UME Different by Design. UMB Financial Fourth Quarter 2020 January 26, 2021 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 ...

Part I [Financial Statements (Unaudited)](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS%20(UNAUDITED)) Unaudited financial statements reflect significant asset growth, increased Q3 net income, and higher credit loss provisions due to CECL adoption [Consolidated Balance Sheets](index=3&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) Total assets grew to $30.3 billion by September 30, 2020, fueled by loan and securities growth, with deposits reaching $24.7 billion Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2020 (thousands) | Dec 31, 2019 (thousands) | Change ($ thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | **Total Assets** | **$30,250,972** | **$26,561,355** | **$3,689,617** | **13.9%** | | Net Loans | $15,738,489 | $13,329,934 | $2,408,555 | 18.1% | | Total Securities | $9,995,895 | $8,717,502 | $1,278,393 | 14.7% | | **Total Liabilities** | **$27,396,792** | **$23,954,915** | **$3,441,877** | **14.4%** | | Total Deposits | $24,737,907 | $21,603,244 | $3,134,663 | 14.5% | | **Total Shareholders' Equity** | **$2,854,180** | **$2,606,440** | **$247,740** | **9.5%** | [Consolidated Statements of Income](index=4&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20INCOME) Net income for Q3 2020 increased to $73.1 million, driven by higher net interest income, but nine-month net income decreased due to increased credit loss provisions Q3 2020 vs Q3 2019 Performance (in thousands, except EPS) | Metric | Q3 2020 | Q3 2019 | Change (%) | | :--- | :--- | :--- | :--- | | Net Interest Income | $184,384 | $168,260 | 9.6% | | Provision for Credit Losses | $16,000 | $7,500 | 113.3% | | Noninterest Income | $112,996 | $103,635 | 9.0% | | **Net Income** | **$73,092** | **$62,382** | **17.2%** | | **Diluted EPS** | **$1.52** | **$1.27** | **19.7%** | Nine Months 2020 vs 2019 Performance (in thousands, except EPS) | Metric | Nine Months 2020 | Nine Months 2019 | Change (%) | | :--- | :--- | :--- | :--- | | Net Interest Income | $536,554 | $498,542 | 7.6% | | Provision for Credit Losses | $125,500 | $30,850 | 306.8% | | Noninterest Income | $331,876 | $316,415 | 4.9% | | **Net Income** | **$130,182** | **$177,085** | **-26.5%** | | **Diluted EPS** | **$2.69** | **$3.61** | **-25.5%** | [Consolidated Statements of Comprehensive Income](index=5&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20INCOME) Q3 2020 comprehensive income decreased to $87.9 million due to lower OCI, while nine-month comprehensive income also declined to $346.1 million Comprehensive Income Summary (in thousands) | Component | Three Months Ended Sep 30, 2020 | Three Months Ended Sep 30, 2019 | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $73,092 | $62,382 | $130,182 | $177,085 | | Other Comprehensive Income | $14,841 | $33,404 | $215,923 | $191,803 | | **Comprehensive Income** | **$87,933** | **$95,786** | **$346,105** | **$368,888** | [Consolidated Statements of Changes in Shareholders' Equity](index=6&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CHANGES%20IN%20SHAREHOLDERS%27%20EQUITY) Shareholders' equity increased to $2.85 billion by September 30, 2020, driven by net income and OCI, partially offset by dividends and share repurchases - Key drivers for the increase in shareholders' equity during the first nine months of 2020 were **net income of $130.2 million** and a significant increase in **accumulated other comprehensive income of $215.9 million**[17](index=17&type=chunk) - Shareholder returns included **$45.2 million in cash dividends**. The company also repurchased **$59.6 million of its stock** during the nine-month period[17](index=17&type=chunk) - The adoption of ASU No. 2016-13 (CECL) resulted in a **$7.0 million reduction to retained earnings** as a cumulative effect adjustment on January 1, 2020[17](index=17&type=chunk) [Consolidated Statements of Cash Flows](index=7&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Operating activities provided $215.6 million in cash, investing activities used $3.14 billion, and financing activities provided $3.28 billion, resulting in a $350.1 million cash increase Cash Flow Summary for Nine Months Ended Sep 30 (in thousands) | Activity | 2020 | 2019 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $215,633 | $190,510 | | Net Cash from Investing Activities | ($3,143,895) | ($1,326,901) | | Net Cash from Financing Activities | $3,278,330 | $255,228 | | **Net Increase (Decrease) in Cash** | **$350,068** | **($881,163)** | [Notes to Consolidated Financial Statements](index=9&type=section&id=NOTES%20TO%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) Notes detail accounting policies, including CECL adoption, loan portfolio, credit quality, COVID-19 loan modifications, and a significant subsequent equity investment gain - The company adopted the CECL standard on January 1, 2020, resulting in a **$9.0 million increase to the allowance for credit losses** and a **$7.0 million reduction to retained earnings**[36](index=36&type=chunk) - As of September 30, 2020, the company had **980 remaining COVID-19 related loan modifications** with a total balance of **$707.1 million**, primarily in the form of payment deferrals[330](index=330&type=chunk)[331](index=331&type=chunk) - Subsequent to the quarter end, on October 15, 2020, the company recognized a significant gain from its ownership interest in Ittella International, Inc (renamed Tattooed Chef, Inc) following a business combination[208](index=208&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=53&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses COVID-19 impacts, including CECL and PPP, with Q3 2020 net income rising due to strong revenue growth, despite increased credit loss provisions, maintaining strong capital [Overview](index=54&type=section&id=Overview) The company's 2020 performance was shaped by COVID-19, leading to customer support via PPP and loan modifications, while focusing on strategic objectives like efficiency, net interest income growth, and capital management - The company is actively managing the impacts of the COVID-19 pandemic, including building the allowance for credit losses under the new CECL standard and incurring **$1.4 million in nonrecurring COVID-19 specific expenses** in Q3 2020[218](index=218&type=chunk) - UMB has provided significant customer support, including originating over **5,000 PPP loans totaling $1.5 billion** and offering payment deferrals and other loan modifications[219](index=219&type=chunk) - The company's four strategic objectives are: continuously improving operating efficiencies, increasing net interest income, growing noninterest revenue, and effective capital management[222](index=222&type=chunk)[223](index=223&type=chunk)[225](index=225&type=chunk)[226](index=226&type=chunk) [Earnings Summary](index=56&type=section&id=Earnings%20Summary) Q3 2020 net income increased 17.2% to $73.1 million, driven by higher net interest and noninterest income, despite increased credit loss provisions, with strong returns on assets and equity Q3 2020 Key Performance Metrics | Metric | Q3 2020 | Q3 2019 | | :--- | :--- | :--- | | Net Income | $73.1 million | $62.4 million | | Diluted EPS | $1.52 | $1.27 | | Return on Average Assets | 0.99% | 1.03% | | Return on Average Equity | 10.23% | 9.69% | [Net Interest Income](index=57&type=section&id=Net%20Interest%20Income) Q3 2020 net interest income increased 9.6% to $190.5 million due to higher earning assets, including PPP loans, despite a 36 basis point compression in net interest margin Net Interest Income and Margin Analysis (Q3 2020 vs Q3 2019) | Metric | Q3 2020 | Q3 2019 | Change | | :--- | :--- | :--- | :--- | | Net Interest Income (tax-equivalent) | $190.5M | $174.4M | +$16.1M | | Average Earning Assets | $27.8B | $22.4B | +$5.4B | | Net Interest Spread | 2.63% | 2.64% | -1 bps | | Net Interest Margin (tax-equivalent) | 2.73% | 3.09% | -36 bps | - The increase in net interest income was primarily due to favorable volume variance on loans and securities, which offset unfavorable rate variances on earning assets[235](index=235&type=chunk)[242](index=242&type=chunk) [Provision and Allowance for Credit Losses](index=60&type=section&id=Provision%20and%20Allowance%20for%20Credit%20Losses) Provision for credit losses significantly increased to $16.0 million in Q3 2020 and $125.5 million for nine months, reflecting CECL and COVID-19 impacts, raising the allowance to 1.33% of loans Provision and Allowance for Credit Losses (in millions) | Metric | Q3 2020 | Q3 2019 | Nine Months 2020 | Nine Months 2019 | | :--- | :--- | :--- | :--- | :--- | | Provision for Credit Losses | $16.0 | $7.5 | $125.5 | $30.9 | | Net Charge-offs | N/A | N/A | $18.3 | $27.1 | - The allowance for credit losses on loans to total loans ratio increased to **1.33%** as of September 30, 2020, compared to **0.76%** at year-end 2019[254](index=254&type=chunk) [Noninterest Income](index=62&type=section&id=Noninterest%20Income) Q3 2020 noninterest income increased 9.0% to $113.0 million, primarily driven by higher trust and securities processing fees, trading and investment banking fees, and other income Noninterest Income Breakdown (Q3 2020 vs Q3 2019, in thousands) | Category | Q3 2020 | Q3 2019 | Change ($) | | :--- | :--- | :--- | :--- | | Trust and securities processing | $50,552 | $45,218 | $5,334 | | Trading and investment banking | $8,678 | $5,712 | $2,966 | | Brokerage fees | $4,819 | $8,102 | ($3,283) | | Bankcard fees | $15,295 | $16,895 | ($1,600) | | Other | $13,432 | $3,711 | $9,721 | | **Total Noninterest Income** | **$112,996** | **$103,635** | **$9,361** | [Noninterest Expense](index=64&type=section&id=Noninterest%20Expense) Q3 2020 noninterest expense increased 3.4% to $198.0 million, primarily due to higher salaries and employee benefits, partially offset by decreases in marketing, legal, and other expenses Noninterest Expense Breakdown (Q3 2020 vs Q3 2019, in thousands) | Category | Q3 2020 | Q3 2019 | Change ($) | | :--- | :--- | :--- | :--- | | Salaries and employee benefits | $124,194 | $110,153 | $14,041 | | Marketing and business development | $3,038 | $5,655 | ($2,617) | | Legal and consulting | $7,244 | $8,374 | ($1,130) | | Other | $5,603 | $8,593 | ($2,990) | | **Total Noninterest Expense** | **$197,995** | **$191,397** | **$6,598** | - Q3 2020 expenses included **$1.4 million of non-recurring COVID-19 costs** and an increase of **$2.7 million in severance expenses** compared to Q3 2019[267](index=267&type=chunk) [Strategic Lines of Business](index=66&type=section&id=Strategic%20Lines%20of%20Business) For nine months, Commercial Banking net income decreased to $86.6 million, Institutional Banking saw a slight decrease to $52.7 million, and Personal Banking recorded a $9.1 million net loss Net Income by Business Segment (Nine Months Ended Sep 30, in thousands) | Segment | 2020 | 2019 | Change ($) | | :--- | :--- | :--- | :--- | | Commercial Banking | $86,605 | $120,333 | ($33,728) | | Institutional Banking | $52,698 | $55,478 | ($2,780) | | Personal Banking | ($9,121) | $1,274 | ($10,395) | - In Q1 2020, the Healthcare Services segment was merged into the Institutional Banking segment to better reflect management's evaluation of the business; prior period results have been reclassified for comparability[274](index=274&type=chunk) [Balance Sheet Analysis](index=68&type=section&id=Balance%20Sheet%20Analysis) Total assets grew 13.9% to $30.3 billion by September 30, 2020, driven by a $2.5 billion increase in loans (including PPP) and a $1.3 billion rise in securities, with deposits increasing $3.1 billion - Total assets increased by **$3.7 billion** since December 31, 2019, driven by a **$2.5 billion increase in loans** and a **$1.3 billion increase in AFS securities**[280](index=280&type=chunk) - The increase in commercial and industrial loans is primarily related to the Company's participation in the PPP, with **PPP loans totaling $1.5 billion** as of September 30, 2020[284](index=284&type=chunk) - In September 2020, the Company issued **$200.0 million in subordinated notes** to be used for general corporate purposes, including contributing capital to the Bank[293](index=293&type=chunk) [Capital and Liquidity](index=70&type=section&id=Capital%20and%20Liquidity) The company maintains strong capital and liquidity, with shareholders' equity at $2.9 billion and all regulatory capital ratios well above minimums, supported by share repurchases and dividends Regulatory Capital Ratios as of September 30, 2020 | Ratio | Sep 30, 2020 | Sep 30, 2019 | | :--- | :--- | :--- | | Common equity tier 1 capital ratio | 11.93% | 12.53% | | Tier 1 risk-based capital ratio | 11.93% | 12.53% | | Total risk-based capital ratio | 14.17% | 13.51% | | Leverage ratio | 8.19% | 9.62% | - The company repurchased **1,140,399 shares of common stock** during the first nine months of 2020, including **653,498 shares** under an Accelerated Share Repurchase (ASR) agreement[298](index=298&type=chunk) - The Board of Directors declared a quarterly cash dividend of **$0.32 per share**, an increase from the **$0.31** paid in the prior quarter[299](index=299&type=chunk)[17](index=17&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=73&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company manages interest rate risk, showing asset sensitivity, with NII projected to increase in rising rates, while credit risk is managed with nonperforming loans at $93.7 million and $707.1 million in COVID-19 loan modifications [Interest Rate Risk](index=73&type=section&id=Interest%20Rate%20Risk) The company manages interest rate risk, with its balance sheet slightly asset sensitive as of September 30, 2020, projecting NII increases in rising rate scenarios and decreases in falling rate scenarios Net Interest Income Sensitivity (Rate Shock Scenario, % Change) | Change in Basis Points | Year One (as of Sep 30, 2020) | Year Two (as of Sep 30, 2020) | | :--- | :--- | :--- | | +300 | 4.0% | 16.0% | | +200 | 2.7% | 11.5% | | +100 | 1.2% | 6.3% | | -100 | (3.7)% | (6.4)% | [Credit Risk Management](index=75&type=section&id=Credit%20Risk%20Management) Credit risk is managed with nonperforming loans increasing to $93.7 million by September 30, 2020, representing 0.59% of total loans, and $707.1 million in COVID-19 related loan modifications outstanding Loan Quality Summary (in thousands) | Metric | Sep 30, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | Total nonperforming loans | $93,695 | $56,347 | | Total nonperforming assets | $99,373 | $59,282 | | Nonperforming loans as a % of loans | 0.59% | 0.42% | | Allowance for credit losses on loans as a % of loans | 1.33% | 0.76% | COVID-19 Loan Modifications as of Sep 30, 2020 (in thousands) | Loan Type | Balance | | :--- | :--- | | Commercial and industrial | $197,325 | | Commercial real estate | $476,631 | | Consumer real estate | $20,410 | | **Total** | **$707,054** | [Controls and Procedures](index=79&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were effective as of September 30, 2020, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the quarter[345](index=345&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[346](index=346&type=chunk) Part II [Legal Proceedings](index=80&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is involved in various legal proceedings, none of which are expected to have a materially adverse effect on its financial condition or results of operations - In the opinion of management, none of the ongoing lawsuits are expected to have a materially adverse effect on the company's financial position, results of operations, or cash flows[348](index=348&type=chunk) [Risk Factors](index=80&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes to the company's risk factors were reported for the quarter, consistent with prior disclosures - No material changes to risk factors were reported for the quarter[349](index=349&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=80&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) During Q3 2020, the company repurchased 2,262 shares of common stock at an average price of $46.91, with 1.88 million shares remaining under the repurchase authorization Issuer Purchase of Equity Securities (Q3 2020) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | July 2020 | 2,186 | $46.82 | | August 2020 | 0 | N/A | | September 2020 | 76 | $49.51 | | **Total** | **2,262** | **$46.91** | - As of September 30, 2020, approximately **1.88 million shares** may yet be purchased under the current repurchase authorization which terminates on April 27, 2021[352](index=352&type=chunk) [Exhibits](index=81&type=section&id=ITEM%206.%20EXHIBITS) This section lists exhibits filed with the Form 10-Q, including corporate documents, indenture agreements, CEO/CFO certifications, and XBRL data files

Financial Data and Key Metrics Changes - The company reported net income of $73.1 million or $1.52 per share for Q3 2020, with pre-tax pre-provision income increasing by 10.2% quarter-over-quarter and 23.5% year-over-year [13] - Net interest income rose to $184.4 million, an increase of $6.2 million from the previous quarter, driven by strong growth in commercial and consumer real estate loans [27] - Total reserves reached $214.5 million, representing 2.2 times nonperforming assets, compared to a peer median of 1.7 times [10] Business Line Data and Key Metrics Changes - Total fee income was strong at $113 million, although it decreased by $7.5 million from the previous quarter due to market-related adjustments [13][31] - Bank card fees improved by 18.4% or $2.4 million from the second quarter, driven by a 21% increase in card spending volume [33] - New loan production outside of PPP was $924 million, marking the highest origination level year-to-date [16] Market Data and Key Metrics Changes - Average loans, excluding PPP balances, increased by 9.4% on a linked-quarter annualized basis [15] - The company’s exposure to sensitive industries decreased from 10.3% to 9.6% of total loans, with total loans in these categories amounting to $2.6 billion [20] - Average deposits increased by 5.9% on a linked-quarter basis, with DDA balances growing by 7.8% [39] Company Strategy and Development Direction - The company aims for organic growth as its top priority for capital use, with opportunities for deeper penetration in various markets and lending verticals [11] - The company completed its first subordinated debt issuance of $200 million, enhancing its capital levels and reducing overall cost of capital [11] - The management emphasized a focus on