Market Newsdesk

July 26, 2022 4:22 pm

Retail Opportunity Investments Corp. Reports 2022 Second Quarter Results

SAN DIEGO, July 26, 2022 (GLOBE NEWSWIRE) — Retail Opportunity Investments Corp. (NASDAQ:ROIC) announced today financial and operating results for the three and six months ended June 30, 2022.

HIGHLIGHTS

$11.5 million of net income attributable to common stockholders ($0.09 per diluted share)
$36.7 million in Funds From Operations (FFO)

⁽¹⁾

($0.28 per diluted share)
FFO guidance for 2022 raised ($1.08 – $1.12 per diluted share)
$120.2 million of acquisitions lined up ($60.0 million closed, $60.2 million under contract)
$37.1 million property disposition under contract
714,380 square feet of leases executed during first six months of ‘22 (record activity)
97.6% portfolio lease rate at 6/30/22 (vs. 97.2% at 3/31/22 and 96.9% at 6/30/21)
16.7% increase in same-space cash base rents on 2Q‘22 new leases (10.5% renewal increase)
3.7% increase in same-center cash net operating income (2Q‘22 vs. 2Q‘21)
5.6% increase in same-center cash net operating income (first six months ‘22 vs. ‘21)
$25.2 million of common equity raised through ATM program during first six months
6.7x net principal debt-to-annualized EBITDA ratio for 2Q‘22
Awarded 2022 Green Lease Leader in recognition of ESG initiatives
$0.15 per share cash dividend declared

________________________________________

⁽¹⁾
A reconciliation of GAAP net income to FFO is provided at the end of this press release.

Stuart A. Tanz, President and Chief Executive Officer of Retail Opportunity Investments Corp. stated, “Strong demand for space across our portfolio continues to drive our business forward. Building on our leasing momentum from the first quarter, we increased our portfolio lease rate during the second quarter and again posted solid double-digit rent growth on both same-space new leases and renewals. Additionally, we continue to steadily grow and enhance our portfolio. Year-to-date, we have lined up $120.2 million of grocery-anchored shopping center acquisitions.” Tanz added, “With our success during the first half of the year, we are well-positioned and firmly on track to achieve our key objectives for 2022.”

FINANCIAL RESULTS SUMMARY

For the three months ended June 30, 2022, GAAP net income attributable to common stockholders was $11.5 million, or $0.09 per diluted share, as compared to GAAP net income attributable to common stockholders of $16.5 million, or $0.14 per diluted share, for the three months ended June 30, 2021. For the six months ended June 30, 2022, GAAP net income attributable to common stockholders was $23.1 million, or $0.19 per diluted share, as compared to GAAP net income attributable to common stockholders of $23.9 million, or $0.20 per diluted share, for the six months ended June 30, 2021. Included in 2021 GAAP net income was a $9.5 million gain on sale of real estate.

FFO for the second quarter of 2022 was $36.7 million, or $0.28 per diluted share, as compared to $31.7 million in FFO, or $0.25 per diluted share for the second quarter of 2021. FFO for the first six months of 2022 was $72.9 million, or $0.55 per diluted share, as compared to $62.7 million in FFO, or $0.49 per diluted share for the first six months of 2021. ROIC reports FFO as a supplemental performance measure in accordance with the definition set forth by the National Association of Real Estate Investment Trusts. A reconciliation of GAAP net income to FFO is provided at the end of this press release.

For the second quarter of 2022, same-center net operating income (NOI) was $49.6 million, as compared to $47.8 million in same-center NOI for the second quarter of 2021, representing a 3.7% increase. For the first six months of 2022, same-center NOI increased 5.6% as compared to same-center NOI for the first six months of 2021. ROIC reports same-center comparative NOI on a cash basis. A reconciliation of GAAP operating income to same-center comparative NOI is provided at the end of this press release.

At June 30, 2022, ROIC had total market capitalization of approximately $3.4 billion and approximately $1.4 billion of principal debt outstanding. As of June 30, 2022, 95.5% of ROIC’s principal debt outstanding was unsecured, including $46.0 million outstanding on its $600.0 million unsecured revolving credit facility. Additionally, ROIC’s interest coverage ratio and net principal debt-to-annualized EBITDA ratio for the second quarter of 2022 was 3.6 times and 6.7 times, respectively, and 96.6% of its portfolio was unencumbered at June 30, 2022, based on gross leasable area.

Year to date, ROIC has issued approximately 1.3 million shares of common stock through its ATM program, raising $25.2 million in gross proceeds, including issuing approximately 0.7 million shares of common stock during the first quarter, and approximately 0.6 million shares during the second quarter.

ACQUISITION & DISPOSITION SUMMARY

Year-to-date, ROIC has lined up $120.2 million of grocery-anchored shopping center acquisitions, including the following three grocery-anchored shopping centers acquired during the second quarter, totaling $60.0 million.

Powell Valley Junction

In April 2022, ROIC acquired Powell Valley Junction for $17.6 million. The shopping center is approximately 109,000 square feet and is anchored by Walmart Neighborhood Market. The property is located in Gresham, Oregon, within the Portland metropolitan area, and is currently 99.0% leased.

Olympia Square North

In April 2022, ROIC acquired Olympia Square North for $18.4 million. The shopping center is approximately 90,000 square feet and is anchored by Albertsons Supermarket. The property is located in Olympia, Washington, within the Seattle metropolitan area, and is currently 100% leased.

Village Oaks Shopping Center

In May 2022, ROIC acquired Village Oaks Shopping Center for $24.0 million. The shopping center is approximately 80,000 square feet and is anchored by Save Mart (Lucky California) Supermarket and Rite Aid Pharmacy (NAP). The property is located in Martinez, California, within the San Francisco metropolitan area, and is currently 97.9% leased.

Additionally, ROIC currently has a contract involving a three property transaction, including selling one ROIC property for $37.1 million, while acquiring the following two grocery-anchored shopping centers for a total of $60.2 million.

Ballinger Village

ROIC has a contract to acquire Ballinger Village for $29.2 million. The shopping center is approximately 113,000 square feet and is anchored by Thriftway Supermarket and Rite Aid Pharmacy. The property is located in Shoreline, Washington, within the Seattle metropolitan area, and is currently 89.1% leased.

Thomas Lake Shopping Center

ROIC has a contract to acquire Thomas Lake Shopping Center for $31.0 million. The shopping center is approximately 111,000 square feet and is anchored by Albertsons Supermarket and Rite Aid Pharmacy. The property is located in Mill Creek, Washington, within the Seattle metropolitan area, and is currently 100% leased.

PROPERTY OPERATIONS SUMMARY

At June 30, 2022, ROIC’s portfolio was 97.6% leased. During the second quarter of 2022, ROIC executed 93 leases, totaling 297,741 square feet, including 38 new leases, totaling 83,276 square feet, achieving a 16.7% increase in same-space comparative base rent, and 55 renewed leases, totaling 214,465 square feet, achieving a 10.5% increase in base rent. ROIC reports same-space comparative new lease and renewal base rents on a cash basis.

ENVIRONMENTAL, SOCIAL & GOVERNANCE SUMMARY

In May 2022, ROIC was selected as a 2022 Green Lease Leader by the U.S. Department of Energy’s Better Buildings Alliance and the Institute for Market Transformation. Specifically, ROIC was awarded “Gold” level designation in recognition of its continued success in collaborating with tenants on energy efficiency, decarbonization, air quality and other environmental and social issues.

Subsequent to the second quarter, in July 2022, ROIC released its annual Environmental, Social and Governance (ESG) report, detailing the company’s ESG achievements during 2021, as well as its ongoing initiatives and long term strategic goals. The report was prepared in accordance with the Sustainability Accounting Standards Board (SASB) standards, the Task Force on Climate-related Financial Disclosures (TCFD) framework, and the United Nations Sustainable Development Goals (SDG). The report is available at: http://www.roireit.net/assets/001/5927.pdf.

CASH DIVIDEND

On July 8, 2022, ROIC distributed a $0.13 per share cash dividend. On July 26, 2022, ROIC’s board of directors declared a cash dividend of $0.15 per share, payable on October 7, 2022 to stockholders of record on September 16, 2022.

2022 GUIDANCE SUMMARY

ROIC currently estimates that GAAP net income for 2022 will be within the range of $0.31 to $0.36 per diluted share, and FFO will be within the range of $1.08 to $1.12 per diluted share.

	Year Ended December 31, 2022
	Previous						Current
	Low End			High End			Low End			High End
	(unaudited, amounts in thousands except per share and percentage data)
GAAP net income applicable to stockholders	$	29,501		$	40,494		$	37,546		$	44,907
Funds from operations (FFO) – diluted	$	137,280		$	148,500		$	142,560		$	150,080

GAAP net income per diluted share	$	0.24		$	0.32		$	0.31		$	0.36
FFO per diluted share	$	1.04		$	1.10		$	1.08		$	1.12

Key Drivers
General and administrative expenses	$	22,000		$	21,000		$	22,500		$	21,500
Straight-line rent	$	500		$	500		$	2,400		$	2,400
Amortization of above- and below-market rent	$	10,400		$	10,400		$	11,300		$	11,300
Bad debt	$	3,000		$	2,000		$	3,000		$	2,000
Acquisitions	$	100,000		$	300,000		$	120,000		$	200,000
Dispositions	$	50,000		$	30,000		$	70,000		$	100,000
Same-center cash NOI growth (vs. 2021)		3.0	%		4.0	%		4.0	%		5.0	%

ROIC’s management will discuss guidance, and the underlying assumptions, on ROIC’s July 27, 2022 conference call. ROIC’s guidance is a forward-looking statement and is subject to risks and other factors noted elsewhere in this press release.

CONFERENCE CALL

ROIC will conduct a conference call to discuss its results on Wednesday, July 27, 2022 at 9:00 a.m. Eastern Time / 6:00 a.m. Pacific Time. To participate in the conference call, click on the following link (ten minutes prior to the call) to register:

http://register.vevent.com/register/BI62b17b0b4d274c8ba58b978c41bb4c2f

Once registered, participants will have the option of: 1) dialing in from their phone (using a PIN); or 2) clicking the “Call Me” option to receive an automated call directly to their phone.

The conference call will also be available live (in a listen-only mode) at: http://edge.media-server.com/mmc/p/ehpn5ywt

The conference call will be archived and available for replay for approximately 90 days at: http://www.roireit.net/

ABOUT RETAIL OPPORTUNITY INVESTMENTS CORP.

