UMB Financial Corporation Reports Third Quarter 2026 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 2026 of $272.3 million, or $3.56 per diluted share, compared to $271.8 million, or $3.56 per diluted share, in the second quarter of 2026 (linked quarter) and $180.4 million, or $2.36 per diluted share, in the third quarter of 2025.
Our third-quarter results demonstrate the strong momentum across UMB’s diversified lines of business, reflected in robust balance sheet and fee income growth, strong asset quality metrics, and a stable net interest margin.
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 $272.4 million, or $3.56 per diluted share, for the third quarter of 2026, compared to $273.0 million, or $3.57 per diluted share, for the linked quarter and $206.5 million, or $2.70 per diluted share, for the third quarter of 2025. 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 $373.0 million, or $4.88 per diluted share, for the third quarter of 2026, compared to $380.1 million, or $4.97 per diluted share, for the linked quarter, and $293.4 million, or $3.84 per diluted share, for the third quarter of 2025. These operating PTPP results represent a 1.8% decrease on a linked-quarter basis and a 27.2% increase compared to the third quarter of 2025.
“Our third-quarter results demonstrate the strong momentum across UMB’s diversified lines of business, reflected in robust balance sheet and fee income growth, strong asset quality metrics, and a stable net interest margin that together produced superior risk-adjusted returns,” said Mariner Kemper, UMB Financial Corporation chairman and chief executive officer.
“Gross loan production reached a record $3.1 billion during the quarter, while net loan growth, after payoffs and paydowns, totaled $1.4 billion. Average commercial and industrial loan balances increased approximately 22% on a linked-quarter annualized basis, driving an 11% annualized increase in total average loans compared with the prior quarter. Our asset quality also improved, as of September 30, 2026, nonperforming loans declined approximately $10 million to $118 million, or 28 basis points of total loans, compared to 31 basis points as of June 30, 2026.”
Kemper continued, “While persistent inflation, the conflict in the Middle East, and higher short- and long-term interest rates may create headwinds, customer sentiment and demand for business investment across our markets and business lines remain strong, as demonstrated by our record third quarter production. We believe UMB’s interest-rate-neutral balance sheet and diversified financial services model position us well to navigate the anticipated environment. This includes a continued focus on innovation and evolution, most recently demonstrated in our Fund Services division with the continued expansion of its exchange-traded fund (ETF) servicing business, which now offers a fully in-house operating model that provides asset managers with flexible ETF servicing solutions and seamless support.”
“We remain focused on growing both sides of the balance sheet, maintaining a consistent net interest spread, preserving strong asset quality, and continued momentum in our fee businesses.”
Third quarter 2026 earnings discussion
Note: The acquisition of Heartland Financial USA, Inc. (HTLF) closed on January 31, 2025; as such, financial results for the fiscal periods since that date include the impact from the acquired operations. Financial results for the year-to-date 2025 include only eight months of impact of the acquired operations of HTLF.
Summary of quarterly financial results
UMB Financial Corporation
(unaudited, dollars in thousands, except per common share data)
Q3
Q2
Q3
2026
2026
2025
Net income (GAAP)
$
278,085
$
277,570
$
188,316
Net income available to common shareholders (GAAP)
272,272
271,758
180,372
Earnings per common share - diluted (GAAP)
3.56
3.56
2.36
