10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(MARK ONE)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2007

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission file number 0-4887

UMB FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Missouri	43-0903811
(State or other jurisdiction of incorporation or organization)	(I.R.S. – Employer Identification Number)

1010 Grand Boulevard, Kansas City, Missouri	64106
(Address of principal executive offices)	(ZIP Code)

(Registrant’s telephone number, including area code): (816) 860-7000

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer  x    Accelerated filer  ¨    Non- accelerated filer  ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes   ¨    No  x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.

As of July 31, 2007, UMB Financial Corporation had 42,104,663 shares of common stock outstanding.

UMB FINANCIAL CORPORATION

FORM 10-Q

INDEX

	Page
PART I – FINANCIAL INFORMATION	3
ITEM 1. FINANCIAL STATEMENTS	3
CONDENSED CONSOLIDATED BALANCE SHEETS	3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME	4
STATEMENTS OF CHANGES IN CONSOLIDATED SHAREHOLDERS’ EQUITY	5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS	6
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	7
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	15
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	32
ITEM 4. CONTROLS AND PROCEDURES	36
PART II – OTHER INFORMATION	37
ITEM 1. LEGAL PROCEEDINGS	37
ITEM 1A. RISK FACTORS	37
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	37
ITEM 3. DEFAULTS UPON SENIOR SECURITIES	37
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS	37
ITEM 5. OTHER INFORMATION	38
ITEM 6. EXHIBITS	38
SIGNATURES	40
CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT	41
CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT	42
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002	43
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002	44

2

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

UMB FINANCIAL CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

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

	June 30, 2007			December 31, 2006
ASSETS
Loans	$	3,958,178		$	3,753,445
Allowance for loan losses		(45,248	)		(44,926	)
Net loans		3,912,930			3,708,519
Loans held for sale		14,290			14,120
Investment Securities:
Available for sale		2,712,046			3,238,648
Held to maturity (market value of $39,455 and $44,819, respectively)		39,445			44,781
Federal Reserve Bank stock and other		18,515			15,490
Trading securities		67,015			64,534
Total investment securities		2,837,021			3,363,453
Federal funds sold and securities purchased under agreements to resell		365,466			848,922
Cash and due from banks		430,908			531,188
Bank premises and equipment, net		239,122			243,216
Accrued income		58,779			57,313
Goodwill		94,631			93,723
Other intangibles		17,935			19,309
Other assets		62,962			38,002
Total assets	$	8,034,044		$	8,917,765
LIABILITIES
Deposits:
Noninterest-bearing demand	$	1,892,947		$	2,293,096
Interest-bearing demand and savings		2,679,537			2,644,125
Time deposits under $100,000		775,111			799,003
Time deposits of $100,000 or more		450,900			572,740
Total deposits		5,798,495			6,308,964
Federal funds purchased and repurchase agreements		1,255,414			1,620,945
Short-term debt		12,646			17,881
Long-term debt		35,788			38,020
Accrued expenses and taxes		46,726			52,381
Other liabilities		24,547			30,699
Total liabilities		7,173,616			8,068,890
SHAREHOLDERS’ EQUITY
Common stock, $1.00 par value; authorized 80,000,000 shares, 55,056,730 issued, 42,099,765 and 42,266,041 shares outstanding, respectively		55,057			55,057
Capital surplus		700,616			699,794
Retained earnings		406,048			380,464
Accumulated other comprehensive loss		(22,858	)		(17,259	)
Treasury stock, 12,956,965 and 12,790,689 shares, at cost, respectively		(278,435	)		(269,181	)
Total shareholders’ equity		860,428			848,875
Total liabilities and shareholders’ equity	$	8,034,044		$	8,917,765

See Notes to Condensed Consolidated Financial Statements.

3

UMB FINANCIAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

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

	Three Months Ended June 30,					Six Months Ended June 30,
	2007			2006		2007			2006
INTEREST INCOME
Loans	$	68,313		$	57,541	$	134,414		$	110,774
Securities:
Taxable interest		23,206			19,180		47,948			40,932
Tax-exempt interest		6,126			5,841		12,153			11,525
Total securities income		29,332			25,021		60,101			52,457
Federal funds and resell agreements		4,126			5,039		11,332			10,127
Trading securities and other		666			734		1,263			1,449
Total interest income		102,437			88,335		207,110			174,807
INTEREST EXPENSE
Deposits		28,961			22,830		57,779			43,592
Federal funds and repurchase agreements		15,985			11,409		34,340			24,243
Short-term debt		177			171		280			324
Long-term debt		459			416		892			894
Total interest expense		45,582			34,826		93,291			69,053
Net interest income		56,855			53,509		113,819			105,754
Provision for loan losses		2,000			3,075		3,500			6,234
Net interest income after provision for loan losses		54,855			50,434		110,319			99,520
NONINTEREST INCOME
Trust and securities processing		28,954			24,990		56,242			47,659
Trading and investment banking		5,555			4,567		10,394			8,680
Service charges on deposits		20,686			19,002		39,574			36,609
Insurance fees and commissions		955			1,101		1,631			2,093
Brokerage fees		1,987			1,600		4,065			3,117
Bankcard fees		9,900			9,860		19,296			18,806
(Loss) gain on sale of other assets, net		(9	)		574		(9	)		596
(Loss) gain on sales of securities available for sale, net		(7	)		75		2			84
Other		4,305			3,940		7,819			7,885
Total noninterest income		72,326			65,709		139,014			125,529
NONINTEREST EXPENSE
Salaries and employee benefits		49,908			47,796		101,099			95,034
Occupancy, net		7,640			6,802		14,754			13,356
Equipment		13,068			12,348		26,425			23,463
Supplies and services		5,794			5,698		11,513			11,473
Marketing and business development		4,157			4,022		7,694			7,644
Processing fees		7,131			7,245		13,777			13,555
Legal and consulting		1,941			2,007		3,466			3,656
Bankcard		2,844			3,519		5,435			6,810
Amortization of other intangibles		734			286		1,469			504
Other		5,121			5,668		10,115			10,928
Total noninterest expense		98,338			95,391		195,747			186,423
Income before income taxes		28,843			20,752		53,586			38,626
Income tax provision		8,780			5,893		16,199			10,526
NET INCOME	$	20,063		$	14,859	$	37,387		$	28,100
PER SHARE DATA
Net income - basic	$	0.48		$	0.35	$	0.89		$	0.66
Net income - diluted		0.48			0.35		0.89			0.65
Dividends		0.14			0.13		0.28			0.26
Weighted average shares outstanding		41,857,515			42,677,639		41,944,564			42,748,188

See Notes to Condensed Consolidated Financial Statements.

4

UMB FINANCIAL CORPORATION

STATEMENTS OF CHANGES IN CONSOLIDATED SHAREHOLDERS’ EQUITY

(unaudited, dollars in thousands)

	Common Stock		Capital Surplus			Unearned Compensation			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Total
Balance - January 1, 2006	$	27,528	$	728,108		$	(1,904	)	$	342,675		$	(21,550	)	$	(241,394	)	$	833,463
Adoption of SFAS 123(R)		—		(1,904	)		1,904			—			—			—			—
Comprehensive income
Net income		—		—			—			28,100			—			—			28,100
Change in unrealized losses on securities		—		—			—			—			(16,040	)		—			(16,040	)
Total comprehensive income																			12,060
Cash dividends ($0.26 per share)		—		—			—			(10,907	)		—			—			(10,907	)
Stock split two for one		27,529		(27,529	)		—			—			—			—			—
Purchase of treasury stock		—		—			—			—			—			(12,616	)		(12,616	)
Issuance of stock awards		—		(758	)		—			—			—			908			150
Recognition of stock based compensation		—		428			—			—			—			—			428
Sale of treasury stock		—		117			—			—			—			85			202
Exercise of stock options		—		23			—			—			—			133			156
Balance - June 30, 2006	$	55,057	$	698,485		$	—		$	359,868		$	(37,590	)	$	(252,884	)	$	822,936
Balance - January 1, 2007	$	55,057	$	699,794		$	—		$	380,464		$	(17,259	)	$	(269,181	)	$	848,875
Comprehensive income
Net income		—		—			—			37,387			—			—			37,387
Change in unrealized losses on securities		—		—			—			—			(5,599	)		—			(5,599	)
Total comprehensive income																			31,788
Cash dividends ($0.28 per share)		—		—			—			(11,803	)		—			—			(11,803	)
Purchase of treasury stock		—		—			—			—			—			(10,739	)		(10,739	)
Issuance of stock awards		—		(898	)		—			—			—			1,035			137
Recognition of stock based compensation		—		1,419			—			—			—			—			1,419
Sale of treasury stock		—		149			—			—			—			94			243
Exercise of stock options		—		152			—			—			—			356			508
Balance - June 30, 2007	$	55,057	$	700,616		$	—		$	406,048		$	(22,858	)	$	(278,435	)	$	860,428

See Notes to Condensed Consolidated Financial Statements

5

UMB FINANCIAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, dollars in thousands)

	Six Months Ended June 30,
	2007			2006
Operating Activities
Net Income	$	37,387		$	28,100
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses		3,500			6,234
Depreciation and amortization		18,628			16,376
Deferred income tax expense (benefit)		(1,538	)		119
Net increase in trading securities and other earning assets		(2,481	)		(5,297	)
Gains on sales of securities available for sale, net		(2	)		(84	)
Losses (gains) on sales of other assets		9			(596	)
Amortization of securities premiums, net of discount accretion		(2,715	)		(5	)
Net increase in loans held for sale		(170	)		(601	)
Issuance of stock awards		137			150
Recognition of stock based compensation		1,419			428
Changes in:
Accrued income		(1,466	)		(345	)
Accrued expenses and taxes		(1,754	)		(96	)
Other assets and liabilities, net		(6,385	)		7,334
Net cash provided by operating activities		44,569			51,717
Investing Activities
Proceeds from maturities of securities held to maturity		7,304			46,846
Proceeds from sales of securities available for sale		137			141
Proceeds from maturities of securities available for sale		1,145,511			7,810,370
Purchases of securities held to maturity		(5,182	)		(31,713	)
Purchases of securities available for sale		(625,010	)		(7,023,585	)
Net increase in loans		(208,421	)		(220,646	)
Net increase (decrease) in fed funds and resell agreements		483,456			(133,844	)
Net change in unsettled securities transactions		(23,969	)		(719	)
Purchases of bank premises and equipment		(13,239	)		(16,836	)
Cash received for branch deposits, net of cash paid		(689	)		19,078
Proceeds from sales of bank premises and equipment		137			1,543
Net cash provided by investing activities		760,035			450,635
Financing Activities
Net decrease in demand and savings deposits		(364,737	)		(135,700	)
Net decrease in time deposits		(145,732	)		(56,281	)
Net decrease in fed funds/ repurchase agreements		(365,531	)		(426,833	)
Net decrease in short-term debt		(5,235	)		(11,493	)
Proceeds from long-term debt		980			—
Repayment of long-term debt		(3,212	)		(1,129	)
Cash dividends		(11,429	)		(10,723	)
Proceeds from exercise of stock options and sales of treasury stock		751			358
Purchases of treasury stock		(10,739	)		(12,616	)
Net cash used in financing activities		(904,884	)		(654,417	)
Decrease in cash and due from banks		(100,280	)		(152,065	)
Cash and due from banks at beginning of period		531,188			599,580
Cash and due from banks at end of period	$	430,908		$	447,515
Supplemental Disclosures:
Income taxes paid	$	15,612		$	12,526
Total interest paid		94,153			68,891

See Notes to Condensed Consolidated Financial Statements.

6

UMB FINANCIAL CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2007 (UNAUDITED)

1. Financial Statement Presentation

The condensed consolidated financial statements include the accounts of UMB Financial Corporation and its subsidiaries (collectively, the “Company”) after elimination of all material intercompany transactions. In the opinion of management of the Company, all adjustments, which were of a normal recurring nature and necessary for a fair presentation of the financial position and results of operations, have been made. The results of operations and cash flows for the interim periods presented may not be indicative of the results of the full year. The financial statements should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2006.

2. Summary of Accounting Policies

The Company is a multi-bank financial holding company, which offers a wide range of banking and other financial services to its customers through its branches and offices in the states of Missouri, Kansas, Colorado, Illinois, Oklahoma, Arizona, Nebraska and Wisconsin. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. These estimates and assumptions also impact reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. A summary of the significant accounting policies to assist the reader in understanding the financial presentation are listed in the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2006.

Per Share Data Basic income per share is computed based on the weighted average number of shares of common stock outstanding during each period. Diluted quarterly per share data includes the diluted effect of 274,656 and 205,566 shares issueable under options granted by the Company at June 30, 2007 and 2006, respectively. Diluted year-to-date income per share includes the diluted effect of 266,801 and 208,919 shares issueable upon the exercise of stock options granted by the Company at June 30, 2007 and 2006, respectively.

Options issued under employee benefit plans to purchase 498,100 and 245,996 shares of common stock were outstanding at June 30, 2007 and 2006, respectively, but were not included in the computation of diluted EPS because the options were anti-dilutive.

3. New Accounting Pronouncements

Accounting for Uncertainty in Income Taxes – an Interpretation of FASB Statement No. 109 In June 2006, the FASB issued FASB Interpretation No. 48 (FIN 48), “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109”. FIN 48 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or to be taken on a tax return. This interpretation also provides additional guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The Company adopted the provisions of FIN 48 effective January 1, 2007, as discussed further in Note 9 to the condensed consolidated financial statements.

Fair Value Measurement In September 2006, the FASB issued Statement of Financial Accounting Standard (SFAS) No. 157, “Fair Value Measurement”. The Statement establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosure about fair value measurements. This Statement is applicable under other accounting pronouncements that require fair value recognition. It does not create new fair value measurements; however, it provides increased consistency in the application of various fair value measurements. This Statement is effective for all financial instruments acquired or issued after January 1, 2008. The Company does not expect adoption of this Statement will have a material effect on its consolidated financial statements.

7

UMB FINANCIAL CORPORATION

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2007 (UNAUDITED)

The Fair Value Option for Financial Assets and Financial Liabilities—including an amendment of FASB Statement No. 115 In February 2007, the FASB issued SFAS No. 159 “The Fair Value Option for Financial Assets and Financial Liabilities—Including an amendment of FASB Statement No. 115”. This Statement permits entities to choose to measure many financial instruments and certain other items at fair value. The objective is to improve financial reporting by providing entities with the opportunity to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently without having to apply complex hedge accounting provisions. For calendar year companies, the Statement is effective for all financial instruments acquired or issued after January 1, 2008. The Company is currently evaluating the potential future impact of this Statement on its consolidated financial statements.

4. Loans and Allowance for Loan Losses

This table provides a summary of the major categories of loans as of June 30, 2007 and December 31, 2006 (in thousands):

	June 30,		December 31,
	2007		2006
Commercial, financial, and agricultural	$	1,777,252	$	1,564,793
Real estate construction		85,173		84,141
Consumer		909,488		982,325
Real estate		1,180,204		1,116,405
Leases		6,061		5,781
Total loans		3,958,178		3,753,445
Loans held for sale		14,290		14,120
Total loans and loans held for sale	$	3,972,468	$	3,767,565

This table is an analysis of the allowance for loan losses for the three and six months ended June 30, 2007 and 2006 (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2007			2006			2007			2006
Allowance - April 1 and January 1	$	44,763		$	40,679		$	44,926		$	40,825
Additions (deductions):
Charge-offs		(2,558	)		(2,327	)		(5,198	)		(6,351	)
Recoveries		1,043			693			2,020			1,412
Net charge-offs		(1,515	)		(1,634	)		(3,178	)		(4,939	)
Provision charged to expense		2,000			3,075			3,500			6,234
Allowance - June 30	$	45,248		$	42,120		$	45,248		$	42,120

Impaired loans under SFAS No. 114. SFAS No. 114, “Accounting by Creditors for Impairment of a Loan” requires that impaired loans be measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, at the loan’s observable market price, or at the fair value of the collateral securing the loan. The summary below provides an analysis of impaired loans under SFAS No. 114 for the six months ended June 30, 2007 and December 31, 2006 (in thousands):

	June 30,		December 31,
	2007		2006
Total impaired loans as of June 30 and December 31	$	6,595	$	5,485
Amount of impaired loans which have a related allowance		1,265		1,117
Amount of related allowance		372		318
Remaining impaired loans with no allowance		5,330		4,368
Average recorded investment in impaired loans during the period		6,191		6,522

8

UMB FINANCIAL CORPORATION

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2007 (UNAUDITED)

5. Securities

Investment securities available for sale which are recorded at fair value consist of the following (in thousands):

	June 30,		December 31,
	2007		2006
Available for sale
U.S. Treasuries	$	492,406	$	493,362
U.S. Agencies		588,897		1,151,069
State and political subdivisions		696,948		671,093
Mortgage backed		933,795		923,124
Total available for sale	$	2,712,046	$	3,238,648

Investment securities held to maturity which are recorded at book value consist of the following (in thousands):

	June 30,		December 31,
	2007		2006
State and political subdivisions	$	39,445	$	44,781

6. Other Comprehensive Loss

The Company’s only component of other comprehensive loss for the three months and six months ended June 30, 2007 and 2006 was the net unrealized gains and losses on available for sale securities (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2007			2006			2007			2006
Change in unrealized holding losses, net	$	(20,612	)	$	(14,353	)	$	(8,868	)	$	(25,313	)
Less: Reclassification adjustments for losses (gains) included in income		7			(75	)		(2	)		(84	)
Net unrealized holding loss		(20,605	)		(14,428	)		(8,870	)		(25,397	)
Income tax benefit		7,586			5,322			3,271			9,357
Other comprehensive loss	$	(13,019	)	$	(9,106	)	$	(5,599	)	$	(16,040	)

7. Commitments, Contingencies and Guarantees

In the normal course of business, the Company is a party to financial instruments with off-balance-sheet risk in order to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit, commercial letters of credit, standby letters of credit, and futures contracts. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheet. The contract or notional amount of those instruments reflects the extent of involvement the Company has in particular classes of financial instruments.

