Third Quarter 2025 Financial Highlights

GAAP net income available to common shareholders of $180.4 million, or $2.36 per diluted common share, an increase of 64.5% as compared to the third quarter of 2024.
Net operating income available to common shareholders⁽ⁱ⁾ of $206.5 million, or $2.70 per diluted common share, an increase of 87.2% as compared to the third quarter of 2024.
Third quarter 2025 return on average assets of 1.04% and return on average common equity of 10.14%.
Efficiency ratio improved to 58.1% as compared to 61.7% in the third quarter of 2024.
Net interest margin on a fully taxable equivalent basis of 3.04%, up 58 basis points from the third quarter of 2024.
Average loans increased 8.0% on a linked-quarter annualized basis to $37.1 billion; average loans increased $12.8 billion, or 52.3%, as compared to the third quarter of 2024. End-of-period loans were $37.7 billion at September 30, 2025.
Average deposits increased 8.0% on a linked-quarter annualized basis to $56.8 billion. End-of-period deposits were $60.1 billion at September 30, 2025.
Expenses of $419.3 million included $35.6 million in acquisition-related costs.
Noninterest income increased 28.1% to $203.3 million compared to the third quarter of 2024.
Total assets at September 30, 2025 were $71.9 billion, up 51.3% from $47.5 billion as of September 30, 2024.
Successfully integrated Heartland Financial, USA, Inc. (HTLF) to UMB's core systems in mid-October.

(i) A non-GAAP financial measure reconciled later in this release to the nearest comparable GAAP measure.

UMB Financial Corporation (NASDAQ:UMBF), a financial services company, announced net income available to common shareholders for the third quarter of 2025 of $180.4 million, or $2.36 per diluted share, compared to $215.4 million, or $2.82 per diluted share, in the second quarter (linked quarter) and $109.6 million, or $2.23 per diluted share, in the third quarter of 2024.

Net operating income available to common shareholders, a non-GAAP financial measure reconciled later in this release to net income available to common shareholders, the nearest comparable GAAP measure, was $206.5 million, or $2.70 per diluted share, for the third quarter of 2025, compared to $225.4 million, or $2.96 per diluted share, for the linked quarter and $110.4 million, or $2.25 per diluted share, for the third quarter of 2024. Operating pre-tax, pre-provision income (operating PTPP), a non-GAAP measure reconciled later in this release to the components of net income before taxes, the nearest comparable GAAP measure, was $293.4 million, or $3.84 per diluted share, for the third quarter of 2025, compared to $309.2 million, or $4.06 per diluted share, for the linked quarter, and $154.6 million, or $3.15 per diluted share, for the third quarter of 2024. These operating PTPP results represent a decrease of 5.1% on a linked-quarter basis and an increase of 89.8% compared to the third quarter of 2024.

"We are extremely pleased to have completed the final milestone of our Heartland Financial USA, Inc. acquisition by successfully executing the systems and brand conversion following the third quarter," said Mariner Kemper, UMB Financial Corporation chairman and chief executive officer. "I am incredibly proud of the teams that have been working around the clock to make this a smooth and seamless transition for all our clients as well as our associates, and are excited to be operating as one company. Additionally, the combined teams continued to deliver on our business fundamentals as evidenced by our strong third quarter results, which set a new record for loan production and also drove strong fee income, stable credit quality, and continued positive operating leverage.

"Additionally, our third quarter results once again demonstrate the strength of our diversified business model, with strong organic growth momentum supplemented by the early successes from our acquired markets. Average loans and deposits both increased 8.0% annualized on a linked-quarter basis. Gross loan production for the third quarter was a record high at $2.1 billion, and average commercial and industrial loans increased 14.2% on a linked-quarter annualized basis. Noninterest income, excluding investment gains or losses, increased 12.4% to $207.4 million. Net charge-offs on legacy UMB loans averaged only eight basis points of average loans in the third quarter, down from 13 basis points in the prior quarter."

