Equibles

8-K

UMB FINANCIAL CORP (UMBF)

8-K 2025-01-28 For: 2025-01-28
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): 1/28/2025

UMB FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Commission File Number: 001-38481

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

1010 Grand Blvd., Kansas City, MO 64106

(Address of principal executive offices, including zip code)

(816)

860-7000

(Registrant’s telephone number, including area code)

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition

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

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

Item 7.01 Regulation FD Disclosure

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

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

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

Item 9.01 Financial Statements and Exhibits

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

SIGNATURES

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: January 28, 2025

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 Fourth Quarter Net Income of $120.0 Million and Net Operating Income(i) of $122.6 Million.

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

Fourth Quarter 2024 Financial Highlights

  • GAAP net income of $120.0 million, or $2.44 per diluted share.
  • Net operating income(i) of $122.6 million, or $2.49 per diluted share.
  • Average loans increased 14.8% on a linked-quarter, annualized basis, to $25.3 billion.
  • Average loans increased $2.2 billion, or 9.4%, as compared to the fourth quarter of 2023.
  • Average deposits increased 30.9% on a linked-quarter, annualized basis, to $38.0 billion.
  • Credit quality remained strong, with net charge-offs of just 0.10% of average loans for the year ended December 31, 2024.

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

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

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

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

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

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

Fourth Quarter 2024 earnings discussion

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

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

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

Net interest income

  • Fourth quarter 2024 net interest income totaled $269.0 million, an increase of $21.6 million, or 8.7%, from the linked quarter, driven primarily by balance sheet growth, favorable reinvestment yields, as well as decreased interest expense due to the mix shift in the funding composition and repricing of deposits following the reduction in short-term interest rates. These benefits were partially offset by repricing of variable rate loans in response to reductions in the Secured Overnight Financing Rate (SOFR) and Prime rates.

  • Average earning assets increased $1.6 billion, or 3.9%, from the linked quarter, largely driven by increases of $902.6 million in average loans, $585.6 million in average securities, and $101.7 million in federal funds sold and resell agreements.

  • Average interest-bearing liabilities increased $487.1 million, or 1.6%, from the linked quarter, primarily driven by an increase of $1.6 billion in interest-bearing deposits, partially offset by a decrease of $1.1 billion in borrowed funds driven by the repayment of borrowings under the Bank Term Funding Program (BTFP) and Federal Home Loan Bank (FHLB) advances. Average noninterest-bearing demand deposits increased $1.1 billion, or 12.0%, as compared to the linked quarter.

  • Net interest margin for the fourth quarter was 2.57%, an increase of 11 basis points from the linked quarter, driven by the decreased cost of interest-bearing liabilities due to lower short-term interest rates and a favorable mix shift in the funding composition, partially offset by decreased loan yields and earning asset mix changes. The cost of interest-bearing liabilities decreased 39 basis points sequentially to 3.79%. Total cost of funds decreased 36 basis points from the linked quarter to 2.80%. Average loan yields decreased 33 basis points while earning asset yields decreased 23 basis points from the linked quarter.

  • On a year-over-year basis, net interest income increased $38.5 million, or 16.7%, driven by a $4.3 billion, or 11.3%, increase in average earning assets, partially offset by higher interest costs due to higher short-term interest rates and unfavorable mix shift in the composition of liabilities.

  • Compared to the fourth quarter of 2023, average earning assets increased $4.3 billion, or 11.3%, largely driven by the increase in average loans noted above, an increase of $1.2 billion in interest-bearing due from banks, and an increase of $743.3 million in average securities.

  • Average deposits increased 16.3% compared to the fourth quarter of 2023. Average interest-bearing deposits increased 21.4% and noninterest-bearing demand deposit balances increased 5.1% compared to the fourth quarter of 2023. Average demand deposit balances comprised 28.0% of total deposits, compared to 26.9% in the linked quarter and 31.0% in the fourth quarter of 2023.

  • Average borrowed funds decreased $1.1 billion as compared to the linked quarter and $1.9 billion as compared to the fourth quarter of 2023, driven by the repayment of borrowings under the BTFP and FHLB advances.

Noninterest income

  • Fourth quarter 2024 noninterest income increased $6.5 million, or 4.1%, on a linked-quarter basis, largely due to:

  • A gain of $4.1 million related to the previously announced sale of UMB Distribution Services during the fourth quarter of 2024 recorded in other income.

  • An increase of $2.9 million in brokerage income primarily driven by higher 12b-1 fees and money market income.

  • An increase of $2.6 million in trust and securities processing driven by strong activity in the corporate trust, private wealth, funds services and investor solutions lines of business.

  • An increase of $1.7 million in derivative income, recorded in other income.

  • These increases were partially offset by the following decreases:

  • A decrease of $2.0 million in investment securities gains, primarily driven by decreased valuations in the company's non-marketable securities.

  • A decrease of $2.0 million in company-owned life insurance income, recorded in other income. The decrease in company-owned life insurance was offset by a proportionate decrease in deferred compensation expense as noted below.

  • Compared to the prior year, noninterest income in the fourth quarter of 2024 increased $25.0 million, or 17.8%, primarily driven by:

  • An increase of $5.2 million in brokerage income primarily driven by higher 12b-1 fees and money market income.

