Equibles

8-K

UMB FINANCIAL CORP (UMBF)

8-K 2024-01-30 For: 2024-01-30
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): 1/30/2024

UMB FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Commission File Number: 001-38481

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

1010 Grand Blvd., Kansas City, MO 64106

(Address of principal executive offices, including zip code)

(816) 860-7000

(Registrant’s telephone number, including area code)

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition

On January 30, 2024, UMB Financial Corporation (the “Company”) issued a press release announcing the financial results for the Company for the quarter and year ended December 31, 2023. A copy of the press release is attached as Exhibit 99.1 and the information is hereby incorporated by reference herein. The Company does not incorporate by reference information presented at any website referenced in the press release.

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

Item 7.01 Regulation FD Disclosure

On January 30, 2024, the Company announced in the same press release that the Board of Directors of the Company had declared a quarterly dividend of $0.39 per share that is payable on April 1, 2024 to shareholders of record of the Company as of the close of business on March 11, 2024.

The Company is furnishing a copy of materials that will be used in the Company’s shareholder conference call at 8:30 a.m. (CT) on January 31, 2024. A copy of the materials is attached as Exhibit 99.2 and will be available on the Company’s website at www.umb.com. The materials are dated January 30, 2024, and the Company disclaims any obligation to correct or update any of the materials in the future.

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

Item 9.01 Financial Statements and Exhibits

99.1 Press Release announcing financial results for quarter and year ended December 31, 2023, and announcing dividend declaration.
99.2 Investor Presentation Materials, dated January 30, 2024.
104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURES

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

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

Date: January 30, 2024

EX-99.1

Exhibit 99.1

img104034057_0.jpg

UMB Financial Corporation News Release

1010 Grand Boulevard

Kansas City, MO 64106

816.860.7000

umb.com

//FOR IMMEDIATE RELEASE//

Media Contact: Stephanie Hague: 816.860.5088

Investor Relations Contact: Kay Gregory: 816.860.7106

UMB Financial Corp Reports Fourth Quarter Net Income of $70.9 Million, or $1.45 Per Diluted Share & Net Operating Income of $112.0 Million, or $2.29 Per Diluted Share.

Full-Year 2023 Earnings of $350.0 Million; Net Operating Income of $397.1 Million.

Fourth Quarter 2023 Financial Highlights

• GAAP net income of $70.9 million, or $1.45 per diluted share.

• Net operating income(i) of $112.0 million, or $2.29 per diluted share.

• Average loans increased 6.3% on a linked-quarter, annualized basis, to $23.1 billion.

• Average loans increased $2.8 billion, or 13.9%, as compared to the fourth quarter of 2022.

• Average deposits increased 17.2% on a linked-quarter, annualized basis, to $32.7 billion.

• Net interest income increased 3.7% from the linked quarter.

• Noninterest income increased 11.8% from the fourth quarter of 2022, equal to 37.8% of total revenue.

• Net interest margin was 2.46%, an increase of three basis points from the linked quarter.

• Credit quality remained strong, with net charge-offs of just 0.02% of average loans.

KANSAS CITY, Mo. (January 30, 2024) – UMB Financial Corporation (Nasdaq: UMBF), a financial services company, announced net income for the fourth quarter of 2023 of $70.9 million, or $1.45 per diluted share, compared to $96.6 million, or $1.98 per diluted share, in the third quarter of 2023 (linked quarter) and $100.2 million, or $2.06 per diluted share, in the fourth quarter of 2022. The results for the fourth quarter of 2023 include a pre-tax expense of $52.8 million for the industry-wide FDIC special assessment.

Net operating income, a non-GAAP financial measure reconciled later in this release to net income, the nearest comparable GAAP measure, was $112.0 million, or $2.29 per diluted share, for the fourth quarter of 2023, compared to $98.4 million, or $2.02 per diluted share, for the linked quarter and $101.1 million, or $2.07 per diluted share, for the fourth quarter of 2022. Operating pre-tax, pre-provision income (operating PTPP), a non-GAAP measure reconciled later in this release to the components of net income before taxes, the nearest comparable GAAP measure, was $134.9 million, or $2.76 per diluted share, for the fourth quarter of 2023, compared to $126.6 million, or $2.60 per diluted share, for the linked quarter, and $134.1 million, or $2.75 per diluted share, for the fourth quarter of 2022. These operating PTPP results represent increases of 6.6% on a linked-quarter basis and 0.6% compared to the fourth quarter of 2022.

“We closed 2023 with strong fourth quarter performance, demonstrating the power and resilience of our diversified business model. Results were accentuated by continued loan and deposit growth, expanding net interest margin and net interest income, solid fee income growth and exceptional asset quality,” said Mariner Kemper, chairman, president and chief executive officer. “Our strong business performance and

financial results were unfortunately muted by our share of the FDIC special assessment levied on banks to recoup the losses related to two of the bank failures in March 2023. I am incredibly proud of our associates who drove this performance, and deeply grateful for our loyal client base that grew with us through the much-exaggerated industry noise following the bank failures. While this was a challenging time for the industry, it was extremely rewarding to see how our company and customers came together to support each other, and the resulting positive growth and performance.”

Mr. Kemper continued, “Key highlights from our fourth quarter results included a 3.7% increase in net interest income from the linked quarter, facilitated by a 6.3% annualized increase in average loans, three basis points of net interest margin expansion, a 4.3% linked-quarter increase in average deposits, a 5.2% increase in fee income, and just 0.02% in net charge-offs. At December 31, 2023, our total deposits – which we describe as our raw material for growth – increased $3.2 billion to $35.8 billion compared to year-end 2022, and were $2.4 billion above September 30, 2023 balances. Looking ahead into 2024, we see a muted but resilient macro-economic environment, and we remain well-positioned with an attractive average loan-to-deposit ratio of 70.7%, strong capital levels, and a high-quality loan portfolio.”

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

Fourth Quarter 2023 earnings discussion

Summary of quarterly financial results UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
Q4 Q3 Q4
2023 2023 2022
Net income (GAAP) $ 70,923 $ 96,554 $ 100,173
Earnings per share - diluted (GAAP) 1.45 1.98 2.06
Operating pre-tax, pre-provision income (Non-GAAP)(i) 134,901 126,592 134,054
Operating pre-tax, pre-provision earnings per share - diluted (Non-GAAP)(i) 2.76 2.60 2.75
Operating pre-tax, pre-provision income - FTE (Non-GAAP)(i) 141,571 133,151 140,717
Operating pre-tax, pre-provision earnings per share - FTE - diluted (Non-GAAP)(i) 2.90 2.73 2.89
Net operating income (Non-GAAP)(i) 112,038 98,400 101,092
Operating earnings per share - diluted (Non-GAAP)(i) 2.29 2.02 2.07
GAAP
Return on average assets 0.69 % 0.97 % 1.06 %
Return on average equity 9.52 13.25 15.16
Efficiency ratio 77.65 64.51 63.72
Non-GAAP(i)
Operating return on average assets 1.10 % 0.99 % 1.07 %
Operating return on average equity 15.04 13.50 15.30
Operating return on average tangible equity excluding AOCI 13.05 11.77 12.85
Operating efficiency ratio 63.06 63.83 63.39

(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.
2023 2023 2022 LQ PY
Net interest income $ 230,522 $ 222,287 $ 245,166 $ 8,235 $ (14,644 )
Noninterest income:
Trust and securities processing 66,584 66,668 59,207 (84 ) 7,377
Trading and investment banking 5,751 3,771 5,251 1,980 500
Service charges on deposit accounts 21,330 21,080 19,758 250 1,572
Insurance fees and commissions 238 272 459 (34 ) (221 )
Brokerage fees 13,439 13,400 13,332 39 107
Bankcard fees 18,672 19,296 19,597 (624 ) (925 )
Investment securities gains (losses), net 1,014 271 (409 ) 743 1,423
Other 13,226 8,559 8,302 4,667 4,924
Total noninterest income $ 140,254 $ 133,317 $ 125,497 $ 6,937 $ 14,757
Total revenue $ 370,776 $ 355,604 $ 370,663 $ 15,172 $ 113
Net interest income (FTE) $ 237,192 $ 228,846 $ 251,829
Net interest margin (FTE) 2.46 % 2.43 % 2.83 %
Total noninterest income as a % of total revenue 37.8 37.5 33.9

Net interest income

• Fourth quarter 2023 net interest income totaled $230.5 million, an increase of $8.2 million, or 3.7%, from the linked quarter, driven primarily by continued growth in average loans and higher levels of liquidity, partially offset by higher interest expense.

• Average earning assets increased $933.7 million, or 2.5%, from the linked quarter, largely driven by an increase of $823.9 million in interest-bearing due from banks and $357.6 million in average loans, partially offset by a decrease of $179.2 million in average securities.

• Average interest-bearing liabilities increased $777.1 million, or 3.0%, from the linked quarter, primarily driven by an increase of $1.2 billion in interest-bearing deposits, partially offset by decreases of $319.6 million in borrowed funds and $144.0 million in federal funds and repurchase agreements. Average noninterest-bearing demand deposits increased $104.1 million, or 1.0%, as compared to the linked quarter.

• Net interest margin for the fourth quarter was 2.46%, an increase of three basis points from the linked quarter, driven by increased loan yields, the benefit of free funds, and earning asset mix changes, partially offset by the increased cost of interest-bearing liabilities. The cost of interest-bearing liabilities increased 13 basis points to 3.95%. Total cost of funds increased 12 basis points from the linked quarter to 2.87%. Both average loan yields and earning asset yields increased 13 basis points from the linked quarter.