Retail Opportunity Investments Corp. (NASDAQ: ROIC), is a fully-integrated, self-managed real estate investment trust (REIT) that specializes in the acquisition, ownership and management of grocery-anchored shopping centers located in densely-populated, metropolitan markets across the West Coast. As of June 30, 2022, ROIC owned 92 shopping centers encompassing approximately 10.4 million square feet. ROIC is the largest publicly-traded, grocery-anchored shopping center REIT focused exclusively on the West Coast. ROIC is a member of the S&P SmallCap 600 Index and has investment-grade corporate debt ratings from Moody’s Investor Services, S&P Global Ratings and Fitch Ratings, Inc. Additional information is available at: www.roireit.net.

When used herein, the words “believes,” “anticipates,” “projects,” “should,” “estimates,” “expects,” “guidance” and similar expressions are intended to identify forward-looking statements with the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and in Section 21F of the Securities and Exchange Act of 1934, as amended. Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results of ROIC to differ materially from future results expressed or implied by such forward-looking statements. Information regarding such risks and factors is described in ROIC’s filings with the SEC, including its most recent Annual Report on Form 10-K, which is available at: www.roireit.net.

RETAIL OPPORTUNITY INVESTMENTS CORP.

Consolidated Balance Sheets

(In thousands, except share data)

	June 30, 2022 (unaudited)			December 31, 2021
ASSETS
Real Estate Investments:
Land	$	934,687		$	915,861
Building and improvements		2,419,177			2,350,294
		3,353,864			3,266,155
Less: accumulated depreciation		546,043			510,836
		2,807,821			2,755,319
Mortgage note receivable		4,831			4,875
Real Estate Investments, net		2,812,652			2,760,194
Cash and cash equivalents		5,632			13,218
Restricted cash		1,730			2,145
Tenant and other receivables, net		52,619			55,787
Acquired lease intangible assets, net		52,296			50,139
Prepaid expenses		1,950			5,337
Deferred charges, net		25,358			25,017
Other assets		16,473			17,007
Total assets	$	2,968,710		$	2,928,844

LIABILITIES AND EQUITY
Liabilities:
Term loan	$	299,071		$	298,889
Credit facility		46,000			—
Senior Notes		946,035			945,231
Mortgage notes payable		61,339			85,354
Acquired lease intangible liabilities, net		141,577			136,608
Accounts payable and accrued expenses		38,632			48,598
Tenants’ security deposits		7,561			7,231
Other liabilities		40,271			40,580
Total liabilities		1,580,486			1,562,491

Commitments and contingencies

Equity:
Preferred stock, $0.0001 par value 50,000,000 shares authorized; none issued and outstanding		—			—
Common stock, $0.0001 par value, 500,000,000 shares authorized; 124,341,618 and 122,685,266 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively		12			12
Additional paid-in capital		1,604,495			1,577,837
Dividends in excess of earnings		(307,039	)		(297,801	)
Accumulated other comprehensive loss		(5	)		(3,154	)
Total Retail Opportunity Investments Corp. stockholders’ equity		1,297,463			1,276,894
Non-controlling interests		90,761			89,459
Total equity		1,388,224			1,366,353
Total liabilities and equity	$	2,968,710		$	2,928,844

RETAIL OPPORTUNITY INVESTMENTS CORP.

Consolidated Statements of Operations

(Unaudited)
(In thousands, except per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
		2022			2021			2022			2021
Revenues
Rental revenue	$	77,218		$	70,114		$	152,255		$	139,018
Other income		1,007			616			2,443			899
Total revenues		78,225			70,730			154,698			139,917

Operating expenses
Property operating		12,672			10,766			24,763			21,325
Property taxes		8,416			8,332			16,936			16,938
Depreciation and amortization		24,350			23,507			48,112			46,547
General and administrative expenses		5,702			5,232			10,942			9,607
Other expense		488			331			667			484
Total operating expenses		51,628			48,168			101,420			94,901

Gain on sale of real estate		—			9,460			—			9,460

Operating income		26,597			32,022			53,278			54,476
Non-operating expenses
Interest expense and other finance expenses		(14,283	)		(14,337	)		(28,498	)		(28,817	)
Net income		12,314			17,685			24,780			25,659
Net income attributable to non-controlling interests		(807	)		(1,201	)		(1,632	)		(1,760	)
Net Income Attributable to Retail Opportunity Investments Corp.	$	11,507		$	16,484		$	23,148		$	23,899

Earnings per share – basic and diluted	$	0.09		$	0.14		$	0.19		$	0.20

Dividends per common share	$	0.13		$	0.11		$	0.26		$	0.22

CALCULATION OF FUNDS FROM OPERATIONS

(Unaudited)
(In thousands)

	Three Months Ended June 30,					Six Months Ended June 30,
		2022		2021			2022		2021
Net income attributable to ROIC	$	11,507	$	16,484		$	23,148	$	23,899
Plus: Depreciation and amortization		24,350		23,507			48,112		46,547
Less: Gain on sale of real estate		—		(9,460	)		—		(9,460	)
Funds from operations – basic		35,857		30,531			71,260		60,986
Net income attributable to non-controlling interests		807		1,201			1,632		1,760
Funds from operations – diluted	$	36,664	$	31,732		$	72,892	$	62,746

SAME-CENTER CASH NET OPERATING INCOME ANALYSIS

(Unaudited)
(In thousands, except number of shopping centers and percentages)

		Three Months Ended June 30,											Six Months Ended June 30,
			2022			2021		$ Change			% Change			2022			2021		$ Change			% Change
Number of shopping centers included in same-center analysis			85			85								85			85
Same-center occupancy			97.6	%		97.0	%				0.6	%		97.6	%		97.0	%				0.6	%

Revenues:
	Base rents	$	51,589		$	49,619		$	1,970		4.0	%	$	102,816		$	99,069		$	3,747		3.8	%
	Percentage rent		142			(9	)		151		(1,677.8	)%		330			174			156		89.7	%
	Recoveries from tenants		17,416			16,445			971		5.9	%		34,992			33,157			1,835		5.5	%
	Other property income		825			445			380		85.4	%		1,854			554			1,300		234.7	%
	Bad debt		(136	)		127			(263	)	(207.1	)%		(700	)		(1,425	)		725		(50.9	)%
Total Revenues			69,836			66,627			3,209		4.8	%		139,292			131,529			7,763		5.9	%
Operating Expenses
	Property operating expenses		12,365			10,636			1,729		16.3	%		24,120			21,100			3,020		14.3	%
	Property taxes		7,887			8,195			(308	)	(3.8	)%		16,094			16,604			(510	)	(3.1	)%
Total Operating Expenses			20,252			18,831			1,421		7.5	%		40,214			37,704			2,510		6.7	%
Same-Center Cash Net Operating Income		$	49,584		$	47,796		$	1,788		3.7	%	$	99,078		$	93,825		$	5,253		5.6	%

SAME-CENTER CASH NET OPERATING INCOME RECONCILIATION

(Unaudited)
(In thousands)

	Three Months Ended June 30,						Six Months Ended June 30,
		2022			2021			2022			2021
GAAP operating income	$	26,597		$	32,022		$	53,278		$	54,476
Depreciation and amortization		24,350			23,507			48,112			46,547
General and administrative expenses		5,702			5,232			10,942			9,607
Other expense		488			331			667			484
Gain on sale of real estate		—			(9,460	)		—			(9,460	)
Straight-line rent		(915	)		(294	)		(1,366	)		(312	)
Amortization of above- and below-market rent		(3,254	)		(2,214	)		(6,311	)		(4,446	)
Property revenues and other expenses ⁽¹⁾		(265	)		(52	)		(589	)		(181	)
Total Company cash NOI		52,703			49,072			104,733			96,715
Non same-center cash NOI		(3,119	)		(1,276	)		(5,655	)		(2,890	)
Same-center cash NOI	$	49,584		$	47,796		$	99,078		$	93,825

____________________

(1) Includes anchor lease termination fees, net of contractual amounts, if any, expense and recovery adjustments related to prior periods and other miscellaneous adjustments.

NON-GAAP DISCLOSURES

Funds from operations (“FFO”), is a widely recognized non-GAAP financial measure for REITs that the Company believes when considered with financial statements presented in accordance with GAAP, provides additional and useful means to assess its financial performance. FFO is frequently used by securities analysts, investors and other interested parties to evaluate the performance of REITs, most of which present FFO along with net income as calculated in accordance with GAAP. The Company computes FFO in accordance with the “White Paper” on FFO published by the National Association of Real Estate Investment Trusts (“NAREIT”), which defines FFO as net income attributable to common stockholders (determined in accordance with GAAP) excluding gains or losses from debt restructuring, sales of depreciable property and impairments, plus real estate related depreciation and amortization, and after adjustments for partnerships and unconsolidated joint ventures.

The Company uses cash net operating income (“NOI”) internally to evaluate and compare the operating performance of the Company’s properties. The Company believes cash NOI provides useful information to investors regarding the Company’s financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level, and when compared across periods, can be used to determine trends in earnings of the Company’s properties as this measure is not affected by the non-cash revenue and expense recognition items, the cost of the Company’s funding, the impact of depreciation and amortization expenses, gains or losses from the acquisition and sale of operating real estate assets, general and administrative expenses or other gains and losses that relate to the Company’s ownership of properties. The Company believes the exclusion of these items from operating income is useful because the resulting measure captures the actual revenue generated and actual expenses incurred in operating the Company’s properties as well as trends in occupancy rates, rental rates and operating costs. Cash NOI is a measure of the operating performance of the Company’s properties but does not measure the Company’s performance as a whole and is therefore not a substitute for net income or operating income as computed in accordance with GAAP. The Company defines cash NOI as operating revenues (base rent and recoveries from tenants), less property and related expenses (property operating expenses and property taxes), adjusted for non-cash revenue and operating expense items such as straight-line rent and amortization of lease intangibles, debt-related expenses and other adjustments. Cash NOI also excludes general and administrative expenses, depreciation and amortization, acquisition transaction costs, other expense, interest expense, gains and losses from property acquisitions and dispositions, extraordinary items, tenant improvements and leasing commissions. Other REITs may use different methodologies for calculating cash NOI, and accordingly, the Company’s cash NOI may not be comparable to other REITs.

