Financial Data and Key Metrics Changes - GAAP net income for Q2 2023 was $90.1 million or $1.85 per share, while operating net income was $93.8 million or $1.93 per share [7] - Net interest income decreased from the first quarter due to increased deposit costs and liability mix shifts, despite strong loan growth and improved asset yields [7][8] - Net interest margin for Q2 was 2.44%, a decrease of 32 basis points from the linked quarter [14] Business Line Data and Key Metrics Changes - Average quarterly loan growth was 17.3% on a linked quarter annualized basis, with strong asset quality reflected in net recoveries of $139,000 for the quarter [8] - Nonperforming loans were just 0.09% of total loans as of June 30, with a provision for credit losses of $13 million for the quarter [8][9] - Total top line loan production was $986 million, with commercial and industrial lending being a significant driver of growth [10] Market Data and Key Metrics Changes - Average total deposits decreased by $87 million or 1.1% on an annualized basis from the first quarter to $31.5 billion [12] - Deposits stood at $33.5 billion at the end of June, an increase of 5% from March 31 [14] - The cost of total deposits for the quarter was 2.17%, compared to 1.62% in the first quarter [15] Company Strategy and Development Direction - The company aims to maintain flexibility on the asset side of the balance sheet, with a lower loan-to-deposit ratio compared to peers [5] - Focus remains on disciplined pricing of loans and controlling operating expenses while navigating the elevated interest rate environment [6] - The company is pursuing growth opportunities in various lending verticals while maintaining a strong capital and liquidity position [22] Management's Comments on Operating Environment and Future Outlook - Management noted that the economy remains resilient, with expectations that the bulk of the tightening cycle may be behind [6] - There is uncertainty regarding how long the Federal Reserve will maintain elevated rates, but the company remains focused on growth [6] - Management anticipates some modest margin compression in the third quarter due to the timing of the July rate hike [17] Other Important Information - The effective tax rate for Q2 was 18.1%, down from 20.8% in the same period last year, primarily due to a larger portion of income on tax-exempt securities [19] - The company recorded $7.4 million in additional salary and bonus expenses, largely driven by severance costs and higher salaries [18] Q&A Session Summary Question: What is the outlook for net interest income (NII) growth? - Management indicated mid-single-digit growth for NII is reasonable, but many variables could affect this outlook [25][26] Question: How is the company managing deposit pricing pressures? - Management believes they have experienced most of the pain from deposit pricing increases and expects the rate of increase to level off [33] Question: What is the company's strategy regarding capital return? - The company has share repurchase authorization but currently prioritizes loan growth over capital return [30][31] Question: How does the company view the competitive landscape for lending? - Management noted that competitors are pulling back, creating opportunities for the company, which continues to see a strong pipeline [42]

| --- | --- | --- | --- | |-----------------|--------|--------------|---------------| | | | | | | | 2nd | | | | | Update | Quarter 2023 | | | | | | | | Kansas City, MO | | | July 25, 2023 | Presentation Index Corporate Overview 3 Opportunity – Our Investment Thesis 8 2nd Quarter 2023 Results 17 Line of Business Updates 34 Appendix 45 Board of Directors Forward-Looking Statements Non-GAAP Reconciliations Peer Group Please refer to the Forward-Looking Statements on slide 47 for important disclosures about inf ...

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 March 31, 2023 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) | Missouri | 43-0903811 | | --- | --- | | ...

