US Market News
5月前
UMB Financial Corporation Reports Fourth Quarter and Full-Year 2025 ResultsJanuary 27, 2026 9:05 PM
Business Wire
Fourth Quarter 2025 Financial Highlights
GAAP net income available to common shareholders of $209.5 million, or $2.74 per diluted common share, an increase of 74.6% as compared to the fourth quarter of 2024.
Net operating income available to common shareholders(i) of $235.2 million, or $3.08 per diluted common share, an increase of 91.9% as compared to the fourth quarter of 2024.
Fourth quarter revenues totaled $720.9 million, a 66.0% increase as compared to the fourth quarter of 2024, and an increase of 6.3% from the third quarter of 2025.
Net interest income of $522.5 million, an increase of 94.3% as compared to the fourth quarter of 2024, and an increase of 10.0% from the third quarter of 2025.
Net interest margin on a fully taxable equivalent basis of 3.29%, up 72 basis points from the fourth quarter of 2024.
Noninterest income increased 20.1% to $198.4 million compared to the fourth quarter of 2024.
Fourth quarter 2025 return on average assets of 1.20% and return on average common equity of 11.27%.
GAAP efficiency ratio improved to 55.5% as compared to 61.8% in the fourth quarter of 2024.
Average loans increased 13.0% on a linked-quarter annualized basis to $38.3 billion; average loans increased $13.1 billion, or 51.6%, as compared to the fourth quarter of 2024. End-of-period loans were $38.8 billion at December 31, 2025.
Average deposits increased 5.6% on a linked-quarter annualized basis to $57.6 billion. End-of-period deposits were $60.7 billion at December 31, 2025.
Average noninterest-bearing demand deposits increased 24.9% on a linked-quarter annualized basis to $14.7 billion.
Noninterest expense of $425.6 million included $39.7 million in acquisition-related costs.
Net charge-offs for the fourth quarter of 2025 totaled $12.7 million, equal to 13 basis points of average loans, compared to 20 basis points of average loans in the third quarter of 2025.
Total assets at December 31, 2025 were $73.1 billion, up 45.0% from $50.4 billion as of December 31, 2024.
(i) A non-GAAP financial measure reconciled later in this release to the nearest comparable GAAP measure.
UMB Financial Corporation (Nasdaq: UMBF), a financial services company, announced net income available to common shareholders for the fourth quarter of 2025 of $209.5 million, or $2.74 per diluted share, compared to $180.4 million, or $2.36 per diluted share, in the third quarter (linked quarter) and $120.0 million, or $2.44 per diluted share, in the fourth quarter of 2024.
Net operating income available to common shareholders, a non-GAAP financial measure reconciled later in this release to net income available to common shareholders, the nearest comparable GAAP measure, was $235.2 million, or $3.08 per diluted share, for the fourth quarter of 2025, compared to $206.5 million, or $2.70 per diluted share, for the linked quarter and $122.6 million, or $2.49 per diluted share, for the fourth quarter of 2024. Operating pre-tax, pre-provision income (operating PTPP), a non-GAAP measure reconciled later in this release to the components of net income before taxes, the nearest comparable GAAP measure, was $329.1 million, or $4.31 per diluted share, for the fourth quarter of 2025, compared to $293.4 million, or $3.84 per diluted share, for the linked quarter, and $166.9 million, or $3.39 per diluted share, for the fourth quarter of 2024. These operating PTPP results represent an increase of 12.2% on a linked-quarter basis and an increase of 97.2% compared to the fourth quarter of 2024.
“2025 marked a significant chapter in UMB’s 113-year history, with the successful completion of the acquisition of Heartland Financial and another year of record earnings. We posted significant improvements in our profitability metrics as we continue to build scale, deliver profitable growth on both sides of the balance sheet, and maintain our unwavering focus on strong asset quality metrics,” said Mariner Kemper, UMB Financial Corporation chairman and chief executive officer.
“Strong fourth quarter results were once again enabled by 13.0% linked-quarter annualized loan growth, 5.6% linked-quarter annualized deposit growth that included a 24.9% increase in average demand deposit balances, and continued momentum in our fee income businesses. As reported, net interest margin expanded 25 basis points compared to the prior quarter. Operating expenses, excluding merger-related charges, increased sequentially, primarily driven by incentive compensation related to strong company performance. Net charge-offs for the fourth quarter were just 13 basis points. And for the calendar year 2025, net charge-offs were 23 basis points, lower than our long-term historical averages. I am incredibly proud of our associates for delivering strong fundamental and financial performance in 2025, while providing outstanding customer experience to our existing and newly acquired clients—all of which continues to drive our exceptional results.”
Fourth Quarter 2025 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 in the fourth quarter of 2024 were impacted by $3.7 million in acquisition-related expense and do not include any impact of the acquired operations of HTLF.