Contact:

Nicolette O’Leary
Director of Investor Relations
858-677-0900
[email protected]

July 26, 2022 4:22 pm

SelectQuote to Release Fiscal Fourth Quarter and Full Year 2022 Earnings on August 18

SelectQuote to Release Fiscal Fourth Quarter and Full Year 2022 Earnings on August 18

OVERLAND PARK, Kan.–(BUSINESS WIRE)–
SelectQuote, Inc. (NYSE: SLQT), a pioneer in providing consumers with unbiased price comparisons from some of the most trusted insurance carriers, announced today it will release its fiscal fourth quarter and full year 2022 financial results before the market opens on Thursday, August 18, 2022. Chief Executive Officer, Tim Danker, and Interim Chief Financial Officer, Ryan Clement, will host a conference call on the day of the release (August 18, 2022) at 8:30 am ET to discuss the results.

To register for this conference call, please use this link: https://ige.netroadshow.com/registration/q4inc/11325/selectquote-fiscal-4q-and-full-year-2022-earnings-call/

After registering, a confirmation will be sent via email, including dial in details and unique conference call codes for entry. Registration is open through the live call, but to ensure you are connected for the full call we suggest registering a day in advance or at minimum 10 minutes before the start of the call. The event will also be webcasted live via our investor relations website https://ir.selectquote.com/investor-home/default.aspx or via this link.

About SelectQuote:

Founded in 1985, SelectQuote (NYSE: SLQT) provides solutions that help consumers protect their most valuable assets: their families, health and property. SelectQuote pioneered the model of providing unbiased comparisons from multiple, highly-rated insurance companies allowing consumers to choose the policy and terms that best meet their unique needs. Two foundational pillars underpin the company’s success: a strong force of highly-trained and skilled agents who provide a consultative needs analysis for every consumer, and proprietary technology that sources and routes high-quality leads. SelectQuote has three core business lines: SelectQuote Senior, SelectQuote Life and SelectQuote Auto and Home. SelectQuote Senior, the largest and fastest-growing business, serves the needs of a demographic that sees 10,000 people turn 65 each day with a range of Medicare Advantage and Medicare Supplement plans. In 2021, SelectQuote expanded its business with the addition of Population Health, a healthcare services company, and SelectRx, a specialty medication management pharmacy.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220726005811/en/

Investor Relations:

Sloan Bohlen

877-678-4083

[email protected]

Media:

Matt Gunter

913-286-4931

[email protected]

KEYWORDS: Kansas United States North America

INDUSTRY KEYWORDS: Professional Services Technology Other Professional Services Insurance Software Consulting

MEDIA:

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July 26, 2022 4:22 pm

Utz Brands to Report Second Quarter 2022 Financial Results on August 11, 2022

Utz Brands to Report Second Quarter 2022 Financial Results on August 11, 2022

HANOVER, Pa.–(BUSINESS WIRE)–
Utz Brands, Inc. (NYSE: UTZ) (“Utz” or the “Company”), a leading U.S. manufacturer of branded salty snacks, today announced it plans to report its second quarter 2022 financial results on Thursday, August 11, 2022, before market open.

The Company will host a conference call and webcast with members of the executive management team to discuss these results at 8:30 a.m. Eastern Time. Please visit the “Events & Presentations” section of Utz’s Investor Relations website at https://investors.utzsnacks.com to access the live webcast and presentation. The webcast will be available in listen-only mode, and the replay will be archived on the “Events & Presentations” section of Utz’s Investor Relations website.

About Utz Brands, Inc.

Utz Brands, Inc. (NYSE: UTZ) manufactures a diverse portfolio of savory snacks through popular brands including Utz®, ON THE BORDER® Chips & Dips, Golden Flake®, Zapp’s®, Good Health®, Boulder Canyon®, Hawaiian Brand®, and TORTIYAHS!®, among others.

After a century with strong family heritage, Utz continues to have a passion for exciting and delighting consumers with delicious snack foods made from top-quality ingredients. Utz’s products are distributed nationally through grocery, mass merchandisers, club, convenience, drug, and other channels. Based in Hanover, Pennsylvania, Utz has multiple manufacturing facilities located across the U.S. to serve its growing customer base. For more information, please visit www.utzsnacks.com or call 1‐800‐FOR‐SNAX.

Investors and others should note that Utz announces material financial information to its investors using its investor relations website (investors.utzsnacks.com), SEC filings, press releases, public conference calls and webcasts. Utz uses these channels, as well as social media, to communicate with our stockholders and the public about the Company, the Company’s products, and other issues. It is possible that the information that Utz posts on social media could be deemed to be material information. Therefore, Utz encourages investors, the media, and others interested in the Company to review the information posted on the social media channels listed on Utz’s investor relations website.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220726005404/en/

Investor Contact

Kevin Powers

Utz Brands, Inc.

[email protected]

Media Contact

Kevin Brick

Utz Brands, Inc.

[email protected]

KEYWORDS: Pennsylvania United States North America

INDUSTRY KEYWORDS: Supermarket Retail Convenience Store Food/Beverage

MEDIA:

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July 26, 2022 4:22 pm

The AZEK® Company Announces August 2022 Investor Conference Schedule

The AZEK® Company Announces August 2022 Investor Conference Schedule

CHICAGO–(BUSINESS WIRE)–
The AZEK Company Inc. (the “Company” or “AZEK”) (NYSE: AZEK), the industry-leading manufacturer of beautiful, low-maintenance and environmentally sustainable outdoor living products, including TimberTech® decking, Versatex® and AZEK Trim® and StruXure™ pergolas, announced today its participation in the following investor conferences:

Jefferies Industrials Conference

Date: Tuesday, August 9, 2022

Location: New York, NY

Presentation: 3:30pm ET

Participants: Jesse Singh, Chief Executive Officer and Peter Clifford, Chief Financial Officer

Barclays Select Series: Building & Building Products

Date: Wednesday, August 10, 2022

Location: New York, NY

Participants: Jesse Singh, Chief Executive Officer and Peter Clifford, Chief Financial Officer

The Company’s presentation at the Jefferies Industrials Conference will be broadcast live over the internet and can be accessed through the Company’s website, investors.azekco.com. To listen to the presentation, please go to the “Investors” section of the website at least 15 minutes prior to the start of the broadcast to register and download any necessary audio software. For those who are not able to listen to the live broadcast, a replay will be available shortly following the conference on our website, and will be accessible for a limited time.

To find additional information about AZEK including the most recent investor presentation please visit investors.azekco.com.

About The AZEK® Company

The AZEK Company Inc. (NYSE: AZEK) is the industry-leading designer and manufacturer of beautiful, low maintenance and environmentally sustainable outdoor living products, including TimberTech® decking and Versatex® AZEK Trim® and StruXure™ pergolas. Consistently recognized as the market leader in innovation, quality and aesthetics, products across AZEK’s portfolio are made from up to approximately 90% recycled material and primarily replace wood on the outside of homes, providing a long-lasting, eco-friendly, and stylish solution to consumers. Leveraging the talents of its approximately 2,000 employees and the strength of relationships across its value chain, The AZEK Company is committed to accelerating the use of recycled material in the manufacturing of its innovative products, keeping millions of pounds of waste out of landfills each year, and revolutionizing the industry to create a more sustainable future. Headquartered in Chicago, Illinois, the company operates manufacturing facilities in Ohio, Pennsylvania, Idaho, Georgia, Nevada and Minnesota. For additional information, please visit azekco.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220726005446/en/

Investor Relations Contact:

Eric Robinson

312-809-1093

[email protected]

Media Contact:

Rachel Mihulka

1-402-980-9603

[email protected]

KEYWORDS: United States North America Illinois

INDUSTRY KEYWORDS: Home Goods Commercial Building & Real Estate Construction & Property Other Manufacturing Building Systems Landscape Manufacturing Retail

MEDIA:

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July 26, 2022 4:22 pm

Acumen Pharmaceuticals to Participate in Upcoming Investor and Scientific Conferences

CHARLOTTESVILLE, Va. and CARMEL, Ind., July 26, 2022 (GLOBE NEWSWIRE) — Acumen Pharmaceuticals, Inc. (NASDAQ: ABOS), a clinical stage biopharmaceutical company focused on the development of novel targeted therapeutics for Alzheimer’s disease (AD), today announced that the company will participate in the following upcoming conferences:

The Alzheimer’s Association International Conference (AAIC), in San Diego and virtually, from Sunday, July 31, to Thursday, August 4, 2022
- Acumen scientists will present a poster, “Preparation and qualification of soluble amyloid beta oligomers for use in bioanalytic assays supporting Alzheimer’s disease therapeutics,” (P4-178) on August 3

The BTIG Biotech Conference, in New York and virtually, on Monday, August 8, 2022 at 2:00 pm ET
- Dr. Eric Siemers, Chief Medical Officer, will be participating in an AD panel: “The Next Generation of Anti-Amyloid and Anti-Tau Targeting Therapeutics for Alzheimer’s Disease”

About Acumen Pharmaceuticals, Inc.
Acumen Pharmaceuticals, headquartered in Charlottesville, Va. with clinical operations based in Carmel, Ind., is a clinical stage biopharmaceutical company developing a novel disease-modifying approach to treat Alzheimer’s disease. Acumen’s scientific founders pioneered research on toxic soluble AβOs, which a growing body of evidence indicates are primary triggers of Alzheimer’s disease pathology. Acumen is currently focused on advancing its investigational product candidate, ACU193, a humanized monoclonal antibody that selectively targets toxic soluble AβOs in a Phase 1 clinical trial involving early Alzheimer’s disease patients. For more information, visit www.acumenpharm.com.

Contacts:

Media:

[email protected]

Investors:

[email protected]

July 26, 2022 4:22 pm

Hilton Grand Vacations to Report Second Quarter 2022 Results

Hilton Grand Vacations to Report Second Quarter 2022 Results

ORLANDO, Fla.–(BUSINESS WIRE)–Hilton Grand Vacations Inc. (NYSE:HGV) announces it will report financial results for the second quarter of 2022 before the financial markets open on Tuesday, Aug. 9, 2022, followed by a teleconference at 11 a.m. (ET).

Participants are encouraged to listen to the live webcast by logging onto the HGV Investor Relations website at http://investors.hgv.com/events-and-presentations.

To access the live teleconference via phone, please dial 1-877-407-0784 in the U.S./Canada (or +1-201-689-8560 internationally) approximately 15 minutes prior to the teleconference’s start time. In the event of audio difficulties during the call on the toll-free number, participants are advised that accessing the call using the +1-201-689-8560 dial-in number may bypass the source of audio difficulties.