• On a year-over-year basis, net interest income decreased $14.6 million, or 6.0%, driven by higher interest expense primarily due to an unfavorable mix shift in the composition of liabilities, as well as the impact of higher short-term interest rates on deposit costs. This decrease was partially offset by a $2.8 billion, or 13.9%, increase in average loans as well as the benefit from higher short-term interest rates on loan pricing and yields.

• Compared to the fourth quarter of 2022, average earning assets increased $3.0 billion, or 8.6%, largely driven by the increase in average loans noted above and an increase of $1.2 billion in interest-bearing due from banks, partially offset by a decrease of $611.9 million in average securities.

• Average deposits increased 4.1% compared to the fourth quarter of 2022. Average noninterest-bearing demand deposit balances decreased 18.8% compared to the fourth quarter of 2022, driven by migration to rate-bearing deposit categories, as expected in a higher interest rate environment. Average demand deposit balances comprised 31.0% of total deposits, compared to 32.0% in the linked quarter and 39.7% in the fourth quarter of 2022.

• Average borrowed funds decreased $319.6 million as compared to the linked quarter and increased $1.9 billion as compared to the fourth quarter of 2022, driven by short-term borrowings with the Federal Home Loan Bank and the Federal Reserve.

Noninterest income

• Fourth quarter 2023 noninterest income increased $6.9 million, or 5.2%, on a linked-quarter basis, largely due to:

o Increases of $3.7 million in company-owned life insurance income and $0.6 million in derivative income, both recorded in other income. The increase in company-owned life insurance was offset by a proportionate increase in deferred compensation expense as noted below.

o An increase of $2.0 million in trading and investment banking due to increased trading volume.

• Compared to the prior year, noninterest income in the fourth quarter of 2023 increased $14.8 million, or 11.8%, primarily driven by:

o Increases of $4.9 million in fund services income, $2.0 million in corporate trust income, and $0.5 million in trust servicing income, all recorded in trust and securities processing.

o Increases of $3.3 million in company-owned life insurance income and $0.6 million in bank-owned life insurance income, both recorded in other income. The increase in company-owned life insurance was offset by a proportionate increase in deferred compensation expense as noted below.

o An increase of $1.6 million in service charges on deposits primarily due to increased corporate service charge income.

o An increase of $1.4 million in investment securities gains, primarily driven by increased valuations in the company's non-marketable securities.

Noninterest expense

Summary of noninterest expense UMB Financial Corporation
(unaudited, dollars in thousands)
Q4 Q3 Q4 CQ vs. CQ vs.
2023 2023 2022 LQ PY
Salaries and employee benefits $ 134,231 $ 133,380 $ 135,940 $ 851 $ (1,709 )
Occupancy, net 12,296 12,283 12,409 13 (113 )
Equipment 16,579 17,204 18,969 (625 ) (2,390 )
Supplies and services 5,546 3,213 3,697 2,333 1,849
Marketing and business development 6,659 6,631 8,788 28 (2,129 )
Processing fees 27,271 26,016 23,545 1,255 3,726
Legal and consulting 8,424 7,230 10,664 1,194 (2,240 )
Bankcard 8,677 8,852 7,369 (175 ) 1,308
Amortization of other intangible assets 2,048 2,124 1,649 (76 ) 399
Regulatory fees 59,183 6,153 4,232 53,030 54,951
Other 9,060 8,355 10,556 705 (1,496 )
Total noninterest expense $ 289,974 $ 231,441 $ 237,818 $ 58,533 $ 52,156

• GAAP Noninterest expense for the fourth quarter of 2023 was $290.0 million, an increase of $58.5 million, or 25.3%, from the linked quarter and an increase of $52.2 million, or 21.9% from the fourth quarter of 2022. Operating noninterest expense, a non-GAAP financial measure reconciled later in this release to noninterest expense, the nearest comparable GAAP measure, was $235.9 million for the fourth quarter of 2023, an increase of $6.9 million, or 3.0%, from the linked quarter and a decrease of $0.7 million, or 0.3%, from the fourth quarter of 2022.

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

o An increase of $53.0 million in regulatory fees expense, primarily driven by the $52.8 million FDIC special assessment in the fourth quarter of 2023.

o An increase of $2.7 million in deferred compensation expense, recorded in salaries and employee benefits. The increase in deferred compensation expense was offset by the increase in company-owned life insurance income noted above.

o An increase of $2.3 million in supplies driven by purchases of computers during the fourth quarter.

o An increase of $1.5 million in charitable contribution expense, recorded in other expense.

o An increase of $1.3 million in processing fees expense due to the ongoing modernization of the company’s core systems and the timing of multiple software projects.

o These increases were partially offset by decreases of $1.6 million in payroll taxes, insurance, and 401(k) expense and $0.5 million in bonus and commission expense, both recorded in salaries and employee benefits.

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

o An increase of $55.0 million in regulatory fees, primarily driven by the $52.8 million FDIC special assessment recorded in the fourth quarter of 2023.

o An increase of $3.7 million in processing fees expense due to the ongoing modernization of the company’s core systems and the timing of multiple software projects.

o Increases of $2.4 million in deferred compensation expense and $0.7 million in salary and wage expense, both recorded in salaries and employee benefits. The increase in

deferred compensation expense was offset by the increase in company-owned life insurance income noted above.

o These increases were partially offset by the following decreases:

▪ A decrease of $5.1 million in bonus and commission expense, recorded in salaries and employee benefits.

▪ A decrease of $2.4 million in equipment expense driven by reduced software expense.

▪ A decrease of $2.2 million in legal and consulting expense due to the timing of multiple projects.

Full Year 2023 earnings discussion

Net income for the year ended December 31, 2023 was $350.0 million, or $7.18 per diluted share, compared to $431.7 million, or $8.86 per diluted share in 2022. The results for 2023 include $52.8 million in pre-tax expense for the FDIC special assessment. Net operating income, a non-GAAP financial measure reconciled to net income, the nearest comparable GAAP measure, later in this release, was $397.1 million, or $8.14 per diluted share, compared to $433.0 million, or $8.88 per diluted share in 2022. The decrease in net income from the prior year was driven by the pre-tax gain of $66.2 million recognized in 2022 on the sale of the company's Visa Inc. Class B common shares. 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 $524.8 million, or $10.76 per diluted share, compared to $571.7 million, or $11.73 per diluted share in 2022. These results represent a decrease of 8.2% as compared to 2022.

Summary of year-to-date financial results UMB Financial Corporation
(unaudited, dollars in thousands, except per share data) December December
YTD YTD
2023 2022
Net income (GAAP) $ 350,024 $ 431,682
Earnings per share - diluted (GAAP) 7.18 8.86
Operating pre-tax, pre-provision income (Non-GAAP)(i) 524,791 571,671
Operating pre-tax, pre-provision earnings per share - diluted (Non-GAAP)(i) 10.76 11.73
Operating pre-tax, pre-provision income - FTE (Non-GAAP)(i) 551,150 597,465
Operating pre-tax, pre-provision earnings per share - FTE - diluted (Non-GAAP)(i) 11.30 12.26
Net operating income (Non-GAAP)(i) 397,115 433,020
Operating earnings per share - diluted (Non-GAAP)(i) 8.14 8.88
GAAP
Return on average assets 0.88 % 1.15 %
Return on average equity 12.23 15.83
Efficiency ratio 67.76 60.84
Non-GAAP (i)
Operating return on average assets 1.00 % 1.15 %
Operating return on average equity 13.87 15.88
Operating return on average tangible equity excluding AOCI 12.17 14.38
Operating efficiency ratio 63.52 60.72

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

• Net interest income increased $6.3 million, or 0.7%, year-over-year due to a $1.9 billion, or 5.3%, increase in average earning assets, coupled with the impacts from increased short-term and long-term interest rates. The increase in earning assets was driven by an increase of $3.5 billion, or 18.7%, in average loans, partially offset by decreases of $649.8 million in federal funds and resell agreements and $611.9 million in average securities from 2022. Average interest-bearing liabilities increased $4.5 billion, or 21.1%, while noninterest-bearing demand deposits decreased $2.6 billion, or 19.8%, as expected in a higher interest rate environment. The yield on earning assets increased 170 basis points, while the cost of interest-bearing liabilities increased 253 basis points. Net interest margin for 2023 was 2.52%, compared to 2.63% in 2022.

• Full-year noninterest income decreased $12.4 million, or 2.2%, due to:

o A decrease of $61.6 million in investment securities gains, largely driven by the gain on the sale of the company's Visa Inc. Class B common shares during the second quarter of 2022, partially offset by an increase in valuation of the company's marketable securities.

o A decrease of $3.6 million in trading and investment banking due to decreased trading volume.

o These decreases were offset by the following increases:

▪ Increases of $18.4 million in company-owned life insurance and $1.7 million in bank-owned life insurance income, both recorded in other income. The increase in company-owned life insurance was offset by a proportionate increase in deferred compensation expense as noted below.

▪ Increases of $12.2 million in fund services income and $7.7 million in corporate trust income, both recorded in trust and securities processing.

▪ An increase of $11.1 million in brokerage income, primarily driven by higher 12b-1 fees and money market income.

▪ An increase of $1.3 million in bankcard income, driven by increased interchange income, partially offset by increased rewards and rebates expense.

