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):  4/25/2023

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 April 25, 2023, UMB Financial Corporation (the “Company”) issued a press release announcing the financial results for the Company for the quarter ended March 31, 2023.  A copy of the press release is attached as Exhibit 99.1 and the information is hereby incorporated by reference herein. The Company does not incorporate by reference information presented at any website referenced in the press release.

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 April 25, 2023, the Company announced in the same press release that the Board of Directors of the Company had declared a quarterly dividend of $0.38 per share that is payable on July 3, 2023 to shareholders of record of the Company as of the close of business on June 12, 2023.

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 April 26, 2023.  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 April 25, 2023, and the Company disclaims any obligation to correct or update any of the materials in the future.

In addition, the Company is furnishing a copy of materials that were used in the presentation delivered by the Company’s representatives at the 2023 Annual Meeting of Shareholders that was held virtually at 9:00 a.m. (CT) on April 25, 2023.  A copy of the materials is attached as Exhibit 99.3 and is available on the Company’s website at www.umb.com.  The materials are dated April 25, 2023, 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, 99.2, and 99.3 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. The Company does not incorporate by reference to this Current Report on Form 8-K information presented at any website referenced in this report or in any of the Exhibits attached hereto.

Item 9.01    Financial Statements and Exhibits

99.1	Press Release announcing financial results for quarter ended March 31, 2023, and announcing dividend declaration.
99.2	Investor Presentation Materials, dated April 25, 2023.
99.3	Presentation for the 2023 Annual Meeting of the Shareholders.
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: April 25, 2023

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 First Quarter Net Income of $92.4 Million

First Quarter 2023 Financial Highlights

• GAAP net income of $92.4 million, or $1.90 per diluted share.

• Average loans increased 19.3% on a linked-quarter, annualized basis.

• Average deposits grew 2.4% on a linked-quarter, annualized basis.

• Diverse deposit base with approximately 55% of deposit relationships spanning ten or more years.

• At March 31, 2023, uninsured deposits represented 66.6% of total deposits. When adjusted to exclude affiliate and collateralized deposits, uninsured deposits were 43.1% of total deposits.

• Within our commercial deposits, no one sector represents more than 5% of quarterly average deposits.

• Strong risk-based capital ratios and liquidity positions.

• Noninterest income increased 5.3% as compared to the first quarter of 2022, equal to 35.0% of total revenue.

• Credit quality remained strong, with net charge-offs of just 0.09% of average loans and nonperforming loans of 0.07% of total loans.

KANSAS CITY, Mo. (April 25, 2023) – UMB Financial Corporation (Nasdaq: UMBF), afinancial services company, announced net income for the first quarter of 2023 of $92.4 million, or $1.90 per diluted share, compared to $100.2 million, or $2.06 per diluted share, in the fourth quarter of 2022 (linked quarter) and $106.0 million, or $2.17 per diluted share, in the first quarter of 2022.

Net operating income, a non-GAAP financial measure reconciled later in this release to net income, the nearest comparable GAAP measure, was $92.8 million, or $1.91 per diluted share, for the first quarter of 2023, compared to $101.1 million, or $2.07 per diluted share, for the linked quarter and $106.1 million, or $2.17 per diluted share, for the first quarter of 2022. Operating pre-tax, pre-provision income (operating PTPP), a non-GAAP measure reconciled later in this release to the components of net income before taxes, the nearest comparable GAAP measure, was $135.4 million, or $2.78 per diluted share, for the first quarter of 2023, compared to $134.1 million, or $2.75 per diluted share, for the linked quarter, and $119.4 million, or $2.44 per diluted share, for the first quarter of 2022. These operating PTPP results represent increases of 1.0% on a linked-quarter basis and 13.4%, compared to the first quarter of 2022.

“Comments made publicly about the health of the banking industry, driven by the mistaken presumption that the drivers of the failure of two banks would apply to other banks generally, did a great disservice not only to UMB, but to regional banks as a whole,” said Mariner Kemper, chairman, president and chief executive officer. “Despite the challenging environment resulting from this flawed and exaggerated crisis of confidence created by certain market participants, we had a strong first quarter, with average deposit growth of 2.4% and average loan growth of 19.3%, on a linked-quarter annualized basis. We had

continued momentum in our fee businesses, and credit quality remains strong, with net charge offs of just 0.09% of average loans. Nonperforming loans further improved from year-end, and were just 0.07% of loans at March 31.”Mr. Kemper continued, “Our business model is built to withstand difficult economic environments and crises. Our deposit base is diverse across multiple lines of businesses and reflects longtenured and deeply entrenched relationships, with more than 55% of our customers having banked with us for ten years or more. Our regulatory capital ratios are above peer median, and our liquidity levels are strong, including many contingent sources. Despite conjectures in the aftermath of Silicon Valley Bank’s failure, not every bank, including UMB, needs to sell investment securities at a loss.”

First Quarter 2023 earnings discussion

Summary of quarterly financial results	UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
	Q1			Q4			Q1
	2023			2022			2022
Net income (GAAP)	$	92,437		$	100,173		$	105,963
Earnings per share (diluted)		1.90			2.06			2.17
Operating pre-tax, pre-provision income (Non-GAAP)		135,369			134,054			119,400
Operating pre-tax, pre-provision earnings per share (diluted)		2.78			2.75			2.44
Operating pre-tax, pre-provision income - FTE (Non-GAAP)		141,924			140,717			125,799
Operating pre-tax, pre-provision earnings per share - FTE (diluted)		2.91			2.89			2.57
Net operating income (Non-GAAP)		92,836			101,092			106,073
Operating earnings per share (diluted)		1.91			2.07			2.17
GAAP
Return on average assets		0.97	%		1.06	%		1.10	%
Return on average equity		13.76			15.16			14.65
Efficiency ratio		63.12			63.72			63.98
Non-GAAP (i)
Operating return on average assets		0.98	%		1.07	%		1.10	%
Operating return on average equity		13.82			15.30			14.67
Operating return on average tangible equity excluding AOCI		12.21			12.85			14.99
Operating efficiency ratio		62.98			63.39			63.93

(i) See Non-GAAP reconciliation later in this release.

Summary of revenue	UMB Financial Corporation
(unaudited, dollars in thousands)
	Q1			Q4			Q1			CQ vs.			CQ vs.
	2023			2022			2022			LQ			PY
Net interest income	$	241,696		$	245,166		$	210,355		$	(3,470	)	$	31,341
Noninterest income:
Trust and securities processing		62,359			59,207			59,528			3,152			2,831
Trading and investment banking		5,308			5,251			5,440			57			(132	)
Service charges on deposit accounts		21,159			19,758			24,642			1,401			(3,483	)
Insurance fees and commissions		274			459			259			(185	)		15
Brokerage fees		13,676			13,332			3,456			344			10,220
Bankcard fees		18,172			19,597			16,635			(1,425	)		1,537
Investment securities losses, net		(5,324	)		(409	)		(522	)		(4,915	)		(4,802	)
Other		14,576			8,302			14,240			6,274			336
Total noninterest income	$	130,200		$	125,497		$	123,678		$	4,703		$	6,522
Total revenue	$	371,896		$	370,663		$	334,033		$	1,233		$	37,863
Net interest income (FTE)	$	248,251		$	251,829		$	216,754
Net interest margin (FTE)		2.76	%		2.83	%		2.35	%
Total noninterest income as a % of total revenue		35.0			33.9			37.0

Net interest income

• First quarter 2023 net interest income totaled $241.7 million, a decrease of $3.5 million, or 1.4% from the linked quarter, driven by the impact of fewer days in the first quarter, as well as higher interest costs primarily driven by unfavorable mix shift in the composition of liabilities, partially offset by continued growth in average loans.

• Average earning assets increased $1.2 billion, or 3.3% from the linked quarter, largely driven by an increase of $976.9 million in average loans, an increase of $398.3 million in interest-bearing due from banks, partially offset by a decrease of $204.9 million in federal funds sold and resell agreements.

• Average interest-bearing liabilities increased $1.6 billion, or 7.2% from the linked quarter, primarily driven by increases of $803.5 million in borrowed funds and $723.6 million in interest-bearing deposits. Average noninterest-bearing deposits decreased $535.1 million, or 4.3% as compared to the linked quarter.

• Net interest margin for the first quarter was 2.76%, a decrease of seven basis points from the linked quarter, driven by increased cost of interest-bearing liabilities, partially offset by the benefit of free funds and earning asset mix changes. The cost of interest-bearing liabilities increased 69 basis points to 2.91%. Total cost of funds increased 51 basis points from the linked quarter to 1.92%. Average loan yields increased 53 basis points while earning asset yields increased 42 basis points from the linked quarter.

• On a year-over-year basis, net interest income increased $31.3 million, or 14.9%, driven by a $3.9 billion, or 22.5%, increase in average loans, favorable mix shift in earning assets, and benefit from higher interest rates, partially offset by higher cost of interest-bearing liabilities.

• Compared to the first quarter of 2022, average earning assets decreased $1.0 billion, or 2.7%, largely driven by a decrease of $3.8 billion in interest-bearing due from banks and a decrease of $814.6 million in federal funds sold and resell agreements, partially offset by the increase in average loans noted above.

• Average deposits decreased 3.1% compared to the first quarter of 2022. Average noninterest-bearing demand deposit balances decreased 15.0% compared to the first quarter of 2022, driven by expected migration to rate-bearing deposit categories in a higher interest rate environment. Demand deposit balances comprised 37.8% of total deposits, compared to 39.7% in the linked quarter and 43.0% in the first quarter of 2022.

