Equibles

8-K

UMB FINANCIAL CORP (UMBF)

8-K 2023-01-24 For: 2023-01-24
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):  1/24/2023

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 January 24, 2023, UMB Financial Corporation (the “Company”) issued a press release announcing the financial results for the Company for the quarter and year ended December 31, 2022.  A copy of the press release is attached as Exhibit 99.1 and the information is hereby incorporated by reference herein. The Company does not incorporate by reference information presented at any website referenced in the press release.

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

Item 7.01    Regulation FD Disclosure

On January 24, 2023, the Company announced in the same press release that the Board of Directors of the Company had declared a quarterly dividend of $0.38 per share that is payable on April 3, 2023 to shareholders of record of the Company as of the close of business on March 10, 2023.

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 25, 2023.  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 24, 2023, 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, 2022, and announcing dividend declaration.
99.2 Investor Presentation Materials, dated January 24, 2023.
104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURES

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

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

Date: January 24, 2023

umbf-ex991_6.htm

Exhibit 99.1

UMB Financial Corporation                                                      News Release

1010 Grand Boulevard

Kansas City, MO 64106

816.860.7000

umb.com

//FOR IMMEDIATE RELEASE//

Media Contact: Stephanie Hague: 816.860.5088

Investor Relations Contact: Kay Gregory: 816.860.7106

UMB Financial Corporation Reports Fourth Quarter Net Income of $100.2 Million and Record Full-Year Earnings of $431.7 Million

Fourth Quarter 2022 Financial Highlights

• GAAP net income of $100.2 million, or $2.06 per diluted share.
• Average loan balances increased $3.6 billion, or 21.6%, compared to the fourth quarter of 2021.
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• Average loans increased 21.0% on a linked-quarter, annualized basis.
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• Average deposits grew 21.2% on a linked-quarter, annualized basis.
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• Net interest income increased 5.0% from the linked quarter.
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• Noninterest income increased 5.7% as compared to the fourth quarter of 2021, equal to 33.9% of total revenue.
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• Net interest margin expanded seven basis points from the linked quarter.
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• Credit quality remained strong, with net charge-offs of just 0.04% of average loans.
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KANSAS CITY, Mo. (January 24, 2023) – UMB Financial Corporation (Nasdaq: UMBF), a financial services company, announced net income for the fourth quarter of 2022 of $100.2 million, or $2.06 per diluted share, compared to $88.0 million, or $1.81 per diluted share, in the third quarter of 2022 (linked quarter) and $78.5 million, or $1.61 per diluted share, in the fourth quarter of 2021.

Net operating income, a non-GAAP financial measure reconciled later in this release to net income, the nearest comparable GAAP measure, was $101.1 million, or $2.07 per diluted share, for the fourth quarter of 2022, compared to $88.3 million, or $1.82 per diluted share, for the linked quarter and $78.9 million, or $1.62 per diluted share, for the fourth quarter of 2021. Operating pre-tax, pre-provision income (Operating PTPP), a non-GAAP measure reconciled later in this release to the components of net income before taxes, the nearest comparable GAAP measure, was $134.1 million, or $2.75 per diluted share, for the fourth quarter of 2022, compared to $131.2 million, or $2.70 per diluted share, for the linked quarter, and $107.4 million, or $2.20 per diluted share, for the fourth quarter of 2021. These operating PTPP results represent increases of 2.2% on a linked-quarter basis and 24.8%, compared to the fourth quarter of 2021.

“As we enter the 110th year of business, our strong balance sheet and differentiated business mix position us well to deliver solid returns across all economic cycles, driven by our basic tenet of providing the Unparalleled Customer Experience to all our key constituents,” said Mariner Kemper, chairman, president and chief executive officer. “Our fourth quarter results capped off another year of record earnings, facilitated by strong balance sheet growth, stable credit metrics and contributions from our differentiated fee income sources. Revenue increased 14.4% over the prior year to $1.5 billion, driven by a 13.2% increase in average loans, 8.3% increase in average deposits, and an 18.6% percent increase in noninterest income. In 2022, we generated actual loan growth of nearly $4 billion, or more than three times the $1.1 billion we added in the prior calendar year. Our asset quality metrics remained solid as reflected in net

loan charge-off rate of 21 basis points for the year. Nonperforming assets comprised a modest five basis points of total assets. We’ve long focused on operating leverage, and for the full year, we generated positive leverage of 6.7%.”

Fourth Quarter 2022 earnings discussion

Summary of quarterly financial results UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
Q4 Q3 Q4
2022 2022 2021
Net income (GAAP) $ 100,173 $ 87,990 $ 78,496
Earnings per share (diluted) 2.06 1.81 1.61
Operating pre-tax, pre-provision income (Non-GAAP) 134,054 131,166 107,415
Operating pre-tax, pre-provision earnings per share (diluted) 2.75 2.70 2.20
Operating pre-tax, pre-provision income - FTE (Non-GAAP) 140,717 137,620 113,898
Operating pre-tax, pre-provision earnings per share - FTE (diluted) 2.89 2.83 2.33
Net operating income (Non-GAAP) 101,092 88,259 78,921
Operating earnings per share (diluted) 2.07 1.82 1.62
GAAP
Return on average assets 1.06 % 0.96 % 0.82 %
Return on average equity 15.16 12.90 9.91
Efficiency ratio 63.72 63.58 67.78
Non-GAAP
Operating return on average assets 1.07 % 0.96 % 0.82 %
Operating return on average equity 15.30 12.94 9.97
Operating efficiency ratio 63.39 63.49 67.61
Summary of revenue UMB Financial Corporation
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(unaudited, dollars in thousands)
Q4 Q3 Q4 CQ vs. CQ vs.
2022 2022 2021 LQ PY
Net interest income $ 245,166 $ 233,485 $ 210,570 $ 11,681 $ 34,596
Noninterest income:
Trust and securities processing 59,207 59,586 58,515 (379 ) 692
Trading and investment banking 5,251 5,387 6,977 (136 ) (1,726 )
Service charges on deposit accounts 19,758 19,932 21,607 (174 ) (1,849 )
Insurance fees and commissions 459 375 359 84 100
Brokerage fees 13,332 13,840 3,346 (508 ) 9,986
Bankcard fees 19,597 19,379 16,642 218 2,955
Investment securities (losses) gains, net (409 ) (1,345 ) 1,448 936 (1,857 )
Other 8,302 11,569 9,888 (3,267 ) (1,586 )
Total noninterest income $ 125,497 $ 128,723 $ 118,782 $ (3,226 ) $ 6,715
Total revenue $ 370,663 $ 362,208 $ 329,352 $ 8,455 $ 41,311
Net interest income (FTE) $ 251,829 $ 239,939 $ 217,053
Net interest margin (FTE) 2.83 % 2.76 % 2.37 %
Total noninterest income as a % of total revenue 33.9 35.5 36.1

Net interest income

• Fourth quarter 2022 net interest income totaled $245.2 million, an increase of $11.7 million, or 5.0% from the linked quarter, driven by an increase of $1.0 billion in average loans and the impact from higher short-term and long-term interest rates.
• Average earning assets increased $831.6 million, or 2.4% from the linked quarter, largely driven by the increase in average loans noted above, an increase of $502.8 million in interest-bearing due from banks, partially offset by a decrease of $488.8 million in average securities.
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• Average interest-bearing liabilities increased $987.5 million, or 4.8% from the linked quarter, primarily driven by an increase of $1.5 billion in interest-bearing deposits, partially offset by a decrease of $631.0 million in federal funds purchased and repurchase agreements.
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• Net interest margin for the fourth quarter was 2.83%, an increase of seven basis points from the linked quarter, driven by benefits of higher short-term interest rates, loan fees, favorable earning asset mix changes, and the benefit of free funds, partially offset by increased cost of interest-bearing liabilities. Average loan yields increased 89 basis points while earning asset yields increased 67 basis points from the linked quarter. The cost of interest-bearing liabilities increased 94 basis points to 2.22%.
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• On a year-over-year basis, net interest income increased $34.6 million, or 16.4%, driven by a $3.6 billion, or 21.6% increase in average loans, coupled with a $402.7 million, or 3.1% increase in average securities. These increases were driven by organic loan growth and a reduction in excess liquidity.
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• Average earning assets decreased $1.0 billion, or 2.8%, largely driven by a decrease of $4.6 billion in interest-bearing due from banks, partially offset by the increases in average loans and securities noted above.
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• Average deposits increased 5.3% on a linked-quarter basis and decreased 0.8% compared to the fourth quarter of 2021. Average noninterest-bearing demand deposit balances increased 0.5% on a linked-quarter basis and decreased 5.1% compared to the fourth quarter of 2021. Demand deposit balances comprised 39.7% of total deposits, compared to 41.6% in the linked quarter and 41.5% in the fourth quarter of 2021.
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Noninterest income