• Full-year GAAP noninterest expense increased $101.0 million, or 11.2%, due to:

o An increase of $61.6 million in regulatory fees, primarily driven by the $52.8 million industry-wide FDIC special assessment recorded in the fourth quarter of 2023.

o An increase of $29.0 million in salaries and employee benefits, driven by increases of $23.8 million in salary and wage expense, $14.7 million in deferred compensation expense, and $6.5 million in payroll taxes, insurance, and 401(k) expense, partially offset by a decrease of $15.3 million in bonus and commission expense. The increase in deferred compensation expense was offset by the increase in company-owned life insurance income noted above.

o An increase of $20.9 million in processing fees due to the ongoing modernization of the company’s core systems and the timing of multiple software projects.

o These increases were partially offset by a decrease of $9.1 million in legal and consulting expense due to the timing of multiple projects.

Income taxes

• The company’s effective tax rate was 17.0% for the year ended December 31, 2023, compared to 18.9% for the same period in 2022. The decrease in the effective tax rate in 2023 is primarily

attributable to a larger portion of income being earned from tax-exempt municipal securities and excludable life insurance policy gains.

Balance sheet

• Average total assets for the fourth quarter of 2023 were $40.5 billion compared to $39.5 billion for the linked quarter and $37.3 billion for the same period in 2022.

Summary of average loans and leases - QTD Average UMB Financial Corporation
(unaudited, dollars in thousands)
Q4 Q3 Q4 CQ vs. CQ vs.
2023 2023 2022 LQ PY
Commercial and industrial $ 9,825,043 $ 9,852,335 $ 8,891,356 $ (27,292 ) $ 933,687
Specialty lending 496,816 526,711 559,200 (29,895 ) (62,384 )
Commercial real estate 8,890,057 8,545,206 7,323,877 344,851 1,566,180
Consumer real estate 2,945,114 2,922,753 2,678,771 22,361 266,343
Consumer 153,791 139,384 145,811 14,407 7,980
Credit cards 495,502 477,904 457,043 17,598 38,459
Leases and other 302,740 287,174 238,603 15,566 64,137
Total loans $ 23,109,063 $ 22,751,467 $ 20,294,661 $ 357,596 $ 2,814,402

• Average loans for the fourth quarter of 2023 increased $357.6 million, or 1.6%, on a linked-quarter basis and $2.8 billion, or 13.9%, compared to the fourth quarter of 2022.

Summary of average securities - QTD Average UMB Financial Corporation
(unaudited, dollars in thousands)
Q4 Q3 Q4 CQ vs. CQ vs.
2023 2023 2022 LQ PY
Securities available for sale:
U.S. Treasury $ 859,114 $ 786,136 $ 752,339 $ 72,978 $ 106,775
U.S. Agencies 169,723 172,832 171,171 (3,109 ) (1,448 )
Mortgage-backed 3,466,152 3,611,305 4,027,120 (145,153 ) (560,968 )
State and political subdivisions 1,218,176 1,275,591 1,353,307 (57,415 ) (135,131 )
Corporates 345,634 345,026 366,131 608 (20,497 )
Collateralized loan obligations 349,149 346,426 328,475 2,723 20,674
Total securities available for sale $ 6,407,948 $ 6,537,316 $ 6,998,543 $ (129,368 ) $ (590,595 )
Securities held to maturity:
U.S. Agencies $ 123,195 $ 123,165 $ 123,077 $ 30 $ 118
Mortgage-backed 2,756,528 2,814,467 2,983,489 (57,939 ) (226,961 )
State and political subdivisions 2,825,138 2,828,029 2,765,717 (2,891 ) 59,421
Total securities held to maturity $ 5,704,861 $ 5,765,661 $ 5,872,283 $ (60,800 ) $ (167,422 )
Trading securities $ 16,880 $ 17,327 $ 11,799 $ (447 ) $ 5,081
Other securities 456,758 445,380 315,748 11,378 141,010
Total securities $ 12,586,447 $ 12,765,684 $ 13,198,373 $ (179,237 ) $ (611,926 )

• Average total securities decreased 1.4% on a linked-quarter basis and 4.6% compared to the fourth quarter of 2022.

• At December 31, 2023, the unrealized pre-tax net loss on the available-for-sale securities portfolio was $624.2 million, or 8.1% of the $7.7 billion amortized cost balance. At December 31, 2023, the unrealized pre-tax net loss on the securities designated as held to maturity was $508.5 million, or 8.9% of the $5.7 billion amortized cost value.

• During 2022, the company transferred securities with an amortized cost balance of $4.1 billion and a fair value of $3.8 billion from the available-for-sale category to the held-to-maturity

category. The remaining balance of unrealized pre-tax net losses related to transferred securities was $207.2 million as of December 31, 2023 and was included in the amortized cost balance of held-to-maturity securities.

• At December 31, 2023, an after-tax gain of $55.0 million was included in accumulated other comprehensive income (AOCI) related to the company’s fair value hedges of municipal securities. During 2021, the company entered into ten of these hedge transactions, all of which have since been terminated. The gain on the terminated hedges is being amortized over the remaining life of the underlying bonds.

Summary of average deposits - QTD Average UMB Financial Corporation
(unaudited, dollars in thousands)
Q4 Q3 Q4 CQ vs. CQ vs.
2023 2023 2022 LQ PY
Deposits:
Noninterest-bearing demand $ 10,118,748 $ 10,014,686 $ 12,454,413 $ 104,062 $ (2,335,665 )
Interest-bearing demand and savings 19,457,878 18,142,212 17,952,568 1,315,666 1,505,310
Time deposits 3,098,636 3,173,549 966,969 (74,913 ) 2,131,667
Total deposits $ 32,675,262 $ 31,330,447 $ 31,373,950 $ 1,344,815 $ 1,301,312
Noninterest bearing deposits as % of total 31.0 % 32.0 % 39.7 %

• Average deposits increased 4.3% on a linked-quarter basis and 4.1% compared to the fourth quarter of 2022.

• As of December 31, 2023, total estimated uninsured deposits were $24.4 billion, or approximately 68.2% of total deposits. Estimated uninsured deposits, when adjusted to exclude affiliate (company-owned) and collateralized deposits, were $16.2 billion, and represented approximately 45.3% of total deposits.

Capital

Capital information UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
December 31, 2023 September 30, 2023 December 31, 2022
Total equity $ 3,100,419 $ 2,806,659 $ 2,667,093
Accumulated other comprehensive loss, net (556,935 ) (792,371 ) (702,735 )
Book value per common share 63.85 57.83 55.20
Tangible book value per common share (Non-GAAP)(i) 58.12 52.06 49.28
Regulatory capital:
Common equity Tier 1 capital $ 3,418,676 $ 3,357,986 $ 3,129,030
Tier 1 capital 3,418,676 3,357,986 3,129,030
Total capital 4,014,910 3,955,093 3,682,619
Regulatory capital ratios:
Common equity Tier 1 capital ratio 10.94 % 10.77 % 10.62 %
Tier 1 risk-based capital ratio 10.94 10.77 10.62
Total risk-based capital ratio 12.85 12.68 12.50
Tier 1 leverage ratio 8.49 8.55 8.43

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

• At December 31, 2023, 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
2023 2023 2023 2023 2022
Net charge-offs (recoveries) - total loans $ 1,352 $ 4,618 $ (139 ) $ 4,643 $ 2,189
Net loan charge-offs (recoveries) as a % of total average loans 0.02 % 0.08 % (0.00 )% 0.09 % 0.04 %
Loans over 90 days past due $ 3,111 $ 3,044 $ 10,675 $ 1,723 $ 1,617
Loans over 90 days past due as a % of total loans 0.01 % 0.01 % 0.05 % 0.01 % 0.01 %
Nonaccrual and restructured loans $ 13,212 $ 17,042 $ 19,347 $ 15,480 $ 19,269
Nonaccrual and restructured loans as a % of total loans 0.06 % 0.07 % 0.09 % 0.07 % 0.09 %
Provision for credit losses $ — $ 4,977 $ 13,000 $ 23,250 $ 9,000

• Provision for credit losses for the fourth quarter decreased $5.0 million from the linked quarter and $9.0 million from the fourth quarter of 2022. These decreases were driven largely by favorable changes in macro-economic variables and credit metrics in the current period as compared to the prior periods, partially offset by loan growth.

• Net charge-offs for the fourth quarter totaled $1.4 million, or 0.02%, of average loans, compared to $4.6 million, or 0.08% of average loans in the linked quarter, and $2.2 million, or 0.04% of average loans for the fourth quarter of 2022. On a year-to-date basis, net charge-offs totaled $10.5 million, or 0.05% of average loans, compared to $39.9 million, or 0.21% of average loans, for the same period in 2022.

Dividend Declaration

At the company’s quarterly board meeting, the Board of Directors declared a $0.39 per share quarterly cash dividend, payable on April 1, 2024, to shareholders of record at the close of business on March 11, 2024.

Conference Call

The company plans to host a conference call to discuss its fourth quarter 2023 earnings results on Wednesday, January 31, 2024, at 8:30 a.m. (CT).

Interested parties may access the call by dialing (toll-free) 833-470-1428 or (international) 404-975-4839 and requesting to join the UMB Financial call with access code 269364. The live call may also be accessed by visiting investorrelations.umb.com or by using the following link:

UMB Financial 4Q 2023 Conference Call

A replay of the conference call may be heard through February 14, 2024, by calling (toll-free)

866-813-9403 or (international) 929-458-6194. The replay access code required for playback is 190379. The call replay may also be accessed at investorrelations.umb.com.

