UMB Financial Corporation Reports Third Quarter 2025 Results

KANSAS CITY, Mo.--( BUSINESS WIRE)-- UMB Financial Corporation (Nasdaq: UMBF), a financial services company, announced net income available to common shareholders for the third quarter of 2025 of $180.4 million, or $2.36 per diluted share, compared to $215.4 million, or $2.82 per diluted share, in the second quarter (linked quarter) and $109.6 million, or $2.23 per diluted share, in the third quarter of 2024.

Net operating income available to common shareholders, a non-GAAP financial measure reconciled later in this release to net income available to common shareholders, the nearest comparable GAAP measure, was $206.5 million, or $2.70 per diluted share, for the third quarter of 2025, compared to $225.4 million, or $2.96 per diluted share, for the linked quarter and $110.4 million, or $2.25 per diluted share, for the third quarter of 2024. 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 $293.4 million, or $3.84 per diluted share, for the third quarter of 2025, compared to $309.2 million, or $4.06 per diluted share, for the linked quarter, and $154.6 million, or $3.15 per diluted share, for the third quarter of 2024. These operating PTPP results represent a decrease of 5.1% on a linked-quarter basis and an increase of 89.8% compared to the third quarter of 2024.

“We are extremely pleased to have completed the final milestone of our Heartland Financial USA, Inc. acquisition by successfully executing the systems and brand conversion following the third quarter,” said Mariner Kemper, UMB Financial Corporation chairman and chief executive officer. “I am incredibly proud of the teams that have been working around the clock to make this a smooth and seamless transition for all our clients as well as our associates, and are excited to be operating as one company. Additionally, the combined teams continued to deliver on our business fundamentals as evidenced by our strong third quarter results, which set a new record for loan production and also drove strong fee income, stable credit quality, and continued positive operating leverage.

“Additionally, our third quarter results once again demonstrate the strength of our diversified business model, with strong organic growth momentum supplemented by the early successes from our acquired markets. Average loans and deposits both increased 8.0% annualized on a linked-quarter basis. Gross loan production for the third quarter was a record high at $2.1 billion, and average commercial and industrial loans increased 14.2% on a linked-quarter annualized basis. Noninterest income, excluding investment gains or losses, increased 12.4% to $207.4 million. Net charge-offs on legacy UMB loans averaged only eight basis points of average loans in the third quarter, down from 13 basis points in the prior quarter.”

Third Quarter 2025 earnings discussion

Note: The acquisition of HTLF closed on January 31, 2025; as such, financial results for the second and third quarters of 2025 include the impact from the acquired operations. Financial results in the third quarter of 2024 were impacted by $2.6 million in acquisition-related expense and do not include any impact of the acquired operations of HTLF.

Summary of quarterly financial results

UMB Financial Corporation

(unaudited, dollars in thousands, except per common share data)

2025

2024

Net income (GAAP)

188,316

217,394

109,643

Net income available to common shareholders (GAAP)

180,372

215,382

109,643

Earnings per common share - diluted (GAAP)

2.36

2.82

2.23

Operating pre-tax, pre-provision income (Non-GAAP)(i)

293,383

309,182

154,594

Operating pre-tax, pre-provision earnings per common share - diluted (Non-GAAP)(i)

3.84

4.06

3.15

Operating pre-tax, pre-provision income - FTE (Non-GAAP)(i)

301,697

317,473

161,195

Operating pre-tax, pre-provision earnings per common share - FTE - diluted (Non-GAAP)(i)

3.95

4.17

3.28

Net operating income available to common shareholders (Non-GAAP)(i)

206,546

225,379

110,358

Operating earnings per common share - diluted (Non-GAAP)(i)

2.70

2.96

2.25

GAAP

Return on average assets

1.04

1.29

1.01

Return on average common equity

10.14

12.72

12.63

Efficiency ratio

58.09

53.38

61.69

Non-GAAP(i)

Operating return on average assets

1.20

1.35

1.01

Operating return on average common equity

11.61

13.31

12.71

Operating efficiency ratio

53.02

51.48

61.46

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

Summary of year-to-date financial results

UMB Financial Corporation

(unaudited, dollars in thousands, except per share data)

September

YTD

2025

2024

Net income (GAAP)

487,043

321,246

Net income available to common shareholders (GAAP)

475,074

321,246

Earnings per common share - diluted (GAAP)

6.53

6.56

Operating pre-tax, pre-provision income (Non-GAAP)(i)

835,858

458,885

Operating pre-tax, pre-provision earnings per common share - diluted (Non-GAAP)(i)

