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):  10/29/2019

UMB FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Commission File Number: 001-38481

Missouri	43-0903811
(State or other jurisdiction of	(IRS Employer
incorporation)	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))

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 Par Value	UMBF	The NASDAQ Global Select Market

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 2.02Results of Operations and Financial Condition

On October 29, 2019, UMB Financial Corporation (the “Company”) issued a press release announcing the financial results for the Company for the quarter and period ended September 30, 2019.  A copy of the press release is attached as Exhibit 99.1 and the information is hereby incorporated by reference herein.

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 is 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 29, 2019, the Company announced in the same press release that the Board of Directors of the Company (the “Board”) had declared a quarterly dividend of $0.31 per share that is payable on January 2, 2020 to shareholders of record of the Company as of the close of business on December 10, 2019. This press release is attached as Exhibit 99.1, and the information included in the press release is hereby incorporated herein by reference.

The Company is furnishing a copy of materials that will be used in the Company’s shareholder conference call at 8:30 a.m. (CT) on October 30, 2019.  A copy of the materials is attached as Exhibit 99.2 and will be available on the Company’s website at www.umb.com.  The materials are dated October 29, 2019, and the Company disclaims any obligation to correct or update any of the materials in the future.

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 is 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

99.1	Press Release announcing financial results for quarter and period ended September 30, 2019, and announcing dividend declaration.
99.2	Investor Presentation Materials, dated October 29, 2019.
104	The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

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 29, 2019

EX-99.1

Exhibit 99.1

UMB Financial CorporationNews Release

1010 Grand Boulevard

Kansas City, MO 64106

816.860.7000

umb.com

//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 $62.4 Million, or $1.27 per Diluted Share

KANSAS CITY, Mo. (October 29, 2019) – UMB Financial Corporation (Nasdaq: UMBF), afinancial services company, announced income from continuing operations for the third quarter of 2019 of $62.4 million, or $1.27 per diluted share, compared to $57.0 million, or $1.16 per diluted share, in the second quarter of 2019 (linked quarter) and $57.8 million, or $1.16 per diluted share, in the third quarter of 2018. The reported GAAP income from continuing operations represents an increase of 9.5 percent on a linked-quarter basis and an increase of 7.8 percent compared to the third quarter of 2018.  

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 $62.5 million, or $1.27 per diluted share, for the third quarter of 2019, compared to $57.2 million, or $1.17 per diluted share, for the linked quarter and $58.0 million, or $1.16 per diluted share, for the third quarter of 2018. These results represent an increase of 9.2 percent on a linked-quarter basis and an increase of 7.8 percent compared to the third quarter of 2018.

Summary of quarterly financial results	UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
	Q3			Q2			Q3
	2019			2019			2018
Income from continuing operations	$	62,382		$	56,959		$	57,849
Loss from discontinued operations		—			—			—
Net income		62,382			56,959			57,849
Earnings per share from continuing operations (diluted)		1.27			1.16			1.16
Losses per share from discontinued operations (diluted)		—			—			—
Earnings per share (diluted)		1.27			1.16			1.16
Net operating income from continuing operations		62,525			57,245			58,024
Operating earnings per share from continuing operations (diluted)		1.27			1.17		1.16
GAAP - continuing operations
Return on average assets		1.03	%		0.98	%		1.11	%
Return on average equity		9.69			9.46			10.32
Efficiency ratio		70.70			70.32			71.27
Non-GAAP - continuing operations
Operating return on average assets		1.04	%		0.99	%		1.11	%
Operating return on average equity		9.72			9.51			10.35
Operating efficiency ratio		70.63			70.19			71.18

Summary of year-to-date financial results	UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)	September			September
	YTD			YTD
	2019			2018
Income from continuing operations	$	177,085		$	170,806
Loss from discontinued operations		—			(747	)
Net income		177,085			170,059
Earnings per share from continuing operations (diluted)		3.61			3.41
Losses per share from discontinued operations (diluted)		—			(0.01	)
Earnings per share (diluted)		3.61			3.40
Net operating income from continuing operations		177,978			173,165
Operating earnings per share from continuing operations (diluted)		3.63			3.47
GAAP - continuing operations
Return on average assets		1.01	%		1.10	%
Return on average equity		9.86			10.43
Efficiency ratio		70.34			70.09
Non-GAAP - continuing operations
Operating return on average assets		1.02	%		1.12	%
Operating return on average equity		9.91			10.57
Operating efficiency ratio		70.20			69.69

“For the third quarter, revenues increased 8.2 percent over the prior year period, driven by an 11.8 percent increase in net interest income,” said Mariner Kemper, chairman, president and chief executive officer. “We are pleased with our reported average loan growth of 10.0 percent over the same period, which is more than double the 4.7 percent growth estimated for the industry as a whole, as reported by the Federal Reserve. Additionally, net charge-offs were just 0.07 percent of average loans for the quarter and 0.29 percent on a year-to-date basis, in line with our long-term historical performance. While the shape of the yield curve and low and declining interest rates pose challenges, strong loan pipelines coupled with our focus on diversified fee income sources will help mitigate some of these headwinds.”