9

UMB FINANCIAL CORPORATION

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2007 (UNAUDITED)

The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit, commercial letters of credit, and standby letters of credit is represented by the contract or notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments.

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the agreement. These conditions generally include, but are not limited to, each customer being current as to repayment terms of existing loans and no deterioration in the customer’s financial condition. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The interest rate is generally a variable rate. If the commitment has a fixed interest rate, the rate is generally not set at current market conditions until such time as credit is extended. For credit card customers, the Company has the right to change or terminate terms or conditions of the credit card account at any time. Since a large portion of the commitments and unused credit card lines are never actually drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on an individual basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation. Collateral held varies but may include accounts receivable, inventory, real estate, plant and equipment, stock, securities and certificates of deposit.

Commercial letters of credit are issued specifically to facilitate trade or commerce. Under the terms of a commercial letter of credit, as a general rule, drafts will be drawn when the underlying transaction is consummated as intended.

Standby letters of credit are conditional commitments issued by the Company payable upon the non-performance of a customer’s obligations to a third party. The Company issues standby letters of credit for terms ranging from three months to three years. The maximum liability to the Company under standby letters of credit at June 30, 2007 and December 31, 2006 was $285.0 million and $291.9 million, respectively. As of June 30, 2007 and December 31, 2006, standby letters of credit totaling $57.0 million and $43.1 million, respectively, were with related parties to the Company.

The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities. The Company holds collateral supporting those commitments when deemed necessary. Collateral varies but may include such items as those described for commitments to extend credit.

Futures contracts are contracts for delayed delivery of securities or money market instruments in which the seller agrees to make delivery at a specified future date, of a specified instrument, at a specified yield. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in securities values and interest rates. Instruments used in trading activities are carried at market value and gains and losses on futures contracts are settled in cash daily. Any changes in the market value are recognized in trading and investment banking income.

The Company’s use of futures contracts is very limited. The Company uses contracts to offset interest rate risk on specific securities held in the trading portfolio. Open futures contract positions averaged $35.4 million and $54.0 million during the six-month periods ended June 30, 2007 and 2006, respectively. Open futures contract positions averaged $36.6 million and $55.7 million for the three months ended June 30, 2007 and 2006, respectively. Net futures activity resulted in gains of $0.1 million and $0.9 million for the six months ended June 30, 2007 and 2006. Net futures activity resulted in gains of $0.3 million for the three months ended June 30, 2007 and 2006. The Company controls the credit risk of its futures contracts through credit approvals, limits and monitoring procedures.

The Company also enters into foreign exchange contracts on a limited basis. For operating purposes, the Company maintains certain balances with foreign banks. Foreign exchange contracts are purchased on a monthly basis to avoid foreign exchange risk on these foreign balances. The Company will also enter into foreign exchange contracts to facilitate foreign exchange needs of customers. The Company will enter into a contract to buy or sell a foreign currency at a future date only as part of a contract to sell or buy the foreign currency at the same future date to a customer. During the six months ended June 30, 2007, contracts to purchase and to sell foreign currency averaged approximately $13.6 million compared to $18.7 million for the six months ended June 30, 2006. For the three months ended June 30, 2007 and 2006, the contracts to purchase and to sell foreign currency averaged $11.8

10

UMB FINANCIAL CORPORATION

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2007 (UNAUDITED)

million and $15.2 million, respectively. The net gains on these foreign exchange contracts for the six months ended June 30, 2007 and 2006 were $0.9 million and $0.8 million, respectively. The net gains on these foreign exchange contracts for the three months ended June 30, 2007 and 2006 were $0.5 million and $0.4 million, respectively.

With respect to group concentrations of credit risk, most of the Company’s business activity is with customers in the states of Missouri, Kansas, Colorado, Oklahoma, Nebraska and Illinois. At June 30, 2007, the Company did not have any significant credit concentrations in any particular industry.

In the normal course of business, the Company and its subsidiaries are named defendants in various lawsuits and counter-claims. In the opinion of management, after consultation with legal counsel, none of these lawsuits are expected to have a materially adverse effect on the financial position, results of operations or cash flows of the Company.

The following table summarizes the Company’s off-balance sheet financial instruments as described above.

Contract or Notional Amount (in thousands):

	June 30,		December 31,
	2007		2006
Commitments to extend credit for loans (excluding credit card loans)	$	1,513,486	$	1,438,855
Commitments to extend credit under credit card loans		965,134		906,179
Commercial letters of credit		7,902		7,082
Standby letters of credit		285,004		291,904
Futures contracts		46,200		33,000
Forward foreign exchange contracts		14,140		6,803
Spot foreign exchange contracts		4,391		2,828

8. Business Segment Reporting

The Company has strategically aligned its operations into six major segments, as shown below (collectively, “Business Segments”). The Business Segments are differentiated based on the products and services provided. Business segment financial results produced by the Company’s internal management accounting system are evaluated regularly by the Executive Committee in deciding how to allocate resources and assess performance per individual Business Segment. The management accounting system assigns balance sheet and income statement items to each business segment using methodologies that are refined on an ongoing basis. For comparability purposes, amounts in all periods are based on methodologies in effect at June 30, 2007 consistent with SFAS No. 131, “Disclosures about Segments of an Enterprise and Related Information”.

The following summaries provide information about the activities of each segment:

Commercial Banking and Lending serves the commercial lending/leasing as well as the capital markets needs of the Company’s mid-market businesses and governmental entities by offering various products and services. The commercial loan and leasing group provides commercial loans and lines of credit, letters of credit, and loan syndication services. Capital markets provide consultative services and offers a variety of financing for companies that need non-traditional banking services. The services provided by capital markets include asset based financing, asset securitization, equity and mezzanine financing, factoring, private and public placement of senior debt, as well as merger and acquisition consulting.

Payment and Technology Solutions meets the treasury management, healthcare services and security transfer needs of our commercial clients. Treasury management products and services include account reconciliation services, automated clearing house, controlled disbursements, lockbox services, foreign exchange, and various card products and services. Healthcare services include health saving account and flexible savings account products for healthcare providers, third-party administrators and large employers. Securities transfer services include dividend disbursing/reinvestment, employee stock purchase plans, proxy services, as well as acting as transfer agent.

11

UMB FINANCIAL CORPORATION

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2007 (UNAUDITED)

Banking Services provides products and services to the Company’s correspondent bank customer network in the Midwest. Products and services include bond trading transactions, cash letter collections, FiServ account processing, investment portfolio accounting and safekeeping, reporting for asset/liability management, and Fed funds transactions. Banking Services includes the bank dealer function in which competitive and negotiated underwritings of municipal securities as well as underwritings of government agency securities are performed.

Consumer Services delivers products and services through the Company’s bank branches, call center, internet banking and ATM network. These services are distributed over a seven state area, as well as through on-line and telephone banking. Consumer Services is a major provider of funds and assets for the Company. This segment offers a variety of consumer products, including deposit accounts, installment loans, credit cards, home equity lines of credit, residential mortgages, small business loans, and insurance services for individuals.

Asset Management provides a full spectrum of trust and custody services to both personal and institutional clients of the Company focusing on estate planning, trust, retirement planning and investment management and private banking services. The Company’s investment advisory services provided to the Company’s proprietary funds, the UMB Scout Funds, are also included in this segment. Corporate trust services include serving as corporate and municipal bond trustee as well as the paying agent/registrar for issued bonds and notes and escrow services.

Investment Services Group provides a full range of services for mutual funds, partnerships, funds of funds and commingled funds to a wide range of investment advisors, independent money managers, broker/dealers, banks, third-party administrators, insurance companies and other financial service providers. Services provided include fund administration and accounting, investor services and transfer agency, cash management, marketing and distribution, custody and alternative investment services.

Treasury and Other Adjustments includes asset and liability management activities and miscellaneous other items of a corporate nature not allocated to specific business lines. The assets within this segment include the Company’s investment portfolio. Corporate eliminations are also allocated to this segment.

Business Segment Information

Segment financial results were as follows (in thousands):

	Three Months Ended June 30,
	Commercial Banking and Lending				Payment and Technology Solutions
	2007		2006		2007		2006
Net interest income	$	14,310	$	13,234	$	14,496	$	13,735
Provision for loan losses		1,300		1,999		—		—
Noninterest income		1,027		450		13,344		13,295
Noninterest expense		7,096		6,324		18,894		18,206
Income before income taxes	$	6,941	$	5,361	$	8,946	$	8,824
Average assets	$	2,957,000	$	2,474,000	$	65,000	$	58,000
Depreciation and amortization		464		447		2,314		2,029
Expenditures for additions to premises and equipment		637		701		2,422		2,830

12

UMB FINANCIAL CORPORATION

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2007 (UNAUDITED)

	Banking Services						Consumer Services
	2007			2006			2007		2006
Net interest income	$	845		$	1,043		$	23,760	$	22,434
Provision for loan losses		—			—			700		1,076
Noninterest income		5,384			5,515			17,333		16,598
Noninterest expense		6,382			6,625			39,642		38,668
Income (loss) before income taxes	$	(153	)	$	(67	)	$	751	$	(712	)
Average assets	$	68,000		$	87,000		$	1,400,000	$	1,307,000
Depreciation and amortization		351			342			4,109		3,644
Expenditures for additions to premises and equipment		406			558			4,596		4,604
	Asset Management						Investment Services Group
	2007			2006			2007		2006
Net interest income	$	1,818		$	265		$	1,626	$	2,804
Provision for loan losses		—			—			—		—
Noninterest income		23,283			20,953			12,072		10,379
Noninterest expense		17,414			16,704			9,996		10,140
Income before income taxes	$	7,687		$	4,514		$	3,702	$	3,043
Average assets	$	23,000		$	9,000		$	28,000	$	26,000
Depreciation and amortization		858			843			744		740
Expenditures for additions to premises and equipment		918			1,095			791		1,080
	Treasury and Other Adjustments						Total Consolidated Company
	2007			2006			2007		2006
Net interest income	$	—		$	(6	)	$	56,855	$	53,509
Provision for loan losses		—			—			2,000		3,075
Noninterest income		(117	)		(1,481	)		72,326		65,709
Noninterest expense		(1,086	)		(1,276	)		98,338		95,391
Income (loss) before income taxes	$	969		$	(211	)	$	28,843	$	20,752
Average assets	$	3,387,000		$	3,455,000		$	7,928,000	$	7,416,000
Depreciation and amortization		376			481			9,216		8,526
Expenditures for additions to premises and equipment		603			166			10,373		11,034
	Six Months Ended June 30,
	Commercial Banking and Lending						Payment and Technology Solutions
	2007			2006			2007		2006
Net interest income	$	27,763		$	26,041		$	28,537	$	26,693
Provision for loan losses		2,275			4,364			—		—
Noninterest income		1,424			973			26,684		25,373
Noninterest expense		14,407			12,802			37,269		36,369
Income before income taxes	$	12,505		$	9,848		$	17,952	$	15,697
Average assets	$	2,854,000		$	2,414,000		$	60,000	$	55,000
Depreciation and amortization		993			842			4,504		3,974
Expenditures for additions to premises and equipment		655			941			2,442		3,914

13

UMB FINANCIAL CORPORATION

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2007 (UNAUDITED)

	Banking Services						Consumer Services
	2007			2006			2007		2006
Net interest income	$	1,695		$	2,154		$	48,442	$	45,099
Provision for loan losses		—			—			1,225		1,870
Noninterest income		11,087			10,654			32,578		31,401
Noninterest expense		13,355			13,471			77,996		74,703
Income (loss) before income taxes	$	(573	)	$	(663	)	$	1,799	$	(73	)
Average assets	$	99,000		$	87,000		$	1,380,000	$	1,306,000
Depreciation and amortization		731			635			8,409		6,889
Expenditures for additions to premises and equipment		434			772			6,294		7,565
	Asset Management						Investment Services Group
	2007			2006			2007		2006
Net interest income	$	3,527		$	311		$	3,855	$	5,455
Provision for loan losses		—			—			—		—
Noninterest income		45,520			39,455			22,933		20,613
Noninterest expense		35,097			31,469			19,787		20,258
Income before income taxes	$	13,950		$	8,297		$	7,001	$	5,810
Average assets	$	22,000		$	10,000		$	27,000	$	25,000
Depreciation and amortization		1,744			1,601			1,509		1,546
Expenditures for additions to premises and equipment		1,131			1,635			805		1,709
	Treasury and Other Adjustments						Total Consolidated Company
	2007			2006			2007		2006
Net interest income	$	—		$	1		$	113,819	$	105,754
Provision for loan losses		—			—			3,500		6,234
Noninterest income		(1,212	)		(2,940	)		139,014		125,529
Noninterest expense		(2,164	)		(2,649	)		195,747		186,423
Income (loss) before income taxes	$	952		$	(290	)	$	53,586	$	38,626
Average assets	$	3,597,000		$	3,671,000		$	8,039,000	$	7,568,000
Depreciation and amortization		738			889			18,628		16,376
Expenditures for additions to premises and equipment		1,478			300			13,239		16,836

9. Liabilities associated with unrecognized tax benefits

The Company adopted the provisions of FASB Interpretation No. 48 (FIN 48), “Accounting for Uncertainty in Income Taxes”, on January 1, 2007. This interpretation clarifies the accounting and reporting for uncertainties in income tax law. It prescribes a comprehensive model for the financial statement recognition, measurement, presentation and disclosure of uncertain tax positions. Differences between a tax position taken or expected to be taken in the Company’s tax returns and the amount of benefit recognized and measured in the financial statements result in unrecognized tax benefits, which are recorded in the balance sheet as either a liability for unrecognized tax benefits or reductions to recorded tax assets, as applicable.

The Company files income tax returns in the U.S. federal jurisdiction and various states. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years before 2003 in the jurisdictions in which it files. Upon implementation of FIN 48, the

14

UMB FINANCIAL CORPORATION

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2007 (UNAUDITED)

Company’s unrecognized tax benefit was $0.9 million. The Company’s adoption of FIN 48 resulted in a reclassification of certain recorded liabilities accrued for under SFAS No. 5, “Accounting for Contingencies”, to Liability for Unrecognized Tax Benefits. Therefore, a cumulative adjustment to retained earnings was not necessary. The Company does not expect any significant increase or decrease in the amount of unrecognized tax benefits over the next 12 months.

If recognized, the full amount of unrecognized tax benefits, net of the associated deferred tax benefit, would affect the effective tax rate. The unrecognized tax benefit relates to state tax positions that, if recognized, would result in the recognition of a deferred tax asset for the corresponding federal tax benefit.

The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in other noninterest expense. The Company has not recognized any significant interest or penalties.

10. FDIC One-Time Assessment Credit

Effective November 17, 2006, the FDIC implemented a one time credit of $4.7 billion to eligible institutions. The purpose of the credit was to recognize contributions made by certain institutions to capitalize the Bank Insurance Fund and Savings Association Insurance Fund, which have now been merged into the Deposit Insurance Fund. The affiliate banks of the Company are eligible institutions and have received notice from the FDIC that their remaining share of the credit is approximately $6.6 million at June 30, 2007. This amount is not reflected in the accompanying financial statements as it represents contingent future credits against future insurance assessment payments. As such, the timing of the one-time credit may change.

11. Subsequent Event

On July 18, 2007, the Company sold the stock transfer services product to a third party for $7.0 million. Residual payments not to exceed an additional $1.9 million can potentially be received based on various revenue targets over the 12 month period after the sale date.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This review highlights the material changes in the results of operations and changes in financial condition for both the three-month and six-month periods ended June 30, 2007. It should be read in conjunction with the accompanying condensed consolidated financial statements, notes to condensed consolidated financial statements and other financial statistics appearing elsewhere in this report. Results of operations for the periods included in this review are not necessarily indicative of results to be attained during any future period.