Non-GAAP Financial Information

In this release, we may provide information about net operating income, operating earnings per share – diluted (operating EPS), operating return on average equity (operating ROE), operating return on average assets (operating ROA), operating noninterest expense, operating efficiency ratio, operating pre-tax, pre-provision income (operating PTPP), operating pre-tax, pre-provision earnings per share – diluted (operating PTPP EPS), operating pre-tax, pre-provision income on a fully tax equivalent basis (operating PTPP-FTE), operating pre-tax, pre-provision FTE earnings per share – diluted (operating PTPP-FTE EPS), tangible shareholders’ equity, tangible book value per share, and operating return on average tangible equity excluding AOCI, all of which are non-GAAP financial measures. This information

supplements the results that are reported according to generally accepted accounting principles in the United States (GAAP) and should not be viewed in isolation from, or as a substitute for, GAAP results. The differences between the non-GAAP financial measures – net operating income, operating EPS, operating ROE, operating ROA, operating noninterest expense, operating efficiency ratio, operating PTPP, operating PTPP EPS, operating PTPP-FTE, operating PTPP-FTE EPS, tangible shareholders’ equity, tangible book value per share, and operating return on average tangible equity excluding AOCI – and the nearest comparable GAAP financial measures are reconciled later in this release. The company believes that these non-GAAP financial measures and the reconciliations may be useful to investors because they adjust for acquisition- and severance-related items, 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, severance expense, 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, severance expense, 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.

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

Forward-Looking Statements:

This press release contains, and our other communications may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “outlook,” “forecast,” “target,” “trend,” “plan,” “goal,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, results, or aspirations. All forward-looking statements are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Our actual future objectives, strategies, plans, prospects, performance, condition, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events,

circumstances, or aspirations to differ from those in forward-looking statements are described in our Annual Report on Form 10-K for the year ended December 31, 2022, our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (SEC). In addition to such factors that have been disclosed previously: macroeconomic and adverse developments and uncertainties related to the collateral effects of the collapse of, and challenges for, domestic and international banks, including the impacts to the U.S. and global economies; sustained levels of high inflation and the potential for an economic recession on the heels of aggressive quantitative tightening by the Federal Reserve, and impacts related to or resulting from 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
(dollars in thousands)
2022
(audited)
ASSETS
Loans 23,172,484 $ 21,031,189
Allowance for credit losses on loans (219,738 ) (191,836 )
Net loans 22,952,746 20,839,353
Loans held for sale 4,420 1,978
Securities:
Available for sale 7,068,613 7,006,347
Held to maturity, net of allowance for credit losses 5,688,610 5,859,192
Trading securities 18,093 17,980
Other securities 492,935 349,758
Total securities 13,268,251 13,233,277
Federal funds sold and resell agreements 245,344 958,597
Interest-bearing due from banks 5,159,802 1,179,105
Cash and due from banks 447,201 500,682
Premises and equipment, net 241,700 263,649
Accrued income 220,306 189,231
Goodwill 207,385 207,385
Other intangibles, net 71,012 78,724
Other assets 1,193,507 1,060,480
Total assets 44,011,674 $ 38,512,461
LIABILITIES
Deposits:
Noninterest-bearing demand 12,130,662 $ 13,260,363
Interest-bearing demand and savings 20,588,606 18,461,632
Time deposits under 250,000 2,292,899 379,087
Time deposits of 250,000 or more 780,692 538,051
Total deposits 35,792,859 32,639,133
Federal funds purchased and repurchase agreements 2,119,644 2,222,167
Short-term debt 1,800,000 —
Long-term debt 383,247 381,311
Accrued expenses and taxes 389,860 239,624
Other liabilities 425,645 363,133
Total liabilities 40,911,255 35,845,368
SHAREHOLDERS' EQUITY
Common stock 55,057 55,057
Capital surplus 1,134,363 1,125,949
Retained earnings 2,810,824 2,536,086
Accumulated other comprehensive loss, net (556,935 ) (702,735 )
Treasury stock (342,890 ) (347,264 )
Total shareholders' equity 3,100,419 2,667,093
Total liabilities and shareholders' equity 44,011,674 $ 38,512,461

All values are in US Dollars.

Consolidated Statements of Income UMB Financial Corporation
(dollars in thousands except share and per share data)
Three Months Ended Year Ended
December 31, December 31,
2023 2022 2023 2022
(unaudited) (unaudited) (unaudited) (audited)
INTEREST INCOME
Loans $ 381,041 $ 273,648 $ 1,399,961 $ 810,007
Securities:
Taxable interest 53,890 51,441 214,981 192,121
Tax-exempt interest 25,637 25,105 102,197 97,190
Total securities income 79,527 76,546 317,178 289,311
Federal funds and resell agreements 3,540 7,106 17,647 19,109
Interest-bearing due from banks 32,267 9,373 103,190 18,582
Trading securities 227 139 729 511
Total interest income 496,602 366,812 1,838,705 1,137,520
INTEREST EXPENSE
Deposits 213,842 97,484 704,210 167,553
Federal funds and repurchase agreements 21,903 18,848 93,026 40,703
Other 30,335 5,314 121,353 15,467
Total interest expense 266,080 121,646 918,589 223,723
Net interest income 230,522 245,166 920,116 913,797
Provision for credit losses — 9,000 41,227 37,900
Net interest income after provision for credit losses 230,522 236,166 878,889 875,897
NONINTEREST INCOME
Trust and securities processing 66,584 59,207 257,200 237,207
Trading and investment banking 5,751 5,251 19,630 23,201
Service charges on deposit accounts 21,330 19,758 84,950 85,167
Insurance fees and commissions 238 459 1,009 1,338
Brokerage fees 13,439 13,332 54,119 43,019
Bankcard fees 18,672 19,597 74,719 73,451
Investment securities gains (losses), net 1,014 (409 ) (3,139 ) 58,444
Other 13,226 8,302 53,365 32,406
Total noninterest income 140,254 125,497 541,853 554,233
NONINTEREST EXPENSE
Salaries and employee benefits 134,231 135,940 553,421 524,431
Occupancy, net 12,296 12,409 48,502 48,848
Equipment 16,579 18,969 68,718 74,259
Supplies and services 5,546 3,697 16,829 13,590
Marketing and business development 6,659 8,788 25,749 25,699
Processing fees 27,271 23,545 103,099 82,227
Legal and consulting 8,424 10,664 29,998 39,095
Bankcard 8,677 7,369 32,969 26,367
Amortization of other intangible assets 2,048 1,649 8,587 5,037
Regulatory fees 59,183 4,232 77,010 15,378
Other 9,060 10,556 34,258 43,188
Total noninterest expense 289,974 237,818 999,140 898,119
Income before income taxes 80,802 123,845 421,602 532,011
Income tax expense 9,879 23,672 71,578 100,329
NET INCOME $ 70,923 $ 100,173 $ 350,024 $ 431,682
PER SHARE DATA
Net income – basic $ 1.46 $ 2.07 $ 7.22 $ 8.93
Net income – diluted 1.45 2.06 7.18 8.86
Dividends 0.39 0.38 1.53 1.49
Weighted average shares outstanding – basic 48,538,127 48,310,993 48,503,643 48,340,922
Weighted average shares outstanding – diluted 48,860,020 48,735,088 48,763,820 48,747,399
Consolidated Statements of Comprehensive Income UMB Financial Corporation
--- --- --- --- --- --- --- --- --- --- --- --- ---
(dollars in thousands)
Three Months Ended Year Ended
December 31, December 31,
2023 2022 2023 2022
(unaudited) (unaudited) (unaudited) (audited)
Net income $ 70,923 $ 100,173 $ 350,024 $ 431,682
Other comprehensive income (loss), before tax:
Unrealized gains and losses on debt securities:
Change in unrealized holding gains and losses, net 293,578 64,924 147,977 (1,137,417 )
Less: Reclassification adjustment for net losses included in net income — — 279 —
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity 9,288 11,186 39,851 36,894
Change in unrealized gains and losses on debt securities 302,866 76,110 188,107 (1,100,523 )
Unrealized gains and losses on derivative hedges:
Change in unrealized gains and losses on derivative hedges, net 10,767 170 15,015 12,608
Less: Reclassification adjustment for net gains included in net income (2,589 ) (1,942 ) (10,654 ) (5,353 )
Change in unrealized gains and losses on derivative hedges 8,178 (1,772 ) 4,361 7,255
Other comprehensive income (loss), before tax 311,044 74,338 192,468 (1,093,268 )
Income tax (expense) benefit (75,608 ) (17,813 ) (46,668 ) 264,219
Other comprehensive income (loss) 235,436 56,525 145,800 (829,049 )
Comprehensive income (loss) $ 306,359 $ 156,698 $ 495,824 $ (397,367 )
Consolidated Statements of Shareholders' Equity UMB Financial Corporation
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(dollars in thousands except per share data)
(audited) Capital<br>Surplus Retained<br>Earnings Accumulated Other Comprehensive Income (Loss) Treasury<br>Stock Total
Balance - January 1, 2022 55,057 $ 1,110,520 $ 2,176,998 $ 126,314 $ (323,465 ) $ 3,145,424
Total comprehensive income (loss) — — 431,682 (829,049 ) — (397,367 )
Dividends (1.49 per share) — — (72,594 ) — — (72,594 )
Purchase of treasury stock — — — — (31,997 ) (31,997 )
Issuances of equity awards, net of forfeitures — (6,143 ) — — 6,822 679
Recognition of equity-based compensation — 20,812 — — — 20,812
Sale of treasury stock — 351 — — 245 596
Exercise of stock options — 409 — — 1,131 1,540
Balance - December 31, 2022 55,057 $ 1,125,949 $ 2,536,086 $ (702,735 ) $ (347,264 ) $ 2,667,093
(unaudited)
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