• Average borrowed funds increased $803.5 million as compared to the linked quarter and $928.6 million as compared to the first quarter of 2022, driven by short-term borrowings with the Federal Home Loan Bank and the Federal Reserve Discount Window.

Noninterest income

• First quarter 2023 noninterest income increased $4.7 million, or 3.7%, on a linked-quarter basis, largely due to:

o Increases of $4.0 million in company-owned life insurance income and $1.8 million in derivative income, both recorded in other income. The increase in company-owned life insurance is offset by a proportionate increase in deferred compensation expense as noted below.

o Increases of $1.8 million in corporate trust income, $0.9 million in fund services income and $0.5 million in trust income, all recorded in trust and securities processing.

o These increases were partially offset by a decrease of $4.9 million in investment securities gains, largely driven by an impairment loss on an available-for-sale subordinated debt security recorded in the first quarter.

• Compared to the prior year, noninterest income in the first quarter of 2023 increased $6.5 million, or 5.3%, primarily driven by:

o An increase of $10.2 million in brokerage income, largely driven by increases in 12b-1 fees and money market income.

o An increase of $4.1 million in company-owned life insurance income, recorded in other income. The increase in company-owned life insurance is offset by a proportionate increase in deferred compensation expense as noted below.

o Increases of $2.3 million in corporate trust income and $1.3 million in fund services income, both recorded in trust and securities processing.

o An increase of $1.5 million in bankcard income due to higher interchange revenue.

o These increases were partially offset by the following decreases:

▪ A decrease of $4.8 million in investment securities gains, driven by an impairment loss on an available-for-sale subordinated debt security recorded in the first quarter of 2023.

▪ A decrease of $3.5 million in service charges on deposits primarily due to decreased healthcare services income related to customer transfer and conversion fees recognized in the first quarter of 2022.

▪ A decrease of $2.4 million in other miscellaneous income, driven by the gain on sale of the company’s factoring loan portfolio recorded in the first quarter of 2022.

▪ A decrease of $2.1 million in derivative income, recorded in other income.

Noninterest expense

Summary of noninterest expense	UMB Financial Corporation
(unaudited, dollars in thousands)
	Q1		Q4		Q1		CQ vs.			CQ vs.
	2023		2022		2022		LQ			PY
Salaries and employee benefits	$	142,498	$	135,940	$	130,634	$	6,558		$	11,864
Occupancy, net		12,177		12,409		12,232		(232	)		(55	)
Equipment		17,849		18,969		18,164		(1,120	)		(315	)
Supplies and services		3,875		3,697		3,262		178			613
Marketing and business development		5,335		8,788		4,932		(3,453	)		403
Processing fees		23,240		23,545		18,443		(305	)		4,797
Legal and consulting		7,285		10,664		6,911		(3,379	)		374
Bankcard		7,133		7,369		6,567		(236	)		566
Amortization of other intangible assets		2,298		1,649		1,071		649			1,227
Regulatory fees		5,551		4,232		3,482		1,319			2,069
Other		9,811		10,556		9,080		(745	)		731
Total noninterest expense	$	237,052	$	237,818	$	214,778	$	(766	)	$	22,274

• Noninterest expense for the first quarter of 2023 was $237.1 million, a decrease of $0.8 million, or 0.3%, from the linked quarter and an increase of $22.3 million, or 10.4%, from the first quarter of 2022.

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

o A decrease of $6.6 million in salaries and bonus expense, recorded in salaries and employee benefits, driven primarily by increased incentive compensation tied to business growth and higher overall company performance during the fourth quarter of 2022.

o Decreases of $3.5 million in marketing and business development expense and $3.4 million in legal and consulting expense due to the timing of multiple projects. The decrease in marketing and business development expense was also partially driven by a decrease in advertising for various projects and a decrease in travel and entertainment expense.

o A decrease of $1.1 million in equipment expense driven by reduced software expense.

o These decreases were partially offset by increases of $13.2 million in employee benefits expense driven by a seasonal increase of $11.3 million in payroll taxes, insurance, and 401(k) expense recognized in the first quarter, as well as an increase of $2.5 million in deferred compensation expense, all recorded in salaries and employee benefits. The increase in deferred compensation expense was offset by the increase in company-owned life insurance income noted above. Additionally, there was an increase of $1.3 million in regulatory fees expense driven by higher deposit insurance expense due to previously announced higher industry assessment rates.

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

o An increase of $11.9 million in salaries and employee benefits expense, driven primarily by increases of $11.0 million in salaries and wage expense and $4.7 million in employee benefits expense, primarily due to an increase of $3.1 million in payroll taxes, insurance, and 401(k) expense, and an increase of $1.7 million in deferred compensation expense. These increases were partially offset by a decrease of $3.8 million in bonus and commission expense. The increase in deferred compensation expense was offset by the increase in company-owned life insurance income noted above.  

o An increase of $4.8 million in processing fees expense due to the ongoing modernization of the company’s core systems and the timing of multiple software projects.

o Increases of $2.1 million in regulatory fees expense driven by higher deposit insurance expense, $2.0 million in operational losses, recorded in other expense, and $1.2 million in intangible amortization expense.  The increase in amortization expense is related to the acquisition of the healthcare savings account business from Old National Bank, completed in the fourth quarter of 2022.

Income taxes

• The company’s effective tax rate was 17.2% for the three months ended March 31, 2023, compared to 15.7% for the same period in 2022. The effective tax rate increased primarily as a result of a decrease in excess tax benefits associated with stock compensation recorded in the first quarter of 2023 compared to the same period a year earlier.

Balance sheet

• Average total assets for the first quarter of 2023 were $38.5 billion compared to $37.3 billion for the linked quarter and $39.2 billion for the same period in 2022.

Summary of average loans and leases - QTD Average					UMB Financial Corporation
(unaudited, dollars in thousands)
	Q1		Q4		Q1		CQ vs.			CQ vs.
	2023		2022		2022		LQ			PY
Commercial and industrial	$	9,287,319	$	8,891,356	$	7,409,623	$	395,963		$	1,877,696
Specialty lending		564,633		559,200		463,793		5,433			100,840
Commercial real estate		7,812,140		7,323,877		6,338,160		488,263			1,473,980
Consumer real estate		2,738,184		2,678,771		2,339,050		59,413			399,134
Consumer		136,571		145,811		135,942		(9,240	)		629
Credit cards		453,704		457,043		399,857		(3,339	)		53,847
Leases and other		279,049		238,603		274,652		40,446			4,397
Total loans	$	21,271,600	$	20,294,661	$	17,361,077	$	976,939		$	3,910,523

• Average loans for the first quarter of 2023 increased $976.9 million, or 4.8%, on a linked-quarter basis and $3.9 billion, or 22.5%, compared to the first quarter of 2022.

Summary of average securities - QTD Average	UMB Financial Corporation
(unaudited, dollars in thousands)
	Q1		Q4		Q1		CQ vs.			CQ vs.
	2023		2022		2022		LQ			PY
Securities available for sale:
U.S. Treasury	$	783,170	$	752,339	$	176,476	$	30,831		$	606,694
U.S. Agencies		171,825		171,171		125,017		654			46,808
Mortgage-backed		3,938,137		4,027,120		7,317,968		(88,983	)		(3,379,831	)
State and political subdivisions		1,356,785		1,353,307		3,170,757		3,478			(1,813,972	)
Corporates		364,854		366,131		337,526		(1,277	)		27,328
Collateralized loan obligations		348,477		328,475		150,134		20,002			198,343
Total securities available for sale	$	6,963,248	$	6,998,543	$	11,277,878	$	(35,295	)	$	(4,314,630	)
Securities held to maturity:
U.S. Agencies	$	123,106	$	123,077	$	133	$	29		$	122,973
Mortgage-backed		2,934,113		2,983,489		708,075		(49,376	)		2,226,038
State and political subdivisions		2,814,912		2,765,717		1,185,609		49,195			1,629,303
Total securities held to maturity	$	5,872,131	$	5,872,283	$	1,893,817	$	(152	)	$	3,978,314
Trading securities		9,258		11,799		20,836		(2,541	)		(11,578	)
Other securities		359,238		315,748		329,611		43,490			29,627
Total securities	$	13,203,875	$	13,198,373	$	13,522,142	$	5,502		$	(318,267	)

• Average total securities remained flat on a linked-quarter basis and decreased 2.4% compared to the first quarter of 2022.

• At March 31, 2023, the unrealized pre-tax net loss on the available-for-sale securities portfolio narrowed to $677.7 million, or 8.9% of the $7.6 billion amortized cost value, down from $771.6 million at December 31, 2022.

• At March 31, 2023, the unrealized pre-tax net loss on the securities designated as held to maturity narrowed to $489.8 million, or 8.4% of amortized cost value, compared to $580.9 million at December 31, 2022.

• During 2022, the company transferred securities with an amortized cost balance of $4.1 billion and a fair value of $3.8 billion from the available-for-sale category to the held-to-maturity category. The remaining balance of unrealized pre-tax net losses related to transferred securities was $237.1 million as of March 31, 2023 and was included in the amortized cost balance of held-to-maturity securities.

• At March 31, 2023, an after-tax gain of $57.2 million was included in accumulated other comprehensive income (AOCI) related to the company’s fair value hedges of municipal securities. During 2021, the company entered into ten of these hedge transactions, nine of which have since been terminated. The gain on the terminated hedges is being amortized over the remaining life of the underlying bonds.