• Fourth quarter 2022 noninterest income decreased $3.2 million, or 2.5%, on a linked-quarter basis, largely due to:
o Decreases of $2.3 million in company-owned life insurance income and $0.9 million in derivative income, both recorded in other income. The decrease in company-owned life insurance is offset by a proportionate decrease in deferred compensation expense as noted below.
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o A decrease of $0.5 million in brokerage income, largely driven by a decrease in money market income.
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o These decreases were partially offset by an increase of $0.9 million in investment securities gains.
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• Compared to the prior year, noninterest income in the fourth quarter of 2022 increased $6.7 million, or 5.7%, primarily driven by:
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o An increase of $10.0 million in brokerage income, largely driven by increases in 12b-1 fees and money market income.
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o An increase of $3.0 million in bankcard income, driven by increased interchange income and reduced rewards expense.
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o An increase of $1.0 million in company-owned life insurance income, recorded in other income. The increase in company-owned life insurance is offset by a proportionate increase in deferred compensation expense as noted below.
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o These increases were partially offset by the following decreases:
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▪ A decrease of $1.9 million in investment securities gains, largely driven by $2.7 million in gains on sales of available-for-sale securities in the prior year, offset by an increase of $0.9 million in the valuation of the company’s equity investments.
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▪ A decrease of $1.8 million in service charges on deposits primarily due to reduced corporate service charge income and decreased healthcare services income related to customer transfer and conversion fees.
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▪ Decreases of $2.0 million in derivative income, recorded in other income, and $1.7 million in trading and investment banking due to decreased trading volume.
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Noninterest expense

Summary of noninterest expense UMB Financial Corporation
(unaudited, dollars in thousands)
Q4 Q3 Q4 CQ vs. CQ vs.
2022 2022 2021 LQ PY
Salaries and employee benefits $ 135,940 $ 136,467 $ 131,360 $ (527 ) $ 4,580
Occupancy, net 12,409 12,231 10,907 178 1,502
Equipment 18,969 18,811 19,886 158 (917 )
Supplies and services 3,697 3,139 4,646 558 (949 )
Marketing and business development 8,788 6,671 6,528 2,117 2,260
Processing fees 23,545 20,901 19,083 2,644 4,462
Legal and consulting 10,664 10,255 10,858 409 (194 )
Bankcard 7,369 6,551 4,865 818 2,504
Amortization of other intangible assets 1,649 1,092 1,110 557 539
Regulatory fees 4,232 4,200 3,393 32 839
Other 10,556 11,078 9,847 (522 ) 709
Total noninterest expense $ 237,818 $ 231,396 $ 222,483 $ 6,422 $ 15,335
• Noninterest expense for the fourth quarter of 2022 was $237.8 million, an increase of $6.4 million, or 2.8%, from the linked quarter and an increase of $15.3 million, or 6.9%, from the fourth quarter of 2021.
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• The linked-quarter increase in noninterest expense was driven by:
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o Increases of $2.6 million in processing fees and $2.1 million in marketing and business development expense due to the ongoing modernization of the company’s core systems and timing of multiple projects, respectively. The increase in marketing and business development expense was also partially driven by an increase in advertising for various projects and an increase in travel and entertainment expense.
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o Increases of $0.8 million, $0.6 million, and $0.6 million in bankcard expense, supplies expense, and intangible amortization expense, respectively.  The increase in amortization expense is related to the acquisition of the healthcare savings account business from Old National Bank, completed in the fourth quarter of 2022.
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o These increases were partially offset by a decrease of $0.5 million in salaries and employee benefits expense. This decrease was driven by a decrease of $2.7 million in employee benefits expense, partially offset by an increase of $2.2 million in salaries and bonus expense. The decrease in employee benefits expense was driven by a $1.5 million decrease in deferred compensation expense and a $1.0 million decrease in payroll taxes,
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insurance, and 401(k) expense as employee maximums were reached during the quarter.  This decrease in deferred compensation expense was offset by the decrease in company-owned life insurance income noted above.
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• The year-over-year increase in noninterest expense was driven by:
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o An increase of $4.6 million in salaries and employee benefits expense, driven primarily by increases of $7.7 million in salaries and wage expense and $2.3 million in employee benefits expense, primarily due to an increase of $1.1 million in payroll taxes, insurance, and 401(k) expense, and an increase of $0.7 million in deferred compensation expense. These increases were partially offset by a decrease of $5.4 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.
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o Increases of $4.5 million and $2.3 million in processing fees and marketing and business development expense, respectively, due to the ongoing modernization of the company’s core systems and timing of multiple projects, respectively. The increase in marketing and business development expense was also partially driven by an increase in advertising for various projects and an increase in travel and entertainment expense.
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o Increases of $2.5 million and $1.5 million in bankcard expense and occupancy expense, respectively.
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Full year 2022 earnings discussion

Net income for the year ended December 31, 2022 was $431.7 million, or $8.86 per diluted share, compared to $353.0 million, or $7.24 per diluted share in 2021. Net operating income, a non-GAAP financial measure reconciled to net income, the nearest comparable GAAP measure, later in this release, was $433.0 million, or $8.88 per diluted share, compared to $354.4 million, or $7.27 per diluted share in 2021. These results represent increases of 22.3% and 22.2%, respectively. 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 $571.7 million, or $11.73 per diluted share, compared to $450.9 million, or $9.26 per diluted share, for 2021. These results represent an increase of 26.8% as compared to 2021.

Summary of year-to-date financial results UMB Financial Corporation
(unaudited, dollars in thousands, except per share data) December December
YTD YTD
2022 2021
Net income (GAAP) $ 431,682 $ 353,018
Earnings per share (diluted) 8.86 7.24
Operating pre-tax, pre-provision income (Non-GAAP) 571,671 450,896
Operating pre-tax, pre-provision earnings per share (diluted) 11.73 9.26
Operating pre-tax, pre-provision income - FTE (Non-GAAP) 597,465 477,230
Operating pre-tax, pre-provision earnings per share - FTE (diluted) 12.26 9.79
Net operating income (Non-GAAP) 433,020 354,446
Operating earnings per share (diluted) 8.88 7.27
GAAP
Return on average assets 1.15 % 1.00 %
Return on average equity 15.83 11.43
Efficiency ratio 60.84 65.02
Non-GAAP
Operating return on average assets 1.15 % 1.00 %
Operating return on average equity 15.88 11.47
Operating efficiency ratio 60.72 64.87
• Net interest income increased $98.3 million, or 12.1%, year-over-year due to a $2.1 billion increase in earning assets and the impact from increased short-term and long-term interest rates. The increase in earning assets was primarily driven by a $2.2 billion, or 13.2%, increase in average loans, and an increase of $1.8 billion, or 15.7% in average securities. This growth was partially offset by a decrease of $1.7 billion in interest-bearing due from banks. Average interest-bearing liabilities increased $583.1 million, while noninterest-bearing demand deposits increased $2.0 billion, or 17.9%. The yield on earning assets increased 62 basis points, while the cost of interest-bearing liabilities increased 84 basis points.  Net interest margin for 2022 was 2.63%, an increase of 13 basis points from 2021.
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• Full-year noninterest income increased $87.1 million, or 18.6%, due to:
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o An increase of $53.4 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.
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o An increase of $30.8 million in brokerage fees, primarily driven by higher 12b-1 and money market income.
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o An increase of $13.1 million in trust and securities processing, due to increases of $12.9 million and $6.5 million in fund services income and corporate trust income, respectively, partially offset by a decrease of $6.3 million in trust income.
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o These increases were partially offset by a decrease of $10.1 million in company-owned life insurance income, recorded in other income.  The decrease in company-owned life insurance is offset by a proportionate decrease in deferred compensation expense as noted below.
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• Full-year noninterest expense increased $64.5 million, or 7.7%, primarily due to:
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o An increase of $20.0 million in salaries and employee benefits expense, driven by an increase of $21.8 million in salaries and bonus expense, partially offset by a decrease of
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$1.9 million in employee benefits expense. The increase in salaries and bonus expense was driven by higher salaries and improved company performance.  The decrease in employee benefits expense was due to a decrease of $9.5 million in deferred compensation expense, partially offset by an increase of $5.0 million in payroll taxes, insurance, and 401(k) expense. This decrease in deferred compensation expense was offset by the decrease in company-owned life insurance income noted above.
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o An increase of $14.7 million in processing fees due to the ongoing modernization of the company’s core systems and timing of multiple projects.
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o Increases of $7.2 million and $6.7 million in marketing and business development and legal and consulting expense, respectively, due to the timing of multiple projects. The increase in marketing and business development expense was also partially driven by an increase in advertising for various projects and an increase in travel and entertainment expense.
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o An increase of $7.2 million in bankcard expense primarily due to higher processing expense and bankcard fraud losses.
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o Increases of $6.1 million in operational losses and $2.4 million in charitable contributions, both recorded in other expense.
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Income taxes

• The company’s effective tax rate was 18.9% for the year ended December 31, 2022, compared to 17.7% for the same period in 2021. The increase in the effective rate in 2022 is primarily attributable to a smaller portion of income being earned from tax-exempt municipal securities.