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,
2023 2022
Average Average Average Average
Balance Yield/Rate Balance Yield/Rate
Assets
Loans, net of unearned interest $ 23,109,063 6.54 % $ 20,294,661 5.35 %
Securities:
Taxable 8,853,426 2.41 9,382,837 2.18
Tax-exempt 3,716,141 3.44 3,803,737 3.31
Total securities 12,569,567 2.72 13,186,574 2.50
Federal funds and resell agreements 235,284 5.97 656,092 4.30
Interest bearing due from banks 2,372,767 5.40 1,135,356 3.28
Trading securities 16,880 5.83 11,799 5.31
Total earning assets 38,303,561 5.21 35,284,482 4.20
Allowance for credit losses (223,668 ) (188,299 )
Other assets 2,435,687 2,243,437
Total assets $ 40,515,580 $ 37,339,620
Liabilities and Shareholders' Equity
Interest-bearing deposits $ 22,556,514 3.76 % $ 18,919,537 2.04 %
Federal funds and repurchase agreements 1,883,392 4.61 2,424,171 3.08
Borrowed funds 2,286,271 5.26 396,874 5.31
Total interest-bearing liabilities 26,726,177 3.95 21,740,582 2.22
Noninterest-bearing demand deposits 10,118,748 12,454,413
Other liabilities 715,688 522,932
Shareholders' equity 2,954,967 2,621,693
Total liabilities and shareholders' equity $ 40,515,580 $ 37,339,620
Net interest spread 1.26 % 1.98 %
Net interest margin 2.46 2.83
Average Balances / Yields and Rates UMB Financial Corporation
--- --- --- --- --- --- --- --- --- --- --- --- ---
(tax - equivalent basis)
(unaudited, dollars in thousands)
Year Ended December 31,
2023 2022
Average Average Average Average
Balance Yield/Rate Balance Yield/Rate
Assets
Loans, net of unearned interest $ 22,337,119 6.27 % $ 18,823,810 4.30 %
Securities:
Taxable 9,097,110 2.36 9,616,691 2.00
Tax-exempt 3,790,921 3.38 3,885,153 3.16
Total securities 12,888,031 2.66 13,501,844 2.33
Federal funds and resell agreements 316,072 5.58 965,911 1.98
Interest bearing due from banks 2,046,349 5.04 2,408,468 0.77
Trading securities 14,030 5.65 12,076 4.96
Total earning assets 37,601,601 4.96 35,712,109 3.26
Allowance for credit losses (216,245 ) (184,072 )
Other assets 2,344,911 2,050,976
Total assets $ 39,730,267 $ 37,579,013
Liabilities and Shareholders' Equity
Interest-bearing deposits $ 21,122,305 3.33 % $ 18,063,498 0.93 %
Federal funds and repurchase agreements 2,175,415 4.28 2,777,089 1.47
Borrowed funds 2,311,238 5.25 309,204 5.00
Total interest-bearing liabilities 25,608,958 3.59 21,149,791 1.06
Noninterest-bearing demand deposits 10,640,344 13,264,146
Other liabilities 618,230 438,772
Shareholders' equity 2,862,735 2,726,304
Total liabilities and shareholders' equity $ 39,730,267 $ 37,579,013
Net interest spread 1.37 % 2.20 %
Net interest margin 2.52 2.63
Business Segment Information UMB Financial Corporation
--- --- --- --- --- --- --- --- --- --- ---
(unaudited, dollars in thousands)
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 5,321 2,913 1,645 9,879
Net income (loss) $ 62,660 $ 16,639 $ (8,376 ) $ 70,923
Three Months Ended December 31, 2022
Commercial Banking Institutional Banking Personal Banking Total
Net interest income $ 151,856 $ 55,063 38,247 $ 245,166
Provision for credit losses 7,668 93 1,239 9,000
Noninterest income 22,233 80,055 23,209 125,497
Noninterest expense 86,682 86,791 64,345 237,818
Income (loss) before taxes 79,739 48,234 (4,128 ) 123,845
Income tax expense (benefit) 15,176 9,264 (768 ) 23,672
Net income (loss) $ 64,563 $ 38,970 $ (3,360 ) $ 100,173
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) 48,403 26,838 (3,663 ) 71,578
Net income (loss) $ 248,542 $ 129,684 $ (28,202 ) $ 350,024
Year Ended December 31, 2022
Commercial Banking Institutional Banking Personal Banking Total
Net interest income $ 596,031 $ 159,679 $ 158,087 $ 913,797
Provision for credit losses 32,851 495 4,554 37,900
Noninterest income 122,614 323,794 107,825 554,233
Noninterest expense 332,912 320,976 244,231 898,119
Income before taxes 352,882 162,002 17,127 532,011
Income tax expense 67,134 31,889 1,306 100,329
Net income $ 285,748 $ 130,113 $ 15,821 $ 431,682

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, 2023.

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,
2023 2022 2023 2022
Net income (GAAP) $ 70,923 $ 100,173 $ 350,024 $ 431,682
Adjustments:
Acquisition expense 52 851 179 922
Severance expense 1,207 358 8,943 838
FDIC special assessment 52,840 — 52,840 —
Tax-impact of adjustments (i) (12,984 ) (290 ) (14,871 ) (422 )
Total Non-GAAP adjustments (net of tax) 41,115 919 47,091 1,338
Net operating income (Non-GAAP) $ 112,038 $ 101,092 $ 397,115 $ 433,020
Earnings per share - diluted (GAAP) $ 1.45 $ 2.06 $ 7.18 $ 8.86
Acquisition expense — 0.02 — 0.02
Severance expense 0.02 0.01 0.18 0.02
FDIC special assessment 1.08 — 1.08 —
Tax-impact of adjustments (i) (0.26 ) (0.02 ) (0.30 ) (0.02 )
Operating earnings per share - diluted (Non-GAAP) $ 2.29 $ 2.07 $ 8.14 $ 8.88
GAAP
Return on average assets 0.69 % 1.06 % 0.88 % 1.15 %
Return on average equity 9.52 15.16 12.23 15.83
Non-GAAP
Operating return on average assets 1.10 % 1.07 % 1.00 % 1.15 %
Operating return on average equity 15.04 15.30 13.87 15.88

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

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,
2023 2022 2023 2022
Noninterest expense $ 289,974 $ 237,818 $ 999,140 $ 898,119
Adjustments to arrive at operating noninterest expense (pre-tax):
Acquisition expense 52 851 179 922
Severance expense 1,207 358 8,943 838
FDIC special assessment 52,840 — 52,840 —
Total Non-GAAP adjustments (pre-tax) 54,099 1,209 61,962 1,760
Operating noninterest expense (Non-GAAP) $ 235,875 $ 236,609 $ 937,178 $ 896,359
Noninterest expense $ 289,974 $ 237,818 $ 999,140 $ 898,119
Less: Amortization of other intangibles 2,048 1,649 8,587 5,037
Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A) $ 287,926 $ 236,169 $ 990,553 $ 893,082
Operating noninterest expense $ 235,875 $ 236,609 $ 937,178 $ 896,359
Less: Amortization of other intangibles 2,048 1,649 8,587 5,037
Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B) $ 233,827 $ 234,960 $ 928,591 $ 891,322
Net interest income $ 230,522 $ 245,166 $ 920,116 $ 913,797
Noninterest income 140,254 125,497 541,853 554,233
Less: Gains on sales of securities available for sale, net — — 152 —
Total Non-GAAP Revenue (denominator A) $ 370,776 $ 370,663 $ 1,461,817 $ 1,468,030
Efficiency ratio (numerator A/denominator A) 77.65 % 63.72 % 67.76 % 60.84 %
Operating efficiency ratio (Non-GAAP) (numerator B/denominator A) 63.06 63.39 63.52 60.72
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,
2023 2022 2023 2022
Net interest income (GAAP) $ 230,522 $ 245,166 $ 920,116 $ 913,797
Noninterest income (GAAP) 140,254 125,497 541,853 554,233
Noninterest expense (GAAP) 289,974 237,818 999,140 898,119
Adjustments to arrive at operating noninterest expense:
Acquisition expense 52 851 179 922
Severance expense 1,207 358 8,943 838
FDIC special assessment 52,840 — 52,840 —
Total Non-GAAP adjustments 54,099 1,209 61,962 1,760
Operating noninterest expense (Non-GAAP) 235,875 236,609 937,178 896,359
Operating pre-tax, pre-provision income (Non-GAAP) $ 134,901 $ 134,054 $ 524,791 $ 571,671
Net interest income earnings per share - diluted (GAAP) $ 4.72 $ 5.03 $ 18.87 $ 18.75
Noninterest income (GAAP) 2.87 2.57 11.11 11.37
Noninterest expense (GAAP) 5.93 4.88 20.48 18.43
Acquisition expense — 0.02 — 0.02
Severance expense 0.02 0.01 0.18 0.02
FDIC special assessment 1.08 — 1.08 —
Operating pre-tax, pre-provision earnings per share - diluted (Non-GAAP) $ 2.76 $ 2.75 $ 10.76 $ 11.73
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,
2023 2022 2023 2022
Net interest income (GAAP) $ 230,522 $ 245,166 $ 920,116 $ 913,797
Adjustments to arrive at net interest income - FTE:
Tax equivalent interest 6,670 6,663 26,359 25,794
Net interest income - FTE (Non-GAAP) 237,192 251,829 946,475 939,591
Noninterest income (GAAP) 140,254 125,497 541,853 554,233
Noninterest expense (GAAP) 289,974 237,818 999,140 898,119
Adjustments to arrive at operating noninterest expense:
Acquisition expense 52 851 179 922
Severance expense 1,207 358 8,943 838
FDIC special assessment 52,840 — 52,840 —
Total Non-GAAP adjustments 54,099 1,209 61,962 1,760
Operating noninterest expense (Non-GAAP) 235,875 236,609 937,178 896,359
Operating pre-tax, pre-provision income - FTE (Non-GAAP) $ 141,571 $ 140,717 $ 551,150 $ 597,465
Net interest income earnings per share - diluted (GAAP) $ 4.72 $ 5.03 $ 18.87 $ 18.75
Tax equivalent interest 0.14 0.14 0.54 0.53
Net interest income - FTE (Non-GAAP) 4.86 5.17 19.41 19.28
Noninterest income (GAAP) 2.87 2.57 11.11 11.37
Noninterest expense (GAAP) 5.93 4.88 20.48 18.43
Acquisition expense — 0.02 — 0.02
Severance expense 0.02 0.01 0.18 0.02
FDIC special assessment 1.08 — 1.08 —
Operating pre-tax, pre-provision income - FTE earnings per share - diluted (Non-GAAP) $ 2.90 $ 2.89 $ 11.30 $ 12.26
Tangible book value non-GAAP reconciliations: UMB Financial Corporation
--- --- --- --- ---
(unaudited, dollars in thousands except share and per share data)
As of December 31,
2023 2022
Total shareholders' equity (GAAP) $ 3,100,419 $ 2,667,093
Less: Intangible assets
Goodwill 207,385 207,385
Other intangibles, net 71,012 78,724
Total intangibles, net 278,397 286,109
Total tangible shareholders' equity (Non-GAAP) $ 2,822,022 $ 2,380,984
Total shares outstanding 48,554,127 48,319,404
Ratio of total shareholders' equity (book value) per share $ 63.85 $ 55.20
Ratio of total tangible shareholders' equity (tangible book value) per share (Non-GAAP) 58.12 49.28
Operating return on average tangible equity excluding AOCI non-GAAP reconciliations: UMB Financial Corporation
--- --- --- --- --- --- --- --- --- --- --- --- ---
(unaudited, dollars in thousands)
Three Months Ended December 31, Year Ended December 31,
2023 2022 2023 2022
Average total shareholders' equity (GAAP) $ 2,954,967 $ 2,621,693 $ 2,862,735 $ 2,726,304
Less: Average intangible assets
Average goodwill 207,385 194,805 207,385 183,512
Average other intangibles, net 72,322 46,243 74,868 22,414
Average total intangibles, net 279,707 241,049 282,254 205,926
Average total tangible shareholders' equity (Non-GAAP) 2,675,260 2,380,644 2,580,481 2,520,378
Less: Average accumulated other comprehensive loss (AOCI) (730,891 ) (741,438 ) (681,436 ) (490,058 )
Average total tangible shareholders' equity excluding AOCI (Non-GAAP) $ 3,406,151 $ 3,122,082 $ 3,261,918 $ 3,010,436
Net operating income (Non-GAAP) $ 112,038 $ 101,092 $ 397,115 $ 433,020
Operating return on average tangible equity excluding AOCI (Non-GAAP) 13.05 % 12.85 % 12.17 % 14.38 %

