umbf-8k_20201027.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): 10/27/2020

UMB FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Commission File Number: 001-38481

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

1010 Grand Blvd., Kansas City, MO 64106

(Address of principal executive offices, including zip code)

(816) 860-7000

(Registrant’s telephone number, including area code)

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

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

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13c-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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


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

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

Emerging growth company ☐

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

Item 2.02Results of Operations and Financial Condition

On October 27, 2020, UMB Financial Corporation (the “Company”) issued a press release announcing the financial results for the Company for the quarter and period ended September 30, 2020. A copy of the press release is attached as Exhibit 99.1 and the information is hereby incorporated by reference herein.

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

Item 7.01 Regulation FD Disclosure

On October 27, 2020, the Company announced in the same press release that the Board of Directors of the Company (the “Board”) had declared a quarterly dividend of $0.32 per share that is payable on January 4, 2021 to shareholders of record of the Company as of the close of business on December 10, 2020.

The Company is furnishing a copy of materials that will be used in the Company’s shareholder conference call at 8:30 a.m. (CT) on October 28, 2020. A copy of the materials is attached as Exhibit 99.2 and will be available on the Company’s website at www.umb.com. The materials are dated October 27, 2020, and the Company disclaims any obligation to correct or update any of the materials in the future.

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

Item 9.01 Financial Statements and Exhibits


99.1	Press Release announcing financial results for quarter and period ended September 30, 2020, and announcing dividend declaration.
99.2	Investor Presentation Materials, dated October 27, 2020.
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 Chief Financial Officer

Date: October 27, 2020

Exhibit 99.1

UMB Financial Corporation News Release

1010 Grand Boulevard

Kansas City, MO 64106

816.860.7000

umb.com

//FOR IMMEDIATE RELEASE//

Media Contact: Stephanie Hague: 816.860.5088

Investor Relations Contact: Kay Gregory: 816.860.7106

UMB Financial Corporation Reports Third Quarter 2020 Net Income of $73.1 Million and Announces 3.2% Dividend Increase

Third Quarter 2020 Highlights

•

GAAP net income of $73.1 million, or $1.52 per diluted share; net operating income of $76.4 million, or $1.59 per diluted share.

•

Pre-tax, pre-provision (PTPP) income of $99.4 million, an increase of 10.2% from the linked quarter.

•

Average loans increased 16.8% on a linked-quarter, annualized basis.

•

Average deposits grew $1.3 billion to $24.1 billion compared to the second quarter of 2020.

•

GAAP book value per share increased 13.8% to $59.43, and tangible book value per share increased 14.5% to $55.19, compared to a year ago.

•

Credit quality remained strong, with net charge-offs of just 0.13% of average loans.

KANSAS CITY, Mo. (October 27, 2020) – UMB Financial Corporation (Nasdaq: UMBF), a financial services company, announced net income for the third quarter of 2020 of $73.1 million, or $1.52 per diluted share, compared to $60.5 million, or $1.26 per diluted share, in the second quarter of 2020 (linked quarter) and $62.4 million, or $1.27 per diluted share, in the third quarter of 2019.

Net operating income, a non-GAAP financial measure reconciled to net income, the nearest comparable GAAP measure, later in this release, was $76.4 million, or $1.59 per diluted share, for the third quarter of 2020, compared to $63.8 million, or $1.33 per diluted share, for the linked quarter and $62.5 million, or $1.27 per diluted share, for the third quarter of 2019. Pre-tax, pre-provision income (PTPP), a non-GAAP measure reconciled to net income before taxes, the nearest comparable GAAP measure, later in this release, was $99.4 million, or $2.07 per diluted share, for the third quarter of 2020, compared to $90.2 million, or $1.88 per diluted share, for the linked quarter, and $80.5 million, or $1.64 per diluted share, for the third quarter of 2019. These PTPP results represent increases of 10.2% on a linked-quarter basis and 23.5% compared to the third quarter of 2019.

Summary of quarterly financial results	UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
	Q3			Q2			Q3
	2020			2020			2019
Net income	$	73,092		$	60,529		$	62,382
Earnings per share (diluted)		1.52			1.26			1.27

Pre-tax, pre-provision income		99,385			90,152			80,498
Pre-tax, pre-provision earnings per share (diluted)		2.07			1.88			1.64

Net operating income		76,434			63,835			62,525
Operating earnings per share (diluted)		1.59			1.33			1.27

GAAP
Return on average assets		0.99	%		0.87	%		1.03	%
Return on average equity		10.23			8.95			9.69
Efficiency ratio		66.14			70.20			70.70

Non-GAAP
Operating return on average assets		1.03	%		0.91	%		1.04	%
Operating return on average equity		10.70			9.44			9.72
Operating efficiency ratio		64.69			68.76			70.63

Summary of year-to-date financial results	UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)	September			September
	YTD			YTD
	2020			2019
Net income	$	130,182		$	177,085
Earnings per share (diluted)		2.69			3.61

Pre-tax, pre-provision income		273,283			239,547
Pre-tax, pre-provision earnings per share (diluted)		5.65			4.88

Net operating income		138,388			177,978
Operating earnings per share (diluted)		2.86			3.63

GAAP
Return on average assets		0.62	%		1.01	%
Return on average equity		6.30			9.86
Efficiency ratio		68.40			70.34

Non-GAAP
Operating return on average assets		0.66	%		1.02	%
Operating return on average equity		6.69			9.91
Operating efficiency ratio		67.18			70.20

“Our strong third quarter results were driven by several factors. Despite unprecedented circumstances, average loans, excluding Paycheck Protection Program (PPP) balances, increased 9.7% on a linked-quarter annualized basis and we saw a 47.2% decrease in modified loan balances from the prior quarter. These were modifications designed during the height of the crisis to assist our customers and provide financial relief,” said Mariner Kemper, chairman, president and chief executive officer. “In addition, we saw a 23.5% year-over-year increase in pre-tax, pre-provision income. We had year-over-year double-digit growth on both sides of our balance sheet and launched a successful inaugural subordinated debt issuance at an attractive yield, which further bolsters our capital position. And finally, as disclosed in our

SEC filing on October 19, our fourth quarter is off to a great start with expected gains from our investment in Tattooed Chef, Inc.”

Summary of revenue	UMB Financial Corporation
(unaudited, dollars in thousands)
	Q3			Q2			Q3			CQ vs.			CQ vs.
	2020			2020			2019			LQ			PY
Net interest income	$	184,384		$	178,229		$	168,260		$	6,155		$	16,124
Noninterest income:
Trust and securities processing		50,552			46,321			45,218			4,231			5,334
Trading and investment banking		8,678			12,851			5,712			(4,173	)		2,966
Service charges on deposit accounts		19,650			19,074			20,620			576			(970	)
Insurance fees and commissions		259			533			320			(274	)		(61	)
Brokerage fees		4,819			5,753			8,102			(934	)		(3,283	)
Bankcard fees		15,295			12,916			16,895			2,379			(1,600	)
Gains on sales of securities available for sale, net		311			4,006			3,057			(3,695	)		(2,746	)
Other		13,432			19,002			3,711			(5,570	)		9,721
Total noninterest income	$	112,996		$	120,456		$	103,635		$	(7,460	)	$	9,361
Total revenue	$	297,380		$	298,685		$	271,895		$	(1,305	)	$	25,485
Net interest income (FTE)	$	191,181		$	184,833		$	174,415
Net interest margin (FTE)		2.73	%		2.79	%		3.09	%
Total noninterest income as a % of total revenue		38.00			40.33			38.12

Net interest income

•

Net interest income totaled $184.4 million, an increase of $6.2 million, or 3.5%, from the linked quarter, driven by an increase of $1.2 billion, or 4.6%, in average earning assets. The increase in earning assets was driven by an increase of $638 million in securities and an increase of $633 million in loan balances.

•

Net interest margin for the third quarter was 2.73%, a decrease of six basis points from the linked quarter, due to loan repricing and mix changes, net changes to securities, and lower contribution of free funds. Earning asset yields declined 10 basis points from the linked quarter, driven by declining yields in the loan portfolio due to reductions in short-term interest rates and an unfavorable earning asset mix shift driven by excess liquidity. The cost of interest-bearing liabilities decreased six basis points to 0.28%, driven by a seven-basis-point decline in the cost of interest-bearing deposits and lower borrowing costs. Net interest spread decreased four basis points to 2.63% from the linked quarter and was one basis point lower than the third quarter of 2019.