Summary of average deposits - QTD Average				UMB Financial Corporation
(unaudited, dollars in thousands)
	Q1			Q4			Q1			CQ vs.			CQ vs.
	2023			2022			2022			LQ			PY
Deposits:
Noninterest-bearing demand	$	11,919,277		$	12,454,413		$	14,025,585		$	(535,136	)	$	(2,106,308	)
Interest-bearing demand and savings		18,427,662			17,952,568			17,852,721			475,094			574,941
Time deposits		1,215,506			966,969			701,973			248,537			513,533
Total deposits	$	31,562,445		$	31,373,950		$	32,580,279		$	188,495		$	(1,017,834	)
Noninterest bearing deposits as % of total		37.8	%		39.7	%		43.0	%

• Average deposits increased 0.6% on a linked-quarter basis and decreased 3.1% compared to the first quarter of 2022.

• As of March 31, 2023, the total estimated uninsured deposits were $21.3 billion or approximately 66.6% of total deposits. Estimated uninsured deposits, when adjusted to exclude affiliate (company-owned) and collateralized deposits, were $13.8 billion and represented approximately 43.1% of total deposits.

Capital

Capital information	UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
	March 31, 2023			December 31, 2022			March 31, 2022
Total equity	$	2,814,659		$	2,667,093		$	2,748,405
Accumulated other comprehensive (loss) income, net		(626,776	)		(702,735	)		(343,128	)
Book value per common share		58.03			55.20			56.78
Tangible book value per common share (Non-GAAP)		52.17			49.28			52.69
Regulatory capital:
Common equity Tier 1 capital	$	3,196,111		$	3,129,030		$	2,938,100
Tier 1 capital		3,196,111			3,129,030			2,938,100
Total capital		3,776,407			3,682,619			3,369,866
Regulatory capital ratios:
Common equity Tier 1 capital ratio		10.57	%		10.62	%		11.81	%
Tier 1 risk-based capital ratio		10.57			10.62			11.81
Total risk-based capital ratio		12.49			12.50			13.55
Tier 1 leverage ratio		8.35			8.43			7.53

• At March 31, 2023, 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)
	Q1			Q4			Q3			Q2			Q1
	2023			2022			2022			2022			2022
Net charge-offs - total loans	$	4,643		$	2,189		$	1,173		$	28,128		$	8,378
Net loan charge-offs as a % of total average loans		0.09	%		0.04	%		0.02	%		0.62	%		0.20	%
Loans over 90 days past due	$	1,723		$	1,617		$	2,513		$	3,446		$	3,600
Loans over 90 days past due as a % of total loans		0.01	%		0.01	%		0.01	%		0.02	%		0.02	%
Nonaccrual and restructured loans	$	15,480		$	19,269		$	19,817		$	18,117		$	110,356
Nonaccrual and restructured loans as a % of total loans		0.07	%		0.09	%		0.10	%		0.10	%		0.62	%
Provision for credit losses	$	23,250		$	9,000		$	22,000		$	13,400		$	(6,500	)

• Provision for credit losses for the first quarter totaled $23.3 million, an increase of $14.3 million from the linked quarter and an increase of $29.8 million from the first quarter of 2022. These changes are driven largely by loan growth and changes in macro-economic metrics in the current period as compared to the prior periods.

• Net charge-offs for the first quarter totaled $4.6 million, or 0.09%, of average loans, compared to $2.2 million, or 0.04%, of average loans in the linked quarter, and $8.4 million, or 0.20%, of average loans for the first quarter of 2022.

Dividend Declaration

At the company’s quarterly board meeting, the Board of Directors declared a $0.38 per share quarterly cash dividend, payable on July 3, 2023, to shareholders of record at the close of business on June 12, 2023.

Conference Call

The company plans to host a conference call to discuss its first quarter 2023 earnings results on Wednesday, April 26, 2023, at 8:30 a.m. (CT).

Interested parties may access the call by dialing (toll-free) 833-470-1428 or (international) 404-975-4839 and requesting to join the UMB Financial call with access code 443869. The live call may also be accessed by visiting investorrelations.umb.com or by using the following link:

UMB Financial 1Q 2023 Conference Call

A replay of the conference call may be heard through May 10, 2023, by calling (toll-free)

866-813-9403 or (international) 226-828-7578. The replay access code required for playback is 582627. The call replay may also be accessed at investorrelations.umb.com.

Non-GAAP Financial Information

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

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

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

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

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

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

Operating return on average tangible equity excluding AOCI is calculated as net operating income, divided by the company’s average tangible shareholders’ equity exclusive of AOCI for the relevant period.

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, 2022, our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (SEC). In addition to such factors that have been disclosed previously: macroeconomic and adverse developments and uncertainties related to the collateral effects of the collapse of, and challenges for, domestic and international banks, including the impacts to the U.S. and global economies; sustained levels of high inflation and the potential for an economic recession on the heels of aggressive quantitative tightening by the Federal Reserve, and impacts related to or resulting from Russia’s military action in Ukraine, such as the broader impacts to financial markets and the global macroeconomic and geopolitical environments, may also cause actual results or other future events, circumstances, or aspirations to differ from our forward-looking statements. Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except to the extent required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K, or other applicable document that is filed or furnished with the SEC.

About UMB:

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

Consolidated Balance Sheets	UMB Financial Corporation
(unaudited, dollars in thousands)
	March 31,
	2023			2022
ASSETS
Loans	$	21,812,972		$	17,731,700
Allowance for credit losses on loans		(210,509	)		(179,288	)
Net loans		21,602,463			17,552,412
Loans held for sale		1,422			384
Securities:
Available for sale		6,907,897			8,550,093
Held to maturity, net of allowance for credit losses		5,859,323			4,600,187
Trading securities		19,823			17,059
Other securities		416,337			332,123
Total securities		13,203,380			13,499,462
Federal funds sold and resell agreements		368,158			1,319,809
Interest-bearing due from banks		3,121,323			6,355,941
Cash and due from banks		472,248			357,772
Premises and equipment, net		260,623			264,519
Accrued income		181,586			127,139
Goodwill		207,385			182,225
Other intangibles, net		76,426			15,690
Other assets		1,112,176			930,389
Total assets	$	40,607,190		$	40,605,742
LIABILITIES
Deposits:
Noninterest-bearing demand	$	12,488,803		$	15,946,738
Interest-bearing demand and savings		16,760,603			17,828,794
Time deposits under $250,000		456,129			399,467
Time deposits of $250,000 or more		2,226,369			187,566
Total deposits		31,931,904			34,362,565
Federal funds purchased and repurchase agreements		2,160,808			2,840,535
Short-term debt		2,800,000			—
Long-term debt		381,796			272,036
Accrued expenses and taxes		207,633			178,130
Other liabilities		310,390			204,071
Total liabilities		37,792,531			37,857,337
SHAREHOLDERS' EQUITY
Common stock		55,057			55,057
Capital surplus		1,120,877			1,109,585
Retained earnings		2,609,928			2,265,129
Accumulated other comprehensive loss, net		(626,776	)		(343,128	)
Treasury stock		(344,427	)		(338,238	)
Total shareholders' equity		2,814,659			2,748,405
Total liabilities and shareholders' equity	$	40,607,190		$	40,605,742

Consolidated Statements of Income	UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
	Three Months Ended
	March 31,
	2023			2022
INTEREST INCOME
Loans	$	308,441		$	149,470
Securities:
Taxable interest		53,049			43,382
Tax-exempt interest		25,306			23,855
Total securities income		78,355			67,237
Federal funds and resell agreements		5,651			2,450
Interest-bearing due from banks		16,166			2,457
Trading securities		134			185
Total interest income		408,747			221,799
INTEREST EXPENSE
Deposits		127,899			6,173
Federal funds and repurchase agreements		23,302			2,148
Other		15,850			3,123
Total interest expense		167,051			11,444
Net interest income		241,696			210,355
Provision for credit losses		23,250			(6,500	)
Net interest income after provision for credit losses		218,446			216,855
NONINTEREST INCOME
Trust and securities processing		62,359			59,528
Trading and investment banking		5,308			5,440
Service charges on deposit accounts		21,159			24,642
Insurance fees and commissions		274			259
Brokerage fees		13,676			3,456
Bankcard fees		18,172			16,635
Investment securities losses, net		(5,324	)		(522	)
Other		14,576			14,240
Total noninterest income		130,200			123,678
NONINTEREST EXPENSE
Salaries and employee benefits		142,498			130,634
Occupancy, net		12,177			12,232
Equipment		17,849			18,164
Supplies and services		3,875			3,262
Marketing and business development		5,335			4,932
Processing fees		23,240			18,443
Legal and consulting		7,285			6,911
Bankcard		7,133			6,567
Amortization of other intangible assets		2,298			1,071
Regulatory fees		5,551			3,482
Other		9,811			9,080
Total noninterest expense		237,052			214,778
Income before income taxes		111,594			125,755
Income tax expense		19,157			19,792
NET INCOME	$	92,437		$	105,963
PER SHARE DATA
Net income – basic	$	1.91		$	2.19
Net income – diluted		1.90			2.17
Dividends		0.38			0.37
Weighted average shares outstanding – basic		48,435,016			48,406,840
Weighted average shares outstanding – diluted		48,746,562			48,832,177

