Investor Relations Contact: Kay Gregory: 816.860.7106
UMB Financial Corporation Reports Second Quarter 2026 Results
Second Quarter 2026 Financial Highlights
•
GAAP net income available to common shareholders of $271.8 million, or $3.56 per diluted common share, an increase of 26.2% as compared to the second quarter of 2025.
•
Net operating income available to common shareholders(i) of $273.0 million, or $3.57 per diluted common share, an increase of 21.1% as compared to the second quarter of 2025.
•
Second quarter revenue totaled $778.0 million, a 12.9% increase as compared to the second quarter of 2025, and an increase of 5.3% from the first quarter of 2026.
•
Net interest income of $532.5 million, an increase of 14.0% as compared to the second quarter of 2025.
•
Net interest margin on a fully taxable equivalent basis of 3.32%, up 22 basis points from the second quarter of 2025.
•
Noninterest income increased 10.5% to $245.5 million compared to the second quarter of 2025, and increased 19.9% from the first quarter of 2026.
•
Second quarter 2026 return on average assets of 1.55% and return on average common equity of 14.16%.
•
GAAP efficiency ratio improved to 48.4% as compared to 53.4% in the second quarter of 2025.
•
Average loans increased 12.6% on a linked-quarter, annualized basis to $40.6 billion; average loans increased $4.2 billion, or 11.6%, as compared to the second quarter of 2025. End-of-period loans were $41.1 billion at June 30, 2026.
•
Net charge-offs for the second quarter of 2026 totaled $15.9 million, equal to 16 basis points of average loans; nonperforming loans improved to 31 basis points of total loans, from 38 basis points at March 31, 2026.
(i) A non-GAAP financial measure reconciled later in this release to the nearest comparable GAAP measure.
KANSAS CITY, Mo. (July 28, 2026) – UMB Financial Corporation (Nasdaq: UMBF), a financial services company, announced net income available to common shareholders for the second quarter of 2026 of $271.8 million, or $3.56 per diluted share, compared to $255.6 million, or $3.35 per diluted share, in the first quarter of 2026 (linked quarter) and $215.4 million, or $2.82 per diluted share, in the second quarter of 2025.
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 $273.0 million, or $3.57 per diluted share, for the second quarter of 2026, compared to $259.8 million, or $3.41 per diluted share, for the linked quarter and $225.4 million, or $2.96 per diluted share,
for the second quarter of 2025. 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 $380.1 million, or $4.97 per diluted share, for the second quarter of 2026, compared to $363.8 million, or $4.76 per diluted share, for the linked quarter, and $309.2 million, or $4.06 per diluted share, for the second quarter of 2025. These operating PTPP results represent a 4.5% increase on a linked-quarter basis and a 22.9% increase compared to the second quarter of 2025.
“Our strong second quarter financial results were once again driven by solid loan growth, exceptional asset quality, and continued strength in our fee income-generating businesses including monetization of investments held in our private investment division,” said Mariner Kemper, UMB Financial Corporation chairman and chief executive officer.
“Loan growth averaged 12.6% on a linked-quarter annualized basis, driven in large part by continued strength in our commercial and industrial (C&I) lending segments. Average loans exceeded $40 billion for the first time in our history, ending the quarter at $41.1 billion. During the quarter, we also reached a new record for total gross loan production of $2.6 billion, compared to $2.3 billion in the prior quarter. Average C&I loan balances increased 21.6% on a linked-quarter annualized basis to $17.5 billion. At the same time, our net charge-offs averaged a modest 16 basis points of loans, compared to 19 basis points in the prior quarter, while nonperforming loans declined 15.7% from March 31, 2026, to $127.5 million, or 31 basis points of total loans.”
“As we often say, and consistently demonstrate, within the banking industry, UMB operates at the unique intersection of strong organic loan growth with exceptional asset quality. Excluding the impacts of $35.9 million and $51.0 million in purchase accounting accretion benefits in the second and first quarters of 2026, respectively, our core net interest margin increased four basis points sequentially while net interest income increased 2.7%. Fee income in the second quarter increased 19.9% compared to the prior quarter to $245.5 million. This was led by gains on equity positions held in our private investment portfolio, strong fee generation from our fund services, corporate trust and custody businesses, higher 12b-1 fees from growth in off-balance sheet deposit balances, customer swap fees, and card interchange income. Our private investment activity continued to deliver in the second quarter with $27.1 million in net gains from our holdings, primarily Beacon Communications, LLC and fund investment gains related to the public offering of Space Exploration Technologies (SpaceX).”
Mr. Kemper continued, “Finally, we are excited to announce that the board of directors has declared a dividend of $0.50 per common share to be paid on October 1, 2026, which represents a 16.3% increase from prior levels. This increase reflects our continued strong financial performance and our commitment to return value to our shareholders.”
Second quarter 2026 earnings discussion
Note: The acquisition of Heartland Financial USA, Inc. (HTLF) closed on January 31, 2025; as such, financial results for the fiscal periods since that date include the impact from the acquired operations. Financial results for the first quarter and year-to-date 2025 include only two and five months, respectively, of impact of the acquired operations of HTLF.
Summary of quarterly financial results
UMB Financial Corporation
(unaudited, dollars in thousands, except per common share data)
Q2
Q1
Q2
2026
2026
2025
Net income (GAAP)
$
277,570
$
261,438
$
217,394
Net income available to common shareholders (GAAP)
271,758
255,625
215,382
Earnings per common share - diluted (GAAP)
3.56
3.35
2.82
Operating pre-tax, pre-provision income (Non-GAAP)(i)
380,071
363,781
309,182
Operating pre-tax, pre-provision earnings per common share - diluted (Non-GAAP)(i)
4.97
4.76
4.06
Operating pre-tax, pre-provision income - FTE (Non-GAAP)(i)
388,903
372,494
317,473
Operating pre-tax, pre-provision earnings per common share - FTE - diluted (Non-GAAP)(i)
5.09
4.88
4.17
Net operating income available to common shareholders (Non-GAAP)(i)
273,030
259,809
225,379
Operating earnings per common share - diluted (Non-GAAP)(i)
3.57
3.41
2.96
GAAP
Return on average assets
1.55
%
1.47
%
1.29
%
Return on average common equity
14.16
13.70
12.72
Efficiency ratio
48.35
48.38
53.38
Non-GAAP(i)
Operating return on average assets
1.56
%
1.50
%
1.35
%
Operating return on average common equity
14.22
13.93
13.31
Operating efficiency ratio
48.14
47.64
51.48
(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)
June
June
YTD
YTD
2026
2025
Net income (GAAP)
$
539,008
$
298,727
Net income available to common shareholders (GAAP)
527,383
294,702
Earnings per common share - diluted (GAAP)
6.90
4.16
Operating pre-tax, pre-provision income (Non-GAAP)(i)
743,852
542,475
Operating pre-tax, pre-provision earnings per common share - diluted (Non-GAAP)(i)
9.74
7.65
Operating pre-tax, pre-provision income - FTE (Non-GAAP)(i)
761,397
558,271
Operating pre-tax, pre-provision earnings per common share - FTE - diluted (Non-GAAP)(i)
9.97
7.87
Net operating income available to common shareholders (Non-GAAP)(i)
532,839
394,257
Operating earnings per common share - diluted (Non-GAAP)(i)
6.98
5.56
GAAP
Return on average assets
1.51
%
0.94
%
Return on average common equity
13.93
9.67
Efficiency ratio
48.37
58.69
Non-GAAP(i)
Operating return on average assets
1.53
%
1.25
%
Operating return on average common equity
14.08
12.94
Operating efficiency ratio
47.89
53.31
Summary of revenue
UMB Financial Corporation
(unaudited, dollars in thousands)
Q2
Q1
Q2
CQ vs.
