UMB Financial Corporation Reports Fourth Quarter and Full-Year 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 fourth quarter of 2025 of $209.5 million, or $2.74 per diluted share, compared to $180.4 million, or $2.36 per diluted share, in the third quarter (linked quarter) and $120.0 million, or $2.44 per diluted share, in the fourth 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 $235.2 million, or $3.08 per diluted share, for the fourth quarter of 2025, compared to $206.5 million, or $2.70 per diluted share, for the linked quarter and $122.6 million, or $2.49 per diluted share, for the fourth 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 $329.1 million, or $4.31 per diluted share, for the fourth quarter of 2025, compared to $293.4 million, or $3.84 per diluted share, for the linked quarter, and $166.9 million, or $3.39 per diluted share, for the fourth quarter of 2024. These operating PTPP results represent an increase of 12.2% on a linked-quarter basis and an increase of 97.2% compared to the fourth quarter of 2024.

“2025 marked a significant chapter in UMB’s 113-year history, with the successful completion of the acquisition of Heartland Financial and another year of record earnings. We posted significant improvements in our profitability metrics as we continue to build scale, deliver profitable growth on both sides of the balance sheet, and maintain our unwavering focus on strong asset quality metrics,” said Mariner Kemper, UMB Financial Corporation chairman and chief executive officer.

“Strong fourth quarter results were once again enabled by 13.0% linked-quarter annualized loan growth, 5.6% linked-quarter annualized deposit growth that included a 24.9% increase in average demand deposit balances, and continued momentum in our fee income businesses. As reported, net interest margin expanded 25 basis points compared to the prior quarter. Operating expenses, excluding merger-related charges, increased sequentially, primarily driven by incentive compensation related to strong company performance. Net charge-offs for the fourth quarter were just 13 basis points. And for the calendar year 2025, net charge-offs were 23 basis points, lower than our long-term historical averages. I am incredibly proud of our associates for delivering strong fundamental and financial performance in 2025, while providing outstanding customer experience to our existing and newly acquired clients—all of which continues to drive our exceptional results.”

Fourth Quarter 2025 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 in the fourth quarter of 2024 were impacted by $3.7 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)

215,355

188,316

119,997

Net income available to common shareholders (GAAP)

209,543

180,372

119,997

Earnings per common share - diluted (GAAP)

2.74

2.36

2.44

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

329,075

293,383

166,901

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

4.31

3.84

3.39

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

337,837

301,697

173,270

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

4.42

3.95

3.52

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

235,206

206,546

122,577

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

3.08

2.70

2.49

GAAP

Return on average assets

1.20

1.04

1.06

Return on average common equity

11.27

10.14

13.53

Efficiency ratio

55.50

58.09

61.83

Non-GAAP(i)

Operating return on average assets

1.34

1.20

1.08

Operating return on average common equity

12.65

11.61

13.82

Operating efficiency ratio

50.82

53.02

61.12

(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)

December

YTD

2025

2024

Net income (GAAP)

702,398

441,243

Net income available to common shareholders (GAAP)

684,617

441,243

Earnings per common share - diluted (GAAP)

9.29

8.99

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

1,164,933

625,786

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

15.80

12.75

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

1,197,805

651,679

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

16.25

13.28

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

836,009

461,745

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

11.35

9.41

GAAP

Return on average assets

1.03

1.02

Return on average common equity

10.24

13.24

Efficiency ratio

57.67

62.56

Non-GAAP(i)

Operating return on average assets

1.26

1.07

Operating return on average common equity

12.51

13.85

Operating efficiency ratio

52.56

61.12

Summary of revenue

UMB Financial Corporation

(unaudited, dollars in thousands)

CQ vs.