Summary of quarterly financial results
UMB Financial Corporation
(unaudited, dollars in thousands, except per common share data)
Q4
Q3
Q4
2025
2025
2024
Net income (GAAP)
$
215,355
$
188,316
$
119,997
Net income available to common shareholders (GAAP)
209,543
180,372
119,997
Earnings per common share - diluted (GAAP)
2.74
2.36
2.44
Operating pre-tax, pre-provision income (Non-GAAP)(i)
329,075
293,383
166,901
Operating pre-tax, pre-provision earnings per common share - diluted (Non-GAAP)(i)
4.31
3.84
3.39
Operating pre-tax, pre-provision income - FTE (Non-GAAP)(i)
337,837
301,697
173,270
Operating pre-tax, pre-provision earnings per common share - FTE - diluted (Non-GAAP)(i)
4.42
3.95
3.52
Net operating income available to common shareholders (Non-GAAP)(i)
235,206
206,546
122,577
Operating earnings per common share - diluted (Non-GAAP)(i)
3.08
2.70
2.49
GAAP
Return on average assets
1.20
%
1.04
%
1.06
%
Return on average common equity
11.27
10.14
13.53
Efficiency ratio
55.50
58.09
61.83
Non-GAAP(i)
Operating return on average assets
1.34
%
1.20
%
1.08
%
Operating return on average common equity
12.65
11.61
13.82
Operating efficiency ratio
50.82
53.02
61.12
(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)
December
December
YTD
YTD
2025
2024
Net income (GAAP)
$
702,398
$
441,243
Net income available to common shareholders (GAAP)
684,617
441,243
Earnings per common share - diluted (GAAP)
9.29
8.99
Operating pre-tax, pre-provision income (Non-GAAP)(i)
1,164,933
625,786
Operating pre-tax, pre-provision earnings per common share - diluted (Non-GAAP)(i)
15.80
12.75
Operating pre-tax, pre-provision income - FTE (Non-GAAP)(i)
1,197,805
651,679
Operating pre-tax, pre-provision earnings per common share - FTE - diluted (Non-GAAP)(i)
16.25
13.28
Net operating income available to common shareholders (Non-GAAP)(i)
836,009
461,745
Operating earnings per common share - diluted (Non-GAAP)(i)
11.35
9.41
GAAP
Return on average assets
1.03
%
1.02
%
Return on average common equity
10.24
13.24
Efficiency ratio
57.67
62.56
Non-GAAP(i)
Operating return on average assets
1.26
%
1.07
%
Operating return on average common equity
12.51
13.85
Operating efficiency ratio
52.56
61.12
Summary of revenue
UMB Financial Corporation
(unaudited, dollars in thousands)
Q4
Q3
Q4
CQ vs.
CQ vs.
2025
2025
2024
LQ
PY
Net interest income
$
522,500
$
475,042
$
268,974
$
47,458
$
253,526
Noninterest income:
Trust and securities processing
92,428
87,926
76,861
4,502
15,567
Trading and investment banking
6,198
7,026
6,185
(828
)
13
Service charges on deposit accounts
27,734
29,150
21,405
(1,416
)
6,329
Insurance fees and commissions
236
307
425
(71
)
(189
)
Brokerage fees
20,495
20,470
18,635
25
1,860
Bankcard fees
29,052
29,561
21,089
(509
)
7,963
Investment securities gains (losses), net
2,157
(4,093
)
593
6,250
1,564
Other
20,069
32,951
20,018
(12,882
)
51
Total noninterest income
$
198,369
$
203,298
$
165,211
$
(4,929
)
$
33,158
Total revenue
$
720,869
$
678,340
$
434,185
$
42,529
$
286,684
Net interest income (FTE)
$
531,262
$
483,356
$
275,343
Net interest margin (FTE)
3.29
%
3.04
%
2.57
%
Total noninterest income as a % of total revenue
27.5
30.0
38.1
Net interest income
Fourth quarter 2025 net interest income totaled $522.5 million, an increase of $47.5 million, or 10.0%, from the linked quarter, driven primarily by decreased interest expense due to the mix shift in the funding composition within deposit categories coupled with growth in noninterest-bearing demand deposit balances, as well as repricing of deposits following the reduction in short-term interest rates, coupled with continued organic growth in average loans, higher purchase accounting accretion income, and a $4.6 million nonrecurring benefit from interest on loans that were brought current from nonaccrual status. These benefits were partially offset by declines in interest income on interest bearing due from bank coupled with the impact from reduction in short-term interest rates.
Average earning assets increased $1.1 billion, or 1.7%, from the linked quarter, largely driven by increases of $1.2 billion in average loans and $952.5 million in average securities, partially offset by a decrease of $1.5 billion in average interest bearing due from bank.
Average interest-bearing liabilities decreased $129.1 million, or 0.3%, from the linked quarter, primarily driven by a decrease of $155.2 million, or 24.7%, in borrowed funds, driven by the repayment of the 2020 subordinated debt issuance during the third quarter of 2025.
Net interest margin for the fourth quarter was 3.29%, an increase of 25 basis points from the linked quarter, due to lower yields on interest-bearing deposits driven by mix shift and repricing of deposits following the reduction in short-term interest rates, partially offset by lower benefit from free funds in a lower interest rate environment.
On a year-over-year basis, net interest income increased $253.5 million, or 94.3%, driven by a $21.5 billion, or 50.5%, increase in average earning assets, primarily due to rate and mix changes related to the acquisition of HTLF. Average loans increased $13.1 billion, average securities increased $6.6 billion, and average interest-bearing due from banks increased $1.1 billion.
Average deposits increased 51.4% compared to the fourth quarter of 2024, reflecting strong organic growth as well as the impact of acquired HTLF balances. Average interest-bearing deposits increased 56.4%, and noninterest-bearing demand deposit balances increased 38.4% compared to the fourth quarter of 2024. Average demand deposit balances comprised 25.6% of total deposits, compared to 24.4% in the linked quarter and 28.0% in the fourth quarter of 2024.
Average borrowed funds decreased $155.2 million as compared to the linked quarter driven by the repayment of the 2020 subordinated debt issuance during the third quarter of 2025. Compared to the fourth quarter of 2024, average borrowed funds increased $63.1 million driven by the acquisition of HTLF, partially offset by the repayment of borrowings under the BTFP and FHLB advances during the fourth quarter of 2024.
Noninterest income
Fourth quarter 2025 noninterest income decreased $4.9 million, or 2.4%, on a linked-quarter basis, largely due to:
Decreases of $5.3 million and $2.9 million in company-owned life insurance income and derivative income, respectively, and a $2.5 million legal settlement received in the third quarter of 2025, all recorded in other income, and a $1.4 million decrease in deposit service charges. The decrease in company-owned life insurance was offset by a proportionate decrease in deferred compensation as noted below.
These decreases were partially offset by the following increases:
Increases of $6.3 million in investment securities gains primarily driven by a $5.9 million gain on the sale of a non-marketable security.