Balance sheet

• Average total assets for the fourth quarter of 2022 were $37.3 billion compared to $36.3 billion for the linked quarter and $38.1 billion for the same period in 2021.
Summary of average loans and leases - QTD Average UMB Financial Corporation
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(unaudited, dollars in thousands)
Q4 Q3 Q4 CQ vs. CQ vs.
2022 2022 2021 LQ PY
Commercial and industrial $ 8,891,356 $ 8,417,174 $ 6,994,935 $ 474,182 $ 1,896,421
Specialty lending 559,200 559,797 484,552 (597 ) 74,648
Commercial real estate 7,323,877 6,892,484 6,218,138 431,393 1,105,739
Consumer real estate 2,678,771 2,574,926 2,272,498 103,845 406,273
Consumer 145,811 142,348 107,841 3,463 37,970
Credit cards 457,043 438,235 414,267 18,808 42,776
Leases and other 238,603 259,298 200,417 (20,695 ) 38,186
Total loans $ 20,294,661 $ 19,284,262 $ 16,692,648 $ 1,010,399 $ 3,602,013
• Average loans for the fourth quarter of 2022 increased 5.2% on a linked-quarter basis and 21.6% compared to the fourth quarter of 2021.
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Summary of average securities - QTD Average UMB Financial Corporation
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(unaudited, dollars in thousands)
Q4 Q3 Q4 CQ vs. CQ vs.
2022 2022 2021 LQ PY
Securities available for sale:
U.S. Treasury $ 752,339 $ 746,429 $ 69,398 $ 5,910 $ 682,941
U.S. Agencies 171,171 173,980 93,619 (2,809 ) 77,552
Mortgage-backed 4,027,120 4,363,838 7,395,528 (336,718 ) (3,368,408 )
State and political subdivisions 1,353,307 1,600,043 3,437,841 (246,736 ) (2,084,534 )
Corporates 366,131 381,151 236,743 (15,020 ) 129,388
Collateralized loan obligations 328,475 300,475 38,099 28,000 290,376
Total securities available for sale $ 6,998,543 $ 7,565,916 $ 11,271,228 $ (567,373 ) $ (4,272,685 )
Securities held to maturity:
U.S. Agencies $ 123,077 $ 123,048 $ — $ 29 $ 123,077
Mortgage-backed 2,983,489 3,039,998 105,622 (56,509 ) 2,877,867
State and political subdivisions 2,765,717 2,621,633 1,089,587 144,084 1,676,130
Total securities held to maturity $ 5,872,283 $ 5,784,679 $ 1,195,209 $ 87,604 $ 4,677,074
Trading securities 11,799 5,651 29,426 6,148 (17,627 )
Other securities 315,748 330,950 299,829 (15,202 ) 15,919
Total securities $ 13,198,373 $ 13,687,196 $ 12,795,692 $ (488,823 ) $ 402,681
• Average total securities decreased 3.6% on a linked-quarter basis and increased 3.1% compared to the fourth quarter of 2021.
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Summary of average deposits - QTD Average UMB Financial Corporation
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(unaudited, dollars in thousands)
Q4 Q3 Q4 CQ vs. CQ vs.
2022 2022 2021 LQ PY
Deposits:
Noninterest-bearing demand $ 12,454,413 $ 12,394,251 $ 13,124,918 $ 60,162 $ (670,505 )
Interest-bearing demand and savings 17,952,568 16,723,205 17,809,817 1,229,363 142,751
Time deposits 966,969 679,994 701,836 286,975 265,133
Total deposits $ 31,373,950 $ 29,797,450 $ 31,636,571 $ 1,576,500 $ (262,621 )
Noninterest bearing deposits as % of total 39.7 % 41.6 % 41.5 %
• Average deposits increased 5.3% on a linked-quarter basis and decreased 0.8% compared to the fourth quarter of 2021.
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Capital

Capital information UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
December 31, 2022 September 30, 2022 December 31, 2021
Total equity $ 2,667,093 $ 2,523,545 $ 3,145,424
Book value per common share 55.20 52.24 64.95
Tangible book value per common share (Non-GAAP) 49.28 48.19 61.05
Regulatory capital:
Common equity Tier 1 capital $ 3,129,030 $ 3,132,209 $ 2,885,576
Tier 1 capital 3,129,030 3,132,209 2,885,576
Total capital 3,682,619 3,679,116 3,324,284
Regulatory capital ratios:
Common equity Tier 1 capital ratio 10.62 % 11.18 % 12.05 %
Tier 1 risk-based capital ratio 10.62 11.18 12.05
Total risk-based capital ratio 12.50 13.13 13.88
Tier 1 leverage ratio 8.43 8.66 7.61
• At December 31, 2022, the regulatory capital ratios presented in the foregoing table exceeded all “well-capitalized” regulatory thresholds.
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Asset Quality

Credit quality UMB Financial Corporation
(unaudited, dollars in thousands)
Q4 Q3 Q2 Q1 Q4
2022 2022 2022 2022 2021
Net charge-offs - total loans $ 2,189 $ 1,173 $ 28,128 $ 8,378 $ 8,061
Net loan charge-offs as a % of total average loans 0.04 % 0.02 % 0.62 % 0.20 % 0.19 %
Loans over 90 days past due $ 1,617 $ 2,513 $ 3,446 $ 3,600 $ 2,633
Loans over 90 days past due as a % of total loans 0.01 % 0.01 % 0.02 % 0.02 % 0.02 %
Nonaccrual and restructured loans $ 19,269 $ 19,817 $ 18,117 $ 110,356 $ 92,300
Nonaccrual and restructured loans as a % of total loans 0.09 % 0.10 % 0.10 % 0.62 % 0.54 %
Provision for credit losses $ 9,000 $ 22,000 $ 13,400 $ (6,500 ) $ 8,500
• Provision for credit losses for the fourth quarter decreased $13.0 million from the linked quarter and increased $0.5 million from the fourth quarter of 2021. These changes are driven by loan growth, portfolio credit metric changes, and changes in macro-economic metrics in the current period as compared to the prior periods.
--- ---
• Net charge-offs for the fourth quarter totaled $2.2 million, or 0.04%, of average loans, compared to $1.2 million, or 0.02%, of average loans in the linked quarter, and $8.1 million, or 0.19%, of average loans for the fourth quarter of 2021. On a year-to-date basis, net charge-offs totaled $39.9 million, or 0.21%, of average loans, compared to $44.9 million, or 0.27%, of average loans, for the same period in 2021.
--- ---

Dividend Declaration

At the company’s quarterly board meeting, the Board of Directors declared a $0.38 per share quarterly cash dividend, payable on April 3, 2023, to shareholders of record at the close of business on March 10, 2023.

Conference Call

The company plans to host a conference call to discuss its fourth quarter 2022 earnings results on Wednesday, January 25, 2023, at 8:30 a.m. (CT).

Interested parties may access the call by dialing (toll-free) 844-200-6205 or (international) 646-904-5544 and requesting to join the UMB Financial call with access code 216125. The live call may also be accessed by visiting investorrelations.umb.com or by using the following link:

UMB Financial 4Q 2022 Conference Call

A replay of the conference call may be heard through February 8, 2023 by calling (toll-free)

866-813-9403 or (international) 929-458-6194. The replay access code required for playback is 239596. The call replay may also be accessed at investorrelations.umb.com.