2025

2024

Net interest income

522,500

475,042

268,974

47,458

253,526

Noninterest income:

Trust and securities processing

92,428

87,926

76,861

4,502

15,567

Trading and investment banking

6,198

7,026

6,185

(828

)

Service charges on deposit accounts

27,734

29,150

21,405

(1,416

)

6,329

Insurance fees and commissions

236

307

425

(71

)

(189

)

Brokerage fees

20,495

20,470

18,635

1,860

Bankcard fees

29,052

29,561

21,089

(509

)

7,963

Investment securities gains (losses), net

2,157

(4,093

)

593

6,250

1,564

Other

20,069

32,951

20,018

(12,882

)

Total noninterest income

198,369

203,298

165,211

(4,929

)

33,158

Total revenue

720,869

678,340

434,185

42,529

286,684

Net interest income (FTE)

531,262

483,356

275,343

Net interest margin (FTE)

3.29

3.04

2.57

Total noninterest income as a % of total revenue

27.5

30.0

38.1

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

228,605

220,329

161,062

8,276

67,543

Occupancy, net

19,933

19,149

11,272

784

8,661

Equipment

14,978

16,563

15,312

(1,585

)

(334

)

Supplies and services

6,843

10,492

3,173

(3,649

)

3,670

Marketing and business development

15,246

11,094

8,999

4,152

6,247

Processing fees

43,350

45,008

30,565

(1,658

)

12,785

Legal and consulting

23,614

21,616

12,229

1,998

11,385

Bankcard

12,570

11,775

9,398

795

3,172

Amortization of other intangible assets

25,454

25,317

1,917

137

23,537

Regulatory fees

3,164

8,091

5,255

(4,927

)

(2,091

)

Other

31,803

29,851

11,179

1,952

20,624

Total noninterest expense

425,560

419,285

270,361

6,275

155,199

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 (i)

15,754,499

14,787,494

10,735,539

967,005

5,018,960

Specialty lending

542,857

570,079

491,546

(27,222

)

51,311

Commercial real estate

16,512,390

16,372,831

10,007,361

139,559

6,505,029

Consumer real estate

4,379,183

4,306,981

3,143,613

72,202

1,235,570

Consumer

242,129

242,526

177,341

(397

)

64,788

Credit cards

778,779

755,635

630,373

23,144

148,406

Leases and other

134,235

102,965

104,015

31,270

30,220

Total loans

38,344,072

37,138,511

25,289,788

1,205,561

13,054,284

(i) Commercial and industrial loans include all loans to Nondepository Financial Institutions (NDFIs).

Summary of average securities - QTD Average

UMB Financial Corporation

(unaudited, dollars in thousands)

CQ vs.

2025

2024

Securities available for sale:

U.S. Treasury

2,256,084

2,134,787

1,131,295

121,297

1,124,789

U.S. Agencies

77,151

81,708

159,808

(4,557

)

(82,657

)

Mortgage-backed

7,977,598

7,379,243

4,200,465

598,355

3,777,133

State and political subdivisions

2,466,226

2,425,931

1,241,033

40,295

1,225,193

Corporates

196,425

236,483

321,939

(40,058

)

(125,514

)

Collateralized loan obligations

555,561

557,125

359,053

(1,564

)

196,508

Total securities available for sale

13,529,045

12,815,277

7,413,593

713,768

6,115,452

Securities held to maturity:

U.S. Treasury

38,251

8,019

—

30,232

38,251

U.S. Agencies

—

116,316

—

(116,316

)

Mortgage-backed

2,536,279

2,402,963

2,542,385

133,316

(6,106

)

State and political subdivisions

3,137,793

3,045,676

2,765,663

92,117

372,130

Total securities held to maturity

5,712,323

5,456,658

5,424,364

255,665

287,959

Trading securities

19,155

12,098

25,224

7,057

(6,069

)

Other securities

710,772

734,793

466,545

(24,021

)

244,227

Total securities

19,971,295

19,018,826

13,329,726

952,469

6,641,569

Summary of average deposits - QTD Average

UMB Financial Corporation

(unaudited, dollars in thousands)

CQ vs.

2025

2024

Deposits:

Noninterest-bearing demand

14,720,416

13,858,827

10,637,616

861,589

4,082,800

Interest-bearing demand and savings

39,299,431

39,555,585

25,367,316

(256,154

)

13,932,115

Time deposits

3,533,753

3,349,181

2,012,287

184,572

1,521,466

Total deposits

57,553,600

56,763,593

38,017,219

790,007

19,536,381

Noninterest bearing deposits as % of total

25.6

24.4

28.0

Capital

Capital information

UMB Financial Corporation

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

December 31,

2025

September 30,

2025

December 31,

2024

Total equity

7,693,568

7,443,950

3,466,541

Total common equity

7,417,284

7,161,853

3,466,541

Accumulated other comprehensive loss, net

(261,520

)