SPECIAL CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS

The information included or incorporated by reference in this report contains forward-looking statements of expected future developments within the meaning of and pursuant to the safe harbor provisions established by Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may refer to financial condition, results of operations, plans, objectives, future financial performance and business of the Company, including, without limitation:

• Statements that are not historical in nature;

• Statements preceded by, followed by or that include the words “believes,” “expects,” “may,” “will,” “should,” “could,” “anticipates,” “estimates,” “intends,” or similar words or expressions;

Forward-looking statements are not guarantees of future performance or results. You are cautioned not to put undue reliance on any forward-looking statement which speaks only as of the date it was made. Forward-

15

looking statements reflect management’s expectations and are based on currently available data; however, they involve risks, uncertainties and assumptions. Actual results may differ materially from those contemplated by the forward-looking statements due to, among others, the following factors:

• General economic and political conditions, either nationally, internationally or in the Company’s footprint, may be less favorable than expected;

• Changes in the interest rate environment;

• Changes in the securities markets impacting mutual fund performance and flows;

• Changes in operations;

• Competitive pressures among financial services companies may increase significantly;

• Changes in technology may be more difficult or expensive than anticipated;

• Legislative or regulatory changes may adversely affect the Company’s business;

• Changes in the ability of customers to repay loans;

• Changes in loan demand may adversely affect liquidity needs;

• Changes in employee costs;

• Changes in accounting rules.

Any forward-looking statements should be read in conjunction with information about risks and uncertainties set forth in this report and in documents incorporated herein by reference. Forward-looking statements speak only as of the date they are made, and the Company does not intend to review or revise any particular forward-looking statement in light of events that occur thereafter or to reflect the occurrence of unanticipated events.

Overview

The Company continues to focus on the following five strategies which management believes will improve net income and strengthen the balance sheet.

The first strategy is a focus on net interest income. This is a multi-pronged strategy emphasizing the investment portfolio, loan portfolio and deposit base. During the second quarter of 2007, progress on this strategy was illustrated by an increase in net interest income of 6.3 percent from the previous year. This was accomplished through increased volume of average earning assets at higher rates, while maintaining net interest margin. Average earning assets increased by $414.5 million, or 6.3 percent, as compared to the second quarter of 2006. Most of this earning asset growth was through average loan growth of $406.2 million, or 11.6 percent. Average loans comprised 56.2 percent of average earning assets during the three months ended June 30, 2007 compared to 53.5 percent in the same quarter of 2006. Net interest margin, on a tax-equivalent basis, was flat compared to the second quarter of 2006. Although net interest spread decreased 3 basis points from the three months ended June 30, 2006, it was offset by the contribution from noninterest bearing deposits.

The second strategy is to grow the Company’s fee-based businesses. The Company believes this strategy will help compensate for the average loan-to-deposit ratio of the Company’s subsidiary banks, which has been, and is expected to continue to be, lower than industry average. The Company continues to emphasize its fee-based operations to help reduce the Company’s exposure to changes in interest rates. During the second quarter of 2007, noninterest income increased $6.6 million, or 10.1 percent, as compared to the same period of 2006. The Company continues to emphasize its asset management, credit card, health care services, and payments businesses. The focus in asset management is discussed in the fourth strategy below. In particular, during the second quarter of 2007, the increase is attributable to higher trust and securities processing income and deposit service charges. Trust and securities processing increased $4.0 million, or 15.9 percent, for the three months ended June 30, 2007 compared to

16

the same period in 2006. This increase was primarily due to the increase in total assets under management for the UMB Scout Funds as discussed in the fourth strategy below. Deposit service charges were $1.7 million, or 8.9 percent, higher in the second quarter 2007 than the same period in 2006 due mostly to greater individual overdraft and return item charges. Trading and investment banking income was $1.0 million, or 21.6 percent, higher for the three months ended June 30, 2007 than the same period in 2006 due to market gains in the Company’s seed investment in the UMB Scout Mid Cap Fund. Within its treasury management business, the Company continues to focus on helping customers transition from paper payment to electronic payment options by providing new products and services, such as paycard and remote deposit capture. Management believes these new products and services in the treasury management business will enhance information reporting and transaction initiation via the Internet, which improves control of service through online self-administration. The Company also continues to focus on its health savings and flexible spending account strategy, which has resulted in rapid account and deposit growth.

The third strategy is a focus on the retail distribution network. At June 30, 2007, the Company had 134 branches. The Company continues to emphasize increasing its primary retail customer base. A primary customer is a customer who has one or multiple account relationships with the Company. Individuals who have accounts tied to another person’s relationship are not considered a separate primary customer, but instead are considered part of the primary customer relationship. An example would be a child’s account tied to a parent. The parent would be the primary customer in this case. The primary customer base has increased 2.9 percent since June 30, 2006.

The fourth strategy is to strengthen the asset management business of the Company. In particular, the focus is to continue growing the UMB Scout Funds (which are managed by a subsidiary of the Company) and migrate to an investment advisory model. The investment advisory model is developed by an internal committee intended to enhance and streamline the investment decision making for traditional trust and investment management customers. Total assets under management for the UMB Scout Funds were $5.4 billion at June 30, 2007 as compared to $4.4 billion at June 30, 2006, an increase of 22.7 percent. Total assets under management increased $1.5 billion over June 30, 2006. As some of the revenue from the Company’s asset management business is the direct result of the market value of its customers’ investments, the overall health of the equity and financial markets plays an important role in the recognition of fee income.

The fifth strategy is a focus on capital management. This strategy is being implemented by two approaches. These include investing in organic growth and acquisitions that make sense strategically, financially, operationally, and culturally, as well as returning capital to shareholders. The Company repurchased 26,588 shares of common stock at an average price of $39.01 per share during the second quarter of 2007. This repurchase coupled with the repurchase in the first quarter of 2007 results in a year-to-date repurchase of 286,585 shares of common stock at an average price of $37.47 per share for a total cost of $10.7 million. The Company places a significant emphasis on the maintenance of a strong capital position, which management believes promotes investor confidence, provides access to funding sources under favorable terms, and enhances the Company’s ability to capitalize on business growth and acquisition opportunities. At June 30, 2007, the Company had a total risk-based capital ratio of 14.89 percent, which is substantially higher than the 10 percent regulatory minimum to be considered well-capitalized.

The Company encounters competition from other banks in its markets as well as other competitors such as non-bank financial institutions, brokers, insurance companies and investment advisory firms. The Company faces intense local, regional and national competition for retail customers and competes nationally with respect to its trust and asset management businesses. This competition continues to have the impact of compressing margins and income from the Company’s fee based businesses.

Earnings Summary

The Company recorded consolidated net income of $20.1 million for the three-month period ended June 30, 2007 compared to $14.9 million for the same period a year earlier. This represents a 35.0 percent increase over the three-month period ended June 30, 2006, which was primarily driven by increases in net interest income and noninterest income. Basic earnings per share for the second quarter of 2007 were $0.48 per share ($0.48 per share fully-diluted) compared to $0.35 per share ($0.35 per share fully-diluted) for the second quarter of 2006. Return on average assets and return on average common shareholders’ equity for the three-month period ended June 30, 2007 were 1.02 percent and 9.32 percent respectively, as compared to 0.80 percent and 7.15 percent for the three-month period ended June 30, 2006.

17

The Company recorded consolidated net income of $37.4 million for the six-months ended June 30, 2007 compared to $28.1 million for the same period a year earlier. This represents a 33.1 percent increase over the six-month period ended June 30, 2006, primarily due to a higher volume of average earning assets at higher rates and offset by higher non-interest expense. Basic earnings per share for the six-months ended June 30, 2007 were $0.89 per share ($0.89 per share fully-diluted) compared to $0.66 per share ($0.65 per share fully-diluted) for the same period in 2006. Return on average assets and return on average common shareholders’ equity for the six-month period ended June 30, 2007 was 0.94 percent and 8.76 percent respectively, as compared to 0.75 percent and 6.79 percent for the same period in 2006.

Net interest income for the second quarter of 2007 increased 6.3 percent as compared to the same period in 2006. Net interest income for year-to-date June 30, 2007 increased 7.6 percent as compared to the same period in 2006. The increase is a result of higher earning assets, as well as a more favorable asset mix. Average loans comprise 56.2 percent of the Company’s earning asset base, as compared to 53.5 percent for the same period a year ago. Further, net interest margin on a tax-equivalent basis increased to 3.37 percent for the first six months of 2007 as compared to 3.33 percent for the same period in 2006.

The provision for loan losses decreased by $1.1 million and $2.7 million for the three and six month periods ended June 30, 2007, as compared to the same period in 2006. The decrease was a result of a lower provision required in 2007 compared to 2006 to maintain the allowance for loan losses at a level consistent with management’s estimate of inherent losses within the loan portfolio. For a description of the Company’s methodology for computing the allowance for loan losses, please see the summary discussion of the Allowance for Loan Losses within the Critical Accounting Policies and Estimates subsection of the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section on the Company’s 2006 Annual Report of Form 10-K.

Noninterest income increased by $6.6 million and $13.5 million, or 10.1 and 10.7 percent, for the three and six month periods ended June 30, 2007, as compared to the same period one year ago. This increase is primarily due to increases in trust and securities processing income and deposit service charges. These increases are discussed in greater detail below under Noninterest Income.

Noninterest expense increased by $2.9 million and $9.3 million, or 3.1 and 5.0 percent, for the three and six month periods ended June 30, 2007, as compared to the same period in 2006. This increase was primarily due to increases in salaries and employee benefits, equipment and occupancy expense, and amortization of other intangibles. These increases are discussed in greater detail below under Noninterest Expense.

Net Interest Income

Net interest income is a significant source of the Company’s earnings and represents the amount by which interest income on earning assets exceeds the interest expense paid on liabilities. The volume of interest-earning assets and the related funding sources, the overall mix of these assets and liabilities, and the rates paid on each affect net interest income. For the three-month period ended June 30, 2007, net interest income increased $3.3 million, or 6.3 percent, as compared to the same period in 2006. For the six-month period ended June 30, 2007, net interest income increased $8.1 million, or 7.6 percent, as compared to the same period in 2006.

Table 1 shows the impact of earning asset rate increases as compared to increases in the cost of interest-bearing liabilities. As illustrated on this table, net interest spread for the six months ended June 30, 2007 decreased by 4 basis points, yet overall net interest margin increased by 4 basis points compared to 2006 primarily due to the contribution from noninterest-bearing demand deposits (free funds). For the impact of the contribution from free funds see the Analysis of Net Interest Margin within Table 2 below. Table 2 also illustrates how the changes in volume and rates have resulted in an increase in net interest income.

Management believes that the overall outlook in its net interest income continues to be positive as rates remain stable or even decline slightly. The Company has experienced a repricing of most of its liabilities during the recent interest rate cycle and continues to have its assets favorably reprice. Further, the highest yielding assets,

18

loans, have increased from an average of $3.5 billion at June 30, 2006 to an average of $3.9 billion at June 30, 2007. Loan-related earning assets tend to have a higher spread than those earned in the Company’s investment portfolio. By design, its investment portfolio is short in duration and liquid in its composition.

Table 1

AVERAGE BALANCES/YIELDS AND RATES (tax equivalent basis) (unaudited, in thousands)

The following table presents, for the periods indicated, the average interest-earning assets and resulting yields, as well as the average interest-bearing liabilities and resulting yields, expressed in both dollars and rates. All average balances are daily average balances. The average yield on earning assets without the tax-equivalent basis adjustment would have been 5.85 percent for the six-months ended June 30, 2007 and 5.24 percent for the same period in 2006. The average yield on earning assets without the tax equivalent basis adjustment would have been 5.89 percent for the three-month period ended June 30, 2007 and 5.40 percent for the same period in 2006.

	Three Months Ended June 30,
	2007					2006
	Average Balance			Average Yield/Rate		Average Balance			Average Yield/Rate
Assets
Loans, net of unearned interest	$	3,918,415		7.00	%	$	3,512,210		6.58	%
Securities:
Taxable		1,975,785		4.71			1,915,411		4.02
Tax-exempt		708,503		5.05			672,360		5.04
Total securities		2,684,288		4.80			2,587,771		4.28
Federal funds and resell agreements		307,503		5.38			400,226		5.05
Other earning assets		67,305		4.14			62,772		4.85
Total earning assets		6,977,511		6.05			6,562,979		5.56
Allowance for loan losses		(44,965	)				(41,401	)
Other assets		995,491					893,992
Total assets	$	7,928,037				$	7,415,570
Liabilities and Shareholders’ Equity
Interest-bearing deposits	$	3,811,967		3.05	%	$	3,581,602		2.56	%
Federal funds and repurchase agreements		1,309,594		4.90			1,007,869		4.54
Borrowed funds		51,166		4.99			52,685		4.47
Total interest-bearing liabilities		5,172,727		3.53			4,642,156		3.01
Noninterest-bearing demand deposits		1,799,376					1,896,092
Other liabilities		92,829					43,521
Shareholders’ equity		863,105					833,801
Total liabilities and shareholders’ equity	$	7,928,037				$	7,415,570
Net interest spread				2.52	%				2.55	%
Net interest margin				3.43					3.43
	Six Months Ended June 30,
	2007					2006
	Average Balance			Average Yield/Rate		Average Balance			Average Yield/Rate
Assets
Loans, net of unearned interest	$	3,892,891		6.97	%	$	3,457,914		6.47	%
Securities:
Taxable		2,055,414		4.70			2,112,942		3.91
Tax-exempt		705,629		5.06			669,443		5.05
Total securities		2,761,043		4.79			2,782,385		4.18
Federal funds and resell agreements		423,775		5.39			427,827		4.77
Other earning assets		64,251		4.10			62,680		4.81
Total earning assets		7,141,960		6.01			6,730,806		5.40
Allowance for loan losses		(44,972	)				(40,844	)
Other assets		941,773					878,423
Total assets	$	8,038,761				$	7,568,385
Liabilities and Shareholders’ Equity
Interest-bearing deposits	$	3,852,331		3.02	%	$	3,606,346		2.44	%
Federal funds and repurchase agreements		1,402,826		4.94			1,139,005		4.29
Borrowed funds		48,723		4.85			53,011		4.63
Total interest-bearing liabilities		5,303,880		3.55			4,798,362		2.90
Noninterest-bearing demand deposits		1,789,445					1,885,801
Other liabilities		85,089					49,382
Shareholders’ equity		860,347					834,840
Total liabilities and shareholders’ equity	$	8,038,761				$	7,568,385
Net interest spread				2.46	%				2.50	%
Net interest margin				3.37					3.33

19

Table 2 presents the dollar amount of change in net interest income and margin due to volume and rate. Table 2 also reflects the effect that interest free funds have on net interest margin. Although interest free funds (total earning assets less interest-bearing liabilities) decreased $116.0 million for the three-month period ended June 30, 2007 as compared to the same period in 2006 and decreased $94.4 million for the six-month period ended June 30, 2007 as compared to the same period in 2006, the benefit from interest free funds improved by 3 basis points from the three months ended June 30, 2006 and improved 8 basis points from the six months ended June 30, 2006 due to the increases in interest rates.

Table 2

ANALYSIS OF CHANGES IN NET INTEREST INCOME AND MARGIN (unaudited, dollars in thousands)

ANALYSIS OF CHANGES IN NET INTEREST INCOME

	Three Months Ended									Six Months Ended
	June 30, 2007 vs 2006									June 30, 2007 vs 2006
	Volume			Rate			Total			Volume			Rate			Total
Change in interest earned on:
Loans	$	7,087		$	3,685		$	10,772		$	15,034		$	8,606		$	23,640
Securities:
Taxable		709			3,317			4,026			(1,342	)		8,358			7,016
Tax-exempt		269			16			285			616			12			628
Federal funds sold and resell agreements		(1,244	)		331			(913	)		(108	)		1,313			1,205
Other		46			(114	)		(68	)		17			(203	)		(186	)
Interest income		6,867			7,235			14,102			14,217			18,086			32,303
Change in interest incurred on:
Interest-bearing deposits		1,750			4,381			6,131			3,689			10,498			14,187
Federal funds purchased and repurchase agreements		3,683			893			4,576			—			10,097			10,097
Other borrowed funds		(19	)		68			49			(103	)		57			(46	)
Interest expense		5,414			5,342			10,756			3,586			20,652			24,238
Net interest income	$	1,453		$	1,893		$	3,346		$	10,631		$	(2,566	)	$	8,065

20

ANALYSIS OF NET INTEREST MARGIN

	Three Months Ended June 30,									Six Months Ended June 30,
	2007			2006			Change			2007			2006			Change
Average earning assets	$	6,977,511		$	6,562,979		$	414,532		$	7,141,960		$	6,730,806		$	411,154
Interest-bearing liabilities		5,172,727			4,642,156			530,571			5,303,880			4,798,362			505,518
Interest free funds	$	1,804,784		$	1,920,823		$	(116,039	)	$	1,838,080		$	1,932,444		$	(94,364	)
Free funds ratio (free funds to earning assets)		25.87	%		29.27	%		(3.40	) %		25.74	%		28.71	%		(2.97	) %
Tax-equivalent yield on earning assets		6.05	%		5.56	%		0.49	%		6.01	%		5.40	%		0.61	%
Cost of interest-bearing liabilities		3.53			3.01			0.52			3.55			2.90			0.65
Net interest spread		2.52	%		2.55	%		(0.03	) %		2.46	%		2.50	%		(0.04	) %
Benefit of interest free funds		0.91			0.88			0.03			0.91			0.83			0.08
Net interest margin		3.43	%		3.43	%		0.00	%		3.37	%		3.33	%		0.04	%

Provision and Allowance for Loan Losses

The allowance for loan losses (ALL) represents management’s judgment of the losses inherent in the Company’s loan portfolio as of the balance sheet date. An analysis is performed quarterly to determine the appropriate balance of the ALL. This analysis considers items such as historical loss trends, a review of individual loans, migration analysis, current economic conditions, loan growth and characteristics, industry or segment concentration and other factors. This analysis is performed separately for each bank as regulatory agencies require that the adequacy of the ALL be maintained on a bank-by-bank basis. After the balance sheet analysis is performed for the ALL, the provision for loan losses is computed as the amount required to adjust the ALL to the appropriate level.