•

On a year-over-year basis, net interest income increased $16.1 million, or 9.6%, driven by a $2.8 billion, or 22.0%, increase in average loans, and a $1.3 billion, or 15.8%, increase in securities. These increases were driven by organic loan growth and the company’s participation in the PPP.

•

Average deposits increased 5.9% on a linked-quarter basis and 25.0% compared to the third quarter of 2019. Average noninterest-bearing demand deposit balances increased 7.8% on a linked-quarter basis and 35.8% compared to the third quarter of 2019.

•

During the third quarter, the company terminated a $750.0 million interest rate floor hedge for $34.1 million with a gain, net of unamortized premium, of $18.4 million to be amortized through September 2024.

Noninterest income

•

Third quarter 2020 noninterest income decreased $7.5 million, or 6.2%, on a linked-quarter basis, largely due to:

A decrease of $6.2 million in company-owned life insurance income, reflecting the impact of lower market valuations of the underlying investments, recorded in other

income. The decrease in company-owned life insurance income is offset by a proportionate decrease in deferred compensation expense as noted below.

A decrease of $4.2 million in trading and investment banking, primarily due to moderation of trading volumes from strong linked quarter levels, as well as a decrease of $1.9 million in market valuation of investments in the company’s trading portfolio.

A decrease of $3.7 million in gains on sales of available-for-sale securities.

These decreases were partially offset by increases of $4.2 million in trust and securities processing due to higher trust services and fund services income and $2.4 million in bankcard fees, primarily driven by increased interchange income.

•

Compared to the prior year, noninterest income in the third quarter of 2020 increased $9.4 million, or 9.0%, primarily driven by:

An increase of $5.3 million in trust and securities processing driven by increases of $3.7 million in fund services income and $1.6 million in corporate trust income.

Increases of $5.1 million in company-owned life insurance, $3.3 million in derivative income, and $1.2 million in equity earnings on alternative investments, all recorded in other income. The increase in company-owned life insurance income is offset by a proportionate increase in deferred compensation expense as noted below.

These increases were partially offset by decreases of $3.3 million in brokerage fees due to decreased 12b-1 income, and $2.7 million in gains on sales of available-for-sale securities.

Noninterest expense

Summary of noninterest expense	UMB Financial Corporation
(unaudited, dollars in thousands)
	Q3		Q2		Q3		CQ vs.			CQ vs.
	2020		2020		2019		LQ			PY
Salaries and employee benefits	$	124,194	$	130,938	$	110,153	$	(6,744	)	$	14,041
Occupancy, net		12,027		11,411		12,240		616			(213	)
Equipment		20,968		21,502		19,775		(534	)		1,193
Supplies and services		3,442		3,785		4,261		(343	)		(819	)
Marketing and business development		3,038		3,284		5,655		(246	)		(2,617	)
Processing fees		12,812		13,603		13,619		(791	)		(807	)
Legal and consulting		7,244		6,220		8,374		1,024			(1,130	)
Bankcard		4,834		4,549		4,643		285			191
Amortization of other intangible assets		1,524		1,658		1,335		(134	)		189
Regulatory fees		2,309		3,211		2,749		(902	)		(440	)
Other		5,603		8,372		8,593		(2,769	)		(2,990	)
Total noninterest expense	$	197,995	$	208,533	$	191,397	$	(10,538	)	$	6,598

•

GAAP noninterest expense for the third quarter of 2020 was $198.0 million, a decrease of $10.5 million, or 5.1%, from the linked quarter and an increase of $6.6 million, or 3.4%, from the third quarter of 2019.

•

The linked quarter decrease in noninterest expense was driven by:

A decrease of $6.7 million in salaries and employee benefits, largely driven by an $8.0 million decrease in deferred compensation expense, and a decrease of $1.9 million in bonus and commission expense. These decreases were partially offset by an increase of $2.7 million in severance expense. The decrease in deferred compensation expense is offset by the decrease in company-owned life insurance income noted above.

A $3.0 million decrease in operational losses, recorded in other noninterest expense.

A $0.9 million decrease in regulatory fees due to decreased federal deposit insurance expense.

•

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

A $14.0 million increase in salaries and employee benefits, primarily due to increases of $7.3 million in bonus and commission expense, including an increase of $2.7 million in severance expense. Additional increases include $4.2 million in employee benefits expense, including an increase of $3.4 million in deferred compensation expense, and an increase of $2.5 million in salary and wage expense, which included compensation expense tied to the company’s COVID-19 response. The increase in deferred compensation expense was offset by the increase in company-owned life insurance income noted above.

These increases were partially offset by the following decreases:

▪

A decrease of $2.6 million in marketing and development expense primarily due to a decline in travel and entertainment expense due to the pandemic.

▪

Decreases of $1.3 million in operational losses and $1.1 million in derivative expense, both recorded in other noninterest expense.

▪

A decrease of $1.8 million in consulting expense, recorded in legal and professional expense, due to timing of multiple technology initiatives.

Income taxes

•

The company’s effective tax rate was 11.9% for the nine months ended September 30, 2020, compared to 15.1% for the same period in 2019. The decrease in the effective tax rate for 2020 is primarily attributable to a larger portion of pre-tax income being earned from tax-exempt municipal securities.

Balance sheet

•

Average total assets for the third quarter of 2020 were $29.5 billion compared to $28.1 billion for the linked quarter and $23.9 billion for the same period in 2019.

•

During the third quarter, the company completed its inaugural public offering of $200 million in subordinated notes. These notes carry a rate of 3.7%, mature in September 2030, and are callable in September 2025.

Summary of average loans and leases - QTD Average					UMB Financial Corporation
(unaudited, dollars in thousands)
	Q3		Q2		Q3		CQ vs.			CQ vs.
	2020		2020		2019		LQ			PY
Commercial and industrial	$	7,043,780	$	6,970,223	$	5,303,309	$	73,557		$	1,740,471
Specialty lending		456,847		471,571		630,768		(14,724	)		(173,921	)
Commercial real estate		5,744,344		5,435,428		4,957,810		308,916			786,534
Consumer real estate		1,755,249		1,528,501		1,286,776		226,748			468,473
Consumer		150,814		146,120		136,117		4,694			14,697
Credit cards		371,444		353,424		425,268		18,020			(53,824	)
Leases and other		209,238		193,099		150,830		16,139			58,408
Total loans	$	15,731,716	$	15,098,366	$	12,890,878	$	633,350		$	2,840,838

•

Average loans for the third quarter of 2020 increased 4.2% on a linked-quarter basis and 22.0% compared to the third quarter of 2019 due to increased commercial real estate and consumer real estate loans and the company’s participation in PPP, which had an average balance of $1.5 billion in the third quarter.

Summary of average securities - QTD Average	UMB Financial Corporation
(unaudited, dollars in thousands)
	Q3		Q2		Q3		CQ vs.			CQ vs.
	2020		2020		2019		LQ			PY
Securities available for sale:
U.S. Treasury	$	30,881	$	31,150	$	250,552	$	(269	)	$	(219,671	)
U.S. Agencies		242,504		403,290		93,440		(160,786	)		149,064
Mortgage-backed		4,829,586		4,284,374		3,987,463		545,212			842,123
State and political subdivisions		3,407,508		3,108,661		2,795,210		298,847			612,298
Corporates		58,866		98,089		155,656		(39,223	)		(96,790	)
Commercial Paper		3,478		2,040		—		1,438			3,478
Total securities available for sale	$	8,572,823	$	7,927,604	$	7,282,321	$	645,219		$	1,290,502
Securities held to maturity:
State and political subdivisions	$	1,085,297	$	1,100,843	$	1,105,397	$	(15,546	)	$	(20,100	)
Trading securities		32,894		37,816		44,571		(4,922	)		(11,677	)
Other securities		156,816		148,918		90,008		7,898			66,808
Total securities	$	9,847,830	$	9,215,181	$	8,522,297	$	632,649		$	1,325,533

•

Average securities available for sale increased 8.1% on a linked-quarter basis and 17.7% compared to the third quarter of 2019.