  • Increases of $4.8 million in fund services income, $3.5 million in corporate trust income, and $2.0 million in trust income, all recorded in trust and securities processing.

  • A gain of $4.1 million related to the sale of UMB Distribution Services and a gain of $1.0 million on the sale of art during the fourth quarter of 2024, both recorded in other income.

  • An increase of $2.4 million in bankcard income, primarily due to increased card purchase volume and related interchange income.

  • An increase of $1.2 million in derivative income, recorded in other income.

Noninterest expense

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

  • GAAP noninterest expense for the fourth quarter of 2024 was $270.4 million, an increase of $17.9 million, or 7.1%, from the linked quarter and a decrease of $19.6 million, or 6.8% from the fourth 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 $267.3 million for the fourth quarter of 2024, an increase of $15.8 million, or 6.3%, from the linked quarter and an increase of $31.4 million, or 13.3%, from the fourth quarter of 2023.

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

  • An increase of $15.4 million in salaries and bonus expense, recorded in salaries and employee benefits, primarily driven by increased bonuses due to improved company performance.

  • An increase of $4.5 million in operational losses, recorded in other expense.

  • An increase of $2.7 million in legal and consulting expense driven by expense related to the announced acquisition of Heartland Financial USA, Inc. and an increase of $2.2 million in marketing and business development due to the timing of multiple advertising campaigns and increased travel and entertainment expense.

  • These increases were partially offset by the following decreases:

  • A decrease of $3.1 million in bankcard expense driven by lower administrative expense.

  • A decrease of $1.8 million in deferred compensation expense, recorded in salaries and employee benefits. The decrease in deferred compensation expense was offset by the decrease in company-owned life insurance income noted above.

  • A decrease of $1.8 million in supplies driven by purchases of computers during the third quarter of 2024.

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

  • A decrease of $53.9 million in regulatory fees expense driven by the $52.8 million expense recorded in the fourth quarter of 2023 related to the industry-wide FDIC special assessment levied as a result of the 2023 bank failures.

  • A decrease of $2.4 million in supplies driven by purchases of computers during the fourth quarter of 2023.

  • These decreases were partially offset by the following increases:

  • An increase of $26.8 million in salaries and employee benefits, primarily driven by increased bonuses due to improved company performance.

  • An increase of $3.8 million in legal and consulting driven by expense related to the announced acquisition of Heartland Financial USA, Inc.

  • Increases of $3.3 million in processing fees expense due to increased software subscription costs and $2.3 million in marketing and business development due to the timing of multiple campaigns and increased travel and entertainment expense.

Full Year 2024 earnings discussion

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

Summary of year-to-date financial results UMB Financial Corporation
(unaudited, dollars in thousands, except per share data) December December
YTD YTD
2024 2023
Net income (GAAP) $ 441,243 $ 350,024
Earnings per share - diluted (GAAP) 8.99 7.18
Operating pre-tax, pre-provision income (Non-GAAP)(i) 625,786 524,791
Operating pre-tax, pre-provision earnings per share - diluted (Non-GAAP)(i) 12.75 10.76
Operating pre-tax, pre-provision income - FTE (Non-GAAP)(i) 651,679 551,150
Operating pre-tax, pre-provision earnings per share - FTE - diluted (Non-GAAP)(i) 13.28 11.30
Net operating income (Non-GAAP)(i) 461,745 397,115
Operating earnings per share - diluted (Non-GAAP)(i) 9.41 8.14
GAAP
Return on average assets 1.02 % 0.88 %
Return on average equity 13.24 12.23
Efficiency ratio 62.56 67.76
Non-GAAP(i)
Operating return on average assets 1.07 % 1.00 %
Operating return on average equity 13.85 13.87
Operating efficiency ratio 61.12 63.52
  • Net interest income increased $80.8 million, or 8.8% year-over-year due to a $3.3 billion, or 8.9%, increase in average earning assets, coupled with the impacts from increased short-term and long-term interest rates in 2024 as compared to 2023. The increase in earning assets was driven by an increase of $1.9 billion, or 8.4%, in average loans, and an increase of $1.4 billion, or 70.2%, in average interest-bearing due from banks as compared to 2023. Average interest-bearing liabilities increased $3.4 billion, or 13.3%, while noninterest-bearing demand deposits decreased $563.1 million, or 5.3%, as expected in a higher interest rate environment. The yield on earning assets increased 41 basis points, while the cost of interest-bearing liabilities increased 44 basis points. Net interest margin for 2024 was 2.51%, compared to 2.52% in 2023.
  • Full-year noninterest income increased $86.3 million, or 15.9%, due to:
  • Increases of $20.5 million in fund services income, $7.7 million in corporate trust income, and $5.1 million in trust income, all recorded in trust and securities processing.
  • An increase of $14.1 million in other income, primarily driven by gains on the sale of UMB Distribution Services, art, and land, as well as the recognition of $4.0 million from a legal settlement, all recorded during 2024.
  • An increase of $13.9 million in investment securities gains, primarily driven by increased valuations in the company's non-marketable securities in 2024, coupled with the $4.9 million impairment loss on an available-for-sale subordinated debt security recorded in the prior year.
  • Increases of $13.1 million in bankcard income due to higher interchange revenue, $7.4 million in brokerage income, due to higher 12b-1 fees and money market income, and $4.6 million in investment banking due to increased trade volume.
  • Full-year GAAP noninterest expense increased $27.5 million, or 2.8% due to:
  • An increase of $40.5 million in salaries and employee benefits, driven by increases of $36.4 million in salaries and bonus expense and $4.1 million in employee benefits expense.
  • An increase of $16.2 million in legal and consulting expense driven by expense related to the announced acquisition of Heartland Financial USA, Inc.
  • Increases of $14.8 million in processing fees, driven by increased software subscription costs, and $11.3 million in bankcard expense driven by higher administrative expense.
  • These increases were partially offset by the following decreases:
  • A decrease of $45.1 million in regulatory fees driven by the reduced FDIC special assessment expense during 2024 as compared to 2023. The results for 2024 and 2023 include expense of $6.6 million and $52.8 million, respectively, for the industry-wide FDIC special assessment.
  • Decreases of $5.3 million in equipment expense, driven by reduced software expense, and $3.7 million in other expense, primarily due to fewer operational losses and decreased charitable contributions in 2024 as compared to 2023.