Operating pre-tax, pre-provision income (Non-GAAP) (i)
373,043
380,071
293,383
Operating pre-tax, pre-provision earnings per common share - diluted (Non-GAAP) (i)
4.88
4.97
3.84
Operating pre-tax, pre-provision income - FTE (Non-GAAP) (i)
381,727
388,903
301,697
Operating pre-tax, pre-provision earnings per common share - FTE - diluted (Non-GAAP) (i)
4.99
5.09
3.95
Net operating income available to common shareholders (Non-GAAP) (i)
272,357
273,030
206,546
Operating earnings per common share - diluted (Non-GAAP) (i)
3.56
3.57
2.70
GAAP
Return on average assets
1.53
%
1.55
%
1.04
%
Return on average common equity
13.83
14.16
10.14
Efficiency ratio
48.71
48.35
58.09
Non-GAAP (i)
Operating return on average assets
1.53
%
1.56
%
1.20
%
Operating return on average common equity
13.84
14.22
11.61
Operating efficiency ratio
48.69
48.14
53.02
(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
September
YTD
YTD
2026
2025
Net income (GAAP)
$
817,093
$
487,043
Net income available to common shareholders (GAAP)
799,655
475,074
Earnings per common share - diluted (GAAP)
10.46
6.53
Operating pre-tax, pre-provision income (Non-GAAP) (i)
1,116,895
835,858
Operating pre-tax, pre-provision earnings per common share - diluted (Non-GAAP) (i)
14.61
11.49
Operating pre-tax, pre-provision income - FTE (Non-GAAP) (i)
1,143,124
859,968
Operating pre-tax, pre-provision earnings per common share - FTE - diluted (Non-GAAP) (i)
14.95
11.82
Net operating income available to common shareholders (Non-GAAP) (i)
805,196
600,803
Operating earnings per common share - diluted (Non-GAAP) (i)
10.54
8.26
GAAP
Return on average assets
1.52
%
0.98
%
Return on average common equity
13.90
9.84
Efficiency ratio
48.48
58.48
Non-GAAP (i)
Operating return on average assets
1.53
%
1.23
%
Operating return on average common equity
14.00
12.45
Operating efficiency ratio
48.16
53.21
Summary of revenue
UMB Financial Corporation
(unaudited, dollars in thousands)
Q3
Q2
Q3
CQ vs.
CQ vs.
2026
2026
2025
LQ
PY
Net interest income
$
540,005
$
532,525
$
475,042
$
7,480
$
64,963
Noninterest income:
Trust and securities processing
104,033
98,295
87,926
5,738
16,107
Trading and investment banking
5,269
5,314
7,026
(45
)
(1,757
)
Service charges on deposit accounts
31,460
29,588
29,150
1,872
2,310
Insurance fees and commissions
148
207
307
(59
)
(159
)
Brokerage fees
24,181
25,400
20,470
(1,219
)
3,711
Bankcard fees
29,453
29,954
29,561
(501
)
(108
)
Investment securities gains (losses), net
11,009
27,087
(4,093
)
(16,078
)
15,102
Other
26,830
29,660
32,951
(2,830
)
(6,121
)
Total noninterest income
$
232,383
$
245,505
$
203,298
$
(13,122
)
$
29,085
Total revenue
$
772,388
$
778,030
$
678,340
$
(5,642
)
$
94,048
Net interest income (FTE)
$
548,689
$
541,357
$
483,356
Net interest margin (FTE)
3.32
%
3.32
%
3.04
%
Total noninterest income as a % of total revenue
30.1
31.6
30.0
Net interest income
Noninterest income
Noninterest expense
Summary of noninterest expense
UMB Financial Corporation
(unaudited, dollars in thousands)
Q3
Q2
Q3
CQ vs.
CQ vs.
2026
2026
2025
LQ
PY
Salaries and employee benefits
$
221,240
$
227,162
$
220,329
$
(5,922
)
$
911
Occupancy, net
21,210
19,277
19,149
1,933
2,061
Equipment
14,052
13,942
16,563
110
(2,511
)
Supplies and services
7,685
5,504
10,492
2,181
(2,807
)
Marketing and business development
15,286
13,916
11,094
1,370
4,192
Processing fees
44,256
43,073
45,008
1,183
(752
)
Legal and consulting
14,882
14,415
21,616
467
(6,734
)
Bankcard
11,426
11,873
11,775
(447
)
(349
)
Amortization of other intangible assets
23,243
23,460
25,317
(217
)
(2,074
)
Regulatory fees
8,918
9,097
8,091
(179
)
827
Other
17,259
17,914
29,851
(655
)
(12,592
)
Total noninterest expense
$
399,457
$
399,633
$
419,285
$
(176
)
$
(19,828
)
Income taxes
Balance sheet
Summary of average loans and leases - QTD Average
UMB Financial Corporation
(unaudited, dollars in thousands)
Q3
Q2
Q3
CQ vs.
CQ vs.