Discussion of results from continuing operations

Summary of revenue	UMB Financial Corporation
(unaudited, dollars in thousands)
	Q3			Q2			Q3			CQ vs.			CQ vs.
	2019			2019			2018			LQ			PY
Net interest income	$	168,260		$	166,414		$	150,490		$	1,846		$	17,770
Noninterest income:
Trust and securities processing		45,218			42,903			43,425			2,315			1,793
Trading and investment banking		5,712			5,453			3,711			259			2,001
Service charges on deposit accounts		20,620			20,747			20,927			(127	)		(307	)
Insurance fees and commissions		320			465			339			(145	)		(19	)
Brokerage fees		8,102			7,077			6,402			1,025			1,700
Bankcard fees		16,895			16,439			16,838			456			57
Gains (losses) on sales of securities available for sale, net		3,057			(1,403	)		211			4,460			2,846
Other		3,711			13,717			9,032			(10,006	)		(5,321	)
Total noninterest income	$	103,635		$	105,398		$	100,885		$	(1,763	)	$	2,750
Total revenue	$	271,895		$	271,812		$	251,375		$	83		$	20,520
Net interest margin		3.09	%		3.19	%		3.18	%
Total noninterest income as a % of total revenue		38.12			38.78			40.13

Net interest income

• Net interest income totaled $168.3 million, an increase of $1.8 million, or 1.1 percent, from linked quarter levels, impacted by a $269.9 million, or 2.1 percent, increase in average loans, a $249.9 million, or 3.0 percent, increase in average securities and one additional day in the third quarter. These benefits were offset by the impact of recent reductions in short-term interest rates on net interest margin.

• Net interest margin for the third quarter was 3.09 percent, down 10 basis points from the linked quarter, in large part due to lower short-term interest rates. Earning asset yields declined 12 basis points from the linked quarter, in part driven by declining yields in the loan portfolio due to recent reductions in short-term interest rates. The cost of interest-bearing liabilities decreased five basis points to 1.34 percent, driven by a two-basis-point decline in cost of interest-bearing deposits and lower borrowing costs. Net interest margin was also adversely impacted by a slight reduction in the benefit of interest-free funds and the impact of a $750 million cash flow hedge executed in late August.

• On a year-over-year basis, the increase in net interest income was driven by a 10.0 percent, or $1.2 billion, increase in average loans, as well as higher average loan yields, which increased 12 basis points compared to 2018.

• For the third quarter of 2019, earning assets averaged $22.4 billion, an increase of 15.5 percent over the third quarter of 2018.

Noninterest income

• Third quarter 2019 noninterest income decreased $1.8 million, or 1.7 percent, on a linked-quarter basis, largely due to:

o Decreases of $3.7 million in equity earnings on alternative investments, $2.3 million in company-owned life insurance income, and $1.5 million in derivative income, all recorded in other income. The decrease in company-owned life insurance income is offset by a proportionate decrease in deferred compensation expense noted below.

o These decreases were partially offset by the following increases:

▪ An increase of $4.5 million in gains on sales of available-for-sale securities.  

▪ Increases of $1.1 million in fund servicing revenue, $0.6 million in trust services income and $0.6 million in corporate trust income, all recorded in trust and securities processing.

▪ An increase of $1.0 million in brokerage fees, primarily driven by higher 12b-1 income.

• Compared to the prior year, noninterest income in the third quarter of 2019 increased $2.8 million, or 2.7 percent, primarily driven by:

o An increase of $2.8 million in gains on sales of available-for-sale securities.

o A $2.0 million increase in trading and investment banking income due to increased trading volume.

o An increase of $2.0 million in corporate trust income, recorded in trust and securities processing.

o An increase of $1.7 million in brokerage fees, primarily driven by higher 12b-1 and money market income.

o These increases were partially offset by decreases of $2.0 million in company-owned life insurance income, $1.9 million in equity earnings on alternative investments, and $1.0 million in derivative income, all recorded in other income. The decrease in company-owned life insurance income is offset by a proportionate decrease in deferred compensation expense noted below.

Noninterest expense

Summary of noninterest expense	UMB Financial Corporation
(unaudited, dollars in thousands)
	Q3		Q2		Q3		CQ vs.			CQ vs.
	2019		2019		2018		LQ			PY
Salaries and employee benefits	$	110,153	$	114,454	$	102,956	$	(4,301	)	$	7,197
Occupancy, net		12,240		11,539		11,628		701			612
Equipment		19,775		18,824		18,533		951			1,242
Supplies and services		4,261		4,285		4,528		(24	)		(267	)
Marketing and business development		5,655		7,304		6,671		(1,649	)		(1,016	)
Processing fees		13,619		13,096		12,331		523			1,288
Legal and consulting		8,374		7,496		8,470		878			(96	)
Bankcard		4,643		4,701		4,407		(58	)		236
Amortization of other intangible assets		1,335		1,251		1,385		84			(50	)
Regulatory fees		2,749		2,910		3,337		(161	)		(588	)
Other		8,593		7,527		6,139		1,066			2,454
Total noninterest expense	$	191,397	$	193,387	$	180,385	$	(1,990	)	$	11,012

• GAAP noninterest expense for the third quarter of 2019 was $191.4 million, a decrease of $2.0 million, or 1.0 percent, from the linked quarter and an increase of $11.0 million, or 6.1 percent, from the third quarter of 2018.

• On a non-GAAP basis, operating noninterest expense (as reconciled later in this release) was $191.2 million for the third quarter of 2019, a decrease of $1.8 million, or 0.9 percent, compared to the linked quarter and an increase of $11.1 million, or 6.1 percent, compared to the third quarter of 2018.

