Latest news with #UMBFinancialCorporation
Business Wire
4 days ago
- Business
- Business Wire
UMB Financial Corporation Announces Full Redemption of Its Series A Preferred Stock; Nasdaq UMBFP
KANSAS CITY, Mo.--(BUSINESS WIRE)--UMB Financial Corporation (the 'Company') (Nasdaq: UMBF), a financial services company, announced today that it will redeem all outstanding shares of the Company's 7.00% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, $0.01 par value per share ('Series A Preferred Stock'). All 11,500 outstanding shares of the Series A Preferred Stock (CUSIP: 902788 306) will be redeemed at a price of $10,000 per share of preferred stock on the dividend payment date of July 15, 2025. Regular dividends on the outstanding shares of the Series A Preferred Stock of $175 per share will be paid separately on July 15, 2025, to holders of record as of the close of business on June 30, 2025, in the customary manner. Accordingly, the redemption price for the Series A Preferred Stock will not include any accrued and unpaid dividends. On and after the redemption date, all dividends on the shares of Series A Preferred Stock will cease to accrue. The Series A Preferred Stock is held through The Depository Trust Company ('DTC') and will be redeemed in accordance with the procedures of DTC. Payment to DTC for the Series A Preferred Stock will be made by Computershare Trust Company, N.A., as redemption agent, in accordance with the Deposit Agreement and the Redemption Agent Agreement that govern the redemption of the Series A Preferred Stock. The address for the redemption agent is as follows: Computershare Trust Company, N.A. Attn: Corporate Actions 150 Royall St. Canton, MA 02021 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, 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 Blog, UMB Facebook and UMB LinkedIn.
Yahoo
4 days ago
- Business
- Yahoo
UMB Financial Corporation Announces Full Redemption of Its Series A Preferred Stock; Nasdaq UMBFP
KANSAS CITY, Mo., June 12, 2025--(BUSINESS WIRE)--UMB Financial Corporation (the "Company") (Nasdaq: UMBF), a financial services company, announced today that it will redeem all outstanding shares of the Company's 7.00% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, $0.01 par value per share ("Series A Preferred Stock"). All 11,500 outstanding shares of the Series A Preferred Stock (CUSIP: 902788 306) will be redeemed at a price of $10,000 per share of preferred stock on the dividend payment date of July 15, 2025. Regular dividends on the outstanding shares of the Series A Preferred Stock of $175 per share will be paid separately on July 15, 2025, to holders of record as of the close of business on June 30, 2025, in the customary manner. Accordingly, the redemption price for the Series A Preferred Stock will not include any accrued and unpaid dividends. On and after the redemption date, all dividends on the shares of Series A Preferred Stock will cease to accrue. The Series A Preferred Stock is held through The Depository Trust Company ("DTC") and will be redeemed in accordance with the procedures of DTC. Payment to DTC for the Series A Preferred Stock will be made by Computershare Trust Company, N.A., as redemption agent, in accordance with the Deposit Agreement and the Redemption Agent Agreement that govern the redemption of the Series A Preferred Stock. The address for the redemption agent is as follows: Computershare Trust Company, Corporate Actions150 Royall MA 02021 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, 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 Blog, UMB Facebook and UMB LinkedIn. View source version on Contacts Media Contact: Cynthia Simpson: 816.860.5637Investor Relations Contact: Kay Gregory: 816.860.7106 Sign in to access your portfolio
Associated Press
28-01-2025
- Business
- Associated Press
UMB Financial Corporation Reports Fourth Quarter Net Income of $120.0 Million and Net Operating Income(i) of $122.6 Million. Full-Year 2024 Net Income of $441.2 Million; Net Operating Income(i) of $461.7 Million.
KANSAS CITY, Mo.--(BUSINESS WIRE)--Jan 28, 2025-- UMB Financial Corporation (Nasdaq: UMBF), a financial services company, announced net income for the fourth quarter of 2024 of $120.0 million, or $2.44 per diluted share, compared to $109.6 million, or $2.23 per diluted share, in the third quarter (linked quarter) and $70.9 million, or $1.45 per diluted share, in the fourth quarter of 2023. Net operating income, a non-GAAP financial measure reconciled later in this release to net income, the nearest comparable GAAP measure, was $122.6 million, or $2.49 per diluted share, for the fourth quarter of 2024, compared to $110.4 million, or $2.25 per diluted share, for the linked quarter and $112.0 million, or $2.29 per diluted share, for the fourth quarter of 2023. 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 $166.9 million, or $3.39 per diluted share, for the fourth quarter of 2024, compared to $154.6 million, or $3.15 per diluted share, for the linked quarter, and $134.9 million, or $2.76 per diluted share, for the fourth quarter of 2023. These operating PTPP results represent increases of 8.0% on a linked-quarter basis and 23.7% compared to the fourth quarter of 2023. 'Our fourth quarter financial results punctuated a successful year for UMB Financial, driven by strong operating fundamentals that are the core of our investment thesis for shareholders,' said Mariner Kemper, UMB Financial Corporation chairman and chief executive officer. 'Our 2024 results reflect strong growth on both sides of the balance sheet, continued momentum and new client acquisitions in many of our fee income businesses, excellent credit quality metrics and disciplined expense management. We set new company records with annual net income of $441.2 million, net operating income of $461.7 million, net interest income that surpassed $1.0 billion, and noninterest income of $628.1 million. 