2026
2026
2025
LQ
PY
Commercial and industrial (i)
$
18,464,470
$
17,521,531
$
14,787,494
$
942,939
$
3,676,976
Specialty lending
685,964
648,786
570,079
37,178
115,885
Commercial real estate
16,596,296
16,658,203
16,372,831
(61,907
)
223,465
Consumer real estate
4,520,730
4,498,319
4,306,981
22,411
213,749
Consumer
239,515
251,958
242,526
(12,443
)
(3,011
)
Credit cards
777,349
787,926
755,635
(10,577
)
21,714
Leases and other
465,264
257,227
102,965
208,037
362,299
Total loans
$
41,749,588
$
40,623,950
$
37,138,511
$
1,125,638
$
4,611,077
(i) Commercial and industrial loans include all loans to Non-Depository Financial Institutions (NDFIs).
Summary of average securities - QTD Average
UMB Financial Corporation
(unaudited, dollars in thousands)
Q3
Q2
Q3
CQ vs.
CQ vs.
2026
2026
2025
LQ
PY
Securities available for sale:
U.S. Treasury
$
2,207,755
$
2,229,300
$
2,134,787
$
(21,545
)
$
72,968
U.S. Agencies
48,664
49,391
81,708
(727
)
(33,044
)
Mortgage-backed
8,144,898
8,234,937
7,379,243
(90,039
)
765,655
State and political subdivisions
2,293,783
2,361,604
2,425,931
(67,821
)
(132,148
)
Corporates
61,303
105,473
236,483
(44,170
)
(175,180
)
Collateralized loan obligations
548,131
560,322
557,125
(12,191
)
(8,994
)
Total securities available for sale
$
13,304,534
$
13,541,027
$
12,815,277
$
(236,493
)
$
489,257
Securities held to maturity:
U.S. Treasury
$
38,262
$
38,258
$
8,019
$
4
$
30,243
Mortgage-backed
2,369,295
2,427,794
2,402,963
(58,499
)
(33,668
)
State and political subdivisions
3,283,628
3,231,171
3,045,676
52,457
237,952
Total securities held to maturity
$
5,691,185
$
5,697,223
$
5,456,658
$
(6,038
)
$
234,527
Trading securities
$
31,366
$
26,734
$
12,098
$
4,632
$
19,268
Other securities
714,634
679,947
734,793
34,687
(20,159
)
Total securities
$
19,741,719
$
19,944,931
$
19,018,826
$
(203,212
)
$
722,893
Summary of average deposits - QTD Average
UMB Financial Corporation
(unaudited, dollars in thousands)
Q3
Q2
Q3
CQ vs.
CQ vs.
2026
2026
2025
LQ
PY
Deposits:
Noninterest-bearing demand
$
13,819,642
$
14,712,647
$
13,858,827
$
(893,005
)
$
(39,185
)
Interest-bearing demand and savings
41,082,010
39,660,632
39,555,585
1,421,378
1,526,425
Time deposits
3,319,734
3,211,834
3,349,181
107,900
(29,447
)
Total deposits
$
58,221,386
$
57,585,113
$
56,763,593
$
636,273
$
1,457,793
Noninterest bearing deposits as % of total
23.7
%
25.5
%
24.4
%
Capital
Capital information
UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
September 30,
2026
June 30,
2026
September 30,
2025
Total equity
$
7,852,854
$
8,030,793
$
7,443,950
Total common equity
7,576,225
7,748,351
7,161,853
Accumulated other comprehensive loss, net
(793,245
)
(371,517
)
(324,842
)
Book value per common share
99.75
102.02
94.29
Tangible book value per common share (Non-GAAP) (i)
70.07
72.03
63.40
Regulatory capital:
Common equity Tier 1 capital
$
6,210,523
$
5,951,062
$
5,226,775
Tier 1 capital
6,504,589
6,245,128
5,520,841
Total capital
7,301,791
7,172,347
6,406,709
Regulatory capital ratios:
Common equity Tier 1 capital ratio
11.50
%
11.45
%
10.70
%
Tier 1 risk-based capital ratio
12.04
12.02
11.30
Total risk-based capital ratio
13.52
13.80
13.11
Tier 1 leverage ratio
9.41
9.11
8.33
(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)
Q3
Q2
Q1
Q4
Q3
2026
2026
2026
2025
2025
Net charge-offs - total loans
$
14,003
$
15,861
$
18,929
$
12,654
$
18,383
Net loan charge-offs as a % of total average loans
0.13
%
0.16
%
0.19
%
0.13
%
0.20
%
Loans over 90 days past due
$
15,648
$
13,715
$
14,924
$
18,403
$
6,131
Loans over 90 days past due as a % of total loans
0.04
%
0.03
%
0.04
%
0.05
%
0.02
%
Nonaccrual and restructured loans
$
117,885
$
127,526
$
151,250
$
144,666
$
131,965
Nonaccrual and restructured loans as a % of total loans
0.28
%
0.31
%
0.38
%
0.37
%
0.35
%
Provision for credit losses
$
31,000
$
28,000
$
27,000
$
25,000
$
22,500
Conference Call
The company will host a conference call to discuss its third quarter 2026 earnings results on Wednesday, October 28, 2026, at 8:30 a.m. (CT) / 9:30 a.m. (ET).