Consolidated Statements of Comprehensive Income	UMB Financial Corporation
(unaudited, dollars in thousands)
	Three Months Ended
	March 31,
	2023			2022
Net income	$	92,437		$	105,963
Other comprehensive income (loss), before tax:
Unrealized gains and losses on debt securities:
Change in unrealized holding gains and losses, net		93,657			(622,910	)
Less: Reclassification adjustment for net losses included in net income		433			—
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity		9,983			582
Change in unrealized gains and losses on debt securities		104,073			(622,328	)
Unrealized gains and losses on derivative hedges:
Change in unrealized gains and losses on derivative hedges, net		(1,527	)		4,680
Less: Reclassification adjustment for net gains included in net income		(2,561	)		(851	)
Change in unrealized gains and losses on derivative hedges		(4,088	)		3,829
Other comprehensive income (loss), before tax		99,985			(618,499	)
Income tax (expense) benefit		(24,026	)		149,057
Other comprehensive income (loss)		75,959			(469,442	)
Comprehensive income (loss)	$	168,396		$	(363,479	)

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 Income (Loss)			Treasury Stock			Total
Balance - January 1, 2022	$	55,057	$	1,110,520		$	2,176,998		$	126,314		$	(323,465	)	$	3,145,424
Total comprehensive income (loss)		—		—			105,963			(469,442	)		—			(363,479	)
Dividends ($0.37 per share)		—		—			(17,832	)		—			—			(17,832	)
Purchase of treasury stock		—		—			—			—			(22,487	)		(22,487	)
Issuances of equity awards, net of forfeitures		—		(6,630	)		—			—			7,309			679
Recognition of equity-based compensation		—		5,485			—			—			—			5,485
Sale of treasury stock		—		84			—			—			54			138
Exercise of stock options		—		126			—			—			351			477
Balance - March 31, 2022	$	55,057	$	1,109,585		$	2,265,129		$	(343,128	)	$	(338,238	)	$	2,748,405
Balance - January 1, 2023	$	55,057	$	1,125,949		$	2,536,086		$	(702,735	)	$	(347,264	)	$	2,667,093
Total comprehensive income		—		—			92,437			75,959			—			168,396
Dividends ($0.38 per share)		—		—			(18,595	)		—			—			(18,595	)
Purchase of treasury stock		—		—			—			—			(7,902	)		(7,902	)
Issuances of equity awards, net of forfeitures		—		(9,764	)		—			—			10,483			719
Recognition of equity-based compensation		—		4,516			—			—			—			4,516
Sale of treasury stock		—		71			—			—			56			127
Exercise of stock options		—		105			—			—			200			305
Balance - March 31, 2023	$	55,057	$	1,120,877		$	2,609,928		$	(626,776	)	$	(344,427	)	$	2,814,659

Average Balances / Yields and Rates	UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
	Three Months Ended March 31,
	2023						2022
	Average			Average			Average			Average
	Balance			Yield/Rate			Balance			Yield/Rate
Assets
Loans, net of unearned interest	$	21,271,600			5.88	%	$	17,361,077			3.49	%
Securities:
Taxable		9,349,351			2.30			9,461,567			1.86
Tax-exempt		3,845,266			3.35			4,039,739			3.03
Total securities		13,194,617			2.61			13,501,306			2.21
Federal funds and resell agreements		451,188			5.08			1,265,776			0.78
Interest bearing due from banks		1,533,704			4.27			5,320,360			0.19
Trading securities		9,258			6.31			20,836			4.38
Total earning assets		36,460,367			4.62			37,469,355			2.47
Allowance for credit losses		(196,128	)					(198,217	)
Other assets		2,239,140						1,882,376
Total assets	$	38,503,379					$	39,153,514
Liabilities and Shareholders' Equity
Interest-bearing deposits	$	19,643,168			2.64	%	$	18,554,694			0.13	%
Federal funds and repurchase agreements		2,461,942			3.84			2,973,785			0.29
Borrowed funds		1,200,346			5.36			271,731			4.66
Total interest-bearing liabilities		23,305,456			2.91			21,800,210			0.21
Noninterest-bearing demand deposits		11,919,277						14,025,585
Other liabilities		554,211						394,714
Shareholders' equity		2,724,435						2,933,005
Total liabilities and shareholders' equity	$	38,503,379					$	39,153,514
Net interest spread					1.71	%					2.26	%
Net interest margin					2.76						2.35

Business Segment Information	UMB Financial Corporation
(unaudited, dollars in thousands)
	Three Months Ended March 31, 2023
	Commercial Banking			Institutional Banking		Personal Banking			Total
Net interest income	$	151,027		$	55,085	$	35,584		$	241,696
Provision for credit losses		21,045			96		2,109			23,250
Noninterest income		22,902			84,238		23,060			130,200
Noninterest expense		84,002			89,372		63,678			237,052
Income (loss) before taxes		68,882			49,855		(7,143	)		111,594
Income tax expense (benefit)		11,825			8,558		(1,226	)		19,157
Net income (loss)	$	57,057		$	41,297	$	(5,917	)	$	92,437
	Three Months Ended March 31, 2022
	Commercial Banking			Institutional Banking		Personal Banking			Total
Net interest income	$	145,002		$	26,253		39,100		$	210,355
Provision for credit losses		(7,040	)		151		389			(6,500	)
Noninterest income		26,700			73,272		23,706			123,678
Noninterest expense		79,589			75,602		59,587			214,778
Income before taxes		99,153			23,772		2,830			125,755
Income tax expense		15,606			3,741		445			19,792
Net income	$	83,547		$	20,031	$	2,385		$	105,963

The company has strategically aligned its operations into the following three reportable segments: Commercial Banking, Institutional Banking, and Personal Banking. Senior executive officers regularly evaluate business segment financial results produced by the company’s internal reporting system in deciding how to allocate resources and assess performance for individual business segments. The company’s reportable segments include certain corporate overhead, technology and service costs that are allocated based on methodologies that are applied consistently between periods. For comparability purposes, amounts in all periods are based on methodologies in effect at March 31, 2023.

Non-GAAP Financial Measures

Net operating income Non-GAAP reconciliations:	UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
	Three Months Ended March 31,
	2023			2022
Net income (GAAP)	$	92,437		$	105,963
Adjustments:
Acquisition expense		39			—
Severance expense		486			145
Tax-impact of adjustments (i)		(126	)		(35	)
Total Non-GAAP adjustments (net of tax)		399			110
Net operating income (Non-GAAP)	$	92,836		$	106,073
Earnings per share - diluted (GAAP)	$	1.90		$	2.17
Acquisition expense		—			—
Severance expense		0.01			—
Tax-impact of adjustments (i)		—			—
Operating earnings per share - diluted (Non-GAAP)	$	1.91		$	2.17
GAAP
Return on average assets		0.97	%		1.10	%
Return on average equity		13.76			14.65
Non-GAAP
Operating return on average assets		0.98	%		1.10	%
Operating return on average equity		13.82			14.67

(i) Calculated using the company’s marginal tax rate of 24.0%.

Operating noninterest expense and operating efficiency ratio Non-GAAP reconciliations:	UMB Financial Corporation
(unaudited, dollars in thousands)
	Three Months Ended March 31,
	2023			2022
Noninterest expense	$	237,052		$	214,778
Adjustments to arrive at operating noninterest expense (pre-tax):
Acquisition expense		39			—
Severance expense		486			145
Total Non-GAAP adjustments (pre-tax)		525			145
Operating noninterest expense (Non-GAAP)	$	236,527		$	214,633
Noninterest expense	$	237,052		$	214,778
Less: Amortization of other intangibles		2,298			1,071
Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A)	$	234,754		$	213,707
Operating noninterest expense	$	236,527		$	214,633
Less: Amortization of other intangibles		2,298			1,071
Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B)	$	234,229		$	213,562
Net interest income	$	241,696		$	210,355
Noninterest income		130,200			123,678
Less: Losses on sales of securities available for sale, net		(2	)		—
Total Non-GAAP Revenue (denominator A)	$	371,898		$	334,033
Efficiency ratio (numerator A/denominator A)		63.12	%		63.98	%
Operating efficiency ratio (Non-GAAP) (numerator B/denominator A)		62.98			63.93

Operating pre-tax, pre-provision income non-GAAP reconciliations:	UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
	Three Months Ended March 31,
	2023		2022
Net interest income (GAAP)	$	241,696	$	210,355
Noninterest income (GAAP)		130,200		123,678
Noninterest expense (GAAP)		237,052		214,778
Adjustments to arrive at operating noninterest expense:
Acquisition expense		39		—
Severance expense		486		145
Total Non-GAAP adjustments		525		145
Operating noninterest expense (Non-GAAP)		236,527		214,633
Operating pre-tax, pre-provision income (Non-GAAP)	$	135,369	$	119,400
Net interest income earnings per share - diluted (GAAP)	$	4.96	$	4.31
Noninterest income (GAAP)		2.67		2.53
Noninterest expense (GAAP)		4.86		4.40
Acquisition expense		—		—
Severance expense		0.01		—
Operating pre-tax, pre-provision earnings per share - diluted (Non-GAAP)	$	2.78	$	2.44

