UMB Financial Corporation Reports Third Quarter 2025 Results

UMB Financial Corporation Reports Third Quarter 2025 Results

Third Quarter 2025 Financial Highlights

• GAAP net income available to common shareholders of $180.4 million, or $2.36 per diluted common share, an increase of 64.5% as compared to the third quarter of 2024.

• Net operating income available to common shareholders⁽ⁱ⁾ of $206.5 million, or $2.70 per diluted common share, an increase of 87.2% as compared to the third quarter of 2024.

• Third quarter 2025 return on average assets of 1.04% and return on average common equity of 10.14%.

• Efficiency ratio improved to 58.1% as compared to 61.7% in the third quarter of 2024.

• Net interest margin on a fully taxable equivalent basis of 3.04%, up 58 basis points from the third quarter of 2024.

• Average loans increased 8.0% on a linked-quarter annualized basis to $37.1 billion; average loans increased $12.8 billion, or 52.3%, as compared to the third quarter of 2024. End-of-period loans were $37.7 billion at September 30, 2025.

• Average deposits increased 8.0% on a linked-quarter annualized basis to $56.8 billion. End-of-period deposits were $60.1 billion at September 30, 2025.

• Expenses of $419.3 million included $35.6 million in acquisition-related costs.

• Noninterest income increased 28.1% to $203.3 million compared to the third quarter of 2024.

• Total assets at September 30, 2025 were $71.9 billion, up 51.3% from $47.5 billion as of September 30, 2024.

• Successfully integrated Heartland Financial, USA, Inc. (HTLF) to UMB’s core systems in mid-October.

(i) A non-GAAP financial measure reconciled later in this release to the nearest comparable GAAP measure.

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

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

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

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

Third Quarter 2025 earnings discussion

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

Summary of quarterly financial results		UMB Financial Corporation
(unaudited, dollars in thousands, except per common share data)
		Q3				Q2				Q3
		2025				2025				2024
Net income (GAAP)		$	188,316			$	217,394			$	109,643
Net income available to common shareholders (GAAP)			180,372				215,382				109,643
Earnings per common share – diluted (GAAP)			2.36				2.82				2.23
Operating pre-tax, pre-provision income (Non-GAAP)(i)			293,383				309,182				154,594
Operating pre-tax, pre-provision earnings per common share – diluted (Non-GAAP)(i)			3.84				4.06				3.15
Operating pre-tax, pre-provision income – FTE (Non-GAAP)(i)			301,697				317,473				161,195
Operating pre-tax, pre-provision earnings per common share – FTE – diluted (Non-GAAP)(i)			3.95				4.17				3.28
Net operating income available to common shareholders (Non-GAAP)(i)			206,546				225,379				110,358
Operating earnings per common share – diluted (Non-GAAP)(i)			2.70				2.96				2.25
GAAP
Return on average assets			1.04	%			1.29	%			1.01	%
Return on average common equity			10.14				12.72				12.63
Efficiency ratio			58.09				53.38				61.69
Non-GAAP(i)
Operating return on average assets			1.20	%			1.35	%			1.01	%
Operating return on average common equity			11.61				13.31				12.71
Operating efficiency ratio			53.02				51.48				61.46
(i) See reconciliation of Non-GAAP measures to their nearest comparable GAAP measures later in this release.

Summary of year-to-date financial results		UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)		September				September
		YTD				YTD
		2025				2024
Net income (GAAP)		$	487,043			$	321,246
Net income available to common shareholders (GAAP)			475,074				321,246
Earnings per common share – diluted (GAAP)			6.53				6.56
Operating pre-tax, pre-provision income (Non-GAAP)(i)			835,858				458,885
Operating pre-tax, pre-provision earnings per common share – diluted (Non-GAAP)(i)			11.49				9.37
Operating pre-tax, pre-provision income – FTE (Non-GAAP)(i)			859,968				478,409
Operating pre-tax, pre-provision earnings per common share – FTE – diluted (Non-GAAP)(i)			11.82				9.76
Net operating income available to common shareholders (Non-GAAP)(i)			600,803				336,943
Operating earnings per common share – diluted (Non-GAAP)(i)			8.26				6.88
GAAP
Return on average assets			0.98	%			1.01	%
Return on average common equity			9.84				13.13
Efficiency ratio			58.48				62.82
Non-GAAP(i)
Operating return on average assets			1.23	%			1.06	%
Operating return on average common equity			12.45				13.77
Operating efficiency ratio			53.21				61.12

Summary of revenue		UMB Financial Corporation
(unaudited, dollars in thousands)
		Q3				Q2				Q3				CQ vs.				CQ vs.
		2025				2025				2024				LQ				PY
Net interest income		$	475,042			$	467,024			$	247,376			$	8,018			$	227,666
Noninterest income:
Trust and securities processing			87,926				83,263				74,222				4,663				13,704
Trading and investment banking			7,026				6,170				7,118				856				(92	)
Service charges on deposit accounts			29,150				28,865				20,089				285				9,061
Insurance fees and commissions			307				189				282				118				25
Brokerage fees			20,470				20,525				15,749				(55	)			4,721
Bankcard fees			29,561				29,018				22,394				543				7,167
Investment securities (losses) gains, net			(4,093	)			37,685				2,623				(41,778	)			(6,716	)
Other			32,951				16,470				16,266				16,481				16,685
Total noninterest income		$	203,298			$	222,185			$	158,743			$	(18,887	)		$	44,555
Total revenue		$	678,340			$	689,209			$	406,119			$	(10,869	)		$	272,221
Net interest income (FTE)		$	483,356			$	475,315			$	253,977
Net interest margin (FTE)			3.04	%			3.10	%			2.46	%
Total noninterest income as a % of total revenue			30.0				32.2				39.1

Net interest income

• Third quarter 2025 net interest income totaled $475.0 million, an increase of $8.0 million, or 1.7%, from the linked quarter, driven primarily by continued organic growth in average loans and average earning assets. These increases were partially offset by higher interest expense driven by an increase of $1.7 billion in average interest-bearing deposits and mix changes and lower purchase accounting accretion income.