Interested parties may access the call by dialing (toll-free) 833-461-5787 or (international) 585-542-9983 and requesting to join the UMB Financial call with conference ID 376 166 699. The live webcast may also be accessed by visiting investorrelations.umb.com or by using the following link:
UMB Financial 3Q 2026 Conference Call
A replay of the conference call may be heard through November 11, 2026, by calling (toll-free) 833-309-1852 or (international) 929-828-5978. The replay access code required for playback is 376 166 699. 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, 2025, 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, Utah, 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,
2026
2025
ASSETS
Loans
$
42,530,123
$
37,706,507
Allowance for credit losses on loans
(452,414
)
(404,971
)
Net loans
42,077,709
37,301,536
Loans held for sale
3,276
3,170
Securities:
Available for sale
13,008,308
13,378,280
Held to maturity, net of allowance for credit losses
5,702,352
5,652,387
Trading securities
49,781
35,811
Other securities
750,292
719,575
Total securities
19,510,733
19,786,053
Federal funds sold and resell agreements
953,850
765,113
Interest-bearing due from banks
4,296,685
7,892,392
Cash and due from banks
712,683
1,073,005
Premises and equipment, net
398,416
398,607
Accrued income
346,106
331,645
Goodwill
1,837,594
1,835,298
Other intangibles, net
416,706
511,450
Other assets
2,184,288
1,982,912
Total assets
$
72,738,046
$
71,881,181
LIABILITIES
Deposits:
Noninterest-bearing demand
$
14,589,109
$
16,188,227
Interest-bearing demand and savings
42,164,948
40,549,723
Time deposits under $250,000
1,890,745
1,985,352
Time deposits of $250,000 or more
1,524,543
1,412,541
Total deposits
60,169,345
60,135,843
Federal funds purchased and repurchase agreements
3,237,311
2,838,597
Long-term debt
333,111
471,331
Accrued expenses and taxes
403,163
453,437
Other liabilities
742,262
538,023
Total liabilities
64,885,192
64,437,231
SHAREHOLDERS' EQUITY
Series B Fixed-Rate Reset Non-Cumulative Perpetual Preferred stock
294,066
294,066
Common stock
78,666
78,666
Capital surplus
4,025,449
4,001,834
Retained earnings
4,431,928
3,559,717
Accumulated other comprehensive loss, net
(793,245
)
(324,842
)
Treasury stock
(184,010
)
(165,491
)
Total shareholders' equity
7,852,854
7,443,950
Total liabilities and shareholders' equity
$
72,738,046
$
71,881,181
Consolidated Statements of Income
UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
INTEREST INCOME
Loans
$
669,670
$
629,057
$
1,946,743
$
1,768,875
Securities:
Taxable interest
148,356
138,176
440,248
358,709
Tax-exempt interest
36,196
33,035
105,831
96,022
Total securities income
184,552
171,211
546,079
454,731
Federal funds and resell agreements
10,984
9,365
38,306
25,050
Interest-bearing due from banks
29,665
68,952
101,517
217,811
Trading securities
524
312
1,183
937
Total interest income
895,395
878,897
2,633,828
2,467,404
INTEREST EXPENSE
Deposits
318,225
362,882
909,525
1,009,441
Federal funds and repurchase agreements
26,017
28,632
84,668
81,845
Other
11,148
12,341
32,739
36,413
Total interest expense
355,390
403,855
1,026,932
1,127,699
Net interest income
540,005
475,042
1,606,896
1,339,705
Provision for credit losses
31,000
22,500
86,000
129,500
Net interest income after provision for credit losses
509,005
452,542
1,520,896
1,210,205
NONINTEREST INCOME
Trust and securities processing
104,033
87,926
296,995
250,970
Trading and investment banking
5,269
7,026
18,323
19,107
Service charges on deposit accounts
31,460
29,150
90,522
85,472
Insurance fees and commissions
148
307
610
674
Brokerage fees
24,181
20,470
70,670
59,097
Bankcard fees
29,453
29,561
88,285
84,872