Non-GAAP Financial Information

In this release, we may provide information about net operating income, operating earnings per share – diluted (operating EPS), operating return on average equity (operating ROE), operating return on average assets (operating ROA), operating noninterest expense, operating efficiency ratio, operating pre-tax, pre-provision income (operating PTPP), operating pre-tax, pre-provision earnings per share – diluted (operating PTPP EPS), operating pre-tax, pre-provision income on a fully tax equivalent basis (operating PTPP-FTE), operating pre-tax, pre-provision FTE earnings per share – diluted (operating PTPP-FTE EPS), tangible shareholders’ equity, and tangible book value per share, all of which are non-GAAP financial measures. This information supplements the results that are reported according to generally accepted accounting principles in the United States (GAAP) and should not be viewed in isolation from, or as a substitute for, GAAP results. The differences between the non-GAAP financial measures – net operating income, operating EPS, operating ROE, operating ROA, operating noninterest expense, operating efficiency ratio, operating PTPP, operating PTPP EPS, operating PTPP-FTE, operating PTPP-FTE EPS, tangible shareholders’ equity, and tangible book value per share – and the nearest comparable GAAP financial measures are reconciled later in this release. The company believes that these non-GAAP financial measures and the reconciliations may be useful to investors because they adjust for acquisition-, severance-, and COVID-19 related items that management does not believe reflect the company’s fundamental operating performance. COVID-19 related expense includes hazard pay for branch associates, computer hardware expense to support associates working remotely, and additional equipment, cleaning, and janitorial supplies to protect the well-being of our associates and customers while on the company’s premises.

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

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

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

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

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

Forward-Looking Statements:

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

About UMB:

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

Consolidated Balance Sheets
(dollars in thousands)
2021
(audited)
ASSETS
Loans 21,031,189 $ 17,170,871
Allowance for credit losses on loans (191,836 ) (194,771 )
Net loans 20,839,353 16,976,100
Loans held for sale 1,978 1,277
Securities:
Available for sale 7,006,347 11,976,514
Held to maturity, net of allowance for credit losses 5,859,192 1,478,476
Trading securities 17,980 31,875
Other securities 349,758 327,098
Total securities 13,233,277 13,813,963
Federal funds sold and resell agreements 958,597 1,216,357
Interest-bearing due from banks 1,179,105 8,841,906
Cash and due from banks 500,682 413,821
Premises and equipment, net 263,649 270,933
Accrued income 189,231 131,102
Goodwill 207,385 174,518
Other intangibles, net 78,724 14,416
Other assets 1,060,480 839,091
Total assets 38,512,461 $ 42,693,484
LIABILITIES
Deposits:
Noninterest-bearing demand 13,260,363 $ 16,342,642
Interest-bearing demand and savings 18,461,632 18,405,644
Time deposits under 250,000 379,087 403,660
Time deposits of 250,000 or more 538,051 447,981
Total deposits 32,639,133 35,599,927
Federal funds purchased and repurchase agreements 2,222,167 3,238,435
Long-term debt 381,311 271,544
Accrued expenses and taxes 239,624 249,492
Other liabilities 363,133 188,662
Total liabilities 35,845,368 39,548,060
SHAREHOLDERS' EQUITY
Common stock 55,057 55,057
Capital surplus 1,125,949 1,110,520
Retained earnings 2,536,086 2,176,998
Accumulated other comprehensive (loss) income, net (702,735 ) 126,314
Treasury stock (347,264 ) (323,465 )
Total shareholders' equity 2,667,093 3,145,424
Total liabilities and shareholders' equity 38,512,461 $ 42,693,484

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,
2022 2021 2022 2021
(unaudited) (unaudited) (unaudited) (audited)
INTEREST INCOME
Loans $ 273,648 $ 155,324 $ 810,007 $ 619,273
Securities:
Taxable interest 51,441 37,376 192,121 127,625
Tax-exempt interest 25,105 24,140 97,190 98,305
Total securities income 76,546 61,516 289,311 225,930
Federal funds and resell agreements 7,106 2,286 19,109 10,048
Interest-bearing due from banks 9,373 2,182 18,582 5,417
Trading securities 139 275 511 854
Total interest income 366,812 221,583 1,137,520 861,522
INTEREST EXPENSE
Deposits 97,484 6,299 167,553 26,412
Federal funds and repurchase agreements 18,848 1,673 40,703 6,934
Other 5,314 3,041 15,467 12,655
Total interest expense 121,646 11,013 223,723 46,001
Net interest income 245,166 210,570 913,797 815,521
Provision for credit losses 9,000 8,500 37,900 20,000
Net interest income after provision for credit losses 236,166 202,070 875,897 795,521
NONINTEREST INCOME
Trust and securities processing 59,207 58,515 237,207 224,126
Trading and investment banking 5,251 6,977 23,201 30,939
Service charges on deposit accounts 19,758 21,607 85,167 86,056
Insurance fees and commissions 459 359 1,338 1,309
Brokerage fees 13,332 3,346 43,019 12,171
Bankcard fees 19,597 16,642 73,451 64,576
Investment securities (losses) gains, net (409 ) 1,448 58,444 5,057
Other 8,302 9,888 32,406 42,941
Total noninterest income 125,497 118,782 554,233 467,175
NONINTEREST EXPENSE
Salaries and employee benefits 135,940 131,360 524,431 504,442
Occupancy, net 12,409 10,907 48,848 47,345
Equipment 18,969 19,886 74,259 78,398
Supplies and services 3,697 4,646 13,590 14,986
Marketing and business development 8,788 6,528 25,699 18,533
Processing fees 23,545 19,083 82,227 67,563
Legal and consulting 10,664 10,858 39,095 32,406
Bankcard 7,369 4,865 26,367 19,145
Amortization of other intangible assets 1,649 1,110 5,037 4,757
Regulatory fees 4,232 3,393 15,378 11,894
Other 10,556 9,847 43,188 34,167
Total noninterest expense 237,818 222,483 898,119 833,636
Income before income taxes 123,845 98,369 532,011 429,060
Income tax expense 23,672 19,873 100,329 76,042
NET INCOME $ 100,173 $ 78,496 $ 431,682 $ 353,018
PER SHARE DATA
Net income – basic $ 2.07 $ 1.62 $ 8.93 $ 7.31
Net income – diluted 2.06 1.61 8.86 7.24
Dividends 0.38 0.37 1.49 1.38
Weighted average shares outstanding – basic 48,310,993 48,371,296 48,340,922 48,271,462
Weighted average shares outstanding – diluted 48,735,088 48,854,383 48,747,399 48,738,292
Consolidated Statements of Comprehensive Income UMB Financial Corporation
--- --- --- --- --- --- --- --- --- --- --- --- ---
(dollars in thousands)
Three Months Ended Year Ended
December 31, December 31,
2022 2021 2022 2021
(unaudited) (unaudited) (unaudited) (audited)
Net income $ 100,173 $ 78,496 $ 431,682 $ 353,018
Other comprehensive income (loss), before tax:
Unrealized gains and losses on debt securities:
Change in unrealized holding gains and losses, net 64,924 (46,275 ) (1,137,417 ) (244,695 )
Less: Reclassification adjustment for gains included in net income — (2,739 ) — (7,817 )
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity 11,186 — 36,894 —
Change in unrealized gains and losses on debt securities 76,110 (49,014 ) (1,100,523 ) (252,512 )
Unrealized gains and losses on derivative hedges:
Change in unrealized gains and losses on derivative hedges, net 170 (407 ) 12,608 3,106
Less: Reclassification adjustment for gains included in net income (1,942 ) (802 ) (5,353 ) (3,352 )
Change in unrealized gains and losses on derivative hedges (1,772 ) (1,209 ) 7,255 (246 )
Other comprehensive income (loss), before tax 74,338 (50,223 ) (1,093,268 ) (252,758 )
Income tax (expense) benefit (17,813 ) 12,230 264,219 60,732
Other comprehensive income (loss) 56,525 (37,993 ) (829,049 ) (192,026 )
Comprehensive income (loss) $ 156,698 $ 40,503 $ (397,367 ) $ 160,992
Consolidated Statements of Shareholders' Equity UMB Financial Corporation
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(dollars in thousands except per share data)
(audited) Capital<br><br><br>Surplus Retained<br><br><br>Earnings Accumulated Other Comprehensive Income (Loss) Treasury<br><br><br>Stock Total
Balance - January 1, 2021 55,057 $ 1,090,450 $ 1,891,246 $ 318,340 $ (338,145 ) $ 3,016,948
Total comprehensive income (loss) — — 353,018 (192,026 ) — 160,992
Dividends (1.38 per share) — — (67,266 ) — — (67,266 )
Purchase of treasury stock — — — — (5,506 ) (5,506 )
Issuances of equity awards, net of forfeitures — (4,605 ) — — 5,299 694
Recognition of equity-based compensation — 20,514 — — — 20,514
Sale of treasury stock — 316 — — 283 599
Exercise of stock options — 3,845 — — 14,604 18,449
Balance - December 31, 2021 55,057 $ 1,110,520 $ 2,176,998 $ 126,314 $ (323,465 ) $ 3,145,424
(unaudited)
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