• Average earning assets increased $1.7 billion, or 2.7%, from the linked quarter, largely driven by increases of $1.3 billion in average securities and $731.8 million in average loans.

• Average interest-bearing liabilities increased $1.7 billion, or 3.9%, from the linked quarter, primarily driven by an increase of $1.7 billion, or 4.0%, in interest-bearing deposits. Average noninterest-bearing deposits decreased $544.4 million, or 3.8%, as compared to the linked quarter.

• Net interest margin for the third quarter was 3.04%, a decrease of six basis points from the linked quarter, due to higher yields on interest-bearing deposits driven by strong growth in higher-cost asset servicing client deposit balances, lower yields on loans due to lower purchase accounting accretion income, and a three-basis-point impact from lower benefit from free funds.

• On a year-over-year basis, net interest income increased $227.7 million, or 92.0%, driven by a $22.1 billion, or 53.8%, increase in average earning assets, primarily due to rate and mix changes related to the acquisition of HTLF. Average loans increased $12.8 billion, average securities increased $6.3 billion, and average interest bearing due from banks increased $2.7 billion.

• Average deposits increased 60.8% compared to the third quarter of 2024, reflecting strong organic growth as well as the impact of acquired HTLF balances, partially offset by intentional decline in brokered certificate of deposit balances. Average interest-bearing deposits increased 66.4%, and noninterest-bearing demand deposit balances increased 45.9% compared to the third quarter of 2024. Average demand deposit balances comprised 24.4% of total deposits, compared to 25.9% in the linked quarter and 26.9% in the third quarter of 2024.

• Average borrowed funds decreased $27.7 million as compared to the linked quarter and decreased $836.6 million as compared to the third quarter of 2024, driven by the repayment of the 2020 subordinated debt issuance during the third quarter of 2025 as well as repayment of borrowings under the BTFP and FHLB advances during the fourth quarter of 2024.

Noninterest income

• Third quarter 2025 noninterest income decreased $18.9 million, or 8.5%, on a linked-quarter basis, largely due to:
  • A decline of $41.8 million in investment securities gains, primarily driven by the pre-tax gain of $29.4 million on the company’s investment in Voyager Technologies, Inc., which completed its initial public offering in June 2025, coupled with pre-tax gains of $8.2 million on the sale of two non-marketable investments in the second quarter, as well as $7.1 million in net losses on the company’s marketable securities during the third quarter.

  • These decreases were partially offset by the following increases:
    • Increases of $7.3 million in company-owned life insurance income, $5.0 million in bank-owned life insurance income, $2.5 million related to a legal settlement in the third quarter, and $1.9 million in derivative income, all recorded in other income. The increase in company-owned life insurance was offset by a proportionate increase in deferred compensation as noted below.

    • An increase of $4.7 million in trust and securities processing, primarily due to increases of $1.9 million in fund services income, $1.5 million in corporate trust income, and $1.2 million in trust income.

• Compared to the prior year, noninterest income in the third quarter of 2025 increased $44.6 million, or 28.1%, primarily driven by:
  • Increases of $5.0 million in bank-owned life insurance income, $3.8 million in derivative income, $3.7 million in company-owned life insurance income, and a $2.5 million legal settlement in the third quarter, all recorded in other income. The increase in company-owned life insurance was offset by a proportionate increase in deferred compensation as noted below.

  • An increase of $13.7 million in trust and securities processing driven by increases of $6.4 million in trust income, $4.0 million in fund services income, and $3.3 million in corporate trust income.

  • An increase of $9.1 million in service charges on deposit accounts, primarily driven by increased service charge income on interest-bearing checking accounts, largely due to the HTLF acquisition and increased corporate service charges income.

  • Increases of $7.2 million in bankcard income due to increased interchange income, partially offset by increased rebate expense, and $4.7 million in brokerage income due to higher 12b-1 fees and money market income.

  • These increases were partially offset by a decrease of $6.7 million in investment securities gains, primarily driven by $7.1 million in net losses on the company’s marketable securities during the third quarter.

Noninterest expense

Summary of noninterest expense		UMB Financial Corporation
(unaudited, dollars in thousands)
		Q3				Q2				Q3				CQ vs.				CQ vs.
		2025				2025				2024				LQ				PY
Salaries and employee benefits		$	220,329			$	213,551			$	146,984			$	6,778			$	73,345
Occupancy, net			19,149				18,571				12,274				578				6,875
Equipment			16,563				16,426				15,988				137				575
Supplies and services			10,492				6,383				4,967				4,109				5,525
Marketing and business development			11,094				11,344				6,817				(250	)			4,277
Processing fees			45,008				43,638				29,697				1,370				15,311
Legal and consulting			21,616				18,468				9,518				3,148				12,098
Bankcard			11,775				12,363				12,482				(588	)			(707	)
Amortization of other intangible assets			25,317				25,268				1,917				49				23,400
Regulatory fees			8,091				9,259				4,686				(1,168	)			3,405
Other			29,851				17,897				7,124				11,954				22,727
Total noninterest expense		$	419,285			$	393,168			$	252,454			$	26,117			$	166,831

• GAAP noninterest expense for the third quarter of 2025 was $419.3 million, an increase of $26.1 million, or 6.6%, from the linked quarter and $166.8 million, or 66.1% from the third quarter of 2024. Third quarter 2025 expenses included $35.6 million in total acquisition-related and other nonrecurring costs, compared to $13.5 million in the linked quarter and $2.6 million in the third quarter of 2024. Operating noninterest expense, a non-GAAP financial measure reconciled later in this release to noninterest expense, the nearest comparable GAAP measure, was $385.0 million for the third quarter of 2025, an increase of $4.9 million, or 1.3%, from the linked quarter and an increase of $133.4 million, or 53.0%, from the third quarter of 2024.

