8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): 10/23/2018

UMB FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Commission File Number: 001-38481

MO	43-0903811
(State or other jurisdiction of incorporation)	(IRS Employer Identification No.)

1010 Grand Blvd., Kansas City, MO 64106

(Address of principal executive offices, including zip code)

(816) 860-7000

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13c-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02 Results of Operations and Financial Condition

On October 23, 2018, UMB Financial Corporation (the “Company”) issued a press release announcing the financial results for the Company for the quarter ended September 30, 2018. A copy of the press release is attached as Exhibit 99.1.

The information contained in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 hereto, is being furnished and shall not be deemed to be “filed” with the Securities and Exchange Commission (“SEC”) for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section and are not incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference to this Current Report on Form 8-K in such a filing.

Item 7.01 Regulation FD Disclosure

On October 23, 2018, the Company announced in the same press release that the Board of Directors of the Company (the “Board”) had declared a quarterly dividend of $0.30 per share that is payable on January 2, 2019 to shareholders of record of the Company on December 10, 2018. This press release is attached as Exhibit 99.1, and the information is hereby incorporated herein by reference.

The Company is also announcing in the press release that it has entered into an agreement with Bank of America Merrill Lynch (“BAML”) to repurchase an aggregate of $50 million of the Company’s common stock through an accelerated share repurchase agreement (the “ASR”). The Company will receive an initial delivery of shares representing approximately 85% of the expected total to be repurchased. The final number of shares repurchased and delivered under the ASR will be based on the volume weighted average share price of the Company’s common stock during the term of the transaction. The final settlement of the transactions under the ASR is expected to occur no later than the end of the first quarter 2019 and may be accelerated at the option of BAML. The ASR is part of the Company’s authorization to repurchase up to two million shares of the Company’s common stock that has been announced for the twelve-month period following each of its April 24, 2018, April 25, 2017, and April 26, 2016 meetings.

The Company is furnishing a copy of materials that will be used in the Company’s shareholder conference call on October 24, 2018 at 8:30 a.m. (CT). A copy of the materials is attached as Exhibit 99.2 and will also be available on the Company’s website at www.umb.com. The materials are dated October 23, 2018, and the Company disclaims any obligation to correct or update any of the materials in the future, except as required by applicable securities laws.

The information provided under Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 hereto, is being furnished and is not deemed to be “filed” with the SEC for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section and are not incorporated by reference into any filing of the Company under the Securities Act or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference to this Current Report on Form 8-K in such a filing.

Item 9.01 Financial Statements and Exhibits

Exhibit 99.1	Press Release announcing financial results for quarter and year ended September 30, 2018, announcing dividend declaration, and announcing accelerated share repurchase.
Exhibit 99.2	Investor Presentation Materials, dated October 23, 2018.

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
By:	/s/ Ram Shankar
	Ram Shankar Chief Financial Officer

Date: October 23, 2018

EX-99.1

Exhibit 99.1

UMB Financial Corporation 1010 Grand Boulevard Kansas City, MO 64106 816.860.7000 umb.com News Release

//FOR IMMEDIATE RELEASE//

Media Contact: Stephanie Hague: 816.860.5088

Investor Relations Contact: Kay Gregory: 816.860.7106

UMB Financial Corporation Reports Third Quarter Income from Continuing Operations

of $57.8 Million or $1.16 per Diluted Share

KANSAS CITY, Mo. (October 23, 2018) – UMB Financial Corporation (Nasdaq: UMBF), a financial holding company, announced income from continuing operations for the third quarter 2018 of $57.8 million, or $1.16 per diluted share, compared to $55.4 million, or $1.11 per diluted share, in the second quarter 2018 (linked quarter) and $48.9 million, or $0.98 per diluted share, in the third quarter 2017. The reported GAAP income from continuing operations represents increases of 4.4 percent on a linked-quarter basis and 18.4 percent compared to the third quarter 2017.

Net operating income from continuing operations, a non-GAAP financial measure reconciled to income from continuing operations, the nearest comparable GAAP measure, later in this release, was $58.0 million, or $1.16 per diluted share, for the third quarter 2018, compared to $56.1 million, or $1.12 per diluted share, for the linked quarter and $48.9 million, or $0.98 per diluted share, for the third quarter 2017. These results represent increases of 3.5 percent on a linked-quarter basis and 18.6 percent compared to the third quarter 2017.

Summary of quarterly financial results	UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
	Q3 2018			Q2 2018			Q3 2017
Income from continuing operations	$	57,849		$	55,424		$	48,872
Loss from discontinued operations		—			—			(730	)
Net income		57,849			55,424			48,142
Earnings per share from continuing operations (diluted)		1.16			1.11			0.98
Losses per share from discontinued operations (diluted)		—			—			(0.01	)
Earnings per share (diluted)		1.16			1.11			0.97
Net operating income from continuing operations		58,024			56,079			48,927
Operating earnings per share from continuing operations (diluted)		1.16			1.12			0.98
GAAP - continuing operations
Return on average assets		1.11	%		1.08	%		0.95	%
Return on average equity		10.32			10.18			9.17
Efficiency ratio		71.27			70.21			70.07
Non-GAAP - continuing operations
Operating return on average assets		1.11	%		1.09	%		0.96	%
Operating return on average equity		10.35			10.30			9.18
Operating efficiency ratio		71.18			69.88			70.03

Summary of year-to-date financial results	UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)	September			September
	YTD 2018			YTD 2017
Income from continuing operations	$	170,806		$	135,619
Loss from discontinued operations		(747	)		(475	)
Net income		170,059			135,144
Earnings per share from continuing operations (diluted)		3.41			2.72
Losses per share from discontinued operations (diluted)		(0.01	)		(0.01	)
Earnings per share (diluted)		3.40			2.71
Net operating income from continuing operations		173,165			136,155
Operating earnings per share from continuing operations (diluted)		3.47			2.73
GAAP - continuing operations
Return on average assets		1.10	%		0.89	%
Return on average equity		10.43			8.82
Efficiency ratio		70.09			71.20
Non-GAAP - continuing operations
Operating return on average assets		1.12	%		0.90	%
Operating return on average equity		10.57			8.85
Operating efficiency ratio		69.69			71.09

“Highlights for the third quarter 2018 included strong loan growth, with average balances increasing 9.6 percent on a linked-quarter annualized basis, and 7.4 percent compared to the third quarter 2017,” said Mariner Kemper, chairman and chief executive officer. “This compares to 4.0 percent growth on a linked-quarter annualized basis for the industry, per Federal Reserve data. In addition, average deposits for the quarter increased 5.4 percent compared to the third quarter of 2017, driven by continued growth in asset servicing and healthcare balances, and our recent deposit campaigns.”