CQ vs.
2026
2026
2025
LQ
PY
Net interest income
$
532,525
$
534,366
$
467,024
$
(1,841
)
$
65,501
Noninterest income:
Trust and securities processing
98,295
94,667
83,263
3,628
15,032
Trading and investment banking
5,314
7,740
6,170
(2,426
)
(856
)
Service charges on deposit accounts
29,588
29,474
28,865
114
723
Insurance fees and commissions
207
255
189
(48
)
18
Brokerage fees
25,400
21,089
20,525
4,311
4,875
Bankcard fees
29,954
28,878
29,018
1,076
936
Investment securities gains, net
27,087
3,046
37,685
24,041
(10,598
)
Other
29,660
19,644
16,470
10,016
13,190
Total noninterest income
$
245,505
$
204,793
$
222,185
$
40,712
$
23,320
Total revenue
$
778,030
$
739,159
$
689,209
$
38,871
$
88,821
Net interest income (FTE)
$
541,357
$
543,079
$
475,315
Net interest margin (FTE)
3.32
%
3.38
%
3.10
%
Total noninterest income as a % of total revenue
31.6
27.7
32.2
Net interest income
•
Second quarter 2026 net interest income totaled $532.5 million, a decrease of $1.8 million, or 0.3%, from the linked quarter, driven primarily by declines in purchase accounting accretion
benefits and interest income on lower federal funds and interest-bearing due from banks balances, alongside an increase in interest expense due to the mix shift in the funding composition within deposit categories. These changes were partially offset by continued organic growth in loans, increased loan fees, benefit from an additional day in the quarter, and favorable rate and mix shifts in earning assets.
•
Average earning assets increased $173.8 million, or 0.3%, from the linked quarter, largely driven by an increase of $1.2 billion in average loans, partially offset by decreases of $506.0 million in average federal funds and resell agreements and $480.6 million in average interest-bearing due from banks.
•
Average interest-bearing liabilities increased $293.6 million, or 0.6%, from the linked quarter, primarily driven by an increase of $401.7 million, or 0.9%, in interest-bearing deposits, partially offset by a decrease of $111.2 million, or 3.1%, in federal funds and repurchase agreements. Average total deposits were flat compared to the linked quarter.
•
Net interest margin for the second quarter was 3.32%, a decrease of six basis points from the linked quarter, due to lower purchase accounting accretion income that impacted the yields on loans, and a lower benefit from free funds, partially offset by a favorable mix shift in earning assets.
•
On a year-over-year basis, net interest income increased $65.5 million, or 14.0%, driven by favorable repricing of deposits in conjunction with lower short-term interest rates, and increases of $4.2 billion, or 11.6%, in average loans and $2.2 billion, or 12.6%, in average securities. These increases were partially offset by a decrease of $2.9 billion, or 44.3%, in average interest-bearing due from banks and $6.3 million in lower purchase accounting accretion income.
•
Average deposits increased 3.5% compared to the second quarter of 2025. Average interest-bearing deposits increased 3.9%, and noninterest-bearing demand deposit balances increased 2.1% compared to the second quarter of 2025. Average demand deposit balances comprised 25.5% of total deposits in the second quarter of 2026, compared to 26.2% in the linked quarter and 25.9% in the second quarter of 2025.
Noninterest income
•
Second quarter 2026 noninterest income increased $40.7 million, or 19.9%, on a linked-quarter basis, largely due to:
o
An increase of $24.0 million in investment securities gains primarily driven by a $17.9 million gain on the sale of a non-marketable security in the second quarter of 2026, coupled with increases of $9.1 million in valuation of the company's non-marketable securities. These increases were partially offset by a $3.0 million gain on the sale of a non-marketable security in the first quarter of 2026.
o
An increase of $11.2 million in company-owned life insurance income, recorded in other income. The increase in company-owned life insurance income was offset by a proportionate increase in deferred compensation as noted below.
o
An increase of $4.3 million in brokerage income due to higher 12b-1 fees and money market income.
o
Increases of $2.4 million in fund services income and $1.1 million in corporate trust income, both recorded in trust and securities processing.
o
The increases noted above were partially offset by a decrease of $2.4 million in trading and investment banking due to decreases in municipal and agency trading activity.
•
Compared to the prior year, noninterest income in the second quarter of 2026 increased $23.3 million, or 10.5%, primarily driven by:
o
An increase of $15.0 million in trust and securities processing driven by increases of $9.1 million in fund services income, $3.9 million in corporate trust income, and $2.0 million in trust income.
o
Increases of $8.8 million in company-owned life insurance income, $2.5 million in bank-owned life insurance income, and $1.0 million in derivative income, all recorded in other income. The increase in company-owned life insurance income was offset by a proportionate increase in deferred compensation as noted below.
o
An increase of $4.9 million in brokerage income due to higher 12b-1 fees and money market income.
o
The increases noted above were partially offset by a decrease of $10.6 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, and pre-tax gains of $8.2 million on the sale of two non-marketable securities, all recognized in the second quarter of 2025. This compares to a $17.9 million gain on the sale of a non-marketable security and increases of $9.1 million in valuation of the company's non-marketable securities in the second quarter of 2026.
Noninterest expense
Summary of noninterest expense
UMB Financial Corporation
(unaudited, dollars in thousands)
Q2
Q1
Q2
CQ vs.
CQ vs.
