3) Includes impact of ~$608mm pay-fixed receive-float swap portfolio with varying start dates. 28 Securities Portfolio Statistics & Activity (1)

Slide 29

Diversified Deposit Mix 29 $31,589 $29,428 $31,637 $32,580 Deposits by Line of Business Commercial Personal Institutional Commercial Banking 43% Consumer & Private Wealth 21% Capital Mkts. & Corp. Trust 10% Healthcare Services 8% Fund Services 8% Investor Solutions 10% 45% 42% 39% 41% 43% Average balances in millions. (1) Small business deposits were moved from consumer to commercial in 1Q ’22. $29,797 3Q ’21 2Q ’22 3Q ’22 Linked-Qtr. Variance $ ∆ % ∆ (1)

Slide 30

30 Interest Rate Sensitivity Impact to Net Interest Income Assumptions Projected rates for new loans and deposits based on historical analysis, management outlook and repricing strategies Asset prepayments and other market risks are developed from industry estimates of prepayment speeds and other market changes

Shock Scenario – Static Balance Sheet Ramp Scenario – Static Balance Sheet 61% of total end-of-period loans, or $12.1B, are variable.

Of variable loans: 71% reprice within 12 months 34% tied to LIBOR (1) 32% - Prime 30% - SOFR 4% - other Loan Repricing (1) Loans tied to LIBOR are expected to migrate to the Secured Overnight Financing Rate index (“SOFR”) or other indices by 2Q ’23.

Slide 31

Line of Business Updates

Slide 32

Commercial Banking Commercial Capabilities 32 Average balance for 3Q’22, excludes credit card. (1) Rank among U.S. Visa & Mastercard Commercial Card Issuers, Source: Nilson Report, ‘21; (2) ABA 2021, FDIC data. Commercial Lending Portfolio Middle Market 56% Investment Real Estate 26% Sm./Med Biz 5% Specialized Verticals 13% $16.1B Average Balance

Slide 33

Commercial Banking C&I Lending 33 Commercial & Industrial Statistics C&I Industry Diversification (1) (2) Average loan size: $5.4 million Considerations Internal limits on loan size and projects per sponsor Concentration guidelines for all lending verticals, monitored for changing conditions C&I Balance Trends Transp. / Warehouse Diversified Technology Materials & Commodities Manu-facturing Food/Beverage Manufacturing Healthcare Commercial Services Other (3) Agribusiness RE & Construction Finance & Insurance Energy-Related $9.0B 45.3% of total UMB loans (1) Includes C&I and leases; Industries as a percentage of C&I loans; (2) End-of-period balances; (4) Excludes PPP loans. (2) (4) Average Line Utilization Trends +34% YoY (4)

Slide 34

Commercial Banking Commercial Real Estate 34 Commercial Real Estate Statistics Investment CRE / Construction Portfolio (1) Total Investment CRE Portfolio

Average Loan-to-Value: 61% Recourse: 85% Const. / Land Dev. 16% Owner-Occupied 30% Investment CRE 46% $7.1B Farmland 7% as of Sept. 30, 2022 1-4 Unit Residential Construction = 1% of total (2) Retail Multifamily Office Building Hotel Industrial Sr. Living Mixed Use Vacant Land Other (4) Owner-occupied – new purchase or refinance Real estate development – construction / perm financing, bridge financing, renovations Investment CRE – 3 to 10-year term loans for property investors Resi. Rental (1) Industries as a percentage of investment CRE and construction portfolio; (2) Excludes PPP loans; (3) Calculated using Tier 1 capital plus an adjusted ACL, per regulatory guidelines. Regulatory Concentrations

Total non-farmland CRE / Total RBC: 156% Construction & Development Loans / Total RBC: 38% (3) $4.4B 22.1% of total UMB loans