Income taxes

  • The company’s effective tax rate was 18.5% for the year ended December 31, 2024, compared to 17.0% 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. These increases were partially offset by an increase in federal tax credits, net of related amortization.

Balance sheet

  • Average total assets for the fourth quarter of 2024 were $45.0 billion compared to $43.3 billion for the linked quarter and $40.5 billion for the same period in 2023.
Summary of average loans and leases - QTD Average UMB Financial Corporation
(unaudited, dollars in thousands)
Q4 Q3 Q4 CQ vs. CQ vs.
2024 2024 2023 LQ PY
Commercial and industrial $ 10,637,952 $ 10,176,502 $ 9,825,043 $ 461,450 $ 812,909
Specialty lending 491,546 508,957 496,816 (17,411 ) (5,270 )
Commercial real estate 10,007,361 9,669,076 8,890,057 338,285 1,117,304
Consumer real estate 3,143,613 3,045,229 2,945,114 98,384 198,499
Consumer 177,341 164,105 153,791 13,236 23,550
Credit cards 630,373 613,663 495,502 16,710 134,871
Leases and other 201,602 209,631 302,740 (8,029 ) (101,138 )
Total loans $ 25,289,788 $ 24,387,163 $ 23,109,063 $ 902,625 $ 2,180,725
  • Average loans for the fourth quarter of 2024 increased $902.6 million, or 3.7%, on a linked-quarter basis and $2.2 billion, or 9.4%, compared to the fourth quarter of 2023.
Summary of average securities - QTD Average UMB Financial Corporation
(unaudited, dollars in thousands)
Q4 Q3 Q4 CQ vs. CQ vs.
2024 2024 2023 LQ PY
Securities available for sale:
U.S. Treasury $ 1,131,295 $ 821,308 $ 859,114 $ 309,987 $ 272,181
U.S. Agencies 159,808 166,250 169,723 (6,442 ) (9,915 )
Mortgage-backed 4,200,465 3,888,879 3,466,152 311,586 734,313
State and political subdivisions 1,241,033 1,240,199 1,218,176 834 22,857
Corporates 321,939 320,570 345,634 1,369 (23,695 )
Collateralized loan obligations 359,053 340,604 349,149 18,449 9,904
Total securities available for sale $ 7,413,593 $ 6,777,810 $ 6,407,948 $ 635,783 $ 1,005,645
Securities held to maturity:
U.S. Agencies $ 116,316 $ 116,286 $ 123,195 $ 30 $ (6,879 )
Mortgage-backed 2,542,385 2,597,430 2,756,528 (55,045 ) (214,143 )
State and political subdivisions 2,765,663 2,785,138 2,825,138 (19,475 ) (59,475 )
Total securities held to maturity $ 5,424,364 $ 5,498,854 $ 5,704,861 $ (74,490 ) $ (280,497 )
Trading securities $ 25,224 $ 19,743 $ 16,880 $ 5,481 $ 8,344
Other securities 466,545 447,698 456,758 18,847 9,787
Total securities $ 13,329,726 $ 12,744,105 $ 12,586,447 $ 585,621 $ 743,279
  • Average total securities increased 4.6% on a linked-quarter basis and increased 5.9% compared to the fourth quarter of 2023.
  • At December 31, 2024, the unrealized pre-tax net loss on the available-for-sale securities portfolio was $633.3 million, or 7.5% of the $8.4 billion amortized cost balance. At December 31, 2024, the unrealized pre-tax net loss on the securities designated as held to maturity was $630.0 million, or 11.7% of the $5.4 billion amortized cost value.
Summary of average deposits - QTD Average UMB Financial Corporation
(unaudited, dollars in thousands)
Q4 Q3 Q4 CQ vs. CQ vs.
2024 2024 2023 LQ PY
Deposits:
Noninterest-bearing demand $ 10,637,616 $ 9,502,106 $ 10,118,748 $ 1,135,510 $ 518,868
Interest-bearing demand and savings 25,367,316 23,779,651 19,457,878 1,587,665 5,909,438
Time deposits 2,012,287 2,010,199 3,098,636 2,088 (1,086,349 )
Total deposits $ 38,017,219 $ 35,291,956 $ 32,675,262 $ 2,725,263 $ 5,341,957
Noninterest bearing deposits as % of total 28.0 % 26.9 % 31.0 %
  • Average deposits increased 7.7% on a linked-quarter basis and 16.3% compared to the fourth quarter of 2023.