maintaining high-quality underwriting standards and solid capital and liquidity levels [8] Management's Comments on Operating Environment and Future Outlook - Management noted that the bulk of reserve build may be behind them, with no material signs of deterioration in their markets to date [10] - The company is prepared for potential economic impacts from the election, stimulus measures, and the duration of the pandemic [10] - Management expressed confidence in their loan book, stating they underwrite with a focus on potential future crises [72] Other Important Information - The board approved a 3.2% dividend increase, continuing a history of uninterrupted annual dividend increases since 2002 [12] - The company’s tangible book value per share increased to $55.19, up 14.5% from a year ago [40] - The company is preparing to accept forgiveness applications for its $1.5 billion PPP loan portfolio [18] Q&A Session Summary Question: Thoughts on expenses and potential rationalizations in 2021 - Management emphasized a focus on efficiency and the use of technology to find efficiencies without providing specific guidance [45] Question: Personnel numbers and forecasting growth - Management indicated that the personnel numbers were influenced by deferred compensation expenses and that the current levels are a good starting point for 2021 [47] Question: Impact of PPP fees on future income - Management stated that current fees are primarily from finance charges and that significant impacts from forgiveness applications are expected in 2021 [48] Question: Tax rate expectations and potential changes - Management anticipates a higher tax rate for Q4, with potential increases in effective tax rates if corporate tax rates rise [50] Question: Credit trends and outlook for 2021 - Management expressed confidence in their loan book while remaining cautious about potential stress in sensitive industries due to the pandemic [76]

Financial Performance - Net income for Q3 2020 was $73092 thousand, a 208% increase compared to Q2 2020 and a 172% increase compared to Q3 2019[48] - Pre-tax, pre-provision income for Q3 2020 was $99385 thousand, a 102% increase compared to Q2 2020 and a 235% increase compared to Q3 2019[48] - Noninterest income decreased by $75 million, or 62%, compared to Q2 2020, primarily driven by decreases in company-owned life insurance income, trading and investment banking, and gains on the sale of securities[51] - Total assets reached $30251 million[6] Balance Sheet & Capital - Total deposits amounted to $24738 million[6] - Gross loans totaled $15950 million[6] - Common Equity Tier 1 (CET1) ratio stood at 1193%[6] - Total Risk Based Capital ratio was 1417%[6] - The company originated over 5300 PPP loans totaling $15 billion, with a median size of $53k[39, 116] Asset Quality & Credit Risk - Allowance for credit losses (ACL) to total loans was 133%, and ACL to total loans excluding PPP loans was 146%[6] - Non-Performing Loans (NPLs) to total loans was 059%[6] - Net charge-offs to average loans was 013%[6] - Loan modifications/deferrals were $698 million as of September 30, 2020, a 47% reduction compared to June 30, 2020[132] Corporate Citizenship - In 2019, the company donated more than $25 million in donations and sponsorships[21] - In 2019, associates volunteered at 580 nonprofit organizations, using 1052 volunteer days off[21]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 For the transition period from to OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-38481 UMB FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) | Missouri | 43-0903811 | | --- | --- | | ...

UMB Financial Corp. (NASDAQ:UMBF) Q2 2020 Earnings Conference Call July 29, 2020 9:30 AM ET Company Participants Kay Gregory - Director, IR and SVP Mariner Kemper - Chairman, President, and CEO Ram Shankar - EVP and CFO Thomas Terry - EVP and Chief Credit Officer James Rine - CEO, UMB Bank Conference Call Participants Gordon McGuire - Stephens Christopher McGratty - KBW Nathan Rice - Piper Jaffray Timur Braziler - Wells Fargo David Long - Raymond James Operator Good day and welcome to the UMB Financial Cor ...

UMB Different by Design. UMB Financial Corporation Second Quarter 2020 July 28, 2020 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 statemen ...

UME Different by Design. UMB Financial First Quarter 2020 April 28, 2020 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 ...

[PART I – FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS%20(UNAUDITED)) This section presents the unaudited consolidated financial statements of UMB Financial Corporation for the quarter ended March 31, 2020, including balance sheets, income statements, comprehensive income, changes in shareholders' equity, and cash flows, along with detailed notes explaining significant accounting policies, new pronouncements, and specific financial instrument details [CONSOLIDATED BALANCE SHEETS](index=3&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) | Metric (in thousands) | March 31, 2020 | December 31, 2019 | | :-------------------- | :------------- | :---------------- | | Total assets | $26,244,886 | $26,561,355 | | Net loans | $13,761,799 | $13,329,934 | | Total securities | $8,946,747 | $8,717,502 | | Total deposits | $21,175,520 | $21,603,244 | | Total liabilities | $23,581,445 | $23,954,915 | | Total shareholders' equity | $2,663,441 | $2,606,440 | [CONSOLIDATED STATEMENTS OF INCOME](index=4&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20INCOME) | Metric (in thousands, except per share) | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | | :------------------------------------ | :-------------------------------- | :-------------------------------- | | Total interest income | $211,411 | $211,307 | | Total interest expense | $37,470 | $47,439 | | Net interest income | $173,941 | $163,868 | | Provision for credit losses | $88,000 | $12,350 | | Total noninterest income | $98,424 | $107,382 | | Total noninterest expense | $188,619 | $190,626 | | Net (loss) income | $(3,439) | $57,744 | | Net (loss) income – basic per share | $(0.07) | $1.19 | [CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME](index=5&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20INCOME) | Metric (in thousands) | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | | :-------------------- | :-------------------------------- | :-------------------------------- | | Net (loss) income | $(3,439) | $57,744 | | Other comprehensive income, before tax | $178,182 | $103,532 | | Other comprehensive income | $136,210 | $78,143 | | Comprehensive income | $132,771 | $135,887 | [CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY](index=6&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CHANGES%20IN%20SHAREHOLDERS'%20EQUITY) | Metric (in thousands) | Balance – January 1, 2020 | Balance – March 31, 2020 | | :-------------------- | :------------------------ | :----------------------- | | Total shareholders' equity | $2,606,440 | $2,663,441 | | Total comprehensive (loss) income | $132,771 | | | Dividends ($0.31 per share) | $(15,209) | | | Purchase of treasury stock | $(59,386) | | [CONSOLIDATED STATEMENTS OF CASH FLOWS](index=7&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) | Metric (in thousands) | For the Three Months Ended March 31, 2020 | For the Three Months Ended March 31, 2019 | | :-------------------- | :---------------------------------------- | :---------------------------------------- | | Net cash provided by operating activities | $9,358 | $46,205 | | Net cash provided by (used in) investing activities | $231,123 | $(270,531) | | Net cash (used in) provided by financing activities | $(490,397) | $40,363 | | Decrease in cash and cash equivalents | $(249,916) | $(183,963) | | Cash and cash equivalents at end of period | $1,419,254 | $1,490,158 | [NOTES TO CONSOLIDATED FINANCIAL STATEMENTS](index=9&type=section&id=NOTES%20TO%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) [1. Financial Statement Presentation](index=9&type=section&id=1.%20Financial%20Statement%20Presentation) The consolidated financial statements include UMB Financial Corporation and its subsidiaries, with intercompany transactions eliminated, and management believes all necessary adjustments for fair presentation have been made, though interim results may not predict full-year outcomes - The Company is a financial holding company offering a wide range of banking and other financial services through its branches and offices in Missouri, Arizona, Colorado, Illinois, Kansas, Nebraska, Oklahoma, Texas, Pennsylvania, South Dakota, Indiana, Utah, Minnesota, California, and Wisconsin[27](index=27&type=chunk) [2. Summary of Significant Accounting Policies](index=9&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) This section outlines key accounting policies, including the definition of cash and cash equivalents, the computation of basic and diluted earnings per share, and the accounting treatment for derivatives, emphasizing fair value recognition and hedge accounting criteria | Cash and Cash Equivalents (in thousands) | March 31, 2020 | March 31, 2019 | | :--------------------------------------- | :------------- | :------------- | | Due from the FRB | $1,078,701 | $1,090,771 | | Cash and due from banks | $340,553 | $399,387 | | **Cash and cash equivalents at end of period** | **$1,419,254** | **$1,490,158** | - Basic and diluted net loss per share were the same at March 31, 2020, as all potentially dilutive shares were anti-dilutive, while at March 31, 2019, diluted net income per share included the dilutive effect of **286,418 shares**[32](index=32&type=chunk) - All derivatives are recorded on the Consolidated Balance Sheets at fair value, with accounting for changes in fair value depending on the derivative's intended use and whether it's designated in a qualifying hedging relationship[34](index=34&type=chunk) [3. New Accounting Pronouncements](index=10&type=section&id=3.