Investment securities gains (losses), net
11,009
(4,093
)
41,142
28,810
Other
26,830
32,951
76,134
62,679
Total noninterest income
232,383
203,298
682,681
591,681
NONINTEREST EXPENSE
Salaries and employee benefits
221,240
220,329
668,083
655,278
Occupancy, net
21,210
19,149
59,562
53,789
Equipment
14,052
16,563
41,314
49,937
Supplies and services
7,685
10,492
18,793
21,660
Marketing and business development
15,286
11,094
42,994
30,436
Processing fees
44,256
45,008
129,388
129,496
Legal and consulting
14,882
21,616
38,384
68,690
Bankcard
11,426
11,775
35,140
36,933
Amortization of other intangible assets
23,243
25,317
70,163
68,067
Regulatory fees
8,918
8,091
26,285
25,587
Other
17,259
29,851
49,867
57,367
Total noninterest expense
399,457
419,285
1,179,973
1,197,240
Income before income taxes
341,931
236,555
1,023,604
604,646
Income tax expense
63,846
48,239
206,511
117,603
NET INCOME
278,085
188,316
817,093
487,043
Less: Preferred dividends
5,813
7,944
17,438
11,969
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS
$
272,272
$
180,372
$
799,655
$
475,074
PER SHARE DATA
Net income per common share – basic
$
3.58
$
2.38
$
10.52
$
6.57
Net income per common share – diluted
3.56
2.36
10.46
6.53
Dividends per common share
0.50
0.40
1.36
1.20
Weighted average common shares outstanding – basic
75,950,551
75,943,943
75,985,017
72,349,952
Weighted average common shares outstanding – diluted
76,504,135
76,366,818
76,474,906
72,744,289
Consolidated Statements of Comprehensive Income
UMB Financial Corporation
(unaudited, dollars in thousands)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Net income
$
278,085
$
188,316
$
817,093
$
487,043
Other comprehensive (loss) income, before tax:
Unrealized gains and losses on debt securities:
Change in unrealized holding gains and losses, net
(537,904
)
145,415
(661,875
)
264,987
Less: Reclassification adjustment for net gains included in net income
—
(91
)
(429
)
(514
)
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity
7,375
8,007
21,753
24,286
Change in unrealized gains and losses on debt securities
(530,529
)
153,331
(640,551
)
288,759
Unrealized gains and losses on derivative hedges:
Change in unrealized gains and losses on derivative hedges, net
(34,294
)
(380
)
(73,040
)
36,652
Less: Reclassification adjustment for net (gains) losses included in net income
(214
)
3,114
(1,437
)
5,131
Change in unrealized gains and losses on derivative hedges
(34,508
)
2,734
(74,477
)
41,783
Other comprehensive (loss) income, before tax
(565,037
)
156,065
(715,028
)
330,542
Income tax benefit (expense)
143,309
(38,860
)
183,303
(82,334
)
Other comprehensive (loss) income
(421,728
)
117,205
(531,725
)
248,208
Comprehensive (loss) income
$
(143,643
)
$
305,521
$
285,368
$
735,251
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, 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
Balance - January 1, 2026
$
294,066
$
78,666
$
4,011,047
$
3,736,413
$
(261,520
)
$
(165,104
)
$
7,693,568
Total comprehensive income
—
—
—
817,093
(531,725
)
—
285,368
Cash dividends declared:
Preferred dividends Series B ($581.25 per share)
—
—
—
(17,438
)
—
—
(17,438
)
Common dividends ($1.36 per share)
—
—
—
(104,140
)
—
—
(104,140
)
Purchase of treasury stock
—
—
—
—
—
(37,901
)
(37,901
)
Issuances of equity awards, net of forfeitures
—
—
(16,266
)
—
—
17,991
1,725
Recognition of equity-based compensation
—
—
30,300
—
—
—
30,300
Sale of treasury stock
—
—
276
—
—
265
541
Exercise of stock options
—
—
92
—
—
739
831
Balance - September 30, 2026
$
294,066
$
78,666
$
4,025,449
$
4,431,928
$
(793,245
)
$
(184,010
)
$
7,852,854
Average Balances / Yields and Rates
UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
Three Months Ended September 30,