2026
2026
2025
LQ
PY
Salaries and employee benefits
$
227,162
$
219,681
$
213,551
$
7,481
$
13,611
Occupancy, net
19,277
19,075
18,571
202
706
Equipment
13,942
13,320
16,426
622
(2,484
)
Supplies and services
5,504
5,604
6,383
(100
)
(879
)
Marketing and business development
13,916
13,792
11,344
124
2,572
Processing fees
43,073
42,059
43,638
1,014
(565
)
Legal and consulting
14,415
9,087
18,468
5,328
(4,053
)
Bankcard
11,873
11,841
12,363
32
(490
)
Amortization of other intangible assets
23,460
23,460
25,268
—
(1,808
)
Regulatory fees
9,097
8,270
9,259
827
(162
)
Other
17,914
14,694
17,897
3,220
17
Total noninterest expense
$
399,633
$
380,883
$
393,168
$
18,750
$
6,465
•
GAAP noninterest expense for the second quarter of 2026 was $399.6 million, an increase of $18.8 million, or 4.9%, from the linked quarter and $6.5 million, or 1.6%, from the second quarter of 2025. Second quarter 2026 expenses included $1.7 million in total acquisition-related and other nonrecurring costs, compared to $4.4 million in the linked quarter and $13.5 million in the second quarter of 2025. Operating noninterest expense, a non-GAAP financial measure reconciled later in this release to noninterest expense, the nearest comparable GAAP measure, was $398.0 million for the second quarter of 2026, an increase of $22.6 million, or 6.0%, from the linked quarter and an increase of $17.9 million, or 4.7%, from the second quarter of 2025.
•
The linked-quarter increase in GAAP noninterest expense was driven by:
o
An increase of $7.5 million in salaries and employee benefits expense driven by an increase of $6.7 million in salary and bonus expense and a $0.8 million increase in employee benefits. The increase in salary and bonus expense was due to higher salary
expense related to annual merit increases beginning in the second quarter and increased bonus expense related to company performance. The increase in employee benefits was driven by a $12.6 million increase in deferred compensation expense, partially offset by a $12.5 million seasonal decrease in payroll taxes, insurance, and 401(k) expense. The increase in deferred compensation expense was offset by the increase in company-owned life insurance income noted above.
o
An increase of $5.3 million in legal and consulting expense due to the timing of multiple projects, including $1.7 million in non-recurring costs.
o
Increases of $4.1 million in operational losses and $1.0 million in processing fees expense due to increased software subscription costs.
•
The year-over-year increase in GAAP noninterest expense was driven by:
o
An increase of $13.6 million in salaries and employee benefits expense, driven by increases of $12.5 million in employee benefits expense and $1.1 million in salaries and bonus expense. The increase in employee benefits expense is due to increases of $9.9 million in deferred compensation expense and $2.6 million in payroll taxes, insurance, and 401(k) expense. The increase in deferred compensation expense was offset by the increase in company-owned life insurance income noted above. The increase in salaries and bonus expense is due to higher employee salaries as compared to the second quarter of 2025.
o
An increase of $2.6 million in marketing and business development expense, driven by the timing of multiple advertising campaigns and increased travel and entertainment expense.
o
These increases were partially offset by the following decreases:
▪
A decrease of $4.1 million in legal and consulting expense, which included $1.7 million in non-recurring transaction costs as compared to $7.5 million of non-recurring transaction costs in the second quarter of 2025.
▪
A decrease of $2.5 million in equipment expense driven by a decline in software costs.
▪
A decrease of $1.8 million in amortization of intangibles due to reduced amortization of the core deposit intangible recognized from the HTLF acquisition.
•
Second quarter 2026 noninterest expense included $1.7 million in total acquisition-related and other nonrecurring costs, compared to $4.4 million in the linked quarter and $13.5 million in the second quarter of 2025. During the second quarter of 2026, this expense was composed primarily of $1.7 million in legal and consulting expense. During the linked quarter, the $4.4 million in acquisition-related expense was composed primarily of $4.0 million in salaries and employee benefits. During the second quarter of 2025, 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.
Income taxes
•
The company’s effective tax rate was 20.9% for the six months ended June 30, 2026, compared to 18.8% for the same period in 2025. The increase is mainly due to more favorable discrete tax items in 2025, including a benefit from remeasuring deferred tax assets after the HTLF acquisition increased the state marginal tax rate. Additionally, a smaller proportion of pre-tax income in 2026 was earned from tax-exempt municipal securities.
Balance sheet
•
Average total assets for the second quarter of 2026 were $70.4 billion compared to $70.4 billion for the linked quarter and $66.9 billion for the same period in 2025.
Summary of average loans and leases - QTD Average
UMB Financial Corporation
(unaudited, dollars in thousands)
Q2
Q1
Q2
CQ vs.
CQ vs.
2026
2026
2025
LQ
PY
Commercial and industrial (i)
$
17,521,531
$
16,627,000
$
14,293,892
$
894,531
$
3,227,639
Specialty lending
648,786
534,979
561,669
113,807
87,117
Commercial real estate
16,658,203
16,534,892
16,163,813
123,311
494,390
Consumer real estate
4,498,319
4,433,669
4,255,571
64,650
242,748
Consumer
251,958
247,090
295,118
4,868
(43,160
)
Credit cards
787,926
757,471
754,601
30,455
33,325
Leases and other
257,227
248,109
82,089
9,118
175,138
Total loans
$
40,623,950
$
39,383,210
$
36,406,753
$
1,240,740
$
4,217,197
(i) Commercial and industrial loans include all loans to Non-Depository Financial Institutions (NDFIs).
•
Average loans for the second quarter of 2026 increased $1.2 billion, or 3.2%, on a linked-quarter basis and $4.2 billion, or 11.6%, compared to the second quarter of 2025. These increases reflect continued organic momentum across all geographies.
Summary of average securities - QTD Average
UMB Financial Corporation
(unaudited, dollars in thousands)
Q2
Q1
Q2
CQ vs.
CQ vs.
