The following is a summary of the UMB Financial Corporation (UMBF) Q3 2024 Earnings Conference Call Transcript:

Financial Performance:

• UMB Financial Corporation reported Q3 2024 GAAP earnings of $109.6 million, or $2.23 per share, with an operating earnings of $2.25 per share.

• Notable loan growth, including a near double-digit annualized growth driven by a record $1.4 billion in top-line loan production.

• Fee income growth was strong, particularly from institutional business activities and trading in municipal and mortgage-backed securities, driving a 30% link quarter increase.

• Achieved positive operating leverage of 4.4% on an operating basis compared to the same quarter last year.

• An increase in interest income was primarily due to continued loan growth with a slight offset by changes in funding mix.

Business Progress:

• Significant growth in assets under administration, exceeding $0.5 trillion.

• Introduction of Corporate Loan Obligation (CLO) trustee services, enhancing full-service corporate trust capabilities.

• Strong performance in the private wealth division, attracting $1 billion in net new year-to-date assets.

• On track with the pending acquisition of Heartland Financial, expected to further accelerate UMB's growth and diversify the business model.

Opportunities:

• The acquisition of Heartland Financial is anticipated to expand and diversify UMB's market reach and capabilities.

• Continued growth in the institutional and corporate trust sectors, with stable pipelines and new service offerings potentially driving higher revenue streams.

Risks:

• The sensitivity of net interest margin to changes in the interest rate environment, highlighting potential financial impact from fluctuating rates.

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