(324,842

)

(573,050

)

Book value per common share

97.65

94.29

71.02

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

67.02

63.40

65.46

Regulatory capital:

Common equity Tier 1 capital

5,459,343

5,226,775

3,802,257

Tier 1 capital

5,753,409

5,520,841

3,802,257

Total capital

6,654,521

6,406,709

4,445,872

Regulatory capital ratios:

Common equity Tier 1 capital ratio

10.96

10.70

11.29

Tier 1 risk-based capital ratio

11.55

11.30

11.29

Total risk-based capital ratio

13.36

13.11

13.21

Tier 1 leverage ratio

8.54

8.33

8.50

(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

12,654

18,383

15,462

35,872

8,935

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

0.13

0.20

0.17

0.45

0.14

Loans over 90 days past due

18,403

6,131

6,813

6,346

7,602

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

0.05

0.02

0.03

Nonaccrual and restructured loans

144,666

131,965

97,029

100,885

19,282

Nonaccrual and restructured loans as a % of total loans

0.37

0.35

0.26

0.28

0.08

Provision for credit losses

25,000

22,500

21,000

86,000

(i)

19,000

(i) Provision in the first quarter of 2025 included $62.0 million for Day 1 provision expense to establish an allowance for credit losses on acquired HTLF loans that were designated as non-purchase credit deteriorated (non-PCD) at the close of the transaction.

Conference Call

The company will host a conference call to discuss its fourth quarter 2025 earnings results on Wednesday, January 28, 2026, 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 066287. The live call may also be accessed by visiting investorrelations.umb.com or by using the following link:

UMB Financial 4Q 2025 Conference Call

A replay of the conference call may be heard through February 11, 2026, by calling (toll-free) 866-813-9403 or (international) 929-458-6194. The replay access code required for playback is 957120. 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, 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)

December 31,

2025

2024

ASSETS

Loans

38,779,408

25,642,301

Allowance for credit losses on loans

(419,478

)

(259,089

)

Net loans

38,359,930

25,383,212

Loans held for sale

2,030

2,756

Securities:

Available for sale

13,709,141

7,774,334

Held to maturity, net of allowance for credit losses

5,722,543

5,376,267

Trading securities

22,331

28,533

Other securities

676,300

471,018

Total securities

20,130,315

13,650,152

Federal funds sold and resell agreements

1,548,093

545,000

Interest-bearing due from banks

6,940,535

7,986,270

Cash and due from banks

952,547

573,175

Premises and equipment, net

398,271

221,773

Accrued income

349,639

246,095

Goodwill

1,839,825

207,385

Other intangibles, net

486,869

63,647

Other assets

2,086,036

1,530,199

Total assets

73,094,090

50,409,664

LIABILITIES

Deposits:

Noninterest-bearing demand

17,143,341

13,617,167

Interest-bearing demand and savings

39,752,587

27,397,195

Time deposits under $250,000

1,934,617

969,132

Time deposits of $250,000 or more

1,826,245

1,158,535

Total deposits

60,656,790

43,142,029

Federal funds purchased and repurchase agreements

3,324,938

2,609,715

Long-term debt

474,229

385,292

Accrued expenses and taxes

435,351

368,457

Other liabilities

509,214

437,630

Total liabilities

65,400,522

46,943,123

SHAREHOLDERS' EQUITY

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

294,066

—

Common stock

78,666

55,057

Capital surplus

4,011,047

1,145,638

Retained earnings

3,736,413

3,174,948

Accumulated other comprehensive loss, net

(261,520

)

(573,050

)

Treasury stock

(165,104

)

(336,052

)

Total shareholders' equity

7,693,568

3,466,541

Total liabilities and shareholders' equity

73,094,090

50,409,664

Consolidated Statements of Income

UMB Financial Corporation

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

Three Months Ended

Year Ended

December 31,

2025

2024

2025

2024

INTEREST INCOME

Loans

646,404

410,631

2,415,279

1,612,948

Securities:

