SEC Form DEF 14A filed by UMB Financial Corporation

NOTICE OF THE

2026 VIRTUAL ANNUAL MEETING

OF SHAREHOLDERS

AND PROXY STATEMENT

April 28, 2026, at

9:00 a.m. CDT

UMB Financial Corporation

1010 Grand Boulevard

Kansas City, Missouri 64106

NOTICE OF THE 2026 VIRTUAL ANNUAL MEETING OF

SHAREHOLDERS OF UMB FINANCIAL CORPORATION

The date of this notice is March 12, 2026. The attached Proxy Statement and the related form of proxy are first being sent, given, or made available to shareholders on or about March 12, 2026.

Important Notice Regarding the Availability of Proxy Materials

for the Shareholder Meeting To Be Held on April 28, 2026:

The Proxy Statement and the Annual Report on Form 10-K are available

at www.edocumentview.com/umbf

TABLE OF CONTENTS

UMB FINANCIAL CORPORATION

1010 Grand Boulevard

Kansas City, Missouri 64106

PROXY STATEMENT

GENERAL INFORMATION

This Proxy Statement and the related form of proxy are first being sent, given, or made available by UMB Financial Corporation (“we” or “UMB” or the “Company”) on or about March 12, 2026, to the shareholders of record of our common stock (“shareholders”), par value of one dollar ($1.00) per share (“UMB common stock”), at the close of business on February 27, 2026 (the “record date”), in connection with our 2026 virtual annual meeting of shareholders and any adjournment or postponement of the meeting (the “Annual Meeting”).

The Annual Meeting will be held at 9:00 a.m. CDT on April 28, 2026, for the purposes described in this Proxy Statement. The Annual Meeting is held in a virtual format only; shareholders will not be able to attend the meeting in person.

The following matters will be presented to our shareholders:

Attendance at the Annual Meeting will be limited to shareholders of record or their proxies, beneficial owners, and our guests.

Proxies are being solicited to afford all shareholders of record an opportunity to vote on matters presented at the Annual Meeting.

It is important that your shares be represented at the Annual Meeting, regardless of how many you own, and we strongly encourage you to vote by proxy even if you are planning to attend the Annual Meeting.

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QUESTIONS AND ANSWERS ABOUT

THE ANNUAL MEETING, THESE PROXY MATERIALS, AND VOTING YOUR SHARES

Why did I receive these proxy materials?

You received our Proxy Statement and Annual Report on Form 10-K (collectively, “Annual Report”), or notice of internet availability of the foregoing, as applicable, because UMB’s Board of Directors (the “Board”) is soliciting your proxy to vote at the Annual Meeting. This Proxy Statement contains information that we are required to provide you under the rules of the U.S. Securities and Exchange Commission (the “SEC”) and is intended to assist you in voting your shares.

What is a proxy?

A proxy is your grant of authority to another person to vote your shares. The person granted this authority is also called a proxy. When you designate a proxy, you may direct the proxy how to vote your shares.

Why are you holding a virtual meeting instead of a physical meeting?

We are pleased to be able to host the 2026 Annual Meeting of the Shareholders virtually providing expanded access, improved communication and cost savings for the Company and our shareholders. Hosting a virtual meeting will enable more of our shareholders to attend and participate in the meeting as they may participate from any location around the world with Internet access.

What if I have trouble accessing the Annual Meeting virtually?

The virtual meeting platform is supported across multiple browsers (MS Edge, Firefox, Chrome and Safari) and devices (desktops, laptops, tablets and cell phones) running the most up-to-date version of applicable software and plugins. Participants should ensure that they have a strong Internet connection wherever they intend to participate in the meeting. We encourage you to access the meeting prior to the start time. For further assistance should you need it, please call 1-888-724-2416 or International +1 781-575-2748.

Who may vote at the Annual Meeting?

Shareholders of record of UMB common stock at the close of business on the record date may vote at the Annual Meeting. As of the record date, 76,136,588 shares of UMB common stock were issued and outstanding and, therefore, eligible to be voted at the Annual Meeting. Each share of UMB common stock is entitled to one vote.

Who is a shareholder of record or a beneficial owner?

“Shareholders of record” or “record holders” have shares of UMB common stock registered in their names, either in book entry or certificate form, with our transfer agent, Computershare Trust Company. “Beneficial owners,” in contrast, own shares of UMB common stock that are held in “street name” through a broker, bank, or other nominee.

Beneficial owners generally cannot vote their shares directly and must instead instruct their brokers, banks, or other nominees how to vote the shares. If you are a beneficial owner of UMB common stock, your proxy is being solicited through your broker, bank, or other nominee.

How can I attend the Annual Meeting with the ability to ask a question or vote?

The Annual Meeting will be a completely virtual meeting which will be conducted exclusively by webcast. No physical meeting will be held. Shareholders of record and beneficial owners may participate in the meeting, including by asking questions or voting; however, the process for each is different, as described below. For clarity, guests may attend but will not be able to ask questions or otherwise participate in the Annual Meeting.

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Attendance for Shareholders of Record

As a shareholder of record, you will be able to attend the Annual Meeting online, ask questions and vote by visiting www.meetnow.global/MGTKNHR and following the instructions on your notice of the Annual Meeting (“Notice”), proxy card, or on the instructions that accompanied your proxy materials.

Attendance for Beneficial Owners

If you are a beneficial owner and want to attend the Annual Meeting online by webcast (with the ability to ask a question or vote, if you choose to do so) there are two options:

Submit proof of your proxy power (“Legal Proxy”) from your broker or bank reflecting your UMB common stock holdings, along with your name and email address, to Computershare.

Requests for registration must be labeled as “Legal Proxy” and be received no later than 5:00 p.m., Eastern Time, on April 22, 2026. You will receive a confirmation of your registration by email after we receive your registration materials.

Requests for registration should be directed to us at the following:

Due to the possibility of delays in mail delivery, you are encouraged to submit mail requests for registration sufficiently in advance of the deadline.

For the 2026 proxy season, we will use an industry solution to allow beneficial owners to register online at the Annual Meeting to attend, ask questions and vote. We expect that the vast majority of beneficial owners will be able to fully participate using the control number received with their voting instruction form. Please note, however, that this option is intended to be provided as a convenience to beneficial owners only and there is no guarantee that this option will be available for every type of beneficial owner control number. The inability to provide the option to any or all beneficial owners shall in no way impact the validity of the Annual Meeting. Beneficial owners should choose the “Register in Advance” option / Option #1, above, if they prefer to use the traditional, paper-based option or if they wish to ensure full participation.

Regardless of your choice, all beneficial owners are encouraged to visit www.meetnow.global/MGTKNHR in advance of the meeting for more information on the available options and registration instructions. The online meeting will begin promptly at 9:00 a.m., CDT. We encourage you to access the meeting prior to the start time, leaving ample time for the check in. Please follow the registration instructions as outlined in this Proxy Statement.

Do I need to register to attend the Annual Meeting virtually?

Registration is only required if you are a beneficial owner and intend to ask questions and/or vote your shares at the Annual Meeting.

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What are my voting rights?

You may vote “FOR,” “AGAINST,” or “ABSTAIN” on Proposals #1, #2, #3, and #4.

Cumulative voting will apply in connection with Proposal #1—election of directors. See “What vote is required for each proposal?” later in this section. Cumulative voting will not apply in connection with any other proposal at the Annual Meeting.

If you are a beneficial owner of shares, and you do not provide instruction to your broker, bank, or other nominee, your broker, bank or other nominee is not permitted to vote your shares on certain proposals. See “What vote is required for each proposal?” later in this section.

How does the Board recommend that I vote?

The Board recommends that you vote as follows:

What is the quorum requirement?

A quorum of stockholders is necessary to hold a valid meeting. A quorum will be present if stockholders holding a majority of the outstanding shares of common stock entitled to vote at the meeting are represented in person, via electronic means (as applicable) or by proxy. Abstentions and broker non-votes will be counted as present for determining whether the quorum requirement has been met.

What vote is required for each proposal?

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How do I vote my shares?

We strongly encourage all shareholders to submit their votes in advance of the Annual Meeting.

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If I am a record holder, what happens if I submit a valid proxy prior to the Annual Meeting but do not provide voting instructions?

If you as a record holder submit a valid proxy prior to the Annual Meeting but do not provide voting instructions, your shares will be voted according to the recommendations of the Board. See “How does the Board recommend that I vote?” earlier in this section.

If I am a beneficial owner, will my broker, bank, or other nominee vote for me if I do not provide voting instructions?

If you are a beneficial owner and do not provide voting instructions, your broker, bank, or other nominee has discretionary authority to vote your shares on Proposal #3—ratification of the Corporate Audit Committee’s engagement of KPMG LLP as our independent registered public accounting firm for 2026. Your broker, bank, or other nominee, however, does not have discretionary authority to vote your shares on Proposals #1, #2, or #4.

If I hold shares through the Profit-Sharing Plan or the ESOP, will the trustee vote for me if I do not provide voting instructions?

If you hold shares through the Profit-Sharing Plan or the ESOP and do not provide voting instructions, the trustee will vote your shares in the same proportion that the other shares in the Profit-Sharing Plan or ESOP are voted.

In the event of a contested election, what happens if I vote (or grant authority to vote) for more, or fewer, director nominees than there are open director seats?

Shares may not be voted for a greater number of persons than the number of nominees set forth in Proposal #1. If you vote (or grant authority to vote) for fewer director nominees than there are open seats, then your votes will be considered “cast” for the director nominees for whom you voted, and with respect to the remaining director nominees, your shares will be voted as previously set forth in the sections addressing how shares will be voted when no instructions have been received.

What happens to votes for shareholder nominees if a shareholder intends to solicit proxies under Rule 14a-19 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and then fails to comply with the applicable requirements?

The Company shall disregard any votes and proxies granted in favor of shareholder nominees, if any, if the shareholder fails to comply with the applicable portions of the Company’s Bylaws, Rule 14a-19, or otherwise abandons its solicitation. The Company did not receive notice from any shareholder prior to the deadline for submitting notice of an intention to nominate any additional persons for election as directors at the Annual Meeting.

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Can other matters be decided at the Annual Meeting?

When this Proxy Statement was printed, we did not know of any matter to be presented at the Annual Meeting other than those described in this Proxy Statement. If any other matter may be properly considered at the Annual Meeting, your proxy can exercise discretion in voting your shares on the matter. We do not anticipate that any other matter will be presented at the Annual Meeting.

Can I revoke or change my proxy?

You may revoke or change your proxy at any time before the vote is taken at the Annual Meeting.