Operating pre-tax, pre-provision income - FTE Non-GAAP reconciliations:	UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
	Three Months Ended March 31,
	2023		2022
Net interest income (GAAP)	$	241,696	$	210,355
Adjustments to arrive at net interest income - FTE:
Tax equivalent interest		6,555		6,399
Net interest income - FTE (Non-GAAP)		248,251		216,754
Noninterest income (GAAP)		130,200		123,678
Noninterest expense (GAAP)		237,052		214,778
Adjustments to arrive at operating noninterest expense:
Acquisition expense		39		—
Severance expense		486		145
Total Non-GAAP adjustments		525		145
Operating noninterest expense (Non-GAAP)		236,527		214,633
Operating pre-tax, pre-provision income - FTE (Non-GAAP)	$	141,924	$	125,799
Net interest income earnings per share - diluted (GAAP)	$	4.96	$	4.31
Tax equivalent interest		0.13		0.13
Net interest income - FTE (Non-GAAP)		5.09		4.44
Noninterest income (GAAP)		2.67		2.53
Noninterest expense (GAAP)		4.86		4.40
Acquisition expense		—		—
Severance expense		0.01		—
Operating pre-tax, pre-provision income - FTE earnings per share - diluted (Non-GAAP)	$	2.91	$	2.57

Tangible book value non-GAAP reconciliations:	UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
	As of March 31,
	2023		2022
Total shareholders' equity (GAAP)	$	2,814,659	$	2,748,405
Less: Intangible assets
Goodwill		207,385		182,225
Other intangibles, net		76,426		15,690
Total intangibles, net		283,811		197,915
Total tangible shareholders' equity (Non-GAAP)	$	2,530,848	$	2,550,490
Total shares outstanding		48,507,116		48,403,262
Ratio of total shareholders' equity (book value) per share	$	58.03	$	56.78
Ratio of total tangible shareholders' equity (tangible book value) per share (Non-GAAP)		52.17		52.69

Operating return on average tangible equity excluding AOCI non-GAAP reconciliations:	UMB Financial Corporation
(unaudited, dollars in thousands)
	Three Months Ended
	March 31,			December 31,			March 31,
	2023			2022			2022
Average total shareholders' equity (GAAP)	$	2,724,435		$	2,621,693		$	2,933,005
Less: Average intangible assets
Average goodwill		207,385			194,805			174,689
Average other intangibles, net		77,575			46,243			14,105
Average total intangibles, net		284,960			241,049			188,794
Average total tangible shareholders' equity (Non-GAAP)		2,439,475			2,380,644			2,744,211
Less: Average accumulated other comprehensive (loss) income (AOCI)		(643,559	)		(741,438	)		(126,392	)
Average total tangible shareholders' equity excluding AOCI (Non-GAAP)	$	3,083,034		$	3,122,082		$	2,870,603
Net operating income (Non-GAAP)	$	92,836		$	101,092		$	106,073
Non-GAAP
Operating return on average tangible equity excluding AOCI		12.21	%		12.85	%		14.99	%

EX-99.2

1st Quarter 2023 Update April 25, 2023

Presentation Index 2 Corporate Overview Opportunity – Our Investment Thesis 1st Quarter 2023 Results Line of Business Updates Appendix 3 8 17 34 45 Board of Directors Forward-Looking Statements Non-GAAP Reconciliations Please refer to the Forward-Looking Statements on slide 47 for important disclosures about information contained in this presentation. Peer Group

Corporate Overview Highlights Asset-based lending Healthcare Services 91 banking centers 233 ATMs UMB Bank Presence Twin Cities - MN Salt Lake City - UT UMB Financial Corporation Headquarters Expansion Markets International Presence UMBF Trust & Agency Services – Dublin, Ireland Specialized Lending Verticals Corporate Trust Capital Markets (4) Fund Services Private Wealth Management & Personal Trust At, or for the 3 months ended, 03/31/23. (1) Includes $11.4B in managed assets and $4.0B in Assets Under Administration for Private Wealth customers; (2) Includes AUA in Fund Services/custody, corporate trust and Healthcare Services; (3) Non-GAAP measure. See reconciliation on slide 51; (4) UMB Bank, n.a. Capital Markets Division. 3

Business Model Our Diverse Foundation Commercial & Personal Banking Services 1Q’23 Revenue: $232.6 million. 1Q’23 Average Deposits: $20.4 billion Average loans: $2.9B (1) (2) Average deposits: $6.2B Retail deposit & lending services through 91 branches and online Private banking services Consumer mortgage AUM = $11.4B AUA = $4.0B Financial planning Investment management Trust & custody Estate planning Family office Business exit planning C&I lending Small business lending CRE & Construction lending Average loans: $17.9B (1) Average deposits: $14.2B Agribusiness Energy Practice finance Mezzanine debt & equity investments Commercial Private Wealth Institutional Banking Services 1Q’23 Revenue: $139.3 million. 1Q’23 Average Deposits: $11.2 billion Institutional Banking provides solutions for the entire marketplace; $411.5 billion in AUA. (3) Corporate Trust Bond trustee, paying agent & escrow services Institutional Custody Domestic & international custody services Fund Services Fund accounting, fund administration & transfer agency Specialty Trust & Agency Solutions Default workout & successor trustee services Aviation, ABS & loan agency services Capital Markets Division (4) Fixed income sales & trading Public finance Investor Solutions Banking, cash management & specialty services for financial firms Healthcare Services Health savings & benefit spending accounts Healthcare payment solutions Aviation Asset-based lending Beverage Treasury management Merchant payments Specialized Expertise: 4

An unwavering commitment to doing more for our customers. Beyond Financials Our Culture Our Values Our Commitment Our Vision the unparalleled customer experience Customers First We do the unparalleled to create an environment that consistently exceeds the expectations of our customers. Integrity & Trust We demonstrate our uncompromising honesty and integrity to earn the trust of everyone we serve. Performance & Strength We achieve sustainable greatness by delivering on our promise, remaining independent and maintaining financial soundness. Associate Spirit We rely upon our people and their collective attitude and skills to differentiate us from our competitors. Inclusion & Diversity We believe an inclusive and diverse culture energizes the workplace and ignites innovation. 5

Beyond Financials Our Culture Creating an unparalleled customer experience requires a culture where our people feel part of something more, something bigger. We foster this experience through our policies, our business decisions and our expectations of each associate. 6

7 Beyond Financials Our Commitment to Corporate Citizenship Read our 2022 Corporate Citizenship & ESG Report at UMB.com/ESGreport UMB recognizes the undeniable importance of sustainable business practices. Efficient & Sensible Resource Use Associate volunteerism and corporate philanthropy help build strong community partnerships. $9.0 million in company donations and sponsorships in 2022, supporting underserved communities’ housing needs, small business efforts, education and emerging talent Nearly 1,000 participants in our workplace giving campaign supporting more than 700 qualified nonprofits with pledges of $65k Associates receive 16 hours of paid Volunteer Time Off (VTO) annually, and participants logged nearly 7,500 hours of volunteer time, despite some continuing impact from the pandemic School of Economics provides interactive, educational experiences through curriculum-based field trips for students each year. UMB leases space in downtown KC to the nonprofit for $1. 250 UMB volunteer hours reached more than 4,500 students in 2022 Community Impact 80 UMB buildings use automated systems to conserve energy, with a goal to include all UMB properties by year-end 2023 More than 192k Kilowatt hours generated from solar panels Exterior lighting upgrades to LED saved nearly 678k Kilowatt hours; committed to convert all locations by year-end 2023 2022 recycling efforts produced nearly 15k pounds of comingled recycling, 8k pounds of cardboard and 360 pounds of recycled batteries Beehives housed at a Denver branch support the local honeybee population, with a peak population of 210k bees. In 2022, we harvested 300 pounds of edible honey and 6 pounds of wax Effective governance practices preserve the confidence and trust of our stakeholders. 12-person board of directors, with 10 independent members, a lead independent director, and 100% independence on board committees 33% board diversity Deliberate selection criteria which includes diversity standards in the board nomination process Robust risk oversight with distinct risk management committees: enterprise risk, asset and liability, and credit Board oversight of the executive ESG Committee Strong Corporate Governance We want our company to be as diverse as the world we live in. As an early CEO Action for Diversity and Inclusion signatory, we regularly review progress of our inclusion strategy with executives and our board of directors Eight Business Resource Groups (BRGs) help us understand the needs of our associates, customers and communities and turn empathy into action In 2022, 36% of all UMB hires were people of color, 56% were women and 6% were veterans Diversity among executive leadership team – 53%; 8 of 15 members Inclusion & Diversity

Our Investment Thesis

Investment Thesis Our Opportunity Track record of strong loan growth – opportunities remain Underpenetrated across our geographic footprint, focused on market share gains Underpenetrated vertically on an asset class basis; built out specialized teams Runway for Growth Diverse deposit base across multiple lines of business, customer segments and geographies No one commercial sector represents more than 5% of total average deposits Long-tenured relationships: ~55% of our deposit accounts have been with us for more than 10 years. Flexible balance sheet well-positioned for changing interest rate environments Above peer earning asset growth Lower loan-to-deposit ratio provides flexibility 38% of average deposit balances in DDA Focus on returning value to shareholders; risk-adjusted returns EPS and tangible book value growth outpace peers over the long-term Consistent dividend growth Differentiated revenue profile and growing fee income Revenue from diverse lines of business and verticals provide a natural hedge in all rate environments Lower-than-peer reliance on mortgage and NSF/OD revenue Solid capital levels and ample liquidity sources Strong regulatory capital ratios Access to multiple contingent funding sources Time-tested underwriting philosophy Unwavering credit standards Long-tenured credit team – average of 22 years with UMB Chief Credit Officer – 37 years with UMB 9 67% of loans reprice within 12 months > $1.6 billion of securities cash flow expected within 12 months

Capital & Liquidity Supports Growth Outlook Cash & Securities / Assets Average Loans / Average Deposits Tier 1 Capital Ratio Tangible Common Equity / Assets (3) (2) (1) UMB traditional peers (15 banks), as of latest available annual period. Source: S&P Global Market Intelligence; (2) Non-GAAP measure. See reconciliation on slide 50; (3) As defined by S&P Global: “Cash, cash equiv. & investment securities/assets;” 10