Based on the factors above, management of the Company expensed $2.0 and $3.5 million related to the provision for loan losses for the three and six month periods ended June 30, 2007, as compared to $3.1 and $6.2 million for the same periods in 2006. As illustrated on Table 3 below, the ALL decreased to 1.14 percent of total loans as of June 30, 2007 compared to 1.17 percent of total loans as of June 30, 2006.

Table 3 presents a summary of the Company’s ALL for the six months ended June 30, 2007 and 2006 and for the year ended December 31, 2006. Net charge-offs were $1.8 million lower for the first six months of 2007 as compared to the same period in 2006 due primarily to one large commercial charge-off in 2006. See “Credit Risk Management” under “Item 3 Quantitative and Qualitative Disclosures About Market Risk” in this report for information relating to nonaccrual loans, past due loans, restructured loans and other credit risk matters.

Table 3

ANALYSIS OF ALLOWANCE FOR LOAN LOSSES (in thousands)

	Six Months Ended June 30,						Year Ended December 31,
	2007			2006			2006
Allowance-January 1	$	44,926		$	40,825		$	40,825
Provision for loan losses		3,500			6,234			11,093
Allowance of banks and loans acquired		—			—			8,734
Charge-offs:
Commercial		(353	)		(3,533	)		(5,861	)
Consumer:
Bankcard		(2,955	)		(2,112	)		(4,522	)
Other		(1,876	)		(706	)		(2,554	)
Real estate		(14	)		—			—
Total charge-offs		(5,198	)		(6,351	)		(12,937	)
Recoveries:
Commercial		462			343			3,494
Consumer:
Bankcard		522			526			1,073
Other		1,035			542			1,376
Real estate		1			1			2
Total recoveries		2,020			1,412			5,945
Net charge-offs		(3,178	)		(4,939	)		(6,992	)
Allowance-end of period		45,248			42,120			44,926
Average loans, net of unearned interest	$	3,877,990		$	3,438,404		$	3,562,038
Loans at end of period, net of unearned interest		3,958,178			3,589,651			3,753,445
Allowance to loans at end of period		1.14	%		1.17	%		1.20	%
Allowance as a multiple of net charge-offs		7.06	x		4.23	x		6.43	x
Net charge-offs to:
Provision for loan losses		90.80	%		79.23	%		63.03	%
Average loans		0.17			0.29			0.20

21

Noninterest Income

A key objective of the Company is the growth of noninterest income to enhance profitability and provide steady income. Fee-based services are typically non-credit related and not generally affected by fluctuations in interest rates.

The Company’s fee-based services provide the opportunity to offer multiple products and services, which management believes will more closely align the customer with the Company. The Company’s ongoing focus is to continue to develop and offer multiple products and services to its customers. The Company is currently emphasizing fee-based services including trust and securities processing, bankcard, securities trading/brokerage and cash/treasury management. Management believes it can offer these products and services both efficiently and profitably, as most share common platforms and support structures. The Company will record a gain related to the sale of its security transfer services product during the third quarter of 2007. See Note 11 in the Notes to Condensed Consolidated Financial Statements for details about this transaction.

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Table 4

SUMMARY OF NONINTEREST INCOME (in thousands)

	Three Months Ended June 30,
						Dollar Change			Percent Change
	2007			2006		07-06			07-06
Trust and securities processing	$	28,954		$	24,990	$	3,964		15.86	%
Trading and investment banking		5,555			4,567		988		21.63
Service charges on deposits		20,686			19,002		1,684		8.86
Insurance fees and commissions		955			1,101		(146	)	(13.26	)
Brokerage fees		1,987			1,600		387		24.19
Bankcard fees		9,900			9,860		40		0.41
Gains on sale of other assets		(9	)		574		(583	)	(101.57	)
Gains on sales of securities available for sale, net		(7	)		75		(82	)	(109.33	)
Other		4,305			3,940		365		9.26
Total noninterest income	$	72,326		$	65,709	$	6,617		10.07	%
	Six Months Ended June 30,
						Dollar Change			Percent Change
	2007			2006		07-06			07-06
Trust and securities processing	$	56,242		$	47,659	$	8,583		18.01	%
Trading and investment banking		10,394			8,680		1,714		19.75
Service charges on deposits		39,574			36,609		2,965		8.10
Insurance fees and commissions		1,631			2,093		(462	)	(22.07	)
Brokerage fees		4,065			3,117		948		30.41
Bankcard fees		19,296			18,806		490		2.61
Gains on sale of other assets		(9	)		596		(605	)	(101.51	)
Gains on sales of securities available for sale, net		2			84		(82	)	(97.62	)
Other		7,819			7,885		(66	)	(0.84	)
Total noninterest income	$	139,014		$	125,529	$	13,485		10.74	%

Quarter-To-Date

Fee-based, or noninterest income (summarized in Table 4), increased by $6.6 million, or 10.1 percent, during the three months ended June 30, 2007, as compared to the same period in 2006. Table 4 above summarizes the components of noninterest income and the respective year-over-year comparison for each category.

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Trust and securities processing consists of fees earned on personal and corporate trust accounts, custody of securities services, trust investments and money management services, and servicing of mutual fund assets. The increase in these fees as compared to the same period last year was primarily attributable to $1.5 million in fee income related to the UMB Scout Funds, $0.3 million in corporate trust income, and $1.6 million in fund administration and distribution services. Assets inside the UMB Scout Funds grew from approximately $4.4 billion at June 30, 2006 to $5.4 billion at June 30, 2007. As many of the trust and securities processing fees are asset-based, management believes that fees for custody of securities and the servicing of mutual fund assets will increase during the remainder of the year. As the income from these two services is highly correlated to the market value of assets, the related income will be affected by changes in the securities markets. Management continues to emphasize sales of services to both new and existing clients as well as increasing and improving the distribution channels which lead to increased inflows into the UMB Scout Funds.

Service charges on deposit accounts increased primarily due to a $2.0 million increase in individual overdraft and return item charges for the three months ended June 30, 2007 as compared to the same period in 2006.

Year-To-Date

Noninterest income (summarized in Table 4) increased $13.5 million, or 10.7 percent, during the six months ended June 30, 2007, as compared to the same period in 2006. The majority of the increase in 2007 is attributable to increases in trust and securities processing fees and service charges on deposits.

Trust and securities processing fees increased $8.6 million, or 18.0 percent, for the six-months ended June 30, 2007, as compared to the same period in 2006. The increase is primarily a result of fund administration and processing fees of $2.5 million, $1.4 million in corporate trust income, and additional fee income related to the UMB Scout Funds of $3.3 million.

Service charges on deposit accounts increased by $3.0 million, or 8.1 percent, for the six-months ended June 30, 2007, as compared to the same period in 2006. The increase in service charge income is a result of an increase in overdraft and return item activity and price during 2007.

Noninterest Expense

The components of noninterest expense are shown below on Table 5.

Table 5

SUMMARY OF NONINTEREST EXPENSE (in thousands)

	Three Months Ended June 30,
					Dollar Change			Percent Change
	2007		2006		07-06			07-06
Salaries and employee benefits	$	49,908	$	47,796	$	2,112		4.42	%
Occupancy, net		7,640		6,802		838		12.32
Equipment		13,068		12,348		720		5.83
Supplies and services		5,794		5,698		96		1.68
Marketing and business development		4,157		4,022		135		3.36
Processing fees		7,131		7,245		(114	)	(1.57	)
Legal and consulting		1,941		2,007		(66	)	(3.29	)
Bankcard		2,844		3,519		(675	)	(19.18	)
Amortization of intangibles		734		286		448		156.64
Other		5,121		5,668		(547	)	(9.65	)
Total noninterest expense	$	98,338	$	95,391	$	2,947		3.09	%

24

	Six Months Ended June 30,
					Dollar Change			Percent Change
	2007		2006		07-06			07-06
Salaries and employee benefits	$	101,099	$	95,034	$	6,065		6.38	%
Occupancy, net		14,754		13,356		1,398		10.47
Equipment		26,425		23,463		2,962		12.62
Supplies and services		11,513		11,473		40		0.35
Marketing and business development		7,694		7,644		50		0.65
Processing fees		13,777		13,555		222		1.64
Legal and consulting		3,466		3,656		(190	)	(5.20	)
Bankcard		5,435		6,810		(1,375	)	(20.19	)
Amortization of intangibles		1,469		504		965		191.47
Other		10,115		10,928		(813	)	(7.44	)
Total noninterest expense	$	195,747	$	186,423	$	9,324		5.00	%

Quarter-To-Date

Noninterest expense increased by $2.9 million, or 3.1 percent, for the three months ended June 30, 2007, as compared to the same period in 2006. Table 5 above summarizes the components of noninterest expense and the respective year-over-year comparison for each category.

Salaries and employee benefits increased $2.1 million, or 4.4 percent, for the three months ended June 30, 2007, as compared to the same period in 2006. This increase is primarily due to a 3.2 percent increase in regular salaries and wages due to base salary increases and the hiring of strategic sales personnel throughout the organization. There was also a $0.4 million increase in employee benefit costs.

Year-To-Date

Noninterest expense (summarized in Table 5) increased $9.3 million, or 5.0 percent, for the six months ended June 30, 2007, as compared to the same period in 2006. The increase was due primarily to increases in salary and employee benefits, occupancy, and equipment expense. These increases were partially offset by a decrease in bankcard expense.

Salaries and employee benefits expenses increased by $6.1 million, or 6.4 percent, for the six months ended June 30, 2007, as compared to the same period in 2006. This increase is primarily due to a $1.0 million increase in commissions and bonus expense, a $1.0 million increase in equity based compensation expense, and a $0.9 million increase in employee benefits. Further, regular salaries and wages increased by 4.2 percent over the prior year due to regular salary increases and the hiring of strategic sales personnel throughout the organization. The increase in commissions and bonuses relates primarily to higher sales volume. The increase in equity-based compensation is due to the addition of a third year of restricted stock and stock option grants under the long-term incentive plan initiated in 2005. The Company now has compensation expense for three years of grants in 2007 compared to 2 years of grants for the same period in 2006. The increase was also impacted by the 2006 grant being made in the second quarter of 2006 and the 2007 grant in the first quarter of 2007, which results in an additional 2 months of expense in 2007.

Occupancy expense increased $1.4 million, or 10.5 percent, for the six months ended June 30, 2007, as compared to the same period in 2006. Occupancy expense is reported net of rental income. The cause for the increase in overall occupancy expense is mostly due to a decrease in rental income, as well as increases in depreciation and maintenance of existing facilities.

25

Equipment expense increased by $3.0 million, or 12.6 percent, for the six months ended June 30, 2007, as compared to the same period in 2006. This increase is primarily attributable to a $1.1 million increase in depreciation and amortization on equipment and software, and a $1.7 million increase in maintenance related to equipment and software. These increases are primarily a result of large core software projects placed in service during 2006.

Income Tax Expense

The effective tax rate is 30.2 percent for the six months ended June 30, 2007, as compared to 27.3 percent for the same period in 2006. The increase in effective tax rate is primarily attributable to tax-exempt income representing a smaller percentage of total income in 2007 as compared to 2006. Management anticipates this tax rate to remain approximately at this level for the remainder of the year.

Strategic Lines of Business

The Company’s operations are strategically aligned into six major segments: Commercial Banking and Lending, Payment and Technology Solutions (formerly Corporate Services), Banking Services, Consumer Services, Asset Management, and Investment Services Group. Business segment financial results produced by the Company’s internal management accounting system are evaluated regularly by the Executive Committee in deciding how to allocate resources and assess performance per individual business segment. The management accounting system assigns balance sheet and income statement items to each business segment using methodologies that are refined on an ongoing basis. For comparability purposes, amounts in all periods are based on methodologies in effect at June 30, 2007 consistent with SFAS No. 131, “Disclosures about Segments of an Enterprise and Related Information”. The segments are differentiated by both the customers and the products and services offered. The Treasury and Other Adjustments category includes items not directly associated with the other segments.

Table 6

NET INCOME (LOSS) BEFORE TAXES BY SEGMENT (dollars in thousands)

	Three Months Ended June 30,						Six Months Ended June 30,
	2007			2006			2007			2006
Segment
Commercial Banking & Lending	$	6,941		$	5,361		$	12,505		$	9,848
Payment and Technology Solutions		8,946			8,824			17,952			15,697
Banking Services		(153	)		(67	)		(573	)		(663	)
Consumer Services		751			(712	)		1,799			(73	)
Asset Management		7,687			4,514			13,950			8,297
Investment Services Group		3,702			3,043			7,001			5,810
Treasury and Other Adjustments		969			(211	)		952			(290	)
Total Consolidated Company	$	28,843		$	20,752		$	53,586		$	38,626

Commercial Banking and Lending’s net income before income taxes increased by $2.7 million, or 27.0 percent, for the six months ended June 30, 2007, as compared to the same period in 2006. Net interest income increased by $1.7 million, or 6.6 percent, compared to 2006, due primarily to loan growth and rate increases. Noninterest expense increased by $1.6 million, or 12.5 percent, from the six months ended June 30, 2006. The increase is mostly attributable to increases in salary expense and to allocated technology costs associated with a customer relationship management system that aids in sales management, the identification of cross sale opportunities, and overall knowledge of a client’s banking relationship. Provision for loan losses decreased $2.1 million, or 47.9 percent, during 2007 compared to the same period in 2006. Management believes that the ALL

26

reserve is adequately funded for the current loan portfolio mix. Management anticipates continued competition for commercial loans in 2007 and, therefore, expects income growth in this segment to be at a more measured pace for the remainder of the year.

Payment and Technology Solutions’ net income before income taxes increased $2.3 million, or 14.4 percent, in the first six months of 2007 compared to the same period in 2006. Net interest income increased by $1.8 million or 6.9 percent, as compared to 2006. This increase is attributable to growth of deposit and securities purchased under agreement to resell and higher fund transfer pricing rates on deposits from this segment. Noninterest income increased by $1.3 million or 5.2 percent for the two quarter period in 2007, as compared to the same period in 2006. This increase is primarily due to increases in service charge income on deposit accounts. Noninterest expense increased by $0.9 million or 2.5 percent for the six months ended June 30, 2007, as compared to the same period in 2006. The increase is a result of allocated technology costs related to WebExchange^SM , an upgraded online banking software for businesses. Salary expense is also up from 2006 due to increases in sales force and increased incentive compensation. Challenges for this segment arise from competitive pressures, as well as the technological challenges due to the movement from paper to electronic processing. If interest rates remain stable or increase in 2007, pressure will continue to be placed on deposit service charge income, which is directly impacted by earnings credits on compensating balances.

Banking Services maintained a minimal net loss before income taxes of $0.6 and $0.7 million for the six months ended June 30, 2007 and 2006, respectively. Noninterest expense decreased by $0.1 million related to item processing costs associated with deposit accounts in this segment. A slight increase in noninterest income was offset by a slight decrease in net interest income, when compared to 2006. A change in deposit mix from noninterest bearing deposits to interest bearing deposits continues to be the challenge. If this trend continues, future increases in interest rates would have an adverse effect on net interest margin for this segment.

Consumer Services’ net income before income taxes increased by $1.9 million as compared to 2006. Net interest income increased by $3.3 million, or 7.4 percent, as compared to the first six months of 2006 due primarily to increases in both consumer loans and deposits from marketing campaigns. Noninterest income increased by $1.2 million, primarily due to increases in individual return item and overdraft activity. Noninterest expense increased by $3.3 million, or 4.4 percent, as compared to 2006. This is attributable to increased salaries and bonuses to associates, telephone data line expenses, and increased allocations of corporate technology costs. Management expects these allocated costs to remain stable or increase as new investments are made in technology to remain competitive in the marketplace. Management anticipates continued growth in service fee income in 2007, but at a more measured pace than in 2006. Consumer Services’ ability to increase net interest margin in 2007 will be dependent upon its ability to grow deposits and higher yielding consumer loans.