A replay will be available beginning three hours after the teleconference’s completion through Aug. 16, 2022. To access the replay, please dial 1-844-512-2921 in the U.S. (+1-412-317-6671 internationally) using ID# 13726010. A webcast replay and transcript will be available within 24 hours after the live event at http://investors.hgv.com.

About Hilton Grand Vacations Inc.

Hilton Grand Vacations Inc. (NYSE:HGV) is recognized as a leading global timeshare company. With headquarters in Orlando, Florida, Hilton Grand Vacations develops, markets and operates a system of brand-name, high-quality vacation ownership resorts in select vacation destinations. As one of Hilton’s 18 premier brands, Hilton Grand Vacations has a reputation for delivering a consistently exceptional standard of service, and unforgettable vacation experiences for guests and more than 715,000 owners. Membership with the Company provides best-in-class programs, exclusive services and maximum flexibility for our Members around the world. For more information, visit www.hiltongrandvacations.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220725005812/en/

Investor Contact:

Mark Melnyk

407-613-3327

[email protected]

Media Contact:

Lauren George

407-613-8431

[email protected]

KEYWORDS: United States North America Florida

INDUSTRY KEYWORDS: Commercial Building & Real Estate Vacation Lodging Construction & Property Destinations Travel

MEDIA:

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July 26, 2022 4:22 pm

Blueknight Declares Quarterly Distributions and Announces Timing of Second Quarter 2022 Results

TULSA, Okla., July 26, 2022 (GLOBE NEWSWIRE) — Blueknight Energy Partners, L.P. (“Blueknight” or the “Partnership”) (Nasdaq: BKEP and BKEPP), announced today that the board of directors of its general partner has declared a quarterly cash distribution of $0.0425 per common unit, as well as a cash distribution of $0.17875 per preferred unit for the quarter ended June 30, 2022. The second quarter 2022 distributions for both the common and preferred units remain unchanged from those paid for the first quarter 2022. The distributions are payable on August 12, 2022, on all outstanding common and preferred units to unitholders of record as of the close of business on August 5, 2022.

Additionally, Blueknight plans to release second quarter 2022 financial results after market close on August 3, 2022. Supplemental information regarding the Partnership’s results of operations will be provided in Blueknight’s Quarterly Report on Form 10-Q for the period ended June 30, 2022, to be filed with the Securities and Exchange Commission on August 4, 2022.

Forward-Looking Statements and Treasury Regulation Notice

This release may include forward-looking statements. Statements included in this release that are not historical facts are forward-looking statements. Such forward-looking statements are subject to various risks and uncertainties. These risks and uncertainties include, among other things, uncertainties relating to the Partnership’s future cash flows and operations, the Partnership’s ability to pay future distributions, future market conditions, current and future governmental regulation, future taxation and other factors discussed in the Partnership’s filings with the Securities and Exchange Commission. If any of these risks or uncertainties materializes, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those expected. The Partnership undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b) (4) and (d). Brokers and nominees should treat one hundred percent (100.0%) of Blueknight’s distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Blueknight’s distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate. Nominees, and not Blueknight, are treated as withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.

About Blueknight

Blueknight (Nasdaq: BKEP and BKEPP) is a publicly traded master limited partnership that owns the largest independent asphalt terminalling network in the country. Operations include 9.0 million barrels of liquid asphalt storage capacity across 54 terminals and 26 states throughout the U.S. Blueknight is focused on providing integrated terminalling solutions for tomorrow’s infrastructure and transportation end markets. More information is available at www.bkep.com.

Investor Relations Contact:

Matthew Lewis, Chief Financial Officer
(918) 237-4032
[email protected]

July 26, 2022 4:22 pm

Uniti Group Inc. to Present at the Cowen 8th Annual Communications Infrastructure Summit

LITTLE ROCK, Ark., July 26, 2022 (GLOBE NEWSWIRE) — Uniti Group Inc. (“Uniti”) (Nasdaq: UNIT) announced today that its President and Chief Executive Officer, Kenny Gunderman, and Vice President, Finance and Investor Relations, Bill DiTullio, are scheduled to participate at the Cowen 8^th Annual Communications Infrastructure Summit. The presentation is scheduled for 4:55 PM MT / 6:55 PM ET on August 9, 2022 in Boulder, CO.

You may access a live webcast of the event on Uniti’s website at www.uniti.com under the Investors tab. The webcast will be available for replay for a limited time on Uniti’s website following the presentation.

ABOUT UNITI

Uniti, an internally managed real estate investment trust, is engaged in the acquisition and construction of mission critical communications infrastructure, and is a leading provider of fiber and other wireless solutions for the communications industry. As of March 31, 2022, Uniti owns approximately 129,000 fiber route miles, 7.7 million fiber strand miles, and other communications real estate throughout the United States. Additional information about Uniti can be found on its website at www.uniti.com.

INVESTOR AND MEDIA CONTACTS:

Paul Bullington, 251-662-1512
Senior Vice President, Chief Financial Officer & Treasurer
[email protected]

Bill DiTullio, 501-850-0872
Vice President, Finance and Investor Relations
[email protected]

July 26, 2022 4:21 pm

Summit Therapeutics Appoints Dr. Maky Zanganeh as Co-CEO & President

Bob Duggan Remains Chairman of the Board of Directors and CEO

Menlo Park, California, July 26, 2022 (GLOBE NEWSWIRE) — Summit Therapeutics Inc. (NASDAQ: SMMT) announces that Dr. Maky Zanganeh, DDS, MBA, has been appointed as Co-Chief Executive Officer & President, effective immediately. Dr. Zanganeh was formerly the Company’s Chief Operating Officer, having served in that capacity since she joined the Company as an employee in November 2020, and remains a member of the Company’s Board of Directors.

“Maky defines what it means to be a great leader,” said Robert W. Duggan, Executive Chairman and Chief Executive Officer of Summit. “We have assembled a world-class leadership team here at Summit and have guided a group of accomplished executives into the next chapter of our growth. As we seek to expand our pipeline through business development activities, as well as chart the path forward with our current pipeline drug candidates, there is no one, exemplified by Maky’s past successes, that is better prepared to lead us through this journey. I am proud to serve alongside Maky and partner with her expertise as the co-leaders of this organization built with the purpose of improving the condition of overall human health.”

Prior to joining Summit, Dr. Zanganeh founded Maky Zanganeh and Associates in 2015, and from 2008 to 2015, she held multiple leadership positions at Pharmacyclics, Inc., culminating in her role as Chief Operating Officer. As COO of Pharmacyclics, she oversaw all clinical development, regulatory, research, and commercial functions in addition to all business-related matters. Dr. Zanganeh played a key role in the over $1 billion collaboration and license deal for ibrutinib with Janssen Biotech, Inc. in 2011, and the subsequent sale of Pharmacyclics to AbbVie Inc. for $21 billion in 2015. She is currently a board member for Pulse Biosciences, Inc. Dr. Zanganeh received her DDS from the Louis Pasteur University (France) and her MBA from Schiller International University (France).

Earlier this year, Dr. Zanganeh was an honored speaker at the United Nations’ 7th Anniversary of the February 11 Global Movement celebrating women and girls in science. Dr. Zanganeh was also named a “Top 10 Most Influential COOs of 2021” by Industry Era magazine. She earned the Fierce Biotech “Top Women in Biotech 2013” award and was a finalist for the Ernst & Young “Entrepreneur of the Year” award in 2013. She is also a published author, recently releasing her book entitled, The Magic of Normal.

“I am truly honored to be elevated to the Co-CEO role at Summit,” stated Dr. Zanganeh. “The trust shown in Bob and me by many of our former executives at past adventures to join us at Summit, combined with our new talented leaders working with us for the first time, speaks volumes as to the impact we can accomplish for patients. Our mission-driven culture to always consider how we can help patients in every decision that we make will ultimately guide us to making a meaningful difference in resolving high unmet needs in oncology and infectious diseases. I am humbled by the opportunity to co-lead our impressive group of accomplished executives and teammates as we seek to expand our pipeline and achieve this goal.”

Summit Therapeutics’ Mission Statement

To build a viable, long-lasting health care organization that assumes full responsibility for designing, developing, trial execution and enrollment, regulatory submission and approval, and successful commercialization of patient, physician, caregiver, and societal-friendly medicinal therapy intended to: improve quality of life, increase potential duration of life, and resolve serious medical healthcare needs. To identify and control promising product candidates based on exceptional scientific development and administrational expertise, develop our products in a rapid, cost-efficient manner, and to engage commercialization and/or development partners when appropriate.

We accomplish this by building a team of world class professional scientists and business administrators that apply their experience and knowledge to this mission. Team Summit exists to pose, strategize, and execute a path forward in medicinal therapeutic health care that places Summit in a well-deserved, top market share, leadership position. Team Summit assumes full responsibility for stimulating continuous expansion of knowledge, ability, capability, and well-being for all involved stakeholders and highly-valued shareholders.

About Summit Therapeutics

Summit was founded in 2003 and our shares are listed on the Nasdaq Global Market (symbol ‘SMMT’). We are headquartered in Menlo Park, California, and we have additional offices in Oxford, UK, and Cambridge, UK.

For more information, please visit https://www.summittxinc.com and follow us on Twitter @summitplc.

Contact Summit Investor Relations:

Dave Gancarz
Head of Stakeholder Relations & Corporate Strategy
[email protected]

General Inquiries:
[email protected]

Summit Forward-looking Statements

Any statements in this press release about the Company’s future expectations, plans and prospects, including but not limited to, statements about the clinical and preclinical development of the Company’s product candidates, the therapeutic potential of the Company’s product candidates, the potential commercialization of the Company’s product candidates, the timing of initiation, completion and availability of data from clinical trials, the potential submission of applications for marketing approvals, the impact of the COVID-19 pandemic on the Company’s operations and clinical trials, potential acquisitions and other statements containing the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the results of our evaluation of the underlying data in connection with the topline results of our Phase III Ri-CoDIFy study evaluating ridinilazole, the outcome of discussions with regulatory authorities, including the Food and Drug Administration, the uncertainties inherent in the initiation of future clinical trials, availability and timing of data from ongoing and future clinical trials, the results of such trials, and their success, and global public health crises, including the coronavirus COVID-19 outbreak, that may affect timing and status of our clinical trials and operations, whether preliminary results from a clinical trial will be predictive of the final results of that trial or whether results of early clinical trials or preclinical studies will be indicative of the results of later clinical trials, whether business development opportunities to expand the Company’s pipeline of drug candidates, including without limitation, through potential acquisitions of, and/or collaborations with, other entities occur, expectations for regulatory approvals, laws and regulations affecting government contracts and funding awards, availability of funding sufficient for the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements and other factors discussed in the “Risk Factors” section of filings that the Company makes with the Securities and Exchange Commission. Any change to our ongoing trials could cause delays, affect our future expenses, and add uncertainty to our commercialization efforts, as well as to affect the likelihood of the successful completion of clinical development of ridinilazole. Accordingly, readers should not place undue reliance on forward-looking statements or information. In addition, any forward-looking statements included in this press release represent the Company’s views only as of the date of this release and should not be relied upon as representing the Company’s views as of any subsequent date. The Company specifically disclaims any obligation to update any forward-looking statements included in this press release.

