UMB Financial Corporation Declares Dividend on Series A Preferred Stock
Kansas City, MO – March 12, 2025 – UMB Financial Corporation (NASDAQ: UMBF) announced today that its Board of Directors has approved a quarterly dividend of $175 per share on its Series A 7.00% Preferred Stock. This translates to a dividend of $0.4375 per depositary share.

Key Dividend Details:
Dividend Amount: $175 per share of Series A Preferred Stock (equivalent to $0.4375 per depositary share)
Record Date: March 31, 2025
Payment Date: April 15, 2025
Stockholders of record as of the close of business on March 31, 2025, will be eligible to receive the dividend payment.

UMB Financial Corporation completed its acquisition of Heartland Financial USA, Inc. on January 31, 2025, under the terms of a previously announced merger agreement. As part of the transaction, Heartland merged into UMB, with its subsidiary HTLF Bank merging into UMB Bank, National Association.

Under the agreement, each outstanding share of HTLF common stock was converted into 0.55 shares of UMB common stock. Holders of HTLF preferred stock received equivalent shares of newly created UMB preferred stock. HTLF's listing on NASDAQ has been withdrawn, and UMB has filed for the deregistration of HTLF's securities.

Additionally, five former HTLF board members—John Schmidt, Brad Henderson, Jennifer Hopkins, Margaret Lazo, and Susan Murphy—have joined UMB’s board. HTLF's previous executives and board members ceased their roles at the time of the merger.

UMB Financial Corporation has completed its acquisition of Heartland Financial USA, Inc. (HTLF) as of January 31, 2025. The merger was executed through an agreement dated April 28, 2024, wherein UMB’s wholly owned subsidiary, Blue Sky Merger Sub Inc., merged with HTLF, making HTLF a wholly owned subsidiary of UMB. Subsequently, HTLF was fully absorbed into UMB, and HTLF Bank was merged into UMB Bank, National Association.

Under the merger terms, HTLF shareholders received 0.55 shares of UMB common stock for each HTLF common share they held. HTLF's preferred shares were converted into newly created UMB preferred stock with equivalent terms. The transaction involved issuing approximately 24 million UMB common shares.

Following the merger:
- The UMB Board expanded to 16 members, integrating five former HTLF directors.
- HTLF's financial obligations, including subordinated debt and trust-preferred securities, were assumed by UMB.
- UMB amended its Articles of Incorporation to increase authorized shares from 80 million to 160 million.
- HTLF common and preferred stock was delisted from Nasdaq and deregistered with the SEC.

UMB also announced its intent to physically settle previously arranged forward sale agreements totaling 3.22 million shares, expecting to raise approximately $231.8 million.

UMB Financial Corporation reported a fourth-quarter net income of $120.0 million, or $2.44 per diluted share, and a net operating income of $122.6 million, or $2.49 per diluted share. For the full year 2024, the company posted a net income of $441.2 million and a net operating income of $461.7 million. The company experienced strong balance sheet growth, with average loans increasing by 14.8% on a linked-quarter annualized basis and average deposits rising by 30.9% over the same period.

Net interest income for the fourth quarter increased by 8.7% sequentially, driven by an 11-basis-point rise in net interest margin and a 15.6% annualized increase in average earning assets. Noninterest income also grew by 4.1% compared to the previous quarter. Credit quality remained strong, with net charge-offs of 0.10% of average loans for the year.

UMB Financial achieved record financial results for 2024, surpassing $1.0 billion in net interest income and reporting $628.1 million in noninterest income. The company also announced that its merger with Heartland Financial is set to close on January 31, 2025. CEO Mariner Kemper attributed these results to strong operating fundamentals, new client acquisitions, and disciplined expense management.

The company's board of directors declared a quarterly cash dividend of $0.40 per share, payable on April 1, 2025, to stockholders of record as of March 10, 2025. A conference call to discuss earnings results is scheduled for January 29, 2025.