Discussion of results from continuing operations

Summary of revenue	UMB Financial Corporation
(unaudited, dollars in thousands)
	Q3 2018			Q2 2018			Q3 2017			CQ vs. LQ			CQ vs. PY
Net interest income	$	150,490		$	150,226		$	140,858		$	264		$	9,632
Noninterest income:
Trust and securities processing		43,425			42,845			45,060			580			(1,635	)
Trading and investment banking		3,711			4,653			4,453			(942	)		(742	)
Service charges on deposit accounts		20,927			20,722			21,510			205			(583	)
Insurance fees and commissions		339			340			425			(1	)		(86	)
Brokerage fees		6,402			6,291			5,815			111			587
Bankcard fees		16,838			17,184			17,427			(346	)		(589	)
Gains on sales of securities available for sale, net		211			228			2,390			(17	)		(2,179	)
Other		9,032			8,026			7,226			1,006			1,806
Total noninterest income	$	100,885		$	100,289		$	104,306		$	596		$	(3,421	)
Total revenue	$	251,375		$	250,515		$	245,164		$	860		$	6,211
Net interest margin		3.18	%		3.24	%		3.16	%
Total noninterest income as a % of total revenue		40.13			40.03			42.55

Following the enactment of the Tax Cuts and Jobs Act, beginning in the first quarter of 2018, net interest margin is computed using net interest income adjusted to a fully taxable equivalent (FTE) basis assuming a statutory federal income tax rate of 21 percent and, where applicable, state income taxes; prior period net interest margins are computed using the then-statutory federal income tax rate of 35 percent and, where applicable, state income taxes.

Net interest income

• Net interest income totaled $150.5 million and increased modestly from linked quarter levels, impacted by a 2.4 percent, or $274.1 million, increase in average loans and one additional day of net interest income. These impacts were offset by increases in cost of certain interest-bearing deposits driven by the cumulative effect of recent increases in short-term rates and recent deposit campaigns.

• Earning asset yields improved 10 basis points from the linked quarter primarily due to earning asset mix changes and improved loan yields of 13 basis points to 4.87 percent, in part driven by favorable re-pricing from recent increases in short-term interest rates. The cost of interest-bearing liabilities increased 24 basis points to 1.07 percent, driven by a 25-basis point increase in cost of interest-bearing deposits. Total cost of deposits, including noninterest-bearing deposits, was 62 basis points, an increase of 17 basis points from the linked quarter.

• On a year-over-year basis, the increase in net interest income was driven by a 7.4 percent, or $807.4 million, increase in average loans as well as higher average loan yields, which increased 54 basis points from one year ago, primarily driven by higher short-term interest rates, volume, and mix changes.

Noninterest income

• Third quarter 2018 noninterest income increased $0.6 million, or 0.6 percent, on a linked quarter basis, largely due to:

• A $1.0 million increase in derivative income recorded in other income.

• An increase in trust and securities processing due to a $0.4 million increase in wealth management revenue.

• These impacts were partially offset by a decrease of $0.9 million in trading and investment banking due to decreased bond trading volume.

• Noninterest income in the third quarter of 2018 decreased $3.4 million, or 3.3 percent, compared to the same quarter in 2017 primarily driven by:

• A $2.2 million decrease in gains on available-for-sale securities.

• A $2.3 million decline in fund servicing revenue due to customer repricing and losses, which was partially offset by an increase of $1.0 million in corporate trust income, both recorded in trust and securities processing.

• A $0.7 million decrease in trading and investment banking income due to decreased trading volume.

• These impacts were partially offset by an increase of $0.7 million in 12b-1 fees recorded in brokerage fee income, and an increase of $0.7 million in derivative income recorded in other income.

Noninterest expense

Summary of Noninterest expense	UMB Financial Corporation
(unaudited, dollars in thousands)
	Q3 2018		Q2 2018		Q3 2017		CQ vs. LQ			CQ vs. PY
Salaries and employee benefits	$	102,956	$	104,175	$	99,749	$	(1,219	)	$	3,207
Occupancy, net		11,628		10,813		11,285		815			343
Equipment		18,533		18,842		17,880		(309	)		653
Supplies and services		4,528		4,146		4,076		382			452
Marketing and business development		6,671		6,184		5,056		487			1,615
Processing fees		12,331		11,537		11,151		794			1,180
Legal and consulting		8,470		6,460		5,844		2,010			2,626
Bankcard		4,407		4,165		5,130		242			(723	)
Amortization of other intangible assets		1,385		1,485		1,715		(100	)		(330	)
Regulatory fees		3,337		3,772		3,798		(435	)		(461	)
Other		6,139		5,639		6,137		500			2
Total noninterest expense	$	180,385	$	177,218	$	171,821	$	3,167		$	8,564

• GAAP noninterest expense for the third quarter of 2018 was $180.4 million, an increase of $3.2 million, or 1.8 percent, from the linked quarter and $8.6 million, or 5.0 percent, from the third quarter of 2017.

• On a non-GAAP basis, operating noninterest expense (as reconciled later in this release) was $180.2 million for the third quarter 2018, an increase of $3.8 million, or 2.1 percent, compared to the linked quarter, and $8.4 million, or 4.9 percent, compared to the third quarter 2017.

• The linked quarter increase in noninterest expense was driven by:

• A $1.9 million increase in consulting expense incurred in conjunction with the company’s ongoing investments in digital channel and integrated platform solutions to support business growth and the continued modernization of its core systems.

• Increased processing fees expense of $0.8 million, primarily related to larger asset servicing transaction volumes as new customers were added.

• These impacts were partially offset by a $1.2 million decline in salaries and employee benefits, largely driven by lower medical insurance expense as compared the second quarter of 2018.

• The year-over-year increase in noninterest expense was driven by:

• A $3.2 million increase in salaries and employee benefits, comprised of a $1.9 million increase in salary and wage expense and a $1.2 million increase in bonus and commission expense.

• A $2.9 million increase in consulting expense due to investments in digital channel and integrated platform solutions to support business growth and the continued ongoing modernization of the company’s core systems.

• A $1.3 million increase in advertising expense related to timing of multiple projects and campaigns, including recent deposit promotions.

• Increased processing fees expense of $1.2 million partially attributed to larger asset servicing transaction volumes as new customers were added.

Income Taxes

• The company’s effective tax rate was 14.2 percent for the nine months ended September 30, 2018, compared to 21.4 percent for the same period in 2017. The decrease is primarily a result of the Tax Cuts and Jobs Act, which lowered the federal corporate income tax rate to 21 percent from 35 percent, effective January 1, 2018. The decrease is also attributable to a discrete tax benefit of $3.0 million related to provision-to-return adjustments.