%20New%20Accounting%20Pronouncements) The Company adopted new accounting guidance for Leases (ASC Topic 842) on January 1, 2019, recognizing right-of-use assets and lease liabilities, and on January 1, 2020, adopted the Current Expected Credit Loss (CECL) model (ASU 2016-13), which significantly changed credit loss measurement and resulted in a $9.0 million increase to the allowance for credit losses and a $7.0 million reduction to retained earnings - The Company adopted ASU 2016-02, Leases, on January 1, 2019, resulting in the recording of a **$58.2 million right-of-use asset** and a **$63.0 million lease liability**[35](index=35&type=chunk) - The Company adopted ASU 2016-13, Credit Losses (CECL), on January 1, 2020, using a modified retrospective approach, resulting in a cumulative effect adjustment of **$9.0 million increase** to the allowance for credit losses and a **$7.0 million reduction** to retained earnings[36](index=36&type=chunk)[37](index=37&type=chunk) [4. Loans and Allowance for Credit Losses](index=11&type=section&id=4.%20Loans%20and%20Allowance%20for%20Credit%20Losses) This note details the Company's loan portfolio, credit risk management, and the adoption of the CECL methodology, providing an aging analysis of loans, amortized cost by origination year, and credit quality indicators segmented by loan type, with the allowance for credit losses significantly increasing due to CECL adoption and COVID-19 economic impacts - The Company adopted the CECL methodology for measuring credit losses as of January 1, 2020, and did not recast comparative financial periods[38](index=38&type=chunk) - The Company has lending policies and procedures designed to minimize risk through portfolio diversification, established authority levels for credit extension, and an independent loan review department[39](index=39&type=chunk) | Loan Aging Analysis (in thousands) | March 31, 2020 | December 31, 2019 | | :--------------------------------- | :------------- | :---------------- | | Total loans | $13,949,710 | $13,431,722 | | Total Past Due | $118,664 | $79,910 | | Non Accrual Loans | $97,029 | $56,347 | [Loan Origination/Risk Management](index=11&type=section&id=Loan%20Origination%2FRisk%20Management) - Commercial and industrial loans are underwritten based on borrower profitability and collateral, often secured by assets being financed or other business assets, and may include personal guarantees[40](index=40&type=chunk) - Specialty lending includes Asset-based and Factoring loans, underwritten primarily on collateral value with specific monitoring disciplines[41](index=41&type=chunk) - Commercial real estate loans involve higher principal amounts, depend on property operation, and are closely monitored due to sensitivity to interest rate changes and economic conditions[42](index=42&type=chunk) [Loan Aging Analysis](index=12&type=section&id=Loan%20Aging%20Analysis) | Loan Category (in thousands) | March 31, 2020 Total Loans | December 31, 2019 Total Loans | | :--------------------------- | :------------------------- | :---------------------------- | | Commercial and industrial | $5,952,364 | $5,842,002 | | Specialty lending | $523,425 | $462,791 | | Commercial real estate | $5,283,787 | $5,171,070 | | Consumer real estate | $1,444,511 | $1,411,427 | | Consumer | $146,721 | $133,474 | | Credit cards | $373,607 | $408,980 | | Leases and other | $225,295 | $1,978 | - The Company ceased interest recognition on **$97.0 million** in loans at March 31, 2020, up from **$56.3 million** at December 31, 2019, with restructured loans totaling **$14.3 million** at March 31, 2020[50](index=50&type=chunk) [Amortized Cost](index=14&type=section&id=Amortized%20Cost) | Loan Segment and Type (in thousands) | Amortized Cost - March 31, 2020 | | :----------------------------------- | :------------------------------ | | Commercial and industrial | $5,952,364 | | Specialty lending | $523,425 | | Commercial real estate | $5,283,787 | | Consumer real estate | $1,444,511 | | Consumer | $146,721 | | Credit cards | $373,607 | | Leases and other | $225,295 | | **Total loans** | **$13,949,710** | - Accrued interest on loans totaled **$44.1 million** as of March 31, 2020, and is excluded from the amortized cost basis of loans, with the Company electing not to measure an allowance for credit losses for accrued interest receivables[54](index=54&type=chunk) [Credit Quality Indicators](index=15&type=section&id=Credit%20Quality%20Indicators) - The Company uses a risk grading matrix for commercial, commercial real estate, and construction real estate loans, categorizing them as Non-watch list, Watch, Special Mention, Substandard, and Doubtful[56](index=56&type=chunk) - For Specialty lending, credit risk is tracked by 'in-margin' vs. 'out-of-margin' positions, where out-of-margin indicates collateral value below loan fair value[61](index=61&type=chunk)[62](index=62&type=chunk) | Risk Rating (in thousands) | Commercial and industrial | Specialty lending | | :------------------------- | :------------------------ | :---------------- | | Non-watch list | $5,462,403 | $350,487 (In-margin) | | Watch | $217,709 | $6,149 (Out-of-margin) | | Special Mention | $50,721 | $23,160 (In-margin) | | Substandard | $199,646 | $143,629 (Out-of-margin) | | Doubtful | $6,283 | | [Allowance for Credit Losses](index=22&type=section&id=Allowance%20for%20Credit%20Losses) - The Allowance for Credit Losses (ACL) is a valuation account deducted from loans' amortized cost, estimated using historical experience, current conditions, and reasonable and supportable forecasts (e.g., Moody's baseline scenario for one year)[91](index=91&type=chunk)[93](index=93&type=chunk) - The ACL is measured on a collective basis for portfolio segments like Commercial and industrial, Specialty lending, Commercial real estate, Consumer real estate, Consumer, Credit cards, Leases and other, and Held-to-maturity securities, using various modeling techniques[94](index=94&type=chunk) | Allowance for Credit Losses (in thousands) | Three Months Ended March 31, 2020 | | :--------------------------------------- | :-------------------------------- | | Beginning balance | $101,788 | | ASU 2016-13 adjustment | $9,030 | | Provision | $88,000 | | Charge-offs | $(9,764) | | Recoveries | $2,092 | | **Ending balance** | **$191,146** | [Collateral Dependent Financial Assets](index=25&type=section&id=Collateral%20Dependent%20Financial%20Assets) | Loan Segment and Type (in thousands) | Amortized Cost of Collateral Dependent Assets (March 31, 2020) | | :----------------------------------- | :------------------------------------------------------------- | | Commercial and industrial | $42,613 | | Specialty lending | $1,455 | | Commercial real estate | $46,587 | | Consumer real estate | $5,701 | | Consumer | $184 | | Leases and other | $69 | | **Total loans** | **$96,609** | [Impaired Loans](index=27&type=section&id=Impaired%20Loans) | Impaired Loans by Class (in thousands) | Recorded Investment with No Allowance (Dec 31, 2019) | Recorded Investment with Allowance (Dec 31, 2019) | | :------------------------------------- | :----------------------------------- | :-------------------------------- | | Commercial | $20,986 | $856 | | Asset-based | $948 | — | | Factoring | $2,979 | — | | Real estate – commercial | $19,314 | $4,928 | | Real estate – residential | $1,617 | $93 | | **Total** | **$45,939** | **$5,877** | [Troubled Debt Restructurings](index=27&type=section&id=Troubled%20Debt%20Restructurings) - A loan modification is considered a Troubled Debt Restructuring (TDR) when a concession is granted to a debtor experiencing financial difficulties, typically involving interest rate adjustments, principal reductions, or maturity extensions[113](index=113&type=chunk) - The Company had no new TDRs or payment defaults on TDRs within 12 months following restructure for the three months ended March 31, 2020 and 2019, with one loan modification for **$7 thousand** due to COVID-19 not identified as a TDR[115](index=115&type=chunk)[116](index=116&type=chunk) [5. Securities](index=28&type=section&id=5.