8% Balance Sheet Growth Across All Business Cycles Average Deposits Average annual balances in billions. 2.89% 2.10% 0.53% 25% 4% 14% 16% 11% 14% 10% 20% 13% 6% 11% 9% 4% 7% 14% 15 Year CAGR 12.0% (1) UMB traditional peers (15 banks), as of latest available annual period. Source: S&P Global Market Intelligence. Peer group defined on slide 52; (2) Excludes PPP balances for ’20 – ’22. Annual Deposit Growth 11 0.32% 15 Year CAGR 11.0% Average Loans Annual Loan Growth 12% 19% 9% 7% 5% 2% 6% 10% 10% 18% 12% 21% 19% 9% 7% 10%

Differentiated Revenue Profile Multiple Sources of Growth Net Interest Income Fee Income Provides Diversity Dollars in millions. 29% 55% 38% $ 1,282.7 $1,291.4 $1,468.0 $613.2 $521.5 $731.3 $587.8 $778.2 $671.0 $825.1 $878.5 $982.5 $848.7 $1,012.1 $971.4 $1,097.7 Total Revenue 15 Year CAGR 7.1% Revenue Growth Annual NII Growth Annual Revenue Growth 12% 12% 7% 18% 10% 3% 2% 1% 9% 4% 5% 18% 20% 13% 9% 10% -1% 14% 10% 13% 4% 9% 9% 6% 18% 6% 3% 4% 11% 1% 3% 8% (1) Fee income prior to 2017 contains income from discontinued operations; (2) UMB traditional peers (15 banks) as of latest available annual period. Source: S&P Global Market Intelligence. 15 Year CAGR 9.5% 15 Year CAGR 4.4% Fee Income Growth $ 815.5 $731.2 $913.8 $303.0 $232.7 $317.0 $275.1 $320.1 $310.6 $333.3 $412.1 $558.9 $350.1 $610.4 $495.3 $670.9 12 23%

Resilient Credit Metrics Through All Economic Environments Net Charge-Offs / Average Loans Nonperforming Loans / Loans (1) UMB traditional peers (15 banks), as of latest available annual period. Source: S&P Global Market Intelligence; (2) All FDIC-insured banks. Source: FDIC. 0.21% 0.09% 13 15 Year Average 0.30% 15 Year Average 0.44%

Risk-Adjusted Returns Rowing Close to Shore (1) UMB traditional peers (15 banks), data as of latest available annual period. Source: S&P Global Market Intelligence. 14 Risk=Weighted Assets / Assets Return on Risk-Weighted Assets

Dividend Trends Sustained Growth (1) Dividends adjusted for 2-for-1 stock split in 2006. (2) Annualized 2023 full-year dividend assumes all 4 quarters are $0.38/share, consistent with 1Q and 2Q 2023 dividends. The Board of Directors may declare dividends of different amounts in future quarters. Annual Dividends Declared (1) +292.1% 2002 - 2022 (2) (2) 15

Outperformance Building Long-Term Value 15-Year Compounded Annual Growth Rates 2007 – 2022 (1) *KBW Nasdaq Regional Bank Index (median of 50 banks); **UMB’s traditional peers (median of 15 banks); ***Median of all publicly-traded banks with data reported for both 2007 and 2022. (1) Non-GAAP measure. See reconciliation on slide 49. Source: KRX, Peer and Industry data from S&P Global Market Intelligence. 16

1st Quarter 2023 Financial Review

1Q 2023 Results At-A-Glance 1Q ’22 4Q ’22 1Q ’23 Linked-Quarter Commentary (1) Net gains/losses from mark-to-market valuations and any dispositions of equity investments; (3) Non-GAAP measure; reconciled on slide 48. 18 $ millions, except per share amounts.

1Q 2023 Earnings Highlights Operating PTPP Income (1) $187.1 $131.2 $134.1 $135.4 $119.4 Net Income $106.0 $137.6 $88.0 $100.2 $92.4 Dollars in millions, except per share amounts. (1) Operating pre-tax, pre-provision income. See reconciliation on slide 48; (2) Net gains/losses related to mark-to-market valuations and any disposition of shares in our equity investments. 19

Revenue Trends Dollars in millions. Columns may not sum due to rounding differences. 20 1Q ’22 2Q ’22 3Q ’22 4Q ’22 1Q ‘23 Linked-Qtr. Variance $ ∆ % ∆

Net Interest Income @ 3.28% $3.7B $1.5B $1.8B $2.0B $6.6B @ 2.83% @ 4.30% @ 5.08% @ 0.78% @ 1.27% @ 4.27% @ 0.19% @ 0.64% @1.60% Asset Yield and Liability Cost Trends Liquidity Trends Impact NIM $224.8 $245.2 $241.7 17.6% 10.5% 4.3% 5.1% 5.4% $233.5 8.4% Pre- pandemic Liquidity trends shown as average quarterly balances. $ millions $ billions EA % IBL % COF % 21 $210.4

Noninterest Income Current Quarter Drivers Dollars in millions. (1) UMB traditional peers (15 banks), data as of latest available quarter. Source: S&P Global Market Intelligence. Noninterest income increased $4.7mm, or 3.7%, vs. 4Q’22. Primary drivers: Increases in market-related income, including a $4.0mm increase in company-owned life insurance income, and a $1.8mm increase in derivative income, both included in other income. The increase in COLI is offset by a similar increase in deferred compensation expense; and An increase of $3.2mm in trust & securities processing income, driven by increased customer activity and volume. Partially offset by a decrease of $4.9mm in investment securities gains, largely driven by an impairment loss on an AFS security recorded in 1Q’23. $176.3 $128.7 $125.5 $130.2 $123.7 LQ Variance Included sale of Visa B shares 22 Composition / Changes in Inv. Securities Gains (Losses) and Trust & Securities Processing

Noninterest Expense Current Quarter Drivers Dollars in millions. Columns may not sum due to rounding differences. Noninterest expense decreased $766k, or 0.3%, vs. 4Q’22. Primary drivers: A decrease of $6.6mm in incentive compensation from elevated 4Q activity and performance levels; A $3.5mm reduction in marketing and business development expense related to advertising and travel and entertainment expense; A $3.4mm reduction in legal and consulting expense due to the timing of multiple projects; and A decrease of $1.1mm in equipment expense driven by lower software costs. These decreases were partially offset by increases of: +$11.3mm in benefits expense due to seasonal reset of payroll taxes, insurance, and 401(k) expense, and +$2.5mm in deferred compensation expense, related to the increase in COLI income; and +$1.3mm in FDIC assessment expense from higher industry assessment rates. 1Q ’22 2Q ’22 3Q ’22 4Q ’22 1Q ‘23 Linked-Qtr. Variance $ ∆ % ∆ 23

$21,272 $ 17,361 $ 18,318 $ 19,284 Diversified Loan Portfolio Average balances in millions. $ 20,295 Loans by Region Kansas City 32% Colorado 18% Arizona 10% St. Louis 15% Greater MO 6% KS - 2% Texas 11% NE - 2% OK - 1% 24 UT - 2% MN - 1% 1Q ’22 4Q ’22 1Q ’23 Linked-Qtr. Variance $ ∆ % ∆

Quarterly Loan Activity (1) Payoffs and paydowns include C&I and CRE loans. 25 (1) (1) 1Q ’22 2Q ’22 3Q ’22 4Q ’22 1Q ‘23

Strong Asset Quality Net Loan Charge-Offs Delinquencies Nonperforming Loans Allowance for Credit Losses Dollars in millions. (1) Delinquencies represent accruing loans > 30 days past due. 26

Detailed Net Charge-Off History Historical Recent Trends (1) Loan categories updated in 2020 with adoption of ASU 2016-13. In prior periods, NCOs for “Commercial” included C&I, commercial card, ABL and factoring loans. NCOs for “Other” included consumer cards, all real-estate loans, consumer loans and DDA. 27

High-Quality Investment Portfolio $8,093 $7,566 $6,999 $6,963 $5,199 $5,785 $5,872 $5,872 $1,894 Average balances - $ millions 28 $11,278 Available-for-Sale (1) Held-to-Maturity (1) (1) Balances are presented at carrying value, which is fair value for the available-for-sale portfolio and amortized cost for the held-to-maturity portfolio. Average balances - $ millions

(1) Cash flow and purchase activity and HTM duration includes AFS and the portion of the HTM portfolio managed by the Corporate Treasury team; excludes industrial revenue bonds held-to-maturity; (2) Purchases made for roll-off and overbuy; net of purchases related to sales/trades. (3) Includes impact of pay-fixed receive-float swap portfolio with varying start dates. (4) Columns may not sum due to rounding differences. Securities Portfolio Statistics 29 Amortized Cost Fair Value Unrealized Loss - Net Securities Portfolio Activity (1) $ in millions End-of-period balances; $ in millions (4)

Diversified Deposit Mix $31,589 $31,374 $31,562 $32,580 Deposits by Line of Business Commercial Personal Institutional Commercial Banking 45% Consumer & Private Wealth 20% Capital Mkts. & Corp. Trust 13% Healthcare Services 9% Fund Services 6% Investor Solutions 7% 40% 38% 43% 45% 42% Average balances in millions. $29,797 1Q ’22 4Q ’22 1Q ’23 Linked-Qtr. Variance $ ∆ % ∆ 30