2026
2026
2025
LQ
PY
Securities available for sale:
U.S. Treasury
$
2,229,300
$
2,264,390
$
1,806,041
$
(35,090
)
$
423,259
U.S. Agencies
49,391
54,459
85,969
(5,068
)
(36,578
)
Mortgage-backed
8,234,937
8,155,646
6,285,195
79,291
1,949,742
State and political subdivisions
2,361,604
2,446,129
2,403,741
(84,525
)
(42,137
)
Corporates
105,473
158,088
271,915
(52,615
)
(166,442
)
Collateralized loan obligations
560,322
534,566
553,844
25,756
6,478
Total securities available for sale
$
13,541,027
$
13,613,278
$
11,406,705
$
(72,251
)
$
2,134,322
Securities held to maturity:
U.S. Treasury
$
38,258
$
38,255
$
—
$
3
$
38,258
U.S. Agencies
—
—
49,643
—
(49,643
)
Mortgage-backed
2,427,794
2,482,131
2,439,844
(54,337
)
(12,050
)
State and political subdivisions
3,231,171
3,177,060
3,108,030
54,111
123,141
Total securities held to maturity
$
5,697,223
$
5,697,446
$
5,597,517
$
(223
)
$
99,706
Trading securities
$
26,734
$
17,354
$
16,693
$
9,380
$
10,041
Other securities
679,947
697,129
679,212
(17,182
)
735
Total securities
$
19,944,931
$
20,025,207
$
17,700,127
$
(80,276
)
$
2,244,804
•
Average total securities decreased 0.4% on a linked-quarter basis and increased 12.7% compared to the second quarter of 2025.
Summary of average deposits - QTD Average
UMB Financial Corporation
(unaudited, dollars in thousands)
Q2
Q1
Q2
CQ vs.
CQ vs.
2026
2026
2025
LQ
PY
Deposits:
Noninterest-bearing demand
$
14,712,647
$
15,103,339
$
14,403,211
$
(390,692
)
$
309,436
Interest-bearing demand and savings
39,660,632
38,996,451
37,958,601
664,181
1,702,031
Time deposits
3,211,834
3,474,321
3,287,556
(262,487
)
(75,722
)
Total deposits
$
57,585,113
$
57,574,111
$
55,649,368
$
11,002
$
1,935,745
Noninterest bearing deposits as % of total
25.5
%
26.2
%
25.9
%
•
Average deposits remained flat on a linked-quarter basis as seasonal declines in public funds and commercial demand deposit balances were offset by increases in other interest-bearing deposit balances within the commercial banking segment. Average deposits increased 3.5% compared to the second quarter of 2025.
Capital
Capital information
UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
June 30, 2026
March 31, 2026
June 30, 2025
Total equity
$
8,030,793
$
7,826,997
$
7,285,765
Total common equity
7,748,351
7,538,743
6,885,023
Accumulated other comprehensive loss, net
(371,517
)
(331,350
)
(442,047
)
Book value per common share
102.02
99.22
90.68
Tangible book value per common share (Non-GAAP)(i)
72.03
68.94
59.80
Regulatory capital:
Common equity Tier 1 capital
$
5,951,062
$
5,685,870
$
4,974,093
Tier 1 capital
6,245,128
5,979,936
5,378,860
Total capital
7,172,347
6,892,054
6,438,598
Regulatory capital ratios:
Common equity Tier 1 capital ratio
11.45
%
11.16
%
10.39
%
Tier 1 risk-based capital ratio
12.02
11.74
11.24
Total risk-based capital ratio
13.80
13.53
13.46
Tier 1 leverage ratio
9.11
8.73
8.34
(i) See reconciliation of Non-GAAP measures to their nearest comparable GAAP measures later in this release.
•
In the second quarter of 2026, the company repurchased 38,158 common shares at a weighted average price of $132.10 for a total repurchase of $5.0 million.
•
At June 30, 2026, the regulatory capital ratios presented in the foregoing table exceeded all “well-capitalized” regulatory thresholds.
Asset Quality
Credit quality
UMB Financial Corporation
(unaudited, dollars in thousands)
Q2
Q1
Q4
Q3
Q2
2026
2026
2025
2025
2025
Net charge-offs - total loans
$
15,861
$
18,929
$
12,654
$
18,383
$
15,462
Net loan charge-offs as a % of total average loans
0.16
%
0.19
%
0.13
%
0.20
%
0.17
%
Loans over 90 days past due
$
13,715
$
14,924
$
18,403
$
6,131
$
6,813
Loans over 90 days past due as a % of total loans
0.03
%
0.04
%
0.05
%
0.02
%
0.02
%
Nonaccrual and restructured loans
$
127,526
$
151,250
$
144,666
$
131,965
$
97,029
Nonaccrual and restructured loans as a % of total loans
0.31
%
0.38
%
0.37
%
0.35
%
0.26
%
Provision for credit losses
$
28,000
$
27,000
$
25,000
$
22,500
$
21,000
•
Provision for credit losses for the second quarter of 2026 increased $1.0 million from the linked quarter and $7.0 million from the second quarter of 2025. The change in provision expense is driven by ongoing recalibrations of econometric loss models and general portfolio trends in the current periods as compared to the prior periods.
•
Net charge-offs for the second quarter totaled $15.9 million, or 0.16% of average loans, compared to $18.9 million, or 0.19% of average loans in the linked quarter, and $15.5 million, or 0.17% of average loans for the second quarter of 2025. Nonperforming loans declined 15.7% to $127.5 million and comprised 31 basis points of total loans, compared to 38 basis points at March 31, 2026.
Conference Call
The company will host a conference call to discuss its second quarter 2026 earnings results on Wednesday, July 29, 2026, at 8:30 a.m. (CT).
Interested parties may access the call by dialing (toll-free) 888-596-4144 or (international) 646-968-2525 and requesting to join the UMB Financial call with conference ID 8227474#. The live webcast may also be accessed by visiting investorrelations.umb.com or by using the following link:
UMB Financial 2Q 2026 Conference Call
A replay of the conference call may be heard through August 12, 2026, by calling (toll-free) 800-770-2030 or (international) 609-800-9909. The replay access code required for playback is 8227474. The call replay may also be accessed at investorrelations.umb.com.
Non-GAAP Financial Information
In this release, we provide information about net operating income available to common shareholders, operating earnings per share – diluted (operating EPS), operating return on average common equity (operating ROE), operating return on average assets (operating ROA), operating noninterest expense, operating efficiency ratio, operating pre-tax, pre-provision income (operating PTPP), operating pre-tax, pre-provision earnings per share – diluted (operating PTPP EPS), operating pre-tax, pre-provision income on a fully tax equivalent basis (operating PTPP-FTE), operating pre-tax, pre-provision FTE earnings per share – diluted (operating PTPP-FTE EPS), tangible common shareholders’ equity, and tangible book value per share, all of which are non-GAAP financial measures. This information supplements the results that are reported according to generally accepted accounting principles in the United States (GAAP) and should not be viewed in isolation from, or as a substitute for, GAAP results. The differences between the non-GAAP financial measures – net operating income available to common shareholders, operating EPS, operating ROE, operating ROA, operating noninterest expense, operating efficiency ratio, operating PTPP, operating PTPP EPS, operating PTPP-FTE, operating PTPP-FTE EPS, tangible common shareholders’ equity, and tangible book value per share – and the nearest comparable GAAP financial
measures are reconciled later in this release. The company believes that these non-GAAP financial measures and the reconciliations may be useful to investors because they adjust for acquisition- and severance-related items, and the FDIC special assessment that management does not believe reflect the company’s fundamental operating performance.