Increases of $3.2 million in fund services income and $1.0 million in trust income, both recorded in trust and securities processing.
Compared to the prior year, noninterest income in the fourth quarter of 2025 increased $33.2 million, or 20.1%, primarily driven by:
Increases of $7.0 million in fund services income, $6.5 million in trust income, and $2.1 million in corporate trust income, all recorded in trust and securities processing.
Increase of $8.0 million in bankcard income due to increased interchange income, partially offset by increased rebate expense.
An increase of $6.3 million in service charges on deposit accounts, primarily driven by increased service charge income on interest-bearing checking accounts, largely due to the HTLF acquisition and increased corporate service charges income.
Noninterest expense
Summary of noninterest expense
UMB Financial Corporation
(unaudited, dollars in thousands)
Q4
Q3
Q4
CQ vs.
CQ vs.
2025
2025
2024
LQ
PY
Salaries and employee benefits
$
228,605
$
220,329
$
161,062
$
8,276
$
67,543
Occupancy, net
19,933
19,149
11,272
784
8,661
Equipment
14,978
16,563
15,312
(1,585
)
(334
)
Supplies and services
6,843
10,492
3,173
(3,649
)
3,670
Marketing and business development
15,246
11,094
8,999
4,152
6,247
Processing fees
43,350
45,008
30,565
(1,658
)
12,785
Legal and consulting
23,614
21,616
12,229
1,998
11,385
Bankcard
12,570
11,775
9,398
795
3,172
Amortization of other intangible assets
25,454
25,317
1,917
137
23,537
Regulatory fees
3,164
8,091
5,255
(4,927
)
(2,091
)
Other
31,803
29,851
11,179
1,952
20,624
Total noninterest expense
$
425,560
$
419,285
$
270,361
$
6,275
$
155,199
GAAP noninterest expense for the fourth quarter of 2025 was $425.6 million, an increase of $6.3 million, or 1.5%, from the linked quarter and $155.2 million, or 57.4% from the fourth quarter of 2024. Fourth quarter 2025 expenses included $39.7 million in total acquisition-related and other nonrecurring costs, compared to $35.6 million in the linked quarter and $3.7 million in the fourth quarter of 2024. Operating noninterest expense, a non-GAAP financial measure reconciled later in this release to noninterest expense, the nearest comparable GAAP measure, was $391.8 million for the fourth quarter of 2025, an increase of $6.8 million, or 1.8%, from the linked quarter and an increase of $124.5 million, or 46.6%, from the fourth quarter of 2024.
The linked-quarter increase in GAAP noninterest expense was driven by:
An increase of $13.0 million in bonus and commission expense from increased company performance, partially offset by a $5.8 million decrease in deferred compensation expense, recorded in salaries and employee benefits. The decrease in deferred compensation expense was offset by the decrease in company-owned life insurance income noted above.
An increase of $4.2 million in marketing and business development driven by the timing of multiple advertising campaigns and increased travel and entertainment expense.
An increase of $2.0 million in legal and consulting expense primarily driven by HTLF acquisition-related expenses.
An increase of $2.0 million in other expense driven by an increase in charitable contributions, partially offset by reduced acquisition expense from the termination of legacy HTLF contracts.
These increases were partially offset by the following decreases:
A decrease of $4.9 million in regulatory fees driven by a reduction in the FDIC special assessment expense.
A decrease of $3.6 million in supplies and services driven by lower HTLF acquisition costs related to computer hardware and printing expense.
The year-over-year increase in GAAP noninterest expense was driven by:
Increases of $67.5 million in salaries and employee benefits expense, driven by the additional associates added as part of the HTLF acquisition, and $23.5 million in amortization of intangibles. Amortization of intangibles includes amortization of the core deposit intangible, customer list, and purchased credit card relationship intangibles recognized from the HTLF acquisition.
An increase of $20.6 million in other expense driven by fees for termination of legacy HTLF contracts, coupled with a $3.9 million increase in charitable contributions.
Increases of $12.8 million in processing fees, driven by increased software subscription costs, and $11.4 million in legal and consulting expense primarily due to HTLF acquisition-related costs and timing of multiple projects.
Increases of $8.7 million in occupancy expense due to branch buildings and office locations added to the company's footprint related to the HTLF acquisition, and $6.2 million in marketing and business development driven by the HTLF acquisition-related expense, including the timing of multiple advertising campaigns and increased travel and entertainment expense.
Fourth quarter 2025 noninterest expense included $39.7 million in total acquisition-related and other nonrecurring costs, compared to $35.6 million in the linked quarter, and $3.7 million in the fourth quarter of 2024. During the fourth quarter of 2025, this expense was composed primarily of $15.5 million in other expense for contract termination fees as discussed above, $12.4 million in legal and consulting expense, $7.1 million in salaries and employee benefits, and $3.0 million in marketing expense. During the linked quarter, the $35.6 million in acquisition-related expense was primarily composed of $19.6 million in other expense for contract terminations, $9.2 million in legal and consulting expense, $4.5 million in salaries and employee benefits, and $3.5 million in supplies and services expense. During the fourth quarter of 2024, acquisition-related expense was primarily composed of $3.4 million in legal and consulting expense.
Income taxes
The company’s effective tax rate was 19.7% for the year ended December 31, 2025, compared to 18.5% for the same period in 2024. The increase is mainly due to a smaller proportion of income being earned from tax-exempt municipal securities, lower federal tax credits (net of amortization), and higher state and local income taxes. This was partially offset by 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.
Balance sheet
Average total assets for the fourth quarter of 2025 were $69.6 billion compared to $68.5 billion for the linked quarter and $45.0 billion for the same period in 2024.
Summary of average loans and leases - QTD Average
UMB Financial Corporation
(unaudited, dollars in thousands)
Q4
Q3
Q4
CQ vs.
CQ vs.