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

o A decrease of $4.3 million in salaries and employee benefits, largely driven by a $3.0 million decrease in lower bonus and commission expense and a $1.7 million decrease in deferred compensation expense, which is offset by the decrease in company-owned life insurance income noted above.

o A $1.6 million decrease in marketing and business development expense, primarily driven by a decrease of $0.9 million in travel expense and $0.5 million in advertising and business development due to the timing of multiple product initiatives.

o These decreases were partially offset by an increase in other expense driven by a $1.3 million fee paid to partially terminate a building lease, increased software equipment expense of $1.2 million, and increased occupancy and legal and consulting expense, due to the timing of multiple technology initiatives.

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

o A $7.2 million increase in salaries and employee benefits, primarily due to increases in salaries and wages expense, bonus and commission expense, and higher benefits expense, partially offset by a decrease of $1.6 million in deferred compensation expense, which is offset by the increase in company-owned life insurance income noted above.  

o A $1.3 million increase in processing fees expense due to investments in digital channel and integrated platform solutions to support business growth and the ongoing modernization of the company’s core systems.

o An increase of $2.5 million in other noninterest expense, driven by a $1.3 million fee paid to partially terminate a building lease in the third quarter of 2019 and an increase of $1.2 million in derivative expense.

Income taxes

• The company’s effective tax rate was 15.1 percent for the nine months ended September 30, 2019, compared to 14.2 percent for the same period in 2018. 

Balance sheet

• Average total assets for the third quarter of 2019 were $23.9 billion compared to $23.3 billion for the linked quarter and $20.7 billion for the same period in 2018.

Summary of average loans and leases - QTD Average					UMB Financial Corporation
(unaudited, dollars in thousands)
	Q3		Q2		Q3		CQ vs.			CQ vs.
	2019		2019		2018		LQ			PY
Commercial	$	5,443,718	$	5,427,498	$	4,717,530	$	16,220		$	726,188
Asset-based loans		372,938		387,983		382,672		(15,045	)		(9,734	)
Factoring loans		221,862		261,041		264,414		(39,179	)		(42,552	)
Commercial credit card		204,905		196,313		199,730		8,592			5,175
Real estate - construction		819,926		889,233		814,053		(69,307	)		5,873
Real estate - commercial		4,164,477		3,831,818		3,701,072		332,659			463,405
Real estate - residential		805,994		744,750		688,097		61,244			117,897
Real estate - HELOC		498,460		514,044		566,460		(15,584	)		(68,000	)
Consumer credit card		220,363		230,863		222,223		(10,500	)		(1,860	)
Consumer other		136,117		132,662		152,894		3,455			(16,777	)
Leases		2,118		4,776		9,407		(2,658	)		(7,289	)
Total loans	$	12,890,878	$	12,620,981	$	11,718,552	$	269,897		$	1,172,326

• Average loans for the third quarter of 2019 increased 2.1 percent on a linked-quarter basis and 10.0 percent compared to the third quarter of 2018.

Summary of average securities - QTD Average	UMB Financial Corporation
(unaudited, dollars in thousands)
	Q3		Q2		Q3		CQ vs.			CQ vs.
	2019		2019		2018		LQ			PY
Securities available for sale:
U.S. Treasury	$	250,552	$	256,949	$	38,044	$	(6,397	)	$	212,508
U.S. Agencies		93,440		91,822		198		1,618			93,242
Mortgage-backed		3,987,463		3,926,164		3,590,703		61,299			396,760
State and political subdivisions		2,795,210		2,659,397		2,290,906		135,813			504,304
Corporates		155,656		84,910		718		70,746			154,938
Total securities available for sale	$	7,282,321	$	7,019,242	$	5,920,569	$	263,079		$	1,361,752
Securities held to maturity:
State and political subdivisions	$	1,105,397	$	1,128,526	$	1,205,007	$	(23,129	)	$	(99,610	)
Trading securities		44,571		61,565		45,476		(16,994	)		(905	)
Other securities		90,008		80,097		65,962		9,911			24,046
Total securities	$	8,522,297	$	8,289,430	$	7,237,014	$	232,867		$	1,285,283

• Average securities available for sale increased 3.7 percent on a linked-quarter basis and increased 23.0 percent compared to the third quarter of 2018.

Summary of average deposits - QTD Average				UMB Financial Corporation
(unaudited, dollars in thousands)
	Q3			Q2			Q3			CQ vs.		CQ vs.
	2019			2019			2018			LQ		PY
Deposits:
Noninterest-bearing demand	$	6,082,498		$	6,078,520		$	5,547,880		$	3,978	$	534,618
Interest-bearing demand and savings		12,214,570			11,740,634			9,954,008			473,936		2,260,562
Time deposits		1,011,862			966,719			1,030,411			45,143		(18,549	)
Total deposits	$	19,308,930		$	18,785,873		$	16,532,299		$	523,057	$	2,776,631
Noninterest bearing deposits as % of total		31.50	%		32.36	%		33.56	%

• Average deposits increased 2.8 percent on a linked-quarter basis and 16.8 percent compared to the third quarter of 2018.

Capital

Capital information	UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
	September 30, 2019			June 30, 2019			September 30, 2018
Total equity	$	2,563,866		$	2,477,790		$	2,203,464
Book value per common share		52.23			50.50			44.20
Regulatory capital:
Common equity Tier 1 capital	$	2,284,417		$	2,236,930		$	2,175,700
Tier 1 capital		2,284,417			2,236,930			2,175,700
Total capital		2,464,698			2,411,510			2,348,731
Regulatory capital ratios:
Common equity Tier 1 capital ratio		12.53	%		12.65	%		13.47	%
Tier 1 risk-based capital ratio		12.53			12.65			13.47
Total risk-based capital ratio		13.51			13.63			14.54
Tier 1 leverage ratio		9.62			9.69			10.58

• At September 30, 2019, the regulatory capital ratios presented in the foregoing table exceeded all “well-capitalized” regulatory thresholds.