Third Quarter 2025 earnings discussion

Note: The acquisition of HTLF closed on January 31, 2025; as such, financial results for the second and third quarters of 2025 include the impact from the acquired operations. Financial results in the third quarter of 2024 were impacted by $2.6 million in acquisition-related expense and do not include any impact of the acquired operations of HTLF.

Summary of quarterly financial results	UMB Financial Corporation
(unaudited, dollars in thousands, except per common share data)
	Q3			Q2			Q3
	2025			2025			2024
Net income (GAAP)	$	188,316		$	217,394		$	109,643
Net income available to common shareholders (GAAP)		180,372			215,382			109,643
Earnings per common share - diluted (GAAP)		2.36			2.82			2.23

Operating pre-tax, pre-provision income (Non-GAAP)(i)		293,383			309,182			154,594
Operating pre-tax, pre-provision earnings per common share - diluted (Non-GAAP)(i)		3.84			4.06			3.15

Operating pre-tax, pre-provision income - FTE (Non-GAAP)(i)		301,697			317,473			161,195
Operating pre-tax, pre-provision earnings per common share - FTE - diluted (Non-GAAP)(i)		3.95			4.17			3.28

Net operating income available to common shareholders (Non-GAAP)(i)		206,546			225,379			110,358
Operating earnings per common share - diluted (Non-GAAP)(i)		2.70			2.96			2.25

GAAP
Return on average assets		1.04	%		1.29	%		1.01	%
Return on average common equity		10.14			12.72			12.63
Efficiency ratio		58.09			53.38			61.69

Non-GAAP(i)
Operating return on average assets		1.20	%		1.35	%		1.01	%
Operating return on average common equity		11.61			13.31			12.71
Operating efficiency ratio		53.02			51.48			61.46
(i) See reconciliation of Non-GAAP measures to their nearest comparable GAAP measures later in this release.

Summary of year-to-date financial results	UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)	September			September
	YTD			YTD
	2025			2024
Net income (GAAP)	$	487,043		$	321,246
Net income available to common shareholders (GAAP)		475,074			321,246
Earnings per common share - diluted (GAAP)		6.53			6.56

Operating pre-tax, pre-provision income (Non-GAAP)(i)		835,858			458,885
Operating pre-tax, pre-provision earnings per common share - diluted (Non-GAAP)(i)		11.49			9.37

Operating pre-tax, pre-provision income - FTE (Non-GAAP)(i)		859,968			478,409
Operating pre-tax, pre-provision earnings per common share - FTE - diluted (Non-GAAP)(i)		11.82			9.76

Net operating income available to common shareholders (Non-GAAP)(i)		600,803			336,943
Operating earnings per common share - diluted (Non-GAAP)(i)		8.26			6.88

GAAP
Return on average assets		0.98	%		1.01	%
Return on average common equity		9.84			13.13
Efficiency ratio		58.48			62.82

Non-GAAP(i)
Operating return on average assets		1.23	%		1.06	%
Operating return on average common equity		12.45			13.77
Operating efficiency ratio		53.21			61.12

Summary of revenue	UMB Financial Corporation
(unaudited, dollars in thousands)
	Q3			Q2			Q3			CQ vs.			CQ vs.
	2025			2025			2024			LQ			PY
Net interest income	$	475,042		$	467,024		$	247,376		$	8,018		$	227,666
Noninterest income:
Trust and securities processing		87,926			83,263			74,222			4,663			13,704
Trading and investment banking		7,026			6,170			7,118			856			(92	)
Service charges on deposit accounts		29,150			28,865			20,089			285			9,061
Insurance fees and commissions		307			189			282			118			25
Brokerage fees		20,470			20,525			15,749			(55	)		4,721
Bankcard fees		29,561			29,018			22,394			543			7,167
Investment securities (losses) gains, net		(4,093	)		37,685			2,623			(41,778	)		(6,716	)
Other		32,951			16,470			16,266			16,481			16,685
Total noninterest income	$	203,298		$	222,185		$	158,743		$	(18,887	)	$	44,555
Total revenue	$	678,340		$	689,209		$	406,119		$	(10,869	)	$	272,221
Net interest income (FTE)	$	483,356		$	475,315		$	253,977
Net interest margin (FTE)		3.04	%		3.10	%		2.46	%
Total noninterest income as a % of total revenue		30.0			32.2			39.1