• The linked-quarter increase in GAAP noninterest expense was driven by:
  • An increase of $12.0 million in other expense driven by $19.2 million in fees for termination of legacy HTLF contracts, partially offset by a $7.5 million decrease in charitable contribution expense.

  • An increase of $7.0 million in deferred compensation expense, recorded in salaries and employee benefits. The increase in deferred compensation expense was offset by the increase in company-owned life insurance income noted above.

  • Increases of $4.1 million in supplies and services expense due to purchases of hardware and printing and mailing of conversion notices to customers during the third quarter, and $3.1 million in legal and consulting expense due to the timing of multiple projects.

• The year-over-year increase in GAAP noninterest expense was driven by:
  • Increases of $73.3 million in salaries and employee benefits expense, driven by the additional associates added as part of the HTLF acquisition, and $23.4 million in amortization of intangibles. Amortization of intangibles includes amortization of the core deposit intangible, customer list, and purchased credit card relationship intangibles recognized from the HTLF acquisition.

  • An increase of $22.7 million in other expense driven by $19.2 million in fees for termination of legacy HTLF contracts, coupled with a $1.1 million increase in operational losses.

  • Increases of $15.3 million in processing fees, driven by increased software subscription costs, and $12.1 million in legal and consulting expense primarily due to non-recurring transaction costs and timing of multiple projects.

  • Increases of $6.9 million in occupancy expense due to branch buildings and office locations added to the company’s footprint related to the HTLF acquisition, and $5.5 million in supplies and services due to the printing and mailing of conversion notices to customers and increased computer hardware costs during the third quarter of 2025.

• Third quarter 2025 noninterest expense included $35.6 million in total acquisition-related and other nonrecurring costs, compared to $13.5 million in the linked quarter, and $2.6 million in the third quarter of 2024. During the third quarter of 2025, this expense was composed primarily of $19.6 million in other expense for contract termination fees as discussed above, $9.2 million in legal and consulting expense, $4.5 million in salaries and employee benefits, and $3.5 million in supplies and services expense. During the linked quarter, the $13.5 million in acquisition-related expense was primarily composed of $7.5 million in legal and consulting expense, $4.3 million in salaries and employee benefits, and $1.1 million in supplies and services expense. During the third quarter of 2024, acquisition-related expense was primarily composed of $2.5 million in legal and consulting expense.

Income taxes

• The company’s effective tax rate was 19.4% for the nine months ended September 30, 2025, compared to 19.0% for the same period in 2024. The increase in the effective tax rate in 2025 is primarily attributable to a smaller portion of income being earned from tax-exempt municipal securities, along with an increase in the state marginal tax rate.

Balance sheet

• Average total assets for the third quarter of 2025 were $68.5 billion compared to $66.9 billion for the linked quarter and $43.3 billion for the same period in 2024.

Summary of average loans and leases – QTD Average										UMB Financial Corporation
(unaudited, dollars in thousands)
		Q3				Q2				Q3				CQ vs.				CQ vs.
		2025				2025				2024				LQ				PY
Commercial and industrial		$	14,787,494			$	14,293,892			$	10,279,196			$	493,602			$	4,508,298
Specialty lending			570,079				561,669				508,957				8,410				61,122
Commercial real estate			16,372,831				16,163,813				9,669,076				209,018				6,703,755
Consumer real estate			4,306,981				4,255,571				3,045,229				51,410				1,261,752
Consumer			242,526				295,118				164,105				(52,592	)			78,421
Credit cards			755,635				754,601				613,663				1,034				141,972
Leases and other			102,965				82,089				106,937				20,876				(3,972	)
Total loans		$	37,138,511			$	36,406,753			$	24,387,163			$	731,758			$	12,751,348

• Average loans for the third quarter of 2025 increased $731.8 million, or 2.0%, on a linked-quarter basis and $12.8 billion, or 52.3%, compared to the third quarter of 2024. These increases reflect continued organic momentum across legacy UMB geographies, as well as the impact of acquired HTLF balances.

Summary of average securities – QTD Average		UMB Financial Corporation
(unaudited, dollars in thousands)
		Q3				Q2				Q3				CQ vs.				CQ vs.
		2025				2025				2024				LQ				PY
Securities available for sale:
U.S. Treasury		$	2,134,787			$	1,806,041			$	821,308			$	328,746			$	1,313,479
U.S. Agencies			81,708				85,969				166,250				(4,261	)			(84,542	)
Mortgage-backed			7,379,243				6,285,195				3,888,879				1,094,048				3,490,364
State and political subdivisions			2,425,931				2,403,741				1,240,199				22,190				1,185,732
Corporates			236,483				271,915				320,570				(35,432	)			(84,087	)
Collateralized loan obligations			557,125				553,844				340,604				3,281				216,521
Total securities available for sale		$	12,815,277			$	11,406,705			$	6,777,810			$	1,408,572			$	6,037,467
Securities held to maturity:
U.S. Treasury		$	8,019			$	—			$	—			$	8,019			$	8,019
U.S. Agencies			—				49,643				116,286				(49,643	)			(116,286	)
Mortgage-backed			2,402,963				2,439,844				2,597,430				(36,881	)			(194,467	)
State and political subdivisions			3,045,676				3,108,030				2,785,138				(62,354	)			260,538
Total securities held to maturity		$	5,456,658			$	5,597,517			$	5,498,854			$	(140,859	)		$	(42,196	)
Trading securities		$	12,098			$	16,693			$	19,743			$	(4,595	)		$	(7,645	)
Other securities			734,793				679,212				447,698				55,581				287,095
Total securities		$	19,018,826			$	17,700,127			$	12,744,105			$	1,318,699			$	6,274,721

• Average total securities increased 7.5% on a linked-quarter basis and 49.2% compared to the third quarter of 2024.