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,
2022 2021
Average Average Average Average
Balance Yield/Rate Balance Yield/Rate
Assets
Loans, net of unearned interest $ 20,294,661 5.35 % $ 16,692,648 3.69 %
Securities:
Taxable 9,382,837 2.18 8,607,960 1.72
Tax-exempt 3,803,737 3.31 4,158,306 2.92
Total securities 13,186,574 2.50 12,766,266 2.11
Federal funds and resell agreements 656,092 4.30 1,099,090 0.83
Interest bearing due from banks 1,135,356 3.28 5,712,993 0.15
Trading securities 11,799 5.31 29,426 4.41
Total earning assets 35,284,482 4.20 36,300,423 2.49
Allowance for credit losses (188,299 ) (196,891 )
Other assets 2,243,437 1,974,579
Total assets $ 37,339,620 $ 38,078,111
Liabilities and Shareholders' Equity
Interest-bearing deposits $ 18,919,537 2.04 % $ 18,511,653 0.13 %
Federal funds and repurchase agreements 2,424,171 3.08 2,611,151 0.25
Borrowed funds 396,874 5.31 271,296 4.45
Total interest-bearing liabilities 21,740,582 2.22 21,394,100 0.20
Noninterest-bearing demand deposits 12,454,413 13,124,918
Other liabilities 522,932 417,015
Shareholders' equity 2,621,693 3,142,078
Total liabilities and shareholders' equity $ 37,339,620 $ 38,078,111
Net interest spread 1.98 % 2.29 %
Net interest margin 2.83 2.37
Average Balances / Yields and Rates UMB Financial Corporation
--- --- --- --- --- --- --- --- --- --- --- --- ---
(tax - equivalent basis)
(unaudited, dollars in thousands)
Year Ended December 31,
2022 2021
Average Average Average Average
Balance Yield/Rate Balance Yield/Rate
Assets
Loans, net of unearned interest $ 18,823,810 4.30 % $ 16,629,867 3.72 %
Securities:
Taxable 9,616,691 2.00 7,422,432 1.72
Tax-exempt 3,885,153 3.16 4,246,943 2.93
Total securities 13,501,844 2.33 11,669,375 2.16
Federal funds and resell agreements 965,911 1.98 1,234,533 0.81
Interest bearing due from banks 2,408,468 0.77 4,063,089 0.13
Trading securities 12,076 4.96 23,480 4.33
Total earning assets 35,712,109 3.26 33,620,344 2.64
Allowance for credit losses (184,072 ) (204,705 )
Other assets 2,050,976 1,912,911
Total assets $ 37,579,013 $ 35,328,550
Liabilities and Shareholders' Equity
Interest-bearing deposits $ 18,063,498 0.93 % $ 17,678,122 0.15 %
Federal funds and repurchase agreements 2,777,089 1.47 2,618,034 0.26
Borrowed funds 309,204 5.00 270,498 4.68
Total interest-bearing liabilities 21,149,791 1.06 20,566,654 0.22
Noninterest-bearing demand deposits 13,264,146 11,254,761
Other liabilities 438,772 418,021
Shareholders' equity 2,726,304 3,089,114
Total liabilities and shareholders' equity $ 37,579,013 $ 35,328,550
Net interest spread 2.20 % 2.42 %
Net interest margin 2.63 2.50
Business Segment Information UMB Financial Corporation
--- --- --- --- --- --- --- --- --- ---
(unaudited, dollars in thousands)
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) 15,242 9,219 (789 ) 23,672
Net income (loss) $ 64,497 $ 39,015 $ (3,339 ) $ 100,173
Three Months Ended December 31, 2021
Commercial Banking Institutional Banking Personal Banking Total
Net interest income $ 149,834 $ 23,044 37,692 $ 210,570
Provision for credit losses 7,446 90 964 8,500
Noninterest income 22,110 70,713 25,959 118,782
Noninterest expense 84,541 74,885 63,057 222,483
Income (loss) before taxes 79,957 18,782 (370 ) 98,369
Income tax expense (benefit) 16,153 3,794 (74 ) 19,873
Net income (loss) $ 63,804 $ 14,988 $ (296 ) $ 78,496
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 66,548 30,551 3,230 100,329
Net income $ 286,334 $ 131,451 $ 13,897 $ 431,682
Year Ended December 31, 2021
Commercial Banking Institutional Banking Personal Banking Total
Net interest income $ 579,992 $ 87,644 $ 147,885 $ 815,521
Provision for credit losses 15,543 630 3,827 20,000
Noninterest income 84,417 273,483 109,275 467,175
Noninterest expense 306,424 292,142 235,070 833,636
Income before taxes 342,442 68,355 18,263 429,060
Income tax expense 60,691 12,113 3,238 76,042
Net income $ 281,751 $ 56,242 $ 15,025 $ 353,018

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, 2022.

Non-GAAP Financial Measures

Net operating income Non-GAAP reconciliations: UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
Three Months Ended December 31, Year Ended December 31,
2022 2021 2022 2021
Net income (GAAP) $ 100,173 $ 78,496 $ 431,682 $ 353,018
Adjustments:
Acquisition expense 851 18 922 18
Severance expense 358 359 838 1,122
COVID-19 related expense — 169 — 696
Tax-impact of adjustments (i) (290 ) (121 ) (422 ) (408 )
Total Non-GAAP adjustments (net of tax) 919 425 1,338 1,428
Net operating income (Non-GAAP) $ 101,092 $ 78,921 $ 433,020 $ 354,446
Earnings per share - diluted (GAAP) $ 2.06 $ 1.61 $ 8.86 $ 7.24
Acquisition expense 0.02 — 0.02 —
Severance expense 0.01 0.01 0.02 0.02
COVID-19 related expense — — — 0.02
Tax-impact of adjustments (i) (0.02 ) — (0.02 ) (0.01 )
Operating earnings per share - diluted (Non-GAAP) $ 2.07 $ 1.62 $ 8.88 $ 7.27
GAAP
Return on average assets 1.06 % 0.82 % 1.15 % 1.00 %
Return on average equity 15.16 9.91 15.83 11.43
Non-GAAP
Operating return on average assets 1.07 % 0.82 % 1.15 % 1.00 %
Operating return on average equity 15.30 9.97 15.88 11.47