'For the fourth quarter, net interest income increased 8.7% sequentially driven by both an 11-basis-point increase in net interest margin and a 15.6% linked-quarter annualized increase in average earning assets. Additionally, the strength of our fee income businesses propelled a 4.1% increase in noninterest income compared to the third quarter of 2024. Average loan balances increased 14.8% on a linked-quarter annualized basis, driven by top line loan production of $1.6 billion, another record for us. 'With the previously announced receipt of necessary approvals, we are excited to close our merger with Heartland Financial, slated for January 31, 2025. Teams at both companies have been diligently working to prepare for the closing and integration of our two franchises.' (i) A non-GAAP financial measure reconciled later in this release to net income, the nearest comparable GAAP measure. Fourth Quarter 2024 earnings discussion Summary of quarterly financial results UMB Financial Corporation (unaudited, dollars in thousands, except per share data) Q4 Q3 Q4 2024 2024 2023 Net income (GAAP) $ 119,997 $ 109,643 $ 70,923 Earnings per share - diluted (GAAP) 2.44 2.23 1.45 Operating pre-tax, pre-provision income (Non-GAAP)(i) 166,901 154,594 134,901 Operating pre-tax, pre-provision earnings per share - diluted (Non-GAAP)(i) 3.39 3.15 2.76 Operating pre-tax, pre-provision income - FTE (Non-GAAP)(i) 173,270 161,195 141,571 Operating pre-tax, pre-provision earnings per share - FTE - diluted (Non-GAAP)(i) 3.52 3.28 2.90 Net operating income (Non-GAAP)(i) 122,577 110,358 112,038 Operating earnings per share - diluted (Non-GAAP)(i) 2.49 2.25 2.29 GAAP Return on average assets 1.06 % 1.01 % 0.69 % Return on average equity 13.53 12.63 9.52 Efficiency ratio 61.83 61.69 77.65 Non-GAAP(i) Operating return on average assets 1.08 % 1.01 % 1.10 % Operating return on average equity 13.82 12.71 15.04 Operating efficiency ratio 61.12 61.46 63.06 (i) See reconciliation of Non-GAAP measures to their nearest comparable GAAP measures later in this release. Summary of revenue UMB Financial Corporation (unaudited, dollars in thousands) Q4 Q3 Q4 CQ vs. CQ vs. 2024 2024 2023 LQ PY Net interest income $ 268,974 $ 247,376 $ 230,522 $ 21,598 $ 38,452 Noninterest income: Trust and securities processing 76,861 74,222 66,584 2,639 10,277 Trading and investment banking 6,185 7,118 5,751 (933 ) 434 Service charges on deposit accounts 21,405 20,089 21,330 1,316 75 Insurance fees and commissions 425 282 238 143 187 Brokerage fees 18,635 15,749 13,439 2,886 5,196 Bankcard fees 21,089 22,394 18,672 (1,305 ) 2,417 Investment securities gains, net 593 2,623 1,014 (2,030 ) (421 ) Other 20,018 16,266 13,226 3,752 6,792 Total noninterest income $ 165,211 $ 158,743 $ 140,254 $ 6,468 $ 24,957 Total revenue $ 434,185 $ 406,119 $ 370,776 $ 28,066 $ 63,409 Net interest income (FTE) $ 275,343 $ 253,977 $ 237,192 Net interest margin (FTE) 2.57 % 2.46 % 2.46 % Total noninterest income as a % of total revenue 38.1 39.1 37.8 Net interest income Fourth quarter 2024 net interest income totaled $269.0 million, an increase of $21.6 million, or 8.7%, from the linked quarter, driven primarily by balance sheet growth, favorable reinvestment yields, as well as decreased interest expense due to the mix shift in the funding composition and repricing of deposits following the reduction in short-term interest rates. These benefits were partially offset by repricing of variable rate loans in response to reductions in the Secured Overnight Financing Rate (SOFR) and Prime rates. Average earning assets increased $1.6 billion, or 3.9%, from the linked quarter, largely driven by increases of $902.6 million in average loans, $585.6 million in average securities, and $101.7 million in federal funds sold and resell agreements. Average interest-bearing liabilities increased $487.1 million, or 1.6%, from the linked quarter, primarily driven by an increase of $1.6 billion in interest-bearing deposits, partially offset by a decrease of $1.1 billion in borrowed funds driven by the repayment of borrowings under the Bank Term Funding Program (BTFP) and Federal Home Loan Bank (FHLB) advances. Average noninterest-bearing demand deposits increased $1.1 billion, or 12.0%, as compared to the linked quarter. Net interest margin for the fourth quarter was 2.57%, an increase of 11 basis points from the linked quarter, driven by the decreased cost of interest-bearing liabilities due to lower short-term interest rates and a favorable mix shift in the funding composition, partially offset by decreased loan yields and earning asset mix changes. The cost of interest-bearing liabilities decreased 39 basis points sequentially to 3.79%. Total cost of funds decreased 36 basis points from the linked quarter to 2.80%. Average loan yields decreased 33 basis points while earning asset yields decreased 23 basis points from the linked quarter. On a year-over-year basis, net interest income increased $38.5 million, or 16.7%, driven by a $4.3 billion, or 11.3%, increase in average earning assets, partially offset by higher interest costs due to higher short-term interest rates and unfavorable mix shift in the composition of liabilities. Compared to the fourth quarter of 2023, average earning assets increased $4.3 billion, or 11.3%, largely driven by the increase in average loans noted above, an increase of $1.2 billion in interest-bearing due from banks, and an increase of $743.3 million in average securities. Average deposits increased 16.3% compared to the fourth quarter of 2023. Average interest-bearing deposits increased 21.4% and noninterest-bearing demand deposit balances increased 5.1% compared to the fourth quarter of 2023. Average demand deposit balances comprised 28.0% of total deposits, compared to 26.9% in the linked quarter and 31.0% in