11.49

9.37

Operating pre-tax, pre-provision income - FTE (Non-GAAP)(i)

859,968

478,409

Operating pre-tax, pre-provision earnings per common share - FTE - diluted (Non-GAAP)(i)

11.82

9.76

Net operating income available to common shareholders (Non-GAAP)(i)

600,803

336,943

Operating earnings per common share - diluted (Non-GAAP)(i)

8.26

6.88

GAAP

Return on average assets

0.98

1.01

Return on average common equity

9.84

13.13

Efficiency ratio

58.48

62.82

Non-GAAP(i)

Operating return on average assets

1.23

1.06

Operating return on average common equity

12.45

13.77

Operating efficiency ratio

53.21

61.12

Summary of revenue

UMB Financial Corporation

(unaudited, dollars in thousands)

CQ vs.

2025

2024

Net interest income

475,042

467,024

247,376

8,018

227,666

Noninterest income:

Trust and securities processing

87,926

83,263

74,222

4,663

13,704

Trading and investment banking

7,026

6,170

7,118

856

(92

)

Service charges on deposit accounts

29,150

28,865

20,089

285

9,061

Insurance fees and commissions

307

189

282

118

Brokerage fees

20,470

20,525

15,749

(55

)

4,721

Bankcard fees

29,561

29,018

22,394

543

7,167

Investment securities (losses) gains, net

(4,093

)

37,685

2,623

(41,778

)

(6,716

)

Other

32,951

16,470

16,266

16,481

16,685

Total noninterest income

203,298

222,185

158,743

(18,887

)

44,555

Total revenue

678,340

689,209

406,119

(10,869

)

272,221

Net interest income (FTE)

483,356

475,315

253,977

Net interest margin (FTE)

3.04

3.10

2.46

Total noninterest income as a % of total revenue

30.0

32.2

39.1

Net interest income

Noninterest income

Noninterest expense

Summary of noninterest expense

UMB Financial Corporation

(unaudited, dollars in thousands)

CQ vs.

2025

2024

Salaries and employee benefits

220,329

213,551

146,984

6,778

73,345

Occupancy, net

19,149

18,571

12,274

578

6,875

Equipment

16,563

16,426

15,988

137

575

Supplies and services

10,492

6,383

4,967

4,109

5,525

Marketing and business development

11,094

11,344

6,817

(250

)

4,277

Processing fees

45,008

43,638

29,697

1,370

15,311

Legal and consulting

21,616

18,468

9,518

3,148

12,098

Bankcard

11,775

12,363

12,482

(588

)

(707

)

Amortization of other intangible assets

25,317

25,268

1,917

23,400

Regulatory fees

8,091

9,259

4,686

(1,168

)

3,405

Other

29,851

17,897

7,124

11,954

22,727

Total noninterest expense

419,285

393,168

252,454

26,117

166,831

Income taxes

Balance sheet

Summary of average loans and leases - QTD Average

UMB Financial Corporation

(unaudited, dollars in thousands)

CQ vs.

2025

2024

Commercial and industrial

14,787,494

14,293,892

10,279,196

493,602

4,508,298

Specialty lending

570,079

561,669

508,957

8,410

61,122

Commercial real estate

16,372,831

16,163,813

9,669,076

209,018

6,703,755

Consumer real estate

4,306,981

4,255,571

3,045,229

51,410

1,261,752

Consumer

242,526

295,118

164,105

(52,592

)

78,421

Credit cards

755,635

754,601

613,663

1,034

141,972

Leases and other

102,965

82,089

106,937

20,876

(3,972

)

Total loans

37,138,511

36,406,753

24,387,163

731,758

12,751,348

Summary of average securities - QTD Average

UMB Financial Corporation

(unaudited, dollars in thousands)

CQ vs.

2025

2024

Securities available for sale:

U.S. Treasury

2,134,787

1,806,041

821,308

328,746

1,313,479

U.S. Agencies

81,708

85,969

166,250

(4,261

)

(84,542

)

Mortgage-backed

7,379,243

6,285,195

3,888,879

1,094,048

3,490,364

State and political subdivisions

2,425,931

2,403,741

1,240,199

22,190

1,185,732

Corporates

236,483

271,915

320,570

(35,432

)

(84,087

)

Collateralized loan obligations

557,125

553,844

340,604

3,281

216,521

Total securities available for sale

12,815,277

11,406,705

6,777,810

1,408,572

6,037,467

Securities held to maturity:

U.S. Treasury

8,019

—

8,019

U.S. Agencies

—

49,643

116,286

(49,643

)

(116,286

)

Mortgage-backed

2,402,963

2,439,844

2,597,430

(36,881

)

(194,467

)

State and political subdivisions

3,045,676

3,108,030

2,785,138

(62,354

)

260,538

Total securities held to maturity

5,456,658

5,597,517

5,498,854

(140,859

)

(42,196

)

Trading securities

12,098

16,693

19,743

(4,595

)

(7,645

)

Other securities

734,793

679,212

447,698

55,581

287,095

Total securities

19,018,826

17,700,127

12,744,105

1,318,699

6,274,721

Summary of average deposits - QTD Average

UMB Financial Corporation

(unaudited, dollars in thousands)

CQ vs.