Asset Management’s net income before income taxes increased by $5.7 million, or 68.1 percent, for the first six months of 2007 as compared to the same period in 2006. This increase is primarily attributable to an increase in noninterest income of $6.1 million, or 15.4 percent, as compared to 2006. This increase was primarily due to increased fees from the UMB Scout Funds, corporate trust income, and personal trust and brokerage services fees. Approximately 25 percent of the increase in noninterest income is due to the effect of stock market appreciation. Increases in noninterest expense of $3.6 million offset the lift in noninterest income. This increase is attributable to a $2.1 million increase in salaries and benefits due primarily to base salary and commission increases, as well as the addition of strategic sales associates to the segment. Shareholder servicing and other administration fees paid to third party service providers of the UMB Scout Funds have increased as well, as these fees are based on asset values. While the flows to UMB Scout Funds were flat the last twelve months, flows increased substantially in June. Management will continue to focus sales efforts toward the funds. Management believes flows will continue to increase through the remainder of the year. The ability of the Company to maintain or grow the fee income from this segment is also related to the overall health of the equity and financial markets because a significant portion of the fee income from this segment is related to total assets under management.

Investment Services Group’s net income before income taxes increased $1.2 million, or 20.5 percent, in the first six months of 2007 compared to the same period in 2006. Net interest income decreased by $1.6 million in 2007 as compared to 2006. Overall deposits and repurchase agreements from mutual fund customers in this segment increased year over year, but there was a shift of some deposits to higher paying repurchase agreements reducing net interest income. Noninterest income increased by $2.3 million, or 11.3 percent, year-to-date 2007 as compared to the same period in 2006. This increase is mostly due to growth in the mutual fund and alternative

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services client base, as well as an increase in overall net assets of the clients of this segment. Noninterest expense decreased by $0.5 million, or 2.3 percent, as compared to 2006 mostly due to lower corporate service allocations to the segment offset by increased processing fees due to increased customer volume and system enhancements.

The net income before tax for the Treasury and Other category was $1.0 million for the first six months of 2007, compared to a net loss before tax of $0.3 million for the same period in 2006.

Balance Sheet Analysis

Total assets of the Company declined $883.7 million, or 9.9 percent, as of June 30, 2007 compared to December 31, 2006 and increased $401.2 million, or 5.3 percent, compared to June 30, 2006. The decrease in total assets from December to June is primarily a result of the cyclical trend due to the pledging and collateral required related to seasonal public fund deposits. This trend caused a $562.2 million decrease in short-term agency securities and a $381.2 million decrease in federal funds sold. These decreases were offset by a $204.7 million, or 5.5 percent, increase in total loans from December 31, 2006 to June 30, 2007.

Total deposits and federal funds purchased and securities sold under agreement to repurchase also declined from December 31, 2006 to June 30, 2007. Deposits declined by $510.5 million, or 8.1 percent, from December to June and federal funds purchased and securities sold under agreement to repurchase decreased by $365.5 million, or 22.6 percent, from December to June. This decline in deposits and securities sold under agreement to repurchase is primarily driven by the cyclical trend due to seasonal public fund tax deposits, because such tax deposits are generally higher around the end of the calendar year.

Table 7

SELECTED BALANCE SHEET INFORMATION (in thousands)

	June 30,				December 31,
	2007		2006		2006
Total assets	$	8,034,044	$	7,632,832	$	8,917,765
Loans, net of unearned interest		3,958,178		3,589,651		3,753,445
Total investment securities		2,837,021		2,641,748		3,363,453
Total deposits		5,798,495		5,751,836		6,308,964
Total borrowed funds		1,303,848		995,049		1,676,846

Loans

Total loan balances have increased $204.7 million, or 5.5 percent, compared to December 31, 2006. This increase is primarily a result of a 13.6 percent increase in commercial loans offset by a 7.4 percent decrease in consumer loans, primarily indirect consumer loans. The increase in commercial loans is a result of a continued sales focus, as well as the acquisition of Mountain States Bank in September, 2006.

Loans represent the Company’s largest source of interest income. In addition to growing the Commercial Loan Portfolio, management believes its middle market commercial business and its consumer business, including home equity and credit card loan products, are the market niches that represent its best opportunity to cross-sell fee-related services, such as cash management.

Nonaccrual, past due and restructured loans are discussed under “Credit Risk Management” within the quantitative and qualitative disclosure about market risk in Item 3 of this report.

Securities

The Company’s security portfolio provides liquidity as a result of the composition and average life of the underlying securities. This liquidity can be used to fund loan growth or to offset the outflow of traditional funding

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sources. In addition to providing a potential source of liquidity, the security portfolio can be used as a tool to manage interest rate sensitivity. The Company’s goal in the management of its security portfolio is to maximize return within the Company’s parameters of liquidity goals, interest rate risk and credit risk. The Company maintains strong liquidity levels while investing in only high-grade securities. The security portfolio generates the Company’s second largest component of interest income.

Investment securities comprised 39.8 percent and 42.4 percent, respectively, of the earning assets as of June 30, 2007 and December 31, 2006. The decline is primarily a result of the seasonality within the Company’s balance sheet. At year end, there is an increase in public fund deposits and repurchase agreements as governmental units receive tax dollars. These seasonal deposits run off over the first half of the year. The Company generally offsets these short-term public fund deposits with short-term investments such as discount agency notes. This increases the percent of earning assets related to securities at year-end as compared to the end of the second quarter. Loan demand and collateral pledging requirements for public fund deposits are expected to be the primary factors impacting changes in the level of security holdings.

Investment securities had an average tax-equivalent yield of 4.79 percent for the first six months of 2007 as compared to 4.18 percent for the same period in 2006, or an increase of 61 basis points. The average life of the securities portfolio was 34.7 months at June 30, 2007 as compared to 28.9 months at December 31, 2006. The most significant reason for the increase in average life was the large number of extremely short-term discount notes held at December 31, 2006. These short-term securities are held due to the seasonal fluctuation related to public fund deposits, which are expected to flow out of the bank in a relatively short period. At December 31, 2006, the amount of such discount notes was approximately $608 million, and without these discount notes, the average life of the core investment portfolio would have been 35.3 months. At June 30, 2007, the amount of such discount notes was approximately $2.5 million and without these discount notes, the average life of the core investment portfolio would have been 36.0 months.

Deposits and Borrowed Funds

Deposits decreased $510.5 million, or 8.1 percent, from December 31, 2006 to June 30, 2007. Noninterest-bearing deposits decreased $400.1 million, or 17.5 percent, and interest-bearing deposits decreased $110.4 million, or 2.8 percent, from December 31, 2006. The interest-bearing deposits decreased primarily as a result of seasonal public fund deposit decreases during the first half of 2007. At June 30, 2007, total deposits were $5.8 billion, or 0.8 percent, higher than the balance as of June 30, 2006.

Deposits represent the Company’s primary funding source for its asset base. In addition to the core deposits garnered by the Company’s retail branch structure, the Company continues to focus on its cash management services, as well as its trust and mutual fund servicing segments in order to attract and retain additional core deposits. Management believes this is one of the Company’s core competencies given both its scale and competitive product mix.

Borrowed funds decreased $373.0 million from December 31, 2006. Borrowed funds are typically higher at year end due to repurchase agreements related to public funds. Borrowings other than repurchase agreements are a function of the source and use of funds and will fluctuate to cover short term gaps in funding.

Federal funds purchased and securities sold under agreement to repurchase totaled $1.3 billion at June 30, 2007, compared to $1.6 billion at December 31, 2006. Repurchase agreements are transactions involving the exchange of investment funds by the customer for securities by the Company under an agreement to repurchase the same or similar issues at an agreed-upon price and date.

Capital and Liquidity

The Company places a significant emphasis on the maintenance of a strong capital position, which promotes investor confidence, provides access to funding sources under favorable terms, and enhances the Company’s ability to capitalize on business growth and acquisition opportunities. Higher levels of liquidity, however, bear corresponding costs, measured in terms of lower yields on short-term, more liquid earning assets and higher expenses for extended liability maturities. Management manages capital for each subsidiary based upon the subsidiary’s respective risks and growth opportunities as well as regulatory requirements.

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Total shareholders’ equity was $860.4 million at June 30, 2007, compared to $848.9 million at December 31, 2006. The Company’s Board of Directors authorized, at its April 25, 2006 meeting, the repurchase of the Company’s common stock up to two million shares during the 12 months following the meeting. During the six months ended June 30, 2007 and 2006, the Company acquired 286,585 shares and 176,746 shares, respectively, of its common stock. The Company has not made any purchases other than through these plans. On April 24, 2007, the Company announced a plan to repurchase up to two million shares of common stock. This plan will terminate on April 24, 2008.

On July 24, 2007, the Board of Directors also declared a dividend of $0.14 per share. The dividend will be paid on October 1, 2007 to shareholders of record on September 12, 2007.

Risk-based capital guidelines established by regulatory agencies set minimum capital standards based on the level of risk associated with a financial institution’s assets. A financial institution’s total capital is required to equal at least 8 percent of risk-weighted assets. At least half of that 8 percent must consist of Tier 1 core capital, and the remainder may be Tier 2 supplementary capital. The risk-based capital guidelines indicate the specific risk weightings by type of asset. Certain off-balance-sheet items (such as standby letters of credit and binding loan commitments) are multiplied by credit conversion factors to translate them into balance sheet equivalents before assigning them specific risk weightings. Due to the Company’s high level of core capital and substantial portion of earning assets invested in government securities, the Tier 1 capital ratio of 14.05 percent and total capital ratio of 14.89 percent substantially exceed the regulatory minimums.

For further discussion of capital and liquidity, see “Liquidity Risk” under “Item 3 Quantitative and Qualitative Disclosures About Market Risk” in this report.

Table 8

The Company’s capital position is summarized in the table below and exceeds regulatory requirements:

	Six Months Ended June 30,				Three Months Ended June 30,
RATIOS	2007		2006		2007		2006
Return on average assets	0.94	%	0.75	%	1.02	%	0.80	%
Return on average equity	8.76		6.79		9.32		7.15
Average equity to assets	10.70		11.03		10.89		11.24
Tier 1 risk-based capital ratio	14.05		15.35		14.05		15.35
Total risk-based capital ratio	14.89		16.19		14.89		16.19
Leverage ratio	9.86		10.79		9.86		10.79

The Company’s per share data is summarized in the table below.

	Six Months Ended June 30,						Three Months Ended June 30,
Per Share Data	2007			2006			2007			2006
Earnings basic	$	0.89		$	0.66		$	0.48		$	0.35
Earnings diluted		0.89			0.65			0.48			0.35
Cash dividends		0.28			0.26			0.14			0.13
Dividend payout ratio		31.46	%		39.39	%		29.17	%		37.14	%
Book value	$	20.44		$	19.28		$	20.44		$	19.28

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Off-balance Sheet Arrangements

The Company’s main off-balance sheet arrangements are loan commitments, commercial and standby letters of credit, futures contracts and forward exchange contracts, which have maturity dates rather than payment due dates. Please see note 7, “Commitments, Contingencies and Guarantees” in the Notes to Condensed Consolidated Financial Statements for detailed information on these arrangements. There was no material change from December 31, 2006.

Critical Accounting Policies and Estimates

Management’s Discussion and Analysis of Financial Condition and Results of Operations discusses the Company’s condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments, including those related to customers and suppliers, allowance for loan losses, bad debts, investments, financing operations, long-lived assets, contingencies and litigation. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which have formed the basis for making such judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from the recorded estimates under different assumptions or conditions. A summary of critical accounting policies are listed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of the Company’s 2006 Annual Report Form 10-K for the fiscal year ended December 31, 2006.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Risk Management

Market risk is a broad term for the risk of economic loss due to adverse changes in the fair value of a financial instrument. These changes may be the result of various factors, including interest rates, foreign exchange prices, commodity prices or equity prices. Financial instruments that are subject to market risk can be classified either as held for trading or held for purposes other than trading.

The Company is subject to market risk primarily through the effect of changes in interest rates of its assets held for purposes other than trading. The following discussion of interest rate risk, however, combines instruments held for trading and instruments held for purposes other than trading because the instruments held for trading represent such a small portion of the Company’s portfolio that the interest rate risk associated with them is immaterial.

Interest Rate Risk

In the banking industry, a major risk exposure is changing interest rates. To minimize the effect of interest rate changes to net interest income and exposure levels to economic losses, the Company manages its exposure to changes in interest rates through asset and liability management within guidelines established by its Funds Management Committee (“FMC”) and approved by the Company’s Board of Directors. The FMC has the responsibility for approving and ensuring compliance with asset/liability management policies, including interest rate exposure. The Company’s primary method for measuring and analyzing consolidated interest rate risk is the Net Interest Income Simulation Analysis. The Company also uses a Net Portfolio Value model to measure market value risk under various rate change scenarios and a gap analysis to measure maturity and repricing relationships between interest-earning assets and interest-bearing liabilities at specific points in time. The Company does not use hedges or swaps to manage interest rate risk except for limited use of futures contracts to offset interest rate risk on certain securities held in its trading portfolio.

Overall, the Company manages interest rate risk by positioning the balance sheet to maximize net interest income while maintaining an acceptable level of interest rate and credit risk, remaining mindful of the relationship among profitability, liquidity, interest rate risk and credit risk.

Net Interest Income Modeling

The Company’s primary interest rate risk tool, the Net Interest Income Simulation Analysis, measures interest rate risk and the effect of interest rate changes on net interest income and net interest margin. This analysis incorporates substantially all of the Company’s assets and liabilities together with forecasted changes in the balance sheet and assumptions that reflect the current interest rate environment. Through these simulations, management estimates the impact on net interest income of a 200 basis point upward or downward gradual change (e.g. ramp) of market interest rates over a one year period. Assumptions are made to project rates for new loans and deposits based on historical analysis, management outlook, and repricing strategies. Asset prepayments and other market risks are developed from industry estimates of prepayment speeds and other market changes. Since the results of these simulations can be significantly influenced by assumptions utilized, management evaluates the sensitivity of the simulation results to changes in assumptions.

Table 9 shows the net interest income increase or decrease over the next twelve months as of June 30, 2007 and 2006 based on hypothetical changes in interest rates.

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Table 9

MARKET RISK (dollars in thousands)

Hypothetical change in interest rate (Rates in Basis Points)	June 30, 2007 Amount of change			June 30, 2006 Amount of change
200	$	(2,332	)	$	1,608
100		(1,166	)		804
Static		—			—
(100)		1,454			(80	)
(200)		2,907			(159	)

The Company is now more liability sensitive at June 30, 2007 to increases or decreases in rates than a year ago. In 2006, the Company was more asset sensitive to rate changes. A decrease in interest rates will have a positive impact on net interest income in 2007. The Company’s average life of the investment portfolio has gradually lengthened and the Company’s loan portfolio has grown with a slightly higher percentage of total loans being fixed rate. These scenarios cause interest income from these assets to be less sensitive to rate changes because they reprice less frequently. The Company has less overnight interest income as a percentage of total interest income since June 2006. These scenarios cause interest income from assets to be less sensitive to rate changes because a greater percentage of assets are repricing less frequently. The sensitivity of deposits is shorter than a year ago and the Company has a greater percentage of interest expense from overnight liabilities. These changes cause the interest expense from liabilities to reprice more frequently and be more sensitive to rate changes. The Company is positioned to have a favorable interest income impact in a falling rate environment and have an adverse interest income impact to income in a rising rate environment.

Repricing Mismatch Analysis

The Company also evaluates its interest rate sensitivity position in an attempt to maintain a balance between the amount of interest-bearing assets and interest-bearing liabilities which are expected to mature or reprice at any point in time. While a traditional repricing mismatch analysis (“gap analysis”) provides a snapshot of interest rate risk, it does not take into consideration that assets and liabilities with similar repricing characteristics may not in fact reprice at the same time or the same degree. Also, it does not necessarily predict the impact of changes in general levels of interest rates on net interest income.

Management attempts to structure the balance sheet to provide for the repricing of approximately equal amounts of assets and liabilities within specific time intervals. The Company is in a positive gap position because assets maturing or repricing exceed liabilities.

Trading Account

The Company’s subsidiary UMB Bank, n.a. carries taxable governmental securities in a trading account that is maintained according to a Board-approved policy and relevant procedures. The policy limits the amount and type of securities that can be carried in the trading account as well as requiring that any limits under applicable law and regulations also be complied with, and mandates the use of a value at risk methodology to manage price volatility risks within financial parameters. The risk associated with the carrying of trading securities is offset by the sale of exchange traded financial futures contracts, with both the trading account and futures contracts marked to market daily. This account had a balance of $67.0 million as of June 30, 2007 compared to $64.5 million as of December 31, 2006.

The Manager of the Investment Banking Division of UMB Bank, n.a. presents documentation of the methodology used in determining value at risk at least annually to the Board for approval in compliance with OCC Banking Circular 277, Risk Management of Financial Derivatives, and other banking laws and regulations. The aggregate value at risk is reviewed quarterly. The aggregate value at risk in the trading account was insignificant as of June 30, 2007 and December 31, 2006.