the fourth quarter of 2023. Average borrowed funds decreased $1.1 billion as compared to the linked quarter and $1.9 billion as compared to the fourth quarter of 2023, driven by the repayment of borrowings under the BTFP and FHLB advances. Noninterest income Fourth quarter 2024 noninterest income increased $6.5 million, or 4.1%, on a linked-quarter basis, largely due to: A gain of $4.1 million related to the previously announced sale of UMB Distribution Services during the fourth quarter of 2024 recorded in other income. An increase of $2.9 million in brokerage income primarily driven by higher 12b-1 fees and money market income. An increase of $2.6 million in trust and securities processing driven by strong activity in the corporate trust, private wealth, funds services and investor solutions lines of business. An increase of $1.7 million in derivative income, recorded in other income. These increases were partially offset by the following decreases: A decrease of $2.0 million in investment securities gains, primarily driven by decreased valuations in the company's non-marketable securities. A decrease of $2.0 million in company-owned life insurance income, recorded in other income. The decrease in company-owned life insurance was offset by a proportionate decrease in deferred compensation expense as noted below. Compared to the prior year, noninterest income in the fourth quarter of 2024 increased $25.0 million, or 17.8%, primarily driven by: An increase of $5.2 million in brokerage income primarily driven by higher 12b-1 fees and money market income. Increases of $4.8 million in fund services income, $3.5 million in corporate trust income, and $2.0 million in trust income, all recorded in trust and securities processing. A gain of $4.1 million related to the sale of UMB Distribution Services and a gain of $1.0 million on the sale of art during the fourth quarter of 2024, both recorded in other income. An increase of $2.4 million in bankcard income, primarily due to increased card purchase volume and related interchange income. An increase of $1.2 million in derivative income, recorded in other income. Noninterest expense Summary of noninterest expense UMB Financial Corporation (unaudited, dollars in thousands) Q4 Q3 Q4 CQ vs. CQ vs. 2024 2024 2023 LQ PY Salaries and employee benefits $ 161,062 $ 146,984 $ 134,231 $ 14,078 $ 26,831 Occupancy, net 11,272 12,274 12,296 (1,002 ) (1,024 ) Equipment 15,312 15,988 16,579 (676 ) (1,267 ) Supplies and services 3,173 4,967 5,546 (1,794 ) (2,373 ) Marketing and business development 8,999 6,817 6,659 2,182 2,340 Processing fees 30,565 29,697 27,271 868 3,294 Legal and consulting 12,229 9,518 8,424 2,711 3,805 Bankcard 9,398 12,482 8,677 (3,084 ) 721 Amortization of other intangible assets 1,917 1,917 2,048 — (131 ) Regulatory fees 5,255 4,686 59,183 569 (53,928 ) Other 11,179 7,124 9,060 4,055 2,119 Total noninterest expense $ 270,361 $ 252,454 $ 289,974 $ 17,907 $ (19,613 ) GAAP noninterest expense for the fourth quarter of 2024 was $270.4 million, an increase of $17.9 million, or 7.1%, from the linked quarter and a decrease of $19.6 million, or 6.8% from the fourth quarter of 2023. Operating noninterest expense, a non-GAAP financial measure reconciled later in this release to noninterest expense, the nearest comparable GAAP measure, was $267.3 million for the fourth quarter of 2024, an increase of $15.8 million, or 6.3%, from the linked quarter and an increase of $31.4 million, or 13.3%, from the fourth quarter of 2023. The linked-quarter increase in GAAP noninterest expense was driven by: An increase of $15.4 million in salaries and bonus expense, recorded in salaries and employee benefits, primarily driven by increased bonuses due to improved company performance. An increase of $4.5 million in operational losses, recorded in other expense. An increase of $2.7 million in legal and consulting expense driven by expense related to the announced acquisition of Heartland Financial USA, Inc. and an increase of $2.2 million in marketing and business development due to the timing of multiple advertising campaigns and increased travel and entertainment expense. These increases were partially offset by the following decreases: A decrease of $3.1 million in bankcard expense driven by lower administrative expense. A decrease of $1.8 million in deferred compensation expense, recorded in salaries and employee benefits. The decrease in deferred compensation expense was offset by the decrease in company-owned life insurance income noted above. A decrease of $1.8 million in supplies driven by purchases of computers during the third quarter of 2024. The year-over-year decrease in GAAP noninterest expense was driven by: A decrease of $53.9 million in regulatory fees expense driven by the $52.8 million expense recorded in the fourth quarter of 2023 related to the industry-wide FDIC special assessment levied as a result of the 2023 bank failures. A decrease of $2.4 million in supplies driven by purchases of computers during the fourth quarter of 2023. These decreases were partially offset by the following increases: An increase of $26.8 million in salaries and employee benefits, primarily driven by increased bonuses due to improved company performance. An increase of $3.8 million in legal and consulting driven by expense related to the announced acquisition of Heartland Financial USA, Inc. Increases of $3.3 million in processing fees expense due to increased software subscription costs and $2.3 million in marketing and business development due to the timing of multiple campaigns and increased travel and entertainment expense. Full Year 2024 earnings discussion Net income for the year ended December 31, 2024, was $441.2 million, or $8.99 per diluted share, compared to $350.0 million, or $7.18 per diluted share in 2023. The results for 2024 include $6.6 million in