8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): 10/24/2017

UMB FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Commission File Number: 000-04887

MO	43-0903811
(State or other jurisdiction of incorporation)	(IRS Employer Identification No.)

1010 Grand Blvd., Kansas City, MO 64106

(Address of principal executive offices, including zip code)

(816) 860-7000

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13c-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02 Results of Operations and Financial Condition

On October 24, 2017, UMB Financial Corporation (the “Company”) issued a press release announcing the financial results for the Company for the quarter ended September 30, 2017. A copy of the press release is attached as Exhibit 99.1, and the information is hereby incorporated herein by reference.    

The information contained under Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 hereto, is being furnished and shall not be deemed to be “filed” with the Securities and Exchange Commission (“SEC”) for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section and are not incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference to this Current Report on Form 8-K in such a filing.

Item 7.01 Regulation FD Disclosure

On October 24, 2017, in the same press release noted in Item 2.02 of this Current Report on Form 8-K, the Company announced that the Board of Directors of the Company (the “Board”) declared a dividend of $0.275 per share (which is an increase of $0.02 per share over the dividend declared in the second quarter of 2017), that is payable January 2, 2018 to shareholders of record of the Company at the close of business on December 8, 2017. This press release is attached as Exhibit 99.1, and the information is hereby incorporated herein by reference.

The Company is furnishing a copy of materials that will be used in the Company’s shareholder conference call on October 25, 2017, at 8:30 a.m. (CT). A copy of the materials is attached as Exhibit 99.2 and will be available on the Company’s website at www.umb.com. The materials are dated October 24, 2017, and the Company disclaims any obligation to correct or update any of the materials in the future, except as required by applicable securities laws.

The information provided under Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 hereto, is being furnished and is not deemed to be “filed” with the SEC for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section and is not incorporated by reference into any filing of the Company under the Securities Act or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference to this Current Report on Form 8-K in such a filing.

Item 9.01 Financial Statements and Exhibits

Exhibit 99.1	Press Release announcing financial results for quarter ended September 30, 2017 and dividend declaration.
Exhibit 99.2	Investor Presentation Materials, dated October 24, 2017.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

UMB FINANCIAL CORPORATION
By:	/s/ Ram Shankar
	Ram Shankar Chief Financial Officer

Date: October 24, 2017

EXHIBIT INDEX

Exhibit     No.	Description
Exhibit 99.1	Press Release announcing financial results for quarter ended September 30, 2017 and dividend declaration.
Exhibit 99.2	Investor Presentation Materials, dated October 24, 2017.

EX-99.1

Exhibit 99.1

UMB Financial Corporation                     1010 Grand Boulevard Kansas City, MO 64106 816.860.7000 umb.com News Release                    

//FOR IMMEDIATE RELEASE//

Media Contact: Rachael Crocker: 816.860.7775

Investor Relations Contact: Kay Gregory: 816.860.7106

UMB Financial Corporation Reports Third Quarter 2017 Income from Continuing Operations of $48.9 Million, or $0.98 per diluted share

KANSAS CITY, Mo. (October 24, 2017) – UMB Financial Corporation (Nasdaq: UMBF), a diversified financial holding company, announced income from continuing operations for the third quarter 2017 of $48.9 million or $0.98 per diluted share, compared to $44.8 million or $0.90 per diluted share in the second quarter 2017 (linked quarter) and $39.4 million or $0.80 per diluted share in the third quarter 2016. Results from continuing operations exclude the impact of the previously announced divestiture of Scout Investments, Inc., the company’s institutional investment management subsidiary. Reported GAAP income from continuing operations represents an increase of 9.2 percent on a linked-quarter basis and 24.0 percent compared to the third quarter 2016. For the nine months ended September 30, 2017, GAAP income from continuing operations was $135.6 million or $2.72 per diluted share, an increase of 23.0 percent compared to $110.2 million or $2.24 per diluted share for the nine month period ended September 30, 2016.

Net operating income from continuing operations, a non-GAAP financial measure which is reconciled to the nearest comparable GAAP measure later in this release, was $48.9 million or $0.98 per diluted share for the third quarter 2017, compared to $44.9 million or $0.90 per diluted share for the linked quarter and $40.1 million or $0.81 per diluted share for the third quarter 2016. These results represent an increase of 8.9 percent on a linked-quarter basis and an increase of 21.9 percent compared to the third quarter 2016. For the nine months ended September 30, 2017, net operating income from continuing operations was $136.2 million or $2.73 per diluted share, compared to $114.3 million or $2.32 per diluted share for the nine month period ended September 30, 2016.

Summary of quarterly financial results	UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
	Q3			Q2			Q3
	2017			2017			2016
Income from continuing operations	$	48,872		$	44,771		$	39,422
Income from discontinued operations-general operations (non-GAAP)		3,372			2,586			2,850
Loss from discontinued operations-non-GAAP adjustments		(4,102	)		(4,536	)		(326	)
(Loss) income from discontinued operations-total		(730	)		(1,950	)		2,524
Net income		48,142			42,821			41,946
Earnings per share from continuing operations (diluted)		0.98			0.90			0.80
Earnings per share from discontinued operations-general operations (non-GAAP) (diluted)		0.07			0.05			0.06
Losses per share from discontinued operations-non-GAAP adjustments (diluted)		(0.08	)		(0.09	)		(0.01	)
(Losses) earnings per share from discontinued operations (diluted)		(0.01	)		(0.04	)		0.05
Earnings per share (diluted)		0.97			0.86			0.85
GAAP - continuing operations
Return on average assets		0.95	%		0.88	%		0.80	%
Return on average equity		9.17			8.69			7.76
Efficiency ratio		67.25			68.30			69.91
Non-GAAP - continuing operations
Operating return on average assets		0.96	%		0.89	%		0.81	%
Operating return on average equity		9.18			8.72			7.90
Operating efficiency ratio		67.22			68.19			69.43

Summary of year-to-date financial results	UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
	September			September
	YTD			YTD
	2017			2016
Income from continuing operations	$	135,619		$	110,234
Income from discontinued operations-general operations (non-GAAP)		8,164			6,919
Loss from discontinued operations-non-GAAP adjustments		(8,639	)		(1,286	)
(Loss) income from discontinued operations-total		(475	)		5,633
Net income		135,144			115,867
Earnings per share from continuing operations (diluted)		2.72			2.24
Earnings per share from discontinued operations-general operations (non-GAAP) (diluted)		0.16			0.14
Losses per share from discontinued operations-non-GAAP adjustments (diluted)		(0.17	)		(0.02	)
(Losses) earnings per share from discontinued operations (diluted)		(0.01	)		0.12
Earnings per share (diluted)		2.71			2.36
GAAP - continuing operations
Return on average assets		0.89	%		0.76	%
Return on average equity		8.82			7.43
Efficiency ratio		68.44			72.18
Non-GAAP - continuing operations
Operating return on average assets		0.90	%		0.78	%
Operating return on average equity		8.85			7.70
Operating efficiency ratio		68.33			71.26

“Third quarter 2017 highlights included year-over-year improvement of 29 basis points in our net interest margin and solid positive operating leverage of 3.4 percent,” said Mariner Kemper, chairman and chief executive officer. “Revenue increased 7.4 percent while expenses increased 4.0 percent compared to the third quarter 2016. Our balance sheet growth was driven by continued momentum in our commercial real estate lending business and our national lending platforms, as well as a 32 percent increase in healthcare deposits compared to a year ago.”

