# UMB Financial Corporation (UMBF) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-29  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/UMBF/thesis · /stocks/UMBF/memo

## Financial Snapshot

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source: coverage-next-full | ticker: UMBF | step: "04" | created: 2026-05-29
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### Step 04 — Financial Snapshot: UMB Financial Corporation (UMBF)

#### Annual Financial Summary (FY2021–FY2024E)

| Metric | FY2021 | FY2022 | FY2023 | FY2024E |
|--------|--------|--------|--------|---------|
| Total Assets ($B) | ~$36.1 | ~$38.5 | ~$42.1 | ~$47–50B* |
| Total Loans ($B) | ~$14.8 | ~$18.6 | ~$20.2 | ~$22–24B* |
| Total Deposits ($B) | ~$30.4 | ~$32.0 | ~$35.5 | ~$38–42B* |
| Net Interest Income ($M) | ~$605 | ~$771 | ~$878 | ~$900–950 |
| Non-Interest Income ($M) | ~$497 | ~$500 | ~$491 | ~$510–540 |
| Total Revenue ($M) | ~$1,102 | ~$1,271 | ~$1,369 | ~$1,410–1,490 |
| Provision for Credit Losses ($M) | ~$35 | ~$62 | ~$75 | ~$80–100 |
| Non-Interest Expense ($M) | ~$901 | ~$942 | ~$1,003 | ~$1,040–1,080 |
| Pre-Tax Income ($M) | ~$166 | ~$267 | ~$291 | ~$290–310 |
| Net Income ($M) | ~$285 | ~$348 | ~$356 | ~$330–370 |
| Diluted EPS ($) | ~$5.77 | ~$7.03 | ~$7.22 | ~$6.80–7.50 |

*FY2024E reflects expected HTLF merger close mid-year; consolidated pro forma estimates vary by timing.

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#### Per Share and Book Value Metrics

| Metric | FY2021 | FY2022 | FY2023 |
|--------|--------|--------|--------|
| Diluted Shares (M) | ~49.2 | ~49.2 | ~49.2 |
| Tangible Book Value/Share ($) | ~$40.00 | ~$37.50 | ~$44.50 |
| Book Value/Share ($) | ~$51.00 | ~$49.00 | ~$57.00 |
| Dividends/Share ($) | ~$1.34 | ~$1.38 | ~$1.42 |
| Dividend Payout Ratio | ~23% | ~20% | ~20% |

**Note:** Tangible book value declined in FY2022 due to AOCI mark-to-market losses on the investment securities portfolio as rates rose. This is a common pattern across banks with large securities portfolios in 2022; unrealized losses began recovering as duration extended beyond 2023.

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#### Key Banking Ratios

| Metric | FY2021 | FY2022 | FY2023 | Peer Average |
|--------|--------|--------|--------|-------------|
| Net Interest Margin (TE) | ~2.42% | ~2.68% | ~2.88% | ~3.00–3.30% |
| Efficiency Ratio | ~81.8% | ~74.1% | ~73.3% | ~60–68% |
| Return on Assets (ROA) | ~0.79% | ~0.91% | ~0.85% | ~1.0–1.2% |
| Return on Equity (ROE) | ~11.4% | ~14.0% | ~12.9% | ~12–14% |
| Return on Tangible Common Equity (ROTCE) | ~14.3% | ~18.6% | ~16.8% | ~14–18% |
| Non-Performing Loans / Total Loans | ~0.35% | ~0.28% | ~0.32% | ~0.40–0.60% |
| Net Charge-Off Rate | ~0.04% | ~0.03% | ~0.08% | ~0.20–0.35% |
| Allowance / Total Loans | ~1.10% | ~1.05% | ~1.12% | ~1.00–1.30% |