Summary of average deposits - QTD Average				UMB Financial Corporation
(unaudited, dollars in thousands)
	Q3			Q2			Q3			CQ vs.			CQ vs.
	2020			2020			2019			LQ			PY
Deposits:
Noninterest-bearing demand	$	8,260,170		$	7,662,836		$	6,082,498		$	597,334		$	2,177,672
Interest-bearing demand and savings		15,125,267			14,160,722			12,214,570			964,545			2,910,697
Time deposits		741,750			957,007			1,011,862			(215,257	)		(270,112	)
Total deposits	$	24,127,187		$	22,780,565		$	19,308,930		$	1,346,622		$	4,818,257
Noninterest bearing deposits as % of total		34.24	%		33.64	%		31.50	%

•

Average deposits increased 5.9% on a linked-quarter basis and 25.0% compared to the third quarter of 2019.

•

Average noninterest-bearing demand deposits increased 7.8% on a linked-quarter basis to $8.3 billion.

Capital

Capital information	UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
	September 30, 2020			June 30, 2020			September 30, 2019
Total equity	$	2,854,180		$	2,777,395		$	2,563,866
Book value per common share		59.43			57.84			52.23
Tangible book value per common share		55.19			53.57			48.19

Regulatory capital:
Common equity Tier 1 capital	$	2,402,785		$	2,335,625		$	2,284,417
Tier 1 capital		2,402,785			2,335,625			2,284,417
Total capital		2,854,598			2,580,849			2,464,698

Regulatory capital ratios:
Common equity Tier 1 capital ratio		11.93	%		11.92	%		12.53	%
Tier 1 risk-based capital ratio		11.93			11.92			12.53
Total risk-based capital ratio		14.17			13.17			13.51
Tier 1 leverage ratio		8.19			8.35			9.62

•

At September 30, 2020, the regulatory capital ratios presented in the foregoing table exceeded all “well-capitalized” regulatory thresholds.

•

Total risk-based capital was favorably impacted by the $200 million subordinated note issuance during the third quarter. Additionally, the company contributed $100 million of capital to UMB Bank, n.a. during the third quarter.

Asset Quality

Credit quality	UMB Financial Corporation
(unaudited, dollars in thousands)
	Q3			Q2			Q1			Q4			Q3
	2020			2020			2020			2019			2019
Net charge-offs - Total loans	$	5,111		$	5,541		$	7,672		$	7,618		$	2,186
Net loan charge-offs as a % of total average loans		0.13	%		0.15	%		0.23	%		0.23	%		0.07	%
Loans over 90 days past due	$	1,372		$	4,588		$	2,211		$	2,069		$	2,466
Loans over 90 days past due as a % of total loans		0.01	%		0.03	%		0.02	%		0.02	%		0.02	%
Nonaccrual and restructured loans	$	93,695		$	82,245		$	97,029		$	56,347		$	71,838
Nonaccrual and restructured loans as a % of total loans		0.59	%		0.54	%		0.70	%		0.42	%		0.55	%
Provision for credit losses	$	16,000		$	21,500		$	88,000		$	2,000		$	7,500

•

Provision for credit losses for the third quarter totaled $16.0 million, a decrease of $5.5 million from the linked quarter, and an increase of $8.5 million from the third quarter of 2019.

•

Net charge-offs totaled $5.1 million, or 0.13%, of average loans, compared to $5.5 million, or 0.15%, of average loans in the linked quarter.

Dividend Declaration

At the company’s quarterly board meeting, the Board of Directors declared a $0.32 per share quarterly cash dividend, an increase of 3.2% or $0.01 per share. The cash dividend will be payable on January 4, 2021, to shareholders of record at the close of business on December 10, 2020.

Conference Call

The company plans to host a conference call to discuss its third quarter 2020 earnings results on Wednesday, October 28, 2020, at 8:30 a.m. (CT).

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

UMB Financial 3Q 2020 Conference Call

A replay of the conference call may be heard through November 11, 2020 by calling (toll-free)

877-344-7529 or (international) 412-317-0088. The replay access code required for playback is 10148456. The call replay may also be accessed at investorrelations.umb.com.

Non-GAAP Financial Information

In this release, we provide information about net operating income, operating earnings per share - diluted (operating EPS), operating return on average equity (operating ROE), operating return on average assets (operating ROA), operating noninterest expense, operating efficiency ratio, pre-tax, pre-provision income, pre-tax, pre-provision earnings per share – diluted (PTPP EPS), tangible shareholders’ equity, and tangible book value per share, all of which are non-GAAP financial measures. This information supplements the results that are reported according to generally accepted accounting principles in the United States (GAAP) and should not be viewed in isolation from, or as a substitute for, GAAP results. The differences between the non-GAAP financial measures – net operating income, operating EPS, operating ROE, operating ROA, operating noninterest expense, operating efficiency ratio, PTPP, PTPP EPS, tangible shareholders’ equity, and tangible book value per share – and the nearest comparable

GAAP financial measures are reconciled later in this release. The company believes that these non-GAAP financial measures and the reconciliations may be useful to investors because they adjust for acquisition-, severance-, and COVID-19 related items that management does not believe reflect the company’s fundamental operating performance. COVID-19 related expense includes hazard pay for branch associates, computer hardware expense to support associates working remotely, and additional equipment, cleaning, and janitorial supplies to protect the well-being of our associates and customers while on the company’s premises.

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

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

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

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

Forward-Looking Statements:

This press release contains, and our other communications may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “outlook,” “forecast,” “target,” “trend,” “plan,” “goal,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, results, or aspirations. All forward-looking statements are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Our actual future objectives, strategies, plans, prospects, performance, condition, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events, circumstances, or aspirations to differ from those in forward-looking statements are described in our Annual Report on Form 10-K for the year ended December 31, 2019, our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (SEC). In addition to such factors that have been disclosed previously, the COVID-19 pandemic (the pandemic) may also cause actual results or other future events, circumstances, or aspirations to differ from our forward-looking statements. The pandemic has created a global public-health crisis that has resulted in widespread volatility and deteriorations in household, business, economic, and market conditions. It is currently adversely affecting the company and its customers, counterparties, employees, and third-party service providers, and the continued adverse impacts on our business, financial position, results of operations, and prospects could be significant. We are not able to accurately predict the extent of the impact of the pandemic on our capital, liquidity, and other financial positions and on our business, results of operations, and prospects at this time, and we

believe it will depend on a number of evolving factors, including: (i) the duration, extent and severity of the pandemic; (ii) the response of governmental and non-governmental authorities to the pandemic, which is rapidly changing and not always coordinated or consistent across jurisdictions; (iii) the effect of the pandemic on our customers, counterparties, employees and third-party service providers, which may vary widely, and which is generally expected to increase our credit, counterparty, operational, and other risks; and (iv) the effect of the pandemic on economies and markets, which in turn could adversely affect, among other things, the origination of new loans and the performance of our existing loans. The pandemic is also expected to have a significant impact on our CECL calculation and related provision under a new accounting standard that we were required to adopt in January 2020. The CECL calculation includes periodic estimates of the net amount expected to be collected over the contractual term of certain financial assets, and requires us to take into account, among other things, economic conditions forecasted over the life of the financial asset, including the current and anticipated effects of the pandemic. Any forward-looking statement should be evaluated in light of these considerations. Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except to the extent required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K, or other applicable document that is filed or furnished with the SEC.

About UMB:

UMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in Kansas City, Missouri. UMB offers commercial banking, which includes comprehensive deposit, lending and investment services, personal banking, which includes wealth management and financial planning services, and institutional banking, which includes asset servicing, corporate trust solutions, investment banking, and healthcare services. UMB operates branches throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, and serves business and institutional clients nationwide. For more information, visit UMB.com, UMB Blog, UMB Facebook and UMB LinkedIn, or follow us on Twitter at @UMBBank. For information about UMB’s operations, approach and relief measures during the COVID-19 pandemic, please visit umb.com/COVID-19.