If you are the record holder of UMB common stock, you may revoke or change your proxy in the following ways:

If you are the beneficial owner of UMB common stock, you must follow the directions provided to you by your broker, bank, or other nominee. Any beneficial owner of shares who wants to revoke a proxy prior to the Annual Meeting will, as previously noted, need to register in advance with Computershare in order to do so. Due to the limitations of a virtual meeting and the nature of a beneficial ownership, you may not be able to revoke or change your proxy during the Annual Meeting without registering in advance with Computershare, as outlined in Option #1 on page 3 of this Proxy Statement.

If you hold shares through the Profit-Sharing Plan or the ESOP, you must follow the directions provided to you by the trustee.

Who pays the costs of preparing the proxy materials and soliciting proxies?

We will pay the costs of preparing the proxy materials and soliciting proxies on behalf of the Company and its nominees, including the reasonable charges and expenses of brokers, banks, and other nominees for forwarding proxy materials to beneficial owners and updating proxy cards and directions. We also have engaged Okapi Partners LLC to assist in the solicitation of proxies for a fee of $14,000 plus disbursements.

In addition to our solicitation of proxies by mail, your proxy may be solicited by telephone, facsimile, internet, or e-mail or in person by directors, officers, or regular employees of UMB or its affiliates who will receive no additional compensation for doing so.

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STOCK OWNERSHIP

Principal Shareholders

The following persons owned of record or beneficially owned (as defined in Rule 13d-3 of the Exchange Act) more than 5% of UMB common stock at the close of business on February 27, 2026:

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Stock Owned by Directors, Nominees, and Executive Officers

This table sets forth the number of shares of UMB common stock that were beneficially owned (as defined in Rule 13d-3 of the Exchange Act) at the close of business on February 27, 2026 by a director, a nominee, or a Named Executive Officer (as defined in “Compensation Discussion and Analysis—Overview” later in this Proxy Statement). It also includes the number of shares of common stock that were beneficially owned at the close of business on February 27, 2026, by all directors and Executive Officers (as defined in “Section 16(a) Compliance” later in this section) as a group. The individuals designated as our Executive Officers are also our executive officers as defined in Rule 3b-7 of the Exchange Act.

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Delinquent Section 16 Reports

Section 16(a) of the Exchange Act requires each officer (as defined in Section 16(a) and Rule 16a-1 of the Exchange Act, an “Executive Officer”), each director on our Board, and any person who beneficially owns more than 10% of UMB common stock (collectively, the “reporting persons”) to file with the SEC reports of ownership and changes in ownership of UMB common stock. Based solely on a review of the Section 16(a) reports filed with the SEC and written representations from reporting persons that no Forms 5 were required to be filed, UMB believes that each person who was a reporting person during 2025 timely filed the reports required by Section 16(a) of the Exchange Act during 2025 except that Mr. Kemper filed a late Form 4 on September 11, 2025 reflecting a gift of 9,000 shares to a trust in his wife’s name that occurred on November 1, 2018. Although the nature of the ownership of these shares was incorrectly reported, Mr. Kemper had at all times since the gift transaction occurred reported his beneficial ownership of such shares.

Information about our Executive Officers is included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

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CORPORATE GOVERNANCE

Overview

UMB is committed to robust corporate governance principles and practices that provide our Board with the appropriate framework to engage in the ongoing oversight of Company activities. Our Board believes that robust, dynamic corporate governance practices are the foundation of a well-functioning board and are vital to preserving the confidence and trust of our shareholders, customers, associates, regulators, and the general public.

Information About Our Corporate Governance and Guidelines

The Board has adopted Corporate Governance Guidelines (the “Governance Guidelines”) to formalize our corporate governance practices and assist the Board in exercising its responsibilities to UMB and our shareholders. These Governance Guidelines serve as a flexible framework within which the Board may conduct business. The Board regularly reviews and updates the Governance Guidelines as changes occur in our corporate strategy, in the regulatory environment, or in response to suggestions from shareholders or other third parties.

The Board has also adopted a Code of Ethics (the “Code of Ethics”) that applies to all directors, advisory directors, and associates of UMB, including the Chief Executive Officer, President, the Chief Financial Officer, and the Chief Accounting Officer. UMB believes that integrity is paramount. While all business is based to some degree on trust, our business has trust as a core principle. Being honest and fair to our customers, shareholders, and associates is not just a value but a moral imperative. The Code of Ethics reflects our commitment to these principles. The Board did not approve any waivers to the Code of Ethics in 2025. If a waiver of the Code of Ethics is approved, we will post it on our website.

We invite you to visit our “Investor Relations” section of our website at investorrelations.umb.com. You can find our Governance Guidelines, Code of Ethics, the charters of our four standing committees, and our Human Rights Statement by selecting “Governance Documents” under the heading “Governance.” You may also request a copy of any of these documents free of charge by sending a written request to UMB Financial Corporation, Attention: Corporate Secretary, 1010 Grand Boulevard, Kansas City, Missouri 64106.

Our Board of Directors

Overview

The Corporate Governance and Nominating Committee (“Governance Committee”) annually assesses the composition and size of our Board. In assessing the size of the Board, the Governance Committee and the Board consider the need for particular talents or other qualities, the benefits associated with a variety of perspectives, experiences and backgrounds, the availability of qualified candidates, the workloads and needs of Committees, and other relevant factors. Our Board currently has 16 members and as allowed by our Bylaws, the Board has set the number of directors at 16. All the current directors are nominees for election at the Annual Meeting, with the exception of Messrs. Murphy and Schmidt who were not renominated for election. In connection therewith, effective as of the Annual Meeting, the Board has set the number of directors to 14. All seats on the Board are up for election annually.

Of the 16 current directors, 15 have been determined by the Board to be independent under SEC and NASDAQ rules (each “independent” and an “independent director”).

The primary responsibility of the directors is to exercise their business judgment to oversee the diverse array of businesses and affairs of UMB. Specific responsibilities of the Board include:

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The Board’s Leadership Structure

J. Mariner Kemper serves both as the Chairman of the Board and the Chief Executive Officer of the Company. The Board, in consultation with the Governance Committee, regularly evaluates whether an independent Chair would be in the best interests of UMB and its shareholders. Among the factors considered by the Board are the qualifications and performance of any non-independent Chair, the percentage of independent directors on the Board, the degree of independent oversight exercised by the Board, the soundness of UMB’s corporate governance structure and policies, and the performance of UMB. Based on this evaluation, the Board has determined that the best interests of UMB and its shareholders are currently served by Mr. Kemper retaining the positions of Chairman of the Board and Chief Executive Officer. Further, the Board believes its approach to risk oversight, as more fully discussed in The Board’s Role in Risk Oversight section, helps ensures that the Board is able to effectively perform its risk oversight responsibilities under various leadership structures.

UMB maintains strong independent and effective oversight of the Board through our lead independent director (the “Lead Director”). The Lead Director is elected annually by the independent directors upon recommendation from the Governance Committee. Greg M. Graves, our current lead director, has served in that capacity for almost nine (9) years. He also serves as the Chair of the Governance Committee. The Lead Director’s duties include:

Independent Directors

The Board has determined that the following directors are independent directors:

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These independent directors comprise more than three-quarters of the Board. J. Mariner Kemper has been found not to be independent due to his employment by UMB and his familial relationship to a former UMB Director, Alexander C. Kemper, who resigned effective August 18, 2023.

In evaluating the independence of each director, the Board has reviewed and deliberated on transactions, relationships, and arrangements between each director or any related person or interest and UMB or any of its subsidiaries. In particular, the Board considered that the independent directors or related persons or interests have varying degrees of banking relationships with UMB or its subsidiaries, such as deposit accounts, extensions of credit, trust services, or investment services. All of these transactions, relationships, and arrangements, in the judgment of the Board, were made on terms and under circumstances at least as favorable to UMB or its subsidiaries as those that were prevailing at the time for comparable transactions, relationships, or arrangements with unrelated persons or interests or those that would have applied to unrelated persons or interests. The Board also concluded that none of these banking transactions, relationships, or arrangements require disclosure under SEC rules. See “Transactions with Related Persons” later in this section. The Board determined as well that no independent director has a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director.

Committees of the Board of Directors

UMB has four standing committees that are comprised only of independent directors (the “Committees”): the Compensation Committee, the Corporate Audit Committee (“Audit Committee”), the Governance Committee, and the Risk Committee. The charter for each of these Committees may be found on the “Investor Relations” section of our website at investorrelations.umb.com by then selecting “Governance Documents” under the heading “Governance.”

Compensation Committee

The Compensation Committee is currently comprised of Robin C. Beery (Chair), Janine A. Davidson, Gordon E. Lansford III, Margaret Lazo, Timothy R. Murphy and Leroy J. Williams, Jr. With the exception of Ms. Lazo, who joined the Compensation Committee in January 2025, each of these directors served on the Compensation Committee throughout all of 2025.

The Board has determined that all of the current members are qualified to serve on the Compensation Committee under applicable rules of the SEC, NASDAQ, or the Department of the Treasury (including the independence, non-employee-director, and outside-director requirements for compensation-committee members).

Among the Compensation Committee’s primary functions are the following:

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The Compensation Committee also (1) reviews and makes recommendations in connection with matters involving say-on-pay and say-when-on-pay votes by UMB’s shareholders and (2) reviews and approves or ratifies related person transactions involving compensation.

A narrative description of the processes for considering and determining executive and director compensation, including (a) the Compensation Committee’s authority and the extent to which that authority may be delegated and (b) the roles of UMB’s Executive Officers and compensation consultants in determining or recommending the amount or form of executive and director compensation, can be found in “Compensation Discussion and Analysis” and “Corporate Governance—2025 Director Compensation” later in this Proxy Statement.

Compensation Committee Interlocks and Insider Participation

During 2025, no UMB Executive Officer served as a member of the board of directors or the compensation committee of any entity with one or more Executive Officers serving on our Board or Compensation Committee, nor has any such relationship existed in the past. No director who served on the Compensation Committee during 2025 is or was formerly an officer or employee of UMB.

Audit Committee

The Audit Committee is currently comprised of Gordon E. Lansford III (Chair), Kevin C. Gallagher, Bradley J. Henderson, Jennifer K. Hopkins, Susan G. Murphy, Timothy R. Murphy and Kris A. Robbins. With the exception of Mses. Hopkins and Murphy and Mr. Henderson, who joined the Audit Committee in January 2025, each of these directors served on the Audit Committee throughout all of 2025. The Board has determined that all of the members are qualified to serve on the Audit Committee under applicable rules of the SEC or NASDAQ (including the heightened independence requirements for audit committee members) and that Mr. Lansford, Ms. Murphy and Mr. Robbins are audit committee financial experts and financially sophisticated under those applicable rules.

