# EDGAR Filing Document

**Accession Number:** 0000101382
**File Stem:** 0001193125-26-076496
**Filing Date:** 2026-2
**Character Count:** 700391
**Document Hash:** cc1b5e7a200208a8d4c3f8a03f31f550
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-076496.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001193125-26-076496

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 147

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UMB FINANCIAL CORP
- **CENTRAL INDEX KEY:** 0000101382
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 430903811
- **STATE OF INCORPORATION:** MO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38481
- **FILM NUMBER:** 26687645

**BUSINESS ADDRESS:**
- **STREET 1:** 1010 GRAND AVE
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64106
- **BUSINESS PHONE:** 8168607000

**MAIL ADDRESS:**
- **STREET 1:** 1010 GRAND AVE
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64106

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UNITED MISSOURI BANCSHARES INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MISSOURI BANCSHARES INC
- **DATE OF NAME CHANGE:** 19710915

?xml version='1.0' encoding='ASCII'? 10-K

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM** 10-K

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**(Mark One)**

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the fiscal year ended:** December 31**,** 2025

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the transition period from to ___** 

**Commission file number:** 001-38481

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UMB FINANCIAL CORP**ORATION**

(Exact name of registrant as specified in its charter)

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Missouri 43-0903811 <br> (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

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| | |
|:---|:---|
| 1010 Grand Boulevard**,** Kansas City**,** Missouri | 64106 |
| (Address of principal executive offices) | (Zip Code) |

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**(Registrant's telephone number, including area code): (**816**)** 860-7000

**Securities Registered Pursuant to Section 12(b) of the Act:** 

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| | | |
|:---|:---|:---|
| <u>Title of each class</u> | <u>Trading Symbol(s)</u> | <u>Name of each exchange on which registered</u> |
| Common Stock, $1.00 Par Value | UMBF | The NASDAQ Global Select Market |
| Depositary Shares, each representing 1/400th interest in a share of 7.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock Series B | UMBFO | The NASDAQ Global Select Market |

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**Securities Registered Pursuant to Section 12(g) of the Act: None**

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Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☒ Yes ☐ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ☐ Yes ☒ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☐ |

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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. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issues its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes ☒ No

As of June 30, 2025, the aggregate market value of common stock outstanding held by nonaffiliates of the registrant was approximately $7,565,682,253 based on the closing price of the registrant's common stock on the NASDAQ Global Select Market on that date.

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.

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| | |
|:---|:---|
| **<u>Class</u>** | **<u>Outstanding at February 20, 2026</u>** |
| **Common Stock, $1.00 Par Value** | **76135481** |

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**DOCUMENTS INCORPORATED BY REFERENCE**

Portions of the Company's Definitive Proxy Statement on Schedule 14A (the "Proxy Statement") to be delivered to shareholders in connection with the Annual Meeting of Shareholders to be held on April 28, 2026, are incorporated by reference into Part III of this Annual Report on Form 10-K.

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**INDEX**

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| | |
|:---|:---|
| [**<u>PART I</u>**](#part_i) | 4 |
| [**<u>ITEM 1. BUSINESS</u>**](#item_1_business) | 4 |
| [**<u>ITEM 1A. RISK FACTORS</u>**](#item_1a_risk_factors) | 15 |
| [**<u>ITEM 1B. UNRESOLVED STAFF COMMENTS</u>**](#item_1b_unresolved_staff_comments) | 30 |
| [**<u>ITEM 1C. CYBERSECURITY</u>**](#item_1c_cybersecurity) | 30 |
| [**<u>ITEM 2. PROPERTIES</u>**](#item_2_properties) | 32 |
| [**<u>ITEM 3. LEGAL PROCEEDINGS</u>**](#item_3_legal_proceedings) | 33 |
| [**<u>ITEM 4. MINE SAFETY DISCLOSURES</u>**](#item_4_mine_safety_disclosures) | 33 |
| [**<u>PART II</u>**](#part_ii) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES</u>**](#item_5_market_for_registrants_common_equ) | 34 |
| [**<u>ITEM 6. \[RESERVED\]</u>**](#item_6_reserved) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</u>**](#item_7_managements_discussion_analysis_f) | 36 |
| [**<u>ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</u>**](#item_7a_quantitative_qualitative_disclos) | 65 |
| [**<u>ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA</u>**](#item_8_financial_statements_supplementar) | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE</u>**](#item_9_changes_in_disagreements_with_acc) | 150 |
| [**<u>ITEM 9A. CONTROLS AND PROCEDURES</u>**](#item_9a_controls_procedures) | 150 |
| [**<u>ITEM 9B. OTHER INFORMATION</u>**](#item_9b_or_information) | 152 |
| [**<u>ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</u>**](#item_9c_foreign_jurisidictions) | 152 |
| [**<u>PART III</u>**](#part_iii) | 153 |
| [**<u>ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE</u>**](#item_10_directors_executive_ficers_corpo) | 153 |
| [**<u>ITEM 11. EXECUTIVE COMPENSATION</u>**](#item_11_executive_compensation) | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS</u>**](#item_12_security_ownership_certain_benef) | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE</u>**](#item_13_certain_relationships_related_tr) | 154 |
| [**<u>ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES</u>**](#item_14_principal_accountant_fees_servic) | 154 |
| [**<u>PART IV</u>**](#part_iv) | 155 |
| [**<u>ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES</u>**](#item_15_exhibits_financial_statement_sch) | 155 |
| [**<u>ITEM 16. FORM 10-K SUMMARY</u>**](#item_16_form_10k_summary) | 157 |
| [**<u>SIGNATURES</u>**](#signatures) | 158 |
| **CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT** |  |
| **CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** |  |