Discussion of results from continuing operations

Summary of revenue	UMB Financial Corporation
(unaudited, dollars in thousands)
	Q3			Q2			Q3			CQ vs.			CQ vs.
	2017			2017			2016			LQ			PY
Net interest income	$	140,858		$	137,394		$	124,765		$	3,464		$	16,093
Noninterest income:
Trust and securities processing		45,060			44,811			41,812			249			3,248
Trading and investment banking		4,453			6,173			6,114			(1,720	)		(1,661	)
Service charges on deposit accounts		21,510			22,731			21,832			(1,221	)		(322	)
Insurance fees and commissions		425			513			698			(88	)		(273	)
Brokerage fees		5,815			5,889			4,712			(74	)		1,103
Bankcard fees		17,427			20,234			17,086			(2,807	)		341
Gains on sales of securities available for sale, net		2,390			1,280			2,978			1,110			(588	)
Equity (losses) earnings on alternative investments		(584	)		(195	)		1,594			(389	)		(2,178	)
Other		7,810			8,870			6,716			(1,060	)		1,094
Total noninterest income	$	104,306		$	110,306		$	103,542		$	(6,000	)	$	764
Total Revenue	$	245,164		$	247,700		$	228,307		$	(2,536	)	$	16,857
Net interest margin		3.16	%		3.12	%		2.87	%
Total noninterest income as a % of total revenue		42.55			44.53			45.35

Net interest income

• On a linked quarter basis, the increase in net interest income was driven by a four basis point improvement in net interest margin.

• Earning asset yields improved 11 basis points from the linked quarter driven by improved loan yields of 15 basis points. The cost of interest-bearing liabilities increased 10 basis points due to increased federal fund borrowing costs of 20 basis points coupled with a nine basis point increase in interest-bearing deposit rates.

• The cost of interest-bearing liabilities for the third quarter 2017 was 55 basis points, and total cost of funds, including noninterest-bearing deposits was 38 basis points.

• On a year-over-year basis, the increase in net interest income was driven by a 7.2 percent or $729.3 million increase in average loans as well as higher average loan yields, which increased 47 basis points from one year ago, primarily driven by higher interest rates and mix changes.

• For the third quarter 2017, average earning assets stood at $18.9 billion, which is flat compared to the linked quarter and an increase of 3.1 percent over the third quarter 2016.

Noninterest income

• Third quarter 2017 noninterest income decreased $6.0 million, or 5.4 percent, on a linked quarter basis largely due to:

• a $0.9 million decrease in bond trading fees, and a $0.8 million decrease in market adjustments from the company’s seed investments in certain Scout Funds following the liquidation of such investments at the end of the second quarter of 2017;

• lower service charges on deposits driven by higher earnings credit rates;

• lower bankcard fees driven by a $2.7 million increase in retail and commercial card program rewards and rebates expense recorded;

• a decrease in other noninterest income of $1.1 million which was primarily due to a $1.0 million gain on the sale of a branch building recorded in the second quarter;

• which were partially offset by a $1.1 million increase in gains on sales of available-for-sale securities.

• Noninterest income in the third quarter of 2017 improved $0.8 million, or 0.7 percent, compared to the same quarter in 2016 primarily driven by:

• a $1.7 million increase in fund servicing revenue, a $1.0 million increase in wealth management revenue, and a $0.5 million increase in corporate trust revenue all recorded in trust and securities processing;

• which were partially offset by a $2.2 million decrease in equity earnings on alternative investments and $1.7 million decrease in trading and investment banking revenue, driven by a $1.2 million decrease in market adjustments from the company’s seed investments in certain Scout Funds and a $0.5 million decrease in bond trading fees.

Noninterest expense

Summary of noninterest expense	UMB Financial Corporation
(unaudited, dollars in thousands)
	Q3		Q2		Q3		CQ vs.			CQ vs.
	2017		2017		2016		LQ			PY
Salaries and employee benefits	$	99,749	$	102,773	$	99,403	$	(3,024	)	$	346
Occupancy, net		11,285		11,061		11,224		224			61
Equipment		17,880		17,956		16,029		(76	)		1,851
Supplies and services		4,076		4,792		4,472		(716	)		(396	)
Marketing and business development		5,056		5,732		5,090		(676	)		(34	)
Processing fees		11,151		10,743		9,084		408			2,067
Legal and consulting		5,844		6,467		4,437		(623	)		1,407
Bankcard		5,130		5,033		5,015		97			115
Amortization of other intangible assets		1,715		1,924		2,088		(209	)		(373	)
Regulatory fees		3,798		4,071		3,370		(273	)		428
Other		6,137		6,387		4,999		(250	)		1,138
Total noninterest expense	$	171,821	$	176,939	$	165,211	$	(5,118	)	$	6,610

• GAAP noninterest expense for the third quarter of 2017 was $171.8 million and decreased $5.1 million, or 2.9 percent from the linked quarter.

• On a non-GAAP basis, operating noninterest expense (as reconciled later in this release) was $171.7 million for the third quarter 2017, a decrease of $4.9 million, or 2.8 percent, compared to the linked quarter, and an increase of $7.6 million, or 4.7 percent, compared to the third quarter 2016.

• The linked quarter decrease in operating noninterest expense was driven by:

• a $3.0 million decrease in salaries and employee benefits expense driven by a $1.6 million decrease in bonus and commission expense, and a $1.6 million decrease in employee benefits partially due to lower employment taxes and medical expense;

• a $0.7 million decline in both supplies and services expense and marketing and business development expenses.

• The year-over-year increase in GAAP noninterest expense of $6.6 million, or 4.0 percent, was primarily driven by:

• a $1.9 million increase in equipment expense for computer and hardware costs related to investments for regulatory requirements, cyber security, and the ongoing modernization of the company’s core systems;

• higher processing expenses in healthcare, fund servicing, and institutional businesses and higher legal and consulting expense;

• a $0.7 million increase in off-balance sheet commitment reserves and $0.5 million increase in losses on sales of assets, both recorded in other noninterest expense.

Income Taxes

• For the nine months ended September 30, 2017, the company’s effective tax rate decreased to 21.4 percent compared to 23.6 percent for the same period a year earlier. The decrease is primarily attributable to a larger portion of income being earned from tax-exempt municipal securities and an increase in excess tax benefits associated with stock compensation recorded through the third quarter of 2017.

Balance Sheet

• Average total assets for the third quarter 2017 were $20.3 billion, unchanged from the linked quarter, and up from $19.7 billion for the same period in 2016.

Summary of average loans and leases - QTD Average	UMB Financial Corporation
(unaudited, dollars in thousands)
	Q3		Q2		Q3		CQ vs.			CQ vs.
	2017		2017		2016		LQ			PY
Commercial	$	4,539,302	$	4,597,866	$	4,441,790	$	(58,564	)	$	97,512
Asset-based loans		278,479		242,719		228,310		35,760			50,169
Factoring loans		173,876		155,528		101,731		18,348			72,145
Commercial credit card		174,892		157,214		166,617		17,678			8,275
Real estate - construction		782,898		802,350		591,584		(19,452	)		191,314
Real estate - commercial		3,284,871		3,152,317		2,976,666		132,554			308,205
Real estate - residential		603,865		592,253		505,721		11,612			98,144
Real estate - HELOC		668,340		682,889		735,527		(14,549	)		(67,187	)
Consumer credit card		239,529		254,552		262,937		(15,023	)		(23,408	)
Consumer other		140,344		139,120		137,949		1,224			2,395
Leases		24,758		35,250		32,987		(10,492	)		(8,229	)
Total loans	$	10,911,154	$	10,812,058	$	10,181,819	$	99,096		$	729,335

• Average loans for the third quarter 2017, increased 0.9 percent, on a linked-quarter basis, and 7.2 percent, compared to third quarter 2016.