Taxable interest

145,921

71,403

504,630

257,562

Tax-exempt interest

34,184

24,387

130,206

99,375

Total securities income

180,105

95,790

634,836

356,937

Federal funds and resell agreements

13,102

5,902

38,152

17,628

Interest-bearing due from banks

47,104

42,314

264,915

182,145

Trading securities

161

331

1,098

1,351

Total interest income

886,876

554,968

3,354,280

2,171,009

INTEREST EXPENSE

Deposits

327,108

255,303

1,336,549

982,302

Federal funds and repurchase agreements

26,859

23,745

108,704

106,558

Other

10,409

6,946

46,822

81,257

Total interest expense

364,376

285,994

1,492,075

1,170,117

Net interest income

522,500

268,974

1,862,205

1,000,892

Provision for credit losses

25,000

19,000

154,500

61,050

Net interest income after provision for credit losses

497,500

249,974

1,707,705

939,842

NONINTEREST INCOME

Trust and securities processing

92,428

76,861

343,398

290,571

Trading and investment banking

6,198

6,185

25,305

24,226

Service charges on deposit accounts

27,734

21,405

113,206

84,512

Insurance fees and commissions

236

425

910

1,257

Brokerage fees

20,495

18,635

79,592

61,564

Bankcard fees

29,052

21,089

113,924

87,797

Investment securities gains, net

2,157

593

30,967

10,720

Other

20,069

20,018

82,748

67,470

Total noninterest income

198,369

165,211

790,050

628,117

NONINTEREST EXPENSE

Salaries and employee benefits

228,605

161,062

883,883

593,913

Occupancy, net

19,933

11,272

73,722

47,539

Equipment

14,978

15,312

64,915

63,406

Supplies and services

6,843

3,173

28,503

14,845

Marketing and business development

15,246

8,999

45,682

28,439

Processing fees

43,350

30,565

172,846

117,899

Legal and consulting

23,614

12,229

92,304

46,207

Bankcard

12,570

9,398

49,503

44,265

Amortization of other intangible assets

25,454

1,917

93,521

7,705

Regulatory fees

3,164

5,255

28,751

31,904

Other

31,803

11,179

89,170

30,564

Total noninterest expense

425,560

270,361

1,622,800

1,026,686

Income before income taxes

270,309

144,824

874,955

541,273

Income tax expense

54,954

24,827

172,557

100,030

NET INCOME

215,355

119,997

702,398

441,243

Less: Preferred dividends

5,812

—

17,781

—

NET INCOME AVAILABLE TO COMMON SHAREHOLDERS

209,543

119,997

684,617

441,243

PER SHARE DATA

Net income per common share – basic

2.76

2.46

9.35

9.05

Net income per common share – diluted

2.74

2.44

9.29

8.99

Dividends per common share

0.43

0.40

1.63

1.57

Weighted average common shares outstanding – basic

75,956,829

48,807,081

73,259,082

48,747,814

Weighted average common shares outstanding – diluted

76,417,070

49,178,891

73,670,643

49,056,956

Consolidated Statements of Comprehensive Income

UMB Financial Corporation

(unaudited, dollars in thousands)

Three Months Ended

Year Ended

December 31,

2025

2024

2025

2024

Net income

215,355

119,997

702,398

441,243

Other comprehensive income (loss), before tax:

Unrealized gains and losses on debt securities:

Change in unrealized holding gains and losses, net

78,069

(183,961

)

343,056

(8,956

)

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

—

(473

)

(139

)

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

7,763

8,560

32,049

35,905

Change in unrealized gains and losses on debt securities

85,873

(175,401

)

374,632

26,810

Unrealized gains and losses on derivative hedges:

Change in unrealized gains and losses on derivative hedges, net

(3,679

)

(58,542

)

32,973

(40,530

)

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

2,156

(677

)

7,287

(8,069

)

Change in unrealized gains and losses on derivative hedges

(1,523

)

(59,219

)

40,260

(48,599

)

Other comprehensive income (loss), before tax

84,350

(234,620

)

414,892

(21,789

)

Income tax (expense) benefit

(21,028

)

57,426

(103,362

)

5,674

Other comprehensive income (loss)

63,322

(177,194

)

311,530

(16,115

)

Comprehensive income (loss)

278,677

(57,197

)

1,013,928

425,128

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

—

441,243

(16,115

)

—

425,128

Dividends ($1.57 per share)

—

(77,119

)

—

(77,119

)