2026
2025
Average
Average
Average
Average
Balance
Yield/Rate
Balance
Yield/Rate
Assets
Loans, net of unearned interest
$
41,749,588
6.36
%
$
37,138,511
6.72
%
Securities:
Taxable
15,340,425
3.84
14,798,834
3.70
Tax-exempt
4,369,928
4.07
4,207,894
3.89
Total securities
19,710,353
3.89
19,006,728
3.75
Federal funds and resell agreements
978,399
4.45
727,473
5.11
Interest-bearing due from banks
3,172,756
3.71
6,223,615
4.40
Trading securities
31,366
6.72
12,098
10.72
Total earning assets
65,642,462
5.46
63,108,425
5.58
Allowance for credit losses
(438,567
)
(388,761
)
Other assets
5,610,758
5,775,638
Total assets
$
70,814,653
$
68,495,302
Liabilities and Shareholders' Equity
Interest-bearing deposits
$
44,401,744
2.84
%
$
42,904,766
3.36
%
Federal funds and repurchase agreements
3,096,558
3.33
2,863,481
3.97
Borrowed funds
448,907
9.85
627,827
7.80
Total interest-bearing liabilities
47,947,209
2.94
46,396,074
3.45
Noninterest-bearing demand deposits
13,819,642
13,858,827
Other liabilities
957,438
879,659
Shareholders' equity
8,090,364
7,360,742
Total liabilities and shareholders' equity
$
70,814,653
$
68,495,302
Net interest spread
2.52
%
2.13
%
Net interest margin
3.32
3.04
Average Balances / Yields and Rates
UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
Nine Months Ended September 30,
2026
2025
Average
Average
Average
Average
Balance
Yield/Rate
Balance
Yield/Rate
Assets
Loans, net of unearned interest
$
40,594,251
6.41
%
$
35,302,675
6.70
%
Securities:
Taxable
15,523,910
3.79
13,312,899
3.60
Tax-exempt
4,353,801
4.05
4,201,302
3.82
Total securities
19,877,711
3.85
17,514,201
3.65
Federal funds and resell agreements
1,181,976
4.33
656,637
5.10
Interest-bearing due from banks
3,688,901
3.68
6,562,011
4.44
Trading securities
25,203
6.47
16,519
8.00
Total earning assets
65,368,042
5.44
60,052,043
5.55
Allowance for credit losses
(425,183
)
(359,267
)
Other assets
5,614,390
5,449,485
Total assets
$
70,557,249
$
65,142,261
Liabilities and Shareholders' Equity
Interest-bearing deposits
$
43,255,400
2.81
%
$
40,357,901
3.34
%
Federal funds and repurchase agreements
3,408,806
3.32
2,775,160
3.94
Borrowed funds
467,563
9.36
618,153
7.88
Total interest-bearing liabilities
47,131,769
2.91
43,751,214
3.45
Noninterest-bearing demand deposits
14,540,507
13,898,325
Other liabilities
904,745
856,522
Shareholders' equity
7,980,228
6,636,200
Total liabilities and shareholders' equity
$
70,557,249
$
65,142,261
Net interest spread
2.53
%
2.10
%
Net interest margin
3.34
3.04
Business Segment Information
UMB Financial Corporation
(unaudited, dollars in thousands)
Three Months Ended September 30, 2026
Commercial
Banking
Institutional
Banking
Personal
Banking
Total
Net interest income
$
375,919
$
73,716
$
90,370
$
540,005
Provision for credit losses
27,946
575
2,479
31,000
Noninterest income
51,395
133,279
47,709
232,383
Noninterest expense
170,606
122,672
106,179
399,457
Income before taxes
228,762
83,748
29,421
341,931
Income tax expense
42,715
15,637
5,494
63,846
Net income
$
186,047
$
68,111
$
23,927
$
278,085
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
Nine Months Ended September 30, 2026
Commercial
Banking
Institutional
Banking
Personal
Banking
Total
Net interest income
$
1,103,836
$
230,053
$
273,007
$
1,606,896
Provision for credit losses
76,456
1,700
7,844
86,000
Noninterest income
149,623
384,298
148,760
682,681
Noninterest expense
505,311
358,130
316,532
1,179,973
Income before taxes
671,692
254,521
97,391
1,023,604
Income tax expense
135,513
51,349
19,649
206,511
Net income
$
536,179
$
203,172
$
77,742
$
817,093
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
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, 2026.