Asset Quality

Credit quality	UMB Financial Corporation
(unaudited, dollars in thousands)
	Q3			Q2			Q1			Q4			Q3
	2019			2019			2019			2018			2018
Net charge-offs - Commercial loans	$	568		$	11,790		$	10,537		$	44,010		$	624
Net charge-offs (recoveries) - Real estate loans		161			(714	)		41			28			408
Net charge-offs - Consumer credit card loans		1,377			1,336			1,676			1,606			1,632
Net charge-offs - Consumer other loans		80			157			70			23			82
Net charge-offs - Total loans		2,186			12,569			12,324			45,667			2,746
Net loan charge-offs as a % of total average loans		0.07	%		0.40	%		0.41	%		1.51	%		0.09	%
Loans over 90 days past due	$	2,466		$	1,825		$	1,874		$	6,009		$	1,927
Loans over 90 days past due as a % of total loans		0.02	%		0.01	%		0.01	%		0.05	%		0.02	%
Nonaccrual and restructured loans	$	71,838		$	53,395		$	63,270		$	43,018		$	50,568
Nonaccrual and restructured loans as a % of total loans		0.55	%		0.41	%		0.50	%		0.35	%		0.42	%
Provision for loan losses	$	7,500		$	11,000		$	12,350		$	48,000		$	5,750

• Provision for loan losses totaled $7.5 million, a decrease of $3.5 million from the linked quarter, and an increase of$1.8 million from the third quarter of 2018.

• Net charge-offs totaled $2.2 million, or 0.07 percent, of average loans, compared to $12.6 million, or 0.40 percent, of average loans in the linked quarter.  

Dividend Declaration

At the company’s quarterly board meeting, the Board of Directors declared a $0.31 per share quarterly cash dividend, an increase of 3.3 percent, or $0.01 per share. The cash dividend will be payable on January 2, 2020, to shareholders of record at the close of business on December 10, 2019.

Conference Call

The company plans to host a conference call to discuss its third quarter of 2019 earnings results on Wednesday, October 30, 2019, 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 investorrelations.umb.com or by using the following link:

UMB Financial 3Q 2019 Conference Call

A replay of the conference call may be heard through November 13, 2019 by calling (toll-free)

877-344-7529 or (international) 412-317-0088. The replay access code required for playback is 10135206. The call replay may also be accessed at investorrelations.umb.com.

Non-GAAP Financial Information

In this release, we provide information about net operating income 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-, divestiture-, and severance-related items 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, 2018, 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 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,
	2019			2018
ASSETS
Loans	$	13,043,840		$	11,964,724
Allowance for loan losses		(107,406	)		(101,302	)
Net loans		12,936,434			11,863,422
Loans held for sale		11,025			2,222
Securities:
Available for sale		7,411,908			5,932,741
Held to maturity		1,102,005			1,199,114
Trading securities		86,074			81,159
Other securities		88,176			65,252
Total securities		8,688,163			7,278,266
Federal funds sold and resell agreements		463,392			206,412
Interest-bearing due from banks		158,339			668,990
Cash and due from banks		658,198			348,700
Premises and equipment, net		290,273			277,123
Accrued income		119,024			104,012
Goodwill		180,867			180,867
Other intangibles, net		17,190			16,335
Other assets		620,187			516,011
Total assets	$	24,143,092		$	21,462,360
LIABILITIES
Deposits:
Noninterest-bearing demand	$	6,652,887		$	5,757,353
Interest-bearing demand and savings		11,689,871			10,938,839
Time deposits under $250,000		618,301			594,705
Time deposits of $250,000 or more		348,286			445,807
Total deposits		19,309,345			17,736,704
Federal funds purchased and repurchase agreements		1,791,000			1,192,985
Long-term debt		86,951			78,523
Accrued expenses and taxes		223,210			171,548
Other liabilities		168,720			79,136
Total liabilities		21,579,226			19,258,896
SHAREHOLDERS' EQUITY
Common stock		55,057			55,057
Capital surplus		1,069,510			1,054,801
Retained earnings		1,621,198			1,477,732
Accumulated other comprehensive income (loss), net		96,021			(155,641	)
Treasury stock		(277,920	)		(228,485	)
Total shareholders' equity		2,563,866			2,203,464
Total liabilities and shareholders' equity	$	24,143,092		$	21,462,360