Financial Data and Key Metrics Changes - Net income for Q1 2023 was $92.4 million or $1.90 per share, with operating pre-tax pre-provision EPS at $2.78, up from $2.44 in Q1 2022 [12][20] - Net interest income decreased by 1.4% compared to the previous quarter, with a net interest margin of 2.76%, down seven basis points [13][14] - Average deposit growth was 2.4% and average loan growth was 19.3% on a linked quarter annualized basis [6][9] Business Line Data and Key Metrics Changes - Total loan production for the quarter was $934 million, with commercial real estate and construction growth primarily from industrial and multi-family categories [7][8] - Non-interest income was reported at $130.2 million, with significant contributions from corporate trust and private wealth services [16][48] - Non-performing loans improved to 0.07% of total loans, with net charge-offs at just 0.09% of average loans [6][18] Market Data and Key Metrics Changes - The company reported a liquidity coverage of approximately 116% of uninsured deposits as of April 20 [11][23] - The average size of office credits in the portfolio is $8.2 million, with 82% being recourse loans and a weighted average loan-to-value of approximately 65% [8][52] Company Strategy and Development Direction - The company aims to maintain a disciplined approach to pricing and emphasize lending that comes with deposit relationships [9][15] - There is a focus on enhancing asset pricing discipline and leveraging the diverse deposit base to mitigate risks associated with rising deposit costs [11][15] - The company is positioned to benefit from a flattening yield curve and anticipates mid-single digit growth in net interest income year-over-year [16][41] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by inflation, changes in the yield curve, and deposit beta acceleration due to recent market volatility [4][5] - The company expects to continue seeing opportunities across various verticals despite anticipated economic slowdowns [9][41] - Management expressed confidence in the quality of the loan portfolio and the proactive measures taken to manage credit risk [6][18] Other Important Information - The effective tax rate for Q1 2023 was 17.2%, up from 15.7% in Q1 2022, primarily due to excess tax benefits related to equity-based compensation [20] - The company has a diverse deposit base, with 55% of deposit accounts spanning 10 years or more, and plans to further reduce uninsured deposits [11][12] Q&A Session Summary Question: What is the expected floor for DDA as a percentage of total deposits? - Management expects to maintain overall balances, with a potential slight movement from the current 38% due to higher interest rates, but does not anticipate significant changes [24][25][26] Question: What is the expected peak beta for overall cost of deposits? - The company anticipates the total cost of beta to be around 40% [27] Question: How quickly can rate cuts pass through to margin? - Historically, deposits move faster on the way down, which could benefit the company in future rate cuts [29] Question: What is the outlook for the office CRE portfolio? - The office portfolio is only 4.5% of total loans, with strong borrowers and low loan-to-values, and management does not foresee significant issues [30][31][52] Question: How does the recent ratings boundary affect deposits? - There was a brief disruption post-SVB failure, but the company has since recovered and does not expect long-term impacts [36] Question: What are the growth assumptions for net interest income in 2023? - The guidance includes one more Fed rate hike in May, with expectations for mid-single digit growth in net interest income [37][43] Question: What are the dynamics behind the recent short-term debt increase? - The increase in short-term debt was a precautionary measure, with plans to evaluate and normalize levels based on the current environment [43][44] Question: What are the growth drivers in fund services and corporate trust? - Growth is driven by multi-year investments and strong performance in private equity and corporate trust services [47][48]

| --- | --- | --- | |-----------------|--------------|----------------| | | | | | | Quarter 2023 | | | | | | | Kansas City, MO | | April 25, 2023 | Presentation Index Corporate Overview 3 Opportunity – Our Investment Thesis 8 1st Quarter 2023 Results 17 Line of Business Updates 34 Appendix 45 Board of Directors Forward-Looking Statements Non-GAAP Reconciliations Peer Group Please refer to the Forward-Looking Statements on slide 47 for important disclosures about information contained in this presentation. 2 ...