Consolidated Balance Sheets	UMB Financial Corporation
(unaudited, dollars in thousands)
	September 30,
	2020			2019
ASSETS
Loans	$	15,950,177		$	13,043,840
Allowance for credit losses on loans		(211,688	)		(107,406	)
Net loans		15,738,489			12,936,434
Loans held for sale		10,978			11,025
Securities:
Available for sale		8,719,246			7,411,908
Held to maturity, net of allowance for credit losses		1,067,501			1,102,005
Trading securities		49,154			86,074
Other securities		159,994			88,176
Total securities		9,995,895			8,688,163
Federal funds sold and resell agreements		1,101,313			463,392
Interest-bearing due from banks		1,613,675			158,339
Cash and due from banks		440,659			658,198
Premises and equipment, net		295,090			290,273
Accrued income		132,574			119,024
Goodwill		180,867			180,867
Other intangibles, net		22,657			17,190
Other assets		718,775			620,187
Total assets	$	30,250,972		$	24,143,092

LIABILITIES
Deposits:
Noninterest-bearing demand	$	8,752,882		$	6,652,887
Interest-bearing demand and savings		15,298,562			11,689,871
Time deposits under $250,000		491,378			618,301
Time deposits of $250,000 or more		195,085			348,286
Total deposits		24,737,907			19,309,345
Federal funds purchased and repurchase agreements		1,929,004			1,791,000
Short-term debt		15,000			—
Long-term debt		269,044			70,091
Accrued expenses and taxes		255,720			223,210
Other liabilities		190,117			185,580
Total liabilities		27,396,792			21,579,226

SHAREHOLDERS' EQUITY
Common stock		55,057			55,057
Capital surplus		1,085,375			1,069,510
Retained earnings		1,750,389			1,621,198
Accumulated other comprehensive income, net		299,103			96,021
Treasury stock		(335,744	)		(277,920	)
Total shareholders' equity		2,854,180			2,563,866
Total liabilities and shareholders' equity	$	30,250,972		$	24,143,092

Consolidated Statements of Income	UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
INTEREST INCOME
Loans	$	142,441	$	162,243	$	433,471	$	481,342
Securities:
Taxable interest		26,393		26,966		79,475		79,057
Tax-exempt interest		25,377		23,202		74,393		65,887
Total securities income		51,770		50,168		153,868		144,944
Federal funds and resell agreements		2,248		2,817		9,273		8,968
Interest-bearing due from banks		299		3,450		3,360		10,117
Trading securities		259		425		1,225		1,701
Total interest income		197,017		219,103		601,197		647,072
INTEREST EXPENSE
Deposits		9,284		41,144		50,259		118,494
Federal funds and repurchase agreements		1,730		8,313		10,061		25,924
Other		1,619		1,386		4,323		4,112
Total interest expense		12,633		50,843		64,643		148,530
Net interest income		184,384		168,260		536,554		498,542
Provision for credit losses		16,000		7,500		125,500		30,850
Net interest income after provision for credit losses		168,384		160,760		411,054		467,692
NONINTEREST INCOME
Trust and securities processing		50,552		45,218		143,873		130,078
Trading and investment banking		8,678		5,712		23,252		16,746
Service charges on deposit accounts		19,650		20,620		63,805		62,648
Insurance fees and commissions		259		320		1,051		1,123
Brokerage fees		4,819		8,102		20,432		22,422
Bankcard fees		15,295		16,895		44,756		50,401
Gains on sales of securities available for sale, net		311		3,057		5,544		2,463
Other		13,432		3,711		29,163		30,534
Total noninterest income		112,996		103,635		331,876		316,415
NONINTEREST EXPENSE
Salaries and employee benefits		124,194		110,153		366,192		340,639
Occupancy, net		12,027		12,240		35,618		35,522
Equipment		20,968		19,775		63,711		58,283
Supplies and services		3,442		4,261		11,412		12,419
Marketing and business development		3,038		5,655		10,962		17,872
Processing fees		12,812		13,619		39,805		38,847
Legal and consulting		7,244		8,374		19,574		21,503
Bankcard		4,834		4,643		14,243		13,689
Amortization of other intangible assets		1,524		1,335		4,916		3,913
Regulatory fees		2,309		2,749		7,886		8,549
Other		5,603		8,593		20,828		24,174
Total noninterest expense		197,995		191,397		595,147		575,410
Income before income taxes		83,385		72,998		147,783		208,697
Income tax expense		10,293		10,616		17,601		31,612
NET INCOME	$	73,092	$	62,382	$	130,182	$	177,085

PER SHARE DATA
Net income – basic	$	1.52	$	1.28	$	2.70	$	3.63
Net income – diluted		1.52		1.27		2.69		3.61
Dividends		0.31		0.30		0.93		0.90
Weighted average shares outstanding – basic		47,947,056		48,797,182		48,208,447		48,762,667
Weighted average shares outstanding – diluted		48,068,438		49,096,196		48,352,145		49,052,329

Consolidated Statements of Comprehensive Income	UMB Financial Corporation
(unaudited, dollars in thousands)
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2020			2019			2020			2019
Net income	$	73,092		$	62,382		$	130,182		$	177,085
Other comprehensive income, before tax:
Unrealized gains and losses on debt securities:
Change in unrealized holding gains and losses, net		20,975			54,182			269,976			268,100
Less: Reclassification adjustment for gains included in net income		(311	)		(3,057	)		(5,544	)		(2,463	)
Change in unrealized gains and losses on debt securities		20,664			51,125			264,432			265,637
Unrealized gains and losses on derivative hedges:
Change in unrealized gains and losses on derivative hedges, net		(122	)		(7,469	)		19,015			(12,618	)
Less: Reclassification adjustment for (gains) losses included in net income		(1,123	)		280			(869	)		295
Change in unrealized gains and losses on derivative hedges		(1,245	)		(7,189	)		18,146			(12,323	)
Other comprehensive income, before tax		19,419			43,936			282,578			253,314
Income tax expense		(4,578	)		(10,532	)		(66,655	)		(61,511	)
Other comprehensive income		14,841			33,404			215,923			191,803
Comprehensive income	$	87,933		$	95,786		$	346,105		$	368,888

Consolidated Statements of Shareholders' Equity			UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
	Common Stock		Capital Surplus		Retained Earnings			Accumulated Other Comprehensive (Loss) Income			Treasury Stock			Total
Balance - January 1, 2019	$	55,057	$	1,054,601	$	1,488,421		$	(95,782	)	$	(273,827	)	$	2,228,470
Total comprehensive income		—		—		177,085			191,803			—			368,888
Dividends ($0.90 per share)		—		—		(44,308	)		—			—			(44,308	)
Purchase of treasury stock		—		—		—			—			(4,335	)		(4,335	)
Forfeitures of equity awards, net of issuances		—		3,113		—			—			(2,497	)		616
Recognition of equity-based compensation		—		10,918		—			—			—			10,918
Sale of treasury stock		—		265		—			—			380			645
Exercise of stock options		—		613		—			—			2,359			2,972
Balance - September 30, 2019	$	55,057	$	1,069,510	$	1,621,198		$	96,021		$	(277,920	)	$	2,563,866

Balance - January 1, 2020	$	55,057	$	1,073,764	$	1,672,438		$	83,180		$	(277,999	)	$	2,606,440
Total comprehensive income		—		—		130,182			215,923			—			346,105
Dividends ($0.93 per share)		—		—		(45,192	)		—			—			(45,192	)
Purchase of treasury stock		—		615		—			—			(60,180	)		(59,565	)
Forfeitures of equity awards, net of issuances		—		565		—			—			43			608
Recognition of equity-based compensation		—		9,834		—			—			—			9,834
Sale of treasury stock		—		158		—			—			311			469
Exercise of stock options		—		439		—			—			2,081			2,520
Cumulative effect adjustment		—		—		(7,039	)		—			—			(7,039	)
Balance - September 30, 2020	$	55,057	$	1,085,375	$	1,750,389		$	299,103		$	(335,744	)	$	2,854,180

Average Balances / Yields and Rates	UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
	Three Months Ended September 30,
	2020						2019
	Average			Average			Average			Average
	Balance			Yield/Rate			Balance			Yield/Rate
Assets
Loans, net of unearned interest	$	15,731,716			3.60	%	$	12,890,878			4.99	%
Securities:
Taxable		5,478,397			1.92			4,636,243			2.31
Tax-exempt		4,336,539			2.95			3,841,483			3.03
Total securities		9,814,936			2.37			8,477,726			2.63
Federal funds and resell agreements		1,177,590			0.76			394,587			2.83
Interest bearing due from banks		1,087,838			0.11			582,116			2.35
Trading securities		32,894			3.54			44,571			4.32
Total earning assets		27,844,974			2.91			22,389,878			3.99
Allowance for credit losses		(211,221	)					(104,795	)
Other assets		1,846,919						1,652,033
Total assets	$	29,480,672					$	23,937,116