Balance Sheet

• Average total assets for the third quarter 2018 were $20.7 billion compared to $20.6 billion for the linked quarter, and $20.3 billion for the same period in 2017.

Summary of average loans and leases - QTD Average	UMB Financial Corporation
(unaudited, dollars in thousands)
	Q3 2018		Q2 2018		Q3 2017		CQ vs. LQ			CQ vs. PY
Commercial	$	4,717,530	$	4,478,829	$	4,539,302	$	238,701		$	178,228
Asset-based loans		382,672		336,710		278,479		45,962			104,193
Factoring loans		264,414		231,035		173,876		33,379			90,538
Commercial credit card		199,730		191,009		174,892		8,721			24,838
Real estate - construction		814,053		823,169		782,898		(9,116	)		31,155
Real estate - commercial		3,701,072		3,711,417		3,284,871		(10,345	)		416,201
Real estate - residential		688,097		669,177		603,865		18,920			84,232
Real estate - HELOC		566,460		596,025		668,340		(29,565	)		(101,880	)
Consumer credit card		222,223		230,971		239,529		(8,748	)		(17,306	)
Consumer other		152,894		153,427		140,344		(533	)		12,550
Leases		9,407		22,679		24,758		(13,272	)		(15,351	)
Total loans	$	11,718,552	$	11,444,448	$	10,911,154	$	274,104		$	807,398

• Average loans for the third quarter 2018 increased 2.4 percent on a linked-quarter basis and 7.4 percent compared to third quarter 2017.

Summary of average securities - QTD Average	UMB Financial Corporation
(unaudited, dollars in thousands)
	Q3 2018		Q2 2018		Q3 2017		CQ vs. LQ			CQ vs. PY
Securities available for sale:
U.S. Treasury	$	38,044	$	37,982	$	47,216	$	62		$	(9,172	)
U.S. Agencies		198		2,946		22,743		(2,748	)		(22,545	)
Mortgage-backed		3,590,703		3,679,835		3,564,974		(89,132	)		25,729
State and political subdivisions		2,290,906		2,330,454		2,536,281		(39,548	)		(245,375	)
Corporates		718		1,476		21,848		(758	)		(21,130	)
Commercial Paper		—		7,138		—		(7,138	)		—
Total securities available for sale	$	5,920,569	$	6,059,831	$	6,193,062	$	(139,262	)	$	(272,493	)
Securities held to maturity:
State and political subdivisions		1,205,007		1,228,849		1,283,258		(23,842	)		(78,251	)
Trading securities		45,476		45,538		49,396		(62	)		(3,920	)
Other securities		65,962		66,345		64,294		(383	)		1,668
Total securities	$	7,237,014	$	7,400,563	$	7,590,010	$	(163,549	)	$	(352,996	)

• Average securities available for sale decreased 2.3 percent on a linked-quarter basis and 4.4 percent compared to the third quarter of 2017 driven by the ongoing reinvestment of cash flows from such securities to partially fund growth in the loan portfolio.

Summary of average deposits - QTD Average	UMB Financial Corporation
(unaudited, dollars in thousands)
	Q3 2018			Q2 2018			Q3 2017			CQ vs. LQ			CQ vs. PY
Deposits:
Noninterest-bearing demand	$	5,547,880		$	5,666,364		$	5,728,145		$	(118,484	)	$	(180,265	)
Interest-bearing demand and savings		9,954,008			9,768,015			8,789,217			185,993			1,164,791
Time deposits		1,030,411			1,032,000			1,162,383			(1,589	)		(131,972	)
Total deposits	$	16,532,299		$	16,466,379		$	15,679,745		$	65,920		$	852,554
Noninterest bearing deposits as % of total		33.56	%		34.41	%		36.53	%

• Average deposits increased 5.4 percent compared to the third quarter of 2017, in part driven by recent deposit campaigns.

Capital

Capital information	UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
	September 30, 2018			June 30, 2018			September 30, 2017
Total equity	$	2,203,464		$	2,201,812		$	2,101,543
Book value per common share		44.20			43.96			42.15
Regulatory capital:
Common equity Tier 1 capital	$	2,175,700		$	2,145,617		$	1,893,842
Tier 1 capital		2,175,700			2,145,617			1,893,842
Total capital		2,348,731			2,315,483			2,062,928
Regulatory capital ratios:
Common equity Tier 1 capital ratio		13.47	%		13.56	%		12.18	%
Tier 1 risk-based capital ratio		13.47			13.56			12.18
Total risk-based capital ratio		14.54			14.63			13.26
Tier 1 leverage ratio		10.58			10.50			9.43

• At September 30, 2018, the company’s risk-based capital ratios presented in the foregoing table exceeded all “well-capitalized” regulatory thresholds.

Asset Quality

Credit quality	UMB Financial Corporation
(unaudited, dollars in thousands)
	Q3 2018			Q2 2018			Q1 2018			Q4 2017			Q3 2017
Net charge-offs - Commercial loans	$	624		$	6,137		$	6,847		$	2,248		$	8,961
Net charge-offs (recoveries) - Real estate loans		408			1,035			1,512			(242	)		238
Net charge-offs - Consumer credit card loans		1,632			1,786			1,849			1,612			1,635
Net charge-offs - Consumer other loans		82			46			94			167			74
Net charge-offs - Total loans		2,746			9,004			10,302			3,785			10,908
Net loan charge-offs as a % of total average loans		0.09	%		0.32	%		0.37	%		0.14	%		0.40	%
Loans over 90 days past due	$	1,927		$	2,883		$	5,650		$	3,091		$	2,088
Loans over 90 days past due as a % of total loans		0.02	%		0.02	%		0.05	%		0.03	%		0.02	%
Nonaccrual and restructured loans	$	50,568		$	56,030		$	67,604		$	59,142		$	54,231
Nonaccrual and restructured loans as a % of total loans		0.42	%		0.48	%		0.59	%		0.52	%		0.49	%
Provision for loan losses	$	5,750		$	7,000		$	10,000		$	6,000		$	11,500

• Nonperforming loans, defined as restructured loans on nonaccrual and all other nonaccrual loans, decreased $5.5 million from the linked quarter and $3.7 million from the prior year.

• Net charge-offs decreased to $2.7 million, or 0.09 percent of average loans, compared to $9.0 million, or 0.32 percent, of average loans in the linked quarter, and $10.9 million, or 0.40 percent, of average loans in the third quarter of 2017.

• Provision for loan losses decreased $1.3 million from the linked quarter, and $5.8 million from the third quarter of 2017, consistent with the company’s methodology, which considers the inherent risk in the loan portfolio, as well as other qualitative factors, such as macroeconomic conditions, loan growth, loan impairment changes, loan risk grading changes, and net charge-off levels.