Net operating income available to common shareholders for the relevant period is defined as GAAP net income available to common shareholders, adjusted to reflect the impact of excluding expenses related to Day 1 acquisition provision expense, acquisitions, severance expense, the FDIC special assessment, and the cumulative tax impact of these adjustments.
Operating EPS (diluted) is calculated as earnings per share as reported, adjusted to reflect, on a per share basis, the impact of excluding the non-GAAP adjustments described above for the relevant period. Operating ROE is calculated as net operating income available to common shareholders, divided by the company’s average total common shareholders’ equity for the relevant period. Operating ROA is calculated as net operating income available to common shareholders, divided by the company’s average assets for the relevant period. Operating noninterest expense for the relevant period is defined as GAAP noninterest expense, adjusted to reflect the pre-tax impact of non-GAAP adjustments described above. Operating efficiency ratio is calculated as the company’s operating noninterest expense, net of amortization of other intangibles, divided by the company’s total non-GAAP revenue (calculated as net interest income plus noninterest income, less gains on sales of securities available for sale, net).
Operating PTPP income for the relevant period is defined as GAAP net interest income plus GAAP noninterest income, less noninterest expense, adjusted to reflect the impact of excluding expenses related to acquisitions and severance, and the FDIC special assessment.
Operating PTPP-FTE for the relevant period is defined as GAAP net interest income on a fully tax equivalent basis plus GAAP noninterest income, less noninterest expense, adjusted to reflect the impact of excluding expenses related to acquisitions and severance, and the FDIC special assessment.
Tangible common shareholders’ equity for the relevant period is defined as GAAP common shareholders’ equity, net of intangible assets. Tangible book value per share is defined as tangible common shareholders’ equity divided by the company’s total common shares outstanding.
Forward-Looking Statements:
This press release contains, and our other communications may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “outlook,” “forecast,” “target,” “trend,” “plan,” “goal,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, results, or aspirations. All forward-looking statements are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Our actual future objectives, strategies, plans, prospects, performance, condition, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events, circumstances, or aspirations to differ from those in forward-looking statements are described in our Annual Report on Form 10-K for the year ended December 31, 2025, our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (SEC). In addition to such factors that have been disclosed previously: macroeconomic and adverse developments and uncertainties related to the collateral effects of the collapse of, and challenges for, domestic and international banks, including the impacts to the U.S. and global economies; sustained levels of high inflation and the potential for an economic recession on the heels of aggressive quantitative tightening by the Federal Reserve; and impacts related to or resulting from instability in the Middle East and Russia’s military action in Ukraine, such as the
broader impacts to financial markets and the global macroeconomic and geopolitical environments, may also cause actual results or other future events, circumstances, or aspirations to differ from our forward-looking statements. Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except to the extent required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K, or other applicable document that is filed or furnished with the SEC.
About UMB:
UMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in Kansas City, Mo. UMB offers commercial banking, which includes comprehensive deposit, lending, investment and retirement plan services; personal banking, which includes comprehensive deposit, lending, wealth management and financial planning services; and institutional banking, which includes asset servicing, corporate trust solutions, investment banking and healthcare services. UMB operates branches throughout Missouri, Arizona, California, Colorado, Iowa, Kansas, Illinois, Minnesota, Nebraska, New Mexico, Oklahoma, Texas, Utah, and Wisconsin. As the company’s reach continues to grow, it also serves business clients nationwide and institutional clients in several countries. For more information, visit UMB.com, UMB Blog, UMB Facebook and UMB LinkedIn.
Consolidated Balance Sheets
UMB Financial Corporation
(unaudited, dollars in thousands)
June 30,
2026
2025
ASSETS
Loans
$
41,149,726
$
36,807,933
Allowance for credit losses on loans
(437,376
)
(389,918
)
Net loans
40,712,350
36,418,015
Loans held for sale
6,800
5,738
Securities:
Available for sale
13,488,159
12,162,688
Held to maturity, net of allowance for credit losses
5,712,430
5,495,182
Trading securities
45,839
24,698
Other securities
693,502
718,815
Total securities
19,939,930
18,401,383
Federal funds sold and resell agreements
928,438
737,191
Interest-bearing due from banks
4,951,010
10,026,186
Cash and due from banks
779,876
1,087,696
Premises and equipment, net
397,352
395,195
Accrued income
347,447
327,390
Goodwill
1,837,594
1,812,694
Other intangibles, net
439,949
531,918
Other assets
1,914,814
2,016,747
Total assets
$
72,255,560
$
71,760,153
LIABILITIES
Deposits:
Noninterest-bearing demand
$
16,177,250
$
18,481,469
Interest-bearing demand and savings
40,381,530
38,214,606
Time deposits under $250,000
1,834,890
1,935,968
Time deposits of $250,000 or more
1,373,012
1,354,966
Total deposits
59,766,682
59,987,009