Summary of average deposits – QTD Average						UMB Financial Corporation
(unaudited, dollars in thousands)
		Q3				Q2				Q3				CQ vs.				CQ vs.
		2025				2025				2024				LQ				PY
Deposits:
Noninterest-bearing demand		$	13,858,827			$	14,403,211			$	9,502,106			$	(544,384	)		$	4,356,721
Interest-bearing demand and savings			39,555,585				37,958,601				23,779,651				1,596,984				15,775,934
Time deposits			3,349,181				3,287,556				2,010,199				61,625				1,338,982
Total deposits		$	56,763,593			$	55,649,368			$	35,291,956			$	1,114,225			$	21,471,637
Noninterest bearing deposits as % of total			24.4	%			25.9	%			26.9	%

• Average deposits increased 2.0% on a linked-quarter basis and 60.8% compared to the third quarter of 2024. These increases reflect continued organic momentum across legacy UMB geographies as well as the impact of acquired HTLF balances.

• The linked quarter decline in average demand deposits was driven by expected seasonal declines in certain corporate trust client balances.

Capital

Capital information		UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
		September 30, 2025				June 30, 2025				September 30, 2024
Total equity		$	7,443,950			$	7,285,765			$	3,535,489
Total common equity			7,161,853				6,885,023				3,535,489
Accumulated other comprehensive loss, net			(324,842	)			(442,047	)			(395,856	)
Book value per common share			94.29				90.68				72.45
Tangible book value per common share (Non-GAAP)(i)			63.40				59.80				66.86
Regulatory capital:
Common equity Tier 1 capital		$	5,226,775			$	4,974,093			$	3,691,874
Tier 1 capital			5,520,841				5,378,860				3,691,874
Total capital			6,406,709				6,438,598				4,324,890
Regulatory capital ratios:
Common equity Tier 1 capital ratio			10.70	%			10.39	%			11.22	%
Tier 1 risk-based capital ratio			11.30				11.24				11.22
Total risk-based capital ratio			13.11				13.46				13.14
Tier 1 leverage ratio			8.33				8.34				8.58
(i) See reconciliation of Non-GAAP measures to their nearest comparable GAAP measures later in this release.

• At September 30, 2025, the regulatory capital ratios presented in the foregoing table exceeded all “well-capitalized” regulatory thresholds.

• In mid-July 2025, the company redeemed $115.0 million in outstanding Series A non-cumulative perpetual preferred stock.

• In mid-September 2025, the company redeemed the $188.9 million in outstanding 3.70% fixed-to-fixed rate subordinated notes due 2030.

Asset Quality

Credit quality		UMB Financial Corporation
(unaudited, dollars in thousands)
		Q3				Q2				Q1				Q4				Q3
		2025				2025				2025				2024				2024
Net charge-offs – total loans		$	18,383			$	15,462			$	35,872			$	8,935			$	8,454
Net loan charge-offs as a % of total average loans			0.20	%			0.17	%			0.45	%			0.14	%			0.14	%
Loans over 90 days past due		$	6,131			$	6,813			$	6,346			$	7,602			$	7,133
Loans over 90 days past due as a % of total loans			0.02	%			0.02	%			0.02	%			0.03	%			0.03	%
Nonaccrual and restructured loans		$	131,965			$	97,029			$	100,885			$	19,282			$	19,291
Nonaccrual and restructured loans as a % of total loans			0.35	%			0.26	%			0.28	%			0.08	%			0.08	%
Provision for credit losses		$	22,500			$	21,000			$	86,000			$	19,000			$	18,000

• Provision for credit losses for the third quarter increased $1.5 million from the linked quarter and increased $4.5 million from the third quarter of 2024. The change in provision expense is driven by ongoing recalibrations of econometric loss models and general portfolio trends in the current periods as compared to the prior periods.

• Net charge-offs for the third quarter totaled $18.4 million, or 0.20% of average loans, compared to $15.5 million, or 0.17% of average loans in the linked quarter, and $8.5 million, or 0.14% of average loans for the third quarter of 2024.

• Nonaccrual loans increased to $132.0 million, or 0.35% of total loans; the increase compared to the linked quarter was primarily driven by the addition of two legacy HTLF loans to nonaccrual status. At September 30, 2025, these loans held a substantially adequate Purchase Credit Deteriorated (PCD) reserve against them.

Conference Call

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

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

UMB Financial 3Q 2025 Conference Call

A replay of the conference call may be heard through November 12, 2025, by calling (toll-free) 866-813-9403 or (international) 929-458-6194. The replay access code required for playback is 252760. The call replay may also be accessed at investorrelations.umb.com.

Non-GAAP Financial Information

In this release, we provide information about net operating income available to common shareholders, operating earnings per share – diluted (operating EPS), operating return on average common equity (operating ROE), operating return on average assets (operating ROA), operating noninterest expense, operating efficiency ratio, operating pre-tax, pre-provision income (operating PTPP), operating pre-tax, pre-provision earnings per share – diluted (operating PTPP EPS), operating pre-tax, pre-provision income on a fully tax equivalent basis (operating PTPP-FTE), operating pre-tax, pre-provision FTE earnings per share – diluted (operating PTPP-FTE EPS), tangible common shareholders’ equity, and tangible book value per share, all of which are non-GAAP financial measures. This information supplements the results that are reported according to generally accepted accounting principles in the United States (GAAP) and should not be viewed in isolation from, or as a substitute for, GAAP results. The differences between the non-GAAP financial measures – net operating income available to common shareholders, operating EPS, operating ROE, operating ROA, operating noninterest expense, operating efficiency ratio, operating PTPP, operating PTPP EPS, operating PTPP-FTE, operating PTPP-FTE EPS, tangible common shareholders’ equity, and tangible book value per share – and the nearest comparable GAAP financial measures are reconciled later in this release. The company believes that these non-GAAP financial measures and the reconciliations may be useful to investors because they adjust for acquisition- and severance-related items, and the FDIC special assessment that management does not believe reflect the company’s fundamental operating performance.