2025

2024

Deposits:

Noninterest-bearing demand

13,858,827

14,403,211

9,502,106

(544,384

)

4,356,721

Interest-bearing demand and savings

39,555,585

37,958,601

23,779,651

1,596,984

15,775,934

Time deposits

3,349,181

3,287,556

2,010,199

61,625

1,338,982

Total deposits

56,763,593

55,649,368

35,291,956

1,114,225

21,471,637

Noninterest bearing deposits as % of total

24.4

25.9

26.9

Capital

Capital information

UMB Financial Corporation

(unaudited, dollars in thousands, except per share data)

September 30,

2025

June 30,

2025

September 30,

2024

Total equity

7,443,950

7,285,765

3,535,489

Total common equity

7,161,853

6,885,023

3,535,489

Accumulated other comprehensive loss, net

(324,842

)

(442,047

)

(395,856

)

Book value per common share

94.29

90.68

72.45

Tangible book value per common share (Non-GAAP)(i)

63.40

59.80

66.86

Regulatory capital:

Common equity Tier 1 capital

5,226,775

4,974,093

3,691,874

Tier 1 capital

5,520,841

5,378,860

3,691,874

Total capital

6,406,709

6,438,598

4,324,890

Regulatory capital ratios:

Common equity Tier 1 capital ratio

10.70

10.39

11.22

Tier 1 risk-based capital ratio

11.30

11.24

11.22

Total risk-based capital ratio

13.11

13.46

13.14

Tier 1 leverage ratio

8.33

8.34

8.58

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

Asset Quality

Credit quality

UMB Financial Corporation

(unaudited, dollars in thousands)

2025

2024

Net charge-offs - total loans

18,383

15,462

35,872

8,935

8,454

Net loan charge-offs as a % of total average loans

0.20

0.17

0.45

0.14

Loans over 90 days past due

6,131

6,813

6,346

7,602

7,133

Loans over 90 days past due as a % of total loans

0.02

0.03

Nonaccrual and restructured loans

131,965

97,029

100,885

19,282

19,291

Nonaccrual and restructured loans as a % of total loans

0.35

0.26

0.28

0.08

Provision for credit losses

22,500

21,000

86,000

19,000

18,000

Conference Call

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

Interested parties may access the call by dialing (toll-free) 833-470-1428 or (international) 646-844-6383 and requesting to join the UMB Financial call with access code 522391. The live call may also be accessed by visiting investorrelations.umb.com or by using the following link:

UMB Financial 3Q 2025 Conference Call

A replay of the conference call may be heard through November 12, 2025, by calling (toll-free) 866-813-9403 or (international) 929-458-6194. The replay access code required for playback is 252760. 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 available to common shareholders, operating earnings per share – diluted (operating EPS), operating return on average common 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 common 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 available to common shareholders, 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 common shareholders’ equity, and tangible book value per share – and the nearest comparable GAAP financial measures are reconciled later in this release. The company believes that these non-GAAP financial measures and the reconciliations may be useful to investors because they adjust for acquisition- and severance-related items, and the FDIC special assessment that management does not believe reflect the company’s fundamental operating performance.

Net operating income available to common shareholders for the relevant period is defined as GAAP net income available to common shareholders, adjusted to reflect the impact of excluding expenses related to Day 1 acquisition provision expense, acquisitions, severance expense, the FDIC special assessment, and the cumulative tax impact of these adjustments.

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

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

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

Tangible common shareholders’ equity for the relevant period is defined as GAAP common shareholders’ equity, net of intangible assets. Tangible book value per share is defined as tangible common shareholders’ equity divided by the Company’s total common 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, 2024, our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (SEC). In addition to such factors that have been disclosed previously: macroeconomic and adverse developments and uncertainties related to the collateral effects of the collapse of, and challenges for, domestic and international banks, including the impacts to the U.S. and global economies; sustained levels of high inflation and the potential for an economic recession on the heels of aggressive quantitative tightening by the Federal Reserve; and impacts related to or resulting from instability in the Middle East and Russia’s military action in Ukraine, such as the broader impacts to financial markets and the global macroeconomic and geopolitical environments, may also cause actual results or other future events, circumstances, or aspirations to differ from our forward-looking statements. Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except to the extent required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K, or other applicable document that is filed or furnished with the SEC.