Our Audit Committee assists the Board in fulfilling its responsibilities to oversee the quality and integrity of the accounting, financial-reporting, and internal-control functions of UMB and its subsidiaries. In particular, the Audit Committee’s role includes assisting the Board in overseeing:

The Audit Committee has sole authority over the appointment and replacement of UMB’s independent registered public accounting firms and is directly responsible for the compensation and oversight of UMB’s independent auditors. The Audit Committee also approves the risk-assessment methodology, risk assessment, and annual audit plan of the internal audit function and all decisions on the appointment, removal, and compensation of UMB’s Chief Audit Executive. In addition, the Audit Committee (1) reviews and approves or ratifies related person transactions (other than those involving compensation that are reviewed and addressed by the Compensation Committee), (2) reviews the summary of any complaint reporting a violation of the Code of Ethics, applicable law, or relevant UMB

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policies and monitors any authorized internal investigation of such a complaint, (3) establishes procedures for the receipt, retention, and treatment of any complaint about accounting, internal accounting controls, or auditing matters and for the confidential, anonymous submission by UMB’s associates of any concern about questionable accounting or auditing matters, and (4) oversees certain indemnification and related advancement of expenses decision processes for directors, officers and employees.

Governance Committee

The Governance Committee is currently comprised of Greg M. Graves (Chair), Janine A. Davidson, Tamara M. Peterman, John K. Schmidt and L. Joshua Sosland. With the exception of Mr. Schmidt, who joined the Governance Committee in January 2025, each of these directors served on the Governance Committee throughout all of 2025.

Among the Governance Committee’s primary functions are the following:

The Governance Committee has incorporated its policies on the nomination process for directors into the Governance Guidelines. See “Proposal #1—Election of Directors” later in this Proxy Statement.

Risk Committee

The Risk Committee is comprised of Kris A. Robbins (Chair), Robin C. Beery, Kevin C. Gallagher, Bradley J. Henderson, Jennifer K. Hopkins, Margaret Lazo, Susan Murphy, Tamara M. Peterman, L. Joshua Sosland, and Leroy J. Williams, Jr. With the exception of Mses. Hopkins, Lazo, and Murphy and Mr. Henderson, who joined the Risk Committee in January 2025, each of these directors served on the Risk Committee throughout all of 2025.

Among the Risk Committee’s primary functions are the following:

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The Board’s Role in Risk Oversight

Among the Board’s specific responsibilities is oversight of the risk-management policies of UMB’s global operations and the operation of UMB’s global risk management framework.

The Risk Committee is charged with approving and periodically reviewing the risk management policies of UMB’s global operations, including statements of risk appetite, and adapting the Enterprise Risk Management Policy when and as appropriate to changes in our structure, risk profile, complexity, activities, or size.

The Board also has created three committees comprised of senior officers of UMB or its subsidiaries to support the Risk Committee in developing and overseeing the operation of the Enterprise Risk Management Policy:

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In addition, the Audit Committee assists the Board in fulfilling its responsibilities to oversee the quality and integrity of the accounting, financial reporting, and internal control functions of UMB and its subsidiaries. The Compensation Committee likewise assists the Board in ensuring that UMB’s compensation programs incent balanced risk-taking within established appetites, tolerances, and limits and promote the sustained operating and financial performance of UMB.

UMB maintains as well, under the leadership of its Chief Administrative & Risk Officer, a robust enterprise risk management program designed to identify, quantify, monitor, report, and manage risks that we face. The Chief Administrative & Risk Officer supplies the Board, directly or through the Risk Committee, with regular reports on the operation of this program, the evolving risks to our businesses, and the controls and other mitigants utilized to manage those risks. The Board, in turn, considers these reports, as well as other information from management or third parties, in reviewing and approving our strategic direction and otherwise overseeing and directing our business and affairs.

Related Governance Matters

Corporate Citizenship

At UMB, we endeavor to be a good corporate citizen, focusing on prudent business practices, efficient and sustainable resource use, transparent governance, and a culture of respect and inclusion. We care about our associates, our communities and the environment, and because we care, we are passionate about delivering on pursuing our goals and objectives and meeting the ever-evolving needs of the world around us with thoughtful consideration and open minds. We closely analyze how we do business through, among other things, the lens of environmental, social, and governance (“ESG”) considerations. We recognize that oversight of governance and other ESG matters helps to minimize risks to our shareholders, and just as importantly, it helps reinforce our core values of doing the right thing, supporting our associates and our communities, and providing the unparalleled customer experience.

The Governance Committee and the Board generally oversee our ESG goals and objectives and support implementation of the Company’s ESG priorities. As part of UMB’s commitment to corporate citizenship, UMB evaluates its performance on a continuous basis and voluntarily publishes information relating to our efforts and metrics in the Corporate Citizenship Report which can be found at umb.com/corporatecitizenship; provided that we do not incorporate by reference herein any information at such website.

Execution of UMB’s ESG strategy is overseen by UMB’s ESG Committee, which is not a Board committee. The ESG Committee is chaired by our Chief Administrative & Risk Officer and is comprised of senior executive officers of UMB or its subsidiaries. The ESG Committee supports the Governance Committee and the Board in establishing strategy, policies and practices, and public disclosures related to environmental, health and safety, corporate social responsibility, corporate governance and sustainability. The ESG Committee provides regular reports to the Governance Committee on ESG activities and risks.

Shareholder Engagement and Outreach

UMB engages with our shareholders and other stakeholders throughout the year to help the Board and management gather feedback on a variety of topics. On a routine basis, our investor relations team meets with current and potential investors and analysts with discussions often centering around industry trends, company performance, outlook for our markets, and strategic initiatives for delivering growth and shareholder value. These meetings are typically inclusive of our CEO and Chairman of the Board, our Chief Financial Officer and our Director of Investor Relations.

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In 2025, UMB invited its top five institutional shareholders (measured by ownership) and several additional shareholders to participate in discussions geared specifically towards governance and other corporate responsibility matters. The shareholders invited represented approximately 35% of the Company’s issued and outstanding common shares, measured at the time of the program. Shareholders representing approximately 23.5% of the Company’s issued and outstanding common shares participated in discussions that included, as applicable, the Company’s Chief Administrative & Risk Officer, Director of Investor Relations and Corporate Secretary. Topics of conversation included Board composition, disclosures and corporate governance matters, among others. Results were reported to management and the Governance Committee to inform ongoing discussions and planning around Board composition and future nominees, disclosures and corporate governance posture. The Company intends to continue these shareholder discussions in 2026.

Succession Planning

Our governance framework prioritizes senior leadership succession planning as an important element in facilitating business continuity and long-term, sustainable business practices. In accordance with our Governance Guidelines, the Board is responsible for the selection and regular evaluation of the Chief Executive Officer, overseeing the selection and performance of senior management, and working with the Chief Executive Officer on succession planning. The Compensation Committee is responsible for overseeing the succession planning process. To that end, the Board annually reviews the succession plan for the CEO and the other Executive Officers. Among other things, succession planning identifies “readiness” level and ranking for internal candidates while caring for the potential need to hire an external candidate as succession options. The Company’s succession planning activities additionally address emergency succession planning in the event of an unforeseen and/or materially disruptive event necessitating a change in CEO and other Executive Officer roles.

Attendance at Board Meetings, Committee Meetings, and Annual Meetings of Shareholders

Our Board met five times in 2025, and the independent directors met in executive session chaired by the Lead Director four times. In addition, during the year, the Audit Committee met five times, the Compensation Committee met five times, the Governance Committee met four times, and the Risk Committee met four times.

Each director attended at least 75% of the meetings of our Board and the Committees on which he or she served as a regular member during 2025.

We strongly encourage our directors to attend the annual meeting of shareholders in order to provide an opportunity for informal communication between directors and shareholders and to enhance the Board’s understanding of shareholder priorities and perspectives. All of our directors who were nominated to serve on the Board at the time attended the 2025 annual meeting of the shareholders.

Communications with the Board of Directors

If any shareholder wishes to communicate with the Board or individual directors, the communication must be in writing, addressed to the Board or the director, and delivered to the following address: UMB Financial Corporation, c/o the Corporate Secretary and the Chair of the Corporate Governance & Nominating Committee, 1010 Grand Boulevard, Kansas City, Missouri 64106. The Secretary Corporate will acknowledge the communication and will provide the Chair of the Board and the Chair of the Governance Committee with a copy or a summary. Any or no action may be taken in response to the communication as is judged to be necessary or appropriate and consistent with applicable law. Any director may review a log of all communications that have been received by the Corporate Secretary and addressed to the Board or individual directors and may obtain from the Corporate Secretary a copy of those communications. Any communication from a shareholder that expresses a concern about any accounting, financial reporting, or internal control matter will be promptly conveyed to the Chair of the Audit Committee and will be addressed consistent with the processes and procedures adopted by the Audit Committee.

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Transactions with Related Persons

Statement of Policy and Process

We have adopted a written Statement of Policy and Process (the “Statement of Policy and Process”) that requires the Audit Committee to review and to approve or ratify any related person transaction, other than one involving compensation that is reviewed and addressed by the Compensation Committee.

A “related person transaction” under the Statement of Policy and Process is an existing or currently proposed transaction or series of similar transactions where (1) UMB or any of its subsidiaries was or will be a participant, (2) the amount involved exceeds $120,000, and (3) any related person had or will have a direct or indirect material interest. Related person transactions include any existing or currently proposed transaction or series of similar transactions for which disclosure under SEC rules is mandated. The term “related person” under SEC rules means, at the applicable time, (a) any director or Executive Officer of UMB, (b) any nominee to the Board, (c) any beneficial owner of more than 5% of UMB common stock, and (d) any immediate family member (as defined by SEC rules) of any of those directors, Executive Officers, nominees, or beneficial owners. An indirect material interest can arise from a related person’s position or relationship with a firm, corporation, or other entity that engages in a transaction with UMB.

No review, approval, or ratification, however, is required under the Statement of Policy and Process for a transaction (i) where the rates or charges involved are determined by competitive bids, (ii) involving the rendering of services as a common or contract carrier or a public utility at rates or charges fixed in conformity with law or governmental authority, (iii) involving services as a bank depositary of funds, transfer agent, registrar, trustee under a trust indenture, or similar services, (iv) where the interest of the related person arises solely from the ownership of UMB stock and all holders of UMB stock receive the same benefit on a pro rata basis, or (v) involving indebtedness extended by any of UMB’s banking or broker-dealer subsidiaries if the extension of credit was made in the ordinary course of business, was made on substantially the same terms as those prevailing at the time for comparable transactions with unrelated persons, and did not involve more than the normal risk of collectability or present other unfavorable features.