pre-tax expense for the FDIC special assessment, compared to $52.8 million in pre-tax expense in 2023. Net operating income, a non-GAAP financial measure reconciled to net income, the nearest comparable GAAP measure, later in this release, was $461.7 million, or $9.41 per diluted share, compared to $397.1 million, or $8.14 per diluted share in 2023. These results represent an increase of $64.6 million, or 16.3% as compared to 2023. Operating PTPP, a non-GAAP financial measure reconciled later in this release to the components of net income before taxes, the nearest comparable GAAP measure, was $625.8 million, or $12.75 per diluted share, compared to $524.8 million, or $10.76 per diluted share in 2023. These results represent an increase of 19.2% as compared to 2023. Summary of year-to-date financial results UMB Financial Corporation (unaudited, dollars in thousands, except per share data) December December YTD YTD 2024 2023 Net income (GAAP) $ 441,243 $ 350,024 Earnings per share - diluted (GAAP) 8.99 7.18 Operating pre-tax, pre-provision income (Non-GAAP)(i) 625,786 524,791 Operating pre-tax, pre-provision earnings per share - diluted (Non-GAAP)(i) 12.75 10.76 Operating pre-tax, pre-provision income - FTE (Non-GAAP)(i) 651,679 551,150 Operating pre-tax, pre-provision earnings per share - FTE - diluted (Non-GAAP)(i) 13.28 11.30 Net operating income (Non-GAAP)(i) 461,745 397,115 Operating earnings per share - diluted (Non-GAAP)(i) 9.41 8.14 GAAP Return on average assets 1.02 % 0.88 % Return on average equity 13.24 12.23 Efficiency ratio 62.56 67.76 Non-GAAP(i) Operating return on average assets 1.07 % 1.00 % Operating return on average equity 13.85 13.87 Operating efficiency ratio 61.12 63.52 Net interest income increased $80.8 million, or 8.8% year-over-year due to a $3.3 billion, or 8.9%, increase in average earning assets, coupled with the impacts from increased short-term and long-term interest rates in 2024 as compared to 2023. The increase in earning assets was driven by an increase of $1.9 billion, or 8.4%, in average loans, and an increase of $1.4 billion, or 70.2%, in average interest-bearing due from banks as compared to 2023. Average interest-bearing liabilities increased $3.4 billion, or 13.3%, while noninterest-bearing demand deposits decreased $563.1 million, or 5.3%, as expected in a higher interest rate environment. The yield on earning assets increased 41 basis points, while the cost of interest-bearing liabilities increased 44 basis points. Net interest margin for 2024 was 2.51%, compared to 2.52% in 2023. Full-year noninterest income increased $86.3 million, or 15.9%, due to: Increases of $20.5 million in fund services income, $7.7 million in corporate trust income, and $5.1 million in trust income, all recorded in trust and securities processing. An increase of $14.1 million in other income, primarily driven by gains on the sale of UMB Distribution Services, art, and land, as well as the recognition of $4.0 million from a legal settlement, all recorded during 2024. An increase of $13.9 million in investment securities gains, primarily driven by increased valuations in the company's non-marketable securities in 2024, coupled with the $4.9 million impairment loss on an available-for-sale subordinated debt security recorded in the prior year. Increases of $13.1 million in bankcard income due to higher interchange revenue, $7.4 million in brokerage income, due to higher 12b-1 fees and money market income, and $4.6 million in investment banking due to increased trade volume. Full-year GAAP noninterest expense increased $27.5 million, or 2.8% due to: An increase of $40.5 million in salaries and employee benefits, driven by increases of $36.4 million in salaries and bonus expense and $4.1 million in employee benefits expense. An increase of $16.2 million in legal and consulting expense driven by expense related to the announced acquisition of Heartland Financial USA, Inc. Increases of $14.8 million in processing fees, driven by increased software subscription costs, and $11.3 million in bankcard expense driven by higher administrative expense. These increases were partially offset by the following decreases: A decrease of $45.1 million in regulatory fees driven by the reduced FDIC special assessment expense during 2024 as compared to 2023. The results for 2024 and 2023 include expense of $6.6 million and $52.8 million, respectively, for the industry-wide FDIC special assessment. Decreases of $5.3 million in equipment expense, driven by reduced software expense, and $3.7 million in other expense, primarily due to fewer operational losses and decreased charitable contributions in 2024 as compared to 2023. Income taxes The company's effective tax rate was 18.5% for the year ended December 31, 2024, compared to 17.0% for the same period in 2023. The increase in the effective tax rate in 2024 is primarily attributable to a smaller portion of income being earned from tax-exempt municipal securities and higher non-deductible acquisition costs in 2024. These increases were partially offset by an increase in federal tax credits, net of related amortization. Balance sheet Average total assets for the fourth quarter of 2024 were $45.0 billion compared to $43.3 billion for the linked quarter and $40.5 billion for the same period in 2023. Summary of average loans and leases - QTD Average UMB Financial Corporation (unaudited, dollars in thousands) Q4 Q3 Q4 CQ vs. CQ vs. 2024 2024 2023 LQ PY Commercial and industrial $ 10,637,952 $ 10,176,502 $ 9,825,043 $ 461,450 $ 812,909 Specialty lending 491,546 508,957 496,816 (17,411 ) (5,270 ) Commercial real estate 10,007,361 9,669,076 8,890,057 338,285 1,117,304 Consumer real estate 3,143,613 3,045,229 2,945,114 98,384 198,499 Consumer 177,341 164,105 153,791 13,236 23,550 Credit cards 630,373 613,663 495,502 16,710 134,871 Leases and other 201,602 209,631 