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

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

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

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

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

Forward-Looking Statements

This press release contains, and our other communications may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “outlook,” “forecast,” “target,” “trend,” “plan,” “goal,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, results, or aspirations. All forward-looking statements are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Our actual future objectives, strategies, plans, prospects, performance, condition, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events, circumstances, or aspirations to differ from those in forward-looking statements are described in our Annual Report on Form 10-K for the year ended December 31, 2024, our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (SEC). In addition to such factors that have been disclosed previously: macroeconomic and adverse developments and uncertainties related to the collateral effects of the collapse of, and challenges for, domestic and international banks, including the impacts to the U.S. and global economies; sustained levels of high inflation and the potential for an economic recession on the heels of aggressive quantitative tightening by the Federal Reserve; and impacts related to or resulting from instability in the Middle East and Russia’s military action in Ukraine, such as the broader impacts to financial markets and the global macroeconomic and geopolitical environments, may also cause actual results or other future events, circumstances, or aspirations to differ from our forward-looking statements. Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except to the extent required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K, or other applicable document that is filed or furnished with the SEC.

About UMB

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

Consolidated Balance Sheets		UMB Financial Corporation
(unaudited, dollars in thousands)
		September 30,
		2025				2024
ASSETS
Loans		$	37,706,507			$	24,990,791
Allowance for credit losses on loans			(404,971	)			(248,907	)
Net loans			37,301,536				24,741,884
Loans held for sale			3,170				5,176
Securities:
Available for sale			13,378,280				7,015,998
Held to maturity, net of allowance for credit losses			5,652,387				5,474,710
Trading securities			35,811				35,839
Other securities			719,575				465,477
Total securities			19,786,053				12,992,024
Federal funds sold and resell agreements			765,113				399,234
Interest-bearing due from banks			7,892,392				6,601,866
Cash and due from banks			1,073,005				778,069
Premises and equipment, net			398,607				222,056
Accrued income			331,645				218,651
Goodwill			1,835,298				207,385
Other intangibles, net			511,450				65,564
Other assets			1,982,912				1,264,519
Total assets		$	71,881,181			$	47,496,428
LIABILITIES
Deposits:
Noninterest-bearing demand		$	16,188,227			$	12,840,940
Interest-bearing demand and savings			40,549,723				24,798,869
Time deposits under $250,000			1,985,352				1,245,532
Time deposits of $250,000 or more			1,412,541				817,251
Total deposits			60,135,843				39,702,592
Federal funds purchased and repurchase agreements			2,838,597				2,023,297
Short-term debt			—				1,050,000
Long-term debt			471,331				384,758
Accrued expenses and taxes			453,437				387,223
Other liabilities			538,023				413,069
Total liabilities			64,437,231				43,960,939
SHAREHOLDERS’ EQUITY
Series B Fixed-Rate Reset Non-Cumulative Perpetual Preferred stock			294,066				—
Common stock			78,666				55,057
Capital surplus			4,001,834				1,138,350
Retained earnings			3,559,717				3,074,617
Accumulated other comprehensive loss, net			(324,842	)			(395,856	)
Treasury stock			(165,491	)			(336,679	)
Total shareholders’ equity			7,443,950				3,535,489
Total liabilities and shareholders’ equity		$	71,881,181			$	47,496,428

Consolidated Statements of Income		UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2025				2024				2025				2024
INTEREST INCOME
Loans		$	629,057			$	416,400			$	1,768,875			$	1,202,317
Securities:
Taxable interest			138,176				63,466				358,709				186,159
Tax-exempt interest			33,035				24,578				96,022				74,988
Total securities income			171,211				88,044				454,731				261,147
Federal funds and resell agreements			9,365				4,990				25,050				11,726
Interest-bearing due from banks			68,952				47,969				217,811				139,831
Trading securities			312				291				937				1,020
Total interest income			878,897				557,694				2,467,404				1,616,041
INTEREST EXPENSE
Deposits			362,882				262,599				1,009,441				726,999
Federal funds and repurchase agreements			28,632				27,070				81,845				82,813
Other			12,341				20,649				36,413				74,311
Total interest expense			403,855				310,318				1,127,699				884,123
Net interest income			475,042				247,376				1,339,705				731,918
Provision for credit losses			22,500				18,000				129,500				42,050
Net interest income after provision for credit losses			452,542				229,376				1,210,205				689,868
NONINTEREST INCOME
Trust and securities processing			87,926				74,222				250,970				213,710
Trading and investment banking			7,026				7,118				19,107				18,041
Service charges on deposit accounts			29,150				20,089				85,472				63,107
Insurance fees and commissions			307				282				674				832
Brokerage fees			20,470				15,749				59,097				42,929
Bankcard fees			29,561				22,394				84,872				66,708
Investment securities (losses) gains, net			(4,093	)			2,623				28,810				10,127
Other			32,951				16,266				62,679				47,452
Total noninterest income			203,298				158,743				591,681				462,906
NONINTEREST EXPENSE
Salaries and employee benefits			220,329				146,984				655,278				432,851
Occupancy, net			19,149				12,274				53,789				36,267
Equipment			16,563				15,988				49,937				48,094
Supplies and services			10,492				4,967				21,660				11,672
Marketing and business development			11,094				6,817				30,436				19,440
Processing fees			45,008				29,697				129,496				87,334
Legal and consulting			21,616				9,518				68,690				33,978
Bankcard			11,775				12,482				36,933				34,867
Amortization of other intangible assets			25,317				1,917				68,067				5,788
Regulatory fees			8,091				4,686				25,587				26,649
Other			29,851				7,124				57,367				19,385
Total noninterest expense			419,285				252,454				1,197,240				756,325
Income before income taxes			236,555				135,665				604,646				396,449
Income tax expense			48,239				26,022				117,603				75,203
NET INCOME			188,316				109,643				487,043				321,246
Less: Preferred dividends			7,944				—				11,969				—
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS		$	180,372			$	109,643			$	475,074			$	321,246
PER SHARE DATA
Net income per common share – basic		$	2.38			$	2.25			$	6.57			$	6.59
Net income per common share – diluted			2.36				2.23				6.53				6.56
Dividends per common share			0.40				0.39				1.20				1.17
Weighted average common shares outstanding – basic			75,943,943				48,775,072				72,349,952				48,727,914
Weighted average common shares outstanding – diluted			76,366,818				49,078,497				72,744,289				48,993,581