Net interest income

Third quarter 2025 net interest income totaled $475.0 million, an increase of $8.0 million, or 1.7%, from the linked quarter, driven primarily by continued organic growth in average loans and average earning assets. These increases were partially offset by higher interest expense driven by an increase of $1.7 billion in average interest-bearing deposits and mix changes and lower purchase accounting accretion income.
Average earning assets increased $1.7 billion, or 2.7%, from the linked quarter, largely driven by increases of $1.3 billion in average securities and $731.8 million in average loans.
Average interest-bearing liabilities increased $1.7 billion, or 3.9%, from the linked quarter, primarily driven by an increase of $1.7 billion, or 4.0%, in interest-bearing deposits. Average noninterest-bearing deposits decreased $544.4 million, or 3.8%, as compared to the linked quarter.
Net interest margin for the third quarter was 3.04%, a decrease of six basis points from the linked quarter, due to higher yields on interest-bearing deposits driven by strong growth in higher-cost asset servicing client deposit balances, lower yields on loans due to lower purchase accounting accretion income, and a three-basis-point impact from lower benefit from free funds.
On a year-over-year basis, net interest income increased $227.7 million, or 92.0%, driven by a $22.1 billion, or 53.8%, increase in average earning assets, primarily due to rate and mix changes related to the acquisition of HTLF. Average loans increased $12.8 billion, average securities increased $6.3 billion, and average interest bearing due from banks increased $2.7 billion.
Average deposits increased 60.8% compared to the third quarter of 2024, reflecting strong organic growth as well as the impact of acquired HTLF balances, partially offset by intentional decline in brokered certificate of deposit balances. Average interest-bearing deposits increased 66.4%, and noninterest-bearing demand deposit balances increased 45.9% compared to the third quarter of 2024. Average demand deposit balances comprised 24.4% of total deposits, compared to 25.9% in the linked quarter and 26.9% in the third quarter of 2024.
Average borrowed funds decreased $27.7 million as compared to the linked quarter and decreased $836.6 million as compared to the third quarter of 2024, driven by the repayment of the 2020 subordinated debt issuance during the third quarter of 2025 as well as repayment of borrowings under the BTFP and FHLB advances during the fourth quarter of 2024.

Noninterest income

Third quarter 2025 noninterest income decreased $18.9 million, or 8.5%, on a linked-quarter basis, largely due to:
- A decline of $41.8 million in investment securities gains, primarily driven by the pre-tax gain of $29.4 million on the company's investment in Voyager Technologies, Inc., which completed its initial public offering in June 2025, coupled with pre-tax gains of $8.2 million on the sale of two non-marketable investments in the second quarter, as well as $7.1 million in net losses on the company's marketable securities during the third quarter.
- These decreases were partially offset by the following increases:
  - Increases of $7.3 million in company-owned life insurance income, $5.0 million in bank-owned life insurance income, $2.5 million related to a legal settlement in the third quarter, and $1.9 million in derivative income, all recorded in other income. The increase in company-owned life insurance was offset by a proportionate increase in deferred compensation as noted below.
  - An increase of $4.7 million in trust and securities processing, primarily due to increases of $1.9 million in fund services income, $1.5 million in corporate trust income, and $1.2 million in trust income.
Compared to the prior year, noninterest income in the third quarter of 2025 increased $44.6 million, or 28.1%, primarily driven by:
- Increases of $5.0 million in bank-owned life insurance income, $3.8 million in derivative income, $3.7 million in company-owned life insurance income, and a $2.5 million legal settlement in the third quarter, all recorded in other income. The increase in company-owned life insurance was offset by a proportionate increase in deferred compensation as noted below.
- An increase of $13.7 million in trust and securities processing driven by increases of $6.4 million in trust income, $4.0 million in fund services income, and $3.3 million in corporate trust income.
- An increase of $9.1 million in service charges on deposit accounts, primarily driven by increased service charge income on interest-bearing checking accounts, largely due to the HTLF acquisition and increased corporate service charges income.
- Increases of $7.2 million in bankcard income due to increased interchange income, partially offset by increased rebate expense, and $4.7 million in brokerage income due to higher 12b-1 fees and money market income.
- These increases were partially offset by a decrease of $6.7 million in investment securities gains, primarily driven by $7.1 million in net losses on the company's marketable securities during the third quarter.