(1) Estimated uninsured deposits to be reported on line RCON5597 of schedule RC-O in UMB Bank’s 03/31/23 Call Report. (2) Total deposits as of March 31, 2023. Deposit Diversity & Characteristics Average balances for 1Q’23 As of March 31, 2023 Based on actual balances as of March 31, 2023 As of March 31, 2023 Average balances for 1Q’23; based on NAICS industry classifications 31

Interest Rate Sensitivity Impact to Net Interest Income Assumptions Projected rates for new loans and deposits based on historical analysis, management outlook and repricing strategies Asset prepayments and other market risks are developed from industry estimates of prepayment speeds and other market changes Ramp Scenario – Static Balance Sheet Shock Scenario – Static Balance Sheet 62% of total end-of-period loans, or $13.5B, are variable. 67% of total loans reprice within the next 12 months. Of variable loans - % tied to indices for next 12 months 55% - SOFR 27% - Prime 13% - LIBOR (1) 5% - other Loan Maturities & Repricing (1) Loans tied to LIBOR are expected to migrate to the Secured Overnight Financing Rate index (“SOFR”) or other indices by 2Q ’23. 32

33 Liquidity Sources Strong Capital Liquidity & Capital Position (1) Estimated uninsured deposits (excluding affiliate deposits and deposits collateralized with high-quality bonds). (2) Non-GAAP measure. See reconciliation on slide 50. As of March 31, 2023 $ billions Tangible Common Equity Ratio (2) 6.28% UMBF ratio Regulatory Minimum CET 1 Total Capital Tier 1 Leverage Regulatory Capital Ratios 12.49% 10.57% 8.35% Tangible Common Equity Ratio, ex. AOCI (2) 7.83% Liquidity coverage of uninsured deposits (1) March 31: 97% April 20: 116% Total Equity / Total Assets 6.93%

Line of Business Updates

Commercial Banking Commercial Capabilities Middle Market 53% Investment Real Estate 28% Sm./Med Biz 5% Specialized Verticals 14% $17.9B Average balance for 1Q’23, excludes credit card. (1) Rank among U.S. Visa & Mastercard Commercial Card Issuers, Source: Nilson Report, ‘21; (2) “Production ag lending” per ABA 3Q 2022, FDIC data. Additionally, UMB has significant relationships with “Agribusiness / Middle Market Ag” companies. Commercial Lending Portfolio Average Loan Balance & Composition 35

Commercial Banking C&I Lending Commercial & Industrial Statistics C&I Industry Diversification (1) (2) Average loan size: $4.5 million Considerations Internal limits on loan size and projects per sponsor Concentration guidelines for all lending verticals, monitored for changing conditions C&I Balance Trends Transp. / Warehouse Diversified Tech. & Telecom Materials & Commodities Manu-facturing Food & Bev. Healthcare Commercial Services Other (3) Agri-business Finance & Insurance 18% Energy-Related 11% $9.8B 45.1% of total UMB loans (1) Includes C&I and leases; Industries as a percentage of C&I loans; (2) End-of-period balances. (2) Average Line Utilization Trends +26% YoY (3) Other - 10% Retail Auto-related Entertainment/Recreation Consumer Services Apparel / Textiles Government/Education 36 Portfolio Mgmt.–5% Inv. Banking–3% Leasing–2% Insurance–1% Other Financial-7% RE & Construction 13% Bldg. Const.–3% Comml. Lessors–2% Site/Bldg. Prep–2% Varied Services–6% Petroleum–5% Nat. Gas–2% Field Equip–2% Other Energy–2%

Commercial Banking Commercial Real Estate Commercial Real Estate Statistics Investment CRE / Construction Portfolio (1) Const. / Land Dev. 22% Owner-Occupied 27% Investment CRE 44% $8.0B Farmland 6% as of Mar. 31, 2023 1-4 Unit Residential Construction = 1% of total Retail Multifamily Office Building Hotel Industrial Sr. Living Mixed Use Vacant Land Other (4) (1) Industries as a percentage of investment CRE and construction portfolio; (2) Adjusting for customer interest rate swaps on variable rate exposure, “fixed” rate exposure would be approximately 49% and variable rate exposure would be approximately 51%; (3) Tier 1 capital plus an adjusted ACL, per regulatory guidelines. $5.3B 24.3% of total UMB loans (4) Other- 9% Student Housing Residential Rental Healthcare Homebuilder for Sale Special Purpose Self-storage Manufactured Housing 37 Investment CRE & Construction Portfolio Average Loan-to-Value: 59% Recourse: 89% Investment CRE Rate Type: (2) Fixed – 33% Variable – 67% Owner-occupied – new purchase or refinance Real estate development – construction / perm financing, bridge financing, renovations Total UMB Commercial R/E Rate Type: Fixed – 65% Variable – 35% Regulatory Concentrations (3) Total non-farmland CRE / Total RBC: 175% Construction & Development / Total RBC: 52%

38 Investment Real Estate Select Property Details Average Loan: $8.2mm Average LTV: 65% Recourse: 82% Geographic Diversity – By Property Location By March 31, 2023, outstanding balances Average Loan-to-Value, Select Industries Total Investment CRE Portfolio Office CRE Portfolio (No state > 3%) MSA Diversification Statistics Market Type $979mm $ millions Industrial: 62% Multifamily: 55% Retail: 55% Hotel: 52% Senior Living: 67% Mixed Use: 53%

Personal Banking Consumer Metrics at, or for the quarter ended, 03/31/23. (1) Includes residential real estate and other consumer loans; (2) 2021 Net Promoter Score for 43 financial services companies - Medallia, Inc. 39 Strategic & Stable Source of Low-Cost Funds +16% YoY 2.9B Total Average Loans Consumer plays a strategic role for UMB as a large and stable source of deposits. Poised for continued asset growth -8% YoY 6.2B Total Average Deposits Growth engine for new customers; deepening existing relationships NPS Score 72.5 UMBF Industry Average (2) 51 Private Banking Strategically positioned for sales growth Retail Banking Hybrid Service & Sales Model – Provides broad products and services to meet diverse client needs Mortgage 1st Time Homebuyer Program - Down Payment Assistance to Qualified Buyers Program to Date (Jan ‘22 – Q1 ‘23): 2,550+ Applications Down payment assistance Community Development High Customer Satisfaction Consumer serves the personal banking needs of clients across all divisions of the bank $2.4B Provide competitive mortgage solutions for all client types 91 Banking Centers 233 ATMs Digital Capabilities across Consumer 28 $1.9B Private Bankers Across 9 regions Avg. Private Banking Deposits Avg. Mortgage Balances +18% YoY Expand diversity of client engagement in communities served Digital loan and deposit application and originations Mobile Banking: Deposits, transfers, bill pay, acct review & more $4.4mm 30 Financial Education Classes 11 Community Partners Served 282 Community Participants

Personal Banking Private Wealth Management Composition as of 03/31/23. (1) Includes AUM and AUA. Personal Trust 21% Investment Advisory 39% Non-Managed AUA 26% IRAs 5% Brokerage 4% Other 5% Customer Assets Wealth Management Financial planning Discretionary investment management Investment research & education Brokerage services   Trust Management and Estate Planning Charitable foundation planning & administration Trustee & successor trustee services Personal custody, including self-directed IRAs Unique asset administration Fine art management Trust tax preparation   Family Wealth Management A multi-family office Strategic wealth solutions for ultra-high net worth families Business succession planning & continuity Direct private equity investments opportunities New Assets / Sales (1) $11.4B Managed Assets (AUM) $4.0B Non-Managed Assets (AUA) $215mm 1Q’23 New Assets $639mm $694mm $836mm $1.4B 2019 2020 2021 2022 40

Institutional Banking Fund Services & Institutional Custody Best Interval Fund Administrator (1) Best Administrator – Technology (2) $352B $379B $407B $382B Provides services for 1,700 funds, including registered and alternative investment funds, PE funds, real estate and venture capital funds and ETFs and more. One of the nation's leading providers of domestic and global custody, serving insurance companies, public & private corporations, nonprofits, municipalities, fund companies and endowments. Established in 1948. Best Custodian – 2021 & 2022 (5) $363B (1) With Intelligence ’19, ’20, ‘22 & ‘23 Awards; (2) Hedgeweek US Awards ’20, ‘21 & ’22; (3) PE Wire ’21 & ‘22; (4) HFM Services Awards ’21 & ’22; (5) Global Custodian Fund Admin Survey ’22. Best Administrator – GPs w/assets <$30B (3)   Assets Under Administration Industry Leader in Client Service (4)   Registered Funds & Alternative Investments Institutional Custody 41

Institutional Banking Corp/Specialty Trust & Capital Markets (1)Thomson Reuters municipal rankings, Dec. 2022; (2) Ranked by number of issues; (3) M&A Advisor – ’22; (4) Debtwire – ranking ’21; (5) Green Street Advisors’ Asset-Based Alert – 2021. Corporate Trust & Escrow Services Provides trustee, paying agent and escrow services to municipal and corporate issuers. $31B Assets Under Administration Paying Agent in U.S. (1) (2) #3 Municipal Trustee in U.S. (1) (2) #3 Specialty Trust & Agency Solutions Services for asset-backed securitizations, aviation and other transportation and real estate projects. Workout and successor trustee services on behalf of bondholders of defaulted transactions. +760mm Irish Office Growing presence in top aviation leasing market Examples of recent deals: Products and services offered through UMB Bank Capital Markets Division NOT FDIC INSURED | MAY LOSE VALUE  | NOT BANK GUARANTEED. Pflugerville ISD, TX $32.5M Gen. Obligation Bonds, Series ‘22 Senior Manager Fort Stockton ISD, TX City of Kansas City, MO $95.9M Sewer Rev. Bonds, ‘23A $53.2M Water Rev. Bonds, ‘23A Co-manager Capital Markets Division Capital solutions including fixed income sales, trading and underwriting for institutional, municipal and not-for-profit organizations. Public Finance 79% Growth in New Business YTD vs. ‘22 42 $367M Gen. Obligation Bonds, ‘23 $43.9M Taxable Gen. Ob. Bonds, ‘23 Co-Senior Manager #1 Agent for Debtor-in-Possession financing (4) #7 Aviation & Asset-Based Securitization Trustee (5) TOP 10 Winner – Turnaround Award for Divestiture of the Year (2) New, on balance sheet deposits +43% vs. 1Q’22 Closed Deals