Key personnel in businesses and operations of UMB or its subsidiaries that could possibly engage in related person transactions are responsible for monitoring and reporting to the Chief Legal Officer any existing or contemplated transaction that may be covered by the Statement of Policy and Process. The Chief Legal Officer will review this and other appropriate information, will inform the Audit Committee of any transaction that may require review, and will provide the Audit Committee with the information necessary to conduct the review. If any transaction is executed without the Audit Committee’s prior approval and the Audit Committee decides not to ratify it, UMB’s management will be directed by the Audit Committee to rescind or terminate the transaction as promptly and on as favorable of terms as feasible.

No member of the Audit Committee or the Compensation Committee participates in any review or consideration of any related person transaction involving the member, the member’s immediate family, or a related entity.

Under the Statement of Policy and Process, when considering whether to approve or ratify a related person transaction, the Audit Committee will consider (A) the terms of the transaction, (B) whether consummation of the transaction is consistent with the best interests of UMB and its shareholders, (C) the benefits likely to accrue to UMB, (D) the extent of the related person’s interest in the transaction, (E) whether the transaction presents a heightened risk of conflicts of interest, an improper valuation or the perception of such a conflict or improper valuation, (F) any impact that the transaction may have on a director’s independence, (G) the availability of comparable products or services from sources other than the related person, (H) whether the transaction is on terms no less favorable than those generally available to an unaffiliated third party under the same or similar circumstances or on terms comparable to those provided to UMB’s employees generally, and (I) whether UMB is obtaining products or services of a nature, quantity, or quality or on other terms that are not readily available from alternative sources.

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Transactions Since January 1, 2025

In accordance with the Statement of Policy and Process, the Audit Committee has reviewed and approved the following transactions since January 1, 2025:

The Audit Committee also has recognized that many of UMB’s related persons have engaged in credit or other banking transactions with one or more of UMB’s banking or broker-dealer subsidiaries in the ordinary course of each such subsidiary’s business. Each transaction was executed on substantially the same terms as those prevailing at the time for comparable transactions with unrelated persons and did not involve more than the normal risk of collectability or present other unfavorable features.

There has been no transaction since January 1, 2025, that is required to be reported under Item 404(a) but that did not require review and approval or ratification under the Statement of Policy and Process or for which the Statement of Policy and Process was not followed.

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2025 DIRECTOR COMPENSATION

For service on the Board during 2025, the Board has approved the following annual retainer for non-employee directors: (1) $60,000 in cash and (2) fully vested UMB stock having, on the grant date, a value equal to $115,000. No separate fee is paid for attendance at meetings of the Board. Directors who are also employees of UMB receive no separate compensation for serving on the Board. In addition, for 2025, the Lead Director received an annual retainer of $35,000 in cash and the Chairs of each of the Committees receive an annual cash retainer in the following amounts: Audit Committee—$30,000, Compensation Committee—$20,000, Governance Committee—$17,500, and Risk Committee—$20,000. The non-Chair members of the Audit Committee, the Compensation Committee, the Governance Committee, and the Risk Committee each received additional annual cash retainers of $15,000, $10,000, $8,750 and $10,000, respectively. All cash retainers are paid quarterly and in arrears.

For service in 2026, the Board has approved an annual retainer of (1) $90,000 paid in cash, and (2) fully vested UMB stock having, on the grant date, a value equal to $115,000. In addition, for 2026, the Lead Director will receive an annual retainer of $50,000 in cash and the Chairs of each of the Committees receive an annual cash retainer in the following amounts: Audit Committee—$35,000, Compensation Committee—$25,000, Governance Committee—$20,000, and Risk Committee—$30,000. The non-Chair members of the Audit Committee, the Compensation Committee, the Governance Committee, and the Risk Committee each received additional annual cash retainers of $15,000, $10,000, $10,000 and $10,000, respectively.

The total compensation received by UMB’s non-employee directors for 2025 is reflected in the following table:

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PROPOSAL #1—ELECTION OF DIRECTORS

Nomination Process

The Governance Committee is responsible for periodically reviewing and recommending to the Board the desired characteristics of directors and the optimal composition of the Board as a whole. We believe that varied backgrounds on our Board enriches Company decision-making and fosters robust, critical thinking.

The Governance Committee may consider existing directors for renomination and may use search firms or other resources to identify other potential director candidates. The Governance Committee also considers potential director candidates who are recommended by shareholders in compliance with applicable law and our Bylaws. Any recommendation by shareholders must include the potential director candidate’s name, biographical information, and qualifications and must be submitted in writing to the Corporate Governance & Nominating Committee, UMB Financial Corporation, Attention: Corporate Secretary, 1010 Grand Boulevard, Kansas City, Missouri 64106. The Governance Committee uses the same criteria to evaluate all potential director candidates regardless of how they have been identified.

In recommending and nominating director candidates, the Governance Committee and the Board consider the following to be minimum qualifications:

The Governance Committee and the Board also give weight to other factors that are expected to enhance the effectiveness of the Board and its Committees. Among these are diversity of backgrounds, knowledge, talents, relationships, or other qualities that are likely to contribute in a meaningful way to increasing the fundamental value of UMB and creating long-term value for shareholders. Additionally, the Governance Committee and the Board consider the evolving needs of UMB based on its strategic direction, business segments, growth objectives, risk appetites, geographic footprint, and tradition of providing the unparalleled customer experience. In addition to the criteria used to select nominees for the Board, our Governance Guidelines require that the pool of candidates for Board service include directors with a broad range of perspectives and characteristics, including gender and racial diversity; provided that any such activities will comply with applicable law.

The effectiveness of these processes and policies is assessed by the Governance Committee in connection with its periodic evaluation of the Board’s and each Committee’s performance as contemplated by the Governance Guidelines.

Shareholders wishing to provide notice of director nominations and solicit proxies under Rule 14a-19 of the Exchange Act for shareholder nominees must comply with all applicable requirements of the Exchange Act, and the Company’s Bylaws, which include certain advance notification requirements. See “Shareholders Proposals” later in this Proxy Statement for further discussion.

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Nominations

The Governance Committee is dedicated to assembling a Board that excels in fulfilling these responsibilities, exercises independent leadership and oversight of management, and operates in a cohesive and effective manner.

The Governance Committee has recommended, and the Board has nominated, the slate of 14 director nominees identified below for election to the Board for terms ending at the earlier of the 2027 annual meeting of shareholders, or until a director’s earlier death, resignation, removal, disqualification or failure to be elected. All of the nominees currently serve as directors and have been nominated for re-election based on their qualifications and performance throughout 2025. The Board is currently made up of 37.5% female directors, 12.5% ethnic minority directors, and 43.75% female and ethnic minority directors in the aggregate. The director nominees are 42.9% female and 14.3% ethnically diverse. In the aggregate, 50% of the director nominees are either female candidates, ethnically diverse candidates, or both. The Governance Committee believes that each existing director brings applicable talents, relationships, professional or business experience, specialized education or expertise, and other qualities to UMB and these directors meaningfully contribute to increasing the fundamental value of UMB and creating long-term value for shareholders.

Each of the nominees has agreed to be nominated and, if elected, to serve as a director. We do not anticipate that any nominee will become unavailable for election, but under our Bylaws, the shares represented by proxy and voting for any Company nominee who unexpectedly becomes unavailable prior to the election will be voted instead for a substitute candidate nominated by the Board. We are not aware of any arrangements or understandings between the nominees and any other person pursuant to which such persons were selected as a director or nominee.

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Skills and Experience

Our Board continually identifies key qualifications, attributes, skills and experiences that are important to be represented on the Board as a whole, particularly given UMB’s current needs and priorities, and future planning. Our director nominees bring a balance of these qualifications, attributes, skills and experiences, including as shown in the matrix, below.

Experience, Expertise or Attribute

Business Operations/Strategic Management

X

X

X

X

X

X

X

X

X

X

X

X

X

X

Corporate Governance

X

X

X

X

X

X

X

X

Cyber, Data and/or Technology

X

X

X

X

X

X

X

X

X

X

Finance

X

X

X

X

X

X

X

X

X

X

X

X

Leadership

X

X

X

X

X

X

X

X

X

X

X

X

X

X

Mergers and Acquisitions

X

X

X

X

X

X

X

X

X

X

Regulatory

X

X

X

X

X

X

Risk Management

X

X

X

X

X

X

X

X

X

X

X

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Robin C. Beery

Ms. Beery has 32 years of experience in financial services and asset management, with strong knowledge of traditional and alternative investment products and specialized expertise in B2B and B2C distribution, brand strategy and reputation management, and product marketing and packaging. Ms. Beery served as Executive Vice President, Head of US Distribution, for Janus Capital Group (now Janus Henderson Investors) a publicly traded asset-management company, from September 2009 until her retirement from Janus in August 2014. She also served as CEO and President of the Janus Mutual Funds business during that period and was a member of the Janus Executive Committee from 2003 to 2014. In her capacity leading US Distribution, Ms. Beery had oversight of sales, client service, product, marketing, and corporate communications. From April 2003 to September 2009, she served as Executive Vice President, Chief Marketing Officer for Janus Capital Group, and was the President of the Janus Foundation from 2000 to 2014, overseeing the firm’s philanthropic endeavors and community relations.

Ms. Beery has served as an independent fund board trustee for the Hartford Multi-Factor Exchange Traded Funds (formerly branded Lattice Strategies) since December 2014, the Hartford Exchange-Traded Funds since December 2016, the Hartford Mutual Funds since May of 2017, and the Hartford Schroders Private Opportunities Fund since July of 2023, and is a member of the Investment Committee and Chair of the Nominating and Governance Committee. Ms. Beery is also a partner at ArrowMark Partners, an investment management boutique with specialized expertise in private and alternative credit and small cap equity strategies, since March 2015.

Janine A. Davidson

Janine A. Davidson, PhD, has served as president of the Metropolitan State University of Denver, Colorado’s third largest public university and only access-oriented University in the state, since July of 2017. As president, she is responsible for the University’s strategic direction, financial well-being and daily operations, serving nearly 20,000 graduate and undergraduate students. From March 2016 through January 2017, she served as the 32nd undersecretary of the United States Navy. In that role, Dr. Davidson was responsible for much of the operational and budgetary considerations for the United States Department of the Navy and Marine Corps, including prioritization of research, development and procurement, readiness, modernization and the health and well-being of military and civilian personnel and families. Dr. Davidson’s prior professional experience includes: Senior Fellow, Defense Policy at the Council on Foreign Relations from January 2014 through March 2016, adjunct Professor at Georgetown University from January 2015 through May 2015, Assistant Professor at George Mason University from August 2012 to January 2014, and various civilian policy positions in the Department of Defense from April 2009 through March 2012. Dr. Davidson began her career as an Air Force Officer, global cargo pilot and aviation and aerobatics flight instructor with the U.S. Air Force Academy. Dr. Davidson brings to our Board over 30 years of academic, civilian and military service, with expertise in the areas of organizational leadership, higher education, defense and public policy.