Slide 35

Personal Banking Consumer 35 Strategic & Stable Source of Low-Cost Funds Diversified Products, Services & Engagement Hybrid Service & Sales Model—provides channel of choice & drives customer satisfaction Consumer plays a strategic role for UMB as a large and stable source of deposits. Poised for continued asset growth. Metrics at or for the quarter ended 09/30/22. (1) 2021 Net Promoter Score across 43 financial services companies. Source: Medallia, Inc. Growth engine for new customers and deepening existing relationships. Digital Banking Q3 2022 NPS Score 72.2 UMBF Industry Average (1) 51 Private Banking Strategically positioned for sales growth Retail Banking New 1st Time Homebuyer Program with Down Payment Assistance 1,000+ Provided $1.6mm in down payment assistance to new homeowners Financial Education – powered by 12,000 3Q ‘22 page views for UMB Financial Education Center landing page Community Engagement & Sponsorships $51mm Consumer deposits via Mobile +16% YoY 25% of non-mortgage loan applications $19mm 9% of new retail deposit accounts Applications YTD 22 Organizations engaged 24 Financial Education classes

Slide 36

Personal Banking Private Wealth Management 36 Composition as of 09/30/22. (1) Includes AUM and AUA. Personal Trust 22% Investment Advisory 37% Non-Managed AUA 28% IRAs 5% Brokerage 4% Other 4% Customer Assets Wealth Management

Financial planning Discretionary investment management Investment research & education Brokerage services

Trust Management and Estate Planning

Charitable foundation planning & administration Trustee & successor trustee services Personal custody, including self-directed IRAs Unique asset administration Fine art management Trust tax preparation

Family Wealth Management A multi-family office

Strategic wealth solutions for ultra-high net worth families Business succession planning & continuity Direct private equity investments opportunities New Assets / Sales (1) $10.5B Managed Assets (AUM) $4.0B Non-Managed Assets (AUA) $874mm YTD ‘22

Slide 37

Institutional Banking Fund Services & Institutional Custody 37 Best Interval Fund Administrator (1) Best Administrator – Technology (2) Fund Services – Registered Funds & Alternative Investments Institutional Custody $352B $419B $407B $382B Provides services for 1,700 funds, including registered and alternative investment funds, PE funds, real estate and venture capital funds and ETFs and more. One of the nation's leading providers of domestic and global custody, serving insurance companies, public & private corporations, nonprofits, municipalities, fund companies and endowments. Established in 1948. Best Custodian – 2021 & 2022 (4) $405B (1) With Intelligence ‘19-’20 & ‘22 Awards; (2) Hedgeweek U.S. Awards ‘20 & PE Wire U.S. Awards ’20; (3) PE Wire ‘21; (4) HFM U.S. Services Awards ’21 – ’22. Best Administrator – GPs with assets <$30B (3)   Assets Under Administration

Slide 38

Institutional Banking Corp/Specialty Trust & Capital Markets 38 (1) Ranked by proceeds and number of issues; (2)Thomson Reuters municipal rankings, Sept. 2021; (3) Debtwire - ranking 1H’21; (4) Green Street Advisors’ Asset-Based Alert – 2021. Corporate Trust & Escrow Services Provides trustee, paying agent and escrow services to municipal and corporate issuers. $32B Assets Under Administration Municipal Trustee (1) (2) & Paying Agent (2) in U.S. #3 Specialty Trust & Agency Solutions Services for asset-backed securitizations, aviation and other transportation and real estate projects. Workout and successor trustee services on behalf of bondholders of defaulted transactions. +16% New Business $ Volume YTD 1,705 Deals in ‘22 +9% 533 Deals YTD vs. 490 in 2021 +35% Growth in New Business $ Volume YTD Examples of recent deals: Capital Markets Division Capital solutions including fixed income sales, trading and underwriting for institutional, municipal and not-for-profit organizations. Products and services offered through UMB Bank Capital Markets Division NOT FDIC INSURED | MAY LOSE VALUE  | NOT BANK GUARANTEED. #1 Agent for Debtor-in-Possession financing (3) #7 Aviation & Asset-Based Securitization Trustee (4) TOP 10 Public Finance Closed Deals YTD ‘22 110 $12,340,000