Dividend Declaration

At the company’s quarterly board meeting, the Board of Directors declared a $0.30 per share quarterly cash dividend, an increase of 3.4 percent or $0.01 per share. The cash dividend will be payable on January 2, 2019, to shareholders of record at the close of business on December 10, 2018.

Accelerated Share Repurchase

The company has entered into an agreement with Bank of America Merrill Lynch (BAML) to repurchase an aggregate of $50 million of the company’s common stock through an accelerated share repurchase (ASR). The company will receive an initial delivery of shares representing approximately 85 percent of the expected total to be repurchased. The final number of shares repurchased and delivered under the ASR will be based on the volume weighted average share price of the company’s common stock during the term of the transaction. The final settlement of the transactions under the ASR is expected to occur no later than the end of the first quarter of 2019 and may be accelerated at the option of BAML. The ASR is part of the company’s authorization to repurchase up to two million shares of the company’s common stock, which was announced April 24, 2018.

Conference Call

The company plans to host a conference call to discuss its third quarter 2018 earnings results on Wednesday, October 24, 2018, at 8:30 a.m. (CT).

Interested parties may access the call by dialing (toll-free) 877-267-8760 or (international) 412-542-4148 and requesting to join the UMB Financial call. The live call may also be accessed by visiting the investor relations area of umbfinancial.com or by using the following the link:

UMB Financial 3Q 2018 Conference Call

A replay of the conference call may be heard through November 7, 2018, by calling (toll-free) 877-344-7529 or (international) 412-317-0088. The replay access code required for playback is 10124649. The call replay may also be accessed at umbfinancial.com by visiting the investor relations area.

Non-GAAP Financial Information

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

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

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

Forward-Looking Statements:

This press release contains, and our other communications may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “outlook,” “forecast,” “target,” “trend,” “plan,” “goal,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, results, or aspirations. All forward-looking statements are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Our actual future objectives, strategies, plans, prospects, performance, condition, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events, circumstances, or aspirations to differ from those in forward-looking statements are described in our Annual Report on Form 10-K for the year ended December 31, 2017, our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished

with the U.S. Securities and Exchange Commission (SEC). Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except to the extent required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K, or other applicable document that is filed or furnished with the SEC.

About UMB:

UMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in Kansas City, Mo. UMB offers personal banking, commercial banking, healthcare services and institutional banking, which includes services to mutual funds and alternative-investment entities and registered investment advisors. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas. For more information, visit UMB.com, UMB Financial.com, UMB Blog or follow us on Twitter at @UMBBank, UMB Facebook and UMB LinkedIn.

Consolidated Balance Sheets	UMB Financial Corporation
(unaudited, dollars in thousands)
	September 30,
	2018			2017
ASSETS
Loans	$	11,964,724		$	10,997,028
Allowance for loan losses		(101,302	)		(98,389	)
Net loans		11,863,422			10,898,639
Loans held for sale		2,222			4,525
Investment Securities:
Available for sale		5,932,741			5,848,960
Held to maturity		1,199,114			1,276,252
Trading securities		81,159			60,660
Other securities		65,252			63,543
Total investment securities		7,278,266			7,249,415
Federal funds sold and resell agreements		206,412			244,436
Interest-bearing due from banks		668,990			221,856
Cash and due from banks		348,700			366,169
Premises and equipment, net		277,123			277,454
Accrued income		104,012			103,076
Goodwill		180,867			180,867
Other intangibles, net		16,335			23,477
Other assets		516,011			655,846
Discontinued assets - goodwill and other intangibles, net		—			53,743
Total assets	$	21,462,360		$	20,279,503
LIABILITIES
Deposits:
Noninterest-bearing demand	$	5,757,353		$	5,812,117
Interest-bearing demand and savings		10,938,839			9,063,079
Time deposits under $250,000		594,705			576,035
Time deposits of $250,000 or more		445,807			548,373
Total deposits		17,736,704			15,999,604
Federal funds purchased and repurchase agreements		1,192,985			1,856,837
Long-term debt		78,523			76,071
Accrued expenses and taxes		171,548			193,978
Other liabilities		79,136			51,470
Total liabilities		19,258,896			18,177,960
SHAREHOLDERS’ EQUITY
Common stock		55,057			55,057
Capital surplus		1,054,801			1,042,022
Retained earnings		1,477,732			1,239,865
Accumulated other comprehensive loss, net		(155,641	)		(22,668	)
Treasury stock		(228,485	)		(212,733	)
Total shareholders’ equity		2,203,464			2,101,543
Total liabilities and shareholders’ equity	$	21,462,360		$	20,279,503

Consolidated Statements of Income	UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
	Three Months Ended September 30,					Nine Months Ended September 30,
	2018		2017			2018			2017
INTEREST INCOME
Loans	$	143,947	$	119,132		$	405,231		$	338,416
Securities:
Taxable interest		20,263		17,720			60,566			55,351
Tax-exempt interest		18,281		18,893			55,274			54,372
Total securities income		38,544		36,613			115,840			109,723
Federal funds and resell agreements		665		1,008			2,455			2,638
Interest-bearing due from banks		1,513		753			4,149			1,884
Trading securities		428		389			1,567			1,135
Total interest income		185,097		157,895			529,242			453,796
INTEREST EXPENSE
Deposits		25,792		10,181			57,961			23,982
Federal funds and repurchase agreements		7,524		5,811			18,922			14,274
Other		1,291		1,045			3,721			2,973
Total interest expense		34,607		17,037			80,604			41,229
Net interest income		150,490		140,858			448,638			412,567
Provision for loan losses		5,750		11,500			22,750			35,000
Net interest income after provision for loan losses		144,740		129,358			425,888			377,567
NONINTEREST INCOME
Trust and securities processing		43,425		45,060			130,272			132,412
Trading and investment banking		3,711		4,453			12,465			18,168
Service charges on deposit accounts		20,927		21,510			63,554			66,316
Insurance fees and commissions		339		425			980			1,584
Brokerage fees		6,402		5,815			19,046			17,081
Bankcard fees		16,838		17,427			52,145			55,413
Gains on sales of securities available for sale, net		211		2,390			578			4,138
Other		9,032		7,226			27,659			22,417
Total noninterest income		100,885		104,306			306,699			317,529
NONINTEREST EXPENSE
Salaries and employee benefits		102,956		99,749			315,099			306,174
Occupancy, net		11,628		11,285			33,394			33,314
Equipment		18,533		17,880			56,201			53,318
Supplies and services		4,528		4,076			12,434			12,962
Marketing and business development		6,671		5,056			17,889			14,929
Processing fees		12,331		11,151			35,029			31,093
Legal and consulting		8,470		5,844			18,774			17,361
Bankcard		4,407		5,130			13,198			15,066
Amortization of other intangible assets		1,385		1,715			4,432			5,685
Regulatory fees		3,337		3,798			10,014			11,702
Other		6,139		6,137			17,015			20,966
Total noninterest expense		180,385		171,821			533,479			522,570
Income before income taxes		65,240		61,843			199,108			172,526
Income tax expense		7,391		12,971			28,302			36,907
Income from continuing operations		57,849		48,872			170,806			135,619
Discontinued Operations
Loss from discontinued operations before income taxes		—		(1,030	)		(917	)		(722	)
Income tax benefit		—		(300	)		(170	)		(247	)
Loss from discontinued operations		—		(730	)		(747	)		(475	)
NET INCOME	$	57,849	$	48,142		$	170,059		$	135,144
PER SHARE DATA
Basic:
Income from continuing operations	$	1.17	$	0.99		$	3.45		$	2.76
Loss from discontinued operations		—		(0.01	)		(0.01	)		(0.01	)
Net income – basic		1.17		0.98			3.44			2.75
Diluted:
Income from continuing operations		1.16		0.98			3.41			2.72
Loss from discontinued operations		—		(0.01	)		(0.01	)		(0.01	)
Net income - diluted		1.16		0.97			3.40			2.71
Dividends		0.290		0.255			0.870			0.765
Weighted average shares outstanding - basic		49,473,157		49,283,322			49,482,087			49,221,629
Weighted average shares outstanding - diluted		49,912,084		49,833,141			49,952,984			49,838,619