Federal funds purchased and repurchase agreements
3,083,600
2,932,606
Long-term debt
480,126
657,324
Accrued expenses and taxes
360,694
389,669
Other liabilities
533,665
507,780
Total liabilities
64,224,767
64,474,388
SHAREHOLDERS' EQUITY
Series A Fixed-Rate Reset Non-Cumulative Perpetual Preferred stock
—
110,705
Series B Fixed-Rate Reset Non-Cumulative Perpetual Preferred stock
294,066
294,062
Common stock
78,666
78,666
Capital surplus
4,016,045
4,000,973
Retained earnings
4,197,812
3,409,706
Accumulated other comprehensive loss, net
(371,517
)
(442,047
)
Treasury stock
(184,279
)
(166,300
)
Total shareholders' equity
8,030,793
7,285,765
Total liabilities and shareholders' equity
$
72,255,560
$
71,760,153
Consolidated Statements of Income
UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
INTEREST INCOME
Loans
$
643,995
$
612,414
$
1,277,073
$
1,139,818
Securities:
Taxable interest
146,593
122,237
291,892
220,533
Tax-exempt interest
35,181
33,024
69,635
62,987
Total securities income
181,774
155,261
361,527
283,520
Federal funds and resell agreements
11,259
8,733
27,322
15,685
Interest-bearing due from banks
33,950
73,874
71,852
148,859
Trading securities
388
255
659
625
Total interest income
871,366
850,537
1,738,433
1,588,507
INTEREST EXPENSE
Deposits
298,927
343,153
591,300
646,559
Federal funds and repurchase agreements
28,953
27,423
58,651
53,213
Other
10,961
12,937
21,591
24,072
Total interest expense
338,841
383,513
671,542
723,844
Net interest income
532,525
467,024
1,066,891
864,663
Provision for credit losses
28,000
21,000
55,000
107,000
Net interest income after provision for credit losses
504,525
446,024
1,011,891
757,663
NONINTEREST INCOME
Trust and securities processing
98,295
83,263
192,962
163,044
Trading and investment banking
5,314
6,170
13,054
12,081
Service charges on deposit accounts
29,588
28,865
59,062
56,322
Insurance fees and commissions
207
189
462
367
Brokerage fees
25,400
20,525
46,489
38,627
Bankcard fees
29,954
29,018
58,832
55,311
Investment securities gains, net
27,087
37,685
30,133
32,903
Other
29,660
16,470
49,304
29,728
Total noninterest income
245,505
222,185
450,298
388,383
NONINTEREST EXPENSE
Salaries and employee benefits
227,162
213,551
446,843
434,949
Occupancy, net
19,277
18,571
38,352
34,640
Equipment
13,942
16,426
27,262
33,374
Supplies and services
5,504
6,383
11,108
11,168
Marketing and business development
13,916
11,344
27,708
19,342
Processing fees
43,073
43,638
85,132
84,488
Legal and consulting
14,415
18,468
23,502
47,074
Bankcard
11,873
12,363
23,714
25,158
Amortization of other intangible assets
23,460
25,268
46,920
42,750
Regulatory fees
9,097
9,259
17,367
17,496
Other
17,914
17,897
32,608
27,516
Total noninterest expense
399,633
393,168
780,516
777,955
Income before income taxes
350,397
275,041
681,673
368,091
Income tax expense
72,827
57,647
142,665
69,364
NET INCOME
277,570
217,394
539,008
298,727
Less: Preferred dividends
5,812
2,012
11,625
4,025
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS
$
271,758
$
215,382
$
527,383
$
294,702
PER SHARE DATA
Net income per common share – basic
$
3.58
$
2.84
$
6.94
$
4.18
Net income per common share – diluted
3.56
2.82
6.90
4.16
Dividends per common share
0.43
0.40
0.86
0.80
Weighted average common shares outstanding – basic
75,972,781
75,923,082
76,002,535
70,523,171
Weighted average common shares outstanding – diluted
76,392,233
76,241,798
76,422,437
70,901,635
Consolidated Statements of Comprehensive Income
UMB Financial Corporation
(unaudited, dollars in thousands)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Net income
$
277,570
$
217,394
$
539,008
$
298,727
Other comprehensive (loss) income, before tax:
Unrealized gains and losses on debt securities:
Change in unrealized holding gains and losses, net
(38,499
)
43,337
(123,971
)
119,572
Less: Reclassification adjustment for net gains included in net income
(26
)
(33
)
(429
)
(423
)
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity
7,290
7,989
14,378
16,279
Change in unrealized gains and losses on debt securities
(31,235
)
51,293
(110,022
)
135,428
Unrealized gains and losses on derivative hedges:
Change in unrealized gains and losses on derivative hedges, net
(22,693
)
14,386
(38,746
)
37,032
Less: Reclassification adjustment for net (gains) losses included in net income
(426
)
2,041
(1,223
)
2,017
Change in unrealized gains and losses on derivative hedges
(23,119
)
16,427
(39,969
)
39,049
Other comprehensive (loss) income, before tax
(54,354
)
67,720
(149,991
)
174,477
Income tax benefit (expense)
14,187
(17,069
)
39,994
(43,474
)
Other comprehensive (loss) income
(40,167
)
50,651
(109,997
)
131,003
Comprehensive income
$
237,403
$
268,045
$
429,011
$
429,730
Consolidated Statements of Shareholders' Equity
UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
Preferred Stock
Common Stock
Capital Surplus
Retained Earnings
Accumulated Other Comprehensive (Loss) Income
Treasury Stock
Total
Balance - January 1, 2025
$
—
$
55,057
$
1,145,638
$
3,174,948
$
(573,050
)
$
(336,052
)
$
3,466,541
Total comprehensive income
—
—
—
298,727
131,003
—
429,730
Cash dividends declared:
Preferred dividends Series A ($350.00 per share)
—
—
—
(4,025
)
—
—
(4,025
)
Common dividends ($0.80 per share)
—
—
—
(59,944
)
—
—
(59,944
)
Purchase of treasury stock
—
—
—
—
—
(15,724
)
(15,724
)
Issuances of equity awards, net of forfeitures
—
—
(16,202
)
—
—
17,002
800
Recognition of equity-based compensation
—
—
40,298
—
—
—
40,298
Sale of treasury stock
—
—
169
—
—
143
312
Exercise of stock options
—
—
112
—
—
246
358
Common stock issuance costs
—
—
67,056
—
—
168,085
235,141
Preferred stock issuance
294,062
—
—
—
—
—
294,062
Stock issuance for acquisition, net of issuance costs
110,705
23,609
2,763,902
—
—
—
2,898,216
Balance - June 30, 2025
$
404,767
$
78,666
$
4,000,973
$
3,409,706
$
(442,047
)
$
(166,300
)
$
7,285,765
Balance - January 1, 2026
$
294,066
$
78,666
$
4,011,047