Consolidated Statements of Income	UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
INTEREST INCOME
Loans	$	162,243	$	143,947	$	481,342	$	405,231
Securities:
Taxable interest		26,966		20,263		79,057		60,566
Tax-exempt interest		23,202		18,281		65,887		55,274
Total securities income		50,168		38,544		144,944		115,840
Federal funds and resell agreements		2,817		665		8,968		2,455
Interest-bearing due from banks		3,450		1,513		10,117		4,149
Trading securities		425		428		1,701		1,567
Total interest income		219,103		185,097		647,072		529,242
INTEREST EXPENSE
Deposits		41,144		25,792		118,494		57,961
Federal funds and repurchase agreements		8,313		7,524		25,924		18,922
Other		1,386		1,291		4,112		3,721
Total interest expense		50,843		34,607		148,530		80,604
Net interest income		168,260		150,490		498,542		448,638
Provision for loan losses		7,500		5,750		30,850		22,750
Net interest income after provision for loan losses		160,760		144,740		467,692		425,888
NONINTEREST INCOME
Trust and securities processing		45,218		43,425		130,078		130,272
Trading and investment banking		5,712		3,711		16,746		12,465
Service charges on deposit accounts		20,620		20,927		62,648		63,554
Insurance fees and commissions		320		339		1,123		980
Brokerage fees		8,102		6,402		22,422		19,046
Bankcard fees		16,895		16,838		50,401		52,145
Gains on sales of securities available for sale, net		3,057		211		2,463		578
Other		3,711		9,032		30,534		27,659
Total noninterest income		103,635		100,885		316,415		306,699
NONINTEREST EXPENSE
Salaries and employee benefits		110,153		102,956		340,639		315,099
Occupancy, net		12,240		11,628		35,522		33,394
Equipment		19,775		18,533		58,283		56,201
Supplies and services		4,261		4,528		12,419		12,434
Marketing and business development		5,655		6,671		17,872		17,889
Processing fees		13,619		12,331		38,847		35,029
Legal and consulting		8,374		8,470		21,503		18,774
Bankcard		4,643		4,407		13,689		13,198
Amortization of other intangible assets		1,335		1,385		3,913		4,432
Regulatory fees		2,749		3,337		8,549		10,014
Other		8,593		6,139		24,174		17,015
Total noninterest expense		191,397		180,385		575,410		533,479
Income before income taxes		72,998		65,240		208,697		199,108
Income tax expense		10,616		7,391		31,612		28,302
Income from continuing operations		62,382		57,849		177,085		170,806
Discontinued Operations
Loss from discontinued operations before income taxes		—		—		—		(917	)
Income tax benefit		—		—		—		(170	)
Loss from discontinued operations		—		—		—		(747	)
NET INCOME	$	62,382	$	57,849	$	177,085	$	170,059

PER SHARE DATA
Basic:
Income from continuing operations	$	1.28	$	1.17	$	3.63	$	3.45
Loss from discontinued operations		—		—		—		(0.01	)
Net income – basic		1.28		1.17		3.63		3.44
Diluted:
Income from continuing operations		1.27		1.16		3.61		3.41
Loss from discontinued operations		—		—		—		(0.01	)
Net income – diluted		1.27		1.16		3.61		3.40
Dividends		0.30		0.29		0.90		0.87
Weighted average shares outstanding – basic		48,797,182		49,473,157		48,762,667		49,482,087
Weighted average shares outstanding – diluted		49,096,196		49,912,084		49,052,329		49,952,984

Consolidated Statements of Comprehensive Income	UMB Financial Corporation
(unaudited, dollars in thousands)
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
Net income	$	62,382		$	57,849		$	177,085		$	170,059
Other comprehensive income (loss), net of tax:
Unrealized gains and losses on debt securities:
Change in unrealized holding gains and losses, net		54,182			(36,331	)		268,100			(133,013	)
Less: Reclassification adjustment for gains included in net income		(3,057	)		(211	)		(2,463	)		(578	)
Change in unrealized gains and losses on debt securities during the period		51,125			(36,542	)		265,637			(133,591	)
Change in unrealized gains and losses on derivative hedges		(7,189	)		1,162			(12,323	)		4,274
Income tax (expense) benefit		(10,532	)		8,698			(61,511	)		32,250
Other comprehensive income (loss) before reclassifications		33,404			(26,682	)		191,803			(97,067	)
Amounts reclassified from accumulated other comprehensive income		—			—			—			(13,049	)
Net current-period other comprehensive income (loss)		33,404			(26,682	)		191,803			(110,116	)
Comprehensive income	$	95,786		$	31,167		$	368,888		$	59,943

Consolidated Statements of Shareholders' Equity			UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
	Common Stock		Capital Surplus			Retained Earnings			Accumulated Other Comprehensive (Loss) Income			Treasury Stock			Total
Balance - January 1, 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
Dividends ($0.87 per share)		—		—			(43,499	)		—			—			(43,499	)
Purchase of treasury stock		—		—			—			—			(26,417	)		(26,417	)
Issuances of equity awards, net of forfeitures		—		(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
Balance - January 1, 2019	$	55,057	$	1,054,601		$	1,488,421		$	(95,782	)	$	(273,827	)	$	2,228,470
Total comprehensive income		—		—			177,085			191,803			—			368,888
Dividends ($0.90 per share)		—		—			(44,308	)		—			—			(44,308	)
Purchase of treasury stock		—		—			—			—			(4,335	)		(4,335	)
Forfeitures of equity awards, net of issuances		—		3,113			—			—			(2,497	)		616
Recognition of equity-based compensation		—		10,918			—			—			—			10,918
Sale of treasury stock		—		265			—			—			380			645
Exercise of stock options		—		613			—			—			2,359			2,972
Balance - September 30, 2019	$	55,057	$	1,069,510		$	1,621,198		$	96,021		$	(277,920	)	$	2,563,866