About UMB

UMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in Kansas City, Mo. UMB offers commercial banking, which includes comprehensive deposit, lending, investment and retirement plan services; personal banking, which includes comprehensive deposit, lending, 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, Arizona, California, Colorado, Iowa, Kansas, Illinois, Minnesota, Nebraska, New Mexico, Oklahoma, Texas, and Wisconsin. 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

UMB Financial Corporation

(unaudited, dollars in thousands)

September 30,

2025

2024

ASSETS

Loans

37,706,507

24,990,791

Allowance for credit losses on loans

(404,971

)

(248,907

)

Net loans

37,301,536

24,741,884

Loans held for sale

3,170

5,176

Securities:

Available for sale

13,378,280

7,015,998

Held to maturity, net of allowance for credit losses

5,652,387

5,474,710

Trading securities

35,811

35,839

Other securities

719,575

465,477

Total securities

19,786,053

12,992,024

Federal funds sold and resell agreements

765,113

399,234

Interest-bearing due from banks

7,892,392

6,601,866

Cash and due from banks

1,073,005

778,069

Premises and equipment, net

398,607

222,056

Accrued income

331,645

218,651

Goodwill

1,835,298

207,385

Other intangibles, net

511,450

65,564

Other assets

1,982,912

1,264,519

Total assets

71,881,181

47,496,428

LIABILITIES

Deposits:

Noninterest-bearing demand

16,188,227

12,840,940

Interest-bearing demand and savings

40,549,723

24,798,869

Time deposits under $250,000

1,985,352

1,245,532

Time deposits of $250,000 or more

1,412,541

817,251

Total deposits

60,135,843

39,702,592

Federal funds purchased and repurchase agreements

2,838,597

2,023,297

Short-term debt

—

1,050,000

Long-term debt

471,331

384,758

Accrued expenses and taxes

453,437

387,223

Other liabilities

538,023

413,069

Total liabilities

64,437,231

43,960,939

SHAREHOLDERS' EQUITY

Series B Fixed-Rate Reset Non-Cumulative Perpetual Preferred stock

294,066

—

Common stock

78,666

55,057

Capital surplus

4,001,834

1,138,350

Retained earnings

3,559,717

3,074,617

Accumulated other comprehensive loss, net

(324,842

)

(395,856

)

Treasury stock

(165,491

)

(336,679

)

Total shareholders' equity

7,443,950

3,535,489

Total liabilities and shareholders' equity

71,881,181

47,496,428

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,

2025

2024

2025

2024

INTEREST INCOME

Loans

629,057

416,400

1,768,875

1,202,317

Securities:

Taxable interest

138,176

63,466

358,709

186,159

Tax-exempt interest

33,035

24,578

96,022

74,988

Total securities income

171,211

88,044

454,731

261,147

Federal funds and resell agreements

9,365

4,990

25,050

11,726

Interest-bearing due from banks

68,952

47,969

217,811

139,831

Trading securities

312

291

937

1,020

Total interest income

878,897

557,694

2,467,404

1,616,041

INTEREST EXPENSE

Deposits

362,882

262,599

1,009,441

726,999

Federal funds and repurchase agreements

28,632

27,070

81,845

82,813

Other

12,341

20,649

36,413

74,311

Total interest expense

403,855

310,318

1,127,699

884,123

Net interest income

475,042

247,376

1,339,705

731,918

Provision for credit losses

22,500

18,000

129,500

42,050

Net interest income after provision for credit losses

452,542

229,376

1,210,205

689,868

NONINTEREST INCOME

Trust and securities processing

87,926

74,222

250,970

213,710

Trading and investment banking

7,026

7,118

19,107

18,041

Service charges on deposit accounts

29,150

20,089

85,472

63,107

Insurance fees and commissions

307

282

674

832

Brokerage fees

20,470

15,749

59,097

42,929

Bankcard fees

29,561

22,394

84,872

66,708

Investment securities (losses) gains, net

(4,093

)