Consolidated Statements of Comprehensive Income		UMB Financial Corporation
(unaudited, dollars in thousands)
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2025				2024				2025				2024
Net income		$	188,316			$	109,643			$	487,043			$	321,246
Other comprehensive income (loss), before tax:
Unrealized gains and losses on debt securities:
Change in unrealized holding gains and losses, net			145,415				229,285				264,987				175,005
Less: Reclassification adjustment for net gains included in net income			(91	)			—				(514	)			(139	)
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity			8,007				9,618				24,286				27,345
Change in unrealized gains and losses on debt securities			153,331				238,903				288,759				202,211
Unrealized gains and losses on derivative hedges:
Change in unrealized gains and losses on derivative hedges, net			(380	)			40,445				36,652				18,012
Less: Reclassification adjustment for net losses (gains) included in net income			3,114				(1,666	)			5,131				(7,392	)
Change in unrealized gains and losses on derivative hedges			2,734				38,779				41,783				10,620
Other comprehensive income (loss), before tax			156,065				277,682				330,542				212,831
Income tax expense			(38,860	)			(67,904	)			(82,334	)			(51,752	)
Other comprehensive income (loss)			117,205				209,778				248,208				161,079
Comprehensive income (loss)		$	305,521			$	319,421			$	735,251			$	482,325

Consolidated Statements of Shareholders’ Equity										UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
		Preferred Stock				Common Stock				Capital Surplus				Retained Earnings				Accumulated Other Comprehensive (Loss) Income				Treasury Stock				Total
Balance – January 1, 2024		$	—			$	55,057			$	1,134,363			$	2,810,824			$	(556,935	)		$	(342,890	)		$	3,100,419
Total comprehensive income			—				—				—				321,246				161,079				—				482,325
Dividends ($1.17 per share)			—				—				—				(57,453	)			—				—				(57,453	)
Purchase of treasury stock			—				—				—				—				—				(7,738	)			(7,738	)
Issuances of equity awards, net of forfeitures			—				—				(11,220	)			—				—				11,923				703
Recognition of equity-based compensation			—				—				14,886				—				—				—				14,886
Sale of treasury stock			—				—				237				—				—				184				421
Exercise of stock options			—				—				1,433				—				—				1,842				3,275
Common stock issuance costs			—				—				(1,349	)			—				—				—				(1,349	)
Balance – September 30, 2024		$	—			$	55,057			$	1,138,350			$	3,074,617			$	(395,856	)		$	(336,679	)		$	3,535,489
Balance – January 1, 2025		$	—			$	55,057			$	1,145,638			$	3,174,948			$	(573,050	)		$	(336,052	)		$	3,466,541
Total comprehensive income			—				—				—				487,043				248,208				—				735,251
Cash dividends declared:
Preferred dividends Series A ($350.00 per share)			—				—				—				(4,025	)			—				—				(4,025	)
Preferred dividends Series B ($264.79 per share)			—				—				—				(7,944	)			—								(7,944	)
Common dividends ($1.20 per share)			—				—				—				(90,510	)			—				—				(90,510	)
Purchase of treasury stock			—				—				—				—				—				(17,549	)			(17,549	)
Issuances of equity awards, net of forfeitures			—				—				(18,663	)			—				—				19,463				800
Recognition of equity-based compensation			—				—				48,021				—				—				—				48,021
Sale of treasury stock			—				—				265				—				—				261				526
Exercise of stock options			—				—				115				—				—				301				416
Common stock issuance			—				—				67,056				—				—				168,085				235,141
Preferred stock issuance, net of issuance costs			294,066				—				—				—				—				—				294,066
Preferred stock redemption			(110,705	)			—				(4,500	)			205				—				—				(115,000	)
Stock issuance for acquisition, net of issuance costs			110,705				23,609				2,763,902				—				—				—				2,898,216
Balance – September 30, 2025		$	294,066			$	78,666			$	4,001,834			$	3,559,717			$	(324,842	)		$	(165,491	)		$	7,443,950

Average Balances / Yields and Rates		UMB Financial Corporation
(tax – equivalent basis)
(unaudited, dollars in thousands)
		Three Months Ended September 30,
		2025								2024
		Average				Average				Average				Average
		Balance				Yield/Rate				Balance				Yield/Rate
Assets
Loans, net of unearned interest		$	37,138,511				6.72	%		$	24,387,163				6.79	%
Securities:
Taxable			14,798,834				3.70				9,122,386				2.77
Tax-exempt			4,207,894				3.89				3,601,976				3.43
Total securities			19,006,728				3.75				12,724,362				2.96
Federal funds and resell agreements			727,473				5.11				328,240				6.05
Interest bearing due from banks			6,223,615				4.40				3,562,746				5.36
Trading securities			12,098				10.72				19,743				6.37
Total earning assets			63,108,425				5.58				41,022,254				5.47
Allowance for credit losses			(388,761	)							(239,950	)
Other assets			5,775,638								2,484,538
Total assets		$	68,495,302							$	43,266,842
Liabilities and Shareholders’ Equity
Interest-bearing deposits		$	42,904,766				3.36	%		$	25,789,850				4.05	%
Federal funds and repurchase agreements			2,863,481				3.97				2,298,240				4.69
Borrowed funds			627,827				7.80				1,464,393				5.61
Total interest-bearing liabilities			46,396,074				3.45				29,552,483				4.18
Noninterest-bearing demand deposits			13,858,827								9,502,106
Other liabilities			879,659								757,379
Shareholders’ equity			7,360,742								3,454,874
Total liabilities and shareholders’ equity		$	68,495,302							$	43,266,842
Net interest spread							2.13	%							1.29	%
Net interest margin							3.04								2.46