Employment and Workforce - The Company employed 3,770 associates on a full-time equivalent basis as of December 31, 2022[24] - Nearly 20% of the Company's associates participate in business resource groups aimed at enhancing diversity and inclusion[26] - Attracting and retaining qualified employees is critical, and failure to do so could negatively impact the Company's performance[106] Compensation and Incentives - The Company's compensation program includes base salary, annual short-term incentive bonuses, and long-term equity awards tied to management and growth[25] Regulatory Environment - The Company is subject to extensive regulation and supervision by the Federal Reserve Board (FRB) and other authorities, impacting its operations and financial activities[34] - The FRB's policies significantly influence the availability and demand for loans and deposits, as well as pricing conditions in various markets[32] - The Company must maintain a capital conservation buffer above minimum risk-based capital ratios, affecting its ability to declare dividends[45] - Under the Dodd-Frank Act, the Company is required to serve as a source of financial strength for its depository-institution subsidiaries[46] - The Company is subject to various federal and state securities laws due to its public company status[58] - The Company remains exempt from enhanced prudential standards due to its asset size being below $100 billion[49] - The Federal Reserve's asset threshold for applying enhanced prudential standards increased from $50 billion to $250 billion under the EGRRCPA[49] - The Company is subject to safety-and-soundness and capital-adequacy standards, and may need to raise additional capital if it does not meet these standards, which could be dilutive to existing shareholders[91][92] - The Company faces significant restrictions on acquisitions due to banking and antitrust laws, which could adversely impact its common stock price[93] Financial Performance and Capital Ratios - As of December 31, 2022, UMB Financial Corporation's Tier 1 risk-based capital ratio was 10.62% and the leverage ratio was 8.43%[52] - UMB Bank, n.a. reported a Tier 1 risk-based capital ratio of 10.88% and a leverage ratio of 8.46% as of December 31, 2022[52] - The Bank is categorized as well capitalized under the Prompt Corrective Action (PCA) framework as of December 31, 2022[52] - The FDIC insures deposits at the Bank up to $250,000 per depositor for each account ownership category[54] Loan and Investment Portfolio - As of December 31, 2022, 49.2% of the Company's aggregate loan portfolio is secured by real estate, with commercial real estate loans representing 36.2% and consumer real estate loans representing 13.0%[79] - The Company's securities portfolio totaled approximately $13.2 billion, representing about 34.4% of its total assets, with a weighted average yield of 2.33% compared to 4.30% for its loan portfolio[83] - Approximately $7.0 billion, or 52.9%, of the Company's investment securities are classified as available for sale, which may lead to greater volatility in reported equity[83] Economic and Market Conditions - The Company's fee-based banking and investment-management businesses are significantly affected by economic conditions, with potential adverse impacts from economic downturns and market disruptions[80][81] - Economic conditions and market sentiment are critical for the Company's performance, with challenging conditions likely to adversely affect its various business segments[80][81] Competition and Market Risks - The Company faces intense competition from both traditional and non-traditional financial services providers, including fintech companies[21] - Intense competition in the financial services sector may pressure the Company to lower fees or interest rates, impacting its financial results[101] Operational and Technological Risks - Operational risks, including technology failures and employee errors, could materially affect the Company's business and financial condition[95] - The Company heavily relies on technology, and failures in technology initiatives could adversely affect its performance[99] - The Company faces risks related to cybersecurity incidents, which could lead to significant financial and reputational damage[84][85] Strategic Activities and Growth - The Company is engaged in strategic activities such as acquisitions, joint ventures, and partnerships, which may involve new lines of business and financial technologies[113] - The Company faces risks related to mergers and acquisitions, including regulatory approvals and integration challenges, which could affect its growth prospects[111] - There are risks associated with the Company's ability to successfully integrate acquired companies and achieve anticipated synergies[113] - The ability to meet regulatory requirements and obtain necessary licenses is critical for the success of the Company's strategic efforts[113] - Overall market conditions will influence the Company's success in executing its strategic activities and new business initiatives[113] Environmental, Social, and Governance (ESG) Considerations - Increased scrutiny on Environmental, Social, and Governance (ESG) practices may lead to higher operational costs and impact the Company's reputation and stock price[115] - Legislative initiatives aimed at mitigating climate change may impose additional taxes, fees, and operational changes, requiring significant capital expenditure[116] - The physical effects of climate change could adversely affect the value of real properties securing the Company's loans, impacting its loan portfolio[116] - Compliance with evolving ESG standards may require the Company to adapt its operations and incur additional costs[115] Financial Health and Liquidity - The Company's liquidity is essential for operations, and constraints in funding could adversely affect its performance[104] - The Company depends on dividend payments from subsidiaries to meet obligations, and any inability of these subsidiaries to pay dividends could impact its financial health[105] - Increased delinquencies or defaults could adversely affect the value of the Company's loans and investment securities, impacting income and necessitating higher provisions for credit losses[78] - The trading volume of the Company's common stock may be low, potentially affecting liquidity and stock price volatility[89] - The Company faces risks from the soundness of other financial institutions, which could lead to credit and market risks impacting its operations[97]

Financial Data and Key Metrics Changes - Net income for Q4 2022 was $100.2 million or $2.06 per share, with full-year net income of $431.7 million or $8.86 per share, representing a 22.3% increase compared to 2021 [4] - Operating pre-tax, pre-provision EPS for the year was $11.73 per share, up from $9.26 per share in the prior year [5] - Net interest income for Q4 increased by 5% sequentially, driven by over $1 billion increase in average loans, a 21% annualized increase [5][6] Business Line Data and Key Metrics Changes - Total loan production for Q4 was $1.3 billion, bringing full-year 2022 originations to a record $5 billion [7] - C&I lending contributed nearly half of the average loan growth for the quarter, with balances increasing 21% on a linked quarter annualized basis [8] - Average residential mortgage balances increased 21% year-over-year despite rising rates [9] Market Data and Key Metrics Changes - Average total deposits for Q4 increased by 5.3% or 21% on an annualized basis compared to Q3 [10] - DDA balances represented 40% of average deposits, down from 42% in Q3 [10] - Non-performing assets comprised a modest 5 basis points of total assets, indicating strong credit quality [9] Company Strategy and Development Direction - The company aims to maintain positive operating leverage and expects to generate leverage of 6.7% for the full year of 2022 [7] - Focus on commercial and institutional customers, with a unique funding mix that allows for different pacing in the current repricing environment [5][6] - The company is optimistic about growth opportunities in 2023, despite the unpredictability of the current rate environment [11] Management's Comments on Operating Environment and Future Outlook - Management noted that customers are cautiously optimistic about the economic environment, with strong pipelines for the first quarter [22] - The company does not anticipate significant changes in the need for HSAs following the recent acquisition, maintaining a competitive position in the market [23][24] - Management expects net interest income to continue growing, driven by loan growth and market share gains [34] Other Important Information - The effective tax rate was 19.1% for Q4 and 18.9% for the full year, with expectations for 2023 to be around 19% to 20% [18] - Total fee income for Q4 was $125.5 million, a slight decrease from $128.7 million in Q3, with a full-year increase of 18.6% in fee income [15][16] Q&A Session Summary Question: Thoughts on tightening credit in a recessionary environment - Management stated they do not change their approach based on economic conditions and focus on quality opportunities [21] Question: Outlook for HSA acquisition and competitive positioning - Management expressed confidence in their competitive platform and strong pipeline following the HSA acquisition [23][24] Question: Insights on balance sheet and deposit runoff - Management clarified they expect rotation rather than runoff in deposits, with a strong pipeline for growth [28][29] Question: Expectations for margin trajectory and loan growth - Management anticipates continued net interest income growth and stable margins, driven by market share gains [34] Question: Trends in charge-offs and credit quality - Management expects to maintain performance levels without significant changes in charge-off guidance [42]