2,623

28,810

10,127

Other

32,951

16,266

62,679

47,452

Total noninterest income

203,298

158,743

591,681

462,906

NONINTEREST EXPENSE

Salaries and employee benefits

220,329

146,984

655,278

432,851

Occupancy, net

19,149

12,274

53,789

36,267

Equipment

16,563

15,988

49,937

48,094

Supplies and services

10,492

4,967

21,660

11,672

Marketing and business development

11,094

6,817

30,436

19,440

Processing fees

45,008

29,697

129,496

87,334

Legal and consulting

21,616

9,518

68,690

33,978

Bankcard

11,775

12,482

36,933

34,867

Amortization of other intangible assets

25,317

1,917

68,067

5,788

Regulatory fees

8,091

4,686

25,587

26,649

Other

29,851

7,124

57,367

19,385

Total noninterest expense

419,285

252,454

1,197,240

756,325

Income before income taxes

236,555

135,665

604,646

396,449

Income tax expense

48,239

26,022

117,603

75,203

NET INCOME

188,316

109,643

487,043

321,246

Less: Preferred dividends

7,944

—

11,969

—

NET INCOME AVAILABLE TO COMMON SHAREHOLDERS

180,372

109,643

475,074

321,246

PER SHARE DATA

Net income per common share – basic

2.38

2.25

6.57

6.59

Net income per common share – diluted

2.36

2.23

6.53

6.56

Dividends per common share

0.40

0.39

1.20

1.17

Weighted average common shares outstanding – basic

75,943,943

48,775,072

72,349,952

48,727,914

Weighted average common shares outstanding – diluted

76,366,818

49,078,497

72,744,289

48,993,581

Consolidated Statements of Comprehensive Income

UMB Financial Corporation

(unaudited, dollars in thousands)

Three Months Ended

Nine Months Ended

September 30,

2025

2024

2025

2024

Net income

188,316

109,643

487,043

321,246

Other comprehensive income (loss), before tax:

Unrealized gains and losses on debt securities:

Change in unrealized holding gains and losses, net

145,415

229,285

264,987

175,005

Less: Reclassification adjustment for net gains included in net income

(91

)

—

(514

)

(139

)

Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity

8,007

9,618

24,286

27,345

Change in unrealized gains and losses on debt securities

153,331

238,903

288,759

202,211

Unrealized gains and losses on derivative hedges:

Change in unrealized gains and losses on derivative hedges, net

(380

)

40,445

36,652

18,012

Less: Reclassification adjustment for net losses (gains) included in net income

3,114

(1,666

)

5,131

(7,392

)

Change in unrealized gains and losses on derivative hedges

2,734

38,779

41,783

10,620

Other comprehensive income (loss), before tax

156,065

277,682

330,542

212,831

Income tax expense

(38,860

)

(67,904

)

(82,334

)

(51,752

)

Other comprehensive income (loss)

117,205

209,778

248,208

161,079

Comprehensive income (loss)

305,521

319,421

735,251

482,325

Consolidated Statements of Shareholders' Equity

UMB Financial Corporation

(unaudited, dollars in thousands except per share data)

Preferred

Stock

Common

Stock

Capital

Surplus

Retained

Earnings

Accumulated

Other

Comprehensive

(Loss) Income

Treasury

Stock

Total

Balance - January 1, 2024

—

55,057

1,134,363

2,810,824

(556,935

)

(342,890

)

3,100,419

Total comprehensive income

—

321,246

161,079

—

482,325

Dividends ($1.17 per share)

—

(57,453

)

—

(57,453

)

Purchase of treasury stock

—

(7,738

)

(7,738

)

Issuances of equity awards, net of forfeitures

—

(11,220

)

—

11,923

703

Recognition of equity-based compensation

—

14,886

—

14,886

Sale of treasury stock

—

237

—

184

421

Exercise of stock options

—

1,433

—

1,842

3,275

Common stock issuance costs

—

(1,349

)

—

(1,349

)

Balance - September 30, 2024

—

55,057

1,138,350

3,074,617

(395,856

)

(336,679

)

3,535,489

Balance - January 1, 2025

—

55,057

1,145,638

3,174,948

(573,050

)

(336,052

)

3,466,541

Total comprehensive income

—

487,043

248,208

—

735,251

Cash dividends declared:

Preferred dividends Series A ($350.00 per share)

—

(4,025

)

—

(4,025

)

Preferred dividends Series B ($264.79 per share)

—

(7,944

)

—

(7,944

)

Common dividends ($1.20 per share)

—

(90,510

)

—

(90,510

)

Purchase of treasury stock

—

(17,549

)

(17,549

)

Issuances of equity awards, net of forfeitures

—

(18,663

)

—

19,463

800

Recognition of equity-based compensation

—

48,021

—

48,021

Sale of treasury stock

—

265

—

261

526

Exercise of stock options

—

115

—

301

416

Common stock issuance

—

67,056

—

168,085

235,141

Preferred stock issuance, net of issuance costs

294,066

—

294,066

Preferred stock redemption

(110,705

)