2025
2025
2024
LQ
PY
Commercial and industrial (i)
$
15,754,499
$
14,787,494
$
10,735,539
$
967,005
$
5,018,960
Specialty lending
542,857
570,079
491,546
(27,222
)
51,311
Commercial real estate
16,512,390
16,372,831
10,007,361
139,559
6,505,029
Consumer real estate
4,379,183
4,306,981
3,143,613
72,202
1,235,570
Consumer
242,129
242,526
177,341
(397
)
64,788
Credit cards
778,779
755,635
630,373
23,144
148,406
Leases and other
134,235
102,965
104,015
31,270
30,220
Total loans
$
38,344,072
$
37,138,511
$
25,289,788
$
1,205,561
$
13,054,284
(i) Commercial and industrial loans include all loans to Nondepository Financial Institutions (NDFIs).
Average loans for the fourth quarter of 2025 increased $1.2 billion, or 3.2%, on a linked-quarter basis and $13.1 billion, or 51.6%, compared to the fourth quarter of 2024. These increases reflect continued organic momentum across legacy UMB geographies, as well as the impact of acquired HTLF balances.
Summary of average securities - QTD Average
UMB Financial Corporation
(unaudited, dollars in thousands)
Q4
Q3
Q4
CQ vs.
CQ vs.
2025
2025
2024
LQ
PY
Securities available for sale:
U.S. Treasury
$
2,256,084
$
2,134,787
$
1,131,295
$
121,297
$
1,124,789
U.S. Agencies
77,151
81,708
159,808
(4,557
)
(82,657
)
Mortgage-backed
7,977,598
7,379,243
4,200,465
598,355
3,777,133
State and political subdivisions
2,466,226
2,425,931
1,241,033
40,295
1,225,193
Corporates
196,425
236,483
321,939
(40,058
)
(125,514
)
Collateralized loan obligations
555,561
557,125
359,053
(1,564
)
196,508
Total securities available for sale
$
13,529,045
$
12,815,277
$
7,413,593
$
713,768
$
6,115,452
Securities held to maturity:
U.S. Treasury
$
38,251
$
8,019
$
—
$
30,232
$
38,251
U.S. Agencies
—
—
116,316
—
(116,316
)
Mortgage-backed
2,536,279
2,402,963
2,542,385
133,316
(6,106
)
State and political subdivisions
3,137,793
3,045,676
2,765,663
92,117
372,130
Total securities held to maturity
$
5,712,323
$
5,456,658
$
5,424,364
$
255,665
$
287,959
Trading securities
$
19,155
$
12,098
$
25,224
$
7,057
$
(6,069
)
Other securities
710,772
734,793
466,545
(24,021
)
244,227
Total securities
$
19,971,295
$
19,018,826
$
13,329,726
$
952,469
$
6,641,569
Average total securities increased 5.0% on a linked-quarter basis and 49.8% compared to the fourth quarter of 2024.
Summary of average deposits - QTD Average
UMB Financial Corporation
(unaudited, dollars in thousands)
Q4
Q3
Q4
CQ vs.
CQ vs.
2025
2025
2024
LQ
PY
Deposits:
Noninterest-bearing demand
$
14,720,416
$
13,858,827
$
10,637,616
$
861,589
$
4,082,800
Interest-bearing demand and savings
39,299,431
39,555,585
25,367,316
(256,154
)
13,932,115
Time deposits
3,533,753
3,349,181
2,012,287
184,572
1,521,466
Total deposits
$
57,553,600
$
56,763,593
$
38,017,219
$
790,007
$
19,536,381
Noninterest bearing deposits as % of total
25.6
%
24.4
%
28.0
%
Average deposits increased 1.4% on a linked-quarter basis and 51.4% compared to the fourth quarter of 2024. These increases reflect continued organic momentum across legacy UMB geographies as well as the impact of acquired HTLF balances.
Capital
Capital information
UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
December 31,
2025
September 30,
2025
December 31,
2024
Total equity
$
7,693,568
$
7,443,950
$
3,466,541
Total common equity
7,417,284
7,161,853
3,466,541
Accumulated other comprehensive loss, net
(261,520
)
(324,842
)
(573,050
)
Book value per common share
97.65
94.29
71.02
Tangible book value per common share (Non-GAAP)(i)
67.02
63.40
65.46
Regulatory capital:
Common equity Tier 1 capital
$
5,459,343
$
5,226,775
$
3,802,257
Tier 1 capital
5,753,409
5,520,841
3,802,257
Total capital
6,654,521
6,406,709
4,445,872
Regulatory capital ratios:
Common equity Tier 1 capital ratio
10.96
%
10.70
%
11.29
%
Tier 1 risk-based capital ratio
11.55
11.30
11.29
Total risk-based capital ratio
13.36
13.11
13.21
Tier 1 leverage ratio
8.54
8.33
8.50
(i) See reconciliation of Non-GAAP measures to their nearest comparable GAAP measures later in this release.
At December 31, 2025, 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)
Q4
Q3
Q2
Q1
Q4
2025
2025
2025
2025
2024
Net charge-offs - total loans
$
12,654
$
18,383
$
15,462
$
35,872
$
8,935
Net loan charge-offs as a % of total average loans
0.13
%
0.20
%
0.17
%
0.45
%
0.14
%
Loans over 90 days past due
$
18,403
$
6,131
$
6,813
$
6,346
$
7,602
Loans over 90 days past due as a % of total loans
0.05
%
0.02
%
0.02
%
0.02
%
0.03
%
Nonaccrual and restructured loans
$
144,666
$
131,965
$
97,029
$
100,885
$
19,282
Nonaccrual and restructured loans as a % of total loans
0.37
%
0.35
%
0.26
%
0.28
%
0.08
%
Provision for credit losses
$
25,000
$
22,500
$
21,000
$
86,000
(i)
$
19,000
(i) Provision in the first quarter of 2025 included $62.0 million for Day 1 provision expense to establish an allowance for credit losses on acquired HTLF loans that were designated as non-purchase credit deteriorated (non-PCD) at the close of the transaction.