Dr. Davidson serves on the Kansas City Federal Reserve’s Advisory Counsel and is a fellow in the National Academy of Public Administration and a life member of the Council on Foreign Relations. She has also served as a member of the Secretary of State’s Foreign Affairs Advisory Board and the Chair of the Secretary of Defense’s Defense Policy Board.

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Kevin C. Gallagher

Mr. Gallagher is currently Chairman of Gallagher Industries, LLC, a private holding company of lower middle-market companies, a position he has held since 2005. He has entrepreneurial experience and marketing experience gained from serving as chief executive officer of a large complex diversified operation with companies in both the manufacturing and service industries. He also brings to the Board community-relations experience and experience in investments, mergers, and acquisitions.

Greg M. Graves

Mr. Graves previously served as Chairman and Chief Executive Officer of Burns & McDonnell, a consulting engineering company headquartered in Kansas City, Missouri, with offices and operations throughout the United States, until his retirement in December 2016. Prior to being named Chairman, he served as the President and Chief Executive Officer from October 2003 until December 2008; from January 2003 through October 2003, he served as the President and Chief Operating Officer. He served as General Manager of that company’s Energy Division from November 1997 through June 2001 and as President of its Energy Group from July 2001 through December 2002. Mr. Graves’s experience as chief executive officer of a large engineering company, with multiple offices and projects located throughout the United States and abroad, gives him leadership skills and growth management skills. He also has human-resources experience gained through his management of a large number of professionals and managers.

Bradley J. Henderson

Mr. Henderson is the Chief Executive Officer of P33, a nonprofit organization focused on inclusivity and driving Chicago’s global technology leadership, where he has served since 2019. Prior to P33, Mr. Henderson spent nineteen years at Boston Consulting Group, a global consulting firm, last serving as senior partner and managing director of the Chicago office where he advised many of the country’s leading financial institutions on IT and operations strategy and transformation. Mr. Henderson graduated Phi Beta Kappa with a Bachelor of Arts and Master degree from the University of Chicago and attended Oxford University as a Rhodes Scholar. As a current CEO, Mr. Henderson brings leadership experience to our Board, including his deep experience with financial services, strategic planning, technology, operations, and organizational transformation.

Mr. Henderson served as a member of the board of Heartland Financial, USA, Inc. from May 2024 through January 2025. Mr. Henderson has served as a director of Southern Company Gas (a subsidiary of Southern Company) since 2023, and as a director of Rush Hospital since 2019. Mr. Henderson also serves as a director of three charitable organizations, which include Zavier Warde School since 2022, Xchange Chicago since 2023, and Chicago Council on Global Affairs since 2014. Mr. Henderson previously served as board chair for Interfaith America from 2014 until 2024.

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Jennifer K. Hopkins

Ms. Hopkins has served as managing partner of Crescendo Capital, a private investment firm for early-stage companies since 2007. From 2011 through 2022, Ms. Hopkins served as Chief Executive Officer of one of Crescendo’s portfolio companies, American Medical – The Oxygen Concentrator Store. Prior to joining Crescendo Capital, Ms. Hopkins was with Hewlett Packard / Agilent Technologies from 1983 until 1999, when Agilent Technologies was spun off. During her time with Agilent Technologies, she served in various executive roles across all functional areas, where her career culminated into the role of Vice President of the Global Solutions Business Unit. In this role, Ms. Hopkins managed a global organization with full financial responsibility for over 2,000 employees. Ms. Hopkins brings to our Board a technology background and operational expertise across both entrepreneurial and large corporate organizations. Ms. Hopkins holds a Bachelor of Science in Industrial Engineering from North Dakota State University and a Master of Science in Engineering from Stanford University.

Ms. Hopkins served as member of the board of Heartland Financial USA, Inc. from April 2018 through January 2025 and served as the Chair of the Compensation Committee from May 2024 until January 2025. Ms. Hopkins has served as a board member of Spectra Logic Corporation, since 2012, and of Sartori Cheese Corporation since 2013. Ms. Hopkins has also served as a member of the Board of Trustees for North Dakota State University Foundation since 2006 and as a member of the Board of Trustees for the Denver Museum of Nature and Science since 2021. Ms. Hopkins is also a member of the Colorado Forum and The Nature Conservancy.

J. Mariner Kemper

Mr. Kemper has served as the Chairman and Chief Executive Officer of UMB since May 2004. Mr. Kemper was President of UMB from November 2015 until January 2024. He was the Chairman and Chief Executive Officer of the Bank between December 2012 and January 2014, the Chairman of UMB Bank Colorado, n.a. (a prior subsidiary of UMB) between 2000 and 2012, and the President of UMB Bank Colorado, n.a. from 1997 to 2000. As the Chairman and Chief Executive Officer of UMB for the past nearly 22 years, Mr. Kemper brings to the Board skills in leadership, consensus building, and the implementation of UMB’s key strategies. He has detailed knowledge of UMB’s key business and operational strategies and branding and possesses operations experience and knowledge of every aspect of UMB’s business. He also has specialized knowledge of the investments, banking, and financial services industries as well as extensive community-relations experience, with involvement in civic and business organizations in Kansas City and Colorado.

Gordon E. Lansford III

Mr. Lansford has served as President and Chief Executive Officer of JE Dunn Construction Company, a national commercial contractor headquartered in Kansas City, Missouri, since January 2014. Prior to being named as President and CEO, he served as Chief Financial Officer from 1998 to December 2013, and before then, he served as the Director of Internal Audit. Prior to his employment with JE Dunn, Mr. Lansford was employed by KPMG LLP as a Certified Public Accountant. Mr. Lansford was previously a member of the board of directors for the Bank until January 2016, when that board’s membership was consolidated with that of the Company’s. Mr. Lansford has relevant experience overseeing operations, finance, legal, risk management, investments, human resources and information technology.

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Margaret Lazo

Ms. Lazo has been serving as Interim Chief Human Resources Officer at Situs AMC since April 2025 and is a principal of ML Talent Strategies, Inc., an independent human capital consulting practice. Previously Ms. Lazo served as a Senior Operating Executive and Consultant of Cerberus Capital’s Operating and Advisory Company, LLP, a global private equity firm, from January 2023 through October 2023, and was engaged in human capital initiatives across its portfolio companies. Prior to Cerberus, Ms. Lazo served as the Chief Human Resources Officer at Univision Communications from April 2016 through December 2021. Ms. Lazo also served as Global HR Leader, Americas at GE Capital from 2012 through 2016 and served in various senior human resources leadership roles at NBC Universal from 1995 through 2012. Ms. Lazo is an accomplished executive with a history of leadership in the areas of talent development, inclusivity, and business transformation and organizational change. Ms. Lazo holds a Bachelor of Science in Communications and Business from St. John’s University.

Ms. Lazo served as a member of the board of Heartland Financial USA, Inc. from April 2023 through January 2025. Ms. Lazo currently serves as an advisory board member of Bullseye Engagement, Inc., a human capital management software company, as an advisory board member of Xapa, Inc., a gamified professional development and personal enrichment platform, and as a member of the board and as the Governance Committee Lead of the Hispanic Federation, a nonprofit organization dedicated to empowering and advancing the Hispanic community and its institutions.

Susan G. Murphy

Ms. Murphy has served as a Principal at The Grace Alliance, LLC in Denver since 2005, which assists individuals and families in developing and maintaining financial strategies for the future. Ms. Murphy served as Trustee of the Colorado Public Employees’ Retirement Association from 2007 to 2021, chairing its Investment Committee and providing oversight to a public pension fund managing $60 billion in assets for 620,000 beneficiaries. Ms. Murphy served as a financial advisor with Lincoln Investments from 2004 to 2023. Ms. Murphy began her career at Ernst and Young and has been a consultant to a variety of businesses and transactions. Ms. Murphy brings significant public accounting, investment advisory, and public policy expertise to our Board. Ms. Murphy graduated with a Bachelor of Arts in Accounting from the University of Notre Dame. Ms. Murphy has earned certificates from the University of Pennsylvania Wharton School in International Investing and Emerging Markets, from the Stanford University Rock Center for Corporate Governance Fiduciary College, from Harvard Law School’s program for Advance Trustee Studies, and from the University of Toronto’s Rotman School of Business.

Ms. Murphy served as a member of the board of Heartland Financial USA, Inc. from 2018 through January 2025 and served as the Chair of the Audit Committee from April 2022 through January 2025. Ms. Murphy served as Trustee of Arrupe Jesuit Hight School, a Cristo Rey School, from 2009 to 2016 and again from 2017 to 2022, during which time she served as Board Chair from 2019 to 2022. Ms. Murphy has served as a finance council member of the Catholic Archdioceses of Denver Investment Committee and Chair of its Investment Committee since 2019.

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Tamara M. Peterman

Tamara (Tammy) M. Peterman, MS, RN, FAAN, was appointed as Executive Vice President, Chief Operating Officer and Chief Nursing Officer of the University of Kansas Health System in July 2007. In July 2018, Ms. Peterman assumed the additional role of President, Kansas City Division. In her roles with the University of Kansas Health System, Ms. Peterman oversees the operations of all health system locations within the Kansas City metropolitan area, assuring key operational goals related to quality, service, people, growth and financial stability are achieved. In collaboration with others on the senior executive team, Ms. Peterman also provides strategic operational oversight and specific strategic guidance for nursing services and day-to-day operations across all locations of the health system. Ms. Peterman has relevant experience overseeing operations, financial performance, regulatory, and risk management. She also provides specialized industry knowledge related to healthcare.

Kris A. Robbins

Mr. Robbins was previously employed by Security Benefit Corporation (“Security Benefit”) and its companies from 1997 until his retirement in February 2010, serving as its Chief Executive Officer for over 10 years, and as Chairman and CEO for 6 years. During his tenure, Security Benefit grew from $8 billion managed to over $40 billion in assets and provided annuities, mutual funds, exchange-traded funds, retirement plans, and business-processing services throughout the United States. Following his retirement from Security Benefit, Mr. Robbins co-founded and is currently the Chief Executive Officer of Clearleaf Finance, a hedge fund manager that invests in short duration, specialty assets involved in liens, private asset-based finance and factoring, and CEO of Clearleaf Capital LLC and President of its servicing arm, Purestone Loan Services. He also provides private-equity, angel-investment, and advisory services through KARobbins LLC. Mr. Robbins once served on the board and chaired the audit committee of Compliance Assurance Corporation (PA) until its sale in November 2012 to Stone River Risk and Compliance. Mr. Robbins also served on the board and audit committee of Key Health (CA) from April 2011 through 2015. Mr. Robbins brings to our Board financial literacy skills, development in over 35 years of professional experience and education in math, economics, accounting and financial management. In addition, he has significant experience and knowledge relating to operations, investments, risk and capital management, gained from his leadership of large, highly regulated financial-services business that had significant growth and changes in products (including public company experience). Mr. Robbins also provides specialized industry knowledge in key areas of investments, risk management, and insurance.