—

(4,500

)

205

—

(115,000

)

Stock issuance for acquisition, net of issuance costs

110,705

23,609

2,763,902

—

2,898,216

Balance - September 30, 2025

294,066

78,666

4,001,834

3,559,717

(324,842

)

(165,491

)

7,443,950

Average Balances / Yields and Rates

UMB Financial Corporation

(tax - equivalent basis)

(unaudited, dollars in thousands)

Three Months Ended September 30,

2025

2024

Average

Balance

Yield/Rate

Balance

Yield/Rate

Assets

Loans, net of unearned interest

37,138,511

6.72

24,387,163

6.79

Securities:

Taxable

14,798,834

3.70

9,122,386

2.77

Tax-exempt

4,207,894

3.89

3,601,976

3.43

Total securities

19,006,728

3.75

12,724,362

2.96

Federal funds and resell agreements

727,473

5.11

328,240

6.05

Interest bearing due from banks

6,223,615

4.40

3,562,746

5.36

Trading securities

12,098

10.72

19,743

6.37

Total earning assets

63,108,425

5.58

41,022,254

5.47

Allowance for credit losses

(388,761

)

(239,950

)

Other assets

5,775,638

2,484,538

Total assets

68,495,302

43,266,842

Liabilities and Shareholders' Equity

Interest-bearing deposits

42,904,766

3.36

25,789,850

4.05

Federal funds and repurchase agreements

2,863,481

3.97

2,298,240

4.69

Borrowed funds

627,827

7.80

1,464,393

5.61

Total interest-bearing liabilities

46,396,074

3.45

29,552,483

4.18

Noninterest-bearing demand deposits

13,858,827

9,502,106

Other liabilities

879,659

757,379

Shareholders' equity

7,360,742

3,454,874

Total liabilities and shareholders' equity

68,495,302

43,266,842

Net interest spread

2.13

1.29

Net interest margin

3.04

2.46

Average Balances / Yields and Rates

UMB Financial Corporation

(tax - equivalent basis)

(unaudited, dollars in thousands)

Nine Months Ended September 30,

2025

2024

Average

Balance

Yield/Rate

Balance

Yield/Rate

Assets

Loans, net of unearned interest

35,302,675

6.70

23,850,976

6.73

Securities:

Taxable

13,312,899

3.60

9,140,270

2.72

Tax-exempt

4,201,302

3.82

3,657,837

3.44

Total securities

17,514,201

3.65

12,798,107

2.93

Federal funds and resell agreements

656,637

5.10

260,520

6.01

Interest bearing due from banks

6,562,011

4.44

3,451,537

5.41

Trading securities

16,519

8.00

21,333

6.88

Total earning assets

60,052,043

5.55

40,382,473

5.41

Allowance for credit losses

(359,267

)

(230,181

)

Other assets

5,449,485

2,433,597

Total assets

65,142,261

42,585,889

Liabilities and Shareholders' Equity

Interest-bearing deposits

40,357,901

3.34

24,500,489

3.96

Federal funds and repurchase agreements

2,775,160

3.94

2,367,985

4.67

Borrowed funds

618,153

7.88

1,796,230

5.53

Total interest-bearing liabilities

43,751,214

3.45

28,664,704

4.12

Noninterest-bearing demand deposits

13,898,325

9,889,099

Other liabilities

856,522

764,733

Shareholders' equity

6,636,200

3,267,353

Total liabilities and shareholders' equity

65,142,261

42,585,889

Net interest spread

2.10

1.29

Net interest margin

3.04

2.49

Business Segment Information

UMB Financial Corporation

(unaudited, dollars in thousands)

Three Months Ended September 30, 2025

Commercial Banking

Institutional Banking

Personal Banking

Total

Net interest income

331,555

60,997

82,490

475,042

Provision for credit losses

19,465

460

2,575

22,500

Noninterest income

56,089

115,379

31,830

203,298

Noninterest expense

187,031

110,613

121,641

419,285

Income (loss) before taxes

181,148

65,303

(9,896

)

236,555

Income tax expense (benefit)

36,940

13,317

(2,018

)

48,239

Net income (loss)

144,208

51,986

(7,878

)

188,316

Three Months Ended September 30, 2024

Commercial Banking

Institutional Banking

Personal Banking

Total

Net interest income

168,353

44,757

34,266

247,376

Provision for credit losses

15,947

252

1,801

18,000

Noninterest income

31,383

99,598

27,762

158,743

Noninterest expense

87,823

100,011

64,620

252,454

Income (loss) before taxes

95,966

44,092

(4,393

)