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Other Market Risk

The Company does not have material commodity price risks or derivative risks. The Company also has foreign currency risks as a result of foreign exchange contracts. See Note 7 “Commitments, Contingencies and Guarantees” in the notes to the Condensed Consolidated Financial Statements.

Credit Risk Management

Credit risk represents the risk that a customer or counterparty may not perform in accordance with contractual terms. Credit risk is inherent in the financial services business and results from extending credit to customers. The Company utilizes a centralized credit administration function, which provides information on affiliate bank risk levels, delinquencies, an internal ranking system and overall credit exposure. In addition, loan requests are centrally reviewed to ensure the consistent application of the loan policy and standards. The Company has an internal loan review staff that operates independently of the affiliate banks. This review team performs periodic examinations of each bank’s loans for credit quality, documentation and loan administration. The respective regulatory authority of each affiliate bank also reviews loan portfolios.

Another means of ensuring loan quality is diversification. By keeping its loan portfolio diversified, management believes the Company can continue to avoid problems associated with undue concentrations of loans within particular industries. The Company has no significant exposure to highly leveraged transactions and has no foreign credits in its loan portfolio.

A primary indicator of credit quality and risk management is the level of nonperforming loans. Nonperforming loans include both nonaccrual loans and restructured loans. The Company’s nonperforming loans increased $1.4 million at June 30, 2007, as compared to December 31, 2006.

The Company had $270,000 of other real estate owned as of June 30, 2007 compared to $317,000 as of December 31, 2006. Loans past due more than 90 days totaled $1.8 million as of June 30, 2007, compared to $4.0 million as of December 31, 2006.

A loan is generally placed on nonaccrual status when payments are past due 90 days or more and/or when management has considerable doubt about the borrower’s ability to repay on the terms originally contracted. The accrual of interest is discontinued and recorded thereafter only when actually received in cash.

Certain loans are restructured to provide a reduction or deferral of interest or principal due to deterioration in the financial condition of the respective borrowers. The Company had $146,000 of restructured loans at June 30, 2007 and $24,000 at December 31, 2006.

TABLE 10

LOAN QUALITY (dollars in thousands)

	June 30, 2007			December 31, 2006
Nonaccrual loans	$	7,780		$	6,539
Restructured loans		146			24
Total nonperforming loans		7,926			6,563
Other real estate owned		270			317
Total nonperforming assets	$	8,196		$	6,880
Loans past due 90 days or more	$	1,789		$	4,034
Allowance for Loan Losses	$	45,248		$	44,926
Ratios
Nonperforming loans as a percent of loans		0.20	%		0.17	%
Nonperforming assets as a percent of loans plus other real estate owned		0.21	%		0.18	%
Nonperforming assets as a percent of total assets		0.01	%		0.08	%
Loans past due 90 days or more as a percent of loans		0.05	%		0.11	%
Allowance for loan losses as a percent of loans		1.14	%		1.20	%
Allowance for loan losses as a multiple of nonperforming loans		5.71	x		6.85	x

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Liquidity Risk

Liquidity represents the Company’s ability to meet financial commitments through the maturity and sale of existing assets or availability of additional funds. The most important factor in the preservation of liquidity is maintaining public confidence that facilitates the retention and growth of a large, stable supply of core deposits and wholesale funds. Ultimately, public confidence is generated through profitable operations, sound credit quality and a strong capital position. The primary source of liquidity for the Company is regularly scheduled payments and maturity of assets, which include $2.7 billion of high-quality securities available for sale. The liquidity of the Company and its affiliate banks is also enhanced by its activity in the federal funds market and by its core deposits. Neither the Company nor its subsidiaries are active in the debt market. The traditional funding source for the Company’s subsidiary banks has been core deposits. The Company has not issued any debt since 1993 when $25 million of medium-term notes were issued to fund bank acquisitions. Prior to being paid off in February 2003 these notes were rated A3 by Moody’s Investor Service and A- by Standard and Poor’s. Based upon regular contact with investment banking firms, management is confident in its ability to raise debt or equity capital on favorable terms, should the need arise.

The Company also has other commercial commitments that may impact liquidity. These commitments include unused commitments to extend credit, standby letters of credit and financial guarantees, and commercial letters of credit. The total amount of these commercial commitments at June 30, 2007 was $28 billion. Since many of these commitments expire without being drawn upon, the total amount of these commercial commitments does not necessarily represent the future cash requirements of the Company.

The Company’s cash requirements consist primarily of dividends to shareholders, debt service and treasury stock purchases. Management fees and dividends received from subsidiary banks traditionally have been sufficient to satisfy these requirements and are expected to be sufficient in the future. The Company’s subsidiary banks are subject to various rules regarding payment of dividends to the Company. For the most part, all banks can pay dividends at least equal to their current year’s earnings without seeking prior regulatory approval. From time to time, approvals have been requested to allow a subsidiary bank to pay a dividend in excess of its current earnings. All such requests have been approved.

Operational Risk

The Company is exposed to numerous types of operational risk. Operational risk generally refers to the risk of loss resulting from the Company’s operations, including, but not limited to: the risk of fraud by employees or persons outside the Company; the execution of unauthorized transactions by employees or others; errors relating to transaction processing and systems; and breaches of the internal control system and compliance requirements. This risk of loss also includes the potential legal or regulatory actions that could arise as a result of an operational deficiency, or as a result of noncompliance with applicable regulatory standards and securities laws, including the Sarbanes-Oxley Act of 2002.

The Company operates in many markets and places reliance on the ability of its employees and systems to properly process a high number of transactions. In the event of a breakdown in the internal control systems, improper operation of systems or improper employee actions, the Company could suffer financial loss, face regulatory action and suffer damage to its reputation. In order to address this risk, management maintains a system of internal controls with the objective of providing proper transaction authorization and execution, safeguarding of assets from misuse or theft, and ensuring the reliability of financial and other data.

The Company maintains systems of controls that provide management with timely and accurate information about the Company’s operations. These systems have been designed to manage operational risk at appropriate levels given the Company’s financial strength, the environment in which it operates, and considering factors such as competition and regulation. The Company has also established procedures that are designed to ensure that policies relating to conduct, ethics and business practices are followed on a uniform basis. In certain cases, the Company has experienced losses from operational risk. Such losses have included the effects of

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operational errors that the Company has discovered and included as expense in the statement of income. While there can be no assurance that the Company will not suffer such losses in the future, management continually monitors and works to improve its internal controls, systems and corporate-wide processes and procedures. Furthermore, management believes the plans to streamline the organization through further systems integration and policies enacted to push down reporting accountabilities further in the organization have improved the Company’s ability to identify and limit operational risk.

ITEM 4. CONTROLS AND PROCEDURES

The Sarbanes-Oxley Act of 2002 requires Chief Executive Officers and Chief Financial Officers to make certain certifications with respect to this report and to the Company’s disclosure controls and procedures and internal control over financial reporting. The Company has a Code of Ethics that expresses the values that drive employee behavior and maintains the Company’s commitment to the highest standards of ethics.

Disclosure Controls and Procedures

The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s “Disclosure Controls and Procedures” (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)) as of the end of the period covered by this report. Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by the report, the Company’s disclosure controls and procedures are effective for recording, processing, summarizing and reporting, within the time period specified in the Exchange Act rules and forms Disclosure Controls and Procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by the Company in the reports that it files and submits under the Exchange Act is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

While the Company believes that its existing disclosure controls and procedures have been effective to accomplish the Company’s objectives, the Company intends to continue to examine, refine, and formalize its disclosure controls and procedures and to monitor ongoing developments in this area.

Internal Control Over Financial Reporting

There have not been any change in the Company’s internal control over financial reporting (as such term is defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) during the period to which this report relates that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

In the normal course of business, the Company and its subsidiaries are named defendants in various lawsuits and counter-claims. In the opinion of management, after consultation with legal counsel, none of these lawsuits are expected to have a materially adverse effect on the financial position, results of operations, or cash flows of the Company.

ITEM 1A. RISK FACTORS

There were no material changes to the risk factors as previously disclosed in response to Item 1A to Part 1 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2006.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The table below sets forth the information with respect to purchases made by or on behalf of The Company or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Exchange Act) of our common stock during the three months ended June 30, 2007.

ISSUER PURCHASE OF EQUITY SECURITIES

Period	Total Number of Shares (or Units) Purchased	Average Price Paid per Share (or Unit)		Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs	Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
April 1-April 24, 2007	2,276	$	38.23	2,276	1,082,331
April 25-April 30, 2007	8,675		39.50	8,675	1,991,325
May 1-May 31, 2007	11,387		39.13	11,387	1,979,938
June 1-June 30, 2007	4,250		38.14	4,250	1,975,688

On April 24, 2007 the Company announced a plan to repurchase up to two million shares of common stock. This plan will terminate on April 24, 2008.On April 25, 2006, the Company announced a plan to repurchase up to two million shares of common stock. This plan terminated on April 25, 2007. The Company has not made any repurchases other than through these plans. All open market share purchases under the share repurchase plans are intended to be within the scope of Rule 10b-18 promulgated under the Securities Exchange Act of 1934. Rule 10b-18 provides a safe harbor for purchases in a given day if the Company satisfies the manner, timing and volume conditions of the rule when purchasing its own common shares.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS

The Company held its annual meeting of shareholders on April 24, 2007. Proxies for the meeting were solicited pursuant to Regulation 14 of the Exchange Act, and there was no solicitation in opposition to management’s nominees listed in the proxy statement. At the meeting the shareholders approved the following proposals:

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1. Approval of five Class III directors to serve until the annual meeting in 2010.

Directors	For	Withheld
Class III
David R. Bradley	37,279,630	151,471
Peter J. deSilva	37,275,403	151,471
Terrance P. Dunn	36,365,053	151,471
Alexander C. Kemper	36,114,428	151,471
Kris A. Robbins	37,554,288	151,471
Directors Who Will Continue In Office
Class II – Terms expiring in 2009
Michael J. Chesser
J. Mariner Kemper
John H. Mize, Jr.
Thomas D. Sanders
L. Joshua Sosland
Dr. Jon Wefald
Class I – Terms expiring in 2008
Theodore M. Armstrong
Greg M. Graves
Richard Harvey
Paul Uhlmann III
Thomas J. Wood III

2. Ratification of the Audit Committee’s retention of Deloitte & Touche LLP to serve as the Company’s independent auditors and to examine and audit the consolidated financial statements of the Company for the fiscal year 2007.

For	36,796,967
Against	251,659
Abstain	20,605

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

a) The following exhibits are filed herewith:

i.      3.1 Articles of Incorporation restated as of April 25, 2006 incorporated by reference to Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2006 and filed with the Commission on May 9, 2006.

ii.     3.2 Bylaws, restated as of July 24, 2007.

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iii.    4 Description of the Registrant’s common stock in Amendment No. 1 on Form 8, incorporated by reference to its General Form for Registration of Securities on Form 10 dated March 5, 1993.

iv.   10.1 Employment offer letter between the company and Brian J. Walker dated May 17, 2007.

v.    31.1 CEO Certification pursuant to Section 302 of the Sarbanes-Oxley Act.

vi.   31.2 CFO Certification pursuant to Section 302 of the Sarbanes-Oxley Act.

vii.  32.1 CEO Certification pursuant to Section 906 of the Sarbanes-Oxley Act.

viii. 32.2 CFO Certification pursuant to Section 906 of the Sarbanes-Oxley Act.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

UMB FINANCIAL CORPORATION

/s/ Brian J. Walker

Brian J. Walker

Senior Vice President, Controller

(Authorized Officer and Chief Accounting Officer)

Date: August 8, 2007

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EX-3.2

EXHIBIT 3.2

UMB FINANCIAL CORPORATION

BY-LAWS

(As amended July 24, 2007)

ARTICLE I

Location of Offices

Section 1. Principal Office. The principal office of the Corporation shall be located in Kansas City, Jackson County, Missouri, or at such other place as may be designated from time to time by the Board of Directors.

Section 2. Other Offices. The Corporation may have offices at such other place or places, either within or without the State of Missouri, as the Board of Directors may from time to time designate.

ARTICLE II

Meetings of Stockholders

Section 1. Annual Meeting. The annual meeting of the stockholders shall be held at the principal office of the Corporation, or at such other place as shall be designated in the notice thereof, beginning at 10:00 a.m. or such other hour as shall be designated in such notice, on the Tuesday preceding the fourth Wednesday in April in each year, or if that be a legal holiday on the next succeeding day not a legal holiday, for the purpose of electing a Board of Directors and transacting such other business as may come before the meeting.

Section 2. Special Meetings. Special meetings of the stockholders may be called at any time by the Chairman of the Board, or in the case of the absence or disability of the Chairman of the Board, by the Vice-Chairman of the Board, or the President, or at any time upon the written request of a majority of the Board of Directors, or upon the written request of the holders of not less than one-fifth of the outstanding stock of the Corporation entitled to vote at such meeting. Each call for a special meeting of the stockholders shall state the time, the day, the place and the purpose or purposes of such meeting, and shall be in writing, signed by the persons making the same, and delivered to the Secretary. No business shall be transacted at a special meeting other than such as is included in the purposes stated in the call.

Section 3. Notice of Meetings. Written or printed notice of each meeting of the stockholders stating the hour and day when, and the place where, such meeting is to be held shall be served as hereinafter provided on each stockholder entitled to vote thereat not less than ten (10) days or no more than fifty (50) days before such meeting, except that further notice shall be given of particular matters if required by law. In the case of the annual meetings the notice shall state that the purposes thereof are the election of a Board of Directors and the transaction of such other business as may come before the meeting. In the case of a special meeting such notice shall state the purpose or purposes for which the meeting is called. Service of such notice shall be made either personally or by depositing the same in a sealed envelope addressed to the stockholder at his or her address as it appears upon the records of the Corporation, and deposited in a United States Post Office, with the postage thereon prepaid. If such notice is served by mailing the same, it shall be deemed to have been given at the time when the same shall be thus mailed. If any stockholder shall not have an address appearing upon the books of the Corporation, such notice may be given by mailing the same as heretofore provided, addressed to such stockholder at the General Post Office in Kansas City, Missouri. Service of such notice shall be made by the Secretary, but in case the Secretary shall refuse or neglect to serve such notice upon each stockholder as herein provided, then such service may be made by any officer or director of the Corporation. In addition, such published notice shall be given as required by law.

Section 4. Waiver of Notice. Any stockholder may waive notice of any meeting of the stockholders, by a writing signed by him or her, or by his or her duly authorized attorney, either before or after the time of such meeting. A copy of such waiver shall be entered in the minutes, and shall be deemed to be the notice required by law or by these By-Laws. Any stockholder present in person, or represented by proxy, at any meeting of the stockholders shall be deemed to have thereby waived notice of such meeting except where such attendance is for the express purpose of objecting to the transaction of any business because the meeting is not lawfully called or convened.

Section 5. Actions Without a Meeting. Any action which is required to be taken, or may be taken, at a meeting of stockholders may be taken without a meeting if consents in writing, setting forth the action so taken, shall be signed by all of the stockholders entitled to vote with respect to the subject matter thereof. Such consents shall have the same force and effect as a unanimous vote of the stockholders at a meeting duly held, in accordance with Section 351.273 of The General and Business Corporation Law of Missouri. The Secretary shall file such consents in the minute book of the Corporation.

Section 6. List of Stockholders. At least ten (10) days before each meeting of stockholders the Secretary shall cause to be prepared a complete list of the names and addresses of all stockholders entitled to vote at such meeting, arranged in alphabetical order, with the number of shares held by each, and such list shall be produced and kept at the registered Missouri office and shall be subject to inspection by any stockholder during regular business hours. Such list shall also be produced and kept open at the meeting and shall be subject to inspection by any stockholder during the meeting.

Section 7. Quorum. At any meeting of the stockholders, a majority of the outstanding capital stock entitled to vote at such meeting, being represented in person or by proxy, shall constitute a quorum for all purposes, including the election of directors, except where it is otherwise provided by law.

Section 8. Organization. The Chairman of the Board, and in his absence, the Vice-Chairman of the Board or the President, shall preside at each meeting of the shareholders and shall act as Chairman thereof. The Secretary shall act as secretary of all meetings of the stockholders.

Section 9. Voting. At each meeting of the stockholders, each stockholder shall be entitled to vote in person, or by proxy made in accordance with the provisions of the By-Laws of the Corporation, held by some person or persons present at such meeting, upon all matters presented at the meeting. With the exception of the election of directors, each stockholder shall have one vote for each share of stock standing in his or her name on the books of the Corporation on the record date determined as provided in Section 6 of Article VII of the By-Laws. In the election of directors each stockholder shall have the right to cast as many votes in the aggregate as shall equal the number of shares held by him or her multiplied by the number of directors to be elected at such election, and said votes may be cast for one director or distributed among two or more candidates. All questions, except any question the manner of deciding which is specially regulated by law, shall be determined by a majority of the outstanding shares of capital stock represented at each meeting. If voting shall be by ballot for the election of directors or other questions, the Chairman of such meeting of the stockholders may appoint not less than two (2) persons, who are not directors or candidates for the election as a director, to act as Inspectors of Election and to receive and canvass the votes cast at such meeting and certify the results to the Chairman. Each such Inspector, before entering upon the discharge of his or her duties, shall take and subscribe the following oath: “I do solemnly swear, that I will execute the duties of an Inspector of the election now to be held, with strict impartiality and according to the best of my ability.” The Inspectors of Election shall take care of the polls and after the balloting shall make and file a written certificate of the result of the votes cast at the meeting.