Combined Tax & Rev. C/O, Series 2022 City of Burleson, TX $110,000,000

Subordinated Notes due 2032 Co-manager UMB Financial Corp. $1,365,000

General Obligation Bonds, Series 2022 City of New Braunfels, TX $15,695,000

General Obligation Bonds, Series 2022 $9,415,000

Tax Notes, Series 2022

Slide 39

FDIC Sweep Assets Under Administration $68B Institutional Banking Investor Solutions & Healthcare Services 39 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 1.3mm In HSA Assets & Deposits $2.6B Top 10 HSA Custodians in the U.S. (2) TOP 10 Benefit Cards 5.1mm >65mm ~ 6mm accounts Recognized for Investment Quality (1) Named a Top HSA for Features & Investment Options (1) (1) Investor’s Business Daily ‘21; (2) #7 by total accounts - Devenir Research Mid-Year ‘22; (3) ~$400mm in deposits & $100mm in assets. Expected closing 4Q’22. Our banking as a service (BaaS) solution includes deposit services for checking, saving, and investment accounts, including expanded FDIC insurance through our proprietary Sweep Program. Agreement to acquire HSA business from Old National June 2022 +$500mm (3)

Slide 40

Payments Credit & Debit Card Products 40 $3,812 $3,789 $3,714 $3,723 3Q ’22 Card Spend

$3.7B 23rd In U.S. Credit Card Purchase Volume (1) #23 $3,680 Dollars in millions. (1) Rank in commercial, consumer and small business cards among top 50 U.S. issuers. Source: Nilson Report, December 2021. Card Purchase Volume & Interchange Trends

Slide 41

Appendix

Slide 42

Governance Our Board of Directors 42 AC = Audit Committee; CC = Compensation Committee; GC = Governance Committee; RC = Risk Committee Advisory Directors

Slide 43

Forward-Looking Statements 43 This presentation contains, and our other communications may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “outlook,” “forecast,” “target,” “trend,” “plan,” “goal,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.”

Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, results, or aspirations. All forward-looking statements are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Our actual future objectives, strategies, plans, prospects, performance, condition, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events, circumstances, or aspirations to differ from those in forward-looking statements are described in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (SEC).

In addition to such factors that have been disclosed previously: macroeconomic and other challenges and uncertainties related to the COVID-19 pandemic, such as the impacts to the U.S. and global economies; sustained levels of high inflation and the potential for an economic recession on the heels of aggressive quantitative tightening by the Federal Reserve, and impacts related to or resulting from Russia’s military action in Ukraine, such as the broader impacts to financial markets and the global macroeconomic and geopolitical environments, may also cause actual results or other future events, circumstances, or aspirations to differ from our forward-looking statements.

Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except to the extent required by applicable securities laws. You, however, should consult disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K, or other applicable document that is filed or furnished with the SEC.

Slide 44

Non-GAAP Reconciliations 44 (unaudited, dollars in thousands except per share data) The following are non-GAAP measures used by from time to time. To the extent a non-GAAP measure is used during this presentation, a reconciliation to such measure’s closest GAAP equivalent is provided below. 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.

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 COVID-19 related expense.

Operating PTPP-FTE for the relevant period is defined as GAAP net interest income on a fully tax equivalent basis plus GAAP noninterest income, less noninterest expense, adjusted to reflect the impact of excluding expenses related to acquisitions, severance expense and COVID-19 related expense.

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

Tangible common equity ratio is calculated as total shareholders’ equity, net of intangible assets, divided by total assets, net of intangible assets. Operating Pre-Tax, Pre-Provision Income

Slide 45

Non-GAAP Reconciliations 45 Tangible Common Equity Ratio (unaudited, dollars in thousands)

Slide 46

Non-GAAP Reconciliations 46 Tangible Book Value (unaudited, dollars in thousands except per share data)

Slide 47

47 Our Peer Group UMB Financial Corporation 1010 Grand Boulevard Kansas City, MO 64106

UMBFInvestorRelations@umb.com

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