L. Joshua Sosland

Mr. Sosland has served as the President of Sosland Publishing Co., Kansas City, Missouri, since July 2015 and Vice President of Sosland Companies, Inc., Kansas City, Missouri, since 1993. Established in 1922, the Sosland Companies are primarily engaged in trade publications for the baking, flour-milling, and food-processing industries. Mr. Sosland has also served as editor of Milling & Baking News since 2000 and editor or editor-in-chief of Food Business News since 2004. Mr. Sosland contributes significant investment experience and expertise, as well as board and governance expertise, with more than 20 years of service on our Board and several years of service on the trust policy committee of the Bank. The economic analytical skills developed from his formal education, as well as his publishing experience covering and analyzing the food-processing industry, enable him to provide valuable analyses of investment and acquisition activities. Through his many years of service on and his prior leadership of the Board’s compensation committee, Mr. Sosland also has detailed knowledge of the development and implementation of UMB’s executive incentive-compensation plans.

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Leroy J. Williams, Jr.

Mr. Williams is the founder and Chief Executive Officer of CyberTekIQ, LLC, a consulting firm which partners with clients to maximize business performance through smart technology investments and the deployment of information security best practices, a position he has held since October 2016. He previously served as the Global Chief Information Officer of Ball Corporation (NYSE: BLL) from May 2005 until July 2016. Mr. Williams brings to the Board over 25 years of experience in managing technology innovation that is designed to maximize business returns across multiple industries, including in the manufacturing, public-sector, telecommunications, and financial-services industries. Mr. Williams also brings to the Board valuable expertise in the areas of cybersecurity and enterprise risk management and experience in managing large, complex transformational efforts on a global scale. Mr. Williams has served on the Board of Directors of Molson Coors Beverage Company since April 2022.

The Board recommends that shareholders vote FOR the election of each of the 14 nominees to our Board.

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COMPENSATION DISCUSSION AND ANALYSIS

Overview

UMB’s executive compensation program is designed to attract, retain, motivate and reward leaders that promote the long-term success of the Company. Our Compensation Committee is responsible for oversight of the compensation program for all Executive Officers. This Compensation Discussion and Analysis (“CD&A”) describes the material elements of the compensation program for our “Named Executive Officers” or “NEOs” which includes the Chief Executive Officer (“CEO”), the Chief Financial Officer (“CFO”), and our three other most highly compensated Executive Officers as of December 31, 2025.

This CD&A also describes relevant actions involving the compensation of the NEOs since the end of the 2025 fiscal year until the date of this Proxy Statement.

Executive Summary

2025 Business Highlights

2025 was a significant chapter in the Company’s 113-year history. The Company successfully completed the acquisition of Heartland Financial USA, Inc. (“HTLF”) and its subsidiaries, including HTLF Bank. The acquisition, which closed in the first quarter of 2025, contributed to an increase in the Company’s total assets, which were approximately $73 billion at year end (based on assets as of December 31, 2025) and expanded the Company’s operations to five new states. The Company successfully executed the HTLF systems and related operational conversion in the third quarter. Despite the significant integration planning activities during 2025, UMB remained focused and continued its stellar financial performance in 2025 with:

Additionally, the Company achieved several notable record highs in 2025 with annual net income of $702.4 million, net interest income of $1.86 billion and noninterest income of $790.0 million.

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Objectives of Our Compensation Program

Our Compensation Committee has established the following goals and objectives for structuring UMB’s executive compensation program and in making individual compensation decisions:

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Compensation Best Practices

Components of Executive Compensation

During 2025, our compensation program for our NEOs consisted of four fundamental components: (1) base salary, (2) short-term cash incentive compensation, (3) long-term incentive compensation, and (4) other benefits and perquisites, as follows.

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The actual mix of these components varies for each NEO and is dependent on the Compensation Committee’s evaluation of individual performance, strategic value, leadership, responsibilities, competency, experience, and expected future contributions The Compensation Committee, however, believes that the majority of each NEO’s compensation should be contingent on performance or paid out over time (“at risk”) and places particular emphasis on at-risk compensation that is delivered in equity and vests over time. The following charts illustrate the allocation of direct target compensation for 2025 for our CEO and the annual average allocation of direct target compensation for 2025 for all of our NEOs.

The Role of the Compensation Committee

Each year our Compensation Committee reviews and approves the Executive Compensation Principles (the “Executive Compensation Principles”) of the Company. The Compensation Committee has exclusive authority to determine the compensation of the Company’s CEO and approves the compensation of the other Executive Officers. The Compensation Committee also reviews and recommends, and the Board approves, the compensation of all directors. In determining the compensation of our NEOs, the Compensation Committee considers information provided by the Compensation Committee’s external compensation consultant and UMB’s management team, as well as information obtained from publicly available sources about the companies in our peer group.

The Role of Executive Officers in the Compensation Decisions

Mr. Kemper, as CEO of the Company, Mr. Rine, as CEO of the Bank, Ms. Johnson, as Chief Administrative Officer, and Mr. Shankar, as Chief Financial Officer, with the assistance of our Human Resources Department, review the performance of the other Executive Officers who report directly to each of them and offer recommendations to the Compensation Committee on the amount and mix of their respective team members’ compensation. These Executive Officers do not participate in the Compensation Committee’s review or determination of their individual performance and compensation.

The Role of the Compensation Consultant

Our Compensation Committee engaged Aon’s Human Capital Solutions practice, a division of Aon (“Aon”) as its independent executive compensation consultant during 2025. In this capacity, Aon advised the Compensation Committee on the structure and design of our executive compensation program, including the amount and mix of compensation for 2025 and 2026, on the Company’s comparative peer group, on regulatory updates, and director compensation. While Aon reports to the Compensation Committee, it also works with the Company’s Human Resources Department and senior management to facilitate Compensation Committee work. Representatives of Aon attended all the meetings of the Compensation Committee in 2025 and thus far in 2026.

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Fees Paid to Consultant

During fiscal year 2025, the Company paid Aon $321,206 for consulting services for executive and director compensation, equity plan support, short-term and long-term incentive compensation benchmarking, various proxy matters, third-party survey data used for broad-based compensation matters, including executive benchmarking and equity policy development.

Also in 2025, Aon was engaged by the Company (with awareness of the Compensation Committee) to provide additional services, largely tied to the HTLF acquisition, including equity conversion support, workforce transformation advisory services, and investment consulting, totaling $213,788. These acquisition-specific services and one-time business projects are not expected to continue.

The Compensation Committee received disclosure of the additional services and considered factors relevant to Aon’s independence under SEC and NASDAQ rules, including the fact that (1) total fees paid by the Company to Aon are less than 1% of Aon’s total annual revenue; (2) Aon has developed internal policies to avoid potential conflicts of interest; (3) no Aon partners or other Aon advisors to the Compensation Committee have any business or personal relationships with any member of the Compensation Committee; (4) no partner or Aon advisors to the Compensation Committee personally own any stock of the Company; and (5) neither Aon nor any of the Aon consultants to the Compensation Committee have any business or personal relationships with an executive officer of the Company. The Compensation Committee has determined that Aon is independent under these factors.

Use of Competitive Data

In order to make appropriate market-informed decisions on compensation and orient with the growth resulting from the acquisition of HTLF in January of 2025, the Compensation Committee adopted a revised peer group for 2025 compensation decisions following the acquisition (the “Peer Group”). The Peer Group was selected, with the assistance of Aon, by identifying a pool of potential peers with similar statistical characteristics as the Company post-acquisition. Each firm was then evaluated and removed or retained on the basis of asset size, mix of business, annual revenue, market capitalization, employees, and other factors judged by the Compensation Committee to be relevant. Firms from the Company’s prior peer group were retained for consistency as reasonably appropriate. The resulting Peer Group consists of the following 15 companies:

Executive Compensation for 2025

General Considerations for 2025

Annual compensation decisions for NEOs were primarily made in February 2025 after our Board held its first regular meeting of the year and earnings and other financial results for the prior year were announced. The Compensation Committee also made decisions regarding the Performance Share Unit awards and finalized the annual short-term incentive compensation plan following the Board’s approval of a post-acquisition budget in April 2025 (the “2025 Budget”). The Compensation Committee weighed a number of general considerations in setting the compensation for each NEO in 2025, including evaluating the job-based factors to determine if the Company’s value of the role differs from the competitive labor market, reviewing the incumbent performance value and evaluating each NEO’s performance in his or her respective role, to come to a final compensation decision for each NEO.

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Base Salary

Base salary provides the NEOs with a market-competitive baseline of cash compensation, generally in the form of fixed bi-weekly payments. The Compensation Committee established the salaries of our NEOs in 2025 by (1) using peer-group or industry data to identify comparative medians and quartiles and (2) adjusting off the median and quartiles to reflect each NEO’s individual performance, strategic value, leadership, responsibilities, competencies, and experience.

Annual base salary adjustments for the NEOs, if any, are generally decided by the Compensation Committee at its meeting in February for implementation in late March. The changes in the base salary for 2025 were effective as of March 17, 2025. For each NEO other than Mr. Kemper, the Compensation Committee considers the industry market data and the recommendation of the NEO’s manager when adjusting base salary. When determining Mr. Kemper’s base salary, the Compensation Committee utilizes industry and Peer Group market data while retaining full discretion to set the base salary. After review and discussion with Aon, the Compensation Committee increased 2025 base salaries for our NEOs to reflect their achievements, market considerations, and alignment with peers as well as the Company’s increased size and complexity following the HTLF acquisition.

Base Salary 2025

Short-Term Cash Incentive Compensation

Short-Term Cash Incentive—Plan Overview

Short-term incentive compensation generally takes the form of an annual cash bonus and is used to reward superior performance primarily over the short term through the Short-Term Incentive Compensation Plan (as adopted by the Board, the “Short-Term Incentive Plan” or “STIP”). Short-term incentive compensation awards are designed to motivate the Executive Officers, including the NEOs, to achieve, and exceed, Company-wide goals and their individual annual performance goals, and to otherwise support the Company’s key strategic initiatives. The Compensation Committee believes that these short-term incentive compensation goals and awards are drivers of valuation and align with the Company’s strategy. They also align the Executive Officer’s financial interest with the interest of the Company because the awards are tied to the Executive Officer’s performance against established goals and are funded based on the performance of the Company and/or a business line.