302,740 (8,029 ) (101,138 ) Total loans $ 25,289,788 $ 24,387,163 $ 23,109,063 $ 902,625 $ 2,180,725 Average loans for the fourth quarter of 2024 increased $902.6 million, or 3.7%, on a linked-quarter basis and $2.2 billion, or 9.4%, compared to the fourth quarter of 2023. Summary of average securities - QTD Average UMB Financial Corporation (unaudited, dollars in thousands) Q4 Q3 Q4 CQ vs. CQ vs. 2024 2024 2023 LQ PY Securities available for sale: U.S. Treasury $ 1,131,295 $ 821,308 $ 859,114 $ 309,987 $ 272,181 U.S. Agencies 159,808 166,250 169,723 (6,442 ) (9,915 ) Mortgage-backed 4,200,465 3,888,879 3,466,152 311,586 734,313 State and political subdivisions 1,241,033 1,240,199 1,218,176 834 22,857 Corporates 321,939 320,570 345,634 1,369 (23,695 ) Collateralized loan obligations 359,053 340,604 349,149 18,449 9,904 Total securities available for sale $ 7,413,593 $ 6,777,810 $ 6,407,948 $ 635,783 $ 1,005,645 Securities held to maturity: U.S. Agencies $ 116,316 $ 116,286 $ 123,195 $ 30 $ (6,879 ) Mortgage-backed 2,542,385 2,597,430 2,756,528 (55,045 ) (214,143 ) State and political subdivisions 2,765,663 2,785,138 2,825,138 (19,475 ) (59,475 ) Total securities held to maturity $ 5,424,364 $ 5,498,854 $ 5,704,861 $ (74,490 ) $ (280,497 ) Trading securities $ 25,224 $ 19,743 $ 16,880 $ 5,481 $ 8,344 Other securities 466,545 447,698 456,758 18,847 9,787 Total securities $ 13,329,726 $ 12,744,105 $ 12,586,447 $ 585,621 $ 743,279 Average total securities increased 4.6% on a linked-quarter basis and increased 5.9% compared to the fourth quarter of 2023. At December 31, 2024, the unrealized pre-tax net loss on the available-for-sale securities portfolio was $633.3 million, or 7.5% of the $8.4 billion amortized cost balance. At December 31, 2024, the unrealized pre-tax net loss on the securities designated as held to maturity was $630.0 million, or 11.7% of the $5.4 billion amortized cost value. Summary of average deposits - QTD Average UMB Financial Corporation (unaudited, dollars in thousands) Q4 Q3 Q4 CQ vs. CQ vs. 2024 2024 2023 LQ PY Deposits: Noninterest-bearing demand $ 10,637,616 $ 9,502,106 $ 10,118,748 $ 1,135,510 $ 518,868 Interest-bearing demand and savings 25,367,316 23,779,651 19,457,878 1,587,665 5,909,438 Time deposits 2,012,287 2,010,199 3,098,636 2,088 (1,086,349 ) Total deposits $ 38,017,219 $ 35,291,956 $ 32,675,262 $ 2,725,263 $ 5,341,957 Noninterest bearing deposits as % of total 28.0 % 26.9 % 31.0 % Average deposits increased 7.7% on a linked-quarter basis and 16.3% compared to the fourth quarter of 2023. Capital Capital information UMB Financial Corporation (unaudited, dollars in thousands, except per share data) December 31, 2024 September 30, 2024 December 31, 2023 Total equity $ 3,466,541 $ 3,535,489 $ 3,100,419 Accumulated other comprehensive loss, net (573,050 ) (395,856 ) (556,935 ) Book value per common share 71.02 72.45 63.85 Tangible book value per common share (Non-GAAP)(i) 65.46 66.86 58.12 Regulatory capital: Common equity Tier 1 capital $ 3,802,257 $ 3,691,874 $ 3,418,676 Tier 1 capital 3,802,257 3,691,874 3,418,676 Total capital 4,445,872 4,324,890 4,014,910 Regulatory capital ratios: Common equity Tier 1 capital ratio 11.29 % 11.22 % 10.94 % Tier 1 risk-based capital ratio 11.29 11.22 10.94 Total risk-based capital ratio 13.21 13.14 12.85 Tier 1 leverage ratio 8.50 8.58 8.49 (i) See reconciliation of Non-GAAP measures to their nearest comparable GAAP measures later in this release. At December 31, 2024, 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) Q4 Q3 Q2 Q1 Q4 2024 2024 2024 2024 2023 Net charge-offs - total loans $ 8,935 $ 8,454 $ 2,856 $ 3,017 $ 1,352 Net loan charge-offs as a % of total average loans 0.14 % 0.14 % 0.05 % 0.05 % 0.02 % Loans over 90 days past due $ 7,602 $ 7,133 $ 5,644 $ 3,076 $ 3,111 Loans over 90 days past due as a % of total loans 0.03 % 0.03 % 0.02 % 0.01 % 0.01 % Nonaccrual and restructured loans $ 19,282 $ 19,291 $ 13,743 $ 17,756 $ 13,212 Nonaccrual and restructured loans as a % of total loans 0.08 % 0.08 % 0.06 % 0.08 % 0.06 % Provision for credit losses $ 19,000 $ 18,000 $ 14,050 $ 10,000 $ — Provision for credit losses for the fourth quarter increased $1.0 million from the linked quarter and $19.0 million from the fourth quarter of 2023. These changes are driven largely by provision tied to the $651.5 million and $2.5 billion increases, respectively, in period-end loans from the prior periods, as well as general portfolio trends in the current period as compared to the prior periods. Net charge-offs for the fourth quarter totaled $8.9 million, or 0.14% of average loans, compared to $8.5 million, or 0.14% of average loans in the linked quarter, and $1.4 million, or 0.02% of average loans for the fourth quarter of 2023. Dividend Declaration At the company's quarterly board meeting, the Board of Directors declared a $0.40 per share quarterly cash dividend, payable on April 1, 2025, to stockholders of record of the company's common stock at the close of business on March 10, 2025. Conference Call The company will host a conference call to discuss its fourth quarter 2024 earnings results on Wednesday, January 29, 2025, at 8:30 a.m. (CT). Interested parties may access the call by dialing (toll-free) 833-470-1428 or (international) 404-975-4839 and requesting to join the UMB Financial call with access code 099512. The live call may also be accessed by visiting or by using the following link: UMB Financial 4Q 2024 Conference Call A replay of the conference call may be heard through February 12, 2025, by calling (toll-free) 866-813-9403 or (international) 929-458-6194. The replay access code required for playback is 612758. The call replay may also be accessed at Non-GAAP Financial Information In this release, we 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- and severance-related items, and the FDIC special assessment that management does not believe reflect the company's fundamental operating performance. 