%20Securities) This note provides detailed information on the Company's securities portfolio, including Available for Sale (AFS), Held to Maturity (HTM), Trading, and Other securities, highlighting fair values, unrealized gains/losses, contractual maturities, and credit quality, noting that unrealized losses are primarily due to interest rate changes rather than credit deterioration | Securities Category (in thousands) | March 31, 2020 Fair Value | December 31, 2019 Fair Value | | :--------------------------------- | :------------------------ | :--------------------------- | | Available for sale | $7,639,451 | $7,447,362 | | Held to maturity | $1,110,925 | $1,116,102 | | Trading securities | $61,177 | $45,618 | | Other securities | $135,194 | $108,420 | | **Total securities** | **$8,946,747** | **$8,717,502** | - Unrealized losses in AFS and HTM securities were primarily caused by changes in interest rates, not credit decline, and the Company does not intend to sell these securities and does not believe it will be required to sell them before recovery of amortized cost[121](index=121&type=chunk)[124](index=124&type=chunk) [Securities Available for Sale](index=28&type=section&id=Securities%20Available%20for%20Sale) | AFS Securities (in thousands) | Amortized Cost (March 31, 2020) | Fair Value (March 31, 2020) | Gross Unrealized Gains (March 31, 2020) | Gross Unrealized Losses (March 31, 2020) | | :---------------------------- | :------------------------------ | :-------------------------- | :-------------------------------------- | :--------------------------------------- | | U.S. Treasury | $30,549 | $31,605 | $1,056 | — | | U.S. Agencies | $94,195 | $100,616 | $6,421 | — | | Mortgage-backed | $4,067,786 | $4,234,649 | $171,441 | $(4,578) | | State and political subdivisions | $2,980,676 | $3,093,692 | $114,292 | $(1,276) | | Corporates | $179,974 | $178,889 | $1,368 | $(2,453) | | **Total** | **$7,353,180** | **$7,639,451** | **$294,578** | **$(8,307)** | - Proceeds from AFS securities sales were **$84.4 million** for Q1 2020, up from **$53.3 million** for Q1 2019, resulting in gross realized gains of **$1.2 million** and **$809 thousand**, respectively[118](index=118&type=chunk) - As of March 31, 2020, **$6.0 billion** of AFS securities were pledged to secure various deposits and derivative transactions, including **$979.2 million** pledged at the Federal Reserve Discount Window but unencumbered[119](index=119&type=chunk) [Securities Held to Maturity](index=30&type=section&id=Securities%20Held%20to%20Maturity) | HTM Securities (in thousands) | Amortized Cost (March 31, 2020) | Fair Value (March 31, 2020) | Gross Unrealized Gains (March 31, 2020) | Gross Unrealized Losses (March 31, 2020) | | :---------------------------- | :------------------------------ | :-------------------------- | :-------------------------------------- | :--------------------------------------- | | State and political subdivisions | $1,114,160 | $1,146,909 | $36,569 | $(3,820) | | Allowance for credit losses | $(3,235) | | | | | **Total (net)** | **$1,110,925** | | | | - The HTM portfolio consists of State and political subdivisions, with the majority in Competitive (**$1.04 billion**) and Utilities (**$77.3 million**) bonds, primarily rated A and BBB[125](index=125&type=chunk)[126](index=126&type=chunk) - All held to maturity securities were current and not past due at March 31, 2020, with accrued interest totaling **$6.5 million**[127](index=127&type=chunk) [Trading Securities](index=31&type=section&id=Trading%20Securities) - Net unrealized gains on trading securities were **$150 thousand** at March 31, 2020, and **$52 thousand** at March 31, 2019, recognized in trading and investment banking income[128](index=128&type=chunk) - Securities sold not yet purchased totaled **$17.6 million** at March 31, 2020, and **$14.6 million** at December 31, 2019, classified within Other liabilities[128](index=128&type=chunk) [Other Securities](index=32&type=section&id=Other%20Securities) | Other Securities (in thousands) | Amortized Cost (March 31, 2020) | Fair Value (March 31, 2020) | | :------------------------------ | :------------------------------ | :-------------------------- | | FRB and FHLB stock | $33,252 | $33,252 | | Other securities – non-marketable | $99,543 | $101,942 | | **Total** | **$132,795** | **$135,194** | - Other non-marketable securities include alternative investments in hedge funds and private equity funds (equity-method investments) and investments in low-income housing partnerships[130](index=130&type=chunk) [6. Goodwill and Other Intangibles](index=32&type=section&id=6.%20Goodwill%20and%20Other%20Intangibles) This note details the Company's goodwill and other intangible assets, where goodwill balances remained constant across all segments, and finite-lived intangible assets are subject to amortization, with estimated future amortization expenses provided | Goodwill (in thousands) | January 1, 2020 | March 31, 2020 | | :---------------------- | :-------------- | :------------- | | Commercial Banking | $59,419 | $59,419 | | Institutional Banking | $51,332 | $51,332 | | Personal Banking | $70,116 | $70,116 | | **Total** | **$180,867** | **$180,867** | | Finite-Lived Intangible Assets (in thousands) | March 31, 2020 Net Carrying Amount | | :-------------------------------------------- | :--------------------------------- | | Core Deposit Intangible Assets | $2,452 | | Customer Relationships | $23,387 | | **Total** | **$25,839** | | Estimated Amortization Expense (in thousands) | Amount | | :-------------------------------------------- | :----- | | For the nine months ending December 31, 2020 | $4,678 | | For the year ending December 31, 2021 | $5,408 | | For the year ending December 31, 2022 | $4,468 | | For the year ending December 31, 2023 | $3,750 | | For the year ending December 31, 2024 | $2,965 | [7. Securities Sold Under Agreements to Repurchase](index=33&type=section&id=7.%20Securities%20Sold%20Under%20Agreements%20to%20Repurchase) The Company uses repurchase agreements for customer needs and short-term funding, stated at cash received, with collateral levels continuously monitored and the majority having overnight maturities, secured by U.S. Agencies | Repurchase Agreements (in thousands) | March 31, 2020 Total | | :----------------------------------- | :------------------- | | Overnight | $1,664,427 | | 30-90 Days | $202,930 | | Over 90 Days | $500 | | **Total** | **$1,867,857** | - Repurchase agreements are secured by U.S. Agencies, and the Company monitors collateral levels and may be required to provide additional collateral based on fair value[134](index=134&type=chunk)[135](index=135&type=chunk) [8. Business Segment Reporting](index=34&type=section&id=8.%20Business%20Segment%20Reporting) The Company realigned its reportable segments in Q1 2020, merging Healthcare Services into Institutional Banking, now comprising Commercial Banking, Institutional Banking, and Personal Banking, and this section provides an overview of each segment's activities and their financial performance - In Q1 2020, the Healthcare Services segment was merged into the Institutional Banking segment to better reflect management's evaluation of core businesses, products, and services[136](index=136&type=chunk) - Commercial Banking serves small to middle-market businesses with commercial loans, real estate financing, credit cards, and treasury management services[137](index=137&type=chunk) - Institutional Banking combines banking, fund, asset management, and healthcare services for institutional clients, including fixed income, corporate trust, and HSA custodial services[138](index=138&type=chunk) | Segment Operating Results (in thousands) | Commercial Banking (Q1 2020) | Institutional Banking (Q1 2020) | Personal Banking (Q1 2020) | | :--------------------------------------- | :--------------------------- | :------------------------------ | :------------------------- | | Net interest income | $106,948 | $33,036 | $33,957 | | Provision for credit losses | $82,220 | $275 | $5,505 | | Noninterest income | $11,240 | $61,952 | $25,232 | | Net (loss) income | $(18,654) | $21,228 | $(6,013) | [9. Revenue Recognition](index=35&type=section&id=9.%20Revenue%20Recognition) This note describes the Company's principal revenue-generating activities under ASC Topic 606, including trust and securities processing, trading and investment banking, service charges on deposits, insurance fees, brokerage fees, and bankcard fees, and disaggregates noninterest income by revenue stream and business segment - Trust and securities processing income is earned from personal and corporate trust accounts, custody services, investment advisory, and mutual fund/alternative asset servicing, with fees generally fixed or percentage-based on market value[142](index=142&type=chunk) - Bankcard fees primarily consist of interchange revenue from MasterCard and Visa for processing debit, credit, HSA, and flexible spending account transactions, with performance obligations completed per transaction[147](index=147&type=chunk) | Noninterest Income (in thousands) | Commercial Banking (Q1 2020) | Institutional Banking (Q1 2020) | Personal Banking (Q1 2020) | Revenue out of Scope of ASC 606 (Q1 2020) | Total (Q1 2020) | | :-------------------------------- | :--------------------------- | :------------------------------ | :------------------------- | :---------------------------------------- | :-------------- | | Trust and securities processing | — | $31,262 | $15,738 | — | $47,000 | | Trading and investment banking | — | $656 | — | $1,067 | $1,723 | | Service charges on deposit accounts | $6,892 | $15,607 | $2,539 | $43 | $25,081 | | Brokerage fees | $59 | $7,590 | $2,211 | — | $9,860 | | Bankcard fees | $14,988 | $4,724 | $4,990 | $(8,157) | $16,545 | | **Total Noninterest income** | **$22,339** | **$60,277** | **$26,450** | **$(10,642)** | **$98,424** | [10. Commitments, Contingencies and Guarantees](index=37&type=section&id=10.