Consolidated Statements of Comprehensive Income	UMB Financial Corporation
(unaudited, dollars in thousands)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Net income	$	57,849		$	48,142		$	170,059		$	135,144
Other comprehensive (loss) income, net of tax:
Unrealized gains and losses on debt securities:
Change in unrealized holding gains and losses, net		(36,331	)		5,064			(133,013	)		62,646
Less: Reclassification adjustment for gains included in net income		(211	)		(2,390	)		(578	)		(4,138	)
Change in unrealized gains and losses on debt securities during the period		(36,542	)		2,674			(133,591	)		58,508
Change in unrealized gains and losses on derivative hedges		1,162			(169	)		4,274			(1,080	)
Income tax benefit (expense)		8,698			(1,548	)		32,250			(22,554	)
Other comprehensive (loss) income before reclassifications		(26,682	)		957			(97,067	)		34,874
Amounts reclassified from accumulated other comprehensive income		—			—			(13,049	)		—
Net current-period other comprehensive (loss) income		(26,682	)		957			(110,116	)		34,874
Comprehensive income	$	31,167		$	49,099		$	59,943		$	170,018

Consolidated Statements of Shareholders’ Equity	UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
	Common Stock		Capital Surplus			Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock			Total
Balance - January 1, 2017	$	55,057	$	1,033,419		$	1,142,887		$	(57,542	)	$	(211,437	)	$	1,962,384
Total comprehensive income		—		—			135,144			34,874			—			170,018
Cash dividends ($0.765 per share)		—		—			(38,166	)		—			—			(38,166	)
Purchase of treasury stock		—		—			—			—			(14,369	)		(14,369	)
Issuance of equity awards		—		(3,364	)		—			—			3,835			471
Recognition of equity-based compensation		—		9,576			—			—			—			9,576
Sale of treasury stock		—		468			—			—			381			849
Exercise of stock options		—		1,923			—			—			8,857			10,780
Balance - September 30, 2017	$	55,057	$	1,042,022		$	1,239,865		$	(22,668	)	$	(212,733	)	$	2,101,543
Balance - January 1, 2018	$	55,057	$	1,046,095		$	1,338,110		$	(45,525	)	$	(212,206	)	$	2,181,531
Total comprehensive income (loss)		—		—			170,059			(110,116	)		—			59,943
Reclassification of certain tax effects		—		—			12,917			—			—			12,917
Cash dividends ($0.870 per share)		—		—			(43,499	)		—			—			(43,499	)
Purchase of treasury stock		—		—			—			—			(26,417	)		(26,417	)
Issuance of equity awards		—		(2,004	)		—			—			2,499			495
Recognition of equity-based compensation		—		8,469			—			—			—			8,469
Sale of treasury stock		—		409			—			—			406			815
Exercise of stock options		—		1,832			—			—			7,233			9,065
Cumulative effect adjustments		—		—			145			—			—			145
Balance - September 30, 2018	$	55,057	$	1,054,801		$	1,477,732		$	(155,641	)	$	(228,485	)	$	2,203,464

Average Balances / Yields and Rates	UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
	Three Months Ended September 30,
	2018						2017
	Average Balance			Average Yield/Rate			Average Balance			Average Yield/Rate
Assets
Loans, net of unearned interest	$	11,718,552			4.87	%	$	10,911,154			4.33	%
Securities:
Taxable		3,760,332			2.14			3,794,074			1.85
Tax-exempt		3,431,206			2.67			3,746,540			3.06
Total securities		7,191,538			2.39			7,540,614			2.46
Federal funds and resell agreements		101,223			2.61			190,036			2.10
Interest bearing due from banks		322,882			1.86			254,702			1.17
Trading securities		45,476			4.35			49,396			3.95
Total earning assets		19,379,671			3.89			18,945,902			3.52
Allowance for loan losses		(99,289	)					(99,954	)
Other assets		1,469,283						1,467,273
Total assets	$	20,749,665					$	20,313,221
Liabilities and Shareholders’ Equity
Interest-bearing deposits	$	10,984,419			0.93	%	$	9,951,600			0.41	%
Federal funds and repurchase agreements		1,733,884			1.72			2,234,666			1.03
Borrowed funds		78,764			6.50			76,159			5.44
Total interest-bearing liabilities		12,797,067			1.07			12,262,425			0.55
Noninterest-bearing demand deposits		5,547,880						5,728,145
Other liabilities		179,775						207,417
Shareholders’ equity		2,224,943						2,115,234
Total liabilities and shareholders’ equity	$	20,749,665					$	20,313,221
Net interest spread					2.82	%					2.97	%
Net interest margin					3.18						3.16