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

Operating noninterest expense and operating efficiency ratio Non-GAAP reconciliations: UMB Financial Corporation
(unaudited, dollars in thousands)
Three Months Ended December 31, Year Ended December 31,
2022 2021 2022 2021
Noninterest expense $ 237,818 $ 222,483 $ 898,119 $ 833,636
Adjustments to arrive at operating noninterest expense (pre-tax):
Acquisition expense 851 18 922 18
Severance expense 358 359 838 1,122
COVID-19 related expense — 169 — 696
Total Non-GAAP adjustments (pre-tax) 1,209 546 1,760 1,836
Operating noninterest expense (Non-GAAP) $ 236,609 $ 221,937 $ 896,359 $ 831,800
Noninterest expense $ 237,818 $ 222,483 $ 898,119 $ 833,636
Less: Amortization of other intangibles 1,649 1,110 5,037 4,757
Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A) $ 236,169 $ 221,373 $ 893,082 $ 828,879
Operating noninterest expense $ 236,609 $ 221,937 $ 896,359 $ 831,800
Less: Amortization of other intangibles 1,649 1,110 5,037 4,757
Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B) $ 234,960 $ 220,827 $ 891,322 $ 827,043
Net interest income $ 245,166 $ 210,570 $ 913,797 $ 815,521
Noninterest income 125,497 118,782 554,233 467,175
Less: Gains on sales of securities available for sale, net — 2,739 — 7,817
Total Non-GAAP Revenue (denominator A) $ 370,663 $ 326,613 $ 1,468,030 $ 1,274,879
Efficiency ratio (numerator A/denominator A) 63.72 % 67.78 % 60.84 % 65.02 %
Operating efficiency ratio (Non-GAAP) (numerator B/denominator A) 63.39 67.61 60.72 64.87
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,
2022 2021 2022 2021
Net interest income (GAAP) $ 245,166 $ 210,570 $ 913,797 $ 815,521
Noninterest income (GAAP) 125,497 118,782 554,233 467,175
Noninterest expense (GAAP) 237,818 222,483 898,119 833,636
Adjustments to arrive at operating noninterest expense:
Acquisition expense 851 18 922 18
Severance expense 358 359 838 1,122
COVID-19 related expense — 169 — 696
Total Non-GAAP adjustments 1,209 546 1,760 1,836
Operating noninterest expense (Non-GAAP) 236,609 221,937 896,359 831,800
Operating pre-tax, pre-provision income (Non-GAAP) $ 134,054 $ 107,415 $ 571,671 $ 450,896
Net interest income earnings per share - diluted (GAAP) $ 5.03 $ 4.31 $ 18.75 $ 16.73
Noninterest income (GAAP) 2.57 2.43 11.37 9.59
Noninterest expense (GAAP) 4.88 4.55 18.43 17.10
Acquisition expense 0.02 — 0.02 —
Severance expense 0.01 0.01 0.02 0.02
COVID-19 related expense — — — 0.02
Operating pre-tax, pre-provision earnings per share - diluted (Non-GAAP) $ 2.75 $ 2.20 $ 11.73 $ 9.26
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,
2022 2021 2022 2021
Net interest income (GAAP) $ 245,166 $ 210,570 $ 913,797 $ 815,521
Adjustments to arrive at net interest income - FTE:
Tax equivalent interest 6,663 6,483 25,794 26,334
Net interest income - FTE (Non-GAAP) 251,829 217,053 939,591 841,855
Noninterest income (GAAP) 125,497 118,782 554,233 467,175
Noninterest expense (GAAP) 237,818 222,483 898,119 833,636
Adjustments to arrive at operating noninterest expense:
Acquisition expense 851 18 922 18
Severance expense 358 359 838 1,122
COVID-19 related expense — 169 — 696
Total Non-GAAP adjustments 1,209 546 1,760 1,836
Operating noninterest expense (Non-GAAP) 236,609 221,937 896,359 831,800
Operating pre-tax, pre-provision income - FTE (Non-GAAP) $ 140,717 $ 113,898 $ 597,465 $ 477,230
Net interest income earnings per share - diluted (GAAP) $ 5.03 $ 4.31 $ 18.75 $ 16.73
Tax equivalent interest 0.14 0.13 0.53 0.53
Net interest income - FTE (Non-GAAP) 5.17 4.44 19.28 17.26
Noninterest income (GAAP) 2.57 2.43 11.37 9.59
Noninterest expense (GAAP) 4.88 4.55 18.43 17.10
Acquisition expense 0.02 — 0.02 —
Severance expense 0.01 0.01 0.02 0.02
COVID-19 related expense — — — 0.02
Operating pre-tax, pre-provision income - FTE earnings per share - diluted (Non-GAAP) $ 2.89 $ 2.33 $ 12.26 $ 9.79
Tangible book value non-GAAP reconciliations: UMB Financial Corporation
--- --- --- --- ---
(unaudited, dollars in thousands except share and per share data)
As of December 31,
2022 2021
Total shareholders' equity (GAAP) $ 2,667,093 $ 3,145,424
Less: Intangible assets
Goodwill 207,385 174,518
Other intangibles, net 78,724 14,416
Total intangibles, net 286,109 188,934
Total tangible shareholders' equity (Non-GAAP) $ 2,380,984 $ 2,956,490
Total shares outstanding 48,319,404 48,430,805
Ratio of total shareholders' equity (book value) per share $ 55.20 $ 64.95
Ratio of total tangible shareholders' equity (tangible book value) per share (Non-GAAP) 49.28 61.05

Slide 1

4th Quarter 2022 Update January 24, 2023

Slide 2

Presentation Index 2 Corporate Overview Opportunity – Our Investment Thesis 4th Quarter 2022 Results Line of Business Updates Appendix 3 8 16 30 40 Board of Directors Forward-Looking Statements Non-GAAP Reconciliations Please refer to the Forward-Looking Statements on slide 42 for important disclosures about information contained in this presentation. Peer Group

Slide 3

Corporate Overview Highlights Asset-based lending Healthcare Services 89 banking centers 232 ATMs UMB Bank Presence Twin Cities - MN Salt Lake City - UT UMB Financial Corporation Headquarters Expansion Markets International Presence UMBF Trust & Agency Services – Dublin, Ireland Specialized Lending Verticals Corporate Trust Capital Markets (4) Fund Services Private Wealth Management & Personal Trust

At, or for the 3 months ended, 12/31/22. (1) Includes $13.3mm in PPP balances; (2) Includes $11.1B in managed assets and $4.0 B in Assets Under Administration for Private Wealth customers; (3) Includes assets in Fund Services, Corporate Trust and Healthcare Services; (4) UMB Bank, n.a. Capital Markets Division. 3

Slide 4

Business Model Our Diverse Foundation Commercial & Personal Banking Services 4Q’22 Revenue: $235.6 million. 4Q’22 Average Deposits: $20.6 billion Average loans: $2.8B (1) (2) Average deposits: $6.2B Retail deposit & lending services through 89 branches and online Private banking services Consumer mortgage AUM = $11.1B AUA = $4.0B Financial planning Investment management Trust & custody Estate planning Family office Business exit planning C&I lending Small business lending CRE & Construction lending Average loans: $17.0B (1) Average deposits: $14.4B Agribusiness Energy Practice finance Mezzanine debt & equity investments Commercial Private Wealth Institutional Banking Services 4Q’22 Revenue: $135.1 million. 4Q’22 Average Deposits: $10.8 billion Institutional Banking provides solutions for the entire marketplace; $395.0 billion in AUA. (3) Corporate Trust Bond trustee, paying agent & escrow services Institutional Custody Domestic & international custody services Fund Services Fund accounting, fund administration & transfer agency Specialty Trust & Agency Solutions Default workout & successor trustee services Aviation, ABS & loan agency services Capital Markets Division (4) Fixed income sales & trading Public finance Investor Solutions Banking, cash management & specialty services for financial firms Healthcare Services Health savings & benefit spending accounts Healthcare payment solutions Balances at, or for quarter ended, 12/31/22. (1) Loan balances exclude credit card and PPP loans; (2) Includes consumer loans plus residential real estate loans to retail and private banking clients; (3) Includes AUA in Fund Services/custody, corporate trust and Healthcare Services; (4) Products and services offered through UMB Bank Capital Markets Division: NOT FDIC INSURED | MAY LOSE VALUE  | NOT BANK GUARANTEED. Aviation Asset-based lending Beverage Treasury management Merchant payments Specialized Expertise: 4

Slide 5

An unwavering commitment to doing more for our customers. Beyond Financials Our Culture 5 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

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.

Slide 7

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

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

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

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

More than 183k Kilowatt hours generated from solar panels

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

Committed to paper reduction through digital opportunities and education programs

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

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

33% board diversity

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

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

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

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

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

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

Slide 8

Our Investment Thesis

Slide 9

9 Investment Thesis Our Opportunity Track record of relative outperformance in loan growth – opportunities remain Underpenetrated across our geographic footprint, focused on market share gains Underpenetrated vertically on an asset class basis; built out specialized teams Runway for Growth Attractive deposit base Diverse funding sources Track record of strong deposit growth in challenging times Net interest income growth Above peer earning asset growth Balance sheet flexibility to lever up deposit base through deployment into high-quality earning assets Focus on returning value to shareholders Risk-adjusted returns EPS and tangible book value growth outpace peers over the long-term Consistent dividend growth Differentiated revenue profile and growing fee income Revenue from diverse lines of business and verticals provide a natural hedge in all rate environments Lower-than-peer reliance on mortgage and NSF/OD revenue Solid capital and liquidity positions support growth objectives Higher common equity levels Attractive loan-to-deposit ratio provides flexibility Time-tested underwriting philosophy Unwavering credit standards Long-tenured credit team – average of 22 years with UMB Chief Credit Officer – 37 years with UMB

Slide 10

8% Balance Sheet Growth Across All Business Cycles 10 Average Loans Average Deposits Average annual balances in billions. 2.89% 2.10% 0.53% Annual Loan Growth 12% 19% 9% 7% 5% 2% 6% 10% 10% 18% 12% 21% 19% 9% 7% 10% 25% 4% 14% 16% 11% 14% 10% 20% 13% 6% 11% 9% 4% 7% 14% 15 Year CAGR

11.0% 15 Year CAGR

12.0% (1) Excludes PPP balances for ’20 – ‘22; (2) UMB traditional peers (15 banks), as of latest available annual period. Source: S&P Global Market Intelligence. Peer group defined on slide 45. (1) Annual Deposit Growth

Slide 11

Differentiated Revenue Profile Multiple Sources of Growth 11 Net Interest Income Fee Income Provides Diversity Dollars in millions. 29% 55% 38% $ 1,282.7 $1,291.4 $1,468.0 $613.2 $521.5 $731.3 $587.8 $778.2 $671.0 $825.1 $878.5 $982.5 $848.7 $1,012.1 $971.4 $1,097.7 Total Revenue 15 Year CAGR