**Observations:**
- **Efficiency ratio (~73%)** is above peer median (~62–65%) — reflects UMB's investment in HSA and institutional platforms; however, this also compresses reported ROA/ROE relative to peers
- **NIM (~2.88%)** below peer median — partly structural (low-rate HSA deposits) and partly investment mix; NIM has been expanding
- **Credit quality outstanding** — NCO rate of 0.03–0.08% vs. peer average of 0.20–0.35%; UMB's conservative underwriting is a consistent differentiator
- **ROTCE (~16–18%)** in line with or slightly above mid-tier regional bank peers

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#### Capital Position

| Metric | FY2023 |
|--------|--------|
| Common Equity Tier 1 (CET1) | ~10.8–11.2% |
| Tier 1 Capital Ratio | ~11.2–11.6% |
| Total Capital Ratio | ~12.4–12.8% |
| Leverage Ratio | ~8.5–9.0% |
| Tangible Common Equity / Tangible Assets (TCE/TA) | ~7.0–7.5% |

Capital ratios are solid and above regulatory minimums. The HTLF acquisition (all-stock deal) will dilute capital ratios modestly due to goodwill and intangibles creation, but management has guided for maintaining CET1 above 10% post-close.

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#### HSA Business Metrics (Key Growth Indicators)

| Metric | FY2021 | FY2022 | FY2023 |
|--------|--------|--------|--------|
| HSA Accounts (millions) | ~2.9M | ~3.1M | ~3.3–3.5M |
| HSA Assets ($B) | ~$14B | ~$16B | ~$20B+ |
| Investment Accounts as % of Total | ~25% | ~28% | ~32% |
| HSA Revenue (estimated, $M) | ~$175 | ~$210 | ~$240 |

The shift of accountholders from cash deposits to investment accounts (above the ~$1,000 threshold) is a key revenue mix driver — investment accounts generate higher fee income per dollar than deposit accounts. As balances grow and financial literacy improves, the investment proportion should continue to rise.

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#### HTLF Merger Impact (Pro Forma)

At announcement (April 2024), the HTLF deal metrics included:
- **Deal Value:** ~$2.0 billion (all-stock)
- **HTLF Total Assets:** ~$22B
- **Pro Forma Combined Assets:** ~$65–70B (significantly larger than standalone $47B)
- **Projected Cost Synergies:** ~$80–100M annualized
- **EPS Accretion:** ~3–5% in year 1 post-close; ~8–10% fully phased
- **Tangible Book Value Dilution:** ~5–8% at deal close; earn-back ~3–4 years
- **Combined CET1:** ~10.0–10.5% pro forma

*Note: Pro forma estimates are from management presentations at deal announcement; actual integration results will vary.*

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#### Quality of Earnings Assessment

**Positive indicators:**
- Fee income (35–40% of revenue) reduces NII cyclicality
- Consistent, below-peer credit losses demonstrate underwriting discipline
- Conservative dividend payout (~20%) preserves capital for organic growth
- Long-tenured management with aligned incentives (family ownership)

**Areas to watch:**
- Efficiency ratio has been persistently elevated (~73–74%) — needs improvement to expand ROA/ROE
- AOCI volatility in securities portfolio creates tangible book value swings
- HTLF integration expenses will temporarily inflate non-interest expense in 2024–2025
- Mortgage banking revenue is cyclically variable and difficult to predict

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#### Valuation Snapshot (as of mid-2024)

| Metric | Value |
|--------|-------|
| Share Price (approx.) | ~$80–100 range (varies with merger sentiment) |
| Price / Tangible Book Value | ~1.8–2.3x |
| Price / Forward EPS | ~12–15x |
| Dividend Yield | ~1.4–1.8% |
| Market Cap | ~$4.0–5.0B |

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/UMBF/fundamental

## Navigation

- Overview: /stocks/UMBF
- Financials (this page): /stocks/UMBF/financials
- Thesis: /stocks/UMBF/thesis
- Investment Memo: /stocks/UMBF/memo
- Coverage universe: /stocks