Average Balances / Yields and Rates	UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
	Nine Months Ended September 30,
	2018						2017
	Average Balance			Average Yield/Rate			Average Balance			Average Yield/Rate
Assets
Loans, net of unearned interest	$	11,484,757			4.72	%	$	10,762,401			4.20	%
Securities:
Taxable		3,830,164			2.11			3,995,441			1.85
Tax-exempt		3,519,060			2.66			3,625,727			3.07
Total securities		7,349,224			2.37			7,621,168			2.43
Federal funds and resell agreements		122,961			2.67			192,817			1.83
Interest bearing due from banks		336,144			1.65			271,799			0.93
Trading securities		45,206			5.21			61,604			3.06
Total earning assets		19,338,292			3.76			18,909,789			3.42
Allowance for loan losses		(100,856	)					(96,181	)
Other assets		1,467,036						1,474,177
Total assets	$	20,704,472					$	20,287,785
Liabilities and Shareholders’ Equity
Interest-bearing deposits	$	10,831,775			0.72	%	$	9,777,717			0.33	%
Federal funds and repurchase agreements		1,678,108			1.51			2,321,144			0.82
Borrowed funds		78,770			6.32			76,192			5.22
Total interest-bearing liabilities		12,588,653			0.86			12,175,053			0.45
Noninterest-bearing demand deposits		5,753,237						5,853,905
Other liabilities		172,560						203,037
Shareholders’ equity		2,190,022						2,055,790
Total liabilities and shareholders’ equity	$	20,704,472					$	20,287,785
Net interest spread					2.90	%					2.97	%
Net interest margin					3.20						3.12

Business Segment Information	UMB Financial Corporation
(unaudited, dollars in thousands)
	Three Months Ended September 30, 2018
	Commercial Banking		Institutional Banking		Personal Banking		Healthcare Services		Total
Net interest income	$	94,633	$	15,293	$	31,145	$	9,419	$	150,490
Provision for loan losses		4,062		355		1,333		—		5,750
Noninterest income		20,831		43,169		28,266		8,619		100,885
Noninterest expense		64,083		47,081		56,648		12,573		180,385
Income before taxes		47,319		11,026		1,430		5,465		65,240
Income tax expense		5,381		1,241		160		609		7,391
Income from continuing operations	$	41,938	$	9,785	$	1,270	$	4,856	$	57,849
Average assets	$	9,838,000	$	3,920,000	$	4,791,000	$	2,201,000	$	20,750,000
	Three Months Ended September 30, 2017
	Commercial Banking		Institutional Banking		Personal Banking		Healthcare Services		Total
Net interest income	$	89,386	$	12,763	$	30,675	$	8,034	$	140,858
Provision for loan losses		9,565		313		1,622		—		11,500
Noninterest income		21,094		46,405		28,261		8,546		104,306
Noninterest expense		60,620		44,727		56,127		10,347		171,821
Income before taxes		40,295		14,128		1,187		6,233		61,843
Income tax expense		8,454		2,965		244		1,308		12,971
Income from continuing operations	$	31,841	$	11,163	$	943	$	4,925	$	48,872
Average assets	$	9,710,000	$	3,582,000	$	5,072,000	$	1,949,000		20,313,000
	Nine Months Ended September 30, 2018
	Commercial Banking		Institutional Banking		Personal Banking		Healthcare Services		Total
Net interest income	$	279,521	$	47,351	$	93,220	$	28,546	$	448,638
Provision for loan losses		17,179		1,027		4,544		—		22,750
Noninterest income		60,606		131,999		87,700		26,394		306,699
Noninterest expense		189,096		141,499		165,945		36,939		533,479
Income before taxes		133,852		36,824		10,431		18,001		199,108
Income tax expense		19,032		5,227		1,484		2,559		28,302
Income from continuing operations	$	114,820	$	31,597	$	8,947	$	15,442	$	170,806
Average assets	$	9,788,000	$	3,895,000	$	4,853,000	$	2,168,000		20,704,000
	Nine Months Ended September 30, 2017
	Commercial Banking		Institutional Banking		Personal Banking		Healthcare Services		Total
Net interest income	$	261,497	$	36,731	$	91,484	$	22,855	$	412,567
Provision for loan losses		28,500		1,101		5,399		—		35,000
Noninterest income		62,014		140,232		87,932		27,351		317,529
Noninterest expense		185,825		136,086		168,760		31,899		522,570
Income before taxes		109,186		39,776		5,257		18,307		172,526
Income tax expense		23,297		8,437		1,273		3,900		36,907
Income from continuing operations	$	85,889	$	31,339	$	3,984	$	14,407	$	135,619
Average assets	$	9,723,000	$	3,457,000	$	5,233,000	$	1,875,000		20,288,000

The company has strategically aligned its operations into the following four reportable segments: Commercial Banking, Institutional Banking, Personal Banking, and Healthcare Services. Senior executive officers regularly evaluate business segment financial results produced by the company’s internal reporting system in deciding how to allocate resources and assess performance for individual business segments. Previously, the company had the following two business segments: Bank and Asset Servicing. The company’s reportable segments include certain corporate overhead, technology and service costs that are allocated based on methodologies that are applied consistently between periods. For comparability purposes, amounts in all periods are based on methodologies in effect at September 30, 2018.

Non-GAAP Financial Measures	UMB Financial Corporation
Net operating income Non-GAAP reconciliations:
(unaudited, dollars in thousands except per share data)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Income from continuing operations (GAAP)	$	57,849		$	48,872			170,806		$	135,619
Adjustments:
Acquisition and divestiture expense (income)		3			5			(3	)		22
Severance expense		221			80			3,035			815
Tax-impact of adjustments (i)		(49	)		(30	)		(673	)		(301	)
Total Non-GAAP adjustments (net of tax)		175			55			2,359			536
Net operating income from continuing operations (Non-GAAP)	$	58,024		$	48,927		$	173,165		$	136,155
Earnings per share from continuing operations - diluted (GAAP)	$	1.16		$	0.98		$	3.41		$	2.72
Acquisition and divestiture expense (income)		—			—			—			—
Severance expense		—			—			0.07			0.02
Tax-impact of adjustments (i)		—			—			(0.01	)		(0.01	)
Operating earnings per share from continuing operations - diluted (Non-GAAP)	$	1.16		$	0.98		$	3.47		$	2.73
GAAP
Return on average assets		1.11	%		0.95	%		1.10	%		0.89	%
Return on average equity		10.32			9.17			10.43			8.82
Non-GAAP
Operating return on average assets		1.11	%		0.96	%		1.12	%		0.90	%
Operating return on average equity		10.35			9.18			10.57			8.85

(i) Calculated using the company’s marginal tax rate of 22.2% for periods beginning after December 31, 2017 as a result of the Tax Cuts and Jobs Act. The prior periods were calculated using the company’s marginal tax rate of 36.0%.