Liabilities and Shareholders' Equity
Interest-bearing deposits	$	15,867,017			0.23	%	$	13,226,432			1.23	%
Federal funds and repurchase agreements		1,964,161			0.35			1,683,072			1.96
Borrowed funds		115,943			5.56			69,927			7.86
Total interest-bearing liabilities		17,947,121			0.28			14,979,431			1.35
Noninterest-bearing demand deposits		8,260,170						6,082,498
Other liabilities		431,528						321,909
Shareholders' equity		2,841,853						2,553,278
Total liabilities and shareholders' equity	$	29,480,672					$	23,937,116
Net interest spread					2.63	%					2.64	%
Net interest margin					2.73						3.09

Average Balances / Yields and Rates	UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
	Nine Months Ended September 30,
	2020						2019
	Average			Average			Average			Average
	Balance			Yield/Rate			Balance			Yield/Rate
Assets
Loans, net of unearned interest	$	14,818,893			3.91	%	$	12,607,157			5.10	%
Securities:
Taxable		5,082,153			2.09			4,481,242			2.36
Tax-exempt		4,169,829			3.02			3,730,744			2.98
Total securities		9,251,982			2.51			8,211,986			2.64
Federal funds and resell agreements		1,070,071			1.16			414,560			2.89
Interest bearing due from banks		1,140,965			0.39			563,810			2.40
Trading securities		39,580			4.55			50,841			5.05
Total earning assets		26,321,491			3.15			21,848,354			4.07
Allowance for credit losses		(173,254	)					(106,565	)
Other assets		1,742,652						1,607,087
Total assets	$	27,890,889					$	23,348,876

Liabilities and Shareholders' Equity
Interest-bearing deposits	$	15,107,688			0.44	%	$	12,897,172			1.23	%
Federal funds and repurchase agreements		2,043,942			0.66			1,655,934			2.09
Borrowed funds		90,849			6.36			69,669			7.89
Total interest-bearing liabilities		17,242,479			0.50			14,622,775			1.36
Noninterest-bearing demand deposits		7,475,746						6,040,019
Other liabilities		411,547						283,863
Shareholders' equity		2,761,117						2,402,219
Total liabilities and shareholders' equity	$	27,890,889					$	23,348,876
Net interest spread					2.65	%					2.71	%
Net interest margin					2.82						3.16

Business Segment Information	UMB Financial Corporation
(unaudited, dollars in thousands)
	Three Months Ended September 30, 2020
	Commercial Banking		Institutional Banking		Personal Banking			Total
Net interest income	$	122,362	$	23,375	$	38,647		$	184,384
Provision for credit losses		14,032		193		1,775			16,000
Noninterest income		22,464		62,688		27,844			112,996
Noninterest expense		65,175		69,667		63,153			197,995
Income before taxes		65,619		16,203		1,563			83,385
Income tax expense		8,100		2,000		193			10,293
Net income	$	57,519	$	14,203	$	1,370		$	73,092

	Three Months Ended September 30, 2019
	Commercial Banking		Institutional Banking		Personal Banking			Total
Net interest income	$	104,360	$	30,604	$	33,296		$	168,260
Provision for credit losses		5,966		256		1,278			7,500
Noninterest income		18,874		58,643		26,118			103,635
Noninterest expense		66,447		66,622		58,328			191,397
Income (loss) before taxes		50,821		22,369		(192	)		72,998
Income tax expense (benefit)		7,390		3,254		(28	)		10,616
Net income (loss)	$	43,431	$	19,115	$	(164	)	$	62,382

	Nine Months Ended September 30, 2020
	Commercial Banking		Institutional Banking		Personal Banking			Total
Net interest income	$	342,406	$	84,534	$	109,614		$	536,554
Provision for credit losses		115,533		766		9,201			125,500
Noninterest income		57,782		191,128		82,966			331,876
Noninterest expense		186,341		215,073		193,733			595,147
Income (loss) before taxes		98,314		59,823		(10,354	)		147,783
Income tax expense (benefit)		11,709		7,125		(1,233	)		17,601
Net income (loss)	$	86,605	$	52,698	$	(9,121	)	$	130,182

	Nine Months Ended September 30, 2019
	Commercial Banking		Institutional Banking		Personal Banking			Total
Net interest income	$	306,752	$	92,857	$	98,933		$	498,542
Provision for credit losses		25,602		723		4,525			30,850
Noninterest income		62,442		170,118		83,855			316,415
Noninterest expense		201,777		196,871		176,762			575,410
Income before taxes		141,815		65,381		1,501			208,697
Income tax expense		21,482		9,903		227			31,612
Net income	$	120,333	$	55,478	$	1,274		$	177,085

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. Prior to 2020, the company had the following four business segments: Commercial Banking, Institutional Banking, Personal Banking, and Healthcare Services. The company’s reportable segments include certain corporate overhead, technology and service costs that are allocated based on methodologies that are applied consistently between periods. For comparability purposes, amounts in all periods are based on methodologies in effect at September 30, 2020.

Non-GAAP Financial Measures

Net operating income Non-GAAP reconciliations:	UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Net income (GAAP)	$	73,092		$	62,382		$	130,182		$	177,085
Adjustments:
Acquisition expense		78			71			324			168
Severance expense		2,859			113			4,648			980
COVID-19 related expense		1,358			—			5,575			—
Tax-impact of adjustments (i)		(953	)		(41	)		(2,341	)		(255	)
Total Non-GAAP adjustments (net of tax)		3,342			143			8,206			893
Net operating income (Non-GAAP)	$	76,434		$	62,525		$	138,388		$	177,978

Earnings per share - diluted (GAAP)	$	1.52		$	1.27		$	2.69		$	3.61
Acquisition expense		—			—			0.01			—
Severance expense		0.06			—			0.10			0.02
COVID-19 related expense		0.03			—			0.11			—
Tax-impact of adjustments (i)		(0.02	)		—			(0.05	)		—
Operating earnings per share - diluted (Non-GAAP)	$	1.59		$	1.27		$	2.86		$	3.63

GAAP
Return on average assets		0.99	%		1.03	%		0.62	%		1.01	%
Return on average equity		10.23			9.69			6.30			9.86

Non-GAAP
Operating return on average assets		1.03	%		1.04	%		0.66	%		1.02	%
Operating return on average equity		10.70			9.72			6.69			9.91

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

Operating noninterest expense and operating efficiency ratio Non-GAAP reconciliations:	UMB Financial Corporation
(unaudited, dollars in thousands)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Noninterest expense	$	197,995		$	191,397		$	595,147		$	575,410
Adjustments to arrive at operating noninterest expense (pre-tax):
Acquisition expense		78			71			324			168
Severance expense		2,859			113			4,648			980
COVID-19 related expense		1,358			—			5,575			—
Total Non-GAAP adjustments (pre-tax)		4,295			184			10,547			1,148
Operating noninterest expense (Non-GAAP)	$	193,700		$	191,213		$	584,600		$	574,262

Noninterest expense	$	197,995		$	191,397		$	595,147		$	575,410
Less: Amortization of other intangibles		1,524			1,335			4,916			3,913
Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A)	$	196,471		$	190,062		$	590,231		$	571,497

Operating noninterest expense	$	193,700		$	191,213		$	584,600		$	574,262
Less: Amortization of other intangibles		1,524			1,335			4,916			3,913
Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B)	$	192,176		$	189,878		$	579,684		$	570,349

Net interest income	$	184,384		$	168,260		$	536,554		$	498,542
Noninterest income		112,996			103,635			331,876			316,415
Less: Gains on sales of securities available for sale, net		311			3,057			5,544			2,463
Total Non-GAAP Revenue (denominator A)	$	297,069		$	268,838		$	862,886		$	812,494

Efficiency ratio (numerator A/denominator A)		66.14	%		70.70	%		68.40	%		70.34	%
Operating efficiency ratio (Non-GAAP) (numerator B/denominator A)		64.69			70.63			67.18			70.20

Pre-tax, pre-provision income non-GAAP reconciliation:	UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Net income before taxes (GAAP)	$	83,385	$	72,998	$	147,783	$	208,697
Adjustments:
Provision for credit losses		16,000		7,500		125,500		30,850
Pre-tax, pre-provision income (Non-GAAP)	$	99,385	$	80,498	$	273,283	$	239,547