Capital

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

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

  • At December 31, 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)
Q4 Q3 Q2 Q1 Q4
2024 2024 2024 2024 2023
Net charge-offs - total loans $ 8,935 $ 8,454 $ 2,856 $ 3,017 $ 1,352
Net loan charge-offs as a % of total average loans 0.14 % 0.14 % 0.05 % 0.05 % 0.02 %
Loans over 90 days past due $ 7,602 $ 7,133 $ 5,644 $ 3,076 $ 3,111
Loans over 90 days past due as a % of total loans 0.03 % 0.03 % 0.02 % 0.01 % 0.01 %
Nonaccrual and restructured loans $ 19,282 $ 19,291 $ 13,743 $ 17,756 $ 13,212
Nonaccrual and restructured loans as a % of total loans 0.08 % 0.08 % 0.06 % 0.08 % 0.06 %
Provision for credit losses $ 19,000 $ 18,000 $ 14,050 $ 10,000 $ —
  • Provision for credit losses for the fourth quarter increased $1.0 million from the linked quarter and $19.0 million from the fourth quarter of 2023. These changes are driven largely by provision tied to the $651.5 million and $2.5 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 fourth quarter totaled $8.9 million, or 0.14% of average loans, compared to $8.5 million, or 0.14% of average loans in the linked quarter, and $1.4 million, or 0.02% of average loans for the fourth quarter of 2023.

Dividend Declaration

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

Conference Call

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

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

UMB Financial 4Q 2024 Conference Call

A replay of the conference call may be heard through February 12, 2025, by calling (toll-free) 866-813-9403 or (international) 929-458-6194. The replay access code required for playback is 612758. The call replay may also be accessed at investorrelations.umb.com.

Non-GAAP Financial Information

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

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

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

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

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 Year Ended
December 31, December 31,
2024 2023 2024 2023
INTEREST INCOME
Loans $ 410,631 $ 381,041 $ 1,612,948 $ 1,399,961
Securities:
Taxable interest 71,403 53,890 257,562 214,981
Tax-exempt interest 24,387 25,637 99,375 102,197
Total securities income 95,790 79,527 356,937 317,178
Federal funds and resell agreements 5,902 3,540 17,628 17,647
Interest-bearing due from banks 42,314 32,267 182,145 103,190
Trading securities 331 227 1,351 729
Total interest income 554,968 496,602 2,171,009 1,838,705
INTEREST EXPENSE
Deposits 255,303 213,842 982,302 704,210
Federal funds and repurchase agreements 23,745 21,903 106,558 93,026
Other 6,946 30,335 81,257 121,353
Total interest expense 285,994 266,080 1,170,117 918,589
Net interest income 268,974 230,522 1,000,892 920,116
Provision for credit losses 19,000 — 61,050 41,227
Net interest income after provision for credit losses 249,974 230,522 939,842 878,889
NONINTEREST INCOME
Trust and securities processing 76,861 66,584 290,571 257,200
Trading and investment banking 6,185 5,751 24,226 19,630
Service charges on deposit accounts 21,405 21,330 84,512 84,950
Insurance fees and commissions 425 238 1,257 1,009
Brokerage fees 18,635 13,439 61,564 54,119
Bankcard fees 21,089 18,672 87,797 74,719
Investment securities gains (losses), net 593 1,014 10,720 (3,139 )
Other 20,018 13,226 67,470 53,365
Total noninterest income 165,211 140,254 628,117 541,853
NONINTEREST EXPENSE
Salaries and employee benefits 161,062 134,231 593,913 553,421
Occupancy, net 11,272 12,296 47,539 48,502
Equipment 15,312 16,579 63,406 68,718
Supplies and services 3,173 5,546 14,845 16,829
Marketing and business development 8,999 6,659 28,439 25,749
Processing fees 30,565 27,271 117,899 103,099
Legal and consulting 12,229 8,424 46,207 29,998
Bankcard 9,398 8,677 44,265 32,969
Amortization of other intangible assets 1,917 2,048 7,705 8,587
Regulatory fees 5,255 59,183 31,904 77,010
Other 11,179 9,060 30,564 34,258
Total noninterest expense 270,361 289,974 1,026,686 999,140
Income before income taxes 144,824 80,802 541,273 421,602
Income tax expense 24,827 9,879 100,030 71,578
NET INCOME $ 119,997 $ 70,923 $ 441,243 $ 350,024
PER SHARE DATA
Net income – basic $ 2.46 $ 1.46 $ 9.05 $ 7.22
Net income – diluted 2.44 1.45 8.99 7.18
Dividends 0.40 0.39 1.57 1.53
Weighted average shares outstanding – basic 48,807,081 48,538,127 48,747,814 48,503,643
Weighted average shares outstanding – diluted 49,178,891 48,860,020 49,056,956 48,763,820
Consolidated Statements of Comprehensive Income UMB Financial Corporation
--- --- --- --- --- --- --- --- --- --- --- --- ---
(unaudited, dollars in thousands)
Three Months Ended Year Ended
December 31, December 31,
2024 2023 2024 2023
Net income $ 119,997 $ 70,923 $ 441,243 $ 350,024
Other comprehensive (loss) income, before tax:
Unrealized gains and losses on debt securities:
Change in unrealized holding gains and losses, net (183,961 ) 293,578 (8,956 ) 147,977
Less: Reclassification adjustment for net (gains) losses included in net income — — (139 ) 279
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity 8,560 9,288 35,905 39,851
Change in unrealized gains and losses on debt securities (175,401 ) 302,866 26,810 188,107
Unrealized gains and losses on derivative hedges:
Change in unrealized gains and losses on derivative hedges, net (58,542 ) 10,767 (40,530 ) 15,015
Less: Reclassification adjustment for net gains included in net income (677 ) (2,589 ) (8,069 ) (10,654 )
Change in unrealized gains and losses on derivative hedges (59,219 ) 8,178 (48,599 ) 4,361
Other comprehensive (loss) income, before tax (234,620 ) 311,044 (21,789 ) 192,468
Income tax benefit (expense) 57,426 (75,608 ) 5,674 (46,668 )
Other comprehensive (loss) income (177,194 ) 235,436 (16,115 ) 145,800
Comprehensive (loss) income $ (57,197 ) $ 306,359 $ 425,128 $ 495,824
Consolidated Statements of Shareholders' Equity UMB Financial Corporation
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(unaudited, dollars in thousands except per share data)
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 — — 350,024 145,800 — 495,824
Dividends (1.53 per share) — — (75,286 ) — — (75,286 )
Purchase of treasury stock — — — — (8,367 ) (8,367 )
Issuances of equity awards, net of forfeitures — (10,385 ) — — 11,104 719
Recognition of equity-based compensation — 17,975 — — — 17,975
Sale of treasury stock — 220 — — 296 516
Exercise of stock options — 604 — — 1,341 1,945
Balance - December 31, 2023 55,057 $ 1,134,363 $ 2,810,824 $ (556,935 ) $ (342,890 ) $ 3,100,419
Balance - January 1, 2024 55,057 $ 1,134,363 $ 2,810,824 $ (556,935 ) $ (342,890 ) $ 3,100,419
Total comprehensive income (loss) — — 441,243 (16,115 ) — 425,128
Dividends (1.57 per share) — — (77,119 ) — — (77,119 )
Purchase of treasury stock — — — — (7,738 ) (7,738 )
Issuances of equity awards, net of forfeitures — (11,220 ) — — 11,923 703
Recognition of equity-based compensation — 21,876 — — — 21,876
Sale of treasury stock — 342 — — 240 582
Exercise of stock options — 1,690 — — 2,413 4,103
Common stock issuance costs — (1,413 ) — — — (1,413 )
Balance - December 31, 2024 55,057 $ 1,145,638 $ 3,174,948 $ (573,050 ) $ (336,052 ) $ 3,466,541