Noninterest expense

Summary of noninterest expense	UMB Financial Corporation
(unaudited, dollars in thousands)
	Q3		Q2		Q3		CQ vs.			CQ vs.
	2025		2025		2024		LQ			PY
Salaries and employee benefits	$	220,329	$	213,551	$	146,984	$	6,778		$	73,345
Occupancy, net		19,149		18,571		12,274		578			6,875
Equipment		16,563		16,426		15,988		137			575
Supplies and services		10,492		6,383		4,967		4,109			5,525
Marketing and business development		11,094		11,344		6,817		(250	)		4,277
Processing fees		45,008		43,638		29,697		1,370			15,311
Legal and consulting		21,616		18,468		9,518		3,148			12,098
Bankcard		11,775		12,363		12,482		(588	)		(707	)
Amortization of other intangible assets		25,317		25,268		1,917		49			23,400
Regulatory fees		8,091		9,259		4,686		(1,168	)		3,405
Other		29,851		17,897		7,124		11,954			22,727
Total noninterest expense	$	419,285	$	393,168	$	252,454	$	26,117		$	166,831

GAAP noninterest expense for the third quarter of 2025 was $419.3 million, an increase of $26.1 million, or 6.6%, from the linked quarter and $166.8 million, or 66.1% from the third quarter of 2024. Third quarter 2025 expenses included $35.6 million in total acquisition-related and other nonrecurring costs, compared to $13.5 million in the linked quarter and $2.6 million in the third quarter of 2024. Operating noninterest expense, a non-GAAP financial measure reconciled later in this release to noninterest expense, the nearest comparable GAAP measure, was $385.0 million for the third quarter of 2025, an increase of $4.9 million, or 1.3%, from the linked quarter and an increase of $133.4 million, or 53.0%, from the third quarter of 2024.
The linked-quarter increase in GAAP noninterest expense was driven by:
- An increase of $12.0 million in other expense driven by $19.2 million in fees for termination of legacy HTLF contracts, partially offset by a $7.5 million decrease in charitable contribution expense.
- An increase of $7.0 million in deferred compensation expense, recorded in salaries and employee benefits. The increase in deferred compensation expense was offset by the increase in company-owned life insurance income noted above.
- Increases of $4.1 million in supplies and services expense due to purchases of hardware and printing and mailing of conversion notices to customers during the third quarter, and $3.1 million in legal and consulting expense due to the timing of multiple projects.
The year-over-year increase in GAAP noninterest expense was driven by:
- Increases of $73.3 million in salaries and employee benefits expense, driven by the additional associates added as part of the HTLF acquisition, and $23.4 million in amortization of intangibles. Amortization of intangibles includes amortization of the core deposit intangible, customer list, and purchased credit card relationship intangibles recognized from the HTLF acquisition.
- An increase of $22.7 million in other expense driven by $19.2 million in fees for termination of legacy HTLF contracts, coupled with a $1.1 million increase in operational losses.
- Increases of $15.3 million in processing fees, driven by increased software subscription costs, and $12.1 million in legal and consulting expense primarily due to non-recurring transaction costs and timing of multiple projects.
- Increases of $6.9 million in occupancy expense due to branch buildings and office locations added to the company's footprint related to the HTLF acquisition, and $5.5 million in supplies and services due to the printing and mailing of conversion notices to customers and increased computer hardware costs during the third quarter of 2025.
Third quarter 2025 noninterest expense included $35.6 million in total acquisition-related and other nonrecurring costs, compared to $13.5 million in the linked quarter, and $2.6 million in the third quarter of 2024. During the third quarter of 2025, this expense was composed primarily of $19.6 million in other expense for contract termination fees as discussed above, $9.2 million in legal and consulting expense, $4.5 million in salaries and employee benefits, and $3.5 million in supplies and services expense. During the linked quarter, the $13.5 million in acquisition-related expense was primarily composed of $7.5 million in legal and consulting expense, $4.3 million in salaries and employee benefits, and $1.1 million in supplies and services expense. During the third quarter of 2024, acquisition-related expense was primarily composed of $2.5 million in legal and consulting expense.