Summary of average securities - QTD Average							UMB Financial Corporation
(unaudited, dollars in thousands)
	Q3		Q2		Q3		CQ vs.			CQ vs.
	2017		2017		2016		LQ			PY
Securities available for sale:
U.S. Treasury	$	47,216	$	63,945	$	340,144	$	(16,729	)	$	(292,928	)
U.S. Agencies		22,743		48,914		369,022		(26,171	)		(346,279	)
Mortgage-backed		3,564,974		3,677,797		3,512,905		(112,823	)		52,069
State and political subdivisions		2,536,281		2,478,358		2,314,875		57,923			221,406
Corporates		21,848		60,508		77,646		(38,660	)		(55,798	)
Total securities available for sale		6,193,062		6,329,522		6,614,592		(136,460	)		(421,530	)
Securities held to maturity:
State and political subdivisions		1,283,258		1,242,519		927,875		40,739			355,383
Trading securities		49,396		75,075		51,280		(25,679	)		(1,884	)
Other securities		64,294		66,199		65,984		(1,905	)		(1,690	)
Total securities	$	7,590,010	$	7,713,315	$	7,659,731	$	(123,305	)	$	(69,721	)

• The growth in the company’s held to maturity securities portfolio is due to increased activity in private placement bonds, primarily used to refinance existing revenue bonds in the healthcare and education sectors.

• Total securities available for sale decreased 2.2 percent on a linked-quarter basis and 6.4 percent compared to the third quarter 2016, driven by the ongoing reinvestment of cash flows from such securities to fund growth in the private placement bond and loan portfolio.

Summary of average deposits - QTD Average	UMB Financial Corporation
(unaudited, dollars in thousands)
	Q3			Q2			Q3			CQ vs.			CQ vs.
	2017			2017			2016			LQ			PY
Deposits:
Noninterest-bearing demand	$	5,728,145		$	5,837,602		$	5,690,838		$	(109,457	)	$	37,307
Interest-bearing demand and savings		8,789,217			8,475,782			8,276,491			313,435			512,726
Time deposits		1,162,383			1,258,384			1,154,762			(96,001	)		7,621
Total deposits	$	15,679,745		$	15,571,768		$	15,122,091		$	107,977		$	557,654
Non-interest bearing deposits as % of total		36.53	%		37.49	%		37.63	%

• Average noninterest-bearing demand deposits were relatively unchanged compared to the third quarter of 2016, but declined 1.9 percent on a linked-quarter basis primarily due to institutional customers deploying more funds in the markets.

Capital

Capital information	UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
	Q3			Q2			Q3
	2017			2017			2016
Total equity	$	2,101,543		$	2,071,119		$	2,024,628
Book value per common share		42.15			41.42			40.86
Regulatory capital:
Common equity Tier 1 capital	$	1,893,842		$	1,863,359		$	1,749,738
Tier 1 capital		1,893,842			1,863,359			1,749,738
Total capital		2,062,928			2,031,618			1,909,583
Regulatory capital ratios:
Common equity Tier 1 capital ratio		12.18	%		12.22	%		11.75	%
Tier 1 risk-based capital ratio		12.18			12.22			11.75
Total risk-based capital ratio		13.26			13.32			12.82
Tier 1 leverage ratio		9.43			9.28			8.99

• At September 30, 2017, the company’s risk-based capital ratios presented in the foregoing table exceeded all of the “well-capitalized” regulatory thresholds.

Asset Quality

Credit quality	UMB Financial Corporation
(unaudited, dollars in thousands)
	Q3			Q2			Q1			Q4			Q3
	2017			2017			2017			2016			2016
Net charge-offs - Commercial loans	$	8,961		$	7,971		$	5,283		$	1,127		$	5,538
Net charge-offs (recoveries) - Real estate loans		238			(95	)		125			3,373			(67	)
Net charge-offs - Consumer credit card loans		1,635			2,079			1,815			1,692			1,658
Net charge-offs - Consumer other loans		74			71			103			63			133
Net charge-offs - Total loans		10,908			10,026			7,326			6,255			7,262
Net loan charge-offs as a % of total average loans		0.40	%		0.37	%		0.28	%		0.24	%		0.28	%
Loans over 90 days past due	$	2,088		$	2,657		$	3,369		$	3,365		$	2,678
Loans over 90 days past due as a % of total loans		0.02	%		0.02	%		0.03	%		0.03	%		0.03	%
Nonaccrual and restructured loans	$	54,231		$	51,390		$	56,594		$	70,259		$	79,620
Nonaccrual and restructured loans as a % of total loans		0.49	%		0.47	%		0.53	%		0.67	%		0.77	%
Provision for loan losses		11,500			14,500		$	9,000		$	7,500		$	13,000

• Nonperforming loans, defined as restructured loans on nonaccrual and all other nonaccrual loans, increased $2.8 million from the linked quarter and decreased $25.4 million from the prior year period.

• Net charge-offs increased to $10.9 million or 0.40 percent of average loans, compared to $10.0 million, or 0.37 percent of average loans in the linked quarter, and $7.3 million, or 0.28 percent of average loans in the third quarter of 2016.

• Provision for loan losses decreased $3.0 million from the elevated linked quarter levels and is consistent with the company’s methodology, which considers the inherent risk in the loan portfolio, as well as other qualitative factors, such as macroeconomic conditions, loan growth, increased impaired loans and increased net charge-offs.

Dividend Declaration

At the company’s quarterly board meeting, the Board of Directors declared a $0.275 per share quarterly cash dividend, an increase of 7.8 percent or $0.02 per share. The cash dividend will be payable on January 2, 2018, to shareholders of record at the close of business on December 8, 2017.

Conference Call

The company plans to host a conference call to discuss its third quarter 2017 earnings results on Wednesday, October 25, 2017, at 8:30 a.m. (CT).

Interested parties may access the call by dialing (toll-free) 877-267-8760 or (U.S.) 412-542-4148 and requesting to join the UMB Financial call. The live call can also be accessed by visiting the investor relations area of umbfinancial.com or by using the following the link:

UMB Financial 3Q 2017 Conference Call

A replay of the conference call may be heard through November 8, 2017, by calling (toll-free) 877-344-7529 or (U.S.) 412-317-0088. The replay pass code required for playback is 10112430. The call replay may also be accessed via the company’s website umbfinancial.com by visiting the investor relations area.

Non-GAAP Financial Information

In this release, we provide information about net operating income, operating earnings per share - diluted (operating EPS), operating return on average equity (operating ROE), operating return on average assets (operating ROA), operating noninterest expense, operating efficiency ratio, income from discontinued operations-general operations, and earnings per share from discontinued operations-general operations, 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, operating

EPS, operating ROE, operating ROA, operating noninterest expense, operating efficiency ratio, income from discontinued operations-general operations, and earnings per share from discontinued operations-general operations—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 fair value adjustments, acquisition- and severance-related items, one-time marketing agent termination costs, and divestiture costs that management does not believe reflect the company’s fundamental operating performance.

Net operating income for the relevant period is defined as GAAP net income, adjusted to reflect the impact of excluding the following: (i) fair value adjustments on contingent consideration for the acquisitions of Reams Asset Management Company (Reams), (ii) expenses related to acquisitions, (iii) non-acquisition related severance expense, and (v) the cumulative tax impact of the previous adjustments. The company believes that the financial impact of excluding non-acquisition related severance expense will be immaterial in the near future. It is excluded from certain GAAP financial measures as it has an unusually large impact on the company’s financial statements.

Operating EPS (basic and 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 in clauses (i)-(v) above for the relevant period. Operating ROE is calculated as net operating income, divided by the company’s average total shareholders’ equity for the relevant period. Operating ROA is calculated as net operating income, 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 in clauses (i)-(iii) 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 revenue (calculated as tax equivalent net interest income, plus noninterest income, less gains on sales of securities available for sale, net).

Income from discontinued operations-general operations for the relevant period is defined as GAAP income from discontinued operations, adjusted to reflect the impact of excluding non-GAAP adjustment (iii) and (v) above and (iv) divestiture expenses related to Scout for the relevant period. The company believes that the financial impact of excluding non-acquisition related severance expense will be immaterial in the near future. It is excluded from certain GAAP financial measures as it has an unusually large impact on the company’s financial statements.