In April 2025, the Compensation Committee approved the use of two performance metrics to determine the STIP pool: the Company’s core pre-provision net revenue (“Core PPNR”) and the Company’s net charge-offs divided by average loans (“NCOs”). These are the same performance metrics that have been utilized since 2022. The Compensation Committee believes that these performance metrics appropriately allowed for formulaic measurement

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of the Company’s operational performance against the Company’s annual budget. The Compensation Committee also considered that these performance metrics would equitably isolate measurement of the Company’s actual performance from the impact of macro dynamic factors such as changes to, or the adoption of, accounting standards and regulations which may impact financial performance but do not reflect actual operational performance. The 2025 annual short-term incentive compensation program (the “2025 STIP”) consisted of a target short-term award pool weighted 80% to Core PPNR achievements and 20% to NCO achievements. These are the same weightings used for these metrics that have been utilized since 2022. The target amounts for Core PPNR and NCOs were established using the Company’s 2025 Budget.

The Compensation Committee has exclusive authority to determine the Core PPNR by taking the Company’s financial results under generally accepted accounting principles and adjusting the results for gains, losses and circumstances that the Compensation Committee deems to be fair and appropriate such as (1) a gain or loss for the sale of non-earning assets; (2) a gain or loss on the sale or discontinuance of an investment, business, product or service; (3) a gain or loss on branch closings; (4) expenses associated with the acquisition of a business, including, without limitation, purchase accounting adjustments; (5) severance costs; (6) litigation reserves; and (7) other large, non-recurring items unrelated to core results. Once the Core PPNR and NCOs are determined, the actual bonus pool is proportionally increased or decreased, based on the following chart with linear interpolation of the pool amounts falling between the levels set:

The Compensation Committee also employed a discretionary plan governor to the 2025 STIP in which the Compensation Committee could make a discretionary reduction in the short-term award pool if, for 2025, the Company’s operating leverage fell below 0.0%, and it could make a discretionary increase to the short-term award pool if the Company’s operating leverage exceeded 4.8%. The operating leverage metrics were also established using the Company’s 2025 Budget.

Corporate Financial Performance

Financial performance for 2025 was driven by the strong operating fundamentals that are the core of UMB’s business. The results demonstrated the impact of the successful closing and integration of HTLF as well as UMB’s continued focus on excellent credit quality metrics and disciplined expense management. Additionally, continued momentum and new client acquisitions in many of the Company’s fee income businesses resulted in strong growth on both sides of the balance sheet. The Company earned Core PPNR of $1,089.2 million driven by strong loan, earning asset and deposit growth, lower costs of deposits, increased fee income and strong expense management. As a result of UMB’s continued focus on credit quality and oversight, NCOs were only 0.23% of average loans for 2025.

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UMB’s 2025 results compared to the 2025 STIP metrics are set forth in the table below.

The Compensation Committee determined that the Company’s operating leverage was 11.7% for 2025, which indicated that a positive discretionary adjustment could be considered to the 2025 short-term bonus pool. The Compensation Committee decided to make a positive discretionary adjustment of 6.9 percentage points due to the operational and financial outperformance for 2025 and the additional efforts around the acquisition of HTLF and subsequent conversion activities. The table below reflects the final STIP funding pool, inclusive of the discretionary adjustment.

2025 Final Payment Determination

Each NEO’s individual target 2025 STIP award was established at the February 2025 Compensation Committee meeting as a percentage of their base salary as of December 31, 2025. The Compensation Committee increased the 2025 STIP target percentage of base salary for each of the NEOs to reflect their achievements, market considerations, and alignment with peers and further took into account the Company’s increased size and complexity following the HTLF acquisition.

In determining each Executive Officer’s (including each NEO’s) actual 2025 STIP award, the Compensation Committee considered the extent to which the NEO’s individual performance objectives were achieved and determined the level of payout from the target. The CEO’s performance and award were evaluated exclusively by the Compensation Committee while the performance and recommended awards for the other Executive Officers were evaluated by each Executive Officer’s manager, which was then presented and approved by the Compensation

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Committee. The maximum possible individual award under the 2025 STIP is 200% of the individual target award. The performance objectives for each of the NEOs are set forth in the table below.

The Compensation Committee reviewed and discussed the objectives, evaluated the performance of each NEO in light of their objectives, and determined that each of the NEOs met or exceeded their performance objectives during the performance period. Additionally, the Compensation Committee considered the extraordinary time and effort expended by each of the NEOs to prepare the Company for the successful conversion of HTLF systems, operations and processes. Further, Ms. Wilson’s STIP award was increased to 200% of target to recognize her role in overseeing the successful technical conversion of the HTLF systems and processes in the fourth quarter of 2025. The final tabulations for the STIP awards are set forth below:

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Long-Term Incentive Compensation

Long-Term Incentive Compensation—Overview

UMB offers equity awards to the officers, employees and directors of the Company under the UMB Financial Corporation Omnibus Incentive Compensation Plan (the “Omnibus Plan”). In addition, for former HTLF associates and directors, UMB could have leveraged the Heartland Financial USA, Inc. 2024 Long-Term Incentive Plan for certain equity awards or grants, although it has only elected to do so for the former HTLF directors. The Omnibus Plan provides the Compensation Committee flexibility in the types of equity awards that may be utilized to link the financial rewards to the recipient with increases in Company shareholder value. The Omnibus Plan provides the following features that protect the shareholder interest:

Long-term incentive compensation in 2025 for the NEOs took the form of service-based restricted share units (“Service Units”) and performance-based restricted share units (“Performance Units”). The Compensation Committee granted awards of Service Units that vested on a 3-year schedule in 2025 for retention purposes. This 3-year vesting schedule for the Service Units is also in line with the 3-year performance period of Performance Unit awards. Dividend equivalent units are accrued on the unvested Service Units and are distributed in UMB Shares to the same extent that the Service Units vests. No dividend equivalent units are accrued with respect to the Performance Units.

The Compensation Committee believes that the equity award vehicles and governance features described above are consistent with the terms of the Amended and Restated UMB Financial Corporation Omnibus Incentive Compensation Plan (the “Plan”) being submitted for shareholder approval at the Annual Meeting.

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All equity awards are typically valued as of the grant date, using the fair market value of the underlying stock as represented by the closing price of the Company’s shares on the grant date, although for the April 2025 Performance Unit grants, the closing price on the date the Compensation Committee approved the grants was utilized. Grants of equity awards are generally approved in a manner that satisfies the exemption from Section 16(b) of the Exchange Act.

Performance Units: Our Compensation Committee established a performance standard for the Performance Units that is based 50% on the Company’s three-year cumulative core after-tax earnings per share, excluding the impact of purchase accounting adjustments (“3-year EPS”) and 50% on the Company’s average return on tangible common equity excluding the impacts of accumulated other comprehensive income (“AOCI”) as well as purchase accounting adjustments, net of taxes over the three-year performance period (“Adjusted ROTCE”). The Compensation Committee believes that the use of 3-year EPS aligns with shareholders to show UMB’s ability to grow profits over time and the use of Adjusted ROTCE demonstrates UMB’s ability to efficiently allocate capital to generate profits. AOCI was excluded from the calculation of Adjusted ROTCE because average common equity can be inflated or deflated depending on unrealized gains or losses in the bond portfolio and results in no actual economic impact to the Company. Removing AOCI keeps the Adjusted ROTCE calculation neutral to volatility from interest rate movements and allows for more focus on core results. Purchase accounting adjustments were similarly excluded to ensure the true performance of the Company was being measured.

The 2025 performance thresholds for the 3-year EPS and Adjusted ROTCE were established using the 2025 Budget that was approved by the Board in April 2025. The 2026 and 2027 target amounts were determined using management’s 3-year forecast. We do not disclose forward-looking goals for our multi-year incentive programs because the Company does not provide forward-looking guidance to our investors with respect to multi-year periods and further because the goals are considered competitively sensitive, confidential information. It has been our practice to disclose multi-year performance goals in full after the close of the applicable performance period.

At the end of the performance period, the 3-year EPS and Adjusted ROTCE for the performance period are determined by the Compensation Committee, after consulting (if appropriate) with the Corporate Audit Committee and making such adjustments for material changes in the number of outstanding shares, non-recurring gains or losses, and other circumstances as the Compensation Committee may determine fair and appropriate. Without limiting the Compensation Committee’s authority or discretion, adjustments to the Company’s GAAP earnings per share may be made for (i) gain or loss on sales of non-earning assets, (ii) gain or loss on the sale or discontinuance of an investment, business, product or service, (iii) expenses associated with severance costs, (iv) litigation reserves, or (v) any other large non-recurring gains or losses unrelated to pre-tax operating income.

The threshold level for both the 3-year EPS and the Adjusted ROTCE is 80% of the target level. At the end of the performance period, achieving the target level for each performance metric would result in 100% of the Performance

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Units vesting; reaching the threshold level of 80% of each performance metric would result in 50% of the Performance Units vesting; and achieving or exceeding the optimum level of 130% of each performance target would result in 200% of the Performance Units vesting. If actual performance related to a metric falls above or below the target level, but above the threshold level, the percentage of Performance Units earned with respect to that metric would be interpolated on a linear sliding scale, not to exceed 200% funding for 130% of total target performance. The weighted amounts earned with respect to each metric are then combined to determine the actual number of Performance Units earned. Failing to meet the threshold level would result in 0% of the Performance Units being earned.

2025 Annual Long-Term Incentive Grant

In February 2025 and April of 2025, respectively, the Compensation Committee approved the value of the annual Service Unit and Performance Unit equity awards to all the NEOs. The value of each award is expressed as a percentage of the NEO’s base salary at the time of the award. The value of the equity awards for each NEO are based on comparative peer-group or industry data and the NEO’s position, strategic value, leadership, responsibilities, competency, and experience. The awards for the NEOs were comprised of 40% Service Units and 60% Performance Units and are further detailed below. The Committee increased the value of the LTIP grants as a percentage of salary in 2025 for each NEO based on each NEO’s performance as well as the review of compensation metrics for similar roles within the peer group companies and also took into account the Company’s increased size and complexity following the HTLF acquisition.