$
3,736,413
$
(261,520
)
$
(165,104
)
$
7,693,568
Total comprehensive income
—
—
—
539,008
(109,997
)
—
429,011
Cash dividends declared:
Preferred dividends Series B ($387.50 per share)
—
—
—
(11,625
)
—
—
(11,625
)
Common dividends ($0.86 per share)
—
—
—
(65,984
)
—
—
(65,984
)
Purchase of treasury stock
—
—
—
—
—
(37,901
)
(37,901
)
Issuances of equity awards, net of forfeitures
—
—
(16,259
)
—
—
17,983
1,724
Recognition of equity-based compensation
—
—
21,050
—
—
—
21,050
Sale of treasury stock
—
—
142
—
—
150
292
Exercise of stock options
—
—
65
—
—
593
658
Balance - June 30, 2026
$
294,066
$
78,666
$
4,016,045
$
4,197,812
$
(371,517
)
$
(184,279
)
$
8,030,793
Average Balances / Yields and Rates
UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
Three Months Ended June 30,
2026
2025
Average
Average
Average
Average
Balance
Yield/Rate
Balance
Yield/Rate
Assets
Loans, net of unearned interest
$
40,623,950
6.36
%
$
36,406,753
6.75
%
Securities:
Taxable
15,580,537
3.77
13,409,940
3.66
Tax-exempt
4,337,660
4.06
4,273,494
3.87
Total securities
19,918,197
3.84
17,683,434
3.71
Federal funds and resell agreements
1,033,826
4.37
684,747
5.12
Interest-bearing due from banks
3,712,165
3.67
6,660,111
4.45
Trading securities
26,734
6.12
16,693
6.54
Total earning assets
65,314,872
5.41
61,451,738
5.61
Allowance for credit losses
(418,985
)
(367,919
)
Other assets
5,511,562
5,787,982
Total assets
$
70,407,449
$
66,871,801
Liabilities and Shareholders' Equity
Interest-bearing deposits
$
42,872,466
2.80
%
$
41,246,157
3.34
%
Federal funds and repurchase agreements
3,512,241
3.31
2,767,216
3.97
Borrowed funds
478,555
9.19
655,575
7.92
Total interest-bearing liabilities
46,863,262
2.90
44,668,948
3.44
Noninterest-bearing demand deposits
14,712,647
14,403,211
Other liabilities
843,604
839,134
Shareholders' equity
7,987,936
6,960,508
Total liabilities and shareholders' equity
$
70,407,449
$
66,871,801
Net interest spread
2.51
%
2.17
%
Net interest margin
3.32
3.10
Average Balances / Yields and Rates
UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
Six Months Ended June 30,
2026
2025
Average
Average
Average
Average
Balance
Yield/Rate
Balance
Yield/Rate
Assets
Loans, net of unearned interest
$
40,007,008
6.44
%
$
34,369,543
6.69
%
Securities:
Taxable
15,617,174
3.77
12,557,618
3.54
Tax-exempt
4,345,604
4.04
4,197,951
3.78
Total securities
19,962,778
3.83
16,755,569
3.60
Federal funds and resell agreements
1,285,452
4.29
620,632
5.10
Interest-bearing due from banks
3,951,163
3.67
6,733,977
4.46
Trading securities
22,070
6.30
18,767
7.10
Total earning assets
65,228,471
5.43
58,498,488
5.53
Allowance for credit losses
(418,380
)
(344,276
)
Other assets
5,605,959
5,285,676
Total assets
$
70,416,050
$
63,439,888
Liabilities and Shareholders' Equity
Interest-bearing deposits
$
42,672,728
2.79
%
$
39,063,362
3.34
%
Federal funds and repurchase agreements
3,567,518
3.32
2,730,267
3.93
Borrowed funds
477,045
9.13
613,236
7.92
Total interest-bearing liabilities
46,717,291
2.90
42,406,865
3.44
Noninterest-bearing demand deposits
14,906,914
13,918,401
Other liabilities
867,597
846,697
Shareholders' equity
7,924,248
6,267,925
Total liabilities and shareholders' equity
$
70,416,050
$
63,439,888
Net interest spread
2.53
%
2.09
%
Net interest margin
3.35
3.04
Business Segment Information
UMB Financial Corporation
(unaudited, dollars in thousands)
Three Months Ended June 30, 2026
Commercial Banking
Institutional Banking
Personal Banking
Total
Net interest income
$
362,575
$
79,048
$
90,902
$
532,525
Provision for credit losses
24,733
627
2,640
28,000
Noninterest income
51,939
129,191
64,375
245,505
Noninterest expense
169,253
122,527
107,853
399,633
Income before taxes
220,528
85,085
44,784
350,397
Income tax expense
45,835
17,684
9,308
72,827
Net income
$
174,693
$
67,401
$
35,476
$
277,570
Three Months Ended June 30, 2025
Commercial Banking
Institutional Banking
Personal Banking
Total
Net interest income
$
322,619
$
66,331
$
78,074
$
467,024
Provision for credit losses
18,334
430
2,236
21,000
Noninterest income
43,219
107,998
70,968
222,185
Noninterest expense
170,648
105,137
117,383
393,168
Income before taxes
176,856
68,762
29,423
275,041
Income tax expense
37,068
14,412
6,167
57,647
Net income
$
139,788
$
54,350
$
23,256
$
217,394
Six Months Ended June 30, 2026
Commercial Banking
Institutional Banking
Personal Banking
Total
Net interest income
$
727,917
$
156,336
$
182,638
$
1,066,891
Provision for credit losses
48,510
1,125
5,365
55,000
Noninterest income
98,228
251,020
101,050
450,298
Noninterest expense
334,705
235,458
210,353
780,516
Income before taxes
442,930
170,773
67,970
681,673
Income tax expense
92,699
35,741
14,225
142,665
Net income
$
350,231
$
135,032
$
53,745
$
539,008
Six Months Ended June 30, 2025
Commercial Banking
Institutional Banking
Personal Banking
Total
Net interest income
$
596,536
$
127,489
$
140,638
$
864,663
Provision for credit losses
85,085
865
21,050
107,000
Noninterest income
80,438
211,792
96,153
388,383
Noninterest expense
343,660
212,402
221,893
777,955
Income (loss) before taxes
248,229
126,014
(6,152
)
368,091
Income tax expense (benefit)
46,777
23,746
(1,159
)
69,364
Net income (loss)
$
201,452
$
102,268
$
(4,993
)
$
298,727
The company has strategically aligned its operations into the following three reportable segments: Commercial Banking, Institutional Banking, and Personal Banking. Senior executive officers regularly evaluate business segment financial results produced by the company’s internal reporting system in deciding how to allocate resources and assess performance for individual business segments. The company’s reportable segments include certain corporate overhead, technology and service costs that are allocated based on methodologies that are applied consistently between periods. For comparability purposes, amounts in all periods are based on methodologies in effect at June 30, 2026.