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, 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, 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 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 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, 2023, 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, 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 Blog, UMB Facebook and UMB LinkedIn. Consolidated Statements of Income UMB Financial Corporation (unaudited, dollars in thousands except share and per share data) Three Months Ended Year Ended December 31, December 31, 2024 2023 2024 2023 INTEREST INCOME Loans $ 410,631 $ 381,041 $ 1,612,948 $ 1,399,961 Securities: Taxable interest 71,403 53,890 257,562 214,981 Tax-exempt interest 24,387 25,637 99,375 102,197 Total securities income 95,790 79,527 356,937 317,178 Federal funds and resell agreements 5,902 3,540 17,628 17,647 Interest-bearing due from banks 42,314 32,267 182,145 103,190 Trading securities 331 227 1,351 729 Total interest income 554,968 496,602 2,171,009 1,838,705 INTEREST EXPENSE Deposits 255,303 213,842 982,302 704,210 Federal funds and repurchase agreements 23,745 21,903 106,558 93,026 Other 6,946 30,335 81,257 121,353 Total interest expense 285,994 266,080 1,170,117 918,589 Net interest income 268,974 230,522 1,000,892 920,116 Provision for credit losses 19,000 — 61,050 41,227 Net interest income after provision for credit losses 249,974 230,522 939,842 878,889 NONINTEREST INCOME Trust and securities processing 76,861 66,584 290,571 257,200 Trading and investment banking 6,185 5,751 24,226 19,630 Service charges on deposit accounts 21,405 21,330 84,512 84,950 Insurance fees and commissions 425 238 1,257 1,009 Brokerage fees 18,635 13,439 61,564 54,119 Bankcard fees 21,089 18,672 87,797 74,719 Investment securities gains (losses), net 593 1,014 10,720 (3,139 ) Other 20,018 13,226 67,470 53,365 Total noninterest income 165,211 140,254 628,117 541,853 NONINTEREST EXPENSE Salaries and employee benefits 161,062 134,231 593,913 553,421 Occupancy, net 11,272 12,296 47,539 48,502 Equipment 15,312 16,579 63,406 68,718 Supplies and services 3,173 5,546 14,845 16,829 Marketing and business development 8,999 6,659 28,439 25,749 Processing fees 30,565 27,271 117,899 103,099 Legal and consulting 12,229 8,424 46,207 29,998 Bankcard 9,398 8,677 44,265 32,969 Amortization of other intangible assets 1,917 2,048 7,705 8,587 Regulatory fees 5,255 59,183 31,904 77,010 Other 11,179 9,060 30,564 34,258 Total noninterest expense 270,361 289,974 1,026,686 999,140 Income before income taxes 144,824 80,802 541,273 421,602 Income tax expense 24,827 9,879 100,030 71,578 NET INCOME $ 119,997 $ 70,923 $ 441,243 $ 350,024 PER SHARE DATA Net income – basic $ 2.46 $ 1.46 $ 9.05 $ 7.22 Net income – diluted 2.44 1.45 8.99 7.18 Dividends 0.40 0.39 1.57 1.53 Weighted average shares outstanding – basic 48,807,081 48,538,127 48,747,814 48,503,643 Weighted average shares outstanding – diluted 49,178,891 48,860,020 49,056,956 48,763,820 Consolidated Statements of Comprehensive Income UMB Financial Corporation (unaudited, dollars in thousands) Three Months Ended Year Ended December 31, December 31, 2024 2023 2024 2023 Net income $ 119,997 $ 70,923 $ 441,243 $ 350,024 Other comprehensive (loss) income, before tax: Unrealized gains and losses on debt securities: Change in unrealized holding gains and losses, net (183,961 ) 293,578 (8,956 ) 147,977 Less: Reclassification adjustment for net (gains) losses included in net income — — (139 ) 279 Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity 8,560 9,288 35,905 39,851 Change in unrealized gains and losses on debt securities (175,401 ) 302,866 26,810 188,107 Unrealized gains and losses on derivative hedges: Change in unrealized gains and losses on derivative hedges, net (58,542 ) 10,767 (40,530 ) 15,015 Less: Reclassification adjustment for net gains included in net income (677 ) (2,589 ) (8,069 ) (10,654 ) Change in unrealized gains and losses on derivative hedges (59,219 ) 8,178 (48,599 ) 4,361 Other comprehensive (loss) income, before tax (234,620 ) 311,044 (21,789 ) 192,468 Income tax benefit (expense) 57,426 (75,608 ) 5,674 (46,668 ) Other comprehensive (loss) income (177,194 ) 235,436 (16,115 ) 145,800 Comprehensive (loss) income $ (57,197 ) $ 306,359 $ 425,128 $ 495,824 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 (Loss) Income Treasury Stock Total Balance - January 1, 2023 $ 55,057 $ 1,125,949 $ 2,536,086 $ (702,735 ) $ (347,264 ) $ 2,667,093 Total comprehensive income — — 350,024 145,800 — 495,824 Dividends ($1.53 per share) — — (75,286 ) — — (75,286 ) Purchase of treasury stock — — — — (8,367 ) (8,367 ) Issuances of equity awards, net of forfeitures — (10,385 ) — — 11,104 719 Recognition of equity-based compensation — 17,975 — — — 17,975 Sale of treasury stock — 220 — — 296 516 Exercise of stock options — 604 — — 1,341 1,945 Balance - December 31, 2023 $ 55,057 $ 1,134,363 $ 2,810,824 $ (556,935 ) $ (342,890 ) $ 3,100,419 Balance - January 1, 2024 $ 55,057 $ 1,134,363 $ 2,810,824 $ (556,935 ) $ (342,890 ) $ 3,100,419 Total comprehensive income (loss) — — 441,243 (16,115 ) — 425,128 Dividends ($1.57 per share) — — (77,119 ) — — (77,119 ) Purchase of treasury stock — — — — (7,738 ) (7,738 ) Issuances of equity awards, net of forfeitures — (11,220 ) — — 11,923 703 Recognition of equity-based compensation — 21,876 — — — 21,876 Sale of treasury stock — 342 — — 240 582 Exercise of stock options — 1,690 — — 2,413 4,103 Common stock issuance costs — (1,413 ) — — — (1,413 ) Balance - December 31, 2024 $ 55,057 $ 1,145,638 $ 3,174,948 $ (573,050 ) $ (336,052 ) $ 3,466,541 Average Balances / Yields and Rates UMB Financial Corporation (tax - equivalent basis) (unaudited, dollars in