Provision for credit losses for the fourth quarter increased $2.5 million from the linked quarter and increased $6.0 million from the fourth quarter of 2024. 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 fourth quarter totaled $12.7 million, or 0.13% of average loans, compared to $18.4 million, or 0.20% of average loans in the linked quarter, and $8.9 million, or 0.14% of average loans for the fourth quarter of 2024.
Nonaccrual loans increased to $144.7 million, or 0.37% of total loans; the increase compared to the linked quarter was primarily driven by the addition of one legacy HTLF loan to nonaccrual status.
Conference Call
The company will host a conference call to discuss its fourth quarter 2025 earnings results on Wednesday, January 28, 2026, at 8:30 a.m. (CT).
Interested parties may access the call by dialing (toll-free) 833-470-1428 or (international) 646-844-6383 and requesting to join the UMB Financial call with access code 066287. The live call may also be accessed by visiting investorrelations.umb.com or by using the following link:
UMB Financial 4Q 2025 Conference Call
A replay of the conference call may be heard through February 11, 2026, by calling (toll-free) 866-813-9403 or (international) 929-458-6194. The replay access code required for playback is 957120. 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, 2024, 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)
December 31,
2025
2024
ASSETS
Loans
$
38,779,408
$
25,642,301
Allowance for credit losses on loans
(419,478
)
(259,089
)
Net loans
38,359,930
25,383,212
Loans held for sale
2,030
2,756
Securities:
Available for sale
13,709,141
7,774,334
Held to maturity, net of allowance for credit losses
5,722,543
5,376,267
Trading securities
22,331
28,533
Other securities
676,300
471,018
Total securities
20,130,315
13,650,152
Federal funds sold and resell agreements
1,548,093
545,000
Interest-bearing due from banks
6,940,535
7,986,270
Cash and due from banks
952,547
573,175
Premises and equipment, net
398,271
221,773
Accrued income
349,639
246,095
Goodwill
1,839,825
207,385
Other intangibles, net
486,869
63,647
Other assets
2,086,036
1,530,199
Total assets
$
73,094,090
$
50,409,664
LIABILITIES
Deposits:
Noninterest-bearing demand
$
17,143,341
$
13,617,167
Interest-bearing demand and savings
39,752,587
27,397,195
Time deposits under $250,000
1,934,617
969,132
Time deposits of $250,000 or more
1,826,245
1,158,535
Total deposits
60,656,790
43,142,029
Federal funds purchased and repurchase agreements
3,324,938
2,609,715
Long-term debt
474,229
385,292
Accrued expenses and taxes
435,351
368,457
Other liabilities
509,214
437,630
Total liabilities
65,400,522
46,943,123
SHAREHOLDERS' EQUITY
Series B Fixed-Rate Reset Non-Cumulative Perpetual Preferred stock
294,066
—
Common stock
78,666
55,057
Capital surplus
4,011,047
1,145,638
Retained earnings
3,736,413
3,174,948
Accumulated other comprehensive loss, net
(261,520
)
(573,050
)
Treasury stock
(165,104
)
(336,052
)
Total shareholders' equity
7,693,568
3,466,541
Total liabilities and shareholders' equity
$
73,094,090
$
50,409,664
Consolidated Statements of Income
UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
INTEREST INCOME
Loans
$
646,404
$
410,631
$
2,415,279
$
1,612,948
Securities:
Taxable interest
145,921
71,403
504,630
257,562
Tax-exempt interest
34,184
24,387
130,206
99,375
Total securities income
180,105
95,790
634,836
356,937
Federal funds and resell agreements
13,102
5,902
38,152
17,628
Interest-bearing due from banks
47,104
42,314
264,915
182,145
Trading securities
161
331
1,098
1,351
Total interest income
886,876
554,968
3,354,280
2,171,009
INTEREST EXPENSE
Deposits
327,108
255,303
1,336,549
982,302
Federal funds and repurchase agreements
26,859
23,745
108,704
106,558
Other
10,409
6,946
46,822
81,257
Total interest expense
364,376
285,994
1,492,075
1,170,117
Net interest income
522,500
268,974
1,862,205
1,000,892
Provision for credit losses
25,000
19,000
154,500
61,050
Net interest income after provision for credit losses
497,500
249,974
1,707,705
939,842
NONINTEREST INCOME
Trust and securities processing
92,428
76,861
343,398
290,571
Trading and investment banking
6,198
6,185
25,305
24,226
Service charges on deposit accounts
27,734
21,405
113,206
84,512
Insurance fees and commissions
236
425
910
1,257
Brokerage fees
20,495
18,635
79,592
61,564
Bankcard fees
29,052
21,089
113,924
87,797
Investment securities gains, net
2,157
593
30,967
10,720
Other
20,069
20,018
82,748
67,470
Total noninterest income
198,369
165,211
790,050