Income taxes

The company's effective tax rate was 19.4% for the nine months ended September 30, 2025, compared to 19.0% for the same period in 2024. The increase in the effective tax rate in 2025 is primarily attributable to a smaller portion of income being earned from tax-exempt municipal securities, along with an increase in the state marginal tax rate.

Balance sheet

Average total assets for the third quarter of 2025 were $68.5 billion compared to $66.9 billion for the linked quarter and $43.3 billion for the same period in 2024.

Summary of average loans and leases - QTD Average					UMB Financial Corporation
(unaudited, dollars in thousands)
	Q3		Q2		Q3		CQ vs.			CQ vs.
	2025		2025		2024		LQ			PY
Commercial and industrial	$	14,787,494	$	14,293,892	$	10,279,196	$	493,602		$	4,508,298
Specialty lending		570,079		561,669		508,957		8,410			61,122
Commercial real estate		16,372,831		16,163,813		9,669,076		209,018			6,703,755
Consumer real estate		4,306,981		4,255,571		3,045,229		51,410			1,261,752
Consumer		242,526		295,118		164,105		(52,592	)		78,421
Credit cards		755,635		754,601		613,663		1,034			141,972
Leases and other		102,965		82,089		106,937		20,876			(3,972	)
Total loans	$	37,138,511	$	36,406,753	$	24,387,163	$	731,758		$	12,751,348

Average loans for the third quarter of 2025 increased $731.8 million, or 2.0%, on a linked-quarter basis and $12.8 billion, or 52.3%, compared to the third quarter of 2024. These increases reflect continued organic momentum across legacy UMB geographies, as well as the impact of acquired HTLF balances.

Summary of average securities - QTD Average	UMB Financial Corporation
(unaudited, dollars in thousands)
	Q3		Q2		Q3		CQ vs.			CQ vs.
	2025		2025		2024		LQ			PY
Securities available for sale:
U.S. Treasury	$	2,134,787	$	1,806,041	$	821,308	$	328,746		$	1,313,479
U.S. Agencies		81,708		85,969		166,250		(4,261	)		(84,542	)
Mortgage-backed		7,379,243		6,285,195		3,888,879		1,094,048			3,490,364
State and political subdivisions		2,425,931		2,403,741		1,240,199		22,190			1,185,732
Corporates		236,483		271,915		320,570		(35,432	)		(84,087	)
Collateralized loan obligations		557,125		553,844		340,604		3,281			216,521
Total securities available for sale	$	12,815,277	$	11,406,705	$	6,777,810	$	1,408,572		$	6,037,467
Securities held to maturity:
U.S. Treasury	$	8,019	$	—	$	—	$	8,019		$	8,019
U.S. Agencies		—		49,643		116,286		(49,643	)		(116,286	)
Mortgage-backed		2,402,963		2,439,844		2,597,430		(36,881	)		(194,467	)
State and political subdivisions		3,045,676		3,108,030		2,785,138		(62,354	)		260,538
Total securities held to maturity	$	5,456,658	$	5,597,517	$	5,498,854	$	(140,859	)	$	(42,196	)
Trading securities	$	12,098	$	16,693	$	19,743	$	(4,595	)	$	(7,645	)
Other securities		734,793		679,212		447,698		55,581			287,095
Total securities	$	19,018,826	$	17,700,127	$	12,744,105	$	1,318,699		$	6,274,721