thousands) Three Months Ended December 31, 2024 2023 Average Average Average Average Balance Yield/Rate Balance Yield/Rate Assets Loans, net of unearned interest $ 25,289,788 6.46 % $ 23,109,063 6.54 % Securities: Taxable 9,739,156 2.92 8,853,426 2.41 Tax-exempt 3,565,346 3.42 3,716,141 3.44 Total securities 13,304,502 3.05 12,569,567 2.72 Federal funds and resell agreements 429,898 5.46 235,284 5.97 Interest bearing due from banks 3,573,884 4.71 2,372,767 5.40 Trading securities 25,224 5.68 16,880 5.83 Total earning assets 42,623,296 5.24 38,303,561 5.21 Allowance for credit losses (250,824 ) (223,668 ) Other assets 2,608,524 2,435,687 Total assets $ 44,980,996 $ 40,515,580 Liabilities and Shareholders' Equity Interest-bearing deposits $ 27,379,603 3.71 % $ 22,556,514 3.76 % Federal funds and repurchase agreements 2,250,507 4.20 1,883,392 4.61 Borrowed funds 409,474 6.75 2,286,271 5.26 Total interest-bearing liabilities 30,039,584 3.79 26,726,177 3.95 Noninterest-bearing demand deposits 10,637,616 10,118,748 Other liabilities 776,031 715,688 Shareholders' equity 3,527,765 2,954,967 Total liabilities and shareholders' equity $ 44,980,996 $ 40,515,580 Net interest spread 1.45 % 1.26 % Net interest margin 2.57 2.46 Average Balances / Yields and Rates UMB Financial Corporation (tax - equivalent basis) (unaudited, dollars in thousands) Year Ended December 31, 2024 2023 Average Average Average Average Balance Yield/Rate Balance Yield/Rate Assets Loans, net of unearned interest $ 24,212,645 6.66 % $ 22,337,119 6.27 % Securities: Taxable 9,290,809 2.77 9,097,110 2.36 Tax-exempt 3,634,588 3.44 3,790,921 3.38 Total securities 12,925,397 2.96 12,888,031 2.66 Federal funds and resell agreements 303,096 5.82 316,072 5.58 Interest bearing due from banks 3,482,402 5.23 2,046,349 5.04 Trading securities 22,311 6.53 14,030 5.65 Total earning assets 40,945,851 5.37 37,601,601 4.96 Allowance for credit losses (235,370 ) (216,245 ) Other assets 2,479,363 2,344,911 Total assets $ 43,189,844 $ 39,730,267 Liabilities and Shareholders' Equity Interest-bearing deposits $ 25,224,201 3.89 % $ 21,122,305 3.33 % Federal funds and repurchase agreements 2,338,455 4.56 2,175,415 4.28 Borrowed funds 1,447,646 5.61 2,311,238 5.25 Total interest-bearing liabilities 29,010,302 4.03 25,608,958 3.59 Noninterest-bearing demand deposits 10,077,251 10,640,344 Other liabilities 769,479 618,230 Shareholders' equity 3,332,812 2,862,735 Total liabilities and shareholders' equity $ 43,189,844 $ 39,730,267 Net interest spread 1.34 % 1.37 % Net interest margin 2.51 2.52 Business Segment Information UMB Financial Corporation (unaudited, dollars in thousands) Three Months Ended December 31, 2024 Commercial Banking Institutional Banking Personal Banking Total Net interest income $ 180,085 $ 53,118 $ 35,771 $ 268,974 Provision for credit losses 15,392 1,021 2,587 19,000 Noninterest income 29,278 109,812 26,121 165,211 Noninterest expense 92,740 109,850 67,771 270,361 Income (loss) before taxes 101,231 52,059 (8,466 ) 144,824 Income tax expense (benefit) 17,764 8,246 (1,183 ) 24,827 Net income (loss) $ 83,467 $ 43,813 $ (7,283 ) $ 119,997 Three Months Ended December 31, 2023 Commercial Banking Institutional Banking Personal Banking Total Net interest income $ 154,289 $ 44,150 $ 32,083 $ 230,522 Provision for credit losses (1,926 ) 653 1,273 — Noninterest income 25,956 90,361 23,937 140,254 Noninterest expense 114,190 114,306 61,478 289,974 Income (loss) before taxes 67,981 19,552 (6,731 ) 80,802 Income tax expense (benefit) 5,198 2,867 1,814 9,879 Net income (loss) $ 62,783 $ 16,685 $ (8,545 ) $ 70,923 Year Ended December 31, 2024 Commercial Banking Institutional Banking Personal Banking Total Net interest income $ 665,587 $ 199,821 $ 135,484 $ 1,000,892 Provision for credit losses 50,155 2,781 8,114 61,050 Noninterest income 130,187 398,306 99,624 628,117 Noninterest expense 356,136 408,323 262,227 1,026,686 Income (loss) before taxes 389,483 187,023 (35,233 ) 541,273 Income tax expense (benefit) 71,248 33,126 (4,344 ) 100,030 Net income (loss) $ 318,235 $ 153,897 $ (30,889 ) $ 441,243 Year Ended December 31, 2023 Commercial Banking Institutional Banking Personal Banking Total Net interest income $ 598,371 $ 192,765 $ 128,980 $ 920,116 Provision for credit losses 33,184 1,406 6,637 41,227 Noninterest income 97,614 347,933 96,306 541,853 Noninterest expense 365,856 382,770 250,514 999,140 Income (loss) before taxes 296,945 156,522 (31,865 ) 421,602 Income tax expense (benefit) 47,874 26,664 (2,960 ) 71,578 Net income (loss) $ 249,071 $ 129,858 $ (28,905 ) $ 350,024 The company has strategically aligned its operations into the following three reportable segments: Commercial Banking, Institutional Banking, and Personal Banking. Senior executive officers regularly evaluate business segment financial results produced by the company's internal reporting system in deciding how to allocate resources and assess performance for individual business segments. The company's reportable segments include certain corporate overhead, technology and service costs that are allocated based on methodologies that are applied consistently between periods. For comparability purposes, amounts in all periods are based on methodologies in effect at December 31, 2024. Non-GAAP Financial Measures Net operating income Non-GAAP reconciliations: UMB Financial Corporation (unaudited, dollars in thousands except per share data) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Net income (GAAP) $ 119,997 $ 70,923 $ 441,243 $ 350,024 Adjustments: Acquisition expense 3,658 52 16,250 179 Severance expense 245 1,207 569 8,943 FDIC special assessment (826 ) 52,840 6,644 52,840 Tax-impact of adjustments (i) (497 ) (12,984 ) (2,961 ) (14,871 ) Total Non-GAAP adjustments (net of tax) 2,580 41,115 20,502 47,091 Net operating income (Non-GAAP) $ 122,577 $ 112,038 $ 461,745 $ 397,115 Earnings