628,117
NONINTEREST EXPENSE
Salaries and employee benefits
228,605
161,062
883,883
593,913
Occupancy, net
19,933
11,272
73,722
47,539
Equipment
14,978
15,312
64,915
63,406
Supplies and services
6,843
3,173
28,503
14,845
Marketing and business development
15,246
8,999
45,682
28,439
Processing fees
43,350
30,565
172,846
117,899
Legal and consulting
23,614
12,229
92,304
46,207
Bankcard
12,570
9,398
49,503
44,265
Amortization of other intangible assets
25,454
1,917
93,521
7,705
Regulatory fees
3,164
5,255
28,751
31,904
Other
31,803
11,179
89,170
30,564
Total noninterest expense
425,560
270,361
1,622,800
1,026,686
Income before income taxes
270,309
144,824
874,955
541,273
Income tax expense
54,954
24,827
172,557
100,030
NET INCOME
215,355
119,997
702,398
441,243
Less: Preferred dividends
5,812
—
17,781
—
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS
$
209,543
$
119,997
$
684,617
$
441,243
PER SHARE DATA
Net income per common share – basic
$
2.76
$
2.46
$
9.35
$
9.05
Net income per common share – diluted
2.74
2.44
9.29
8.99
Dividends per common share
0.43
0.40
1.63
1.57
Weighted average common shares outstanding – basic
75,956,829
48,807,081
73,259,082
48,747,814
Weighted average common shares outstanding – diluted
76,417,070
49,178,891
73,670,643
49,056,956
Consolidated Statements of Comprehensive Income
UMB Financial Corporation
(unaudited, dollars in thousands)
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
Net income
$
215,355
$
119,997
$
702,398
$
441,243
Other comprehensive income (loss), before tax:
Unrealized gains and losses on debt securities:
Change in unrealized holding gains and losses, net
78,069
(183,961
)
343,056
(8,956
)
Less: Reclassification adjustment for net losses (gains) included in net income
41
—
(473
)
(139
)
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity
7,763
8,560
32,049
35,905
Change in unrealized gains and losses on debt securities
85,873
(175,401
)
374,632
26,810
Unrealized gains and losses on derivative hedges:
Change in unrealized gains and losses on derivative hedges, net
(3,679
)
(58,542
)
32,973
(40,530
)
Less: Reclassification adjustment for net losses (gains) included in net income
2,156
(677
)
7,287
(8,069
)
Change in unrealized gains and losses on derivative hedges
(1,523
)
(59,219
)
40,260
(48,599
)
Other comprehensive income (loss), before tax
84,350
(234,620
)
414,892
(21,789
)
Income tax (expense) benefit
(21,028
)
57,426
(103,362
)
5,674
Other comprehensive income (loss)
63,322
(177,194
)
311,530
(16,115
)
Comprehensive income (loss)
$
278,677
$
(57,197
)
$
1,013,928
$
425,128
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, 2024
$
—
$
55,057
$
1,134,363
$
2,810,824
$
(556,935
)
$
(342,890
)
$
3,100,419
Total comprehensive income
—
—
—
441,243
(16,115
)
—
425,128
Dividends ($1.57 per share)
—
—
—
(77,119
)
—
—
(77,119
)
Purchase of treasury stock
—
—
—
—
—
(7,738
)
(7,738
)
Issuances of equity awards, net of forfeitures
—
—
(11,220
)
—
—
11,923
703
Recognition of equity-based compensation
—
—
21,876
—
—
—
21,876
Sale of treasury stock
—
—
342
—
—
240
582
Exercise of stock options
—
—
1,690
—
—
2,413
4,103
Common stock issuance costs
—
—
(1,413
)
—
—
—
(1,413
)
Balance - December 31, 2024
$
—
$
55,057
$
1,145,638
$
3,174,948
$
(573,050
)
$
(336,052
)
$
3,466,541
Balance - January 1, 2025
$
—
$
55,057
$
1,145,638
$
3,174,948
$
(573,050
)
$
(336,052
)
$
3,466,541
Total comprehensive income
—
—
—
702,398
311,530
—
1,013,928
Cash dividends declared:
Preferred dividends Series A ($350.00 per share)
—
—
—
(4,025
)
—
—
(4,025
)
Preferred dividends Series B ($458.54 per share)
—
—
—
(13,756
)
—
(13,756
)
Common dividends ($1.63 per share)
—
—
—
(123,357
)
—
—
(123,357
)
Purchase of treasury stock
—
—
—
—
—
(17,628
)
(17,628
)
Issuances of equity awards, net of forfeitures
—
—
(18,816
)
—
—
19,616
800
Recognition of equity-based compensation
—
—
57,334
—
—
—
57,334
Sale of treasury stock
—
—
343
—
—
351
694
Exercise of stock options
—
—
90
—
—
524
614
Common stock issuance
—
—
67,056
—
—
168,085
235,141
Preferred stock issuance, net of issuance costs
294,066
—
—
—
—
—
294,066
Preferred stock redemption
(110,705
)
—
(4,500
)
205
—
—
(115,000
)
Stock issuance for acquisition, net of issuance costs
110,705
23,609
2,763,902
—
—
—
2,898,216
Balance - December 31, 2025
$
294,066
$
78,666
$
4,011,047
$
3,736,413
$
(261,520
)
$
(165,104
)
$
7,693,568
Average Balances / Yields and Rates
UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
Three Months Ended December 31,
2025
2024
Average
Average
Average
Average