Average Balances / Yields and Rates	UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
	Three Months Ended September 30,
	2019						2018
	Average			Average			Average			Average
	Balance			Yield/Rate			Balance			Yield/Rate
Assets
Loans, net of unearned interest	$	12,890,878			4.99	%	$	11,718,552			4.87	%
Securities:
Taxable		4,636,243			2.31			3,760,332			2.14
Tax-exempt		3,841,483			3.03			3,431,206			2.67
Total securities		8,477,726			2.63			7,191,538			2.39
Federal funds and resell agreements		394,587			2.83			101,223			2.61
Interest bearing due from banks		582,116			2.35			322,882			1.86
Trading securities		44,571			4.32			45,476			4.35
Total earning assets		22,389,878			3.99			19,379,671			3.89
Allowance for loan losses		(104,795	)					(99,289	)
Other assets		1,652,033						1,469,283
Total assets	$	23,937,116					$	20,749,665
Liabilities and Shareholders' Equity
Interest-bearing deposits	$	13,226,432			1.23	%	$	10,984,419			0.93	%
Federal funds and repurchase agreements		1,683,072			1.96			1,733,884			1.72
Borrowed funds		88,100			6.24			78,764			6.50
Total interest-bearing liabilities		14,997,604			1.34			12,797,067			1.07
Noninterest-bearing demand deposits		6,082,498						5,547,880
Other liabilities		303,736						179,775
Shareholders' equity		2,553,278						2,224,943
Total liabilities and shareholders' equity	$	23,937,116					$	20,749,665
Net interest spread					2.65	%					2.82	%
Net interest margin					3.09						3.18

Average Balances / Yields and Rates	UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
	Nine Months Ended September 30,
	2019						2018
	Average			Average			Average			Average
	Balance			Yield/Rate			Balance			Yield/Rate
Assets
Loans, net of unearned interest	$	12,607,157			5.10	%	$	11,484,757			4.72	%
Securities:
Taxable		4,481,242			2.36			3,830,164			2.11
Tax-exempt		3,730,744			2.98			3,519,060			2.66
Total securities		8,211,986			2.64			7,349,224			2.37
Federal funds and resell agreements		414,560			2.89			122,961			2.67
Interest bearing due from banks		563,810			2.40			336,144			1.65
Trading securities		50,841			5.05			45,206			5.21
Total earning assets		21,848,354			4.07			19,338,292			3.76
Allowance for loan losses		(106,565	)					(100,856	)
Other assets		1,607,087						1,467,036
Total assets	$	23,348,876					$	20,704,472
Liabilities and Shareholders' Equity
Interest-bearing deposits	$	12,897,172			1.23	%	$	10,831,775			0.72	%
Federal funds and repurchase agreements		1,655,934			2.09			1,678,108			1.51
Borrowed funds		84,107			6.54			78,770			6.32
Total interest-bearing liabilities		14,637,213			1.36			12,588,653			0.86
Noninterest-bearing demand deposits		6,040,019						5,753,237
Other liabilities		269,425						172,560
Shareholders' equity		2,402,219						2,190,022
Total liabilities and shareholders' equity	$	23,348,876					$	20,704,472
Net interest spread					2.71	%					2.90	%
Net interest margin					3.16						3.20

Business Segment Information	UMB Financial Corporation
(unaudited, dollars in thousands)
	Three Months Ended September 30, 2019
	Commercial Banking		Institutional Banking		Personal Banking			Healthcare Services		Total
Net interest income	$	104,360	$	18,726	$	33,296		$	11,878	$	168,260
Provision for loan losses		5,966		256		1,278			—		7,500
Noninterest income		18,874		49,806		26,118			8,837		103,635
Noninterest expense		66,447		55,280		58,328			11,342		191,397
Income (loss) before taxes		50,821		12,996		(192	)		9,373		72,998
Income tax expense (benefit)		7,390		1,891		(28	)		1,363		10,616
Income (loss) from continuing operations	$	43,431	$	11,105	$	(164	)	$	8,010	$	62,382
	Three Months Ended September 30, 2018
	Commercial Banking		Institutional Banking		Personal Banking			Healthcare Services		Total
Net interest income	$	94,782	$	15,235	$	31,069		$	9,404	$	150,490
Provision for loan losses		4,063		354		1,333			—		5,750
Noninterest income		20,825		43,171		28,269			8,620		100,885
Noninterest expense		64,076		47,083		56,651			12,575		180,385
Income before taxes		47,468		10,969		1,354			5,449		65,240
Income tax expense		5,378		1,243		153			617		7,391
Income from continuing operations	$	42,090	$	9,726	$	1,201		$	4,832	$	57,849
	Nine Months Ended September 30, 2019
	Commercial Banking		Institutional Banking		Personal Banking			Healthcare Services		Total
Net interest income	$	306,752	$	58,599	$	98,933		$	34,258	$	498,542
Provision for loan losses		25,602		723		4,525			—		30,850
Noninterest income		62,442		142,370		83,855			27,748		316,415
Noninterest expense		201,777		160,308		176,762			36,563		575,410
Income before taxes		141,815		39,938		1,501			25,443		208,697
Income tax expense		21,482		6,049		227			3,854		31,612
Income from continuing operations	$	120,333	$	33,889	$	1,274		$	21,589	$	177,085
	Nine Months Ended September 30, 2018
	Commercial Banking		Institutional Banking		Personal Banking			Healthcare Services		Total
Net interest income	$	279,842	$	47,225	$	93,057		$	28,514	$	448,638
Provision for loan losses		17,179		1,027		4,544			—		22,750
Noninterest income		60,590		132,005		87,708			26,396		306,699
Noninterest expense		189,050		141,517		165,968			36,944		533,479
Income before taxes		134,203		36,686		10,253			17,966		199,108
Income tax expense		19,076		5,215		1,457			2,554		28,302
Income from continuing operations	$	115,127	$	31,471	$	8,796		$	15,412	$	170,806

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. 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, 2019.  