| --- | --- | --- | |-----------------|----------------------------|------------------| | | | | | | 4 th Quarter 2022 Update | | | Kansas City, MO | | January 24, 2023 | Presentation Index Corporate Overview 3 Opportunity – Our Investment Thesis 8 4th Quarter 2022 Results 16 Line of Business Updates 30 Appendix 40 Board of Directors Forward-Looking Statements Non-GAAP Reconciliations Peer Group Please refer to the Forward-Looking Statements on slide 42 for important disclosures about information contained i ...

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 September 30, 2022 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) | Missouri | 43-0903811 | | --- | --- ...

Financial Data and Key Metrics Changes - Net income for Q3 2022 was $88 million or $1.81 per share, with operating pre-tax, pre-provision income at $131.2 million or $2.70 per share [7] - Net interest income increased by 3.9% sequentially, driven by nearly $1 billion increase in average loans and rising rates [7][8] - Average total deposits decreased by 5.7% compared to the previous quarter, but DDA balances increased by 8.7% year-over-year [20][21] Business Line Data and Key Metrics Changes - Private wealth sales reached $874 million year-to-date, surpassing full year 2021 sales [12] - New business volumes increased by 16% in corporate trust and escrow services and 35% in specialty trust and public finance [13] - Fund services and institutional custody assets under administration decreased to $352 billion due to equity market valuations, but over 200 new custody accounts were added year-to-date [13] Market Data and Key Metrics Changes - The company ranks among the top 10 HSA providers in the U.S. and expects to close the acquisition of Old National Bancorp's HSA business, adding $400 million in deposits [14] - Commercial real estate and construction loans posted 20% annualized growth in Q3 [16] - Average residential mortgage balances increased by 23% year-over-year despite rising rates [18] Company Strategy and Development Direction - The company aims to generate positive operating leverage and continues to focus on deposit gathering and client acquisition [11][22] - The management is optimistic about growth opportunities in various verticals and expects continued strong growth in Q4 [20][31] - The company is actively pursuing acquisitions to enhance its franchise [88] Management's Comments on Operating Environment and Future Outlook - Management noted economic uncertainty due to unprecedented Fed tightening, inflation, and geopolitical conflicts, but borrowers remain cautiously optimistic [28][29] - The company expects to experience a short recessionary environment but believes it will not be as destructive as previous cycles [30] - Management anticipates strong loan growth in Q4, with a focus on maintaining asset quality [31][113] Other Important Information - Net charge-offs were just 0.02% of average loans, with non-accrual loans steady at 10 basis points [25] - The company raised $110 million in capital through subordinated notes to support balance sheet growth [26] - The board approved a 2.7% increase in dividends, bringing it to $0.38 per share [27] Q&A Session Summary Question: Expectations on DDA levels post-COVID - Management believes DDA levels will remain strong due to new client additions and the impact of the current rate environment [53][54] Question: Thoughts on deposit beta - Management expects deposit beta to be around 50-52%, similar to previous cycles, and emphasizes the importance of total costs [56][58] Question: Operating leverage outlook - Management is focused on positive operating leverage and expects the efficiency ratio to improve moving forward [84] Question: Provision outlook in the current macro environment - Management anticipates strong loan growth will drive provisions, with a focus on macroeconomic indicators [86] Question: Impact of recent capital raise on M&A - Management remains active in pursuing acquisitions and is optimistic about finding suitable opportunities [88] Question: Clarification on expense adjustments - Management provided details on one-time expenses and suggested a run rate of approximately $223 million for Q3 [96] Question: Reserve build and CECL impact - Management explained that new loans require reserves, and the reserve build was significantly influenced by loan growth [106][108]