135,665

Income tax expense (benefit)

18,407

8,457

(842

)

26,022

Net income (loss)

77,559

35,635

(3,551

)

109,643

Nine Months Ended September 30, 2025

Commercial Banking

Institutional Banking

Personal Banking

Total

Net interest income

928,091

188,487

223,127

1,339,705

Provision for credit losses

104,550

1,325

23,625

129,500

Noninterest income

136,527

327,171

127,983

591,681

Noninterest expense

530,691

323,015

343,534

1,197,240

Income (loss) before taxes

429,377

191,318

(16,049

)

604,646

Income tax expense (benefit)

83,513

37,211

(3,121

)

117,603

Net income (loss)

345,864

154,107

(12,928

)

487,043

Nine Months Ended September 30, 2024

Commercial Banking

Institutional Banking

Personal Banking

Total

Net interest income

487,498

144,708

99,712

731,918

Provision for credit losses

35,770

753

5,527

42,050

Noninterest income

104,195

285,199

73,512

462,906

Noninterest expense

271,732

290,128

194,465

756,325

Income (loss) before taxes

284,191

139,026

(26,768

)

396,449

Income tax expense (benefit)

53,909

26,372

(5,078

)

75,203

Net income (loss)

230,282

112,654

(21,690

)

321,246

The company has strategically aligned its operations into the following three reportable segments: Commercial Banking, Institutional Banking, and Personal Banking. Senior executive officers regularly evaluate business segment financial results produced by the company’s internal reporting system in deciding how to allocate resources and assess performance for individual business segments. The company’s reportable segments include certain corporate overhead, technology and service costs that are allocated based on methodologies that are applied consistently between periods. For comparability purposes, amounts in all periods are based on methodologies in effect at September 30, 2025.

Non-GAAP Financial Measures

Net operating income available to common shareholders Non-GAAP reconciliations:

UMB Financial Corporation

(unaudited, dollars in thousands except per share data)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Net income available to common shareholders (GAAP)

180,372

109,643

475,074

321,246

Adjustments:

Day 1 acquisition provision expense

—

62,037

—

Acquisition expense

35,603

2,611

102,266

12,592

Severance expense

404

1,222

324

FDIC special assessment

(1,679

)

(1,730

)

(1,776

)

7,470

Tax-impact of adjustments (i)

(8,154

)

(214

)

(38,020

)

(4,689

)

Total Non-GAAP adjustments (net of tax)

26,174

715

125,729

15,697

Net operating income (Non-GAAP)

206,546

110,358

600,803

336,943

Earnings per common share - diluted (GAAP)

2.36

2.23

6.53

6.56

Day 1 acquisition provision expense

—

0.85

—

Acquisition expense

0.46

0.06

1.40

0.26

Severance expense

0.01

—

0.02

0.01

FDIC special assessment

(0.02

)

(0.04

)

(0.02

)

0.15

Tax-impact of adjustments (i)

(0.11

)

—

(0.52

)

(0.10

)

Operating earnings per common share - diluted (Non-GAAP)

2.70

2.25

8.26

6.88

GAAP

Return on average assets

1.04

1.01

0.98

1.01

Return on average common equity

10.14

12.63

9.84

13.13

Non-GAAP

Operating return on average assets

1.20

1.01

1.23

1.06

Operating return on average common equity

11.61

12.71

12.45

13.77

(i) Calculated using the company’s marginal tax rate of 24.0% for 2025 and 23.0% for 2024. Certain merger-related expenses are non-deductible.

Operating noninterest expense and operating efficiency ratio Non-GAAP reconciliations:

UMB Financial Corporation

(unaudited, dollars in thousands)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Noninterest expense

419,285

252,454

1,197,240

756,325

Adjustments to arrive at operating noninterest expense (pre-tax):

Acquisition expense

35,603

2,611

102,266

12,592

Severance expense

404

1,222

324

FDIC special assessment

(1,679

)

(1,730

)

(1,776

)

7,470

Total Non-GAAP adjustments (pre-tax)

34,328

929

101,712

20,386

Operating noninterest expense (Non-GAAP)

384,957

251,525

1,095,528

735,939

Noninterest expense

419,285

252,454

1,197,240

756,325

Less: Amortization of other intangibles

25,317

1,917

68,067

5,788

Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A)

393,968

250,537

1,129,173

750,537

Operating noninterest expense

384,957

251,525

1,095,528

735,939

Less: Amortization of other intangibles

25,317

1,917

68,067

5,788

Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B)