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

—

21,876

—

21,876

Sale of treasury stock

—

342

—

240

582

Exercise of stock options

—

1,690

—

2,413

4,103

Common stock issuance costs

—

(1,413

)

—

(1,413

)

Balance - December 31, 2024

—

55,057

1,145,638

3,174,948

(573,050

)

(336,052

)

3,466,541

Balance - January 1, 2025

—

55,057

1,145,638

3,174,948

(573,050

)

(336,052

)

3,466,541

Total comprehensive income

—

702,398

311,530

—

1,013,928

Cash dividends declared:

Preferred dividends Series A ($350.00 per share)

—

(4,025

)

—

(4,025

)

Preferred dividends Series B ($458.54 per share)

—

(13,756

)

—

(13,756

)

Common dividends ($1.63 per share)

—

(123,357

)

—

(123,357

)

Purchase of treasury stock

—

(17,628

)

(17,628

)

Issuances of equity awards, net of forfeitures

—

(18,816

)

—

19,616

800

Recognition of equity-based compensation

—

57,334

—

57,334

Sale of treasury stock

—

343

—

351

694

Exercise of stock options

—

524

614

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 - December 31, 2025

294,066

78,666

4,011,047

3,736,413

(261,520

)

(165,104

)

7,693,568

Average Balances / Yields and Rates

UMB Financial Corporation

(tax - equivalent basis)

(unaudited, dollars in thousands)

Three Months Ended December 31,

2025

2024

Average

Balance

Yield/Rate

Balance

Yield/Rate

Assets

Loans, net of unearned interest

38,344,072

6.69

25,289,788

6.46

Securities:

Taxable

15,420,641

3.75

9,739,156

2.92

Tax-exempt

4,531,499

3.75

3,565,346

3.42

Total securities

19,952,140

3.75

13,304,502

3.05

Federal funds and resell agreements

1,134,978

4.58

429,898

5.46

Interest-bearing due from banks

4,710,503

3.97

3,573,884

4.71

Trading securities

19,155

3.71

25,224

5.68

Total earning assets

64,160,848

5.54

42,623,296

5.24

Allowance for credit losses

(399,848

)

(250,824

)

Other assets

5,803,859

2,608,524

Total assets

69,564,859

44,980,996

Liabilities and Shareholders' Equity

Interest-bearing deposits

42,833,184

3.03

27,379,603

3.71

Federal funds and repurchase agreements

2,961,176

3.60

2,250,507

4.20

Borrowed funds

472,613

8.74

409,474

6.75

Total interest-bearing liabilities

46,266,973

3.12

30,039,584

3.79

Noninterest-bearing demand deposits

14,720,416

10,637,616

Other liabilities

919,381

776,031

Shareholders' equity

7,658,089

3,527,765

Total liabilities and shareholders' equity

69,564,859

44,980,996

Net interest spread

2.42

1.45

Net interest margin

3.29

2.57

Average Balances / Yields and Rates

UMB Financial Corporation

(tax - equivalent basis)

(unaudited, dollars in thousands)

Year Ended December 31,

2025

2024

Average

Balance

Yield/Rate

Balance

Yield/Rate

Assets

Loans, net of unearned interest

36,069,274

6.70

24,212,645

6.66

Securities:

Taxable

13,844,165

3.65

9,290,809

2.77

Tax-exempt

4,284,530

3.80

3,634,588

3.44

Total securities

18,128,695

3.68

12,925,397

2.96

Federal funds and resell agreements

777,206

4.91

303,096

5.82

Interest-bearing due from banks

6,095,348

4.35

3,482,402

5.23

Trading securities

17,183

6.79

22,311

6.53

Total earning assets

61,087,706

5.54

40,945,851

5.37

Allowance for credit losses

(369,496

)

(235,370

)

Other assets

5,537,862

2,479,363

Total assets

66,256,072

43,189,844

Liabilities and Shareholders' Equity

Interest-bearing deposits

40,981,808

3.26

25,224,201

3.89

Federal funds and repurchase agreements

2,822,046

3.85

2,338,455

4.56

Borrowed funds

581,469

8.05

1,447,646

5.61

Total interest-bearing liabilities

44,385,323

3.36

29,010,302

4.03

Noninterest-bearing demand deposits

14,105,537

10,077,251

Other liabilities

871,439

769,479

Shareholders' equity

6,893,773

3,332,812

Total liabilities and shareholders' equity

66,256,072

43,189,844

Net interest spread

2.18

1.34

Net interest margin

3.10

2.51

Business Segment Information

UMB Financial Corporation

(unaudited, dollars in thousands)