July 26, 2022 4:21 pm

UMB Financial Corporation Reports Second Quarter Net Income of $137.6 Million

UMB Financial Corporation Reports Second Quarter Net Income of $137.6 Million

Second Quarter 2022 Financial Highlights

GAAP net income of $137.6 million, or $2.83 per diluted share.
Operating pre-tax, pre-provision income (Operating PTPP, a non-GAAP financial measure) of $187.1 million, an increase of 56.7% compared to the first quarter of 2022.
Average loan balances increased $1.5 billion, or 8.9% compared to the second quarter of 2021.
Excluding Paycheck Protection Program (PPP) balances, average loans increased 23.3% on a linked-quarter, annualized basis.
Average deposits grew 13.7% compared to the second quarter of 2021.
Net interest margin expanded 25 basis points from the linked quarter.
Noninterest income increased 34.0% as compared to the second quarter of 2021, equal to 44.0% of total revenue.

KANSAS CITY, Mo.–(BUSINESS WIRE)–
UMB Financial Corporation (Nasdaq: UMBF), a financial services company, announced net income for the second quarter of 2022 of $137.6 million, or $2.83 per diluted share, compared to $106.0 million, or $2.17 per diluted share, in the first quarter of 2022 (linked quarter) and $87.4 million, or $1.79 per diluted share, in the second quarter of 2021. The results for the second quarter of 2022 include a pre-tax gain of $66.2 million on the sale of the company’s entire investment in Visa Inc. Class B common shares, and a pre-tax $5.0 million contribution to the company’s charitable foundation.

Net operating income, a non-GAAP financial measure reconciled later in this release to net income, the nearest comparable GAAP measure, was $137.6 million, or $2.83 per diluted share, for the second quarter of 2022, compared to $106.1 million, or $2.17 per diluted share, for the linked quarter and $87.6 million, or $1.80 per diluted share, for the second quarter of 2021. 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 $187.1 million, or $3.84 per diluted share, for the second quarter of 2022, compared to $119.4 million, or $2.44 per diluted share, for the linked quarter, and $131.6 million, or $2.71 per diluted share, for the second quarter of 2021. These operating PTPP results represent increases of 56.7% on a linked-quarter basis and 42.1%, compared to the second quarter of 2021, and include the benefit from the aforementioned gain on the sale of the company’s Visa Inc. Class B common shares net of the contribution to the company’s charitable foundation.

“Our strong financial results for the second quarter of 2022 were driven by a 23.3% linked-quarter annualized increase in average loans excluding PPP, strong net interest margin expansion, and continued momentum in our fee income businesses,” said Mariner Kemper, chairman, president and chief executive officer. “Our strong loan growth, coupled with the benefits from higher short and long-term interest rates drove a 6.9% linked-quarter increase in net interest income. Our net charge-offs were elevated this quarter driven entirely by a $27.7 million write-down related to one commercial relationship. Nonperforming loans declined 83.6% from the prior quarter as the portfolio continues to perform well. During the quarter, we made a $5.0 million contribution to the UMB Financial Corporation Charitable Foundation to continue our support of diverse and impactful philanthropic organizations within the communities we serve.”

Summary of quarterly financial results	UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
	Q2			Q1			Q2
	2022			2022			2021
Net income (GAAP)	$	137,556		$	105,963		$	87,412
Earnings per share (diluted)		2.83			2.17			1.79

Operating pre-tax, pre-provision income (Non-GAAP)		187,051			119,400			131,607
Operating pre-tax, pre-provision earnings per share (diluted)		3.84			2.44			2.71

Operating pre-tax, pre-provision income – FTE (Non-GAAP)		193,329			125,799			138,236
Operating pre-tax, pre-provision earnings per share – FTE (diluted)		3.97			2.57			2.84

Net operating income (Non-GAAP)		137,596			106,073			87,634
Operating earnings per share (diluted)		2.83			2.17			1.80

GAAP
Return on average assets		1.47	%		1.10	%		1.02	%
Return on average equity		20.83			14.65			11.43
Efficiency ratio		53.08			63.98			60.41

Non-GAAP
Operating return on average assets		1.47	%		1.10	%		1.03	%
Operating return on average equity		20.84			14.67			11.46
Operating efficiency ratio		53.06			63.93			60.33

Summary of year-to-date financial results	UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)	June			June
	YTD			YTD
	2022			2021
Net income (GAAP)	$	243,519		$	180,055
Earnings per share (diluted)		4.99			3.70

Operating pre-tax, pre-provision income (Non-GAAP)		306,451			233,849
Operating pre-tax, pre-provision earnings per share (diluted)		6.29			4.81

Operating pre-tax, pre-provision income – FTE (Non-GAAP)		319,128			247,156
Operating pre-tax, pre-provision earnings per share – FTE (diluted)		6.55			5.09

Net operating income (Non-GAAP)		243,669			180,414
Operating earnings per share (diluted)		4.99			3.71

GAAP
Return on average assets		1.28	%		1.08	%
Return on average equity		17.60			11.98
Efficiency ratio		58.03			63.29

Non-GAAP
Operating return on average assets		1.28	%		1.08	%
Operating return on average equity		17.61			12.01
Operating efficiency ratio		58.00			63.21

Summary of revenue	UMB Financial Corporation
(unaudited, dollars in thousands)
	Q2			Q1			Q2			CQ vs.			CQ vs.
	2022			2022			2021			LQ			PY
Net interest income	$	224,791		$	210,355		$	201,071		$	14,436		$	23,720
Noninterest income:
Trust and securities processing		58,886			59,528			53,863			(642	)		5,023
Trading and investment banking		7,123			5,440			8,670			1,683			(1,547	)
Service charges on deposit accounts		20,835			24,642			22,592			(3,807	)		(1,757	)
Insurance fees and commissions		245			259			245			(14	)		—
Brokerage fees		12,391			3,456			2,592			8,935			9,799
Bankcard fees		17,840			16,635			16,063			1,205			1,777
Investment securities gains (losses), net		60,720			(522	)		15,455			61,242			45,265
Other		(1,705	)		14,240			12,109			(15,945	)		(13,814	)
Total noninterest income	$	176,335		$	123,678		$	131,589		$	52,657		$	44,746
Total revenue	$	401,126		$	334,033		$	332,660		$	67,093		$	68,466
Net interest income (FTE)	$	231,069		$	216,754		$	207,700
Net interest margin (FTE)		2.60	%		2.35	%		2.56	%
Total noninterest income as a % of total revenue		44.0			37.0			39.6

Net interest income

Net interest income totaled $224.8 million, an increase of $14.4 million, or 6.9% from the linked quarter, driven by an increase of $956.9 million in average loans and the impact from increased short-term and long-term interest rates.
Average earning assets decreased $1.8 billion, or 4.7%, largely driven by a decrease of $2.7 billion in interest-bearing due from banks, partially offset by the increase of $956.9 million in average loans noted above. Average interest-bearing liabilities declined $1.5 billion, or 6.8%, primarily driven by a decrease of $1.2 billion in interest-bearing deposits.
Net interest margin for the second quarter was 2.60%, an increase of 25 basis points from the linked quarter, driven by an increase in loan yields of 23 basis points. Earning asset yields increased 39 basis points from the linked quarter, driven by the recent increases in short-term and long-term interest rates, mix changes, and the benefit of free funds. The cost of interest-bearing liabilities increased 26 basis points to 0.47%. Net interest spread increased 13 basis points to 2.39% from the linked quarter but was eight basis points lower than the second quarter of 2021.
On a year-over-year basis, net interest income increased $23.7 million, or 11.8%, driven by a $2.3 billion, or 20.7% increase in average securities, coupled with a $1.5 billion, or 8.9%, increase in average loans. These increases were driven by organic loan growth and excess liquidity.
Average deposits decreased 3.0% on a linked-quarter basis and increased 13.7% compared to the second quarter of 2021. Average noninterest-bearing demand deposit balances increased 1.3% on a linked-quarter basis and 32.8% compared to the second quarter of 2021.

Noninterest income

Second quarter 2022 noninterest income increased $52.7 million on a linked-quarter basis, largely due to:
- A gain of $66.2 million realized on the sale of the company’s Visa Inc. Class B common shares, partially offset by a decline of $3.7 million in mark-to-market gains on marketable securities, both recorded in investment securities gains, net.
- An increase of $8.9 million in brokerage income, largely driven by increases in 12b-1 fees and money market income.
- These increases were partially offset by decreases of $10.5 million in company-owned life insurance income and $4.2 million in derivative income, both recorded in other income, and a decrease of $3.8 million in service charges on deposits. The decrease in company-owned life insurance is offset by a proportionate decrease in deferred compensation expense as noted below. The decrease in service charges on deposits was primarily due to lower healthcare income related to customer transfer and conversion fees.
Compared to the prior year, noninterest income in the second quarter of 2022 increased $44.7 million, or 34.0%, primarily driven by:
- An increase of $45.3 million in investment securities gains, primarily due to the $66.2 million gain realized on the sale of the company’s Visa Inc. Class B common shares, partially offset by declines of $14.1 million and $5.5 million in mark-to-market gains on marketable securities and non-marketable securities, respectively.
- An increase of $9.8 million in brokerage income, largely driven by increases in 12b-1 fees and money market income.
- Increases of $3.7 million and $1.7 million in fund services income and corporate trust income, respectively, both recorded in trust and securities processing.
- These increases were partially offset by decreases of $11.6 million in company-owned life insurance income and $2.6 million in derivative income, both recorded in other income, and a decrease of $1.8 million in service charges on deposits. The decrease in company-owned life insurance is offset by a proportionate decrease in deferred compensation expense as noted below. The decrease in service charges on deposits was primarily due to lower healthcare income related to customer transfer and conversion fees.