Operating noninterest expense and operating efficiency ratio Non-GAAP reconciliations:	UMB Financial Corporation
(unaudited, dollars in thousands)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Noninterest expense	$	180,385		$	171,821		$	533,479		$	522,570
Adjustments to arrive at operating noninterest expense (pre-tax):
Acquisition and divestiture expense (income)		3			5			(3	)		22
Severance expense		221			80			3,035			815
Total Non-GAAP adjustments (pre-tax)		224			85			3,032			837
Operating noninterest expense (Non-GAAP)	$	180,161		$	171,736		$	530,447		$	521,733
Noninterest expense	$	180,385		$	171,821		$	533,479		$	522,570
Less: Amortization of other intangibles		1,385			1,715			4,432			5,685
Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A)	$	179,000		$	170,106		$	529,047		$	516,885
Operating noninterest expense	$	180,161		$	171,736		$	530,447		$	521,733
Less: Amortization of other intangibles		1,385			1,715			4,432			5,685
Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B)	$	178,776		$	170,021		$	526,015		$	516,048
Net interest income	$	150,490		$	140,858		$	448,638		$	412,567
Noninterest income		100,885			104,306			306,699			317,529
Less: Gains on sales of securities available for sale, net		211			2,390			578			4,138
Total Non-GAAP Revenue (denominator A)	$	251,164		$	242,774		$	754,759		$	725,958
Efficiency ratio (numerator A/denominator A)		71.27	%		70.07	%		70.09	%		71.20	%
Operating efficiency ratio (Non-GAAP) (numerator B/denominator A)		71.18			70.03			69.69			71.09

EX-99.2

UMB Financial Third Quarter 2018 October 23, 2018 Exhibit 99.2

Cautionary Notice about Forward-Looking Statements This presentation of UMB Financial Corporation (the “company,” “our,” “us,” or “we”) contains, and our other communications may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “outlook,” “forecast,” “target,” “trend,” “plan,” “goal,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, results, or aspirations. All forward-looking statements are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Our actual future objectives, strategies, plans, prospects, performance, condition, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events, circumstances, or aspirations to differ from those in forward-looking statements are described in our Annual Report on Form 10-K for the year ended December 31, 2017, our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (SEC). Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except to the extent required by applicable securities laws. You, however, should consult disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K, or other applicable document that is filed or furnished with the SEC.

3Q 2018 Highlights

Earnings Summary – 3Q 2018 $ in thousands, except share and per share data; unaudited Non-GAAP adjustments include acquisition and divestiture expense and income, severance expense and the cumulative tax impact of these adjustments. See the non-GAAP reconciliations and additional information on these items on slides 32 and 33.

Key Performance Metrics See slides 32 and 33 for additional disclosures and reconciliations related to these non-GAAP financial measures. Beginning in Q1 2018, the Company revised the denominator of its Efficiency Ratio and Operating Efficiency Ratio calculations to use “Net Interest Income” in place of “Tax Equivalent Net Interest Income”. All prior periods presented here were updated using this revised formula. For first, second and third quarter of 2018, net interest margin is computed using net interest income adjusted to a fully taxable equivalent (“FTE") basis assuming a federal income tax rate of 21 percent; while prior period net interest margins are computed using a federal income tax rate of 35 percent.

Consistent Loan Growth Average Total Loans 5 Year CAGR 13.0%

Net Charge-Off History (1) Commercial Loans includes commercial and industrial, commercial credit card, asset-based and factoring loans. (2) Other includes all real-estate related loans (commercial, residential and HELOC) plus consumer loans and DDA charge-offs.

Loan Classification Trends % of total loans 0.0% 1.0% 2.0% 3.0%

3Q 2018 Financials

Select Balance Sheet Items $ in thousands, average balances; unaudited Three Months Ended For second and third quarter of 2018, securities yields, earning asset yields, net interest spread and net interest margin were computed using net interest income adjusted to a fully taxable equivalent (“FTE") basis assuming a federal income tax rate of 21 percent; in prior periods, these metrics were computed using a federal income tax rate of 35 percent.

Loan Paydowns, Payoffs, and Line Changes

Loan Composition Diverse Loan Book (Average Loan Balances for the three months ended September 30 of the indicated year) Commercial Credit Card Commercial & Industrial HELOC Residential Real Estate Real Estate Construction Commercial Real Estate Consumer Credit Card Consumer Other Factoring Loans Asset-Based Loans Percentages less than 5% have been omitted. Includes leases. (1) (2)

Colorado Kansas City Kansas Greater MO St. Louis Arizona Texas Oklahoma Marquette Transportation Fin (Natl. Sales) Nebraska Marquette Business Credit (Natl. Sales) Geographic Diversity Loans by Region (Average Loan Balances for the three months ended September 30 of the indicated year) High Growth Regions 3Q’18 vs. 3Q’17 Texas +27.0% Factoring (national platform) +52.1% Asset Based (national platform) +45.1% Percentages less than 5% have been omitted. (1)

Securities Held to Maturity $1.2 billion at September 30, 2018 Securities Available for Sale $5.9 billion at September 30, 2018 High Quality Investment Portfolio Agencies (0.0%) Corporates (0.0%) Municipals Mortgage-Backed Securities Treasuries Governmental Other Higher Education Healthcare Utility Social Service Industrial Cultural Civic K-12 Education NFP - Other Average Balance: $5.9 billion Average Yield: 2.16% Duration: 47 months Average Balance: $1.2 billion Average Yield: 3.29% Duration: 72 months Total Portfolio Average Yield: 2.40% Duration: 51 months For third quarter 2018, securities yields are computed using net interest income adjusted to a fully taxable equivalent (“FTE") basis assuming a federal income tax rate of 21 percent; in prior periods, these metrics are computed using a federal income tax rate of 35 percent.

Securities and Loan Statistics (1) Roll off includes cash flow from maturities, calls or amortizations of securities and is presented net of sales.  (2) Purchased amount is presented net of purchases made related to sales. Loan Portfolio Statistics at September 30, 2018 Variable Rate Loans: $7.4 billion or 63% of loan book ~39% of variable loans are tied to Prime for the next quarter ~60% of variable loans are tied to LIBOR for the next quarter Loan Repricing/Maturity Schedule 59% in 4th quarter 2018 68% in the next 12 months AFS Portfolio Activity For first, second and third quarter of 2018, securities yields were computed using net interest income adjusted to a fully taxable equivalent (“FTE") basis assuming a federal income tax rate of 21 percent; in prior periods, these metrics were computed using a federal income tax rate of 35 percent.