Earnings per share from discontinued operations-general operations (diluted) is calculated as earnings per share from discontinued operations (diluted) as reported, adjusted to reflect, on a per share basis, the impact of excluding non-GAAP adjustment (iii) and (v) above and (iv) divestiture expenses related to Scout for the relevant period.

Forward-Looking Statements:

This 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—such as our statements about the timeframe or amount of expected proceeds from the closing of the sale of Scout. 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, 2016, 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). 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. 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 diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing, and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors. For more information, visit umb.com, umbfinancial.com, blog.umb.com or follow us on Twitter at @UMBBank, Facebook at facebook.com/UMBBank and LinkedIn at linkedin.com/company/umb-bank.

Consolidated Balance Sheets	UMB Financial Corporation
(unaudited, dollars in thousands)
	September 30,
	2017			2016
Assets
Loans	$	10,997,028		$	10,293,494
Allowance for loan losses		(98,389	)		(90,404	)
Net loans		10,898,639			10,203,090
Loans held for sale		4,525			11,880
Investment securities:
Available for sale		5,848,960			6,295,687
Held to maturity		1,276,252			1,009,117
Trading securities		60,660			58,062
Other securities		63,543			66,853
Total investment securities		7,249,415			7,429,719
Federal funds and resell agreements		244,436			244,891
Interest-bearing due from banks		221,856			453,189
Cash and due from banks		366,169			354,184
Premises and equipment, net		277,454			287,267
Accrued income		103,076			93,016
Goodwill		180,867			180,867
Other intangibles, net		23,477			28,681
Other assets		655,846			383,095
Discontinued assets – goodwill and other intangibles, net		53,743			56,267
Total assets	$	20,279,503		$	19,726,146
Liabilities
Deposits:
Noninterest-bearing demand	$	5,812,117		$	6,008,326
Interest-bearing demand and savings		9,063,079			8,288,670
Time deposits under $250,000		576,035			658,541
Time deposits of $250,000 or more		548,373			422,712
Total deposits		15,999,604			15,378,249
Federal funds and repurchase agreements		1,856,837			2,021,123
Long-term debt		76,071			75,418
Accrued expenses and taxes		193,978			163,221
Other liabilities		51,470			63,507
Total liabilities		18,177,960			17,701,518
Shareholders’ Equity
Common stock		55,057			55,057
Capital surplus		1,042,022			1,028,869
Retained earnings		1,239,865			1,112,613
Accumulated other comprehensive (loss) income		(22,668	)		42,512
Treasury stock		(212,733	)		(214,423	)
Total shareholders’ equity		2,101,543			2,024,628
Total liabilities and shareholders’ equity	$	20,279,503		$	19,726,146

Consolidated Statements of Income	UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2017			2016		2017			2016
Interest Income
Loans	$	119,132		$	98,820	$	338,416		$	283,313
Securities:
Taxable interest		17,720			17,012		55,351			55,221
Tax-exempt interest		18,893			14,797		54,372			41,377
Total securities income		36,613			31,809		109,723			96,598
Federal funds and resell agreements		1,008			790		2,638			1,939
Interest-bearing due from banks		753			445		1,884			1,772
Trading securities		389			174		1,135			399
Total interest income		157,895			132,038		453,796			384,021
Interest Expense
Deposits		10,181			4,626		23,982			12,817
Federal funds and repurchase agreements		5,811			1,894		14,274			4,750
Other		1,045			753		2,973			2,587
Total interest expense		17,037			7,273		41,229			20,154
Net interest income		140,858			124,765		412,567			363,867
Provision for loan losses		11,500			13,000		35,000			25,000
Net interest income after provision for loan losses		129,358			111,765		377,567			338,867
Noninterest Income
Trust and securities processing		45,060			41,812		132,412			123,984
Trading and investment banking		4,453			6,114		18,168			16,382
Service charges on deposits		21,510			21,832		66,316			65,713
Insurance fees and commissions		425			698		1,584			3,355
Brokerage fees		5,815			4,712		17,081			13,159
Bankcard fees		17,427			17,086		55,413			52,636
Gains on sale of securities available for sale, net		2,390			2,978		4,138			8,509
Equity (losses) earnings on alternative investments		(584	)		1,594		(1,393	)		2,191
Other		7,810			6,716		23,810			18,352
Total noninterest income		104,306			103,542		317,529			304,281
Noninterest Expense
Salaries and employee benefits		99,749			99,403		306,174			293,294
Occupancy, net		11,285			11,224		33,314			32,996
Equipment		17,880			16,029		53,318			48,807
Supplies, postage and telephone		4,076			4,472		12,962			13,875
Marketing and business development		5,056			5,090		14,929			15,273
Processing fees		11,151			9,084		31,093			27,118
Legal and consulting		5,844			4,437		17,361			14,107
Bankcard		5,130			5,015		15,066			16,199
Amortization of other intangibles		1,715			2,088		5,685			6,644
Regulatory fees		3,798			3,370		11,702			10,491
Other		6,137			4,999		20,966			20,094
Total noninterest expense		171,821			165,211		522,570			498,898
Income before income taxes		61,843			50,096		172,526			144,250
Income tax provision		12,971			10,674		36,907			34,016
Income from continuing operations	$	48,872		$	39,422	$	135,619		$	110,234
Discontinued operations
(Loss) income from discontinued operations before income taxes		(1,030	)		3,834		(722	)		8,792
Income tax (benefit) expense		(300	)		1,310		(247	)		3,159
(Loss) income on discontinued operations		(730	)		2,524		(475	)		5,633
Net Income	$	48,142		$	41,946	$	135,144		$	115,867
Per Share Data
Basic:
Income from continuing operations	$	0.99		$	0.81	$	2.76		$	2.26
(Loss) income from discontinued operations		(0.01	)		0.05		(0.01	)		0.11
Net income – basic	$	0.98		$	0.86	$	2.75		$	2.37
Diluted:
Income from continuing operations		0.98			0.80		2.72			2.24
(Loss) income from discontinued operations		(0.01	)		0.05		(0.01	)		0.12
Net income – diluted		0.97			0.85		2.71			2.36
Dividends		0.255			0.245		0.765			0.735
Weighted average shares outstanding		49,283,322			48,849,251		49,221,629			48,792,419
Weighted average shares outstanding – diluted		49,833,141			49,284,280		49,838,619			49,162,200

Consolidated Statements of Comprehensive Income	UMB Financial Corporation
(unaudited, dollars in thousands)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
Net Income	$	48,142		$	41,946		$	135,144		$	115,867
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on securities:
Change in unrealized holding gains (losses), net		5,064			(16,946	)		62,646			90,639
Less: Reclassifications adjustment for gains included in net income		(2,390	)		(2,978	)		(4,138	)		(8,509	)
Change in unrealized gains (losses) on securities during the period		2,674			(19,924	)		58,508			82,130
Change in unrealized losses on derivatives		(169	)		(643	)		(1,080	)		(7,677	)
Income tax (expense) benefit		(1,548	)		7,784			(22,554	)		(28,223	)
Other comprehensive income (loss)		957			(12,783	)		34,874			46,230
Comprehensive income	$	49,099		$	29,163		$	170,018		$	162,097