Non-GAAP Financial Measures
Net operating income available to common shareholders Non-GAAP reconciliations:
UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Net income available to common shareholders (GAAP)
$
271,758
$
215,382
$
527,383
$
294,702
Adjustments:
Day 1 acquisition provision expense
—
—
—
62,037
Acquisition expense
1,674
13,494
6,028
66,663
Severance expense
—
373
2,036
818
FDIC special assessment
—
(726
)
(885
)
(97
)
Tax-impact of adjustments (i)
(402
)
(3,144
)
(1,723
)
(29,866
)
Total Non-GAAP adjustments (net of tax)
1,272
9,997
5,456
99,555
Net operating income (Non-GAAP)
$
273,030
$
225,379
$
532,839
$
394,257
Earnings per common share - diluted (GAAP)
$
3.56
$
2.82
$
6.90
$
4.16
Day 1 acquisition provision expense
—
—
—
0.87
Acquisition expense
0.02
0.19
0.08
0.94
Severance expense
—
—
0.03
0.01
FDIC special assessment
—
(0.01
)
(0.01
)
—
Tax-impact of adjustments (i)
(0.01
)
(0.04
)
(0.02
)
(0.42
)
Operating earnings per common share - diluted (Non-GAAP)
$
3.57
$
2.96
$
6.98
$
5.56
GAAP
Return on average assets
1.55
%
1.29
%
1.51
%
0.94
%
Return on average common equity
14.16
12.72
13.93
9.67
Non-GAAP
Operating return on average assets
1.56
%
1.35
%
1.53
%
1.25
%
Operating return on average common equity
14.22
13.31
14.08
12.94
(i) Calculated using the company’s marginal tax rate of 24.0%. Certain merger-related expenses are non-deductible.
Operating noninterest expense and operating efficiency ratio Non-GAAP reconciliations:
UMB Financial Corporation
(unaudited, dollars in thousands)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Noninterest expense
$
399,633
$
393,168
$
780,516
$
777,955
Adjustments to arrive at operating noninterest expense (pre-tax):
Acquisition expense
1,674
13,494
6,028
66,663
Severance expense
—
373
2,036
818
FDIC special assessment
—
(726
)
(885
)
(97
)
Total Non-GAAP adjustments (pre-tax)
1,674
13,141
7,179
67,384
Operating noninterest expense (Non-GAAP)
$
397,959
$
380,027
$
773,337
$
710,571
Noninterest expense
$
399,633
$
393,168
$
780,516
$
777,955
Less: Amortization of other intangibles
23,460
25,268
46,920
42,750
Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A)
$
376,173
$
367,900
$
733,596
$
735,205
Operating noninterest expense
$
397,959
$
380,027
$
773,337
$
710,571
Less: Amortization of other intangibles
23,460
25,268
46,920
42,750
Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B)
$
374,499
$
354,759
$
726,417
$
667,821
Net interest income
$
532,525
$
467,024
$
1,066,891
$
864,663
Noninterest income
245,505
222,185
450,298
388,383
Less: Gains on sales of securities available for sale, net
26
33
429
423
Total Non-GAAP Revenue (denominator A)
$
778,004
$
689,176
$
1,516,760
$
1,252,623
Efficiency ratio (numerator A/denominator A)
48.35
%
53.38
%
48.37
%
58.69
%
Operating efficiency ratio (Non-GAAP) (numerator B/denominator A)
48.14
51.48
47.89
53.31
Operating pre-tax, pre-provision income non-GAAP reconciliations:
UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Net interest income (GAAP)
$
532,525
$
467,024
$
1,066,891
$
864,663
Noninterest income (GAAP)
245,505
222,185
450,298
388,383
Noninterest expense (GAAP)
399,633
393,168
780,516
777,955
Adjustments to arrive at operating noninterest expense:
Acquisition expense
1,674
13,494
6,028
66,663
Severance expense
—
373
2,036
818
FDIC special assessment
—
(726
)
(885
)
(97
)
Total Non-GAAP adjustments
1,674
13,141
7,179
67,384
Operating noninterest expense (Non-GAAP)
397,959
380,027
773,337
710,571
Operating pre-tax, pre-provision income (Non-GAAP)
$
380,071
$
309,182
$
743,852
$
542,475
Net interest income earnings per common share - diluted (GAAP)
$
6.97
$
6.13
$
13.96
$
12.20
Noninterest income (GAAP)
3.21
2.91
5.89
5.47
Noninterest expense (GAAP)
5.23
5.16
10.21
10.97
Acquisition expense
0.02
0.19
0.08
0.94
Severance expense
—
—
0.03
0.01
FDIC special assessment
—
(0.01
)
(0.01
)
—
Operating pre-tax, pre-provision earnings per common share - diluted (Non-GAAP)
$
4.97
$
4.06
$
9.74
$
7.65
Operating pre-tax, pre-provision income - FTE Non-GAAP reconciliations:
UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Net interest income (GAAP)
$
532,525
$
467,024
$
1,066,891
$
864,663
Adjustments to arrive at net interest income - FTE:
Tax equivalent interest
8,832
8,291
17,545
15,796
Net interest income - FTE (Non-GAAP)
541,357
475,315
1,084,436
880,459
Noninterest income (GAAP)
245,505
222,185
450,298
388,383
Noninterest expense (GAAP)
399,633
393,168
780,516
777,955
Adjustments to arrive at operating noninterest expense:
Acquisition expense
1,674
13,494
6,028
66,663
Severance expense
—
373
2,036
818
FDIC special assessment
—
(726
)
(885
)
(97
)
Total Non-GAAP adjustments
1,674
13,141
7,179
67,384
Operating noninterest expense (Non-GAAP)
397,959
380,027
773,337
710,571
Operating pre-tax, pre-provision income - FTE (Non-GAAP)
$
388,903
$
317,473
$
761,397
$
558,271
Net interest income earnings per common share - diluted (GAAP)
$
6.97
$
6.13
$
13.96
$
12.20
Tax equivalent interest
0.12
0.11
0.23
0.22
Net interest income - FTE (Non-GAAP)
7.09
6.24
14.19
12.42
Noninterest income (GAAP)
3.21
2.91
5.89
5.47
Noninterest expense (GAAP)
5.23
5.16
10.21
10.97
Acquisition expense
0.02
0.19
0.08
0.94
Severance expense
—
—
0.03
0.01
FDIC special assessment
—
(0.01
)
(0.01
)
—
Operating pre-tax, pre-provision income - FTE earnings per common share - diluted (Non-GAAP)
$
5.09
$
4.17
$
9.97
$
7.87
Tangible book value non-GAAP reconciliations:
UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
As of June 30,
2026
2025
Total common shareholders' equity (GAAP)
$
7,748,351
$
6,885,023
Less: Intangible assets
Goodwill
1,837,594
1,812,694
Other intangibles, net
439,949
531,918
Total intangibles, net
2,277,543
2,344,612
Total tangible common shareholders' equity (Non-GAAP)
$
5,470,808
$
4,540,411
Total common shares outstanding
75,947,552
75,927,002
Ratio of total common shareholders' equity (book value) per share
$
102.02
$
90.68
Ratio of total tangible common shareholders' equity (tangible book value) per share (Non-GAAP)