Slide 1

4th Quarter 2023 Update January 30, 2024

Slide 2

Presentation Index Corporate Overview Opportunity – Our Investment Thesis 4th Quarter 2023 Results Line of Business Updates Appendix 3 8 16 32 43 Board of Directors Forward-Looking Statements Non-GAAP Reconciliations Please refer to the Forward-Looking Statements on slide 45 for important disclosures about information contained in this presentation. Peer Group

Slide 3

Corporate Overview Asset-based lending Healthcare Services National Presence International Presence UMBF Trust & Agency Services – Dublin, Ireland Specialized Lending Verticals Corporate Trust Capital Markets (4) Fund Services Private Wealth Management & Personal Trust At, or for, 3 months ended 12/31/23. (1) Includes $12.3B managed assets & $4.0B in Assets Under Administration for Private Wealth customers; (2) Includes AUA in Fund Services/custody, corporate trust and Healthcare Services; (3) Operating ROTCE & operating ROTCE ex. AOCI are non-GAAP measures. See reconciliation on slide 51; (4) UMB Bank, n.a. Capital Markets Div. 90 banking centers 235 ATMs UMB Bank Presence & Expansion UMB Financial Corporation Headquarters Highlights

Slide 4

Business Model Our Diverse Foundation Commercial & Personal Banking Services 4Q’23 Revenue: $236.3 million. 4Q’23 Average Deposits: $19.5 billion Average loans: $3.1B (1) (2) Average deposits: $6.1B Retail deposit & lending services through 90 branches and online Private banking services Consumer mortgage AUM = $12.3B AUA = $4.0B Financial planning Investment management Wealth solutions Business succession and exit planning Trust & custody Estate planning Direct private equity investment access C&I lending Small business lending CRE & Construction lending Average loans: $19.5B (1) Average deposits: $13.4B Agribusiness Energy Practice finance Mezzanine debt & equity investments Commercial Consumer Private Wealth Institutional Banking Services 4Q’23 Revenue: $134.5 million. 4Q’23 Average Deposits: $11.4 billion Institutional Banking provides solutions for the entire marketplace; $447.2 billion in AUA (3) Corporate Trust Bond trustee, paying agent & escrow services Institutional Custody Domestic & international custody services Fund Services Fund accounting, fund administration & transfer agency Alternative investment servicing Specialty Trust & Agency Solutions Default workout & successor trustee services Aviation, ABS & loan agency services Capital Markets Division (4) Fixed income sales & trading Public finance Asset / liability management services Investor Solutions Banking, cash management & specialty services for financial firms Healthcare Services Health savings & benefit spending accounts Healthcare payment solutions Aviation Asset-based lending Beverage Treasury management Merchant payments Specialized Expertise: Balances at, or for quarter ended, 12/31/23 (1) Loan balances exclude credit card; (2) Includes consumer plus residential real estate loans; (3) Includes AUA in Fund Services/custody, corporate trust & Healthcare Services; (4) Products offered through UMB Bank Capital Markets Div.: NOT FDIC INSURED | MAY LOSE VALUE  | NOT BANK GUARANTEED.

Slide 5

An unwavering commitment to doing more for our customers. 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.

Slide 6

Beyond Financials Our Culture Creating an unparalleled customer experience requires a culture where our people feel part of something more, something bigger. We foster this experience through our policies, our business decisions and our expectations of each associate. the unparalleled customer experience Whether it’s having a heart for each other, our customers or our communities, we support work through inclusive policies and empowering people to create fulfilling lives in and out of the workplace. MORE HEART Our associates have confidence they will be encouraged and expected to do the right thing at all times — no matter what. We’re focused on setting clear expectations and a leadership team who is accessible and transparent. MORE TRUST Our goal is to grow existing strengths and build new skills. We’re committed to empowering our workforce to make an impact and achieve their goals through open conversations and providing the tools to develop potential. MORE OPPORTUNITY

Slide 7

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

Slide 8

Our Investment Thesis

Slide 9

Investment Thesis Our Opportunity Track record of strong loan growth – opportunities remain Underpenetrated across our geographic footprint, focused on market share gains Underpenetrated vertically on an asset class basis; built out specialized teams Runway for Growth Diverse deposit base across multiple lines of business, customer segments and geographies No one commercial sector represents more than 5% of total average deposits Long-tenured relationships: Clients that have been with us for more than 15 years hold ~47% 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 31% of average deposit balances in DDA Focus on returning value to shareholders; risk-adjusted returns EPS and tangible book value growth outpace peers over the long-term Consistent dividend growth Differentiated revenue profile and growing fee income Revenue from diverse lines of business and verticals provide a natural hedge in all rate environments Lower-than-peer reliance on mortgage and NSF/OD revenue Solid capital levels and ample liquidity sources Strong regulatory capital ratios Access to multiple contingent funding sources Time-tested underwriting philosophy Unwavering credit standards Long-tenured credit team – average of 23 years with UMB Chief Credit Officer – 38 years with UMB Variable asset base > $1.6 billion of securities cash flow expected within 12 months (2) (1) Average collected balances for December 2023; excludes CDs, health savings and FinTech deposits. (2) Excludes $500mm in short-term T-Bills purchased as additional collateral for public funds deposits in 4Q’23.