Consolidated Statements of Changes in Shareholders’ Equity	UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
									Accumulated
									Other
	Common		Capital			Retained			Comprehensive			Treasury
	Stock		Surplus			Earnings			(Loss) Income			Stock			Total
Balance - January 1, 2016	$	55,057	$	1,019,889		$	1,033,990		$	(3,718	)	$	(211,524	)	$	1,893,694
Total comprehensive income		—		—			115,867			46,230			—			162,097
Cash dividends ($0.735 per share)		—		—			(36,388	)		—			—			(36,388	)
Purchase of treasury stock		—		—			—			—			(14,189	)		(14,189	)
Issuance of equity awards		—		(3,373	)		—			—			3,802			429
Recognition of equity based compensation		—		8,253			—			—			—			8,253
Sale of treasury stock		—		362			—			—			474			836
Exercise of stock options		—		2,400			—			—			7,014			9,414
Cumulative effect adjustment		—		1,338			(856	)		—			—			482
Balance – September 30, 2016	$	55,057	$	1,028,869		$	1,112,613		$	42,512		$	(214,423	)	$	2,024,628
Balance - January 1, 2017	$	55,057	$	1,033,419		$	1,142,887		$	(57,542	)	$	(211,437	)	$	1,962,384
Total comprehensive income		—		—			135,144			34,874			—			170,018
Cash dividends ($0.765 per share)		—		—			(38,166	)		—			—			(38,166	)
Purchase of treasury stock		—		—			—			—			(14,369	)		(14,369	)
Issuance of equity awards		—		(3,364	)		—			—			3,835			471
Recognition of equity based compensation		—		9,576			—			—			—			9,576
Sale of treasury stock		—		468			—			—			381			849
Exercise of stock options		—		1,923			—			—			8,857			10,780
Balance – September 30, 2017	$	55,057	$	1,042,022		$	1,239,865		$	(22,668	)	$	(212,733	)	$	2,101,543

Average Balances / Yields and Rates							UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)	Three Months Ended September 30,
	2017						2016
	Average			Average			Average			Average
	Balance			Yield/Rate			Balance			Yield/Rate
Assets
Loans, net of unearned interest	$	10,911,154			4.33	%	$	10,181,819			3.86	%
Securities:
Taxable		3,794,074			1.85			4,449,485			1.52
Tax-exempt		3,746,540			3.06			3,158,966			2.86
Total securities		7,540,614			2.46			7,608,451			2.08
Federal funds and resell agreements		190,036			2.10			217,287			1.45
Interest-bearing due from banks		254,702			1.17			314,619			0.56
Trading securities		49,396			3.95			51,280			1.75
Total earning assets		18,945,902			3.52			18,373,456			3.03
Allowance for loan losses		(99,954	)					(86,368	)
Other assets		1,467,273						1,405,152
Total assets	$	20,313,221					$	19,692,240
Liabilities and Shareholders’ Equity
Interest-bearing deposits	$	9,951,600			0.41	%	$	9,431,253			0.20	%
Federal funds and repurchase agreements		2,234,666			1.03			2,261,863			0.33
Borrowed funds		76,159			5.44			82,340			3.64
Total interest-bearing liabilities		12,262,425			0.55			11,775,456			0.25
Noninterest-bearing demand deposits		5,728,145						5,690,838
Other liabilities		207,417						203,953
Shareholders’ equity		2,115,234						2,021,993
Total liabilities and shareholders’ equity	$	20,313,221					$	19,692,240
Net interest spread					2.97	%					2.78	%
Net interest margin					3.16						2.87

Average Balances / Yields and Rates							UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)	Nine Months Ended September 30,
	2017						2016
	Average			Average			Average			Average
	Balance			Yield/Rate			Balance			Yield/Rate
Assets
Loans, net of unearned interest	$	10,762,401			4.20	%	$	9,874,298			3.83	%
Securities:
Taxable		3,995,441			1.85			4,650,111			1.59
Tax-exempt		3,625,727			3.07			2,984,538			2.85
Total securities		7,621,168			2.43			7,634,649			2.08
Federal funds and resell agreements		192,817			1.83			181,854			1.42
Interest-bearing due from banks		271,799			0.93			425,155			0.56
Trading securities		61,604			3.06			39,588			1.70
Total earning assets		18,909,789			3.42			18,155,544			2.99
Allowance for loan losses		(96,181	)					(82,975	)
Other assets		1,474,177						1,415,325
Total assets	$	20,287,785					$	19,487,894
Liabilities and Shareholders’ Equity
Interest-bearing deposits	$	9,777,717			0.33	%	$	9,392,435			0.18	%
Federal funds and repurchase agreements		2,321,144			0.82			2,041,369			0.31
Borrowed funds		76,192			5.22			88,621			3.90
Total interest-bearing liabilities		12,175,053			0.45			11,522,425			0.23
Noninterest-bearing demand deposits		5,853,905						5,809,398
Other liabilities		203,037						174,873
Shareholders’ equity		2,055,790						1,981,198
Total liabilities and shareholders’ equity	$	20,287,785					$	19,487,894
Net interest spread					2.97	%					2.76	%
Net interest margin					3.12						2.84

Business Segment Information	UMB Financial Corporation
(unaudited, dollars in thousands)

	Three Months Ended September 30, 2017
	Bank		Asset Servicing		Total
Net interest income	$	137,331	$	3,527	$	140,858
Provision for loan losses		11,500		—		11,500
Noninterest income		79,759		24,547		104,306
Noninterest expense		150,057		21,764		171,821
Income before taxes		55,533		6,310		61,843
Income tax expense		11,649		1,322		12,971
Income from continuing operations	$	43,884	$	4,988	$	48,872
Average assets	$	19,542,050	$	770,950	$	20,313,000
	Three Months Ended September 30, 2016
	Bank		Asset Servicing		Total
Net interest income	$	121,963	$	2,802	$	124,765
Provision for loan losses		13,000		—		13,000
Noninterest income		80,540		23,002		103,542
Noninterest expense		144,450		20,761		165,211
Income before taxes		45,053		5,043		50,096
Income tax expense		9,560		1,114		10,674
Income from continuing operations	$	35,493	$	3,929	$	39,422
Average assets	$	18,441,950	$	1,250,050	$	19,692,000

	Nine Months Ended September 30, 2017
	Bank		Asset Servicing		Total
Net interest income	$	403,450	$	9,117	$	412,567
Provision for loan losses		35,000		—		35,000
Noninterest income		245,583		71,946		317,529
Noninterest expense		456,680		65,890		522,570
Income before taxes		157,353		15,173		172,526
Income tax expense		33,733		3,174		36,907
Income from continuing operations	$	123,620	$	11,999	$	135,619
Average assets	$	19,501,000	$	787,000	$	20,288,000
	Nine Months Ended September 30, 2016
	Bank		Asset Servicing		Total
Net interest income	$	355,847	$	8,020	$	363,867
Provision for loan losses		25,000		—		25,000
Noninterest income		234,643		69,638		304,281
Noninterest expense		435,708		63,190		498,898
Income before taxes		129,782		14,468		144,250
Income tax expense		30,478		3,538		34,016
Income from continuing operations	$	99,304	$	10,930	$	110,234
Average assets	$	18,205,900	$	1,282,100	$	19,488,000

Non-GAAP Financial Measures							UMB Financial Corporation
Net operating income non-GAAP reconciliation:
(unaudited, dollars in thousands, except per share data)
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2017			2016			2017			2016
Income from continuing operations (GAAP)	$	48,872		$	39,422		$	135,619		$	110,234
Adjustments:
Fair value adjustments on contingent consideration (i)		—			—			—			67
Acquisition expenses (ii)		5			434			22			4,473
Non-acquisition severance expense (iii)		80			680			815			1,751
Tax-impact of adjustments (v)		(30	)		(401	)		(301	)		(2,265	)
Total Non-GAAP adjustments (net of tax)		55			713			536			4,026
Net operating income (Non-GAAP)	$	48,927		$	40,135		$	136,155		$	114,260
Earnings per share from continuing operations as reported - diluted	$	0.98		$	0.80		$	2.72		$	2.24
Fair value adjustments on contingent consideration (i)		—			—			—			—
Acquisition expenses (ii)		—			0.01			—			0.09
Non-acquisition severance expense (iii)		—			0.01			0.02			0.04
Tax-impact of adjustments (v)		—			(0.01	)		(0.01	)		(0.05	)
Operating earnings per share - diluted	$	0.98		$	0.81		$	2.73		$	2.32
GAAP
Return on average assets		0.95	%		0.80	%		0.89	%		0.76	%
Return on average equity		9.17			7.76			8.82			7.43
Non-GAAP
Operating return on average assets		0.96	%		0.81	%		0.90	%		0.78	%
Operating return on average equity		9.18			7.90			8.85			7.70