FDIC Sweep Assets Under Administration $60B Institutional Banking Investor Solutions & Healthcare Services Investor Solutions Annual ACH Transactions Healthcare Services Provides a suite of tax-advantaged benefit accounts including Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), and Commuter Benefit Accounts.  HSA Account Holders 1.5mm In HSA Assets & Deposits $3.7B Top 10 HSA Custodians in the U.S. (2) TOP 10 Benefit Cards 5.3mm ~70mm ~ 5.3 mm accounts Recognized for Investment Quality (1) Named a Top HSA for Features & Investment Options (1) (1) Investor’s Business Daily ‘21; (2) #6 by total accounts and #8 by total assets - Devenir Research Year-End ‘22. Our banking as a service (BaaS) solution includes deposit services for checking, saving, and investment accounts, including expanded FDIC insurance through our proprietary Sweep Program. 43

Payments Credit & Debit Card Products $3,812 $3,708 $4,079 $3,723 1Q ’23 Card Spend $4.1B 24th in U.S. Credit Card Purchase Volume (1) #24 $3,680 Dollars in millions. (1) Rank in commercial, consumer and small business cards among top 50 U.S. issuers. Source: Nilson Report, December 2022. Card Purchase Volume & Interchange Trends 44

Appendix

Governance Our Board of Directors AC = Audit Committee; CC = Compensation Committee; GC = Governance Committee; RC = Risk Committee Advisory Directors 46

Forward-Looking Statements This presentation 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). In addition to such factors that have been disclosed previously: macroeconomic and adverse developments and uncertainties related to the collateral effects of the collapse of, and challenges for, domestic and international banks, including the impacts to the U.S. and global economies; sustained levels of high inflation and the potential for an economic recession on the heels of aggressive quantitative tightening by the Federal Reserve, and impacts related to or resulting from Russia’s military action in Ukraine, such as the broader impacts to financial markets and the global macroeconomic and geopolitical environments, may also cause actual results or other future events, circumstances, or aspirations to differ from our forward-looking statements. Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except to the extent required by applicable securities laws. You, however, should consult 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. 47

Non-GAAP Reconciliations (unaudited, dollars in thousands except per share data) The following are non-GAAP measures used by from time to time. To the extent a non-GAAP measure is used during this presentation, a reconciliation to such measure’s closest GAAP equivalent is provided below. UMB believes that these non-GAAP financial measures may be useful to investors because they adjust for items that management does not believe reflect the Company’s fundamental operating performance. Operating PTPP income for the relevant period is defined as GAAP net interest income plus GAAP noninterest income, less noninterest expense, adjusted to reflect the impact of excluding expenses related to acquisitions, and severance expense. Tangible book value per share is defined as total shareholders’ equity, net of intangible assets, divided by total shares outstanding. Tangible common equity ratio is calculated as total shareholders’ equity, net of intangible assets, divided by total assets, net of intangible assets. Tangible common equity ratio, excluding accumulated other comprehensive income (“AOCI”), is calculated as total shareholders’ equity, net of intangible assets and less AOCI, divided by total assets, net of intangible assets. Return on tangible common equity is calculated as net income divided by the company's average tangible shareholders' equity for the relevant period. Operating return on tangible common equity, excluding AOCI is calculated as net operating income, divided by the company’s average tangible shareholders’ equity exclusive of AOCI for the relevant period. Operating Pre-Tax, Pre-Provision Income 48

Non-GAAP Reconciliations 49 Tangible Book Value (unaudited, dollars in thousands except per share data) Tangible book value per share is defined as total shareholders’ equity, net of intangible assets, divided by total shares outstanding.

Tangible common equity ratio is calculated as total shareholders’ equity, net of intangible assets, divided by total assets, net of intangible assets. Tangible common equity ratio, excluding accumulated other comprehensive income (“AOCI”), is calculated as total shareholders’ equity, net of intangible assets and less AOCI, divided by total assets, net of intangible assets. Non-GAAP Reconciliations 50 Tangible Common Equity Ratio & Tangible Common Equity Ratio, ex. AOCI (unaudited, dollars in thousands)

Non-GAAP Reconciliations (unaudited, dollars in thousands) 51 Operating Return on Tangible Common Equity, Excluding AOCI Return on Tangible Common Equity Return on tangible common equity is calculated as net income divided by the company's average tangible shareholders' equity for the relevant period. Operating return on tangible common equity, excluding AOCI is calculated as net operating income, divided by the company’s average tangible shareholders’ equity exclusive of AOCI for the relevant period.

Our Peer Group UMB Financial Corporation 1010 Grand Boulevard Kansas City, MO 64106 UMBFInvestorRelations@umb.com 52

EX-99.3

April 25, 2023 2023 ANNUAL MEETING OF SHAREHOLDERS Exhibit 99.3

UMB Celebrates 110 Years of Service

History of Stability | ourstories.umb.com 3 For 110 years, we’ve done what’s right, not what’s popular. We row close to shore to weather all economic cycles. Our business model is consistent and strong – and successfully serves our customers.

Strong to Serve 4 Positioned for a changing environment Strong asset – liability oversight and proactive balance sheet management Well-diversified deposit base with no material concentrations in any one specific business sector Multiple lines of business Varied customer segments Diverse geographies Conservative loan-to-deposit ratio High-quality bond portfolio Ample sources of liquidity Strong regulatory capital ratios -- well above regulatory thresholds Excellent asset quality, with time-tested underwriting standards

A Focus on Relationships 5 We’ve built our bank on deep and meaningful relationships with clients We have entrenched long-term deposit customers using multiple UMB products and services Half of our depositors have been with UMB for more than 10 years, with many 25 years or more UMB has consistently been a sought-after partner, especially in uncertain times, given our longstanding track record of having a business model that withstands all economic cycles Our focus on relationships extends inward to our associates The average tenure at UMB is 8.48 years, nearly twice the industry average We have associates with 30, 40 and even 50 years of service Our leadership team and executive decisions-makers have worked together for decades

The Beginnings of a First-Class Institution 6 “Our steady purpose shall be to do all the various and legitimate kinds of business of a FIRST-CLASS BANK…” Rufus Crosby Valley Falls Bank of Deposit 1879

110 years from now, doing the right thing will still be the right thing to do.

8 Corporate Citizenship Report 8 Read our 2022 Corporate Citizenship & ESG Report at UMB.com/ESGreport

2023 Annual Meeting of Shareholders Business Meeting

Business Meeting Agenda 10 Introduction of the Board of Directors Independent Registered Public Accounting Firm Appointment of Inspectors of Election Presentation of List of Shareholders as of Record Date Report of Quorum Opening of the Polls and Review of Proposals Election of Directors Advisory Vote on Executive Compensation Advisory Vote on the Frequency of Future Advisory Votes on Executive Compensation Ratification of Appointment of KPMG as Independent Registered Public Accounting Firm Closing of Polls and Preliminary Results

Board of Directors AC = Audit Committee; CC = Compensation Committee; GC = Governance Committee; RC = Risk Committee 11

Proposals PROPOSAL #1—Election of Directors The Governance Committee has recommended, and the Board has nominated, the slate of 12 director nominees identified on the previous slide for election to the Board for terms ending at the 2024 annual meeting of shareholders. PROPOSAL #2—Advisory Vote (non-binding) on the Compensation Paid to our Named Executive Officers (“Say-on-Pay”) A non-binding advisory vote to approve the compensation paid to our NEOs, as described in the “Compensation Discussion and Analysis” provisions of the Proxy Statement. Although the vote is advisory in nature, the Compensation and Governance Committees will consider the outcome of this vote when making future decisions regarding executive compensation. 12

Proposals PROPOSAL #3—Advisory Vote (non-binding) on the Frequency of Future Advisory Votes on the Compensation Paid to our Named Executive Officers At least once every six years we are required to submit for shareholder vote a non-binding resolution to determine whether the required periodic advisory shareholder vote on executive compensation should occur every one, two, or three years. PROPOSAL #4—Ratification of the Engagement of KPMG LLP as UMB’S Independent Registered Public Accounting Firm for 2023 13

Questions & Answers 2023 Annual Meeting of Shareholders

XML

Document and Entity Information	Apr. 25, 2023
Cover [Abstract]
Entity Registrant Name	UMB FINANCIAL CORP
Entity Incorporation State Country Code	MO
Amendment Flag	false
Entity Central Index Key	0000101382
Document Type	8-K
Document Period End Date	Apr. 25, 2023
Entity File Number	001-38481
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
Entity Emerging Growth Company	false
Security 12b Title	Common Stock, $1.00 Par Value
Trading Symbol	UMBF
Security Exchange Name	NASDAQ