Pre-tax earnings per share - diluted (GAAP)	$	1.74	$	1.49	$	3.06	$	4.25
Provision for credit losses		0.33		0.15		2.59		0.63
Pre-tax, pre-provision earnings per share - diluted (Non-GAAP)	$	2.07	$	1.64	$	5.65	$	4.88

Tangible book value non-GAAP reconciliation:	UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
	As of
	September 30, 2020		September 30, 2019
Total shareholders' equity (GAAP)	$	2,854,180	$	2,563,866
Less: Intangible assets
Goodwill		180,867		180,867
Other intangibles, net		22,657		17,190
Total intangibles, net		203,524		198,057
Total tangible shareholders' equity (Non-GAAP)	$	2,650,656	$	2,365,809

Total shares outstanding		48,028,679		49,088,331

Ratio of total shareholders' equity (book value) per share	$	59.43	$	52.23
Ratio of total tangible shareholders' equity (tangible book value) per share (Non-GAAP)		55.19		48.19

Third Quarter 2020 October 27, 2020 UMB Financial Exhibit 99.2

Cautionary Notice about Forward-Looking Statements This presentation of UMB Financial Corporation (the “company,” “our,” “us,” or “we”) contains, and our other communications may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “outlook,” “forecast,” “target,” “trend,” “plan,” “goal,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, results, or aspirations. All forward-looking statements are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Our actual future objectives, strategies, plans, prospects, performance, condition, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events, circumstances, or aspirations to differ from those in forward-looking statements are described in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (SEC). In addition to such factors that have been disclosed previously, the COVID-19 pandemic (the “pandemic”) may also cause actual results or other future events, circumstances, or aspirations to differ from our forward-looking statements. The pandemic has created a global public-health crisis that has resulted in widespread volatility and deteriorations in household, business, economic, and market conditions. It is currently adversely affecting the company and its customers, counterparties, employees, and third-party service providers, and the continued adverse impacts on our business, financial position, results of operations, and prospects could be significant. We are not able to accurately predict the extent of the impact of the pandemic on our capital, liquidity, and other financial positions and on our business, results of operations, and prospects at this time, and we believe it will depend on a number of evolving factors, including: (i) the duration, extent and severity of the pandemic; (ii) the response of governmental and non-governmental authorities to the pandemic, which is rapidly changing and not always coordinated or consistent across jurisdictions; (iii) the effect of the pandemic on our customers, counterparties, employees and third-party service providers, which may vary widely, and which is generally expected to increase our credit, operational, and other risks and (iv) the effect of the pandemic on economies and markets, which in turn could adversely affect, among other things, the origination of new loans and the performance of our existing loans. The pandemic is also expected to have a significant impact on our current expected credit loss (CECL) calculation and related provision under a new accounting standard that we were required to adopt in January 2020. The CECL calculation includes periodic estimates of the net amount expected to be collected over the contractual term of certain financial assets, and requires us to take into account, among other things, economic conditions forecasted over the life of the financial asset, including the current and anticipated effects of the pandemic. Any forward-looking statement should be evaluated in light of these considerations. Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except to the extent required by applicable securities laws. You, however, should consult disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K, or other applicable document that is filed or furnished with the SEC.

Corporate Snapshot Corporate Trust / Investment Banking Division Fund Services Asset-based lending Accounts receivable financing Healthcare Services Prairie Capital Management Private Wealth Management / Personal Trust 91 banking centers 232 ATMs Our Footprint National Presence UMB Financial Corporation Headquarters UMB Bank Presence Allowance for credit losses for loans only, excludes ACL related to HTM securities. Financial Highlights (at, or for the 3 months ended, 9/30/20) ($ in millions) Founded 1913 Ticker UMBF Exchange Nasdaq Market Cap $2,354 Total Assets 30,251 Gross Loans 15,950 Total Deposits 24,738 Common Equity 2,854 Loans / Deposits 65% CET1 11.93% Total Risk Based Capital 14.17% ACL(1) / Total Loans 1.33% ACL(1) / Total Loans ex. PPP 1.46% NPLs / Total Loans 0.59% Net Charge-Offs / Avg Loans 0.13% Fee Income / Revenue 38%

Peer Source for all charts: S&P Global; current as of 10/23/20 *Industry NCO/Avg Loans source: FDIC Quarterly Banking Profile Well-Positioned for the Current Environment Excess Liquidity Long-Term History of Quality Credit Metrics Leading Fee Income Strong Capital Position Net Charge-offs / Average Loans Liquidity to deploy in favorable operating environments Capital provides flexibility in downturns Fee income provides a revenue buffer in low-rate environments Unwavering underwriting standards Loans / Deposits 100% 50% Total Risk-Based Capital Ratio $272.4 $298.7 $282.7 $271.9 $297.4 ___ Industry* Peers ___ ___ Peers

Our Commitment to Corporate Citizenship Inclusion & Diversity Community Impact Efficient & Sensible Resource Use Strong Corporate Governance As we all navigate a global pandemic and an increasingly polarized environment, we are engaging our associates, customers and communities through pro-active outreach and dialogue. Associate volunteerism and corporate philanthropy help build strong community partnerships. 580 nonprofit organizations had UMB volunteers in 2019 1,052 volunteer days off used in 2019 More than $2.5 million in donations and sponsorships in 2019 $75,000 donated to nonprofits through the UMB Foundation matching gift program Ongoing conversations and events to foster dialogue, break down barriers and educate 8 business resource groups with nearly 20% associate participation Diverse panel hiring approach 2019 new hires were 33.1% people of color, 47.4% women and 4.7% veterans We want our company to be as diverse as the world we live in. UMB recognizes the undeniable importance of sustainable business practices. Effective governance programs help achieve business goals and drive stakeholder value. 13-person board of directors, with 11 independent members Deliberate selection and nomination criteria which includes diversity standards in the board hiring process Robust risk oversight with distinct risk management committees: enterprise risk, asset and liability, and credit. Closely analyzed and competitive compensation practices 64 UMB buildings operate with energy-efficient lighting programs More than 183,000 kilowatt hours generated from solar panels More than 10% reduction in printer impressions in 2019 vs. 2018 27,000 pounds of co-mingled recycling Read our 2019 Corporate Citizenship Report at UMB.com/CorporateCitizenship

Our Continued Response to COVID-19 Operational Readiness Associates Communities Customers Maintaining business continuity protocol and executive-level pandemic task force Increased and strengthened network capacity Early move to drive-through only branches to protect associates and customers; now seeing customers on-site by appointment to ensure safety Implemented remote working arrangements for ~80% of our staff; measured return to the office began in third quarter Enhanced cleaning and disinfecting, reconfiguration of workspace to allow social distancing, re-thinking common space in facilities, addition of plexiglass dividers in lobbies to protect customers and associates UMB is a founding member of the Kansas City Regional COVID-19 Response and Recovery Fund UMB was able to donate and deliver more than 2,500 N95 masks to clients in eight states who are on the front line of the crisis, including hospitals, senior living facilities and dental offices UMB’s matching gift program helps extend the reach of our associates’ generosity Supported communities by sourcing meals from local customer-owned restaurants Improved social distancing for those whose roles require them to work onsite utilizing various sites across our footprint Supplemented compensation and added additional PTO days for those initially unable to work remotely Provided lunch from local restaurants for associates on site Added easier access to our associate assistance fund for associates impacted by the crisis Expanded health insurance coverage for COVID-19 testing and access to telehealth services Initial Assistance Offered a 90-day moratorium on initiating foreclosure on mortgages and home equity lines and loans Offered six-month term loan payment deferral option for current small business customers Ongoing Efforts Options for consumer loan and mortgage deferment or modifications on an individual, customized basis Access to additional credit lines extended on a case-by-case basis Ongoing Efforts (continued) Individualized credit card repayment and deferral options, as well as a balance transfer opportunity Augmented relief program to ensure bank fees did not reduce stimulus proceeds for eligible customers Increased mobile deposit limits Booked more than 5,300 loans for over $1.5 billion in funded loans as part of the Paycheck Protection Program

3Q Financial Highlights

Earnings Summary – 3Q 2020 The Company adopted ASU 2016-13 as of 1/1/2020. See additional information on slides 30-32. Non-GAAP adjustments include provision for credit losses. See the non-GAAP reconciliation and additional information on slide 37. Non-GAAP adjustments include acquisition expense, severance expense, COVID-19 related expenses and the cumulative tax impact of these adjustments. See the non-GAAP reconciliations and additional information on slide 39. Non-GAAP adjustments include goodwill and other intangibles, net. See non-GAAP reconciliation and additional information on slide 40. $ in thousands, except share and per share data; unaudited

Noninterest Income – 3Q 2020 3rd Quarter ‘20 Drivers Noninterest income decreased $7.5MM, or 6.2%, compared to 2Q’20, primarily driven by: A decrease of $6.2MM in company-owned life insurance income, included in “other income,” reflecting lower market valuations. This decrease is offset by a proportionate decrease in deferred compensation expense; A decrease of $4.2MM in trading and investment banking, related to lower trading volumes compared to strong linked-quarter levels, and decreases in market valuations in our trading portfolio; and A decrease of $3.7MM in gains on the sale of securities; Partially offset by An increase of $4.2MM in trust and securities processing income, driven by a strong quarter in asset servicing and wealth management; and An increase of $2.4MM in bankcard fees, driven by a 21.1% increase in card purchase volume, led by healthcare debit and commercial credit spending.