Operating noninterest expense and operating efficiency ratio non-GAAP reconciliation:							UMB Financial Corporation
(unaudited, dollars in thousands)
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2017			2016			2017			2016
Noninterest expense	$	171,821		$	165,211		$	522,570		$	498,898
Adjustments to arrive at operating noninterest expense (pre-tax):
Fair value adjustments on contingent consideration (i)		—			—			—			67
Acquisition expenses (ii)		5			434			22			4,473
Non-acquisition severance expense (iii)		80			680			815			1,751
Total Non-GAAP adjustments (pre-tax)		85			1,114			837			6,291
Operating noninterest expense	$	171,736		$	164,097		$	521,733		$	492,607
Noninterest expense	$	171,821		$	165,211		$	522,570		$	498,898
Less: Amortization of other intangibles		1,715			2,088			5,685			6,644
Noninterest expense, net of amortization of other intangibles (numerator A)	$	170,106		$	163,123		$	516,885		$	492,254
Operating noninterest expense	$	171,736		$	164,097		$	521,733		$	492,607
Less: Amortization of other intangibles		1,715			2,088			5,685			6,644
Operating expense, net of amortization of other intangibles (numerator B)	$	170,021		$	162,009		$	516,048		$	485,963
Net interest income (tax equivalent) (vi)	$	151,014		$	132,765		$	441,809		$	386,190
Noninterest income		104,306			103,542			317,529			304,281
Less: Gains on sales of securities available for sale, net		2,390			2,978			4,138			8,509
Total (denominator A)	$	252,930		$	233,329		$	755,200		$	681,962
Efficiency ratio (numerator A/denominator A)		67.25	%		69.91	%		68.44	%		72.18	%
Operating efficiency ratio (numerator B/denominator A)		67.22			69.43			68.33			71.26

Income from discontinued operations-general operations non-GAAP reconciliation							UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2017			2016			2017			2016
(Loss) income from discontinued operations (GAAP)	$	(730	)	$	2,524		$	(475	)	$	5,633
Adjustments:
Divestiture expense (iv)		6,410			—			13,498			—
Non-acquisition severance expense (iii)		—			509			—			2,010
Tax-impact of adjustments (v)		(2,308	)		(183	)		(4,859	)		(724	)
Total Non-GAAP adjustments (net of tax)		4,102			326			8,639			1,286
Net income from discontinued operations-general operations (Non-GAAP)	$	3,372		$	2,850		$	8,164		$	6,919
(Losses) earnings per share from discontinued operations - diluted	$	(0.01	)	$	0.05		$	(0.01	)	$	0.12
Divestiture expense (iv)		0.13			—			0.27			—
Non-acquisition severance expense (iii)		—			0.01			—			0.03
Tax-impact of adjustments (v)		(0.05	)		—			(0.10	)		(0.01	)
Total Non-GAAP adjustments (net of tax)		0.08			0.01			0.17			0.02
Earnings per share from discontinued operations-general operations - diluted (Non-GAAP)	$	0.07		$	0.06		$	0.16		$	0.14

(i) Represents fair value adjustments to contingent consideration for the acquisitions of Reams.

(ii) Represents expenses related to acquisitions.

(iii) Represents non-acquisition severance expense related to UMB-legacy employees as management excludes severance expense from its internal evaluation of company performance. Severance expense for Marquette-legacy employees is included in item (ii).

(iv) Represents expenses related to the divestiture of Scout.

(v) Calculated using the company’s marginal tax rate of 36%.

(vi) Tax-exempt interest income has been adjusted to a tax equivalent basis. The amount of such adjustment was an addition to net interest income of $10.1 million and $8.0 million for the three months ended September 30, 2017 and September 30, 2016, respectively.

EX-99.2

UMB Financial Third Quarter 2017 October 24, 2017 Exhibit 99.2

Cautionary Notice about Forward-Looking Statements This presentation of UMB Financial Corporation (the “company,” “our,” “us,” or “we”) contains, and our other communications may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts—such as our statements about the timeframe or amount of expected proceeds from the closing of the sale of Scout Investments. Inc. (Scout). 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, 2016, 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). 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 securities laws. You, however, should consult 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.

3Q 2017 Highlights

Earnings Summary – 3Q 2017 $ in thousands, except share and per share data; unaudited Non-GAAP adjustments include fair value adjustments on contingent consideration, acquisition expenses, non-acquisition related severance expense and the tax impact of these adjustments. See the non-GAAP reconciliations and additional information on these items on slides 5 through 7.

Net Operating Income Non-GAAP Reconciliation In this presentation, we provide information about net operating income, operating earnings per share-diluted (operating EPS-diluted), operating return on average equity (operating ROE), operating return on average assets (operating ROA), operating noninterest expense, operating efficiency ratio, net income from discontinued operations-general operations, and earnings per share from discontinued operations-general operations, 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 and the nearest comparable GAAP financial measures are reconciled in the tables below and on the next two slides. The Company believes that these non-GAAP financial measures and the reconciliations may be useful to investors because they adjust for fair value adjustments, acquisition and severance-related items and divestiture costs that management does not believe reflect the Company’s fundamental operating performance. (continued on next page)

Operating Noninterest Expense & Efficiency Ratio Non-GAAP Reconciliation Operating ROE is calculated as net operating income, divided by the Company’s average total shareholders’ equity for the relevant period. Operating ROA is calculated as net operating income, 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 in clauses (i)-(iii) 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 revenue (which is calculated as tax equivalent net interest income, plus noninterest income, less gains on sales of securities available for sale, net). Net operating income for the relevant period is defined as GAAP net income, adjusted to reflect the impact of excluding the following: (i) fair value adjustments on contingent consideration for the acquisition of Reams Asset Management Company (Reams), (ii) expenses related to acquisitions, (iii) non-acquisition related severance expense, and (v) the tax impact of the previous adjustments, which is calculated using the Company’s marginal tax rate of 36%. The Company believes that the financial impact of excluding non-acquisition related severance expense will be immaterial in the near future. It is excluded from certain non-GAAP financial measures as it has an unusually large impact on the Company’s financial statements. Operating EPS-diluted is calculated as diluted earnings per share as reported, adjusted to reflect, on a per share basis, the impact of excluding the non-GAAP adjustments described in clauses (i)-(iii) and (v) above for the relevant period. (continued on next page)

Income from Discontinued Operations – General Operations Non-GAAP Reconciliation (i) Represents fair value adjustments to contingent consideration for the acquisition of Reams. (ii) Represents expenses related to acquisitions. (iii) Represents non-acquisition severance expense related to UMB-legacy employees as management excludes severance expense from its internal evaluation of company performance. Severance expense for employees related to acquisitions is included in item (ii). (iv) Represents expenses related to the divestiture of Scout. (v) Calculated using the Company's marginal tax rate of 36%. (vi) Tax-exempt interest income has been adjusted to a tax equivalent basis. The amount of such adjustment was an addition to net interest income of $10.1 million, $9.8 million, and $8.0 million for the three months ended September 30, 2017, June 30, 2017, and September 30, 2016, respectively. The amount of such adjustment was an addition to net interest income of $29.2 million and $22.3 million for the nine months ended September 30, 2017 and 2016, respectively. Net income from discontinued operations-general operations for the relevant period is defined as GAAP (loss) income from discontinued operations, adjusted to reflect the impact of excluding the non-GAAP adjustments of (iii) and (v) on slide 6 and (iv) divestiture expenses related to Scout for the relevant period. The Company believes that the financial impact of excluding non-acquisition related severance expense will be immaterial in the near future. It is excluded from certain GAAP financial measures as it has an unusually large impact on the Company’s financial statements.   Earnings per share from discontinued operations-general operations (diluted) is calculated as earnings per share from discontinued operations (diluted) as reported, adjusted to reflect, on a per share basis, the impact of excluding the non-GAAP adjustments of (iii) and (v) on slide 6 and (iv) divestiture expenses related to Scout for the relevant period.