Three Months Ended December 31, 2025

Commercial

Banking

Institutional

Banking

Personal

Banking

Total

Net interest income

363,050

69,825

89,625

522,500

Provision for credit losses

22,004

519

2,477

25,000

Noninterest income

43,084

117,331

37,954

198,369

Noninterest expense

194,460

111,047

120,053

425,560

Income before taxes

189,670

75,590

5,049

270,309

Income tax expense

38,560

15,367

1,027

54,954

Net income

151,110

60,223

4,022

215,355

Three Months Ended December 31, 2024

Commercial

Banking

Institutional

Banking

Personal

Banking

Total

Net interest income

180,737

52,466

35,771

268,974

Provision for credit losses

16,012

401

2,587

19,000

Noninterest income

30,306

108,784

26,121

165,211

Noninterest expense

95,402

107,188

67,771

270,361

Income (loss) before taxes

99,629

53,661

(8,466

)

144,824

Income tax expense (benefit)

17,483

8,649

(1,305

)

24,827

Net income (loss)

82,146

45,012

(7,161

)

119,997

Year Ended December 31, 2025

Commercial

Banking

Institutional

Banking

Personal

Banking

Total

Net interest income

1,291,140

258,312

312,753

1,862,205

Provision for credit losses

126,554

1,844

26,102

154,500

Noninterest income

179,612

444,502

165,936

790,050

Noninterest expense

725,151

434,063

463,586

1,622,800

Income (loss) before taxes

619,047

266,907

(10,999

)

874,955

Income tax expense (benefit)

122,087

52,639

(2,169

)

172,557

Net income (loss)

496,960

214,268

(8,830

)

702,398

Year Ended December 31, 2024

Commercial

Banking

Institutional

Banking

Personal

Banking

Total

Net interest income

668,235

197,174

135,483

1,000,892

Provision for credit losses

51,781

1,155

8,114

61,050

Noninterest income

134,500

393,984

99,633

628,117

Noninterest expense

367,135

397,316

262,235

1,026,686

Income (loss) before taxes

383,819

192,687

(35,233

)

541,273

Income tax expense (benefit)

71,367

35,016

(6,353

)

100,030

Net income (loss)

312,452

157,671

(28,880

)

441,243

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, 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

December 31,

Year Ended

December 31,

2025

2024

2025

2024

Net income available to common shareholders (GAAP)

209,543

119,997

684,617

441,243

Adjustments:

Day 1 acquisition provision expense

—

62,037

—

Acquisition expense

39,697

3,658

141,963

16,250

Severance expense

245

1,280

569

FDIC special assessment

(5,989

)

(826

)

(7,765

)

6,644

Tax-impact of adjustments (i)

(8,103

)

(497

)

(46,123

)

(2,961

)

Total Non-GAAP adjustments (net of tax)

25,663

2,580

151,392

20,502

Net operating income (Non-GAAP)

235,206

122,577

836,009

461,745

Earnings per common share - diluted (GAAP)

2.74

2.44

9.29

8.99

Day 1 acquisition provision expense

—

0.85

—

Acquisition expense

0.52

0.07

1.92

0.33

Severance expense

—

0.02

0.01

FDIC special assessment

(0.08

)

(0.01

)

(0.11

)

0.14

Tax-impact of adjustments (i)

(0.10

)

(0.01

)

(0.62

)

(0.06

)

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

3.08

2.49

11.35

9.41

GAAP

Return on average assets

1.20

1.06

1.03

1.02

Return on average common equity

11.27

13.53

10.24

13.24

Non-GAAP

Operating return on average assets

1.34

1.08

1.26

1.07

Operating return on average common equity

12.65

13.82

12.51

13.85

(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

December 31,

Year Ended

December 31,

2025

2024

2025

2024

Noninterest expense

425,560

270,361

1,622,800

1,026,686

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

Acquisition expense

39,697

3,658

141,963

16,250

Severance expense

245

1,280

569

FDIC special assessment

(5,989

)

(826

)

(7,765

)