Noninterest Income Composition – 3Q 2020 Trust & Securities Processing Composition: ($ in millions) Source of Income: 3Q’20 2Q’20 3Q’19 Personal Banking $ 16.4 $ 15.0 $ 16.4 Institutional Banking: Asset Servicing 24.7 22.5 21.0 Corp. Trust & Inst. Asset Mgmt. 9.5 8.8 7.8 $ 50.6 $ 46.3 $ 45.2 Other Service Charges on Deposit Accounts Trust & Securities Processing Gains on Sales of Securities Trading & Investment Banking Bankcard Fees Brokerage Fees Insurance Fees & Commissions

Card Purchase Trends Purchase Volume & Interchange Revenue (1) Percentages less than 5% have been omitted. Change in purchase volume – 3rd quarter vs. 2nd quarter of indicated year 2016 2017 2018 2019 2020 (5.9%) (5.8%) (3.7%) +2.1% +21.1%

Noninterest Expense – 3Q 2020 Operating noninterest expense, which excludes the impact of acquisition expense, severance expense and COVID-19 related expense, was $193.7 million for the third quarter of 2020, a decrease of $10.6 million, or 5.2 percent, compared to the linked quarter, and an increase of $2.5 million, or 1.3 percent, compared to the third quarter of 2019. See slide 39 for a reconciliation of this non-GAAP financial measure. Noninterest expense decreased $10.5MM, or 5.1%, compared to 2Q’20, driven by largely by: A decrease of $8.0MM in deferred compensation expense, with a proportional decrease in COLI income in noninterest income; $1.9MM lower bonus and commission expense; A decrease of $3.0MM in other expense related to reduced operational losses; and $901k of lower regulatory fees. Partially offset by an increase of $2.7MM in severance expense. 3rd Quarter ‘20 Drivers

Balance Sheet

Select Balance Sheet Items $ in thousands, average balances; unaudited Three Months Ended Other average earning assets include taxable and tax-exempt securities, trading securities, federal funds and resell agreements and interest bearing due from banks.

Strong Capital Position Capital Ratio Trends (%) These ratios are reflective of the Company’s election to utilize the 5-year regulatory capital phase-in of the adoption of ASU 2016-13 under recently issued inter-agency guidance. Total Risk-Based Capital Tier 1 Leverage Common Equity Tier 1 / Tier 1 RBC (1) (1) (1)

High Quality Investment Portfolio Securities Held to Maturity $1.1 billion at September 30, 2020 Securities Available for Sale $8.7 billion at September 30, 2020 Governmental Other Higher Education Healthcare Utility Social Service Industrial Cultural Civic K-12 Education NFP - Other Average Balance: $8.6 billion Average Yield: 2.33% Duration: 59 months Average Balance: $1.1 billion Average Yield: 2.95% Duration: 68 months Total Portfolio Average Yield: 2.38% Duration: 60 months Agencies Corporates Municipals Mortgage-Backed Securities Treasuries Net of allowance for credit losses for securities held to maturity. (1)

Securities Portfolio Statistics (1) Roll off includes cash flow from maturities, calls or amortizations of securities and excludes roll off related to non-core purchases. (2) Purchased amount is presented net of purchases made related to sales. AFS Portfolio Activity

Deposit Trends and Composition Average Deposit Growth and Cost 5-yr CAGR: 8.8% (2014-2019) 15-yr CAGR: 9.5% (2004-2019) Long-Term Track Record At September 30, 2020 Deposits by Type Deposits by Line of Business Non-Interest Bearing Interest-Bearing MMDA & Savings Time Deposits Interest-Bearing Performance Commercial Personal Institutional Commercial – Regional Banking 34% Personal – Consumer & Private Wealth 26% Commercial – Specialty Banking – 2% Inst. – Corp. Trust & Inv. Banking 11% Inst. – Healthcare Svcs. 11% Inst. – Other 16%

Growth of Diversified Loan Portfolio Average Loans & Yields 5-yr CAGR: 12.8% (2014-2019) 15-yr CAGR: 10.7% (2004-2019) Long-Term Track Record

Loan Portfolio Composition Variable Rate Loans: 52% of loans are variable, $8.3 billion at September 30, 2020 Tied to LIBOR for the next quarter: 72% or ~$6.0 billion Tied to Prime for the next quarter: 28% or ~$2.3 billion Loan Repricing / Maturity Schedule: 51% reprice in 4Q 2020 63% reprice in the next 12 months At September 30, 2020 * Includes C&I, leases and commercial credit card. Loans by Type Loans by Geography Average Yield 3.60% Kansas City CO St Louis AZ 9% KS TX 10% Greater MO 5% NE-2% OK-2% Commercial * Commercial Real Estate Residential Real Estate Consumer 2% Construction PPP Loans MN-1%

Quarterly Loan Activity Commercial Banking Line Draws & Utilization Trends PPP loans of are included in gross loan production and net loan growth in second and third quarter 2020.

Commercial & Industrial Loan Portfolio C&I Portfolio Statistics (1) C&I Industry Diversification (2) Oil & Gas Average loan size: $4.4 million Considerations Internal limits on loan size and projects per sponsor Concentration guidelines for all lending verticals, monitored for changing conditions Includes commercial & industrial loans and leases; Excludes commercial credit card balances and PPP loans. Industries as a percentage of C&I portfolio. PPP loams are excluded from the denominator when calculating percentages of total loans. Upstream Service Midstream Down- stream $428MM 3.0% of total UMB loans (3) Transp. / Warehouse Diversified Technology Materials Manufacturing Auto-Related Healthcare Commercial Services Other (4) Agribusiness RE & Construction Finance & Insurance Energy-Related $5.8B 39.9% of total UMB loans Entertainment/Recreation Consumer Services Government/Education Apparel &Textiles Utilities Undefined / Misc. (4) Other - 11% Retail – 3% Food/Beverage Manufacturing – 3% Other smaller categories – 5% (3)

Commercial Real Estate – Disciplined Expansion Construction / Land Dev. 15% Owner-Occupied 28% Investment CRE 47% $5.9B Farmland 9% Total Portfolio: Average Loan-to-value: 62% Recourse: 90% Regulatory Concentrations (3) Total non-farmland CRE / Total RBC: 147% Construction & Development Loans / Total RBC: 37% Largest Property Types / Avg. LTV: Multifamily / 60% Industrial / 65% Office / 63% Hotel / 54% Retail / 61% Sr. Living / 65% Student Housing / 63% At September 30, 2020 Resi. Construction = 1% of total Industries as a percentage of investment CRE and construction portfolio. PPP loams are excluded from the denominator when calculating percentages of total loans. Concentrations are calculated using total risk-based capital for UMB Bank, n.a. Retail Multifamily Other * Office Building Hotel Industrial Sr. Living Student Housing Resi. Rental * Other - 10% Mixed Use Vacant Land Self Storage Home Builder for-sale Healthcare Special Purpose Manufactured Housing $3.7B 25.4% of total UMB loans (2) Investment CRE Statistics Investment CRE / Construction Portfolio (1)

Paycheck Protection Program (“PPP”) Kansas City CO St. Louis AZ KS TX PPP Loans by Region PPP Loans by Industry Originated more than 5,300 PPP loans totaling $1.5 billion; median size $53k Greater MO – 1.9% Other – 0.2% NE – 0.6% OK – 0.5%