All values are in US Dollars.

Average Balances / Yields and Rates UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
Three Months Ended December 31,
2024 2023
Average Average Average Average
Balance Yield/Rate Balance Yield/Rate
Assets
Loans, net of unearned interest $ 25,289,788 6.46 % $ 23,109,063 6.54 %
Securities:
Taxable 9,739,156 2.92 8,853,426 2.41
Tax-exempt 3,565,346 3.42 3,716,141 3.44
Total securities 13,304,502 3.05 12,569,567 2.72
Federal funds and resell agreements 429,898 5.46 235,284 5.97
Interest bearing due from banks 3,573,884 4.71 2,372,767 5.40
Trading securities 25,224 5.68 16,880 5.83
Total earning assets 42,623,296 5.24 38,303,561 5.21
Allowance for credit losses (250,824 ) (223,668 )
Other assets 2,608,524 2,435,687
Total assets $ 44,980,996 $ 40,515,580
Liabilities and Shareholders' Equity
Interest-bearing deposits $ 27,379,603 3.71 % $ 22,556,514 3.76 %
Federal funds and repurchase agreements 2,250,507 4.20 1,883,392 4.61
Borrowed funds 409,474 6.75 2,286,271 5.26
Total interest-bearing liabilities 30,039,584 3.79 26,726,177 3.95
Noninterest-bearing demand deposits 10,637,616 10,118,748
Other liabilities 776,031 715,688
Shareholders' equity 3,527,765 2,954,967
Total liabilities and shareholders' equity $ 44,980,996 $ 40,515,580
Net interest spread 1.45 % 1.26 %
Net interest margin 2.57 2.46
Average Balances / Yields and Rates UMB Financial Corporation
--- --- --- --- --- --- --- --- --- --- --- --- ---
(tax - equivalent basis)
(unaudited, dollars in thousands)
Year Ended December 31,
2024 2023
Average Average Average Average
Balance Yield/Rate Balance Yield/Rate
Assets
Loans, net of unearned interest $ 24,212,645 6.66 % $ 22,337,119 6.27 %
Securities:
Taxable 9,290,809 2.77 9,097,110 2.36
Tax-exempt 3,634,588 3.44 3,790,921 3.38
Total securities 12,925,397 2.96 12,888,031 2.66
Federal funds and resell agreements 303,096 5.82 316,072 5.58
Interest bearing due from banks 3,482,402 5.23 2,046,349 5.04
Trading securities 22,311 6.53 14,030 5.65
Total earning assets 40,945,851 5.37 37,601,601 4.96
Allowance for credit losses (235,370 ) (216,245 )
Other assets 2,479,363 2,344,911
Total assets $ 43,189,844 $ 39,730,267
Liabilities and Shareholders' Equity
Interest-bearing deposits $ 25,224,201 3.89 % $ 21,122,305 3.33 %
Federal funds and repurchase agreements 2,338,455 4.56 2,175,415 4.28
Borrowed funds 1,447,646 5.61 2,311,238 5.25
Total interest-bearing liabilities 29,010,302 4.03 25,608,958 3.59
Noninterest-bearing demand deposits 10,077,251 10,640,344
Other liabilities 769,479 618,230
Shareholders' equity 3,332,812 2,862,735
Total liabilities and shareholders' equity $ 43,189,844 $ 39,730,267
Net interest spread 1.34 % 1.37 %
Net interest margin 2.51 2.52
Business Segment Information UMB Financial Corporation
--- --- --- --- --- --- --- --- --- --- ---
(unaudited, dollars in thousands)
Three Months Ended December 31, 2024
Commercial Banking Institutional Banking Personal Banking Total
Net interest income $ 180,085 $ 53,118 $ 35,771 $ 268,974
Provision for credit losses 15,392 1,021 2,587 19,000
Noninterest income 29,278 109,812 26,121 165,211
Noninterest expense 92,740 109,850 67,771 270,361
Income (loss) before taxes 101,231 52,059 (8,466 ) 144,824
Income tax expense (benefit) 17,764 8,246 (1,183 ) 24,827
Net income (loss) $ 83,467 $ 43,813 $ (7,283 ) $ 119,997