Noninterest expense

Summary of noninterest expense	UMB Financial Corporation
(unaudited, dollars in thousands)
	Q2		Q1		Q2		CQ vs.			CQ vs.
	2022		2022		2021		LQ			PY
Salaries and employee benefits	$	121,390	$	130,634	$	120,415	$	(9,244	)	$	975
Occupancy, net		11,976		12,232		12,296		(256	)		(320	)
Equipment		18,315		18,164		19,196		151			(881	)
Supplies and services		3,492		3,262		3,469		230			23
Marketing and business development		5,308		4,932		4,797		376			511
Processing fees		19,338		18,443		16,501		895			2,837
Legal and consulting		11,265		6,911		8,147		4,354			3,118
Bankcard		5,880		6,567		4,529		(687	)		1,351
Amortization of other intangible assets		1,225		1,071		1,157		154			68
Regulatory fees		3,464		3,482		2,769		(18	)		695
Other		12,474		9,080		8,062		3,394			4,412
Total noninterest expense	$	214,127	$	214,778	$	201,338	$	(651	)	$	12,789

Noninterest expense for the second quarter of 2022 was $214.1 million, a decrease of $0.7 million, or 0.3%, from the linked quarter and an increase of $12.8 million, or 6.4%, from the second quarter of 2021.
The linked-quarter decrease in noninterest expense was driven by:
- A decrease of $16.4 million in employee benefits expense, recorded in salaries and employee benefits, driven primarily by a decrease of $10.7 million in deferred compensation expense and a seasonal decrease of $6.2 million in payroll taxes, insurance, and 401(k) expense recognized in the second quarter. The decrease in deferred compensation expense was offset by the decrease in company-owned life insurance income noted above.
- These decreases were offset by an increase of $7.2 million in bonus and salary expense, recorded in salaries and employee benefits, driven by increased company performance, an increase of $4.4 million in legal and consulting expense due to the timing of multiple projects, and an increase of $4.4 million in charitable contributions expense, recorded in other expense.
The year-over-year increase in noninterest expense was driven by:
- An increase of $9.8 million in salaries and bonus expense, recorded in salaries and employee benefits, driven by increased company performance.
- An increase of $4.4 million in charitable contributions expense, recorded in other expense.
- Increases of $3.1 million in legal and consulting expense and $2.8 million in processing fees due to the timing of multiple projects.
- An increase of $1.4 million in bankcard expense primarily due to higher processing expense.
- These increases were partially offset by a decrease of $8.8 million in employee benefits expense, recorded in salaries and employee benefits, primarily due to a decrease of $10.4 million in deferred compensation expense. The decrease in deferred compensation expense was offset by the decrease in company-owned life insurance income noted above.

Income taxes

The company’s effective tax rate was 18.7% for the six months ended June 30, 2022, compared to 17.0% for the same period in 2021. The increase in the effective rate in 2022 is primarily attributable to a smaller portion of income being earned from tax-exempt municipal securities.

Balance sheet

Average total assets for the second quarter of 2022 were $37.6 billion compared to $39.2 billion for the linked quarter and $34.3 billion for the same period in 2021.

Summary of average loans and leases – QTD Average					UMB Financial Corporation
(unaudited, dollars in thousands)
	Q2		Q1		Q2		CQ vs.		CQ vs.
	2022		2022		2021		LQ		PY
Commercial and industrial	$	7,918,552	$	7,409,623	$	7,402,653	$	508,929	$	515,899
Specialty lending		518,575		463,793		505,687		54,782		12,888
Commercial real estate		6,569,784		6,338,160		6,165,780		231,624		404,004
Consumer real estate		2,458,815		2,339,050		2,068,663		119,765		390,152
Consumer		148,412		135,942		122,439		12,470		25,973
Credit cards		428,167		399,857		386,032		28,310		42,135
Leases and other		275,638		274,652		166,420		986		109,218
Total loans	$	18,317,943	$	17,361,077	$	16,817,674	$	956,866	$	1,500,269

Average loans for the second quarter of 2022 increased 5.5% on a linked-quarter basis and 8.9% compared to the second quarter of 2021. Excluding PPP balances, average loans increased 5.8% on a linked-quarter basis and 16.8% as compared to the second quarter of 2021.

Summary of average securities – QTD Average	UMB Financial Corporation
(unaudited, dollars in thousands)
	Q2		Q1		Q2		CQ vs.			CQ vs.
	2022		2022		2021		LQ			PY
Securities available for sale:
U.S. Treasury	$	639,161	$	176,476	$	40,013	$	462,685		$	599,148
U.S. Agencies		172,798		125,017		94,794		47,781			78,004
Mortgage-backed		4,764,452		7,317,968		6,096,099		(2,553,516	)		(1,331,647	)
State and political subdivisions		1,891,377		3,170,757		3,565,443		(1,279,380	)		(1,674,066	)
Corporates		377,586		337,526		127,581		40,060			250,005
Collateralized loan obligations		247,639		150,134		—		97,505			247,639
Total securities available for sale	$	8,093,013	$	11,277,878	$	9,923,930	$	(3,184,865	)	$	(1,830,917	)
Securities held to maturity:
U.S. Agencies	$	65,964	$	133	$	—	$	65,831		$	65,964
Mortgage-backed		2,892,986		708,075		—		2,184,911			2,892,986
State and political subdivisions		2,240,018		1,185,609		1,057,091		1,054,409			1,182,927
Total securities held to maturity	$	5,198,968	$	1,893,817	$	1,057,091	$	3,305,151		$	4,141,877
Trading securities		10,190		20,836		21,409		(10,646	)		(11,219	)
Other securities		347,527		329,611		302,981		17,916			44,546
Total securities	$	13,649,698	$	13,522,142	$	11,305,411	$	127,556		$	2,344,287

Average total securities increased 0.9% on a linked-quarter basis and 20.7% compared to the second quarter of 2021.

Summary of average deposits – QTD Average				UMB Financial Corporation
(unaudited, dollars in thousands)
	Q2			Q1			Q2			CQ vs.			CQ vs.
	2022			2022			2021			LQ			PY
Deposits:
Noninterest-bearing demand	$	14,209,159		$	14,025,585		$	10,701,656		$	183,574		$	3,507,503
Interest-bearing demand and savings		16,808,998			17,852,721			16,421,742			(1,043,723	)		387,256
Time deposits		570,812			701,973			659,228			(131,161	)		(88,416	)
Total deposits	$	31,588,969		$	32,580,279		$	27,782,626		$	(991,310	)	$	3,806,343
Noninterest bearing deposits as % of total		44.98	%		43.05	%		38.52	%

Average deposits decreased 3.0% on a linked-quarter basis and increased 13.7% compared to the second quarter of 2021.
Average noninterest-bearing demand deposits increased 1.3% on a linked-quarter basis to $14.2 billion.

Capital

Capital information	UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
	June 30, 2022			March 31, 2022			June 30, 2021
Total equity	$	2,642,888		$	2,748,405		$	3,090,244
Book value per common share		54.71			56.78			63.92
Tangible book value per common share (Non-GAAP)		50.64			52.69			59.96

Regulatory capital:
Common equity Tier 1 capital	$	3,055,747		$	2,938,100		$	2,730,062
Tier 1 capital		3,055,747			2,938,100			2,730,062
Total capital		3,473,040			3,369,866			3,172,878

Regulatory capital ratios:
Common equity Tier 1 capital ratio		11.44	%		11.81	%		11.91	%
Tier 1 risk-based capital ratio		11.44			11.81			11.91
Total risk-based capital ratio		13.00			13.55			13.84
Tier 1 leverage ratio		8.17			7.53			8.00

At June 30, 2022, the regulatory capital ratios presented in the foregoing table exceeded all “well-capitalized” regulatory thresholds.

Asset Quality

Credit quality	UMB Financial Corporation
(unaudited, dollars in thousands)
	Q2			Q1			Q4			Q3			Q2
	2022			2022			2021			2021			2021
Net charge-offs – Total loans	$	28,128		$	8,378		$	8,061		$	3,127		$	28,374
Net loan charge-offs as a % of total average loans		0.62	%		0.20	%		0.19	%		0.07	%		0.68	%
Loans over 90 days past due	$	3,446		$	3,600		$	2,633		$	2,319		$	1,265
Loans over 90 days past due as a % of total loans		0.02	%		0.02	%		0.02	%		0.01	%		0.01	%
Nonaccrual and restructured loans	$	18,117		$	110,356		$	92,300		$	96,536		$	58,219
Nonaccrual and restructured loans as a % of total loans		0.10	%		0.62	%		0.54	%		0.59	%		0.34	%
Provision for credit losses	$	13,400		$	(6,500	)	$	8,500		$	(5,000	)	$	24,000

Provision for credit losses for the second quarter increased $19.9 million from the linked quarter and decreased $10.6 million from the second quarter of 2021. Provision expense in the first quarter of 2022 represented a release of the Allowance for Credit Losses (ACL) based on positive macro-economic data and portfolio credit metrics.
Net charge-offs for the second quarter totaled $28.1 million, or 0.62%, of average loans, compared to $8.4 million, or 0.20%, of average loans in the linked quarter, and $28.4 million, or 0.68%, of average loans for the second quarter of 2021.
The increase in net charge-offs in the second quarter of 2022 is due to a $27.7 million write-down on a single commercial relationship.
Nonaccrual loans decreased 83.6% from the linked quarter to 0.10% of total loans.

Dividend Declaration

At the company’s quarterly board meeting, the Board of Directors declared a $0.37 per share quarterly cash dividend, payable on October 3, 2022, to shareholders of record at the close of business on September 12, 2022.

Conference Call

The company plans to host a conference call to discuss its second quarter 2022 earnings results on Wednesday, July 27, 2022, at 9:30 a.m. (CT).

Interested parties may access the call by dialing (toll-free) 844-200-6205 or (international) 929-526-1599 and requesting to join the UMB Financial call with access code 636921. The live call may also be accessed by visiting investorrelations.umb.com or by using the following link:

UMB Financial 2Q 2022 Conference Call

A replay of the conference call may be heard through August 10, 2022 by calling (toll-free) 866-813-9403 or (international) 929-458-6194. The replay access code required for playback is 826164. The call replay may also be accessed at investorrelations.umb.com.