per share - diluted (GAAP) $ 2.44 $ 1.45 $ 8.99 $ 7.18 Acquisition expense 0.07 — 0.33 — Severance expense — 0.02 0.01 0.18 FDIC special assessment (0.01 ) 1.08 0.14 1.08 Tax-impact of adjustments (i) (0.01 ) (0.26 ) (0.06 ) (0.30 ) Operating earnings per share - diluted (Non-GAAP) $ 2.49 $ 2.29 $ 9.41 $ 8.14 GAAP Return on average assets 1.06 % 0.69 % 1.02 % 0.88 % Return on average equity 13.53 9.52 13.24 12.23 Non-GAAP Operating return on average assets 1.08 % 1.10 % 1.07 % 1.00 % Operating return on average equity 13.82 15.04 13.85 13.87 (i) Calculated using the company's marginal tax rate of 23.0% for 2024 and 24.0% for 2023. Certain merger-related expenses are non-deductible. Operating noninterest expense and operating efficiency ratio Non-GAAP reconciliations: UMB Financial Corporation (unaudited, dollars in thousands) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Noninterest expense $ 270,361 $ 289,974 $ 1,026,686 $ 999,140 Adjustments to arrive at operating noninterest expense (pre-tax): Acquisition expense 3,658 52 16,250 179 Severance expense 245 1,207 569 8,943 FDIC special assessment (826 ) 52,840 6,644 52,840 Total Non-GAAP adjustments (pre-tax) 3,077 54,099 23,463 61,962 Operating noninterest expense (Non-GAAP) $ 267,284 $ 235,875 $ 1,003,223 $ 937,178 Noninterest expense $ 270,361 $ 289,974 $ 1,026,686 $ 999,140 Less: Amortization of other intangibles 1,917 2,048 7,705 8,587 Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A) $ 268,444 $ 287,926 $ 1,018,981 $ 990,553 Operating noninterest expense $ 267,284 $ 235,875 $ 1,003,223 $ 937,178 Less: Amortization of other intangibles 1,917 2,048 7,705 8,587 Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B) $ 265,367 $ 233,827 $ 995,518 $ 928,591 Net interest income $ 268,974 $ 230,522 $ 1,000,892 $ 920,116 Noninterest income 165,211 140,254 628,117 541,853 Less: Gains on sales of securities available for sale, net — — 139 152 Total Non-GAAP Revenue (denominator A) $ 434,185 $ 370,776 $ 1,628,870 $ 1,461,817 Efficiency ratio (numerator A/denominator A) 61.83 % 77.65 % 62.56 % 67.76 % Operating efficiency ratio (Non-GAAP) (numerator B/denominator A) 61.12 63.06 61.12 63.52 Operating pre-tax, pre-provision income non-GAAP reconciliations: UMB Financial Corporation (unaudited, dollars in thousands except per share data) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Net interest income (GAAP) $ 268,974 $ 230,522 $ 1,000,892 $ 920,116 Noninterest income (GAAP) 165,211 140,254 628,117 541,853 Noninterest expense (GAAP) 270,361 289,974 1,026,686 999,140 Adjustments to arrive at operating noninterest expense: Acquisition expense 3,658 52 16,250 179 Severance expense 245 1,207 569 8,943 FDIC special assessment (826 ) 52,840 6,644 52,840 Total Non-GAAP adjustments 3,077 54,099 23,463 61,962 Operating noninterest expense (Non-GAAP) 267,284 235,875 1,003,223 937,178 Operating pre-tax, pre-provision income (Non-GAAP) $ 166,901 $ 134,901 $ 625,786 $ 524,791 Net interest income earnings per share - diluted (GAAP) $ 5.47 $ 4.72 $ 20.40 $ 18.87 Noninterest income (GAAP) 3.36 2.87 12.80 11.11 Noninterest expense (GAAP) 5.50 5.93 20.93 20.48 Acquisition expense 0.07 — 0.33 — Severance expense — 0.02 0.01 0.18 FDIC special assessment (0.01 ) 1.08 0.14 1.08 Operating pre-tax, pre-provision earnings per share - diluted (Non-GAAP) $ 3.39 $ 2.76 $ 12.75 $ 10.76 Operating pre-tax, pre-provision income - FTE Non-GAAP reconciliations: UMB Financial Corporation (unaudited, dollars in thousands except per share data) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Net interest income (GAAP) $ 268,974 $ 230,522 $ 1,000,892 $ 920,116 Adjustments to arrive at net interest income - FTE: Tax equivalent interest 6,369 6,670 25,893 26,359 Net interest income - FTE (Non-GAAP) 275,343 237,192 1,026,785 946,475 Noninterest income (GAAP) 165,211 140,254 628,117 541,853 Noninterest expense (GAAP) 270,361 289,974 1,026,686 999,140 Adjustments to arrive at operating noninterest expense: Acquisition expense 3,658 52 16,250 179 Severance expense 245 1,207 569 8,943 FDIC special assessment (826 ) 52,840 6,644 52,840 Total Non-GAAP adjustments 3,077 54,099 23,463 61,962 Operating noninterest expense (Non-GAAP) 267,284 235,875 1,003,223 937,178 Operating pre-tax, pre-provision income - FTE (Non-GAAP) $ 173,270 $ 141,571 $ 651,679 $ 551,150 Net interest income earnings per share - diluted (GAAP) $ 5.47 $ 4.72 $ 20.40 $ 18.87 Tax equivalent interest 0.13 0.14 0.53 0.54 Net interest income - FTE (Non-GAAP) 5.60 4.86 20.93 19.41 Noninterest income (GAAP) 3.36 2.87 12.80 11.11 Noninterest expense (GAAP) 5.50 5.93 20.93 20.48 Acquisition expense 0.07 — 0.33 — Severance expense — 0.02 0.01 0.18 FDIC special assessment (0.01 ) 1.08 0.14 1.08 Operating pre-tax, pre-provision income - FTE earnings per share - diluted (Non-GAAP) $ 3.52 $ 2.90 $ 13.28 $ 11.30 Tangible book value non-GAAP reconciliations: UMB Financial Corporation (unaudited, dollars in thousands except share and per share data) As of December 31, 2024 2023 Total shareholders' equity (GAAP) $ 3,466,541 $ 3,100,419 Less: Intangible assets Goodwill 207,385 207,385 Other intangibles, net 63,647 71,012 Total intangibles, net 271,032 278,397 Total tangible shareholders' equity (Non-GAAP) $ 3,195,509 $ 2,822,022 Total shares outstanding 48,814,177 48,554,127 Ratio of total shareholders' equity (book value) per share $ 71.02 $ 63.85 Ratio of total tangible shareholders' equity (tangible book value) per share (Non-GAAP) 65.46 58.12 View source version on CONTACT: Media Contact: Stephanie Hague: 816.729.1027 Investor Relations Contact: Kay Gregory: 816.860.7106 KEYWORD: UNITED STATES NORTH AMERICA MISSOURI INDUSTRY KEYWORD: PERSONAL FINANCE FINANCE BANKING PROFESSIONAL SERVICES ASSET MANAGEMENT SOURCE: UMB Financial Corporation Copyright Business Wire 2025. PUB: 01/28/2025 04:05 PM/DISC: 01/28/2025 04:06 PM