6,644

Total Non-GAAP adjustments (pre-tax)

33,766

3,077

135,478

23,463

Operating noninterest expense (Non-GAAP)

391,794

267,284

1,487,322

1,003,223

Noninterest expense

425,560

270,361

1,622,800

1,026,686

Less: Amortization of other intangibles

25,454

1,917

93,521

7,705

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

400,106

268,444

1,529,279

1,018,981

Operating noninterest expense

391,794

267,284

1,487,322

1,003,223

Less: Amortization of other intangibles

25,454

1,917

93,521

7,705

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

366,340

265,367

1,393,801

995,518

Net interest income

522,500

268,974

1,862,205

1,000,892

Noninterest income

198,369

165,211

790,050

628,117

Less: (Losses) gains on sales of securities available for sale, net

(41

)

—

473

139

Total Non-GAAP Revenue (denominator A)

720,910

434,185

2,651,782

1,628,870

Efficiency ratio (numerator A/denominator A)

55.50

61.83

57.67

62.56

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

50.82

61.12

52.56

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

December 31,

Year Ended

December 31,

2025

2024

2025

2024

Net interest income (GAAP)

522,500

268,974

1,862,205

1,000,892

Noninterest income (GAAP)

198,369

165,211

790,050

628,117

Noninterest expense (GAAP)

425,560

270,361

1,622,800

1,026,686

Adjustments to arrive at operating noninterest expense:

Acquisition expense

39,697

3,658

141,963

16,250

Severance expense

245

1,280

569

FDIC special assessment

(5,989

)

(826

)

(7,765

)

6,644

Total Non-GAAP adjustments

33,766

3,077

135,478

23,463

Operating noninterest expense (Non-GAAP)

391,794

267,284

1,487,322

1,003,223

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

329,075

166,901

1,164,933

625,786

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

6.84

5.47

25.28

20.40

Noninterest income (GAAP)

2.60

3.36

10.72

12.80

Noninterest expense (GAAP)

5.57

5.50

22.03

20.93

Acquisition expense

0.52

0.07

1.92

0.33

Severance expense

—

0.02

0.01

FDIC special assessment

(0.08

)

(0.01

)

(0.11

)

0.14

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

4.31

3.39

15.80

12.75

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,

2025

2024

2025

2024

Net interest income (GAAP)

522,500

268,974

1,862,205

1,000,892

Adjustments to arrive at net interest income - FTE:

Tax equivalent interest

8,762

6,369

32,872

25,893

Net interest income - FTE (Non-GAAP)

531,262

275,343

1,895,077

1,026,785

Noninterest income (GAAP)

198,369

165,211

790,050

628,117

Noninterest expense (GAAP)

425,560

270,361

1,622,800

1,026,686

Adjustments to arrive at operating noninterest expense:

Acquisition expense

39,697

3,658

141,963

16,250

Severance expense

245

1,280

569

FDIC special assessment

(5,989

)

(826

)

(7,765

)

6,644

Total Non-GAAP adjustments

33,766

3,077

135,478

23,463

Operating noninterest expense (Non-GAAP)

391,794

267,284

1,487,322

1,003,223

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

337,837

173,270

1,197,805

651,679

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

6.84

5.47

25.28

20.40

Tax equivalent interest

0.11

0.13

0.45

0.53

Net interest income - FTE (Non-GAAP)

6.95

5.60

25.73

20.93

Noninterest income (GAAP)

2.60

3.36

10.72

12.80

Noninterest expense (GAAP)

5.57

5.50

22.03

20.93

Acquisition expense

0.52

0.07

1.92

0.33

Severance expense

—

0.02

0.01

FDIC special assessment

(0.08

)

(0.01

)

(0.11

)

0.14

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

4.42

3.52

16.25

13.28

Tangible book value non-GAAP reconciliations:

UMB Financial Corporation

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

As of December 31,

2025

2024

Total common shareholders' equity (GAAP)

7,417,284

3,466,541

Less: Intangible assets

Goodwill

1,839,825

207,385

Other intangibles, net

486,869

63,647

Total intangibles, net

2,326,694

271,032

Total tangible common shareholders' equity (Non-GAAP)

5,090,590

3,195,509

Total common shares outstanding

75,960,675

48,814,177

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

97.65

71.02

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

67.02

65.46