7.1% Revenue Growth Annual NII Growth Annual Revenue Growth 12% 12% 7% 18% 10% 3% 2% 1% 9% 4% 5% 18% 20% 13% 9% 10% -1% 14% 10% 13% 4% 9% 9% 6% 18% 6% 3% 4% 11% 1% 3% 8% (1) Fee income prior to 2017 contains income from discontinued operations; (2) UMB traditional peers (15 banks) as of latest available annual period. Source: S&P Global Market Intelligence. 15 Year CAGR

9.5% 15 Year CAGR

4.4% Fee Income Growth $ 815.5 $731.2 $913.8 $303.0 $232.7 $317.0 $275.1 $320.1 $310.6 $333.3 $412.1 $558.9 $350.1 $610.4 $495.3 $670.9

Slide 12

Capital & Liquidity Supports Growth Outlook Cash & Securities / Assets Loans / Deposits Tier 1 Capital Ratio Tangible Common Equity / Assets (4) (3) (2) (1) UMB traditional peers (15 banks), as of latest available annual period. Source: S&P Global Market Intelligence; (2) Non-GAAP measure. See reconciliation on slide 44; (3) As defined by S&P Global: “Cash, cash equiv. & investment securities/assets;” (4) Period-end balances. 12

Slide 13

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

0.30% 15 Year Average

0.44% (1) UMB traditional peers (15 banks), as of latest available annual period. Source: S&P Global Market Intelligence; (2) All FDIC-insured banks. Source: FDIC. 0.21% 0.09%

Slide 14

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

Slide 15

Dividend Trends Sustained Growth 15 (1) Dividends adjusted for 2-for-1 stock split in 2006. (2) Annualized 2023 full-year dividend assumes all 4 quarters are $0.38/share, consistent with first quarter 2023 dividend, declared in January 2023. The Board of Directors may declare dividends of different amounts in future quarters. Annual Dividends Declared (1) +292.1%

2002 - 2022 (2) (2)

Slide 16

4th Quarter 2022 Financial Review

Slide 17

4Q 2022 Results At-A-Glance 4Q ’21 3Q ’22 4Q ’22 Linked-Quarter Commentary 17 Dollars in millions, except per share amounts. (1) Net gains/losses from mark-to-market valuations and any dispositions of equity investments. (2) Non-GAAP measure; reconciled on slide 43.

Slide 18

4Q 2022 Earnings Highlights 18 Operating PTPP Income (1) $187.1 $131.2 $134.1 $107.4 $119.4 Net Income $106.0 $137.6 $88.0 $100.2 $78.5 Dollars in millions, except per share amounts. (1) Operating pre-tax, pre-provision income. See reconciliation on slide 43; (2) Net gains/losses related to mark-to-market valuations and any disposition of shares in our equity investments.

Slide 19

Revenue Trends 19 Dollars in millions. Columns may not sum due to rounding differences. 4Q ’21 1Q ’22 2Q ’22 3Q ’22 4Q ‘22 Linked-Qtr. Variance $ ∆ % ∆

Slide 20

Net Interest Income 20 @ 3.28% $3.7B $1.5B $1.8B $6.8B $6.6B @ 2.83% @ 4.30% @ 0.83% @ 0.78% @ 1.27% @ 0.15% @ 0.19% @ 0.64% @ 1.60% Asset Yield and Liability Cost Trends Liquidity Trends Impact NIM $224.8 $245.2 $210.6 $210.4 18.8% 17.6% 10.5% 4.3% 5.1% $233.5 $2.1B @ 1.79% @ 1.30% 8.4% Pre- pandemic Liquidity trends shown as average quarterly balances. $ millions $ billions EA % IBL % COF %

Slide 21

Noninterest Income 21 Current Quarter Drivers Dollars in millions. (1) UMB traditional peers (15 banks), data as of latest available quarter. Source: S&P Global Market Intelligence. Noninterest income decreased $3.2mm, or 2.5%, vs. 3Q’22. Primary drivers:

Reductions in market-related income, including a $2.3mm decrease in company-owned life insurance income, and an $885k decrease in derivative income, both included in other income. The decrease in COLI is offset by a similar decrease in deferred compensation expense; and A decrease of $508k in brokerage income, related to lower money market revenue share. Partially offset by increases in card services income and investment securities gains. $176.3 $128.7 $125.5 $118.8 $123.7 LQ Variance Included sale of Visa B shares Composition / Changes in Inv. Securities Gains (Losses) and Trust & Securities Processing

Slide 22

Noninterest Expense 22 Current Quarter Drivers Dollars in millions. Columns may not sum due to rounding differences. (1) See non-GAAP reconciliation on slide 43. Noninterest expense increased $6.4mm, or 2.8%, vs. 3Q’22. Primary drivers:

An increase of $2.6mm in processing fees, largely software costs related to the ongoing modernization of core systems; +$2.1mm in additional marketing and business development expense, driven by increased advertising for various campaigns; +$1.8mm of increased charitable giving, offset by lower operating losses, included in other expense; +$558k of additional amortization expense, related to the acquisition of HSA deposits completed in 4Q’22; and $1.2mm in acquisition and severance expense compared to $354k in 3Q’22. (1)

                                                           4Q ’21       1Q ’22        2Q ’22       3Q ’22       4Q ‘22  Linked-Qtr. Variance  $ ∆   % ∆

Slide 23

$16,693 $ 17,361 $ 18,318 $ 19,284 Diversified Loan Portfolio 23 Average balances in millions. $ 20,295 4Q ’21 3Q ’22 4Q ’22 Linked-Qtr. Variance $ ∆ % ∆ Loans by Region Kansas City 33% Colorado 19% Arizona 10% St. Louis 15% Greater MO 6% KS - 2% Texas 11% NE - 2% OK - 2%

Slide 24

Quarterly Loan Activity 24 (1) Payoffs and paydowns include C&I and CRE loans. 4Q ’21 1Q ’22 2Q ’22 3Q ’22 4Q ’22 (1) (1)

Slide 25

Strong Asset Quality Net Loan Charge-Offs Delinquencies Nonperforming Loans Allowance for Credit Losses Dollars in millions. (1) Average & loans include PPP balances; (2) Delinquencies represent accruing loans > 30 days past due. 25 0.02%

Slide 26

Detailed Net Charge-Off History Historical Recent Trends (1) Loan categories updated in 2020 with adoption of ASU 2016-13. In prior periods, NCOs for “Commercial” included C&I, commercial card, ABL and factoring loans. NCOs for “Other” included consumer cards, all real-estate loans, consumer loans and DDA. 26

Slide 27

High-Quality Investment Portfolio $8,093 $7,566 $6,999 $11,271 $11,278 $5,199 $5,785 $5,872 $1,195 $1,894 Available-for-Sale Held-to-Maturity Average balances - $ millions (1) Cash flow and purchase activity and HTM duration includes AFS and the portion of the HTM portfolio managed by the Corporate Treasury team; excludes industrial revenue bonds held-to-maturity; (2) Purchases made for roll-off and overbuy; net of purchases related to sales/trades. (3) Includes impact of ~$255mm pay-fixed receive-float swap portfolio with varying start dates. 27 Securities Portfolio Statistics & Activity (1)

Slide 28

Diversified Deposit Mix 28 $31,589 $31,374 $31,637 $32,580 Deposits by Line of Business Commercial Personal Institutional Commercial Banking 46% Consumer & Private Wealth 20% Capital Mkts. & Corp. Trust 11% Healthcare Services 8% Fund Services 6% Investor Solutions 9% 42% 40% 41% 43% 45% Average balances in millions. (1) Small business deposits were moved from consumer to commercial in 1Q ’22. $29,797 4Q ’21 3Q ’22 4Q ’22 Linked-Qtr. Variance $ ∆ % ∆ (1)

Slide 29

29 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 61% of total end-of-period loans, or $12.8B, are variable. 70% of total loans reprice within the next 12 months.

Of variable loans: 38% tied to SOFR for next 12 months 29% - LIBOR (1) 29% - Prime 4% - other Loan Repricing (1) Loans tied to LIBOR are expected to migrate to the Secured Overnight Financing Rate index (“SOFR”) or other indices by 2Q ’23.