Diverse Sources of Deposits (Average Deposits for the three months ended September 30 of the indicated year) Deposit Composition Personal Banking - Consumer Commercial Institutional Banking Personal Banking - Private Wealth Institutional Banking - Asset Servicing Healthcare Personal Banking - Small Business Other Percentages less than 5% have been omitted. (1)

Strong Capital Position Capital Ratio Trends (%) 2015 - 2018 ratios calculated under Basel III requirements. Total Risk-Based Capital Tier 1 Risk-Based Capital Tier 1 Leverage Common Equity Tier 1

Noninterest Income – 3Q 2018 Noninterest income increased $596 thousand, or 0.6%, compared to 2Q’18, primarily driven by: A $1.0MM increase in derivative income recorded in other income; A $416k increase in wealth management revenue and a $153k increase in corporate trust revenue impacting trust and securities processing; and, partially offset by A decrease of $942k in trading and investment banking due to decreased bond trading volume. 3rd Quarter ‘18 Drivers Beginning in Q1 2018, “Other” includes “Equity Earnings on Alternative Investments” which was previously separately disclosed.

Bankcard Fees Noninterest Income Composition – 3Q 2018 Service Charges on Deposit Accounts Trust & Securities Processing Insurance Fees & Commissions Other Brokerage Fees Trading & Investment Banking Trust & Securities Processing Composition: ($ in millions) Gains on Sales of Securities Source of Income: 3Q’18 2Q’18 3Q’17 Personal Banking – Private Wealth & Prairie Capital $ 16.4 $ 16.2 $ 16.8 Institutional Banking – Fund Services 21.2 21.2 23.5 Institutional Banking – Corp. Trust & other 5.8 5.4 4.8   $ 43.4 $ 42.8 $ 45.1

Noninterest Expense – 3Q 2018 Operating noninterest expense, which excludes the impact of acquisition and divestiture expense and severance expense, was $180.2 million for the third quarter of 2018, an increase of $3.8 million, or 2.1 percent, compared to the linked quarter, and an increase of $8.4 million, or 4.9 percent, compared to the third quarter of 2017. See slides 32 and 33 for a reconciliation of this non-GAAP financial measure. 3rd Quarter ‘18 Drivers Noninterest expense increased $3.2 million, or 1.8%, compared to 2Q’18, driven by: A $1.9MM increase in consulting expense related to ongoing investments in digital channels and integrated platforms support growth; Increased processing fees expense of $794k related to higher data processing costs; and Partially offset by a $1.2MM decline in salaries and employee benefits, largely due to lower medical insurance expense.

Business Segment Updates

Commercial Banking Commercial Banking Loans $ in billions Commercial Banking Deposits $ in billions Demand Deposits Interest-Bearing Deposits

Commercial Real Estate Portfolio CRE & Construction Lending (Average Loan Balances for the three months ended September 30 of the indicated year) Investment CRE Owner Occ. CRE Construction Farmland Multi-Family CRE Residential Construction (1) Percentages less than 5% have been omitted.

Institutional Banking Institutional Banking Deposits $ in billions Demand Deposits Interest-Bearing Deposits

Institutional Banking – Business Description Banking services for broker-dealers FDIC sweep solutions; liquidity alternative to overnight funds Fixed income services for banks, institutional & corporate clients Underwriting for healthcare, municipalities, educational institutions & corporate clients Fund accounting & administration Alternative Investments Workout defaulted bond deals on behalf of holders Investor Solutions Corporate Trust Investment Banking Public Finance Distressed Debt Asset Servicing Bond trustee and agency services to municipal and corporate issuers Escrow-related and custodial services

Personal Banking Personal Banking Deposits $ in billions Personal Banking Loans $ in billions Consumer & Small Business Private Banking

Home Equity Lines of Credit $ in billions Assets Under Management $ in billions Personal Banking

Healthcare Services Healthcare Deposits & Assets End-of-period balances; $ in billions 2014 2015 2016 2017 3Q’18 HSA deposits as % of total UMB deposits 6.2% 7.8% 9.7% 11.4% 13.7% HSA Deposits HSA Investment Assets

Multi-Channel Healthcare Strategy UMB offers a modular and configurable platform of applications and services that deliver the underlying core banking functionality to our healthcare partners Broker/Employer TPAs Health Plans Technology Firms Payment Aggregators Healthcare Partners HCS Applications SSO Web Services Contributions Enrollment BIN Sponsor HCS Saver Partner Portal Core Banking Systems

Healthcare Services – Growth & Potential Industry information source: Devenir Research 2018 Midyear HSA Market Statistics & Trends report dated August 22, 2018. Rankings as of June 30, 2018. Deposit and asset growth rates on an annual basis as of June 30, 2018. HCS represents a unique asset as one of the top 5 leaders in a high growth, niche market. Growth Rates – Deposits and Assets

Card Purchase Volumes Purchase Volume & Interchange Revenue Commercial Credit Consumer Credit Consumer Debit Healthcare Debit Institutional Banking – IBIS Debit Interchange ($ in millions) Percentages less than 5% have been omitted. (1)

In this presentation, we provide information about net operating income from continuing operations, operating earnings per share from continuing operations-diluted (operating EPS-diluted), operating return on average equity (operating ROE), operating return on average assets (operating ROA), operating noninterest expense and operating efficiency ratio, all of which are non-GAAP financial measures. This information supplements the results that are reported according to generally accepted accounting principles in the United States (GAAP) and should not be viewed in isolation from, or as a substitute for, GAAP results. The differences between the non-GAAP financial measures and the nearest comparable GAAP financial measures are reconciled in the table above and on the next slide. The Company believes that these non-GAAP financial measures and the reconciliations may be useful to investors because they adjust for acquisition- and severance-related items and divestiture costs and income that management does not believe reflect the Company’s fundamental operating performance. Net operating income for the relevant period is defined as GAAP net income, adjusted to reflect the impact of excluding expenses and income related to acquisitions and divestitures, severance expense, and the cumulative tax impact of these adjustments. Net Operating Income Non-GAAP Reconciliation (continued on next page)

(i) Calculated using the Company's marginal tax rate of 22.2% for periods beginning after December 31, 2017, as a result of the Tax Cuts and Jobs Act. All prior periods were calculated using the Company’s previous marginal tax rate of 36.0%. Operating Noninterest Expense & Efficiency Ratio Non-GAAP Reconciliation Operating EPS-diluted is calculated as diluted earnings per share as reported, adjusted to reflect, on a per share basis, the impact of excluding the non-GAAP adjustments described above for the relevant period. Operating ROE is calculated as net operating income from continuing operations, divided by the Company’s average total shareholders’ equity for the relevant period. Operating ROA is calculated as net operating income from continuing operations, divided by the Company’s average assets for the relevant period. Operating noninterest expense for the relevant period is defined as GAAP noninterest expense, adjusted to reflect the pre-tax impact of non-GAAP adjustments described above. Operating efficiency ratio is calculated as the Company’s operating noninterest expense, net of amortization of other intangibles, divided by the Company’s total non-GAAP revenue (which is calculated as net interest income plus noninterest income, less gains on sales of securities available for sale, net).