Non-GAAP Financial Information

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

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

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

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

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

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

Forward-Looking Statements:

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

About UMB:

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

Consolidated Balance Sheets	UMB Financial Corporation
(unaudited, dollars in thousands)
	June 30,
	2022			2021
ASSETS
Loans	$	18,972,158		$	16,910,790
Allowance for credit losses on loans		(164,346	)		(200,563	)
Net loans		18,807,812			16,710,227
Loans held for sale		750			5,303
Securities:
Available for sale		7,739,216			10,347,531
Held to maturity, net of allowance for credit losses		5,707,282			1,081,173
Trading securities		9,646			40,552
Other securities		342,543			254,315
Total securities		13,798,687			11,723,571
Federal funds sold and resell agreements		1,055,459			1,146,521
Interest-bearing due from banks		1,825,295			5,059,098
Cash and due from banks		360,242			469,883
Premises and equipment, net		257,729			281,011
Accrued income		144,874			131,188
Goodwill		182,225			174,518
Other intangibles, net		14,465			16,636
Other assets		1,060,303			901,059
Total assets	$	37,507,841		$	36,619,015

LIABILITIES
Deposits:
Noninterest-bearing demand	$	14,925,555		$	12,513,031
Interest-bearing demand and savings		16,007,087			16,857,127
Time deposits under $250,000		383,832			430,713
Time deposits of $250,000 or more		169,550			247,600
Total deposits		31,486,024			30,048,471
Federal funds purchased and repurchase agreements		2,661,283			2,783,389
Long-term debt		272,505			270,558
Accrued expenses and taxes		182,185			254,589
Other liabilities		262,956			171,764
Total liabilities		34,864,953			33,528,771

SHAREHOLDERS’ EQUITY
Common stock		55,057			55,057
Capital surplus		1,115,504			1,098,139
Retained earnings		2,384,454			2,040,134
Accumulated other comprehensive (loss) income, net		(564,803	)		223,107
Treasury stock		(347,324	)		(326,193	)
Total shareholders’ equity		2,642,888			3,090,244
Total liabilities and shareholders’ equity	$	37,507,841		$	36,619,015

Consolidated Statements of Income	UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2022			2021		2022		2021
INTEREST INCOME
Loans	$	169,919		$	154,537	$	319,389	$	304,707
Securities:
Taxable interest		47,295			29,780		90,677		56,942
Tax-exempt interest		23,538			24,743		47,393		49,707
Total securities income		70,833			54,523		138,070		106,649
Federal funds and resell agreements		3,497			2,552		5,947		5,373
Interest-bearing due from banks		4,207			833		6,664		1,536
Trading securities		114			189		299		348
Total interest income		248,570			212,634		470,369		418,613
INTEREST EXPENSE
Deposits		15,439			6,574		21,612		13,372
Federal funds and repurchase agreements		4,998			1,779		7,146		3,665
Other		3,342			3,210		6,465		6,390
Total interest expense		23,779			11,563		35,223		23,427
Net interest income		224,791			201,071		435,146		395,186
Provision for credit losses		13,400			24,000		6,900		16,500
Net interest income after provision for credit losses		211,391			177,071		428,246		378,686
NONINTEREST INCOME
Trust and securities processing		58,886			53,863		118,414		108,697
Trading and investment banking		7,123			8,670		12,563		18,026
Service charges on deposit accounts		20,835			22,592		45,477		44,568
Insurance fees and commissions		245			245		504		665
Brokerage fees		12,391			2,592		15,847		5,926
Bankcard fees		17,840			16,063		34,475		30,736
Investment securities gains, net		60,720			15,455		60,198		7,119
Other		(1,705	)		12,109		12,535		24,749
Total noninterest income		176,335			131,589		300,013		240,486
NONINTEREST EXPENSE
Salaries and employee benefits		121,390			120,415		252,024		248,096
Occupancy, net		11,976			12,296		24,208		24,231
Equipment		18,315			19,196		36,479		38,811
Supplies and services		3,492			3,469		6,754		6,961
Marketing and business development		5,308			4,797		10,240		7,142
Processing fees		19,338			16,501		37,781		31,918
Legal and consulting		11,265			8,147		18,176		13,902
Bankcard		5,880			4,529		12,447		9,485
Amortization of other intangible assets		1,225			1,157		2,296		2,537
Regulatory fees		3,464			2,769		6,946		5,315
Other		12,474			8,062		21,554		13,886
Total noninterest expense		214,127			201,338		428,905		402,284
Income before income taxes		173,599			107,322		299,354		216,888
Income tax expense		36,043			19,910		55,835		36,833
NET INCOME	$	137,556		$	87,412	$	243,519	$	180,055

PER SHARE DATA
Net income – basic	$	2.85		$	1.81	$	5.03	$	3.74
Net income – diluted		2.83			1.79		4.99		3.70
Dividends		0.37			0.32		0.74		0.64
Weighted average shares outstanding – basic		48,347,226			48,294,952		48,376,868		48,196,345
Weighted average shares outstanding – diluted		48,673,964			48,698,319		48,755,059		48,604,140

Consolidated Statements of Comprehensive Income	UMB Financial Corporation
(unaudited, dollars in thousands)
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022			2021			2022			2021
Net income	$	137,556		$	87,412		$	243,519		$	180,055
Other comprehensive (loss) income, before tax:
Unrealized gains and losses on debt securities:
Change in unrealized holding gains and losses, net		(308,352	)		76,335			(931,262	)		(122,703	)
Less: Reclassification adjustment for gains included in net income		—			(1,300	)		—			(4,020	)
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity		12,539			—			13,121			—
Change in unrealized gains and losses on debt securities		(295,813	)		75,035			(918,141	)		(126,723	)
Unrealized gains and losses on derivative hedges:
Change in unrealized gains and losses on derivative hedges, net		4,437			(3,422	)		9,117			3,081
Less: Reclassification adjustment for gains included in net income		(1,090	)		(877	)		(1,941	)		(1,719	)
Change in unrealized gains and losses on derivative hedges		3,347			(4,299	)		7,176			1,362
Other comprehensive (loss) income, before tax		(292,466	)		70,736			(910,965	)		(125,361	)
Income tax benefit (expense)		70,791			(16,826	)		219,848			30,128
Other comprehensive (loss) income		(221,675	)		53,910			(691,117	)		(95,233	)
Comprehensive (loss) income	$	(84,119	)	$	141,322		$	(447,598	)	$	84,822

Consolidated Statements of Shareholders’ Equity			UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
	Common Stock		Capital Surplus			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Total
Balance – January 1, 2021	$	55,057	$	1,090,450		$	1,891,246		$	318,340		$	(338,145	)	$	3,016,948
Total comprehensive income (loss)		—		—			180,055			(95,233	)		—			84,822
Dividends ($0.64 per share)		—		—			(31,167	)		—			—			(31,167	)
Purchase of treasury stock		—		—			—			—			(4,088	)		(4,088	)
Issuances of equity awards, net of forfeitures		—		(4,122	)		—			—			4,817			695
Recognition of equity-based compensation		—		8,609			—			—			—			8,609
Sale of treasury stock		—		148			—			—			153			301
Exercise of stock options		—		3,054			—			—			11,070			14,124
Balance – June 30, 2021	$	55,057	$	1,098,139		$	2,040,134		$	223,107		$	(326,193	)	$	3,090,244

Balance – January 1, 2022	$	55,057	$	1,110,520		$	2,176,998		$	126,314		$	(323,465	)	$	3,145,424
Total comprehensive income (loss)		—		—			243,519			(691,117	)		—			(447,598	)
Dividends ($0.74 per share)		—		—			(36,063	)		—			—			(36,063	)
Purchase of treasury stock		—		—			—			—			(31,806	)		(31,806	)
Issuances of equity awards, net of forfeitures		—		(6,630	)		—			—			7,309			679
Recognition of equity-based compensation		—		11,223			—			—			—			11,223
Sale of treasury stock		—		174			—			—			111			285
Exercise of stock options		—		217			—			—			527			744
Balance – June 30, 2022	$	55,057	$	1,115,504		$	2,384,454		$	(564,803	)	$	(347,324	)	$	2,642,888

Average Balances / Yields and Rates	UMB Financial Corporation
(tax – equivalent basis)
(unaudited, dollars in thousands)
	Three Months Ended June 30,
	2022						2021
	Average			Average			Average			Average
	Balance			Yield/Rate			Balance			Yield/Rate
Assets
Loans, net of unearned interest	$	18,317,943			3.72	%	$	16,817,674			3.69	%
Securities:
Taxable		9,825,114			1.93			6,994,559			1.71
Tax-exempt		3,814,394			3.13			4,289,443			2.93
Total securities		13,639,508			2.27			11,284,002			2.17
Federal funds and resell agreements		1,100,918			1.27			1,110,433			0.92
Interest bearing due from banks		2,632,307			0.64			3,343,311			0.10
Trading securities		10,190			5.35			21,409			4.27
Total earning assets		35,700,866			2.86			32,576,829			2.70
Allowance for credit losses		(182,118	)					(199,379	)
Other assets		2,043,977						1,886,774
Total assets	$	37,562,725					$	34,264,224

Liabilities and Shareholders’ Equity
Interest-bearing deposits	$	17,379,810			0.36	%	$	17,080,970			0.15	%
Federal funds and repurchase agreements		2,658,219			0.75			2,744,516			0.26
Borrowed funds		272,254			4.92			270,305			4.76
Total interest-bearing liabilities		20,310,283			0.47			20,095,791			0.23
Noninterest-bearing demand deposits		14,209,159						10,701,656
Other liabilities		394,923						398,319
Shareholders’ equity		2,648,360						3,068,458
Total liabilities and shareholders’ equity	$	37,562,725					$	34,264,224
Net interest spread					2.39	%					2.47	%
Net interest margin					2.60						2.56

Average Balances / Yields and Rates	UMB Financial Corporation
(tax – equivalent basis)
(unaudited, dollars in thousands)
	Six Months Ended June 30,
	2022						2021
	Average			Average			Average			Average
	Balance			Yield/Rate			Balance			Yield/Rate
Assets
Loans, net of unearned interest	$	17,842,153			3.61	%	$	16,533,463			3.72	%
Securities:
Taxable		9,644,345			1.90			6,698,020			1.71
Tax-exempt		3,926,444			3.08			4,295,317			2.95
Total securities		13,570,789			2.24			10,993,337			2.20
Federal funds and resell agreements		1,182,891			1.01			1,375,689			0.79
Interest bearing due from banks		3,965,267			0.34			3,079,684			0.10
Trading securities		15,484			4.70			19,485			4.28
Total earning assets		36,576,584			2.66			32,001,658			2.72
Allowance for credit losses		(190,123	)					(209,469	)
Other assets		1,966,176						1,862,036
Total assets	$	38,352,637					$	33,654,225