Balance
Yield/Rate
Balance
Yield/Rate
Assets
Loans, net of unearned interest
$
38,344,072
6.69
%
$
25,289,788
6.46
%
Securities:
Taxable
15,420,641
3.75
9,739,156
2.92
Tax-exempt
4,531,499
3.75
3,565,346
3.42
Total securities
19,952,140
3.75
13,304,502
3.05
Federal funds and resell agreements
1,134,978
4.58
429,898
5.46
Interest-bearing due from banks
4,710,503
3.97
3,573,884
4.71
Trading securities
19,155
3.71
25,224
5.68
Total earning assets
64,160,848
5.54
42,623,296
5.24
Allowance for credit losses
(399,848
)
(250,824
)
Other assets
5,803,859
2,608,524
Total assets
$
69,564,859
$
44,980,996
Liabilities and Shareholders' Equity
Interest-bearing deposits
$
42,833,184
3.03
%
$
27,379,603
3.71
%
Federal funds and repurchase agreements
2,961,176
3.60
2,250,507
4.20
Borrowed funds
472,613
8.74
409,474
6.75
Total interest-bearing liabilities
46,266,973
3.12
30,039,584
3.79
Noninterest-bearing demand deposits
14,720,416
10,637,616
Other liabilities
919,381
776,031
Shareholders' equity
7,658,089
3,527,765
Total liabilities and shareholders' equity
$
69,564,859
$
44,980,996
Net interest spread
2.42
%
1.45
%
Net interest margin
3.29
2.57
Average Balances / Yields and Rates
UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
Year Ended December 31,
2025
2024
Average
Average
Average
Average
Balance
Yield/Rate
Balance
Yield/Rate
Assets
Loans, net of unearned interest
$
36,069,274
6.70
%
$
24,212,645
6.66
%
Securities:
Taxable
13,844,165
3.65
9,290,809
2.77
Tax-exempt
4,284,530
3.80
3,634,588
3.44
Total securities
18,128,695
3.68
12,925,397
2.96
Federal funds and resell agreements
777,206
4.91
303,096
5.82
Interest-bearing due from banks
6,095,348
4.35
3,482,402
5.23
Trading securities
17,183
6.79
22,311
6.53
Total earning assets
61,087,706
5.54
40,945,851
5.37
Allowance for credit losses
(369,496
)
(235,370
)
Other assets
5,537,862
2,479,363
Total assets
$
66,256,072
$
43,189,844
Liabilities and Shareholders' Equity
Interest-bearing deposits
$
40,981,808
3.26
%
$
25,224,201
3.89
%
Federal funds and repurchase agreements
2,822,046
3.85
2,338,455
4.56
Borrowed funds
581,469
8.05
1,447,646
5.61
Total interest-bearing liabilities
44,385,323
3.36
29,010,302
4.03
Noninterest-bearing demand deposits
14,105,537
10,077,251
Other liabilities
871,439
769,479
Shareholders' equity
6,893,773
3,332,812
Total liabilities and shareholders' equity
$
66,256,072
$
43,189,844
Net interest spread
2.18
%
1.34
%
Net interest margin
3.10
2.51
Business Segment Information
UMB Financial Corporation
(unaudited, dollars in thousands)
Three Months Ended December 31, 2025
Commercial
Banking
Institutional
Banking
Personal
Banking
Total
Net interest income
$
363,050
$
69,825
$
89,625
$
522,500
Provision for credit losses
22,004
519
2,477
25,000
Noninterest income
43,084
117,331
37,954
198,369
Noninterest expense
194,460
111,047
120,053
425,560
Income before taxes
189,670
75,590
5,049
270,309
Income tax expense
38,560
15,367
1,027
54,954
Net income
$
151,110
$
60,223
$
4,022
$
215,355
Three Months Ended December 31, 2024
Commercial
Banking
Institutional
Banking
Personal
Banking
Total
Net interest income
$
180,737
$
52,466
$
35,771
$
268,974
Provision for credit losses
16,012
401
2,587
19,000
Noninterest income
30,306
108,784
26,121
165,211
Noninterest expense
95,402
107,188
67,771
270,361
Income (loss) before taxes
99,629
53,661
(8,466
)
144,824
Income tax expense (benefit)
17,483
8,649
(1,305
)
24,827
Net income (loss)
$
82,146
$
45,012
$
(7,161
)
$
119,997
Year Ended December 31, 2025
Commercial
Banking
Institutional
Banking
Personal
Banking
Total
Net interest income
$
1,291,140
$
258,312
$
312,753
$
1,862,205
Provision for credit losses
126,554
1,844
26,102
154,500
Noninterest income
179,612
444,502
165,936
790,050
Noninterest expense
725,151
434,063
463,586
1,622,800
Income (loss) before taxes
619,047
266,907
(10,999
)
874,955
Income tax expense (benefit)
122,087
52,639
(2,169
)
172,557
Net income (loss)
$
496,960
$
214,268
$
(8,830
)
$
702,398
Year Ended December 31, 2024
Commercial
Banking
Institutional
Banking
Personal
Banking
Total
Net interest income
$
668,235
$
197,174
$
135,483
$
1,000,892
Provision for credit losses
51,781
1,155
8,114
61,050
Noninterest income
134,500
393,984
99,633
628,117
Noninterest expense
367,135
397,316
262,235
1,026,686
Income (loss) before taxes
383,819
192,687
(35,233
)
541,273
Income tax expense (benefit)
71,367
35,016
(6,353
)
100,030
Net income (loss)
$
312,452
$
157,671
$
(28,880
)
$
441,243
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 December 31, 2025.