Section 10. Adjournment. If, at any meeting of the stockholders, a quorum shall fail to attend at the time and place for which such meeting was called, or if the business of such meeting shall not be completed, the stockholders present in person or represented by proxy may, by a majority vote, adjourn the meeting from day to day, or from time to time, not exceeding ninety (90) days from such adjournment, without further notice, until a quorum shall attend or the business thereof shall be completed. Such adjournment and the reasons therefor shall be recorded in the minutes. At any such adjournment meeting, any business may be transacted which might have been transacted at the meeting as originally called.

Section 11. Proxies. Proxies must either (1) be in writing, signed by the stockholder himself or herself, or by his or her duly authorized attorney, or by his or her legal representative, or (2) be sent by electronic means to the Corporation’s transfer agent or other proxy tabulator through a system that is designed to (i) enable the transfer agent or other proxy tabulator to verify that the transmission was authorized by the shareholder, and (ii) enable the recipient to retain, retrieve and reproduce the information sent by the shareholder. Unless specified therein that it is irrevocable, any proxy may be revoked at the pleasure of the person executing it (i) by a writing signed by the shareholder, his or her attorney or legal representative and filed with the transfer agent or other proxy tabulator or (ii) by notice given electronically to the Corporation’s transfer agent or proxy tabulator. To be effective the grant of a proxy or the revocation of a proxy must be manually signed and filed with or delivered electronically to the Secretary of the Corporation at or before the roll call of the meeting at which the same is to be used. No proxy shall be valid after the expiration of eleven (11) months from its date, unless the person executing it shall have specified therein the length of time for which such proxy is to continue in force. In the event that such instrument in writing shall designate two or more persons to act as proxies, a majority of such persons present at the meeting, or, if only one shall be present, then that one, shall have and may exercise all of the powers conferred by such written instrument upon all of the persons so designated, unless the instrument shall otherwise provide.

ARTICLE III

Directors

Section 1. Qualifications. The corporate powers, business and property of the Corporation shall be exercised, conducted and controlled by the Board of Directors. It shall not be necessary for a director to be a stockholder. The Corporation will take all reasonable efforts to comply with applicable requirements of the Securities and Exchange Commission, any self regulatory organization having requirements applicable to the Corporation, and other applicable legal and regulatory requirements, including but not limited to the requirement that at least a majority of the members of the Board qualify as “independent directors” as such term is defined and described in the aforesaid requirements and as determined by the Board from time to time.

Section 2. Directors - Number; Classes. The Board of Directors shall consist of not less than eleven (11) nor more than thirty-two (32) members, the exact number to be set from time to time by the Board. Commencing with the annual meeting of shareholders in 1979, the Board of Directors shall be divided into three classes, Class I, Class II, and Class III, as nearly equal in number as possible. At the annual meeting of shareholders in 1979, directors of the first class (Class I) shall be elected to hold office for a term expiring at the next succeeding annual meeting of shareholders, directors of the second class (Class II) shall be elected to hold office for a term expiring at the second succeeding annual meeting of shareholders, and directors of the third class (Class III) shall be elected to hold office for a term expiring at the third succeeding annual meeting of shareholders. At each annual meeting of shareholders subsequent to the annual meeting of shareholders in 1979, the successors to the class of directors whose term shall then expire shall be elected to hold office for a term expiring at the third succeeding annual meeting. Nominees for election shall be selected and approved by the Corporate Governance/Nominating Committee, and shall be presented to the Board of Directors for nomination for election by the shareholders at each respective annual meeting of shareholders. Any increase or decrease in the authorized number of directors shall be apportioned among the classes so as to make all classes as nearly equal in number as possible. No decrease in the authorized number of directors shall shorten the term of any incumbent director. If it shall happen at any time that the election of directors shall not be held on the day designated by the By-Laws of the Corporation, such election may be held on any other day at a special meeting of the shareholders called and held for that purpose.

Pursuant to the Corporate Governance & Nominating Committee Charter, nominees for election shall be selected and approved by the Corporate Governance & Nominating Committee. The Committee will consider any director candidates recommended by shareholders in accordance with applicable laws and regulations, or as provided below. Shareholders may nominate director candidates by writing to the

Committee and providing the candidate’s name, biographical data and qualifications. The Corporation’s policy regarding procedures to be followed by shareholders in submitting such recommendations shall be disclosed in the Corporation’s annual proxy statement.

Section 3. Election of Directors; Terms; Removals; Vacancies. If at any meeting of shareholders, due to a vacancy or vacancies, or otherwise, directors of more than one class are to be elected, each class of directors to be elected at the meeting shall be elected in a separate election. Each director shall hold office for the term for which he/she is elected in accordance with these By-Laws, and until his/her successor is elected and qualified or until his/her earlier death, resignation or removal. The entire Board or any one or more directors may be removed with or without cause if (1) at a meeting specially called for the purpose of removing directors, the holders of at least two-thirds of the outstanding shares of stock then entitled to vote in elections of directors shall vote for such removal, and (2) as to any director, the number of shares voted against removal would not be sufficient to elect him if then cumulatively voted in an election of the entire Board of Directors, or, if there be classes of directors, at an election of the class of directors of which he is a part. If the office of any director is vacant by reason of death, resignation, removal or increase in the number of authorized directors due to amendment of the By-Laws, the Corporate Governance/Nominations Committee may select and approve, and a majority of the other directors (though less than a quorum) may appoint, a director to fill the vacancy until a successor shall have been duly elected at a shareholders meeting, which election shall be not later than the next regularly scheduled annual meeting of the shareholders. Any successor so elected at a shareholders meeting shall be elected for a term which shall expire on the same date as the term of his predecessor would have expired.

Section 4. Annual Meeting. The annual meeting of the directors for the purpose of electing officers and transacting such other business as may come before the meeting shall be held on the same day as the annual meeting of the stockholders, following the final adjournment of the annual meeting of stockholders on that day. In the event the annual meeting of stockholders is continued, recessed or adjourned from day to day, or from time to time, then in such event the annual meeting of the directors shall be held immediately following the final adjournment of the annual meeting of stockholders. If for any reason such annual meeting of the directors is not or cannot be held as herein prescribed, the officers may be elected at any meeting of the directors thereafter held.

Section 5. Regular Meetings Other Than Annual Meetings. Regular meetings of the directors may be held at such time and place as shall be determined from time to time by resolution of the Board of Directors. After the time and place of such regular meeting shall have been so determined, no notice of such regular meeting need be given. Independent directors shall convene regularly scheduled executive sessions at least twice per year in conjunction with regularly scheduled Board meetings and/or at such other times and places as deemed necessary by such independent directors or as required by applicable rules and regulations.

Section 6. Special Meetings. Special meetings of the Board of Directors for any purpose or purposes shall be called by the Secretary of the Corporation at the written request of the Chairman of the Board, the Vice-Chairman of the Board, the President or at the written request of a majority of the directors. Such request shall state the purpose or purposes of the proposed meeting.

Section 7. Notice of Meetings. No notice shall be required to be given of any regular meeting of the Board of Directors. Notice of any change in the place of holding any regular meeting, or of any adjournment of a regular meeting to reconvene at a different place, shall be given by mail or courier or telephone or confirmed facsimile transmission not less than forty-eight (48) hours before such meeting, to all directors who were absent at the time such action was taken. The Secretary of the Corporation shall give notice of all special meetings of the directors by delivering to each director in person not later than the day prior to the meeting, or as to any such director not so personally notified by mailing to him, a written or printed notice of such meeting, postage prepaid, or by telegraph or by messenger delivery to each such director, at his last known address, so that in the ordinary course of the method of delivery it would reach such director at least on the day prior to the meeting. The business transacted at all special meetings of directors shall be confined to the subjects stated in the notice and to matters germane thereto, unless all

directors of the Corporation are present at such meeting and consent to the transaction of other business. Whenever any notice is required to be given to any director under any provisions of the By-Laws, a waiver thereof in writing, signed by the person entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent thereto. Such waiver may be by signed facsimile transmission or telegram, confirmed in writing within five (5) days thereafter.

Section 8. Actions Without a Meeting. If all the directors, severally or collectively, consent in writing to any action to be taken by the directors, such consents shall have the same force and effect of a unanimous vote of the directors at a meeting duly held, in accordance with Section 351.340 of The General and Business Corporation Law of Missouri. The Secretary shall file such consents in the minute book of the Corporation.

Section 9. Quorum. A majority of the Board of Directors of the Corporation, at a meeting duly assembled, shall be necessary to constitute a quorum for the transaction of business, and the act of a majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors, except where otherwise provided by law or by the By-Laws of the Corporation.

Section 10. Adjournment. If at any meeting of the Board of Directors a quorum shall fail to attend, a majority of the directors present at the time and place appointed for such meeting may adjourn the meeting from time to time to any date until the next regular meeting, without notice other than verbal announcement at the meeting and adjournments thereof, until a quorum shall attend. Likewise, any meeting of directors at which a quorum is present may also be adjourned, in like manner and on like notice, for such time or upon such call as may be determined by vote of a majority of the directors there present. At any adjournment of any such meeting at which a quorum shall be present, any business may be transacted which might have been transacted at the meeting as originally called.

Section 11. Organization. The Chairman of the Board, and in his absence the Vice-Chairman of the Board or the President, and in the absence of all of them, a Chairman pro tem, chosen by the directors present, shall preside at each meeting of the directors and shall act as Chairman thereof. The Secretary or an Assistant Secretary, and in the absence of the Secretary or any Assistant Secretary, a Secretary pro tem, chosen by the directors present, shall act as Secretary of all meetings of the directors.

Section 12. Rules and Regulations. The Board of Directors shall supervise all officers and agents and see that their duties are properly performed in accordance with the Corporation Code of Ethics The Board of Directors may adopt such rules and regulations for the conduct of their meetings, the guidance of the officers and the management of the affairs of the Corporation as they deem proper, not inconsistent with law, the By-Laws of the Corporation, or the Corporation Code of Ethics and may, from time to time, determine the order of business at their meetings.

Section 13. Minutes and Statements. The Board of Directors shall cause to be kept a complete record of their meetings and acts, and of the proceedings of the stockholders.

Section 14. Powers of the Board. In addition to the power and authority conferred upon them by law, the Board of Directors may exercise all such powers of the Corporation and do all such lawful acts and things as are not by law prohibited or limited, and which are not required or directed to be exercised or done by the stockholders.

Section 15. Compensation of Directors. The compensation to be paid the directors of this Corporation for services at all regular or special meetings of the Board of Directors shall be determined from time to time by the Board of Directors, based upon the recommendations of Compensation Committee (and in accordance with the Compensation Committee Charter); provided, that no such compensation shall be paid to any director who shall at the time be receiving a salary from this Corporation or any of its subsidiaries as an officer thereof.

ARTICLE IV

Committees

Section 1. Executive Committee. The Board of Directors may, by resolution passed by a majority of the total number of directors, designate an Executive Committee to consist of such Executive Officers of the Company and/or its subsidiaries as the Board shall determine. The members of the Executive Committee shall hold their office as such until the membership is changed by the Board of Directors. In making such new appointments the Board of Directors shall designate the Executive Officers said appointees are to succeed and the time they are respectively to serve on said Committee. The Executive Committee shall have the power to approve and execute all policies and strategies applicable to the Company and its subsidiaries, other than those for which the Board or a Board Committee has exclusive authority. The Executive Committee shall also have the power to act in lieu of the full Board between Board meetings with respect to all matters as to which the full Board could take action, other than acquisitions and dispositions of material portions of the Company’s assets, and other than changes in the compensation of any Company employee who has been identified as an individual for whom the Board Compensation Committee has been given exclusive authority to make compensation decisions. The Executive Committee shall report to, and obtain ratification of, the board after taking any action for which the Board has authority and responsibility. The Executive Committee shall periodically meet with and/or interact with the Chairman of the Audit Committee, the Chairman of the Corporate Governance/Nominating Committee, and the Chairman of the Compensation Committee. A majority of the members of the Executive Committee shall determine its action and shall fix the time and place of its meetings unless the Board of Directors shall otherwise provide. When regular meetings have been established no notice shall be required thereof and any and all business may be transacted thereat. Notices of special meetings shall be given in the same manner as is provided for special meetings of the Board of Directors. Unless otherwise indicated in the notice thereof any and all business may be transacted at a special meeting. A majority of the Executive Committee shall constitute a quorum. The Executive Committee shall keep regular minutes of its proceedings and shall report the same at the next succeeding meeting of the Board of Directors.

Section 2. Management Committee. The Board of Directors may, by resolution passed by a majority of the total number of directors, designate a Management Committee to consist of such officers, including significant Division heads and group and area leaders, of the Company and/or its subsidiaries as may be recommended by the Company CEO and appointed by the Board. The Company CEO and the CEO of UMB Bank, n.a. shall be ex officio members of the Management Committee. The Management Committee shall have and may exercise such powers as the Board of Directors shall provide by its resolution or in any Charter adopted by the Board of Directors with respect to such committee.

Section 3. Other Committees. The Board of Directors shall prepare and adopt Charters establishing, and setting forth the authority of, each of an Audit Committee, a Compensation Committee, and a Corporate Governance/Nominating Committee, and shall review and revise such Charters from time to time as necessary or appropriate. Each such Committee shall have the purposes, functions, goals, responsibilities and authority set forth in its respective Charter. Each such Charter shall also set out the criteria and qualifications for membership on such Committees. The Board of Directors may also, from time to time, designate such other committees as the Board may deem advisable, and may select or designate the manner of selecting any such committee. Each such committee shall have and may exercise such powers as the Board of Directors shall provide by its resolution or in any Charter adopted by the Board of Directors with respect to such committees.

Section 4. Compensation of Committee Members. The Board of Directors shall determine the compensation to be paid to Board committee members, based upon the recommendation of the Compensation Committee; provided that no such compensation shall be paid to any committee member who shall at the time be receiving a salary from the Corporation or any of its subsidiaries as an officer thereof.

ARTICLE V

Officers

Section 1. Executive Officers. The executive officers of the Corporation shall be a Chairman of the Board, a President, one or more Vice-Chairmen of the Board, one or more Vice Presidents, a Secretary, a Treasurer and such other executive officers as shall be designated by the Board of Directors, all of whom shall be chosen by the Board of Directors. The Chairman of the Board and the President shall be chosen from among the directors; any person may hold two or more offices, except the offices of Chairman of the Board and Secretary, or President and Secretary.

Section 2. Subordinate Officers. The Board of Directors, the Chairman of the Board, the Vice-Chairman of the Board, or the President may appoint such subordinate officers and such assistant officers as the Board of Directors, the Chairman of the Board, the Vice-Chairman of the Board, or the President may deem necessary or advisable.

Section 3. Tenure of Office and Removal. The tenure of office of each of the executive officers of the Corporation, subject to prior removal, shall be until the close of the next annual meeting of the stockholders following his election, and until the election of his successor. Any executive officer may be removed at any time prior to the expiration of his term by affirmative vote of the majority of the directors. The Board of Directors, the Chairman of the Board, the Vice-Chairman of the Board, or the President may remove any subordinate officer or assistant officer at any time. If the office of any officer of the Corporation becomes vacant by reason of death, resignation, retirement, disqualification or removal from office, or inability to act, the Board of Directors may, in every such case, choose a successor for such officer who shall hold office for such term as may be prescribed by the Board of Directors, but no longer than the unexpired portion of the term of the officer or agent whose place is vacant, and until his successor shall have been duly elected and qualified.

Section 4. Compensation. As provided in the Charter of the Compensation Committee and in accordance with applicable law or regulations, the Compensation Committee shall annually determine the compensation of the Corporation’s Chief Executive Officer. In addition, the Compensation Committee shall have the authority and responsibility of determining and adjusting, from time to time, the compensation of such top-level executive officers (other than the chief executive officer) of the Corporation and its subsidiaries as such Committee may designate from time to time. The Corporation’s Chief Executive Officer shall have authority to determine the compensation of other officers (excluding himself/herself and such top-level executive officers as may be designated by the Compensation Committee, as provided for above) and associates of the Corporation.

Section 5. Duties of the Officers. The Chairman of the Board, the Vice-Chairman of the Board, the President and the Vice-Presidents shall perform such duties as may from time to time be directed by the Board of Directors and have such powers as may from time to time be conferred upon them by the Board of Directors, except to the extent otherwise provided by law.