Liabilities and Shareholders’ Equity
Interest-bearing deposits	$	17,964,006			0.24	%	$	17,076,681			0.16	%
Federal funds and repurchase agreements		2,815,130			0.51			2,632,567			0.28
Borrowed funds		271,994			4.79			269,942			4.77
Total interest-bearing liabilities		21,051,130			0.34			19,979,190			0.24
Noninterest-bearing demand deposits		14,117,879						10,230,287
Other liabilities		393,732						414,535
Shareholders’ equity		2,789,896						3,030,213
Total liabilities and shareholders’ equity	$	38,352,637					$	33,654,225
Net interest spread					2.32	%					2.48	%
Net interest margin					2.47						2.57

Business Segment Information	UMB Financial Corporation
(unaudited, dollars in thousands)
	Three Months Ended June 30, 2022
	Commercial Banking		Institutional Banking		Personal Banking		Total
Net interest income	$	149,094	$	34,981	$	40,716	$	224,791
Provision for credit losses		12,067		89		1,244		13,400
Noninterest income		56,894		81,082		38,359		176,335
Noninterest expense		79,521		76,511		58,095		214,127
Income before taxes		114,400		39,463		19,736		173,599
Income tax expense		23,752		8,193		4,098		36,043
Net income	$	90,648	$	31,270	$	15,638	$	137,556

	Three Months Ended June 30, 2021
	Commercial Banking		Institutional Banking		Personal Banking		Total
Net interest income	$	142,878	$	21,258	$	36,935	$	201,071
Provision for credit losses		21,993		147		1,860		24,000
Noninterest income		37,106		68,745		25,738		131,589
Noninterest expense		73,472		72,575		55,291		201,338
Income before taxes		84,519		17,281		5,522		107,322
Income tax expense		15,679		3,206		1,025		19,910
Net income	$	68,840	$	14,075	$	4,497	$	87,412

	Six Months Ended June 30, 2022
	Commercial Banking		Institutional Banking		Personal Banking		Total
Net interest income	$	294,096	$	61,233	$	79,817	$	435,146
Provision for credit losses		5,027		240		1,633		6,900
Noninterest income		83,594		154,354		62,065		300,013
Noninterest expense		159,110		152,112		117,683		428,905
Income before taxes		213,553		63,235		22,566		299,354
Income tax expense		39,831		11,795		4,209		55,835
Net income	$	173,722	$	51,440	$	18,357	$	243,519

	Six Months Ended June 30, 2021
	Commercial Banking		Institutional Banking		Personal Banking		Total
Net interest income	$	279,287	$	43,397	$	72,502	$	395,186
Provision for credit losses		13,816		367		2,317		16,500
Noninterest income		45,281		137,166		58,039		240,486
Noninterest expense		143,196		143,857		115,231		402,284
Income before taxes		167,556		36,339		12,993		216,888
Income tax expense		28,455		6,171		2,207		36,833
Net income	$	139,101	$	30,168	$	10,786	$	180,055

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 June 30, 2022.

Non-GAAP Financial Measures

Net operating income Non-GAAP reconciliations:	UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Net income (GAAP)	$	137,556		$	87,412		$	243,519		$	180,055
Adjustments:
Acquisition expense		—			—			—			—
Severance expense		52			103			197			124
COVID-19 related expense		—			182			—			337
Tax-impact of adjustments (i)		(12	)		(63	)		(47	)		(102	)
Total Non-GAAP adjustments (net of tax)		40			222			150			359
Net operating income (Non-GAAP)	$	137,596		$	87,634		$	243,669		$	180,414

Earnings per share – diluted (GAAP)	$	2.83		$	1.79		$	4.99		$	3.70
Acquisition expense		—			—			—			—
Severance expense		—			—			—			—
COVID-19 related expense		—			0.01			—			0.01
Tax-impact of adjustments (i)		—			—			—			—
Operating earnings per share – diluted (Non-GAAP)	$	2.83		$	1.80		$	4.99		$	3.71

GAAP
Return on average assets		1.47	%		1.02	%		1.28	%		1.08	%
Return on average equity		20.83			11.43			17.60			11.98

Non-GAAP
Operating return on average assets		1.47	%		1.03	%		1.28	%		1.08	%
Operating return on average equity		20.84			11.46			17.61			12.01

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

Operating noninterest expense and operating efficiency ratio Non-GAAP reconciliations:							UMB Financial Corporation
(unaudited, dollars in thousands)
	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Noninterest expense	$	214,127		$	201,338		$	428,905		$	402,284
Adjustments to arrive at operating noninterest expense (pre-tax):
Acquisition expense		—			—			—			—
Severance expense		52			103			197			124
COVID-19 related expense		—			182			—			337
Total Non-GAAP adjustments (pre-tax)		52			285			197			461
Operating noninterest expense (Non-GAAP)	$	214,075		$	201,053		$	428,708		$	401,823

Noninterest expense	$	214,127		$	201,338		$	428,905		$	402,284
Less: Amortization of other intangibles		1,225			1,157			2,296			2,537
Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A)	$	212,902		$	200,181		$	426,609		$	399,747

Operating noninterest expense	$	214,075		$	201,053		$	428,708		$	401,823
Less: Amortization of other intangibles		1,225			1,157			2,296			2,537
Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B)	$	212,850		$	199,896		$	426,412		$	399,286

Net interest income	$	224,791		$	201,071		$	435,146		$	395,186
Noninterest income		176,335			131,589			300,013			240,486
Less: Gains on sales of securities available for sale, net		—			1,300			—			4,020
Total Non-GAAP Revenue (denominator A)	$	401,126		$	331,360		$	735,159		$	631,652

Efficiency ratio (numerator A/denominator A)		53.08	%		60.41	%		58.03	%		63.29	%
Operating efficiency ratio (Non-GAAP) (numerator B/denominator A)		53.06			60.33			58.00			63.21

Operating pre-tax, pre-provision income non-GAAP reconciliations:							UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
	Three Months Ended						Six Months Ended
	June 30,		March 31,		June 30,		June 30,
	2022		2022		2021		2022		2021
Net interest income (GAAP)	$	224,791	$	210,355	$	201,071	$	435,146	$	395,186
Noninterest income (GAAP)		176,335		123,678		131,589		300,013		240,486

Noninterest expense (GAAP)		214,127		214,778		201,338		428,905		402,284
Adjustments to arrive at operating noninterest expense:
Acquisition expense		—		—		—		—		—
Severance expense		52		145		103		197		124
COVID-19 related expense		—		—		182		—		337
Total Non-GAAP adjustments		52		145		285		197		461
Operating noninterest expense (Non-GAAP)		214,075		214,633		201,053		428,708		401,823
Operating pre-tax, pre-provision income (Non-GAAP)	$	187,051	$	119,400	$	131,607	$	306,451	$	233,849

Net interest income earnings per share – diluted (GAAP)	$	4.62	$	4.31	$	4.13	$	8.93	$	8.13
Noninterest income (GAAP)		3.62		2.53		2.70		6.16		4.95
Noninterest expense (GAAP)		4.40		4.40		4.13		8.80		8.28
Acquisition expense		—		—		—		—		—
Severance expense		—		—		—		—		—
COVID-19 related expense		—		—		0.01		—		0.01
Operating pre-tax, pre-provision earnings per share – diluted (Non-GAAP)	$	3.84	$	2.44	$	2.71	$	6.29	$	4.81

Operating pre-tax, pre-provision income – FTE Non-GAAP reconciliations:							UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
	Three Months Ended						Six Months Ended
	June 30,		March 31,		June 30,		June 30,
	2022		2022		2021		2022		2021
Net interest income (GAAP)	$	224,791	$	210,355	$	201,071	$	435,146	$	395,186
Adjustments to arrive at net interest income – FTE:
Tax equivalent interest		6,278		6,399		6,629		12,677		13,307
Net interest income – FTE (Non-GAAP)	$	231,069	$	216,754	$	207,700	$	447,823	$	408,493

Noninterest income (GAAP)		176,335		123,678		131,589		300,013		240,486

Noninterest expense (GAAP)		214,127		214,778		201,338		428,905		402,284
Adjustments to arrive at operating noninterest expense:
Acquisition expense		—		—		—		—		—
Severance expense		52		145		103		197		124
COVID-19 related expense		—		—		182		—		337
Total Non-GAAP adjustments		52		145		285		197		461
Operating noninterest expense (Non-GAAP)		214,075		214,633		201,053		428,708		401,823
Operating pre-tax, pre-provision income – FTE (Non-GAAP)	$	193,329	$	125,799	$	138,236	$	319,128	$	247,156

Net interest income earnings per share – diluted (GAAP)	$	4.62	$	4.31	$	4.13	$	8.93	$	8.13
Tax equivalent interest		0.13		0.13		0.13		0.26		0.28
Net interest income – FTE (Non-GAAP)		4.75		4.44		4.26		9.19		8.41
Noninterest income (GAAP)		3.62		2.53		2.70		6.16		4.95
Noninterest expense (GAAP)		4.40		4.40		4.13		8.80		8.28
Acquisition expense		—		—		—		—		—
Severance expense		—		—		—		—		—
COVID-19 related expense		—		—		0.01		—		0.01
Operating pre-tax, pre-provision income – FTE earnings per share – diluted (Non-GAAP)	$	3.97	$	2.57	$	2.84	$	6.55	$	5.09

Tangible book value non-GAAP reconciliations:	UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
	As of June 30,
	2022		2021
Total shareholders’ equity (GAAP)	$	2,642,888	$	3,090,244
Less: Intangible assets
Goodwill		182,225		174,518
Other intangibles, net		14,465		16,636
Total intangibles, net		196,690		191,154
Total tangible shareholders’ equity (Non-GAAP)	$	2,446,198	$	2,899,090

Total shares outstanding		48,305,286		48,346,371

Ratio of total shareholders’ equity (book value) per share	$	54.71	$	63.92
Ratio of total tangible shareholders’ equity (tangible book value) per share (Non-GAAP)		50.64		59.96

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Investor Relations Contact: Kay Gregory: 816.860.7106

KEYWORDS: Missouri United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

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