Non-GAAP Financial Measures

Net operating income Non-GAAP reconciliations:	UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Income from continuing operations (GAAP)	$	62,382		$	57,849		$	177,085		$	170,806
Adjustments:
Acquisition and divestiture expense (income)		71			3			168			(3	)
Severance expense		113			221			980			3,035
Tax-impact of adjustments (i)		(41	)		(49	)		(255	)		(673	)
Total Non-GAAP adjustments (net of tax)		143			175			893			2,359
Net operating income from continuing operations (Non-GAAP)	$	62,525		$	58,024		$	177,978		$	173,165
Earnings per share from continuing operations - diluted (GAAP)	$	1.27		$	1.16		$	3.61		$	3.41
Acquisition and divestiture expense		—			—			—			—
Severance expense		—			—			0.02			0.07
Tax-impact of adjustments (i)		—			—			—			(0.01	)
Operating earnings per share from continuing operations - diluted (Non-GAAP)	$	1.27		$	1.16		$	3.63		$	3.47
GAAP
Return on average assets		1.03	%		1.11	%		1.01	%		1.10	%
Return on average equity		9.69			10.32			9.86			10.43
Non-GAAP
Operating return on average assets		1.04	%		1.11	%		1.02	%		1.12	%
Operating return on average equity		9.72			10.35			9.91			10.57

(i) Calculated using the company’s marginal tax rate of 22.2 percent.

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,
	2019			2018			2019			2018
Noninterest expense	$	191,397		$	180,385		$	575,410		$	533,479
Adjustments to arrive at operating noninterest expense (pre-tax):
Acquisition and divestiture expense (income)		71			3			168			(3	)
Severance expense		113			221			980			3,035
Total Non-GAAP adjustments (pre-tax)		184			224			1,148			3,032
Operating noninterest expense (Non-GAAP)	$	191,213		$	180,161		$	574,262		$	530,447
Noninterest expense	$	191,397		$	180,385		$	575,410		$	533,479
Less: Amortization of other intangibles		1,335			1,385			3,913			4,432
Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A)	$	190,062		$	179,000		$	571,497		$	529,047
Operating noninterest expense	$	191,213		$	180,161		$	574,262		$	530,447
Less: Amortization of other intangibles		1,335			1,385			3,913			4,432
Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B)	$	189,878		$	178,776		$	570,349		$	526,015
Net interest income	$	168,260		$	150,490		$	498,542		$	448,638
Noninterest income		103,635			100,885			316,415			306,699
Less: Gains on sales of securities available for sale, net		3,057			211			2,463			578
Total Non-GAAP Revenue (denominator A)	$	268,838		$	251,164		$	812,494		$	754,759
Efficiency ratio (numerator A/denominator A)		70.70	%		71.27	%		70.34	%		70.09	%
Operating efficiency ratio (Non-GAAP) (numerator B/denominator A)		70.63			71.18			70.20			69.69

EX-99.2

UMB Financial Third Quarter 2019 October 29, 2019 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, our 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.

Earnings Summary – 3Q 2019 $ in thousands, except share and per share data; unaudited Non-GAAP adjustments include acquisition and divestiture income and expense, severance expense and the cumulative tax impact of these adjustments. See the non-GAAP reconciliations and additional information on these items on slides 37 and 38.

Select Balance Sheet Items $ in thousands, average balances; unaudited Three Months Ended

Key Performance Metrics This represents a non-GAAP measure. See slides 37 and 38 for additional disclosures and reconciliations related to these non-GAAP financial measures.

Balance Sheet

Consistent Loan Growth Average Total Loans 5 Year CAGR 12.9%

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) Percentages less than 5% have been omitted. (1)

Loan Activity

High Quality Investment Portfolio Securities Held to Maturity $1.1 billion at September 30, 2019 Securities Available for Sale $7.4 billion at September 30, 2019 Governmental Other Higher Education Healthcare Utility Social Service Industrial Cultural Civic K-12 Education NFP - Other Average Balance: $7.3 billion Average Yield: 2.55% Duration: 47 months Average Balance: $1.1 billion Average Yield: 3.28% Duration: 70 months Total Portfolio Average Yield: 2.64% Duration: 50 months Agencies Corporates Municipals Mortgage-Backed Securities Treasuries

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, 2019 Variable Rate Loans: $8.1 billion or 62% of the loan book ~35% of variable loans are tied to Prime for the next quarter ~64% of variable loans are tied to LIBOR for the next quarter Loan Repricing/Maturity Schedule 56% in 4th quarter 2019 66% in the next 12 months AFS Portfolio Activity

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 (%) Total Risk-Based Capital Tier 1 Risk-Based Capital Tier 1 Leverage Common Equity Tier 1

Asset Quality

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% Definitions: “Watch” – This rating represents credit exposure that presents higher than average risk and warrants greater than routine attention due to conditions affecting the borrower, the borrower’s industry or the economic environment.  “Special Mention” – This rating reflects a potential weakness that deserves management’s close attention and that, if left uncorrected, may result in deterioration of the repayment prospects. “Substandard” – Loans in this category are inadequately protected by the current paying capacity of the borrower or by the collateral pledged, if any, and are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. “Non-Performing” – Includes restructured loans on non-accrual and all other non-accrual loans.

Income Statement

Noninterest Income – 3Q 2019 3rd Quarter ‘19 Drivers Noninterest income decreased $1.8MM, or 1.7%, compared to 2Q’19, primarily driven by: Decreases of the following market-related metrics, recorded in “other” income $3.7MM in equity earnings on alternative investments; $2.3MM in company-owned life insurance income (offset by a proportionate decrease in deferred compensation expense noted below); and $1.5MM in derivative income. Partially offset by increases of $4.5MM in gains on the sale of securities; $2.3MM in trust and securities processing income, driven by fund services, corporate trust and private wealth revenue; and $1.0MM in brokerage fees related to 12b-1 income.