Three Months Ended December 31, 2023
Commercial Banking Institutional Banking Personal Banking Total
Net interest income $ 154,289 $ 44,150 $ 32,083 $ 230,522
Provision for credit losses (1,926 ) 653 1,273 —
Noninterest income 25,956 90,361 23,937 140,254
Noninterest expense 114,190 114,306 61,478 289,974
Income (loss) before taxes 67,981 19,552 (6,731 ) 80,802
Income tax expense (benefit) 5,198 2,867 1,814 9,879
Net income (loss) $ 62,783 $ 16,685 $ (8,545 ) $ 70,923
Year Ended December 31, 2024
Commercial Banking Institutional Banking Personal Banking Total
Net interest income $ 665,587 $ 199,821 $ 135,484 $ 1,000,892
Provision for credit losses 50,155 2,781 8,114 61,050
Noninterest income 130,187 398,306 99,624 628,117
Noninterest expense 356,136 408,323 262,227 1,026,686
Income (loss) before taxes 389,483 187,023 (35,233 ) 541,273
Income tax expense (benefit) 71,248 33,126 (4,344 ) 100,030
Net income (loss) $ 318,235 $ 153,897 $ (30,889 ) $ 441,243
Year Ended December 31, 2023
Commercial Banking Institutional Banking Personal Banking Total
Net interest income $ 598,371 $ 192,765 $ 128,980 $ 920,116
Provision for credit losses 33,184 1,406 6,637 41,227
Noninterest income 97,614 347,933 96,306 541,853
Noninterest expense 365,856 382,770 250,514 999,140
Income (loss) before taxes 296,945 156,522 (31,865 ) 421,602
Income tax expense (benefit) 47,874 26,664 (2,960 ) 71,578
Net income (loss) $ 249,071 $ 129,858 $ (28,905 ) $ 350,024

The company has strategically aligned its operations into the following three reportable segments: Commercial Banking, Institutional Banking, and Personal Banking. Senior executive officers regularly evaluate business segment financial results produced by the company’s internal reporting system in deciding how to allocate resources and assess performance for individual business segments. The company’s reportable segments include certain corporate overhead, technology and service costs that are allocated based on methodologies that are applied consistently between periods. For comparability purposes, amounts in all periods are based on methodologies in effect at December 31, 2024.

Non-GAAP Financial Measures

Net operating income Non-GAAP reconciliations: UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
Three Months Ended December 31, Year Ended December 31,
2024 2023 2024 2023
Net income (GAAP) $ 119,997 $ 70,923 $ 441,243 $ 350,024
Adjustments:
Acquisition expense 3,658 52 16,250 179
Severance expense 245 1,207 569 8,943
FDIC special assessment (826 ) 52,840 6,644 52,840
Tax-impact of adjustments (i) (497 ) (12,984 ) (2,961 ) (14,871 )
Total Non-GAAP adjustments (net of tax) 2,580 41,115 20,502 47,091
Net operating income (Non-GAAP) $ 122,577 $ 112,038 $ 461,745 $ 397,115
Earnings per share - diluted (GAAP) $ 2.44 $ 1.45 $ 8.99 $ 7.18
Acquisition expense 0.07 — 0.33 —
Severance expense — 0.02 0.01 0.18
FDIC special assessment (0.01 ) 1.08 0.14 1.08
Tax-impact of adjustments (i) (0.01 ) (0.26 ) (0.06 ) (0.30 )
Operating earnings per share - diluted (Non-GAAP) $ 2.49 $ 2.29 $ 9.41 $ 8.14
GAAP
Return on average assets 1.06 % 0.69 % 1.02 % 0.88 %
Return on average equity 13.53 9.52 13.24 12.23
Non-GAAP
Operating return on average assets 1.08 % 1.10 % 1.07 % 1.00 %
Operating return on average equity 13.82 15.04 13.85 13.87