Average Balances / Yields and Rates		UMB Financial Corporation
(tax – equivalent basis)
(unaudited, dollars in thousands)
		Nine Months Ended September 30,
		2025								2024
		Average				Average				Average				Average
		Balance				Yield/Rate				Balance				Yield/Rate
Assets
Loans, net of unearned interest		$	35,302,675				6.70	%		$	23,850,976				6.73	%
Securities:
Taxable			13,312,899				3.60				9,140,270				2.72
Tax-exempt			4,201,302				3.82				3,657,837				3.44
Total securities			17,514,201				3.65				12,798,107				2.93
Federal funds and resell agreements			656,637				5.10				260,520				6.01
Interest bearing due from banks			6,562,011				4.44				3,451,537				5.41
Trading securities			16,519				8.00				21,333				6.88
Total earning assets			60,052,043				5.55				40,382,473				5.41
Allowance for credit losses			(359,267	)							(230,181	)
Other assets			5,449,485								2,433,597
Total assets		$	65,142,261							$	42,585,889
Liabilities and Shareholders’ Equity
Interest-bearing deposits		$	40,357,901				3.34	%		$	24,500,489				3.96	%
Federal funds and repurchase agreements			2,775,160				3.94				2,367,985				4.67
Borrowed funds			618,153				7.88				1,796,230				5.53
Total interest-bearing liabilities			43,751,214				3.45				28,664,704				4.12
Noninterest-bearing demand deposits			13,898,325								9,889,099
Other liabilities			856,522								764,733
Shareholders’ equity			6,636,200								3,267,353
Total liabilities and shareholders’ equity		$	65,142,261							$	42,585,889
Net interest spread							2.10	%							1.29	%
Net interest margin							3.04								2.49

Business Segment Information		UMB Financial Corporation
(unaudited, dollars in thousands)
		Three Months Ended September 30, 2025
		Commercial Banking				Institutional Banking				Personal Banking				Total
Net interest income		$	331,555			$	60,997			$	82,490			$	475,042
Provision for credit losses			19,465				460				2,575				22,500
Noninterest income			56,089				115,379				31,830				203,298
Noninterest expense			187,031				110,613				121,641				419,285
Income (loss) before taxes			181,148				65,303				(9,896	)			236,555
Income tax expense (benefit)			36,940				13,317				(2,018	)			48,239
Net income (loss)		$	144,208			$	51,986			$	(7,878	)		$	188,316
		Three Months Ended September 30, 2024
		Commercial Banking				Institutional Banking				Personal Banking				Total
Net interest income		$	168,353			$	44,757			$	34,266			$	247,376
Provision for credit losses			15,947				252				1,801				18,000
Noninterest income			31,383				99,598				27,762				158,743
Noninterest expense			87,823				100,011				64,620				252,454
Income (loss) before taxes			95,966				44,092				(4,393	)			135,665
Income tax expense (benefit)			18,407				8,457				(842	)			26,022
Net income (loss)		$	77,559			$	35,635			$	(3,551	)		$	109,643
		Nine Months Ended September 30, 2025
		Commercial Banking				Institutional Banking				Personal Banking				Total
Net interest income		$	928,091			$	188,487			$	223,127			$	1,339,705
Provision for credit losses			104,550				1,325				23,625				129,500
Noninterest income			136,527				327,171				127,983				591,681
Noninterest expense			530,691				323,015				343,534				1,197,240
Income (loss) before taxes			429,377				191,318				(16,049	)			604,646
Income tax expense (benefit)			83,513				37,211				(3,121	)			117,603
Net income (loss)		$	345,864			$	154,107			$	(12,928	)		$	487,043
		Nine Months Ended September 30, 2024
		Commercial Banking				Institutional Banking				Personal Banking				Total
Net interest income		$	487,498			$	144,708			$	99,712			$	731,918
Provision for credit losses			35,770				753				5,527				42,050
Noninterest income			104,195				285,199				73,512				462,906
Noninterest expense			271,732				290,128				194,465				756,325
Income (loss) before taxes			284,191				139,026				(26,768	)			396,449
Income tax expense (benefit)			53,909				26,372				(5,078	)			75,203
Net income (loss)		$	230,282			$	112,654			$	(21,690	)		$	321,246

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

Non-GAAP Financial Measures

Net operating income available to common shareholders Non-GAAP reconciliations:		UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Net income available to common shareholders (GAAP)		$	180,372			$	109,643			$	475,074			$	321,246
Adjustments:
Day 1 acquisition provision expense			—				—				62,037				—
Acquisition expense			35,603				2,611				102,266				12,592
Severance expense			404				48				1,222				324
FDIC special assessment			(1,679	)			(1,730	)			(1,776	)			7,470
Tax-impact of adjustments (i)			(8,154	)			(214	)			(38,020	)			(4,689	)
Total Non-GAAP adjustments (net of tax)			26,174				715				125,729				15,697
Net operating income (Non-GAAP)		$	206,546			$	110,358			$	600,803			$	336,943
Earnings per common share – diluted (GAAP)		$	2.36			$	2.23			$	6.53			$	6.56
Day 1 acquisition provision expense			—				—				0.85				—
Acquisition expense			0.46				0.06				1.40				0.26
Severance expense			0.01				—				0.02				0.01
FDIC special assessment			(0.02	)			(0.04	)			(0.02	)			0.15
Tax-impact of adjustments (i)			(0.11	)			—				(0.52	)			(0.10	)
Operating earnings per common share – diluted (Non-GAAP)		$	2.70			$	2.25			$	8.26			$	6.88
GAAP
Return on average assets			1.04	%			1.01	%			0.98	%			1.01	%
Return on average common equity			10.14				12.63				9.84				13.13
Non-GAAP
Operating return on average assets			1.20	%			1.01	%			1.23	%			1.06	%
Operating return on average common equity			11.61				12.71				12.45				13.77
(i) Calculated using the company’s marginal tax rate of 24.0% for 2025 and 23.0% for 2024. Certain merger-related expenses are non-deductible.