Bankcard Fees Noninterest Income Composition – 3Q 2019 Service Charges on Deposit Accounts Trust & Securities Processing Gains on Sales of Securities Trading & Investment Banking Other Brokerage Fees Trust & Securities Processing Composition: ($ in millions) Insurance Fees & Commissions Source of Income: 3Q’19 2Q’19 3Q’18 Personal Banking – Private Wealth & Prairie Capital $ 16.4 $ 15.7 $ 16.4 Institutional Banking – Fund Services 20.9 19.8 21.2 Institutional Banking – Corp. Trust & other 7.9 7.4 5.8   $ 45.2 $ 42.9 $ 43.4

Noninterest Expense – 3Q 2019 Operating noninterest expense, which excludes the impact of acquisition and divestiture expense and severance expense, was $191.2 million for the third quarter of 2019, a decrease of $1.8 million, or 0.9 percent, compared to the linked quarter, and an increase of $11.1 million, or 6.1 percent, compared to the third quarter of 2018. See slides 37 and 38 for a reconciliation of this non-GAAP financial measure. Noninterest expense decreased $2.0MM, or 1.0%, compared to 2Q’19, primarily driven by: A decrease of $4.3MM in salary and employee benefit expense due to $3.0MM lower bonus and commission expense; $1.7MM lower deferred compensation expense (offset by the decrease in company-owned life insurance income noted above); and A $1.6MM decrease in the timing of marketing and business development expense related to multiple product initiatives. Partially offset by a $1.3MM fee recorded in other income, which was paid to terminate a portion of a building lease. 3rd Quarter ‘19 Drivers

Segment Updates

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

Institutional Banking – Business Description Banking services for 4 of the top 10 broker-dealers FDIC sweep solutions; liquidity alternative to overnight funds Expanded to include Fintech clients as a channel for services in 2019 Fixed income services for banks, institutional, municipal & corporate clients $26.6 billion par value bonds traded YTD 2019 Fund accounting & administration Alternative Investments $224 billion in assets under administration Specialty corporate trust Aviation lease transactions Workout defaulted bond deals on behalf of holders Investor Solutions Corporate Trust Investment Banking Distressed Debt/ Specialty Finance Institutional Custody Asset Servicing Bond trustee and agency services to municipal and corporate issuers Approximately $20.1 billion in assets under administration #3 trustee and #3 paying agent in U.S. based on number of new deals Provides custodial services to municipalities, corporations, fund companies and more Among top 10 U.S. fund custodians as measured by AUC (MFSG)

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

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

Healthcare Services Healthcare Deposits & Assets End-of-period balances; $ in billions 2015 2016 2017 2018 3Q’19 HSA deposits as % of total UMB deposits 7.8% 9.7% 11.4% 12.5% 14.0% 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 – Industry Statistics Industry information source: Devenir Research 2019 Mid-Year HSA Market Statistics & Trends report dated August 27, 2019. Rankings as of 06/30/19. HCS represents a unique asset as one of the top 5 leaders in a growing 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)

Appendix

Dividend increase = 172.1% Industry Median +51.4% increase Industry is defined as all publicly traded banks with dividend data reported for 2004 and 2018. Source: S&P Global Returning Capital to Our Shareholders Annual Dividends Declared 2004 - 2018

Long-Term Value Creation Data as available at time of printing, 07/19/18. (1) See reconciliation of tangible book value per share on slide 39. *KBW Nasdaq Regional Bank Index (50 banks); **All publicly-traded banks with data reported for 2003 and 2018; ***UMB traditional peer group (15 banks). Source: S&P Global. 15-Year Compound Annual Growth Rates 2003 - 2018 Diluted Earnings Per Share Tangible Book Value Per Share (1) UMBF KRX* Industry** Peer Median***

Long-Term Shareholder Return +32% +207% +229% December 31, 2003 – December 31, 2018 Reinvesting all dividends Source: S&P Global

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-, divestiture-, and severance-related items 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. Net Operating Income Non-GAAP Reconciliation (continued on next page)

(i) Calculated using the Company's marginal tax rate of 22.2%. 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 (losses) on sales of securities available for sale, net).

Tangible Book Value Non-GAAP Reconciliation Share count for December 31, 2003 adjusted for Company’s 2-for-1 stock split on May 31, 2006. In this presentation, we provide information about tangible book value per share, which is a non-GAAP financial measure. 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 difference between the non-GAAP financial measure and the nearest comparable GAAP financial measure is reconciled in the table above. The Company believes that this non-GAAP financial measure and the reconciliation may be useful to investors because it is an important measure of the strength of the Company’s capital and its ability to generate earnings on tangible equity invested by our shareholders.  Tangible book value ratio is calculated as the Company’s total shareholders’ equity, net of intangible assets, divided by the Company’s total shares outstanding.

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Document And Entity Information	Oct. 29, 2019
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Oct. 29, 2019
Entity Registrant Name	UMB FINANCIAL CORP
Entity Central Index Key	0000101382
Entity Emerging Growth Company	false
Entity File Number	001-38481
Entity Incorporation, State or Country Code	MO
Entity Tax Identification Number	43-0903811
Entity Address, Address Line One	1010 Grand Blvd.
Entity Address, City or Town	Kansas City
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	64106
City Area Code	816
Local Phone Number	860-7000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of each class	Common Stock, $1.00 Par Value
Trading Symbol(s)	UMBF
Name of each exchange on which registered	NASDAQ