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

Operating noninterest expense and operating efficiency ratio Non-GAAP reconciliations: UMB Financial Corporation
(unaudited, dollars in thousands)
Three Months Ended December 31, Year Ended December 31,
2024 2023 2024 2023
Noninterest expense $ 270,361 $ 289,974 $ 1,026,686 $ 999,140
Adjustments to arrive at operating noninterest expense (pre-tax):
Acquisition expense 3,658 52 16,250 179
Severance expense 245 1,207 569 8,943
FDIC special assessment (826 ) 52,840 6,644 52,840
Total Non-GAAP adjustments (pre-tax) 3,077 54,099 23,463 61,962
Operating noninterest expense (Non-GAAP) $ 267,284 $ 235,875 $ 1,003,223 $ 937,178
Noninterest expense $ 270,361 $ 289,974 $ 1,026,686 $ 999,140
Less: Amortization of other intangibles 1,917 2,048 7,705 8,587
Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A) $ 268,444 $ 287,926 $ 1,018,981 $ 990,553
Operating noninterest expense $ 267,284 $ 235,875 $ 1,003,223 $ 937,178
Less: Amortization of other intangibles 1,917 2,048 7,705 8,587
Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B) $ 265,367 $ 233,827 $ 995,518 $ 928,591
Net interest income $ 268,974 $ 230,522 $ 1,000,892 $ 920,116
Noninterest income 165,211 140,254 628,117 541,853
Less: Gains on sales of securities available for sale, net — — 139 152
Total Non-GAAP Revenue (denominator A) $ 434,185 $ 370,776 $ 1,628,870 $ 1,461,817
Efficiency ratio (numerator A/denominator A) 61.83 % 77.65 % 62.56 % 67.76 %
Operating efficiency ratio (Non-GAAP) (numerator B/denominator A) 61.12 63.06 61.12 63.52
Operating pre-tax, pre-provision income non-GAAP reconciliations: UMB Financial Corporation
--- --- --- --- --- --- --- --- --- ---
(unaudited, dollars in thousands except per share data)
Three Months Ended December 31, Year Ended December 31,
2024 2023 2024 2023
Net interest income (GAAP) $ 268,974 $ 230,522 $ 1,000,892 $ 920,116
Noninterest income (GAAP) 165,211 140,254 628,117 541,853
Noninterest expense (GAAP) 270,361 289,974 1,026,686 999,140
Adjustments to arrive at operating noninterest expense:
Acquisition expense 3,658 52 16,250 179
Severance expense 245 1,207 569 8,943
FDIC special assessment (826 ) 52,840 6,644 52,840
Total Non-GAAP adjustments 3,077 54,099 23,463 61,962
Operating noninterest expense (Non-GAAP) 267,284 235,875 1,003,223 937,178
Operating pre-tax, pre-provision income (Non-GAAP) $ 166,901 $ 134,901 $ 625,786 $ 524,791
Net interest income earnings per share - diluted (GAAP) $ 5.47 $ 4.72 $ 20.40 $ 18.87
Noninterest income (GAAP) 3.36 2.87 12.80 11.11
Noninterest expense (GAAP) 5.50 5.93 20.93 20.48
Acquisition expense 0.07 — 0.33 —
Severance expense — 0.02 0.01 0.18
FDIC special assessment (0.01 ) 1.08 0.14 1.08
Operating pre-tax, pre-provision earnings per share - diluted (Non-GAAP) $ 3.39 $ 2.76 $ 12.75 $ 10.76
Operating pre-tax, pre-provision income - FTE Non-GAAP reconciliations: UMB Financial Corporation
--- --- --- --- --- --- --- --- --- ---
(unaudited, dollars in thousands except per share data)
Three Months Ended December 31, Year Ended December 31,
2024 2023 2024 2023
Net interest income (GAAP) $ 268,974 $ 230,522 $ 1,000,892 $ 920,116
Adjustments to arrive at net interest income - FTE:
Tax equivalent interest 6,369 6,670 25,893 26,359
Net interest income - FTE (Non-GAAP) 275,343 237,192 1,026,785 946,475
Noninterest income (GAAP) 165,211 140,254 628,117 541,853
Noninterest expense (GAAP) 270,361 289,974 1,026,686 999,140
Adjustments to arrive at operating noninterest expense:
Acquisition expense 3,658 52 16,250 179
Severance expense 245 1,207 569 8,943
FDIC special assessment (826 ) 52,840 6,644 52,840
Total Non-GAAP adjustments 3,077 54,099 23,463 61,962
Operating noninterest expense (Non-GAAP) 267,284 235,875 1,003,223 937,178
Operating pre-tax, pre-provision income - FTE (Non-GAAP) $ 173,270 $ 141,571 $ 651,679 $ 551,150
Net interest income earnings per share - diluted (GAAP) $ 5.47 $ 4.72 $ 20.40 $ 18.87
Tax equivalent interest 0.13 0.14 0.53 0.54
Net interest income - FTE (Non-GAAP) 5.60 4.86 20.93 19.41
Noninterest income (GAAP) 3.36 2.87 12.80 11.11
Noninterest expense (GAAP) 5.50 5.93 20.93 20.48
Acquisition expense 0.07 — 0.33 —
Severance expense — 0.02 0.01 0.18
FDIC special assessment (0.01 ) 1.08 0.14 1.08
Operating pre-tax, pre-provision income - FTE earnings per share - diluted (Non-GAAP) $ 3.52 $ 2.90 $ 13.28 $ 11.30
Tangible book value non-GAAP reconciliations: UMB Financial Corporation
--- --- --- --- ---
(unaudited, dollars in thousands except share and per share data)
As of December 31,
2024 2023
Total shareholders' equity (GAAP) $ 3,466,541 $ 3,100,419
Less: Intangible assets
Goodwill 207,385 207,385
Other intangibles, net 63,647 71,012
Total intangibles, net 271,032 278,397
Total tangible shareholders' equity (Non-GAAP) $ 3,195,509 $ 2,822,022
Total shares outstanding 48,814,177 48,554,127
Ratio of total shareholders' equity (book value) per share $ 71.02 $ 63.85
Ratio of total tangible shareholders' equity (tangible book value) per share (Non-GAAP) 65.46 58.12