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,
2026
2025
2026
2025
Net income available to common shareholders (GAAP)
$
272,272
$
180,372
$
799,655
$
475,074
Adjustments:
Day 1 acquisition provision expense
—
—
—
62,037
Acquisition expense
112
35,603
6,140
102,266
Severance expense
—
404
2,036
1,222
FDIC special assessment
—
(1,679
)
(885
)
(1,776
)
Tax-impact of adjustments (i)
(27
)
(8,154
)
(1,750
)
(38,020
)
Total Non-GAAP adjustments (net of tax)
85
26,174
5,541
125,729
Net operating income (Non-GAAP)
$
272,357
$
206,546
$
805,196
$
600,803
Earnings per common share - diluted (GAAP)
$
3.56
$
2.36
$
10.46
$
6.53
Day 1 acquisition provision expense
—
—
—
0.85
Acquisition expense
—
0.46
0.08
1.40
Severance expense
—
0.01
0.03
0.02
FDIC special assessment
—
(0.02
)
(0.01
)
(0.02
)
Tax-impact of adjustments (i)
—
(0.11
)
(0.02
)
(0.52
)
Operating earnings per common share - diluted (Non-GAAP)
$
3.56
$
2.70
$
10.54
$
8.26
GAAP
Return on average assets
1.53
%
1.04
%
1.52
%
0.98
%
Return on average common equity
13.83
10.14
13.90
9.84
Non-GAAP
Operating return on average assets
1.53
%
1.20
%
1.53
%
1.23
%
Operating return on average common equity
13.84
11.61
14.00
12.45
(i) Calculated using the company’s marginal tax rate of 24.0%. 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,
2026
2025
2026
2025
Noninterest expense
$
399,457
$
419,285
$
1,179,973
$
1,197,240
Adjustments to arrive at operating noninterest expense (pre-tax):
Acquisition expense
112
35,603
6,140
102,266
Severance expense
—
404
2,036
1,222
FDIC special assessment
—
(1,679
)
(885
)
(1,776
)
Total Non-GAAP adjustments (pre-tax)
112
34,328
7,291
101,712
Operating noninterest expense (Non-GAAP)
$
399,345
$
384,957
$
1,172,682
$
1,095,528
Noninterest expense
$
399,457
$
419,285
$
1,179,973
$
1,197,240
Less: Amortization of other intangibles
23,243
25,317
70,163
68,067
Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A)
$
376,214
$
393,968
$
1,109,810
$
1,129,173
Operating noninterest expense
$
399,345
$
384,957
$
1,172,682
$
1,095,528
Less: Amortization of other intangibles
23,243
25,317
70,163
68,067
Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B)
$
376,102
$
359,640
$
1,102,519
$
1,027,461
Net interest income
$
540,005
$
475,042
$
1,606,896
$
1,339,705
Noninterest income
232,383
203,298
682,681
591,681
Less: Gains on sales of securities available for sale, net
—
91
429
514
Total Non-GAAP Revenue (denominator A)
$
772,388
$
678,249
$
2,289,148
$
1,930,872
Efficiency ratio (numerator A/denominator A)
48.71
%
58.09
%
48.48
%
58.48
%
Operating efficiency ratio (Non-GAAP) (numerator B/denominator A)
48.69
53.02
48.16
53.21
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,
2026
2025
2026
2025
Net interest income (GAAP)
$
540,005
$
475,042
$
1,606,896
$
1,339,705
Noninterest income (GAAP)
232,383
203,298
682,681
591,681
Noninterest expense (GAAP)
399,457
419,285