%20Commitments%2C%20Contingencies%20and%20Guarantees) This note outlines the Company's off-balance sheet financial instruments, including commitments to extend credit, commercial letters of credit, standby letters of credit, and foreign exchange contracts, and details the methodology for estimating the allowance for credit losses on these exposures, which was $3.0 million as of March 31, 2020 | Off-Balance Sheet Financial Instruments (in thousands) | March 31, 2020 | December 31, 2019 | | :----------------------------------------------------- | :------------- | :---------------- | | Commitments to extend credit for loans (excluding credit card loans) | $7,254,024 | $7,409,338 | | Commitments to extend credit under credit card loans | $3,285,687 | $3,188,905 | | Commercial letters of credit | $5,320 | $4,460 | | Standby letters of credit | $301,416 | $299,933 | | Forward contracts | $218,750 | $58,287 | | Spot foreign exchange contracts | $4,375 | $1,980 | - The Allowance for Credit Losses (ACL) on off-balance sheet credit exposures was **$3.0 million** as of March 31, 2020, recorded in Other liabilities[161](index=161&type=chunk) - The ACL for off-balance sheet exposures is estimated over the contractual period, considering funding likelihood and expected credit losses on funded commitments, based on utilization rates and portfolio segment loss rates[157](index=157&type=chunk) [11. Derivatives and Hedging Activities](index=39&type=section&id=11.%20Derivatives%20and%20Hedging%20Activities) This note details the Company's use of derivative financial instruments to manage interest rate risk and provide customer services, outlining the fair values of designated and non-designated hedges, their impact on financial statements, and discussing credit-risk-related contingent features - The Company uses derivative financial instruments to manage interest rate exposures arising from business operations and to provide services to customers, minimizing net risk exposure through offsetting positions[162](index=162&type=chunk) | Derivative Fair Values (in thousands) | March 31, 2020 Derivative Assets | December 31, 2019 Derivative Assets | March 31, 2020 Derivative Liabilities | December 31, 2019 Derivative Liabilities | | :------------------------------------ | :------------------------------- | :---------------------------------- | :------------------------------------ | :------------------------------------- | | Derivatives not designated as hedging instruments | $112,603 | $47,458 | $10,435 | $5,997 | | Derivatives designated as hedging instruments | $32,744 | $7,818 | $2 | — | | **Total** | **$145,347** | **$55,276** | **$10,437** | **$5,997** | - For Q1 2020, the Company recognized a **$(259) thousand loss** from non-designated derivatives and a **$(1) thousand loss** from fair value hedges in the Consolidated Statements of Income[172](index=172&type=chunk) [12. Fair Value Measurements](index=42&type=section&id=12.%20Fair%20Value%20Measurements) This note details the fair value measurements of the Company's financial instruments, categorizing them into Level 1, 2, or 3 based on input observability, and presents assets and liabilities measured at fair value on both a recurring and non-recurring basis, along with their valuation methods and the estimated fair value of all financial instruments - Fair value measurements are categorized into Level 1 (quoted prices in active markets), Level 2 (observable inputs other than quoted prices), and Level 3 (unobservable inputs)[178](index=178&type=chunk) | Assets Measured at Fair Value on a Recurring Basis (in thousands) | March 31, 2020 Total | | :---------------------------------------------------------------- | :------------------- | | Trading securities | $61,177 | | Available for sale securities | $7,639,451 | | Company-owned life insurance | $47,726 | | Bank-owned life insurance | $282,562 | | Derivatives | $145,347 | | **Total** | **$8,176,263** | | Financial Assets (in thousands) | Carrying Amount (March 31, 2020) | Total Estimated Fair Value (March 31, 2020) | | :------------------------------ | :------------------------------- | :------------------------------------------ | | Cash and short-term investments | $2,234,557 | $2,234,557 | | Securities available for sale | $7,639,451 | $7,639,451 | | Securities held to maturity | $1,114,160 | $1,146,909 | | Loans | $13,959,295 | $14,291,643 | | **Total Financial Assets** | **$25,114,784** | **$25,477,621** | [ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=48&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) This section provides management's perspective on the Company's financial condition and results of operations for Q1 2020, highlighting the significant impact of the COVID-19 pandemic, and detailing changes in net interest income, provision for credit losses, noninterest income and expense, and segment performance, alongside an analysis of the balance sheet, capital, and liquidity - The global economy experienced a downturn in Q1 2020 due to COVID-19, leading to significant stock market volatility, a **150-basis-point reduction** in the federal funds rate, and the enactment of the CARES Act[206](index=206&type=chunk) - The Company recorded a net loss of **$3.4 million** for Q1 2020, a **106.0% decrease** from net income of **$57.7 million** in Q1 2019, primarily due to higher provision for credit losses and a decline in equity securities valuation[208](index=208&type=chunk)[218](index=218&type=chunk) - The Company processed over **3,000 applications** for more than **$1.4 billion** in loans under the Paycheck Protection Program (PPP) as of the filing date[209](index=209&type=chunk) [CAUTIONARY NOTICE ABOUT FORWARD-LOOKING STATEMENTS](index=48&type=section&id=CAUTIONARY%20NOTICE%20ABOUT%20FORWARD-LOOKING%20STATEMENTS) - Forward-looking statements are subject to assumptions, risks, and uncertainties, including economic conditions, regulatory changes, market shifts, and the Company's operational capabilities, which may cause actual results to differ materially[203](index=203&type=chunk)[204](index=204&type=chunk) - The Company does not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the statement was made, except as required by applicable securities laws[205](index=205&type=chunk) [Overview](index=49&type=section&id=Overview) - The Company's strategic objectives include continuously improving operating efficiencies, increasing net interest income through profitable loan and deposit growth, growing noninterest revenue, and effective capital management[212](index=212&type=chunk)[213](index=213&type=chunk)[214](index=214&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk) - Net interest income increased by **$10.1 million (6.1%)** in Q1 2020 YoY, driven by increased volume and mix of average earning assets, despite recent interest rate reductions[214](index=214&type=chunk)[215](index=215&type=chunk) - Noninterest income decreased by **$9.0 million (8.3%)** in Q1 2020 YoY, primarily due to a significant decrease in the market value of company-owned life insurance[216](index=216&type=chunk) [Earnings Summary](index=51&type=section&id=Earnings%20Summary) | Metric | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | Change (%) | | :----- | :-------------------------------- | :-------------------------------- | :--------- | | Net (loss) income | $(3.4) million | $57.7 million | (106.0)% | | Basic (losses) earnings per share | $(0.07) | $1.19 | | | Return on average assets | (0.05)% | 1.02% | | | Return on average common shareholders' equity | (0.51)% | 10.48% | | - Net interest income increased **$10.1 million (6.1%)** in Q1 2020 YoY, with average earning assets up **$3.0 billion (14.1%)**, while net interest margin decreased to **2.97%** from **3.20%**[219](index=219&type=chunk) - Provision for credit losses increased by **$75.7 million** to **$88.0 million** in Q1 2020, driven by CECL adoption and the economic downturn from COVID-19, with nonperforming loans increasing to **$97.0 million**[220](index=220&type=chunk) [Net Interest Income](index=52&type=section&id=Net%20Interest%20Income) - Net interest income increased **$10.1 million (6.1%)** in Q1 2020 YoY, primarily due to favorable volume variance on loans and securities and favorable rate variances on interest-bearing deposits, offset by unfavorable rate variances on earning assets[223](index=223&type=chunk)[224](index=224&type=chunk) | Metric (tax-equivalent basis) | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | Change (bps) | | :---------------------------- | :-------------------------------- | :-------------------------------- | :----------- | | Net interest spread | 2.67% | 2.76% | (9) | | Net interest margin | 2.97% | 3.20% | (23) | | Tax-equivalent yield on earning assets | 3.58% | 4.10% | (52) | | Cost of interest-bearing liabilities | 0.91% | 1.34% | (43) | - The average balance of interest-free funds increased **$913.9 million** in Q1 2020 YoY, but the benefit from interest-free funds decreased by **14 basis points** due to decreased yields on earning assets[227](index=227&type=chunk) [Provision and Allowance for Credit Losses](index=54&type=section&id=Provision%20and%20Allowance%20for%20Credit%20Losses) - The Allowance for Credit Losses (ACL) represents management's judgment of total expected losses in