Slide 1

4th Quarter 2024 Update January 28, 2025

Slide 2

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

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

Slide 4

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

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

Slide 7

Acquisition Update

Slide 8

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

Slide 9

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

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 6% of total deposits Long-tenured relationships: 49% of our deposit accounts have been with us for more than 10 years and account for ~36% of deposit balances (1) Flexible balance sheet well-positioned for changing interest rate environments Above peer earning asset growth Lower loan-to-deposit ratio provides flexibility 28% of average deposit balances in DDA Focus on returning value to shareholders; risk-adjusted returns EPS and tangible book value growth outpace peers over the long-term Consistent dividend growth Differentiated revenue profile and growing fee income Revenue from diverse lines of business and verticals provide a natural hedge in a variety of rate environments Lower-than-peer reliance on mortgage and NSF/OD revenue Solid capital levels and ample liquidity sources Strong regulatory capital ratios Access to multiple contingent funding sources Time-tested underwriting philosophy Unwavering credit standards Long-tenured credit team – average of 24 years with UMB Chief Credit Officer – 39 years with UMB Variable asset base $1.5 billion of securities cash flow expected within 12 months (1) Average collected balances for December 2024; excludes CDs, health savings and FinTech deposits.

Slide 12

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

Slide 13

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

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. 0.10% ’04 – ‘24 Average 0.27% ’04 – ‘24 Average 0.38% 0.18% 0.52% 0.08% 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) UMBF Peer Median (1) (1) UMB peers (15 banks), as of latest available annual period. Source: S&P Capital IQ; (2) Tangible equity and tangible assets are non-GAAP measures. See reconciliation on slide 56; (3) As defined by S&P Capital IQ: “Cash, cash equivalents, and investment securities/assets.” Tangible Equity / Tangible Assets (2) UMBF Equity / Assets UMBF TCE / Tang. Assets (2) 20% 15% 10% 5% 0% 100% 75% 50% 25% 0%

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 included expenses related to the FDIC special assessment, recognized in 2023 and 2024. UMBF Peer Median (1) Risk-Weighted Assets / Assets Return on Risk-Weighted Assets (2)

Slide 17

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

Slide 18

4th Quarter 2024 Financial Review

Slide 19

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

Slide 20

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

Slide 21

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

Slide 22

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

Slide 23

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

Slide 24

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

Slide 25

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

Slide 26

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

Slide 27

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 28

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

Slide 29

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

Slide 30

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

Slide 31

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

Slide 32

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

Slide 33

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

Slide 34

Line of Business Updates

Slide 35

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% $21.3B Average balance for 4Q’24, excludes credit card. (1) Rank among U.S. Visa and Mastercard Commercial Card Issuers, Source: Nilson Report, May ‘24; (2) “Production ag lending” per ABA 3Q 2024, FDIC data. Additionally, UMB has significant relationships with “Agribusiness / Middle Market Ag” companies. #34 of 100 Largest Farm Lenders in the U.S. (2) Commercial Credit Card Purchase Volume (1) TOP 15 Prepaid & Purchasing Card Volume (1) TOP 10 Commercial Lending Portfolio Average Loan Balance & Composition

Slide 36

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

Slide 37

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

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

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

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

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

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

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FDIC Sweep Assets Under Administration $49B Institutional 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 1.6mm In HSA Deposits $3.0B Top 10 HSA Custodians in the U.S. (2) TOP 10 Benefit Cards 5.4mm ~90mm ~ 5.3 mm accounts Recognized for Investment Quality (1) Sample BaaS Partnerships Named a Top HSA for Features & Investment Options (1) (1) Investor’s Business Daily ‘23; (2) #6 in total accounts and #8 in total assets as of June 30, 2024 - Devenir Research Mid-Year ‘24. (3) End-of-period balances as of December 31, 2024. Our banking as a service (BaaS) solution includes deposit services for checking, saving, and investment accounts, including expanded FDIC insurance through our proprietary Sweep Program. In HSA Invested Assets $1.5B

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

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Appendix

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

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

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

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

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

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

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Peer Group

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

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

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

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

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

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