Average total securities increased 7.5% on a linked-quarter basis and 49.2% compared to the third quarter of 2024.

Summary of average deposits - QTD Average				UMB Financial Corporation
(unaudited, dollars in thousands)
	Q3			Q2			Q3			CQ vs.			CQ vs.
	2025			2025			2024			LQ			PY
Deposits:
Noninterest-bearing demand	$	13,858,827		$	14,403,211		$	9,502,106		$	(544,384	)	$	4,356,721
Interest-bearing demand and savings		39,555,585			37,958,601			23,779,651			1,596,984			15,775,934
Time deposits		3,349,181			3,287,556			2,010,199			61,625			1,338,982
Total deposits	$	56,763,593		$	55,649,368		$	35,291,956		$	1,114,225		$	21,471,637
Noninterest bearing deposits as % of total		24.4	%		25.9	%		26.9	%

Average deposits increased 2.0% on a linked-quarter basis and 60.8% compared to the third quarter of 2024. These increases reflect continued organic momentum across legacy UMB geographies as well as the impact of acquired HTLF balances.
The linked quarter decline in average demand deposits was driven by expected seasonal declines in certain corporate trust client balances.

Capital

Capital information	UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
	September 30, 2025			June 30, 2025			September 30, 2024
Total equity	$	7,443,950		$	7,285,765		$	3,535,489
Total common equity		7,161,853			6,885,023			3,535,489
Accumulated other comprehensive loss, net		(324,842	)		(442,047	)		(395,856	)
Book value per common share		94.29			90.68			72.45
Tangible book value per common share (Non-GAAP)(i)		63.40			59.80			66.86

Regulatory capital:
Common equity Tier 1 capital	$	5,226,775		$	4,974,093		$	3,691,874
Tier 1 capital		5,520,841			5,378,860			3,691,874
Total capital		6,406,709			6,438,598			4,324,890

Regulatory capital ratios:
Common equity Tier 1 capital ratio		10.70	%		10.39	%		11.22	%
Tier 1 risk-based capital ratio		11.30			11.24			11.22
Total risk-based capital ratio		13.11			13.46			13.14
Tier 1 leverage ratio		8.33			8.34			8.58
(i) See reconciliation of Non-GAAP measures to their nearest comparable GAAP measures later in this release.

At September 30, 2025, the regulatory capital ratios presented in the foregoing table exceeded all "well-capitalized" regulatory thresholds.
In mid-July 2025, the company redeemed $115.0 million in outstanding Series A non-cumulative perpetual preferred stock.
In mid-September 2025, the company redeemed the $188.9 million in outstanding 3.70% fixed-to-fixed rate subordinated notes due 2030.

Asset Quality

Credit quality	UMB Financial Corporation
(unaudited, dollars in thousands)
	Q3			Q2			Q1			Q4			Q3
	2025			2025			2025			2024			2024
Net charge-offs - total loans	$	18,383		$	15,462		$	35,872		$	8,935		$	8,454
Net loan charge-offs as a % of total average loans		0.20	%		0.17	%		0.45	%		0.14	%		0.14	%
Loans over 90 days past due	$	6,131		$	6,813		$	6,346		$	7,602		$

UMB Financial Corporation Reports Third Quarter 2025 Results