359,640

249,608

1,027,461

730,151

Net interest income

475,042

247,376

1,339,705

731,918

Noninterest income

203,298

158,743

591,681

462,906

Less: Gains on sales of securities available for sale, net

—

514

139

Total Non-GAAP Revenue (denominator A)

678,249

406,119

1,930,872

1,194,685

Efficiency ratio (numerator A/denominator A)

58.09

61.69

58.48

62.82

Operating efficiency ratio (Non-GAAP) (numerator B/denominator A)

53.02

61.46

53.21

61.12

Operating pre-tax, pre-provision income non-GAAP reconciliations:

UMB Financial Corporation

(unaudited, dollars in thousands except per share data)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Net interest income (GAAP)

475,042

247,376

1,339,705

731,918

Noninterest income (GAAP)

203,298

158,743

591,681

462,906

Noninterest expense (GAAP)

419,285

252,454

1,197,240

756,325

Adjustments to arrive at operating noninterest expense:

Acquisition expense

35,603

2,611

102,266

12,592

Severance expense

404

1,222

324

FDIC special assessment

(1,679

)

(1,730

)

(1,776

)

7,470

Total Non-GAAP adjustments

34,328

929

101,712

20,386

Operating noninterest expense (Non-GAAP)

384,957

251,525

1,095,528

735,939

Operating pre-tax, pre-provision income (Non-GAAP)

293,383

154,594

835,858

458,885

Net interest income earnings per common share - diluted (GAAP)

6.22

5.04

18.42

14.94

Noninterest income (GAAP)

2.66

3.24

8.13

9.45

Noninterest expense (GAAP)

5.49

5.15

16.46

15.44

Acquisition expense

0.46

0.06

1.40

0.26

Severance expense

0.01

—

0.02

0.01

FDIC special assessment

(0.02

)

(0.04

)

(0.02

)

0.15

Operating pre-tax, pre-provision earnings per common share - diluted (Non-GAAP)

3.84

3.15

11.49

9.37

Operating pre-tax, pre-provision income - FTE Non-GAAP reconciliations:

UMB Financial Corporation

(unaudited, dollars in thousands except per share data)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Net interest income (GAAP)

475,042

247,376

1,339,705

731,918

Adjustments to arrive at net interest income - FTE:

Tax equivalent interest

8,314

6,601

24,110

19,524

Net interest income - FTE (Non-GAAP)

483,356

253,977

1,363,815

751,442

Noninterest income (GAAP)

203,298

158,743

591,681

462,906

Noninterest expense (GAAP)

419,285

252,454

1,197,240

756,325

Adjustments to arrive at operating noninterest expense:

Acquisition expense

35,603

2,611

102,266

12,592

Severance expense

404

1,222

324

FDIC special assessment

(1,679

)

(1,730

)

(1,776

)

7,470

Total Non-GAAP adjustments

34,328

929

101,712

20,386

Operating noninterest expense (Non-GAAP)

384,957

251,525

1,095,528

735,939

Operating pre-tax, pre-provision income - FTE (Non-GAAP)

301,697

161,195

859,968

478,409

Net interest income earnings per common share - diluted (GAAP)

6.22

5.04

18.42

14.94

Tax equivalent interest

0.11

0.13

0.33

0.39

Net interest income - FTE (Non-GAAP)

6.33

5.17

18.75

15.33

Noninterest income (GAAP)

2.66

3.24

8.13

9.45

Noninterest expense (GAAP)

5.49

5.15

16.46

15.44

Acquisition expense

0.46

0.06

1.40

0.26

Severance expense

0.01

—

0.02

0.01

FDIC special assessment

(0.02

)

(0.04

)

(0.02

)

0.15

Operating pre-tax, pre-provision income - FTE earnings per common share - diluted (Non-GAAP)

3.95

3.28

11.82

9.76

Tangible book value non-GAAP reconciliations:

UMB Financial Corporation

(unaudited, dollars in thousands except share and per share data)

As of September 30,

2025

2024

Total common shareholders' equity (GAAP)

7,161,853

3,535,489

Less: Intangible assets

Goodwill

1,835,298

207,385

Other intangibles, net

511,450

65,564

Total intangibles, net

2,346,748

272,949

Total tangible common shareholders' equity (Non-GAAP)

4,815,105

3,262,540

Total common shares outstanding

75,953,713

48,797,672

Ratio of total common shareholders' equity (book value) per share

94.29

72.45

Ratio of total tangible common shareholders' equity (tangible book value) per share (Non-GAAP)

63.40

66.86