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
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Net income available to common shareholders (GAAP)
$
209,543
$
119,997
$
684,617
$
441,243
Adjustments:
Day 1 acquisition provision expense
—
—
62,037
—
Acquisition expense
39,697
3,658
141,963
16,250
Severance expense
58
245
1,280
569
FDIC special assessment
(5,989
)
(826
)
(7,765
)
6,644
Tax-impact of adjustments (i)
(8,103
)
(497
)
(46,123
)
(2,961
)
Total Non-GAAP adjustments (net of tax)
25,663
2,580
151,392
20,502
Net operating income (Non-GAAP)
$
235,206
$
122,577
$
836,009
$
461,745
Earnings per common share - diluted (GAAP)
$
2.74
$
2.44
$
9.29
$
8.99
Day 1 acquisition provision expense
—
—
0.85
—
Acquisition expense
0.52
0.07
1.92
0.33
Severance expense
—
—
0.02
0.01
FDIC special assessment
(0.08
)
(0.01
)
(0.11
)
0.14
Tax-impact of adjustments (i)
(0.10
)
(0.01
)
(0.62
)
(0.06
)
Operating earnings per common share - diluted (Non-GAAP)
$
3.08
$
2.49
$
11.35
$
9.41
GAAP
Return on average assets
1.20
%
1.06
%
1.03
%
1.02
%
Return on average common equity
11.27
13.53
10.24
13.24
Non-GAAP
Operating return on average assets
1.34
%
1.08
%
1.26
%
1.07
%
Operating return on average common equity
12.65
13.82
12.51
13.85
(i) Calculated using the company’s marginal tax rate of 24.0% for 2025 and 23.0% for 2024. 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
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Noninterest expense
$
425,560
$
270,361
$
1,622,800
$
1,026,686
Adjustments to arrive at operating noninterest expense (pre-tax):
Acquisition expense
39,697
3,658
141,963
16,250
Severance expense
58
245
1,280
569
FDIC special assessment
(5,989
)
(826
)
(7,765
)
6,644
Total Non-GAAP adjustments (pre-tax)
33,766
3,077
135,478
23,463
Operating noninterest expense (Non-GAAP)
$
391,794
$
267,284
$
1,487,322
$
1,003,223
Noninterest expense
$
425,560
$
270,361
$
1,622,800
$
1,026,686
Less: Amortization of other intangibles
25,454
1,917
93,521
7,705
Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A)
$
400,106
$
268,444
$
1,529,279
$
1,018,981
Operating noninterest expense
$
391,794
$
267,284
$
1,487,322
$
1,003,223
Less: Amortization of other intangibles
25,454
1,917
93,521
7,705
Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B)
$
366,340
$
265,367
$
1,393,801
$
995,518
Net interest income
$
522,500
$
268,974
$
1,862,205
$
1,000,892
Noninterest income
198,369
165,211
790,050
628,117
Less: (Losses) gains on sales of securities available for sale, net
(41
)
—
473
139
Total Non-GAAP Revenue (denominator A)
$
720,910
$
434,185
$
2,651,782
$
1,628,870
Efficiency ratio (numerator A/denominator A)
55.50
%
61.83
%
57.67
%
62.56
%
Operating efficiency ratio (Non-GAAP) (numerator B/denominator A)
50.82
61.12
52.56
61.12
Operating pre-tax, pre-provision income non-GAAP reconciliations:
UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Net interest income (GAAP)
$
522,500
$
268,974
$
1,862,205
$
1,000,892
Noninterest income (GAAP)
198,369
165,211
790,050
628,117
Noninterest expense (GAAP)
425,560
270,361
1,622,800
1,026,686
Adjustments to arrive at operating noninterest expense:
Acquisition expense
39,697
3,658
141,963
16,250
Severance expense
58
245
1,280
569
FDIC special assessment
(5,989
)
(826
)
(7,765
)
6,644
Total Non-GAAP adjustments
33,766
3,077
135,478
23,463
Operating noninterest expense (Non-GAAP)
391,794
267,284
1,487,322
1,003,223
Operating pre-tax, pre-provision income (Non-GAAP)
$
329,075
$
166,901
$
1,164,933
$
625,786
Net interest income earnings per common share - diluted (GAAP)
$
6.84
$
5.47
$
25.28
$
20.40
Noninterest income (GAAP)
2.60
3.36
10.72
12.80
Noninterest expense (GAAP)
5.57
5.50
22.03
20.93
Acquisition expense
0.52
0.07
1.92
0.33
Severance expense
—
—
0.02
0.01
FDIC special assessment
(0.08
)
(0.01
)
(0.11
)
0.14
Operating pre-tax, pre-provision earnings per common share - diluted (Non-GAAP)
$
4.31
$
3.39
$
15.80
$
12.75
Operating pre-tax, pre-provision income - FTE Non-GAAP reconciliations:
UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Net interest income (GAAP)
$
522,500
$
268,974
$
1,862,205
$
1,000,892
Adjustments to arrive at net interest income - FTE:
Tax equivalent interest
8,762
6,369
32,872
25,893
Net interest income - FTE (Non-GAAP)
531,262
275,343
1,895,077
1,026,785
Noninterest income (GAAP)
198,369
165,211
790,050
628,117
Noninterest expense (GAAP)
425,560
270,361
1,622,800
1,026,686
Adjustments to arrive at operating noninterest expense:
Acquisition expense
39,697
3,658
141,963
16,250
Severance expense
58
245
1,280
569
FDIC special assessment
(5,989
)
(826
)
(7,765
)
6,644
Total Non-GAAP adjustments
33,766
3,077
135,478
23,463
Operating noninterest expense (Non-GAAP)
391,794
267,284
1,487,322
1,003,223
Operating pre-tax, pre-provision income - FTE (Non-GAAP)
$
337,837
$
173,270
$
1,197,805
$
651,679
Net interest income earnings per common share - diluted (GAAP)
$
6.84
$
5.47
$
25.28
$
20.40
Tax equivalent interest
0.11
0.13
0.45
0.53
Net interest income - FTE (Non-GAAP)
6.95
5.60
25.73
20.93
Noninterest income (GAAP)
2.60
3.36
10.72
12.80
Noninterest expense (GAAP)
5.57
5.50
22.03
20.93
Acquisition expense
0.52
0.07
1.92
0.33
Severance expense
—
—
0.02
0.01
FDIC special assessment
(0.08
)
(0.01
)
(0.11
)
0.14
Operating pre-tax, pre-provision income - FTE earnings per common share - diluted (Non-GAAP)
$
4.42
$
3.52
$
16.25
$
13.28
Tangible book value non-GAAP reconciliations:
UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
As of December 31,
2025
2024
Total common shareholders' equity (GAAP)
$
7,417,284
$
3,466,541
Less: Intangible assets
Goodwill
1,839,825
207,385
Other intangibles, net
486,869
63,647
Total intangibles, net
2,326,694
271,032
Total tangible common shareholders' equity (Non-GAAP)
$
5,090,590
$
3,195,509
Total common shares outstanding
75,960,675
48,814,177
Ratio of total common shareholders' equity (book value) per share
$
97.65
$
71.02
Ratio of total tangible common shareholders' equity (tangible book value) per share (Non-GAAP)
67.02
65.46
View source version on businesswire.com: https://www.businesswire.com/news/home/20260123282038/en/
Media Contact: Stephanie Hollander: 816.729.1027
Investor Relations Contact: Kay Gregory: 816.860.7106
Original: UMB Financial Corporation Reports Fourth Quarter and Full-Year 2025 Results
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