The Secretary shall attend all meetings of the stockholders of the Corporation, and the Board of Directors and standing committees. He shall act as the clerk or secretary thereof and shall record all of the proceedings of such meetings in minute books kept for that purpose. He shall keep in safe custody the corporate seal of the Corporation and is authorized to affix the same to all instruments requiring the Corporation’s seal. He shall have charge of the corporate records and, except to the extent authority may be conferred upon any transfer agent or registrar duly appointed by the Board of Directors, he shall maintain the Corporation’s books, registers stock certificate and stock transfer books and stock ledgers, and such other books, records and papers as the Board of Directors may from time to time entrust to him. He shall give or cause to be given proper notice of all meetings of stockholders and directors as required by law and the By-Laws, and shall perform such other duties as may from time to time be prescribed by the Board of Directors.

The Treasurer shall have the custody of the corporate funds and securities of the Corporation and shall keep full and accurate account of the receipts and disbursements in books belonging to the Corporation, and shall deposit all moneys and other valuable effects in the name and to the credit of the Corporation in such depositories as may be designated by the Board of Directors. He shall disburse the funds of the

Corporation in the manner and for the purpose ordered by the Board of Directors, and shall render to the Board of Directors, whenever they may require it, an account of all of his transactions as Treasurer and of the financial condition of the Corporation. And he shall perform such other duties as the Board of Directors may from time to time prescribe.

Any subordinate officers and assistant officers appointed by the Board of Directors, the Chairman of the Board, the Vice-Chairman of the Board, or the President shall perform such duties as may from time to time be directed by the Board of Directors or the officer who appointed them and any such subordinate officer of assistant officer shall have such powers as may from time to time be conferred upon them by the Board of Directors or the officer who appointed them, except to the extent otherwise provided by law.

Section 6. Officers’ Bonds. The Board of Directors may require any officer or officers to furnish the Corporation a bond in such sum and in form and with security satisfactory to the Board of Directors for the faithful performance of the duties of their offices and the restoration to the Corporation in case of death, resignation or removal from office of such officer or officers, of all books, papers, vouchers, money and other property of whatever kind in their possession, belonging to the Corporation.

ARTICLE VI

Agents and Attorneys

The Chairman of the Board, the Vice-Chairman of the Board and the President or any one of them, may appoint such agents, attorneys and attorneys-in-fact of the Corporation as any one of them may deem proper, and any one of them may, by written power of attorney, authorize such agents, attorneys, or attorneys-in-fact, to represent the Corporation and for it and in its name, place and stead, and for its use and benefit to transact any and all business, to the extent authorized, which said Corporation is authorized to transact or do by its Articles of Incorporation, and in its name, place and stead, and as its corporate act and deed, to sign, acknowledge and execute any and all contracts and instruments, in writing, necessary or convenient in the transaction of such business as fully to all intents and purposes as said Corporation might or could do if it acted by and through its regularly elected and qualified officers.

ARTICLE VII

Certificate of Stock, Uncertificated Shares and Transfers

Section 1. Issuance. Shares of capital stock of the Corporation may be certificated or uncertificated. Except as provided by law, the rights and obligations of the holders of uncertificated shares and the rights and obligations of holders of certificates representing shares of stock of the same class and same series shall be identical. Each stockholder of the Corporation shall be entitled to have a certificate or certificates, certifying the number of shares of stock of the Corporation owned by him. The certificates of stock shall be in such form as the Board of Directors shall determine. Each certificate shall be signed by the Chairman or the President, and the Secretary or an Assistant Secretary, having affixed to it the seal of the Corporation, which seal may be facsimile, engraved or printed, and express on its face its number, date of issuance, the number of shares for which and the person to whom it is issued. Any of or all signatures may be facsimile, engraved or printed. In case any such officer who has signed or whose facsimile signature has been placed upon any such certificate shall have ceased to be such officer before such certificate is issued, such certificate may nevertheless be issued by the Corporation with the same effect as if such officer were an officer at the date of its issue. Each stock holder of the Corporation whose shares are uncertificated shall be entitled to receive a statement of holdings as evidence of share ownership.

Section 2. Transfer of Stock. Shares of stock shall be transferable only on the stock transfer books of the Corporation which shall be in the possession of the Secretary or of a transfer agent or clerk for the Corporation. No transfer shall be valid against the Corporation until the same is so entered upon its books by an entry showing from and to whom transferred and, (i) if the stock is certificated, the transfer shall not be valid until the old certificate is surrendered for cancellation, duly endorsed or accompanied by proper evidence of succession, assignation or transfer, and cancellation of the certificate representing the same or

(ii) if the stock is uncertificated, the transfer shall not be valid unless accompanied by a duly executed stock transfer power or other proper transfer instructions from the registered owner of such uncertificated shares.

Section 3. Old Certificate to be Canceled. No new certificate or uncertificated shares shall be issued in place of previously issued certificates until the former certificate or certificates for the shares represented thereby shall have been surrendered to and canceled by the Secretary, by writing across the face thereof the word “Canceled” with the date of cancellation; in case any certificate shall be claimed to be lost or destroyed, no new or duplicate certificate shall be issued for the shares represented thereby and no new certificate shall be issued upon a transfer of such shares, except pursuant to a judgment of a court of competent jurisdiction, duly given and made in accordance with the laws of the State of Missouri, or upon a corporate surety bond or other indemnity in form and amount satisfactory to the Corporation being furnished to the Corporation.

Section 4. Treasury Stock. All issued and outstanding stock of the Corporation that may be purchased or otherwise required by the Corporation shall be treasury stock, and shall be subject to disposal by action of the Board of Directors. Such stock shall neither vote nor participate in dividends while held by the Corporation.

Section 5. Registered Stockholders. The Corporation shall be entitled to treat the registered holder of any share or shares of stock whose name appears on its books as the owner or holder thereof as the absolute owner of all legal and equitable interest therein for all purposes and (except as may be otherwise provided by law) shall not be bound to recognize any equitable or other claim to or interest in such shares of stock on the part of any other person, regardless of whether or not it shall have actual or implied notice of such claim or interest.

Section 6. Closing of Stock Transfer Books - Fixing Record Date. The Board of Directors shall have power to close the stock transfer books of the Corporation for a period not exceeding seventy (70) days preceding the date of any meeting of stockholders, or the date for payment of any dividend, or the date for the allotment of rights, or the date when any change, conversion or exchange of capital stock shall go into effect; provided, however, that in lieu of closing the stock transfer books as aforesaid, the Board of Directors may fix in advance a date, not exceeding seventy (70) days preceding the date of any meeting of stockholders, or the date for the payment of any dividend, or the date for the allotment of rights, or the date when any change or conversion or exchange of capital stock shall go into effect, as a record date for the determination of the stockholders entitled to notice of, and to vote at, any such meeting, and any adjournment thereof, or entitled to receive payment of any such dividend, or to any such allotment of rights, or to exercise the rights in respect of any such change, conversion or exchange of capital stock, and in such case such stockholders and only such stockholders as shall be stockholders of record on the date so fixed shall be entitled to notice of, and to vote at, such meeting, and any adjournment thereof, or to receive payment of such dividend, or to receive such allotment of rights, or to exercise such rights, as the case may be, notwithstanding any transfer of any stock on the books of the Corporation after any such record date fixed as aforesaid. If the Board of Directors shall not have closed the transfer books or set a record date for the determination of its stockholders entitled to vote as herein provided, the date on which notice of the meeting is mailed or the date such dividend is declared or other right announced, as the case may be, shall be the record date for such determination of stockholders so entitled to participate.

ARTICLE VIII

Seal

The Corporation shall have a corporate seal which shall have inscribed around the circumference thereof “UMB Financial Corporation - Missouri”, and elsewhere thereon shall bear the words “Corporate Seal”. The corporate seal may be affixed by impression or may be facsimile, engraved or printed.

ARTICLE IX

Miscellaneous Provisions

Section 1. Fiscal Year. The fiscal year of the Corporation shall be as determined from time to time by the Board of Directors. Absent action by the Board of Directors, the fiscal year of the Corporation shall begin on the first day of January in each calendar year and shall terminate on the last day of December of the same calendar year.

Section 2. Failure or Refusal to Give Notice Upon Request. If the Secretary, upon written request by the proper party or parties as permitted and provided in these By-Laws, shall fail or refuse to give any notice which he is required to give in accordance with the provisions hereof, the party or parties entitled to require that such notice be given may sign and issue a notice of the character and in the manner herein provided and setting forth in such notice the fact of such failure or refusal on the part of the Secretary to give the notice as requested; and such notice so signed and issued shall have the same force and effect as though signed and issued by the Secretary of the Corporation.

Section 3. Checks, Drafts, etc. All checks and drafts on the Corporation’s bank accounts and all bills of exchange and promissory notes, and all acceptances, obligations and other instruments for the payment of money, shall be signed by such officer or officers or agent or agents as shall be thereunto duly authorized from time to time by the Board of Directors; provided, that the Board of Directors may authorize the use of facsimile signatures of such officers and upon such terms and subject to such conditions as the Board of Directors may determine.

Section 4. Indemnification of Directors and Officers.

1. Any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding whether civil, criminal, administrative or investigative (other than an action by or in the right of the Corporation) by reason of the fact that he is or was a director, officer or employee of the Corporation or any of its subsidiaries, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise (which shall be deemed to include any employee benefit plan of the Corporation or any other corporation) shall be indemnified against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement (which shall include any excise taxes assessed against a person with respect to an employee benefit plan) actually and reasonably incurred by him in connection with such action, suit or proceeding so long as: (a) such indemnification is permissible under applicable provisions of law and regulations ; and (b) the results of an investigation of the matter as described in Section 5 includes a finding under the provisions of Section 5 that he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Corporation or the participants or beneficiaries of any employee benefit plan, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.

2. Any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the Corporation to procure a judgment in its favor by reason of the fact that he is or was a director, officer or employee of the Corporation, or is or was serving at the request of the Corporation as a director, officer or employee of another corporation, partnership, joint venture, trust or other enterprise (which shall be deemed to include any employee benefit plan of the Corporation or any other corporation) shall be indemnified against expenses (including attorneys’ fees) and amounts paid in settlement (which shall include any excise taxes assessed against a person with respect to an employee benefit plan) actually and reasonably incurred by him in connection with the defense or settlement of the action or suit so long as (a) such indemnification is permissible under applicable provisions of law and regulations; and (b) the results of an investigation of the matter as described in Section 5 includes a finding under the provisions of Section 5 that he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Corporation or the participants or beneficiaries of any employee benefit plan; provided however that no such indemnification shall be made

in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable for negligence or misconduct in the performance of his or her duty to the Corporation unless and only to the extent that the court in which the action or suit was brought determines upon application that, despite the adjudication of liability and in view of all the circumstances of the case, that the person is fairly and reasonably entitled to indemnity for such expenses which the court shall deem proper.

3. The termination of any action, suit, or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interest of the Corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his conduct was unlawful.

4. Any person who has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in Sections 1 or 2 above, shall be indemnified against expenses (including attorneys’ fees) actually and reasonably incurred by him in connection therewith.

5. Except as provided in Section 4, indemnification of anyone under Sections 1 or 2, unless ordered by a court, shall be made by the Corporation only as authorized in each case upon a determination that it is proper because the director, officer or employee has met the applicable standard of conduct set forth. Such a determination shall be made by the Board of Directors by a majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding, or if such a quorum is not obtainable, or even if obtainable, a quorum of disinterested directors so directs, by independent legal counsel in a written opinion, or by the shareholders.

6. Notwithstanding anything herein to the contrary, no director, officer or employee shall be indemnified against any expenses, penalties or other payments incurred in an administrative proceeding or action instituted by a bank regulatory agency to the extent that such indemnification would constitute a “prohibited indemnification payment” (as such term is defined under applicable provisions of the Federal Deposit Insurance Act and regulations thereunder, as amended from time to time) except under circumstances specifically permitted by such Act and regulations, or that would otherwise constitute an indemnification payment that is prohibited by applicable provisions of law or regulations.

7. If authorized by the Board of Directors and if permissible under applicable law and regulation, the Corporation may advance the costs and expenses incurred in defending a civil or criminal action, suit or proceeding upon receipt of an undertaking by or on behalf of the director, officer or employee to repay such amount if it is ultimately determined that he is not entitled to indemnification.

8. The Corporation may purchase and maintain insurance on behalf of any person who is or was a director, officer or employee of the Corporation or is or was serving at the request of the Corporation as a director, officer or employee of another corporation, partnership, joint venture, trust or other enterprise against any liability for which it may indemnify such people under the terms of this Article, and against other liabilities to the extent permitted by applicable law and regulations.

9. The indemnification provided for directors, officers or employees of the Corporation shall not be deemed exclusive of any other rights to which those officers, directors or employees may be entitled under any by-law, agreement, vote of shareholders or disinterested directors or otherwise, both as to actions in his or her official capacity and as to actions in another capacity while holding such office, and shall continue as to any person who has ceased to be a director, officer or employee of the Corporation and shall inure to the benefit of his or her heirs, executors and administrators.

Section 5. Amendments to By-Laws. The Board of Directors shall have the power to make, alter, amend or repeal the By-Laws of this Corporation from time to time.

EX-10.1

EXHIBIT 10.1

May 17, 2007

Mr. Brian Walker

4930 Noreston

Shawnee, KS 66226

Dear Brian,

In follow-up to our conversations, we are pleased to offer you the position of Senior Vice President/Corporate Controller for UMB Financial Corporation effective June 18, 2007 reporting to Michael Hagedorn. We are delighted that you will be joining us.

This letter is to confirm the following details of our offer:

• A base salary of $140,000 annually.

• A sign-on bonus of $10,000 to be paid out with regular pay period of July 5, 2007.

• Paid-Time-Off (PTO): Upon hire, you will begin accruing PTO at the rate of 20 days annually. Your accrual for 2007 will be prorated, based upon your hire date.

• Eligibility to participate in the STIP Performance Compensation Program with a target of 15% of base salary.

• Eligibility for company sponsored benefit plans on the following effective dates:

Date of hire;

Group Life Insurance

Employee Assistance Plan (EAP)

First of the month following one month of employment;

Medical, Dental, Vision, Tax Savings Plan and 401(k) Plan

First of the month following three months of employment;

Supplemental Life and AD&D Insurance

First of the month following six months of employment;

Short Term and Long Term Disability Plans

First January or July following 12 months of employment;

Profit Sharing

Employee Stock Ownership Plan (ESOP)

• Eligibility for many bank products and services free or on a reduced fee basis

• In addition to these company sponsored benefits, a variety of additional insurance products are available after three months of employment, though UMB Scout Insurance, Inc.

Please plan on attending our UMB Orientation Program from 8:00 a.m. to 4:00 p.m. on Monday, June 18, 2007. This is held at our location at 928 Grand – 2nd floor, in downtown Kansas City. Parking is located in the bank garage just north of 928 Grand. You will need to provide documentation to verify your identity and work authorization on your start date.

Kevin Vanderweide offer letter; page 1 of 2

GRAPHICS APPEARS HERE]

Welcome to UMB.

Sincerely,

Michael Hagedorn

This offer is contingent upon successful completion of a pre-employment drug screen and a post-employment FBI background check.

As an employer, we are required to request information from all new associates to comply with the Immigration Reform and Control Act of 1986. Therefore, on your first day you will need to provide documentation to verify your identity and work authorization.

No provision of this letter represents an employment contract in whole or in part, for any duration, between you and UMB or any of its subsidiaries. All employment of UMB associates, including yours, constitutes employment at will and is terminable at any time either by you or UMB Bank.

Repayment Agreement:

A prorated re-payment of the Sign-on Bonus will be required should an employee voluntarily leave UMB prior to 12 months of service. Prorating is based upon 1/12^th of the amount paid, times the number of months remaining to complete 12 months of service.

I have read and accept the terms and conditions of this job offer.

                                                              Date                    

Kevin Vanderweide offer letter; page 2 of 2

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, J. Mariner Kemper, certify that:

1. I have reviewed this report as of June 30, 2007 on Form 10-Q of UMB Financial Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2007

/s/ J. Mariner Kemper

J. Mariner Kemper

Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Michael D. Hagedorn, certify that:

1. I have reviewed this report as of June 30, 2007 on Form 10-Q of UMB Financial Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2007

/s/ Michael D. Hagedorn

Michael D. Hagedorn

Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION

906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of UMB Financial Corporation (the “Company”) on Form 10-Q for the period ended June 30, 2007, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, J. Mariner Kemper, Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: August 8, 2007

/s/ J. Mariner Kemper

J. Mariner Kemper

Chief Executive Officer

A signed original of this written statement required by Section 906 has been provided to UMB Financial Corporation and will be retained by UMB Financial Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION

906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of UMB Financial Corporation (the “Company”) on Form 10-Q for the period ended June 30, 2007, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael D. Hagedorn, Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: August 8, 2007

/s/ Michael D. Hagedorn

Michael D. Hagedorn

Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to UMB Financial Corporation and will be retained by UMB Financial Corporation and furnished to the Securities and Exchange Commission or its staff upon request.