Select Balance Sheet Items $ in thousands, average balances; unaudited Three Months Ended

Consistent Loan Growth Average Total Loans 5 Year CAGR 15.6%

Net Charge-Off History (1) Commercial Loans includes commercial & industrial, commercial credit card, asset-based and factoring loans. (2) Other includes all real-estate related loans (commercial, residential and HELOC) plus consumer loans and DDA charge-offs.

Loan Classification Trends % of total actual loans

Key Performance Metrics See slides 5 through 7 for additional disclosures and reconciliations related to these non-GAAP financial measures. Operating metrics for fourth quarter 2016 are not available on a continuing operations basis. (2)

3Q 2017 Financials

Noninterest Income – 3Q 2017 Noninterest income decreased $6.0 million, or 5.4%, compared to 2Q’17, primarily driven by: lower bankcard fees driven by a $2.7MM increase in card program rewards and rebates expense; a $1.2MM decrease in deposit service charges related to typical seasonal fluctuations in healthcare deposit charges and to recent increases in our earnings credit rate; a $788k reduction in trading and investment banking income due to a gain in 2Q’17 related to seed capital on certain Scout funds; and a $1.0MM decrease in other income, due to a gain on the sale of a branch building in 2Q’17. Noninterest income increased $764 thousand, or 0.7%, compared to 3Q’16, driven largely by: increases in revenue of $1.7MM from fund servicing, $1.0MM from wealth management, and $500k from corporate trust, all recorded in trust and securities processing; and partially offset by a $2.2MM decrease in equity earnings on alternative investments and $1.2MM decrease due to market adjustments on seed capital on certain Scout funds in 3Q’16. 3rd Quarter ‘17 Drivers

Bankcard Fees Noninterest Income Composition – 3Q 2017 Service Charges on Deposit Accounts Trust & Securities Processing Gains on Sales of Securities Other Brokerage Fees Trading & Investment Banking Trust & Securities Processing Composition: ($ in millions) Insurance Fees & Commissions Equity Earnings on Alt. Invest. Source of Income: 3Q’17 2Q’17 3Q’16 Asset Servicing $ 23.5 $ 23.2 $ 21.8 Bank (Inst. & Personal Asset Mgmt.) 21.6 21.6 20.0   $ 45.1 $ 44.8 $ 41.8 Excludes ($0.6MM) unrealized loss from Equity Losses on Alternative Investments, which represents (0.6%) of noninterest income

Noninterest expense decreased $5.1MM, or 2.9%, compared to 2Q’17, driven by: a $3.0MM decrease in salaries and benefits expense due equally from a decrease in bonus and commissions and lower employee benefits costs; and a $700k decline in both supplies and services expense and marketing and business development expenses. Noninterest Expense – 3Q 2017 3rd Quarter ‘17 Drivers Operating noninterest expense, which excludes the impact of fair value adjustments on contingent consideration, acquisition expenses and non-acquisition related severance expense, was $171.7 million for the third quarter 2017, a decrease of $4.9 million, or 2.8 percent, compared to the linked quarter, and an increase of $7.6 million, or 4.7 percent, compared to the third quarter 2016. See slides 5 through 7 for a reconciliation of this non-GAAP financial measure. Operating metrics for fourth quarter 2016 are not available on a continuing operations basis. Noninterest expense increased $6.6MM, or 4.0%, compared to 3Q’16, driven by: a $1.9MM increase in equipment expense related to investments for regulatory requirements, cyber security, and the ongoing modernization of the company’s core systems; higher processing expenses in healthcare, fund servicing, and institutional businesses and higher legal and consulting expense; and a $700k increase in off-balance sheet commitment reserves and $500k increase in losses on sales of assets, both recorded in other noninterest expense.

Discontinued Operations Summary – Q3 2017 Components of (loss) income from Discontinued Operations, net of taxes $ in thousands, except share and per share data; unaudited Non-GAAP adjustments include divestiture expense and non-acquisition related severance expense. See the non-GAAP reconciliations and additional information on these items on slides 5-7.

Securities Held to Maturity $1.3 billion at September 30, 2017 Securities Available for Sale $5.8 billion at September 30, 2017 High Quality Investment Portfolio Agencies Corporates Municipals Mortgage-Backed Securities Treasuries (2) (1) Governmental Other Higher Education Healthcare Utility Social Service Industrial Cultural Civic K-12 Education NFP - Other Average Balance: $6.2 billion Average Yield: 2.19% Duration: 43 months Average Balance: $1.3 billion Average Yield: 3.85% Duration: 79 months Total Portfolio Average Yield: 2.46% Duration: 49 months

Securities and Loan Statistics AFS Portfolio Activity (1) Roll off includes cash flow from maturities, calls or amortizations of securities and is presented net of sales.  (2) Purchased amount is presented net of purchases made related to sales. Loan Portfolio Statistics at September 30, 2017 Variable Rate Loans: $6.6 billion or 60% of loan book ~43% of variable loans are tied to Prime for the next quarter ~56% of variable loans are tied to Libor for the next quarter Loan Repricing/Maturity Schedule 56% in 4th quarter 2017 66% in the next 12 months

Deposit Growth Deposits & Percent of Free Funds Average Balances; $ in billions 3Q 2017 Cost of Interest-Bearing Liabilities 0.55% Including DDA 0.38% $11.8 $14.3 $12.5 $15.1 $15.7

Strong Capital Position Capital Ratio Trends 2015 - 2017 ratios calculated under Basel III requirements. Total Risk-Based Capital Tier 1 Risk-Based Capital Tier 1 Leverage Common Equity Tier 1

Business Segment Updates

Segment Financials

Asset Servicing Assets Under Administration $ in billions 3rd Quarter Statistics Assets under administration stood at $207.9 billion, an increase of 11.2% compared to a year ago Noninterest income increased $1.5 million, or 6.7%, year-over-year related to new alternative and 40 Act servicing business UMB Fund Services was named a Top Workplace for the eighth straight year by the Milwaukee Journal Sentinel UMBFS was named “Best Liquid Alternatives ’40 Act Fund Administrator in the Hedgeweek US Awards

Asset Servicing Fund Accounting & Administration Alternative Asset Servicing Custody Transfer Agency

UMB Fund Services – Turnkey Solutions A turnkey, cost-effective means of starting and operating a mutual fund—ideal for advisors who wish to offer a mutual fund to enhance their product line. Ideal for advisors seeking a low-cost pooled alternative to enter the qualified retirement plan market space. Registering your hedge fund under the ’40 Act offers the ability to broaden distribution and increase fund transparency. A turnkey solution to launch your exchange-traded fund quickly and cost-effectively. Investment Managers Series Trust Premier Advisor Collective Investment Fund Series Registered Fund Solutions Exchange Listed Funds Trust

Bank Personal Banking Commercial & Business Banking Institutional Banking Healthcare Services (1) (1) Includes Prairie Capital Management (PCM) income and expense. Line of Business Detail – 3Q’17 (as a percentage of Bank Segment) 3rd Quarter Highlights Net Interest Income Noninterest Income Noninterest Expense Average loans for 3Q’17 were $10.9 billion, an increase of 3.7% on a linked-quarter annualized basis and 7.2% year-over-year Average loan yield for 3Q’17 was 4.33% compared to 4.18% in the previous quarter and 3.86% in 3Q’16 Total debit and credit card purchase volume was $2.5 billion for 3Q’17, producing interchange income of $22.6 million HSA deposits surpassed $2.0 billion, increasing 32% compared to a year ago and now represent 12.5% of total company deposits. FDIC sweep balances in Institutional Banking stood at $52.7 billion at September 30, 2017, a year-over-year increase of 9.4% UMB ranks #20 in the 2017 American Banker Association listing of the Top 100 Farm Lenders in the nation