Operating noninterest expense and operating efficiency ratio Non-GAAP reconciliations:		UMB Financial Corporation
(unaudited, dollars in thousands)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Noninterest expense		$	419,285			$	252,454			$	1,197,240			$	756,325
Adjustments to arrive at operating noninterest expense (pre-tax):
Acquisition expense			35,603				2,611				102,266				12,592
Severance expense			404				48				1,222				324
FDIC special assessment			(1,679	)			(1,730	)			(1,776	)			7,470
Total Non-GAAP adjustments (pre-tax)			34,328				929				101,712				20,386
Operating noninterest expense (Non-GAAP)		$	384,957			$	251,525			$	1,095,528			$	735,939
Noninterest expense		$	419,285			$	252,454			$	1,197,240			$	756,325
Less: Amortization of other intangibles			25,317				1,917				68,067				5,788
Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A)		$	393,968			$	250,537			$	1,129,173			$	750,537
Operating noninterest expense		$	384,957			$	251,525			$	1,095,528			$	735,939
Less: Amortization of other intangibles			25,317				1,917				68,067				5,788
Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B)		$	359,640			$	249,608			$	1,027,461			$	730,151
Net interest income		$	475,042			$	247,376			$	1,339,705			$	731,918
Noninterest income			203,298				158,743				591,681				462,906
Less: Gains on sales of securities available for sale, net			91				—				514				139
Total Non-GAAP Revenue (denominator A)		$	678,249			$	406,119			$	1,930,872			$	1,194,685
Efficiency ratio (numerator A/denominator A)			58.09	%			61.69	%			58.48	%			62.82	%
Operating efficiency ratio (Non-GAAP) (numerator B/denominator A)			53.02				61.46				53.21				61.12

Operating pre-tax, pre-provision income non-GAAP reconciliations:		UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Net interest income (GAAP)		$	475,042			$	247,376			$	1,339,705			$	731,918
Noninterest income (GAAP)			203,298				158,743				591,681				462,906
Noninterest expense (GAAP)			419,285				252,454				1,197,240				756,325
Adjustments to arrive at operating noninterest expense:
Acquisition expense			35,603				2,611				102,266				12,592
Severance expense			404				48				1,222				324
FDIC special assessment			(1,679	)			(1,730	)			(1,776	)			7,470
Total Non-GAAP adjustments			34,328				929				101,712				20,386
Operating noninterest expense (Non-GAAP)			384,957				251,525				1,095,528				735,939
Operating pre-tax, pre-provision income (Non-GAAP)		$	293,383			$	154,594			$	835,858			$	458,885
Net interest income earnings per common share – diluted (GAAP)		$	6.22			$	5.04			$	18.42			$	14.94
Noninterest income (GAAP)			2.66				3.24				8.13				9.45
Noninterest expense (GAAP)			5.49				5.15				16.46				15.44
Acquisition expense			0.46				0.06				1.40				0.26
Severance expense			0.01				—				0.02				0.01
FDIC special assessment			(0.02	)			(0.04	)			(0.02	)			0.15
Operating pre-tax, pre-provision earnings per common share – diluted (Non-GAAP)		$	3.84			$	3.15			$	11.49			$	9.37

Operating pre-tax, pre-provision income – FTE Non-GAAP reconciliations:		UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Net interest income (GAAP)		$	475,042			$	247,376			$	1,339,705			$	731,918
Adjustments to arrive at net interest income – FTE:
Tax equivalent interest			8,314				6,601				24,110				19,524
Net interest income – FTE (Non-GAAP)			483,356				253,977				1,363,815				751,442
Noninterest income (GAAP)			203,298				158,743				591,681				462,906
Noninterest expense (GAAP)			419,285				252,454				1,197,240				756,325
Adjustments to arrive at operating noninterest expense:
Acquisition expense			35,603				2,611				102,266				12,592
Severance expense			404				48				1,222				324
FDIC special assessment			(1,679	)			(1,730	)			(1,776	)			7,470
Total Non-GAAP adjustments			34,328				929				101,712				20,386
Operating noninterest expense (Non-GAAP)			384,957				251,525				1,095,528				735,939
Operating pre-tax, pre-provision income – FTE (Non-GAAP)		$	301,697			$	161,195			$	859,968			$	478,409
Net interest income earnings per common share – diluted (GAAP)		$	6.22			$	5.04			$	18.42			$	14.94
Tax equivalent interest			0.11				0.13				0.33				0.39
Net interest income – FTE (Non-GAAP)			6.33				5.17				18.75				15.33
Noninterest income (GAAP)			2.66				3.24				8.13				9.45
Noninterest expense (GAAP)			5.49				5.15				16.46				15.44
Acquisition expense			0.46				0.06				1.40				0.26
Severance expense			0.01				—				0.02				0.01
FDIC special assessment			(0.02	)			(0.04	)			(0.02	)			0.15
Operating pre-tax, pre-provision income – FTE earnings per common share – diluted (Non-GAAP)		$	3.95			$	3.28			$	11.82			$	9.76

Tangible book value non-GAAP reconciliations:		UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
		As of September 30,
		2025				2024
Total common shareholders’ equity (GAAP)		$	7,161,853			$	3,535,489
Less: Intangible assets
Goodwill			1,835,298				207,385
Other intangibles, net			511,450				65,564
Total intangibles, net			2,346,748				272,949
Total tangible common shareholders’ equity (Non-GAAP)		$	4,815,105			$	3,262,540
Total common shares outstanding			75,953,713				48,797,672
Ratio of total common shareholders’ equity (book value) per share		$	94.29			$	72.45
Ratio of total tangible common shareholders’ equity (tangible book value) per share (Non-GAAP)			63.40				66.86

 

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KEYWORDS: Missouri United States North America

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