the loan portfolio, based on lifetime historical loss experience, credit quality, and economic forecasts, following ASC Topic 326 (CECL)[233](index=233&type=chunk)[234](index=234&type=chunk) - Provision for credit losses increased significantly to **$88.0 million** in Q1 2020, compared to **$12.4 million** in Q1 2019, due to CECL adoption and the economic downturn from COVID-19[238](index=238&type=chunk) | Metric (in thousands) | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | | :-------------------- | :-------------------------------- | :-------------------------------- | | Allowance - January 1 | $101,788 | $103,635 | | Cumulative effect adjustment | $9,030 | — | | Provision for credit losses | $88,000 | $12,350 | | Net charge-offs | $(7,672) | $(12,324) | | **Allowance for credit losses - end of period** | **$191,146** | **$103,661** | | ACL on loans to loans at end of period | 1.35% | 0.83% | [Noninterest Income](index=56&type=section&id=Noninterest%20Income) - Noninterest income decreased by **$9.0 million (8.3%)** in Q1 2020 YoY, primarily driven by a **$16.4 million decrease** in 'Other' noninterest income due to lower company-owned life insurance and derivative income[245](index=245&type=chunk)[250](index=250&type=chunk) | Noninterest Income (in thousands) | March 31, 2020 | March 31, 2019 | Dollar Change | Percent Change | | :-------------------------------- | :------------- | :------------- | :------------ | :------------- | | Trust and securities processing | $47,000 | $41,957 | $5,043 | 12.0% | | Trading and investment banking | $1,723 | $5,581 | $(3,858) | (69.1)% | | Service charges on deposits | $25,081 | $21,281 | $3,800 | 17.9% | | Brokerage fees | $9,860 | $7,243 | $2,617 | 36.1% | | Other | $(3,271) | $13,106 | $(16,377) | (>100.0)% | | **Total noninterest income** | **$98,424** | **$107,382** | **$(8,958)** | **(8.3)%** | - Trust and securities processing income increased by **$5.0 million (12.0%)** due to growth in corporate trust and fund services, while brokerage fees increased **$2.6 million (36.1%)** from higher money market balances[246](index=246&type=chunk)[249](index=249&type=chunk) [Noninterest Expense](index=58&type=section&id=Noninterest%20Expense) - Noninterest expense decreased by **$2.0 million (1.1%)** in Q1 2020 YoY, primarily due to a **$5.0 million decrease** in salaries and employee benefits, driven by lower deferred compensation expense[252](index=252&type=chunk)[253](index=253&type=chunk) | Noninterest Expense (in thousands) | March 31, 2020 | March 31, 2019 | Dollar Change | Percent Change | | :--------------------------------- | :------------- | :------------- | :------------ | :------------- | | Salaries and employee benefits | $111,060 | $116,032 | $(4,972) | (4.3)% | | Equipment | $21,241 | $19,684 | $1,557 | 7.9% | | Processing fees | $13,390 | $12,132 | $1,258 | 10.4% | | Other | $6,853 | $8,054 | $(1,201) | (14.9)% | | **Total noninterest expense** | **$188,619** | **$190,626** | **$(2,007)** | **(1.1)%** | - Equipment expense increased **$1.6 million (7.9%)** due to higher maintenance and software costs, and processing fees increased **$1.3 million (10.4%)** due to system investments[254](index=254&type=chunk) [Income Tax Expense](index=58&type=section&id=Income%20Tax%20Expense) - The Company recognized an income tax benefit of **$0.8 million (19.2%)** on a pre-tax loss of **$4.3 million** in Q1 2020, compared to an expense of **$10.5 million (15.4%)** on pre-tax income of **$68.3 million** in Q1 2019[256](index=256&type=chunk) - The tax benefit reflects management's estimate of the annual effective tax rate applied to the year-to-date loss, with the expectation that the pre-tax loss will be offset by income in 2020[257](index=257&type=chunk) [Strategic Lines of Business](index=59&type=section&id=Strategic%20Lines%20of%20Business) - Commercial Banking recognized a net loss of **$18.7 million** in Q1 2020, a **$57.4 million decrease** YoY, primarily due to a **$71.9 million increase** in provision for credit losses and a **$11.9 million decrease** in noninterest income[259](index=259&type=chunk) - Institutional Banking net income increased **$2.7 million (14.5%)** in Q1 2020 YoY, driven by a **$6.1 million increase** in noninterest income (trust and securities processing, service charges, brokerage revenue)[261](index=261&type=chunk) - Personal Banking recognized a net loss of **$6.0 million** in Q1 2020, a **$6.4 million decrease** YoY, mainly due to a **$3.8 million increase** in provision for credit losses and a **$3.1 million decrease** in noninterest income[262](index=262&type=chunk) [Balance Sheet Analysis](index=61&type=section&id=Balance%20Sheet%20Analysis) - Total assets decreased by **$316.5 million (1.2%)** from Dec 31, 2019, to March 31, 2020, primarily due to a **$790.6 million decrease** in securities purchased under agreements to resell, partially offset by a **$518.0 million increase** in loan balances[264](index=264&type=chunk) | Metric (in thousands) | March 31, 2020 | December 31, 2019 | | :-------------------- | :------------- | :---------------- | | Total assets | $26,244,886 | $26,561,355 | | Loans, net of unearned interest | $13,959,295 | $13,439,525 | | Total securities | $8,949,982 | $8,717,502 | | Total deposits | $21,175,520 | $21,603,244 | | Total borrowed funds | $2,012,499 | $1,993,998 | - Actual loan balances increased **$519.8 million (3.9%)** from Dec 31, 2019, to March 31, 2020, driven by balance sheet optimization and recent loan demand related to the COVID-19 pandemic, including over **$1.4 billion** in PPP loans[267](index=267&type=chunk) [Investment Securities](index=61&type=section&id=Investment%20Securities) - Investment securities totaled **$8.9 billion** at March 31, 2020, comprising **36.4%** of the Company's earning assets, with the AFS portfolio making up **85.4%** of total investment securities[269](index=269&type=chunk)[271](index=271&type=chunk) - The AFS securities portfolio provides liquidity and is used to manage interest rate sensitivity, with **$6.0 billion** pledged as collateral at March 31, 2020[271](index=271&type=chunk)[272](index=272&type=chunk) - The HTM securities portfolio, primarily private placement bonds in healthcare and education, totaled **$1.1 billion** (net of ACL) at March 31, 2020, with an average life of **6.2 years**[273](index=273&type=chunk) [Deposits and Borrowed Funds](index=62&type=section&id=Deposits%20and%20Borrowed%20Funds) - Deposits decreased **$427.7 million (2.0%)** from Dec 31, 2019, to March 31, 2020, with interest-bearing deposits decreasing **$752.8 million** and non-interest bearing deposits increasing **$325.1 million**[275](index=275&type=chunk) - Long-term debt totaled **$121.6 million** at March 31, 2020, primarily consisting of debt obligations from the Marquette acquisition, with interest rates tied to three-month LIBOR[277](index=277&type=chunk) - The Company has a **$50.0 million** revolving line of credit with Wells Fargo Bank, N.A., with an outstanding balance of **$15.0 million** at March 31, 2020[280](index=280&type=chunk) [Capital and Liquidity](index=63&type=section&id=Capital%20and%20Liquidity) - Total shareholders' equity was **$2.7 billion** at March 31, 2020, an increase of **$57.0 million** from Dec 31, 2019, and **$312.6 million** from March 31, 2019[283](index=283&type=chunk) - The Company repurchased **1.0 million shares** of common stock at an average price of **$53.79 per share** in Q1 2020, including **537,182 shares** through an accelerated share repurchase agreement (ASR)[284](index=284&type=chunk) | Capital Ratios | March 31, 2020 | March 31, 2019 | | :------------- | :------------- | :------------- | | Common equity tier 1 capital ratio | 11.90% | 12.70% | | Tier 1 risk-based capital ratio | 11.90% | 12.70% | | Total risk-based capital ratio | 13.12% | 13.72% | | Leverage ratio | 8.81% | 9.65% | | Return on average assets | (0.05)% | 1.02% | | Return on average equity | (0.51)% | 10.48% | [Off-balance Sheet Arrangements](index=64&type=section&id=Off-balance%20Sheet%20Arrangements) - The Company's main off-balance sheet arrangements include loan commitments, commercial and standby letters of credit, futures contracts, and forward exchange contracts, totaling **$10.8 billion** at March 31, 2020[293](index=293&type=chunk)[317](index=317&type=chunk) [Critical Accounting Policies and Estimates](index=64&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) - The preparation of financial statements requires management to make estimates and assumptions, including those related to allowance for credit losses, investments, and other contingencies, which are evaluated on an ongoing basis[294](index=294&type=chunk)[295](index=295&type=chunk) [ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=65&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) This section details the Company's exposure to market risks, primarily interest rate risk, and its management strategies, including an analysis of net interest income sensitivity to interest rate changes, information on the trading account, and discussions on credit, liquidity, and operational risks - The Company manages interest rate risk through asset and liability management, utilizing Net Interest Income Simulation Analysis, Net Portfolio Value models, and gap analysis, with limited use of