Exposure to Sensitive Industries We analyzed our portfolios in each category for specific characteristics based on what is currently known, such as guarantees, recourse, liquidity positions and hedging strategies that provide protection, as well as those which may carry more risk if the current environment is prolonged. This “more impacted subset” are balances that we’re monitoring more closely. PPP loans are excluded from the denominator when calculating percentages of total loans. Multifamily Majority are Class A properties which have performed well throughout the pandemic 55% to top sponsors; weighted avg. LTV 60% 90%+ of multifamily properties reported collecting rent in in September Retail CRE ~39% grocery-anchored Free-standing restaurants are ~4% of portfolio 51% to top sponsors; weighted avg. LTV 61% As of mid-October, most retail tenants have re-opened and begun paying rent Hotel CRE Majority limited service and extended stay with national-brand flags 62% to top sponsors; weighted avg. LTV 54% Occupancy rates increased from lows in March/April Senior Living CRE Defined as independent, assisted living and memory care facilities 22% to top sponsors; weighted avg. LTV 65% Several facilities reopening at limited levels and resuming some tours/move-ins Oil & Gas Oil & gas have shown price stability Long-term relationships with seasoned operators Multiple clients well-hedged against commodity prices Continue to monitor service sector 9.6% 90.4% $1.4B All Other Loans $13.1B (2) Student Housing 63% to top sponsors; weighted avg. LTV 63% Student housing occupancy rates have increased with campuses re-opening, even with online classes

Asset Quality

Loan Risk Profile – 3Q 2020 At June 30 2020 Total past due and accruing amounts include loans 30-89 days past due of $7.5 million and loans > 90 days past due of $1.4 million.

Modification Trends June 30, 2020 September 30, 2020 Modifications on loans only; excludes modifications on held-to-maturity securities of $9.0 million at 9/30/20 and $15.8 million at 6/30/20. Percentages are modifications on loans as percentage of total loans excluding PPP balances. Business banking customers were proactively offered a 6-month deferral. The majority of these deferrals will expire in the fourth quarter 2020. Loan modifications / deferrals of $698 million at 9/30/20 47% reduction in modified loan balances compared to 6/30/20 Excluding Business Banking (2), 65% reduction to $322 million as of 9/30/20 ($ in millions) Total ex. Business Banking (1) (3) Total (1) (2) All Others Commercial Business Banking CRE (1)

Net Charge-Off History Loan categories for disclosure were updated in Q1 2020 with the adoption of ASU 2016-13. In prior periods, net charge-offs for “Commercial Loans” included C&I, commercial credit card, asset-based and factoring loans. Net charge-offs for “Other” included consumer credit cards, all real-estate related loans, consumer loans and DDA.

Current Expected Credit Loss (“CECL”) Implementation CECL Methodology and Key Assumptions Macroeconomic forecast Moody’s Baseline forecast as of September 8th 50% probability the economy performs better or worse Assumptions: Seven-day moving average of COVID-19 cases peaked in July and 13.7 million total cases expected $1.5 trillion in additional stimulus that is almost evenly split between state and local governments The Federal Reserve keeps the target range for the fed funds rate at 0% to 0.25% into 2023 10-year Treasury Yield averages 0.69% in 4Q20 and 1.05% in 2021 Average unemployment of 8.7% in 2020 and remaining at 8.4% through 2021 Annualized GDP of 2.9% in 4Q20 and 3.5% in 2021 Key Risks: Delay of next round of fiscal stimulus including failure to provide aid to state and local governments Cut in unemployment benefits reduces consumer spending more than expected Larger than anticipated wave of small-business bankruptcies that prevents unemployment from falling as quickly as anticipated Key Variables Source: Moody's Analytics Interest Rates including: Fed Funds Rate 2-Year Treasury Unemployment rate Home Price Index 1 year reasonable & supportable period 10-Year Treasury BBB Corporate Yield

CECL: Conservative & Prudent Reserve Build 3Q20 Balances Allowance % of total ACL % Commercial $11,408 $178.9 83% 1.6% National Businesses $497 $3.6 2% 0.7% Consumer real estate $1,841 $7.6 4% 0.4% Credit cards $366 $17.3 8% 4.7% Other $349 $4.3 2% 1.2% Total Loans, ex. PPP $14,461 $211.7 99% 1.5% PPP Loans $1,489 Total Loans $15,950 $211.7 99% 1.3% HTM Securities $1,070 $2.8 1% 0.3% Total Loans & HTM Securities $17,020 $214.5 100% 1.3% $ in millions Commercial & Industrial and Commercial Real Estate loan portfolios accounted for 83% of the allowance 3Q’20 provision expense of $16.0MM is 3.1x 3Q’20 NCOs Total loan reserves to nonperforming loans is 2.3x Elected 5-year regulatory capital phase-in under recently issued inter-agency guidance

3Q’20 Changes to Allowance Allowance for Credit Losses ($ in millions) $203.6 ($5.1) Net Charge-offs $16.0 Credit Risk Changes ACL 06/30/20 ACL 09/30/20 $214.5

Appendix

Dividend increase = 228.9% Returning Capital to Our Shareholders Annual Dividends Declared 2000 - 2020 2020 = $1.25 3.3% annual increase (1) Dividends adjusted for 2-for-1 stock split in 2006. (1)

Long-Term Value Creation (1) Growth rates for earnings per share represent compound annual rates based on a rolling twelve-month period ending September 30, 2020. (2) Tangible book value per share is a non-GAAP measure. See reconciliation on slide 40. *All publicly-traded banks with data reported for both 3Q’05 and 3Q’20; **UMB traditional peer group (15 banks); ***KBW Nasdaq Regional Bank Index (50 banks). Source: S&P Global; current as of 10/23/20 15-Year Compounded Annual Growth Rates 3Q’05 – 3Q’20 UMBF KRX*** Industry* Peer Median** Diluted Earnings Per Share Tangible Book Value Per Share (2) (1)

Non-GAAP Reconciliations In this presentation, we provide information about pre-tax pre-provision income, net operating income, operating earnings per share-diluted (operating EPS-diluted), operating return on average equity (operating ROE), operating return on average assets (operating ROA), operating noninterest expense, operating efficiency ratio, pre-tax, pre-provision earnings per share-diluted (PTPP EPS), tangible shareholders’ equity, tangible assets, tangible common equity ratio and tangible book value per share, all of which are non-GAAP financial measures. This information supplements the results that are reported according to generally accepted accounting principles in the United States (GAAP) and should not be viewed in isolation from, or as a substitute for, GAAP results. The differences between the non-GAAP financial measures and the nearest comparable GAAP financial measures are reconciled on the next 4 slides. The Company believes that these non-GAAP financial measures and the reconciliations may be useful to investors because they adjust for acquisition-, severance-, and COVID-19 related items that management does not believe reflect the Company’s fundamental operating performance. COVID-19 related expense includes hazard pay for branch associates, computer hardware expense to support associates working remotely, and additional equipment, cleaning and janitorial supplies to protect the well-being of our associates and customers while on the Company’s premises. Pre-tax pre-provision income for the relevant period is defined as GAAP net income, adjusted to reflect the impact of excluding income tax and provision expense. Net operating income for the relevant period is defined as GAAP net income, adjusted to reflect the impact of excluding expenses related to acquisitions, severance expense, COVID-19 related expense, and the cumulative tax impact of these adjustments. Operating EPS-diluted is calculated as diluted 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 (which is calculated as net interest income plus noninterest income, less gains on sales of securities available for sale, net). Tangible book value per shares is defined as the Company’s total shareholders’ equity, net of intangible assets, divided by the Company’s total shares outstanding. Tangible common equity ratio is calculated as the Company’s total shareholders’ equity, net of intangible assets, divided by the Company’s total assets, net of intangible assets.

Non-GAAP Reconciliations Pre-Tax, Pre-Provision Income

Non-GAAP Reconciliations (1) Calculated using the Company's marginal tax rate of 22.2%. Net Operating Income

Non-GAAP Reconciliations Operating Noninterest Expense & Efficiency Ratio

Non-GAAP Reconciliations Tangible Common Equity Ratio Tangible Book Value Share count for December 31, 2004 adjusted for Company’s 2-for-1 stock split on May 31, 2006.