Slide 10

Capital & Liquidity Supports Growth Outlook Cash & Securities / Assets (3) Average Loans / Average Deposits Tier 1 Capital Ratio Equity / Assets UMBF Peer Median (1) UMBF Peer Median (1) Peer Median TCE / Tang. Assets (1) (2) UMBF Peer Median (1) (1) UMB peers (15 banks), as of latest available annual period. Source: S&P Global Market Intelligence; Peer group defined on slide 46; (2) Tangible equity and tangible assets are non-GAAP measures. See reconciliation on slide 50; (3) As defined by S&P Global: “Cash, cash equiv. & investment securities/assets.” Tangible Equity / Tangible Assets (2) UMBF Equity / Assets UMBF TCE / Tang. Assets (2)

Slide 11

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

Slide 12

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

Slide 13

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 Global Market Intelligence; (2) All FDIC-insured banks, as of last available annual period. Source: FDIC. 0.05% 0.06% 15 Year Average 0.29% 15 Year Average 0.44%

Slide 14

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 Global Market Intelligence. (2) The numerator for the calculation of Return on Risk-Weighted Assets is GAAP net income, which in 2023 included $52.8 million of pre-tax expense for the FDIC special assessment, recognized in 4Q’23. UMBF Peer Median (1) Risk-Weighted Assets / Assets Return on Risk-Weighted Assets (2)

Slide 15

Dividend Trends Sustained Growth (1) Dividends adjusted for 2-for-1 stock split in 2006. Annual Dividends Declared (1) +282.5% 2003 - 2023 2023 = $1.53 +2.7% vs. 2022

Slide 16

4th Quarter 2023 Financial Review

Slide 17

(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 49; (3) Net operating income & operating EPS are non-GAAP measures. See reconciliation on slide 48. 4Q 2023 Results At-A-Glance $ millions, except per share amounts. 4Q ’22 3Q ’23 4Q ’23 Linked-Quarter Variance & Commentary

Slide 18

4Q 2023 Earnings Highlights Operating PTPP Income (2) $126.6 $134.9 $134.1 $135.4 $127.9 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 48; (2) Operating PTPP income is a non-GAAP measure. See reconciliation on slide 49; (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) $93.8 $98.4 $112.0 $101.1 $92.8

Slide 19

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

Slide 20

Net Interest Income $1.8B $2.6B $1.8B $2.0B $3.0B Asset Yield and Liability Cost Trends Liquidity Trends NIM Spread Net Interest Income $222.3 $245.2 $241.7 5.1% 5.4% 7.8% 5.0% 6.8% $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 % $225.6 Pre- pandemic $2.1B

Slide 21

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 Global Market Intelligence. Investment Securities Gains (Losses) Brokerage Fees Trust / Securities Processing Bankcard Fees Trading / Invest. Banking Other Income Deposit Svc. Charges. $133.3 $140.3 $125.5 $130.2 $138.1 LQ Variance Noninterest income increased $6.9mm or 5.2%, vs. 3Q’23. Primary drivers: Increases of $3.7mm in company-owned life insurance (“COLI”) income and $567k in derivative income, both in “other income”, and An increase of $2.0mm in trading and investment banking related to higher municipal security trading volumes. COLI income was $3.3mm in 4Q’23, -$410k in 3Q’23, and $21k in 4Q’22. This income variance is offset by a proportionate change in deferred compensation expense. Composition / Changes in Inv. Securities Gains (Losses) and Trust & Securities Processing

Slide 22

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 49. Noninterest expense increased $58.5mm or 25.3%, vs. 3Q’23 on a GAAP basis. On an operating basis, which excludes the FDIC special assessment and expenses related to acquisitions and severance, noninterest expense increased $6.9mm, or 3.0%. (2) Primary drivers: An increase of $2.3mm in supplies related largely to the purchase of computers during 4Q’23, $1.5mm of additional charitable contributions compared to 3Q’23, $1.3mm increase in processing fees and $1.2mm in additional legal/consulting expense, as various systems and other projects were completed, and The following variances in salaries and employee benefits: +$2.7mm in deferred compensation expense, -$1.6mm in payroll taxes, insurance and 401(k) expense, and -$467k in bonus & commission expense. Deferred compensation expense was $3.1mm in 4Q’23, $425k in 3Q’23, and $763k in 4Q’22. Variances are offset by a proportionate change in COLI income. 4Q ’22 1Q ’23 2Q ’23 3Q ’23 4Q ’23 $ ∆ % ∆ $ in millions Linked-Qtr. Variance Excludes FDIC special assessment and other expenses as noted on slide 49.

Slide 23

$21,272 $ 22,192 $ 22,751 $ 23,109 Diversified Loan Portfolio Average balances in millions. Average Loan Yield Commercial R/E Asset-Based Lending C&I Residential R/E Consumer Construction Credit Card $ 20,295 Kansas City 33% Colorado 17% Arizona 9% St. Louis 16% Greater MO 5% KS - 2% Texas 11% NE - 2% OK - 1% Utah - 4% 4Q ’22 3Q ’23 4Q ’23 Linked-Qtr. Variance $ ∆ % ∆ Loans by Region

Slide 24

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

Slide 25

Strong Asset Quality Nonperforming Loans NPLs / Total Loans Net Loan Charge-Offs (Recoveries) Delinquencies Delinquencies (1) Delinquencies / Total Loans Allowance for Credit Losses on Loans ACL / Total Loans Nonperforming Loans Allowance for Credit Losses Dollars in millions. (1) Delinquencies represent accruing loans > 30 days past due. Net Charge-offs (Recoveries) NCOs / Average Loans ($0.1)

Slide 26

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

Slide 27

High-Quality Investment Portfolio $6,537 $6,408 $6,999 $6,963 $5,766 $5,705 $5,872 $5,872 $5,824 Average balances - $ millions Average Blended Yield Treasuries Corp. & Commercial Paper GNMA/GSE Mortgage-Backed GSE Agencies General Obligation Municipals Revenue Bonds Collateralized Loan Obligations $6,816 Available-for-Sale (1) Held-to-Maturity (1) (1) Balances are presented at carrying value, which is fair value for the available-for-sale portfolio and amortized cost for the held-to-maturity portfolio. Average balances - $ millions

Slide 28

Securities Portfolio Statistics Amortized Cost Fair Value Net Unrealized Loss (4) Securities Portfolio Activity (1) $ in millions Additional 4Q’23 Activity Purchased $500 million of short-term Treasury Bills @ 5.39% as additional collateral for public funds deposits $ in millions; as of 12/31/23 (1) Purchase activity, cash flow and duration includes AFS securities and the HTM portfolio exclusive of industrial revenue bonds held-to-maturity; (2) Purchases made for roll-off and overbuy, net of purchases related to sales/trades. (3) Purchased, purchased yield, expected cash flows and cash flow yields in 4Q’23 exclude the impact of $500mm T-Bills purchased @ 5.39% as noted above; (4) Columns and rows may not sum due to rounding differences.

Slide 29

Deposits by Line of Business Diversified Deposit Mix $31,330 $31,374 $31,562 $31,475 Commercial Personal Institutional Commercial Banking 41% Consumer & Private Wealth 18% Capital Markets & Corp. Trust 12% Healthcare Services 9% Fund Services 7% Investor Solutions 8% 33% 32% 31% 40% 38% Average balances in millions. $32,675 Interest-Bearing Demand & Savings Demand Deposits Time Deposits Avg. Total Deposit Cost DDA / total deposits Brokered 5% 4Q ’22 3Q ’23 4Q ’23 Linked-Qtr. Variance $ ∆ % ∆

Slide 30

Interest Rate Sensitivity Impact to Net Interest Income Assumptions Projected rates for new loans and deposits based on historical analysis, management outlook and repricing strategies Asset prepayments and other market risks are developed from industry estimates of prepayment speeds and other market changes Ramp Scenario – Static Balance Sheet Shock Scenario – Static Balance Sheet 64% of total end-of-period loans, or $14.8B, are variable. 71% of total loans reprice within the next 12 months. Of variable loans - % tied to indices for next 12 months: 70% - SOFR 26% - Prime 4% - other Loan Maturities & Repricing Year 2 Year 1 Year 2 Year 1

Slide 31

Strong Capital Available Liquidity Sources Capital & Liquidity Position $ millions 5.00% 5.11% 4.83% Weighted average rate $800 $375 $2,224 Brokered CDs FHLB Advances Bank Term Funding Program As of December 31, 2023 $ billions Wholesale Funding by Maturity * Sources include Fed discount window, FHLB advances, Fed funds purchased, free bond collateral, cash sweep and cash/due from banks (including Fed account) UMBF ratio Regulatory Minimum CET 1 Total Capital Tier 1 Leverage Regulatory Capital Ratios 12.85% 10.94% 8.49% Tangible Common Equity Ratio (1) 6.45% Tangible Common Equity Ratio, ex. AOCI (1) 7.73% Total Equity / Total Assets 7.04% 6.50% 10.00% 5.00% (1) Tangible common equity is a non-GAAP measure. See reconciliation on slide 50; (2) Estimated uninsured deposits to be reported on schedule RC-O in the 12/31/23 Call Report; (3) Estimated uninsured deposits adjusted for deposits of wholly owned subsidiaries and for public funds or trust deposits that are collateralized. See reconciliation on slide 46. (4) BTFP funding was refinanced in January ’24 with a new maturity date in 1Q’25 @ 4.76%. (4)

Slide 32

Line of Business Updates

Slide 33

Commercial Banking Commercial Capabilities Investment Real Estate Office Industrial Hotel Retail Multi-family Student Housing Agribusiness Asset-based Lending Aviation Lending Lending Verticals Beverage Lending Energy Lending C&I Lending Owner-Occupied CRE Middle Market Working capital lines Equipment loans Business Banking Practice Finance Small Business Banking Small / Medium Business Middle Market 52% Investment Real Estate 31% Sm./Med Biz 5% Specialized Verticals 12% $19.5B Average balance for 4Q’23, excludes credit card. (1) Rank among U.S. Visa & Mastercard Commercial Card Issuers, Source: Nilson Report, ‘22; (2) “Production ag lending” per ABA 3Q 2023, FDIC data. Additionally, UMB has significant relationships with “Agribusiness / Middle Market Ag” companies. #31 of 100 Largest Farm Lenders in the U.S. (2) Commercial Credit Card Purchase Volume (1) TOP 15 Prepaid & Purchasing Card Volume (1) TOP 5 Commercial Lending Portfolio Average Loan Balance & Composition