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As disclosed in the Company’s 2025 proxy statement, effective as of the acquisition of HTLF, the Compensation Committee approved certain amendments to the 2023 Performance Units. The Compensation Committee reviewed performance under the 2024 Performance Units, which at the time of acquisition close was calculated to be approximately 95.99% of plan target. The Compensation Committee evaluated the expected impact of the HTLF acquisition on such metrics and determined that the applicable performance metrics were no longer appropriate, given that the acquisition would impact the performance metrics in a manner not within the control of management, and potentially in an outsized manner. As a result, after discussions with Aon, the Compensation Committee waived the continued applicability of the performance-based vesting conditions for the 2023 Performance Units and converted the 2023 Performance Units into, effectively, awards of time-based Service Units that vest at the same time as the service conditions that applied to the 2023 Performance Units. The 2023 Performance Units were converted to Service Units assuming performance at 100% of target, which reflected the greater of target performance and actual performance through December 31, 2024. The foregoing formula was designed to be fair and equitable given that the additional year remaining under the performance period could have improved performance metrics beyond 95.99%, while recognizing that the 100% maximum hedged the potential for additional upside as a result of the HTLF acquisition that was not fully within the control of management. The Company is not able to accurately determine performance exclusively for non-HTLF operations for many reasons including, but not limited to, systems limitations and that certain decisions made by management may have been different had the acquisition not been completed. Notwithstanding the foregoing, had the Compensation Committee not waived the performance-based vesting conditions and instead utilized the original performance metrics, it is estimated that the 2023 Performance Units would have vested at approximately 135% of target excluding the financial impact of the HTLF acquisition as best as the Company is able to reasonably determine.

As a result of the foregoing, following the end of the performance period which concluded December 31, 2025, the NEOs received the following shares of Company stock free of restrictions and risk of forfeiture: (a) 17,174 shares to Mr. Kemper, (b) 1,880 shares to Mr. Shankar, (c) 8,125 shares to Mr. Rine, (d) 1,990 shares to Ms. Johnson, and (e) 1,202 shares to Ms. Wilson.

Amendments to 2024 Performance Units under the 2024 Long-Term Program

Also as disclosed in the Company’s 2025 proxy statement, effective as of the acquisition of HTLF, the Compensation Committee approved certain amendments to the 2024 Performance Units. Similar to its evaluation of the 2023 Performance Units, the Compensation Committee evaluated the expected impact of the HTLF acquisition on the performance metrics and determined that the applicable performance metrics were no longer appropriate for the same reasons explained above. As a result, after discussions with Aon, the Compensation Committee waived the continued applicability of the performance-based vesting conditions for the 2024 Performance Units and converted the 2024 Performance Units into awards of time-based Service Units that vest at the same time as the service conditions that applied to the 2024 Performance Units. The 2024 Performance Units were converted to Service Units assuming performance at 194.67% of target, which reflected the greater of target performance and actual performance through December 31, 2024 and will vest, subject to continued service, following the end of the performance period concluding at the end of December 31, 2026.

2022 Special Performance Grant for Ms. Johnson

In addition to the annual LTIP grants for 2022, in July of 2022, Ms. Johnson received an additional performance-based equity retention grant valued at approximately $401,800 on the date of grant. This grant was part of a group of special equity grants made to Executive Officers to facilitate the Company’s retention efforts and to help reinforce long-term succession needs. The performance and vesting metrics for the grant aligned to specific operational considerations, and the grant provided for: (i) a 100% payout the extent the Company achieved a positive core net operating income for each of the three years in the performance period (the “First Performance Criteria), (ii) a 150% payout in the event the First Performance Criteria was met, and at least 90% of the scheduled internal regulatory reviews for the Company were completed as scheduled during the three year performance period (collectively, the “Second Performance Criteria”), and (iii) a 200% payout if the Second Performance Criteria was met and certain

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operational expense goals within Ms. Johnson’s control were achieved (collectively, the “Third Performance Criteria”). The foregoing summary of the award terms is qualified entirely by reference to the Performance Share Unit Award Agreement, filed as an exhibit to the Company’s Current Report on Form 8-K, filed with the SEC on July 29, 2022. In July 2025, the Compensation Committee reviewed Ms. Johnson’s performance over the performance period and found that the Third Performance Criteria had been met. Based on this review, the award vested at 200% and Ms. Johnson received 8,878 shares of Company stock free of restrictions and risk of forfeiture.

Deferred Compensation Plan

UMB maintains a non-qualified deferred compensation plan that permits the NEOs and other specified participants, at their option, to defer a portion of their compensation payable for a calendar year until retirement, termination, or the occurrence of another specified event. UMB has an unsecured obligation to pay each deferred amount at the applicable time together with a rate of return equal to the yield produced by a mutual fund selected by the participant from among those available under the Profit-Sharing Plan. UMB does not match any amount that a participant may choose to defer. All of the NEOs were eligible to participate in this plan, and Mr. Shankar elected to defer income in 2025.

Additional Payments or Benefits

The NEOs, in addition to other officers, may be entitled to receive accelerated payments or other awards under the Long-Term Incentive Plan, or the Short-Term Incentive Plan (such as death, disability, retirement, or a change in control of UMB). See “Change in Control Agreements” later in this CD&A and “Potential Payments upon Termination or Change in Control” later in this Proxy Statement for additional information.

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Executive Compensation Actions in 2026

Earlier discussions of each NEO’s compensation for 2025 address actions that were taken by the Compensation Committee in 2025. See “Executive Compensation for 2025” earlier in this CD&A. The following discussion and table outlines certain actions the Compensation Committee took in fiscal year 2026 and how they relate to compensation for each of the NEOs for fiscal years 2025 and 2026.

The following table outlines compensation actions taken by the Compensation Committee for each of the NEOs so far for fiscal year 2026, informed by the Peer Group, as well as each NEO’s role and performance in that role:

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A detailed discussion of each NEO’s compensation for 2026 will be included in the proxy statement for our 2027 annual meeting of shareholders.

Change in Control Agreements. On February 9, 2026, the Compensation Committee approved the entry by the Company into a Change in Control Agreement (each, a “CIC Agreement”) with each of the NEOs, which provides for severance protections in the event of a qualifying termination of employment in connection with a change in control of the Company.

Each CIC Agreement has an initial term continuing through December 31, 2026 which automatically renews for successive one-year periods unless the Company provides notice of non-renewal at least 30 days before the end of the then-current term; provided that the Company may not provide notice of non-renewal after such time as the Company enters into a written agreement, the consummation of which would result in a change in control, or the Company or another party publicly announces its intent to consummate a change in control transaction. Enhanced severance benefits are provided for a qualifying termination that occurs in connection with a change in control in order to support ongoing retention and alignment of the interests of our NEOs and those of our shareholders in the event of a potential change in control transaction.

Under the CIC Agreements, if an NEO’s employment is terminated by the Company without “cause” or by the Executive for “good reason” (each as defined in the CIC Agreement) during the period ending twenty-four months following a change in control (and, in the case of a termination without cause, including the period six months prior to the change in control), the executive will be eligible to receive the following severance payments and benefits, subject to the executive’s execution and non-revocation of a release of claims: (i) a lump-sum cash severance payment equal to a specified multiple (3X for Messrs. Kemper and Rine and 2X for the other NEOs) of the sum of the NEO’s (i) annual base salary and (ii) the greater of (x) the average annual cash bonus paid for the three fiscal years preceding the termination date and (y) the target annual bonus for the year of termination; (ii) a lump sum pro-rated target annual bonus for the performance period in effect at the time of termination, based on the number of months worked during the performance period through the termination date; (iii) a lump-sum cash payment representing 18 months of premiums for coverage under the Company’s group health plans; (iv) upon the NEO’s request, outplacement career transition services in an amount not to exceed twenty-five percent (25%) of the NEO’s individual base pay; and (v) full acceleration of outstanding equity awards that are assumed by the acquirer, with applicable performance conditions deemed achieved at the greater of target or actual performance as of the change in control.

In determining the enhanced severance that would apply in the event of a qualifying termination that occurs in connection with a change in control, the Compensation Committee took into account change in control practices among the Peer Group.

Information regarding the potential payments and benefits that would have been payable to the NEOs upon a termination of employment or a change in control occurring on December 31, 2025, is provided under the section titled “Potential Payments Upon Termination or Change in Control.” This disclosure does not reflect amounts payable under the CIC Agreements since they were not effective as of such date.

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COMPENSATION COMMITTEE REPORT

The Compensation Committee has reviewed and discussed with management the CD&A set forth earlier in this Proxy Statement. Based on that review and discussion, the Compensation Committee recommended to the Board that the CD&A be included in UMB’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and this Proxy Statement.

Robin C. Beery, Chair

Janine A. Davidson

Gordon E Lansford III

Margaret Lazo

Timothy R. Murphy

Leroy J. Williams, Jr.

As provided by SEC Regulation S-K, this Compensation Committee Report is not deemed to be soliciting material or to be filed or incorporated by reference into any other filing by UMB under the Securities Act of 1933 as amended or the Exchange Act.

COMPENSATION POLICIES AND PRACTICES RELATING TO RISK MANAGEMENT

At least annually, an incentive compensation risk assessment is prepared by our Corporate Risk Services and Human Resources Departments and is presented to the Compensation Committee. This risk assessment is designed to ascertain whether our incentive compensation arrangements generate incentives that properly balance risk and reward, are compatible with effective controls and risk management (including the Interagency Guidance on Sound Incentive Compensation Policies issued by the federal banking agencies), are overseen through a strong corporate governance structure, and ultimately ensure that UMB’s safety and soundness are adequately protected.

In February 2025, as with prior years, the Compensation Committee reviewed and deliberated on (1) the annual incentive compensation risk assessment, (2) the Executive Compensation Principles, (3) UMB’s compensation policies and practices, (4) whether or how UMB’s compensation policies and practices may incent an employee to engage in higher risk activities, (5) whether or how any short term incentives may have an impact on long term risk, (6) whether or how claw backs or hold-backs are utilized or deemed appropriate, (7) whether or how changes in UMB’s risk profiles may require changes in its compensation policies and practices, (8) how to appropriately monitor UMB’s compensation policies and practices to ensure that its risk management objectives are being met, and (9) the existence and effectiveness of any controls, policies, or practices that may be in place to mitigate or balance the risks associated with UMB’s compensation policies or practices. Based on this review, the Compensation Committee concluded that the compensation policies and practices relating to Executive Officers and other employees of UMB and its subsidiaries do not create risks that are reasonably likely to have a material adverse effect on UMB.

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COMPENSATION TABLES

2025 SUMMARY COMPENSATION TABLE

This table summarizes the compensation of the Named Executive Officers for each of our last three completed fiscal years. Their compensation for 2025 is discussed in more detail in “Compensation Discussion and Analysis” earlier in this Proxy Statement.