Bank - Diverse Sources of Net Income Prior periods have been restated in discontinued operations format. Percentages less than 1% have been omitted. Operating metrics for fourth quarter 2016 are not available on a continuing operations basis. Includes PCM’s income and expense. Personal Banking Commercial & Business Banking Institutional Banking Healthcare Services Treasury & Other (4) 2Q’17 1Q’17 3Q’16 $45.1M $51.6M $50.2M Bank Segment Net Income Before Tax (1) (2)(3) $55.5M 3Q’17

Loan Paydowns, Payoffs, and Line Changes

Bank – Loan Composition Diverse Loan Book (Average Loan Balances for the three months ended September 30, of the indicated year) Commercial Credit Card Commercial & Industrial HELOC Residential Real Estate Real Estate Construction Commercial Real Estate Consumer Credit Card Consumer Other $6.4B $7.0B $8.9B $10.2B $10.9B Factoring Loans Asset-Based Loans Percentages less than 5% have been omitted. Includes leases. (1) (2)

Colorado Kansas City Kansas Greater MO St. Louis Arizona Texas Oklahoma Marquette Transportation Fin (Natl. Sales) Nebraska Marquette Business Credit (Natl. Sales) Bank – Regional Lending $6.4B $7.0B $8.9B $10.2B $10.9B Loans by Region (Average Loan Balances for the three months ended September 30, of the indicated year) High Growth Regions 3Q’17 vs. 3Q’16 Nebraska +30.4% Asset Based (national platform) +29.2% Factoring (national platform) +70.9% (1) Percentages less than 5% have been omitted.

Commercial Real Estate Portfolio CRE & Construction Lending (Average Loan Balances for the three months ended September 30, of the indicated year) $4.1B $3.6B $2.8B $2.0B $1.7B Investment CRE Owner Occ. CRE Construction Farmland Multi-Family CRE Residential Construction (1) Percentages less than 5% have been omitted.

Bank – Total Deposits Diverse Sources of Deposits (Average Deposits for the three months ended September 30,) $11.8B $12.5B $14.3B $15.1B $15.7B Personal Banking - Consumer Commercial Institutional Banking Personal Banking - Private Wealth Asset Servicing Healthcare Small Business Other (1) Percentages less than 5% have been omitted.

$10.2B $11.6B $12.8B $13.6B $15.5B $1.2B $1.4B $1.6B $1.7B $1.6B Home Equity Lines of Credit $ in millions Assets Under Management $ in millions Personal Banking

Institutional Banking – Business Description Investor Solutions Corporate Trust Investment Banking Public Finance Distressed Debt FDIC Sweep Provides banking solutions to 7 of top 10 clearing Broker-Dealer’s and 6 of top 10 independent Broker-Dealer’s Provides services to more than 25MM investor accounts and is the 2nd largest provider in U.S. Continue to partner with Bank Product & Services team to enhance card offerings in both debit and credit space 5th largest trust provider and 4th largest paying agent by number in U.S. Approximately $12B in administration Opened Phoenix office in January 2017 $23.7B par value bonds traded in 2016 Completed Texas expansion in April 2016 with 14 new Investment Bankers and NY expansion in January 2017 with 5 new investment bankers Dallas & NY expansion will help us build out distribution channels and product beyond traditional correspondent segment Provide underwriting services for healthcare, municipalities, educational institutions and other corporate clients Consistently among the top 5 bank qualified municipal underwriters in the nation Expanding distribution coverage to increase ability to underwrite Non-Bank Qualified offerings Workout defaulted bond deals on behalf of bondholder Industry reputation has allowed team to work on major bankruptcies within corporate and municipal space Plan to expand by adding additional workout attorneys to group Added NYC office in January 2017 Offers Broker-Dealer clients FDIC Sweep option as a liquidity alternative to overnight money funds Expand ~$54 billion program with additional Source Institutions (Broker-Dealers, Trust Companies, RIA’s)

Institutional Banking FDIC Sweep Program $ in billions $20.4B $26.9B $35.5B $48.2B $52.7B 5 Year CAGR 25.8%

Healthcare Services 2013 2014 2015 2016 3Q’17 HSA investment assets as % of total healthcare deposits & assets 7.4% 8.3% 9.2% 8.7% 11.8% HSA deposits as % of total UMB deposits 4.4% 6.2% 7.8% 9.7% 12.5% +34.2% Sept 30, 2017 vs. Sept 30, 2016 Healthcare Deposits & Assets End-of-period balances; $ in millions $2,272M $1,765M $1,292M $918M $642M

Healthcare Services – Growth & Potential Industry information source: Devenir Research 2017 Midyear HSA Market Statistics & Trends report dated August 16, 2017. Rankings as of June 30, 2017. Deposit and asset growth rates on an annual basis with the exception of 2017 which is year to date growth versus December 31, 2016. HCS represents a unique asset as one of the top 5 leaders in a high growth, niche market. Growth Rates – Deposits and Assets

Multi-Channel Healthcare Strategy UMB offers a modular and configurable platform of applications and services that deliver the underlying core banking functionality to our healthcare partners Broker/Employer TPAs Health Plans Technology Firms Payment Aggregators Healthcare Partners HCS Applications SSO Web Services Contributions Enrollment BIN Sponsor HCS Saver Partner Portal Core Banking Systems

Card Purchase Volumes Purchase Volume & Interchange Revenue Commercial Credit Consumer Credit Consumer Debit Healthcare Debit Institutional Banking – IBIS Debit Interchange ($ in millions) $2.5B $1.6B $2.1B $2.3B $2.4B Percentages less than 5% have been omitted. (1)

Appendix

Agreement to Sell Scout Investments – April 20, 2017 This transaction allows us to allocate more time, energy and capital to our core banking businesses as well as our asset servicing operations. While Scout has generated shareholder value over the years, it has limited connectivity with our relationship-based banking model and lacks the required scale and diversification for continued growth. Our diversified financial services model stands. This is an opportunity for even greater emphasis on driving results and organic growth in our commercial, private wealth, institutional banking, payments, healthcare, consumer and asset servicing businesses. Scout will benefit from partnering with a firm whose sole focus is on the institutional-quality asset management business, providing an environment that can bring enhanced distribution capabilities, scale, dedicated resources and capital. Strategic Rationale Transaction Summary Acquirer -- Carillon Tower Advisers, a subsidiary of Raymond James Financial Consideration -- $172.5 million in cash, subject to customary purchase price adjustments Price Adjustments -- Revenue run rate adjustments and working capital adjustments for changes between signing and closing The purchase price is reduced by $2.4 million for each percentage point that the revenue run rate is less than 93% but greater than 75% Closing Conditions -- Approval by seller and buyer mutual fund boards; Closing date revenue run rate must be greater than or equal to 75% of revenue run rate at signing Required Approvals -- Customary regulatory approvals, including Hart-Scott-Rodino Anticipated Closing -- By year-end 2017 (1) Revenue run rate is based on annualized fees from clients’ AUM as of the last business day of the month before announcement and is not affected by market performance. For full transaction details, refer to the Stock Purchase Agreement included in the Form 8-K filed with the SEC on April 20, 2017.

AUM Drivers $ in millions Scout Investments 2Q’17 1Q’17 4Q’16 3Q’16 3Q’17 Equity Scout Funds ($39MM) Separate Accts ($40MM) Fixed Income Scout Funds ($55MM) Separate Accts ($798MM) 3Q’17 Net Flows

Scout Investments – AUM by Strategy Equity Fixed Income Equity Strategies International MidCap International ADR Small Cap Fixed Income Strategies Core Plus Low Duration Long Duration Core Real Return Unconstrained Intermediate Other: Global Aggregate Unconstrained UCITS Total AUM - $27.0 billion as of September 30, 2017