hedges[299](index=299&type=chunk) - The Company is positioned slightly asset sensitive to interest rate changes, with net interest income predicted to increase in rising rate scenarios and decrease in falling rate scenarios[304](index=304&type=chunk) - Nonperforming loans increased **$33.8 million** to **$97.0 million** at March 31, 2020, primarily due to two credits in the oil and gas and agricultural industries[309](index=309&type=chunk) [Risk Management](index=65&type=section&id=Risk%20Management) - Market risk is the risk of economic loss from adverse changes in financial instrument fair values due to factors like interest rates, foreign exchange, commodity, or equity prices[297](index=297&type=chunk) - The Company's primary market risk is from interest rate changes on assets held for purposes other than trading, with trading instruments having an immaterial impact[298](index=298&type=chunk)[306](index=306&type=chunk) [Interest Rate Risk](index=65&type=section&id=Interest%20Rate%20Risk) | Hypothetical Change in Interest Rate – Rate Ramp (Percentage change) | Year One (March 31, 2020) | Year Two (March 31, 2020) | | :----------------------------------------------------------------- | :------------------------ | :------------------------ | | 300 basis points | 3.3% | 15.2% | | 200 basis points | 2.1% | 10.6% | | 100 basis points | 1.3% | 5.8% | | (100) basis points | (3.5)% | (8.5)% | | Hypothetical Change in Interest Rate – Rate Shock (Percentage change) | Year One (March 31, 2020) | Year Two (March 31, 2020) | | :------------------------------------------------------------------ | :------------------------ | :------------------------ | | 300 basis points | 8.1% | 18.0% | | 200 basis points | 5.5% | 12.7% | | 100 basis points | 2.7% | 6.7% | | (100) basis points | (6.4)% | (8.9)% | [Trading Account](index=66&type=section&id=Trading%20Account) - The trading account balance was **$61.2 million** at March 31, 2020, with securities sold not yet purchased totaling **$17.6 million**, classified within Other liabilities[305](index=305&type=chunk) - The Company manages price volatility risks in its trading account using a value-at-risk methodology and offsets risk with financial instruments like exchange-traded financial futures and short sales[305](index=305&type=chunk) [Other Market Risk](index=67&type=section&id=Other%20Market%20Risk) - The Company has minimal foreign currency risk due to its use of foreign exchange contracts[307](index=307&type=chunk) [Credit Risk Management](index=67&type=section&id=Credit%20Risk%20Management) - Credit risk is managed through a centralized credit administration function and an independent internal loan review staff, ensuring consistent application of loan policy and credit quality monitoring[308](index=308&type=chunk) | Loan Quality (in thousands) | March 31, 2020 | December 31, 2019 | | :-------------------------- | :------------- | :---------------- | | Nonaccrual loans | $83,097 | $36,909 | | Restructured loans on nonaccrual | $13,932 | $19,438 | | Total nonperforming loans | $97,029 | $56,347 | | Total nonperforming assets | $99,912 | $59,282 | | Loans past due 90 days or more | $2,211 | $2,069 | | Allowance for credit losses on loans | $187,911 | $101,788 | - Nonperforming loans as a percent of loans increased to **0.70%** at March 31, 2020, from **0.42%** at December 31, 2019[314](index=314&type=chunk) [Liquidity Risk](index=68&type=section&id=Liquidity%20Risk) - The Company's primary liquidity sources are asset maturities and sales, including **$7.6 billion** of high-quality AFS securities at March 31, 2020, supplemented by federal funds market activity and core deposits[315](index=315&type=chunk) - At March 31, 2020, **$6.0 billion (78.5%)** of AFS securities were pledged as collateral, impacting liquidity by restricting their disposal[316](index=316&type=chunk) - The Company has access to **$1.3 billion** in borrowing capacity through FHLB advances, with no outstanding advances at March 31, 2020[321](index=321&type=chunk) [Operational Risk](index=69&type=section&id=Operational%20Risk) - Operational risk encompasses losses from internal operations or third parties, including fraud, unauthorized transactions, processing errors, control breaches, and service interruptions[322](index=322&type=chunk) - Management maintains internal controls to ensure proper transaction authorization, asset safeguarding, and data reliability, continuously monitoring and improving systems to mitigate operational risk[323](index=323&type=chunk)[324](index=324&type=chunk) [ITEM 4. CONTROLS AND PROCEDURES](index=70&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) This section confirms the effectiveness of the Company's disclosure controls and procedures and reports no material changes to internal control over financial reporting during the first quarter of 2020 - The Company's CEO and CFO concluded that disclosure controls and procedures were effective as of March 31, 2020, ensuring timely and accurate SEC filings and information communication[327](index=327&type=chunk) - There were no material changes in the Company's internal control over financial reporting during Q1 2020[328](index=328&type=chunk) [PART II - OTHER INFORMATION](index=71&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [ITEM 1. LEGAL PROCEEDINGS](index=71&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The Company and its subsidiaries are involved in various legal proceedings in the normal course of business, and management, in consultation with legal counsel, believes these lawsuits are not expected to have a materially adverse effect on the Company's financial position, results of operations, or cash flows - Management believes that current legal proceedings are not expected to have a materially adverse effect on the Company's financial position, results of operations, or cash flows[330](index=330&type=chunk) [ITEM 1A. RISK FACTORS](index=71&type=section&id=ITEM%201A.%20RISK%20FACTORS) This section highlights material changes to the Company's risk factors, primarily focusing on the significant adverse impacts of the COVID-19 pandemic on its business, financial position, and prospects, and also addresses the increased volatility in credit loss provisions due to the CECL accounting standard, especially in light of economic forecasts related to COVID-19 - The COVID-19 pandemic is adversely affecting the Company and its stakeholders, with potential for significant impacts on capital, liquidity, business, and results of operations, depending on the pandemic's duration, governmental responses, and effects on customers and markets[332](index=332&type=chunk)[333](index=333&type=chunk)[334](index=334&type=chunk) - Due to CECL, the Company's financial results may be negatively affected by forecasted weak economic conditions, leading to increased volatility in future provisions for credit losses, as evidenced by significant provision expense in Q1 2020[334](index=334&type=chunk)[335](index=335&type=chunk) [ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=72&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) This section details the Company's common stock repurchases during Q1 2020 under publicly announced plans, where the Company repurchased over 1 million shares, including through an accelerated share repurchase agreement, but is not currently engaging in further repurchases outside of the ASR settlement | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :------------------------- | :------------------------------- | :--------------------------- | | January 1 - January 31, 2020 | 14,012 | $65.80 | | February 1 - February 29, 2020 | 167,389 | $64.94 | | March 1 - March 31, 2020 | 838,964 | $51.37 | | **Total** | **1,020,365** | **$53.79** | - The Company repurchased **1,020,365 shares** of common stock in Q1 2020, including **537,182 shares** through an accelerated share repurchase agreement (ASR)[284](index=284&type=chunk)[338](index=338&type=chunk) - The Company is not currently engaging in repurchases, other than in connection with the settlement of the ASR, but may resume repurchases in the future[284](index=284&type=chunk)[338](index=338&type=chunk) [ITEM 3. DEFAULTS UPON SENIOR SECURITIES](index=72&type=section&id=ITEM%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES) There were no defaults upon senior securities reported for the period [ITEM 4. MINE SAFETY DISCLOSURES](index=72&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURES) This item is not applicable to the Company [ITEM 5. OTHER INFORMATION](index=72&type=section&id=ITEM%205.%20OTHER%20INFORMATION) No other information was reported for this item [ITEM 6. EXHIBITS](index=73&type=section&id=ITEM%206.%20EXHIBITS) This section lists all exhibits filed with the Form 10-Q, including corporate governance documents, certification statements, and XBRL-related files - Exhibits include Restated Articles of Incorporation, Bylaws, Performance Share Unit Award Agreement, CEO and CFO Certifications (Sections 302 and 906 of Sarbanes-Oxley Act), and various Inline XBRL Taxonomy Extension Documents[344](index=344&type=chunk) [SIGNATURES](index=74&type=section&id=SIGNATURES)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38481 UMB FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2019 Missouri 43-0903811 (State or other jurisdic ...