Slide 30

Line of Business Updates

Slide 31

Commercial Banking Commercial Capabilities 31 Middle Market 54% Investment Real Estate 27% Sm./Med Biz 5% Specialized Verticals 14% $17.0B Average balance for 4Q’22, excludes credit card. (1) Rank among U.S. Visa & Mastercard Commercial Card Issuers, Source: Nilson Report, ‘21; (2) ABA 2021, FDIC data. Commercial Lending Portfolio Average Balance & Composition

Slide 32

Commercial Banking C&I Lending 32 Commercial & Industrial Statistics C&I Industry Diversification (1) (2) Average loan size: $5.6 million Considerations Internal limits on loan size and projects per sponsor Concentration guidelines for all lending verticals, monitored for changing conditions C&I Balance Trends Transp. / Warehouse Diversified Technology Materials & Commodities Manu-facturing Retail Healthcare Commercial Services Other (3) Agribusiness RE & Construction Finance & Insurance Energy-Related $9.5B 45.2% of total UMB loans (1) Includes C&I and leases; Industries as a percentage of C&I loans; (2) End-of-period balances; (4) Excludes PPP loans. (2) (4) Average Line Utilization Trends +28% YoY (4) (3) Other - 10% Food/Bev. Manufacturing Auto-related Entertainment/Recreation Consumer Services Apparel / Textiles Government/Education

Slide 33

Commercial Banking Commercial Real Estate 33 Commercial Real Estate Statistics Investment CRE / Construction Portfolio (1) Total Investment CRE Portfolio

Average Loan-to-Value: 59% Recourse: 85% Const. / Land Dev. 19% Owner-Occupied 28% Investment CRE 45% $7.6B Farmland 7% as of Dec. 31, 2022 1-4 Unit Residential Construction = 1% of total (2) Retail Multifamily Office Building Hotel Industrial Sr. Living Mixed Use Vacant Land Other (4) Owner-occupied – new purchase or refinance Real estate development – construction / perm financing, bridge financing, renovations Investment CRE – 3 to 10-year term loans for property investors (1) Industries as a percentage of investment CRE and construction portfolio; (2) Excludes PPP loans; (3) Calculated using Tier 1 capital plus an adjusted ACL, per regulatory guidelines. Regulatory Concentrations

Total non-farmland CRE / Total RBC: 168% Construction & Development Loans / Total RBC: 45% (3) $4.9B 23.1% of total UMB loans (4) Other Student Housing Residential Rental Healthcare Homebuilder for Sale Special Purpose Self-storage Manufactured Housing

Slide 34

Personal Banking Consumer 35 Strategic & Stable Source of Low-Cost Funds Diversified Products, Services & Engagement Consumer plays a strategic role for UMB as a large and stable source of deposits. Poised for continued asset growth. Metrics at, or for the quarter ended, 12/31/22. (1) Includes residential real estate and other consumer loans; (2) 2021 Net Promoter Score for 43 financial services companies - Medallia, Inc. New 1st Time Homebuyer Program with Down Payment Assistance 1,600+ Provided $2.9mm in down payment assistance to new homeowners Financial Education – powered by 12,921 4Q ‘22 page views for UMB Financial Education Center landing page 4Q ’22 Community Engagement & Sponsorships Applications YTD 8 Organizations engaged 12 Financial Education classes Growth engine for new customers and deepening existing relationships. Digital Banking Q4 2022 NPS Score 71.9 UMBF Industry Average (2) 51 Private Banking Strategically positioned for sales growth Retail Banking $55mm Consumer deposits via Mobile +9% YoY 27% of non-mortgage loan applications $20mm 11% of new retail deposit accounts Hybrid Service & Sales Model—provides channel of choice & drives customer satisfaction

Slide 35

Personal Banking Private Wealth Management 35 Composition as of 12/31/22. (1) Includes AUM and AUA. Personal Trust 22% Investment Advisory 39% Non-Managed AUA 26% IRAs 6% Brokerage 3% Other 4% Customer Assets Wealth Management

Financial planning Discretionary investment management Investment research & education Brokerage services

Trust Management and Estate Planning

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

Family Wealth Management A multi-family office

Strategic wealth solutions for ultra-high net worth families Business succession planning & continuity Direct private equity investments opportunities New Assets / Sales (1) $11.1B Managed Assets (AUM) $4.0B Non-Managed Assets (AUA) +61% Year-over-Year $639mm $694mm $836mm $1.4 B 2019 2020 2021 2022

Slide 36

Institutional Banking Fund Services & Institutional Custody 36 Best Interval Fund Administrator (1) Best Administrator – Technology (2) $352B $419B $407B $382B Provides services for 1,700 funds, including registered and alternative investment funds, PE funds, real estate and venture capital funds and ETFs and more. One of the nation's leading providers of domestic and global custody, serving insurance companies, public & private corporations, nonprofits, municipalities, fund companies and endowments. Established in 1948. Best Custodian – 2021 & 2022 (4) $363B (1) With Intelligence ’19, ’20 & ‘22 Awards; (2) Hedgeweek U.S. Awards ’20, ‘21 & ’22; (3) PE Wire ’21 & ‘22; (4) HFM Services Awards ’21 & ’22; (4) Global Custodian Fund Admin Survey ’22.. Best Administrator – GPs w/assets <$30B (3)   Assets Under Administration Industry Leader in Client Service (4)   Registered Funds & Alternative Investments Institutional Custody

Slide 37

Institutional Banking Corp/Specialty Trust & Capital Markets 37 (1)Thomson Reuters municipal rankings, Sept. 2022; (2) Ranked by number of issues; (3) Debtwire – ranking ’21; (4) Green Street Advisors’ Asset-Based Alert – 2021. Corporate Trust & Escrow Services Provides trustee, paying agent and escrow services to municipal and corporate issuers. $32B Assets Under Administration Paying Agent in U.S. (1) (2) #2 Municipal Trustee in U.S. (1) (2) #3 Specialty Trust & Agency Solutions Services for asset-backed securitizations, aviation and other transportation and real estate projects. Workout and successor trustee services on behalf of bondholders of defaulted transactions. +16% Growth in New Business $ Volume YTD #1 Agent for Debtor-in-Possession financing (3) #7 Aviation & Asset-Based Securitization Trustee (4) TOP 10 Irish Office Growing presence in top aviation leasing market Examples of recent deals: Products and services offered through UMB Bank Capital Markets Division NOT FDIC INSURED | MAY LOSE VALUE  | NOT BANK GUARANTEED. $420,565,000

Electric System Revenue Bonds, Series 2022A & B

Co-manager Omaha Public Power District, NE $46,358,000

Tarrant Co. Water Supply Revenue Bonds, Series 2022

Senior manager Trinity River Authority, TX Bexar County Health District, TX $293,710,000

Certificates of Obligation, Series 2022

Co-manager Capital Markets Division Capital solutions including fixed income sales, trading and underwriting for institutional, municipal and not-for-profit organizations. Public Finance Closed Deals +19% Year-over-Year

Slide 38

FDIC Sweep Assets Under Administration $64B Institutional Banking Investor Solutions & Healthcare Services 38 Investor Solutions Annual ACH Transactions Healthcare Services Provides a suite of tax-advantaged benefit accounts including Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), and Commuter Benefit Accounts.  HSA Account Holders 1.5mm In HSA Assets & Deposits $3.1B Top 10 HSA Custodians in the U.S. (2) TOP 10 Benefit Cards 4.1mm ~70mm ~ 5.3 mm accounts Recognized for Investment Quality (1) Named a Top HSA for Features & Investment Options (1) (1) Investor’s Business Daily ‘21; (2) #7 by total accounts - Devenir Research Mid-Year ‘22. 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.

Slide 39

Payments Credit & Debit Card Products 39 $3,812 $3,708 $3,714 $3,723 4Q ’22 Card Spend

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

Slide 40

Appendix

Slide 41

Governance Our Board of Directors 41 AC = Audit Committee; CC = Compensation Committee; GC = Governance Committee; RC = Risk Committee Advisory Directors

Slide 42

Forward-Looking Statements 42 This presentation contains, and our other communications may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “outlook,” “forecast,” “target,” “trend,” “plan,” “goal,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.”

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

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

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

Slide 43

Non-GAAP Reconciliations 43 (unaudited, dollars in thousands except per share data) The following are non-GAAP measures used by from time to time. To the extent a non-GAAP measure is used during this presentation, a reconciliation to such measure’s closest GAAP equivalent is provided below. UMB believes that these non-GAAP financial measures may be useful to investors because they adjust for items that management does not believe reflect the Company’s fundamental operating performance.

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

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

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

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

Slide 44

Non-GAAP Reconciliations 44 Tangible Common Equity Ratio (unaudited, dollars in thousands)

Slide 45

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

UMBFInvestorRelations@umb.com

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