Slide 34

Commercial Banking C&I Lending Commercial & Industrial Statistics C&I Industries as % of UMB Loans (1) Includes Middle Market, Lending Verticals & Small / Medium Business Considerations Internal limits on loan size and projects per sponsor Concentration guidelines for all lending verticals, monitored for changing conditions C&I Balance Trends Transp. / Warehouse Diversified Tech. & Telecom Materials & Commodities Manu-facturing Retail Healthcare Commercial Services Other (2) Agri-business Finance & Insurance 9% Energy-Related 5% Total C&I Loans $10.2B 44.2% of total UMB loans (1) End-of-period balances as of December 31, 2023. Average Line Utilization Trends (2) Other - 4% of UMB loans Food & Beverage Auto-related Entertainment / Recreation Consumer Services Apparel / Textiles Government / Education Portfolio Mgmt.–3% Inv. Banking–2% Leasing–1% Other Financial-3% RE & Construction 5% Comml. Lessors–1% Building Constr.–1% Varied Construction Services– 3% Petroleum–2% Nat. Gas–1% Other Energy–2% +8% YoY $ billions

Slide 35

Commercial Banking Commercial Real Estate Commercial Real Estate Statistics Investment CRE as % of UMB Loans (1) Const. / Land Dev. 11% Owner-Occupied 9% Investment CRE 16% $8.9B Farmland 2% as of Dec. 31, 2023 1-4 Unit Residential Construction < 1% of total UMB loans Retail Multifamily Office Building Hotel Industrial Sr. Living 1-4 Unit Rentals Vacant Land Other (5) (1) End-of-period balances as of December 31, 2023; (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 ~45% and variable rate exposure ~55%; (4) Tier 1 capital plus an adjusted ACL, per regulatory guidelines. (5) Other - 2% of UMB loans Mixed Use Student Housing Homebuilder for Sale Healthcare Special Purpose Self-storage Manufactured Housing Investment CRE & Construction Portfolio Average Loan-to-Value: 57% Recourse: 90% Investment CRE Rate Type: (3) Fixed – 30% Variable – 70% Total CRE & Construction = 38% 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 – 40% Variable – 60% Regulatory Concentrations (4) Total non-farmland CRE / Total RBC: 185% Construction & Development / Total RBC: 71% Total Inv. CRE & Construction Loans $6.1B 26.5% of total UMB loans

Slide 36

Investment Real Estate Select Property Details Average Loan: $9.2mm Average LTV: 64% Recourse: 84% Geographic Diversity – By Property Location By outstanding balances as of December 31, 2023 Average Loan-to-Value, Select Asset Classes Total Investment CRE Portfolio Office CRE Portfolio (No state > 3.4%) MSA Diversification Statistics Market Type $1,009 mm Suburban Central Business District Medical $ millions Industrial: 61% Multifamily: 54% Retail: 55% Hotel: 49% Vacant Land: 53% Senior Living: 64% 1-4 Unit Rentals: 52%

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Personal Banking Consumer Metrics at, or for the quarter ended, 12/31/23. (1) Includes residential real estate and other consumer loans; (2) 2022 Net Promoter Score for 16 financial services companies - Medallia, Inc. Strategic & Stable Source of Low-Cost Funds +10% YoY $3.1B Total Average Loans Consumer plays a strategic role for UMB as a large and stable source of deposits. Poised for continued asset growth -2% YoY $6.1B Total Average Deposits Growth engine for new customers; deepening existing relationships NPS Score 72.0 UMBF Industry Average (2) 54.2 Private Banking Strategically positioned for sales growth Retail Banking Hybrid Service & Sales Model – Provides broad products and services to meet diverse client needs Mortgage 1st Time Homebuyer Program - Down Payment Assistance to Qualified Buyers Program to Date (Jan ‘22 – 4Q ‘23): 4,100+ Applications Down payment assistance Community Development High Customer Satisfaction Consumer serves the personal banking needs of clients across all divisions of the bank $2.6B Provide competitive mortgage solutions for all client types 90 Banking Centers 235 ATMs Digital Capabilities across Consumer 25 $1.8B Private Bankers Across 9 regions Avg. Private Banking Deposits Avg. Mortgage Balances +11% YoY Expand diversity of client engagement in communities served Digital loan and deposit application and originations Mobile Banking: Deposits, transfers, bill pay, acct review & more $6.5mm 16 Financial Education Classes 11 Community Partners Served 258 Community Participants

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Personal Banking Private Wealth Management Composition as of December 31, 2023. (1) Includes AUM and AUA. Personal Trust 22% Investment Advisory 39% Non-Managed AUA 25% IRAs 6% Brokerage 3% 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 New Assets / Sales (1) $12.3B Managed Assets (AUM) $4.0B Non-Managed Assets (AUA) $ millions

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Institutional Banking Fund Services & Institutional Custody Best Interval Fund Administrator (1) Best Administrator – Technology (2) $411B $379B $383B $400B Provides services for 1,700 funds, including registered and alternative investment funds, PE funds, real estate and venture capital funds and ETFs and more. One of the nation's leading providers of domestic and global custody, serving insurance companies, public & private corporations, nonprofits, municipalities, fund companies and endowments. Established in 1948. Best Custodian (7) (8) Net New Accounts YTD Custody AUA +27% YoY +353 $363B Best Administrator – GPs w/assets <$30B (3)   Assets Under Administration Industry Leader in Client Service (4)   Registered Funds & Alternative Investments Institutional Custody Transfer Agency Alternative Servicing Fund Acct/Admin. Custody Best Fund Accounting & Reporting Software (5)   Note: Asset categories sum > total AUA due to shared client assets. Best New Fund Services Project (6)   (1) With Intelligence ’19, ’20, ‘22 & ‘23 Awards; (2) Hedgeweek US Awards ’20 - ’22; (3) PE Wire ’21 & ‘22; (4) Global Custodian Fund Admin Survey ’22; (5) Hedgeweek Emerging Managers Awards ’23; (6) Global Custodian Leadership Awards ‘23; (7) HFM Services Awards ’21 & ’22; (8) Hedgeweek US Awards '23.

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Institutional Banking Corp/Specialty Trust & Capital Markets (1)Thomson Reuters municipal rankings, September ‘23; (2) Ranked by number of issues; (3) M&A Advisor – ’22; (4) Debtwire – ranking ’21. Corporate Trust & Escrow Services Provides trustee, paying agent and escrow services to municipal and corporate issuers. $35B Assets Under Administration Paying Agent in U.S. (1) (2) #3 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. +$432mm 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 #1 Agent for Debtor-in-Possession financing (4) Winner – Turnaround Award for Divestiture of the Year (3) Growth in on-balance sheet deposits +25% vs. 4Q’22 Closed Deals New Vertical: Reinsurance Trust Services $1.2B AUA 2019 62 2020 84 2021 119 2022 142 2023 139

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FDIC Sweep Assets Under Administration $53B 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 Assets & Deposits $3.9B Top 10 HSA Custodians in the U.S. (2) TOP 10 Benefit Cards 5.3mm ~75mm ~ 5.4 mm accounts Recognized for Investment Quality (1) Sample Fintech Partnerships Named a Top HSA for Features & Investment Options (1) (1) Investor’s Business Daily ‘21; (2) #8 by both total accounts and total assets - Devenir Research Mid-Year ‘23. Our banking as a service (BaaS) solution includes deposit services for checking, saving, and investment accounts, including expanded FDIC insurance through our proprietary Sweep Program.

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Payments Credit & Debit Card Products Dollars in millions. (1) Rank in commercial, consumer and small business cards among top 50 U.S. issuers. Source: Nilson Report, December 2022. Card Purchase Volume & Interchange Trends 4Q ’23 Card Spend $4.1B 24th in U.S. Credit Card Purchase Volume (1) #24 $4,009 $3,708 $4,079 $4,020 $4,088 Interchange Income Consumer Credit Healthcare Debit Commercial Credit Inst. Cash Mgmt. Consumer Debit

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Appendix

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

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Forward-Looking Statements This presentation contains, and our other communications may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “outlook,” “forecast,” “target,” “trend,” “plan,” “goal,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, results, or aspirations. All forward-looking statements are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Our actual future objectives, strategies, plans, prospects, performance, condition, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events, circumstances, or aspirations to differ from those in forward-looking statements are described in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (SEC). In addition to such factors that have been disclosed previously: macroeconomic and adverse developments and uncertainties related to the collateral effects of the collapse of, and challenges for, domestic and international banks, including the impacts to the U.S. and global economies; sustained levels of high inflation and the potential for an economic recession on the heels of aggressive quantitative tightening by the Federal Reserve, and impacts related to or resulting from 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 Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K, or other applicable document that is filed or furnished with the SEC.

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Additional Information Estimated Uninsured Deposit Analysis Our Peer Group (1) Estimated uninsured deposits to be reported on schedule RC-O in the 12/31/23 Call Report; (2) Accounts of wholly-owned subsidiaries of UMBFC; (3) Public funds or corporate trust deposits that are collateralized; (4) Columns may not sum due to rounding differences; (5) Total deposits as of December 31, 2023. $ billions

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

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Non-GAAP Reconciliations Unaudited, dollars in thousands except per share data. (1) Calculated using a marginal tax rate of 24%. Net Operating Income Net operating income is defined as GAAP net income, adjusted to exclude expenses related to acquisitions, severance expense, the FDIC special assessment in fourth quarter 2023 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, severance expense, 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. Tangible common equity ratio, excluding accumulated other comprehensive income (“AOCI”), is calculated as total shareholders’ equity, net of intangible assets and less AOCI, divided by total assets, net of intangible assets. Non-GAAP Reconciliations Tangible Common Equity Ratio Tangible Common Equity Ratio, ex. AOCI Unaudited, dollars in thousands.

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

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

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