1,179,973
1,197,240
Adjustments to arrive at operating noninterest expense:
Acquisition expense
112
35,603
6,140
102,266
Severance expense
—
404
2,036
1,222
FDIC special assessment
—
(1,679
)
(885
)
(1,776
)
Total Non-GAAP adjustments
112
34,328
7,291
101,712
Operating noninterest expense (Non-GAAP)
399,345
384,957
1,172,682
1,095,528
Operating pre-tax, pre-provision income (Non-GAAP)
$
373,043
$
293,383
$
1,116,895
$
835,858
Net interest income earnings per common share - diluted (GAAP)
$
7.06
$
6.22
$
21.01
$
18.42
Noninterest income (GAAP)
3.04
2.66
8.93
8.13
Noninterest expense (GAAP)
5.22
5.49
15.43
16.46
Acquisition expense
—
0.46
0.08
1.40
Severance expense
—
0.01
0.03
0.02
FDIC special assessment
—
(0.02
)
(0.01
)
(0.02
)
Operating pre-tax, pre-provision earnings per common share - diluted (Non-GAAP)
$
4.88
$
3.84
$
14.61
$
11.49
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,
2026
2025
2026
2025
Net interest income (GAAP)
$
540,005
$
475,042
$
1,606,896
$
1,339,705
Adjustments to arrive at net interest income - FTE:
Tax equivalent interest
8,684
8,314
26,229
24,110
Net interest income - FTE (Non-GAAP)
548,689
483,356
1,633,125
1,363,815
Noninterest income (GAAP)
232,383
203,298
682,681
591,681
Noninterest expense (GAAP)
399,457
419,285
1,179,973
1,197,240
Adjustments to arrive at operating noninterest expense:
Acquisition expense
112
35,603
6,140
102,266
Severance expense
—
404
2,036
1,222
FDIC special assessment
—
(1,679
)
(885
)
(1,776
)
Total Non-GAAP adjustments
112
34,328
7,291
101,712
Operating noninterest expense (Non-GAAP)
399,345
384,957
1,172,682
1,095,528
Operating pre-tax, pre-provision income - FTE (Non-GAAP)
$
381,727
$
301,697
$
1,143,124
$
859,968
Net interest income earnings per common share - diluted (GAAP)
$
7.06
$
6.22
$
21.01
$
18.42
Tax equivalent interest
0.11
0.11
0.34
0.33
Net interest income - FTE (Non-GAAP)
7.17
6.33
21.35
18.75
Noninterest income (GAAP)
3.04
2.66
8.93
8.13
Noninterest expense (GAAP)
5.22
5.49
15.43
16.46
Acquisition expense
—
0.46
0.08
1.40
Severance expense
—
0.01
0.03
0.02
FDIC special assessment
—
(0.02
)
(0.01
)
(0.02
)
Operating pre-tax, pre-provision income - FTE earnings per common share - diluted (Non-GAAP)
$
4.99
$
3.95
$
14.95
$
11.82
Tangible book value non-GAAP reconciliations:
UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
As of September 30,
2026
2025
Total common shareholders' equity (GAAP)
$
7,576,225
$
7,161,853
Less: Intangible assets
Goodwill
1,837,594
1,835,298
Other intangibles, net
416,706
511,450
Total intangibles, net
2,254,300
2,346,748
Total tangible common shareholders' equity (Non-GAAP)
$
5,321,925
$
4,815,105
Total common shares outstanding
75,951,697
75,953,713
Ratio of total common shareholders' equity (book value) per share
$
99.75
$
94.29
Ratio of total tangible common shareholders' equity (tangible book value) per share (Non-GAAP)
70.07
63.40