---

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# PART I

## ITEM 1. *B USINESS* 
**General**

UMB Financial Corporation (together with its consolidated subsidiaries, unless the context requires otherwise, the Company) is a financial holding company that is headquartered in Kansas City, Missouri. The Company provides banking services and asset servicing to its customers in the United States and around the globe.

The Company was organized as a corporation under Missouri law in 1967 and is registered as a bank holding company under the Bank Holding Company Act of 1956, as amended (the BHCA) and a financial holding company under the Gramm-Leach-Bliley Act of 1999, as amended (the GLBA). The Company currently owns all of the outstanding stock of one national bank and several nonbank subsidiaries.

On January 31, 2025, the Company acquired all of the outstanding stock of Heartland Financial USA, Inc., a Delaware corporation (HTLF), in an all-stock transaction, issuing a total of 23.6 million shares of the Company's common stock and 4.6 million depositary shares, each representing a 1/400th interest in a share of the Company's 7.00% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A (the Company's preferred stock). Pursuant to the Agreement and Plan of Merger, dated as of April 28, 2024, (i) HTLF merged with and into the Company, with the Company continuing as the surviving corporation and (ii) one day after the closing date of the acquisition of HTLF by the Company, HTLF's wholly owned bank subsidiary, a Colorado-chartered non-member bank (HTLF Bank), merged with and into UMB Bank, National Association, the Company's national bank subsidiary (the Bank), with the Bank continuing as the surviving bank.

On April 29, 2024, the Company also announced that in connection with the execution of the merger agreement, it entered into a forward sale agreement with BofA Securities, Inc. or its affiliate to issue 2.8 million shares of its common stock. The underwriters were granted an option to purchase up to an additional 420 thousand shares of the Company's common stock exercisable within 30 days of April 28, 2024. The underwriters exercised this option in full on April 30, 2024, upon which the Company entered into an additional forward sale agreement relating to the 420 thousand shares of the Company's common stock. The forward sale agreements entered into on April 28, 2024 and April 30, 2024 (collectively, the forward sale agreements) are classified as an equity instrument under ASC 815-40, *Contracts in Entity's Own Equity*. The Company settled the forward sale agreement during the first quarter of 2025 for net proceeds of $235.1 million.

The Bank has its principal office in Missouri and provides financial services primarily throughout the Midwestern, Southwestern, and Western regions of the United States. The Bank offers a full complement of banking products and other services to commercial, retail, government, and correspondent-bank customers, including a wide range of asset-management, trust, bankcard, and cash-management services.

The Company also owns UMB Fund Services, Inc. (UMBFS), which is a significant nonbank subsidiary that has offices in Milwaukee, Wisconsin, Chadds Ford, Pennsylvania, and Ogden, Utah. UMBFS provides fund accounting, transfer agency, and other services to mutual fund and alternative-investment groups.

**Business Segments**

The Company's products and services are grouped into three segments: Commercial Banking, Institutional Banking, and Personal Banking.

These segments and their financial results are described in detail in (i) the section of Management's Discussion and Analysis of Financial Condition and Results of Operations entitled *Business Segments*, which can be found in Part II, Item 7 of this report and (ii) Note 12, "Business Segment Reporting," in the Notes to the Consolidated Financial Statements, which can be found in Part II, Item 8 of this report.

**Competition**

The Company faces intense competition in each of its business segments and in all of the markets and geographic regions that the Company serves. Competition comes from both traditional and non-traditional financial-services providers, including banks, savings associations, finance companies, investment advisors, asset managers, mutual funds, private-equity firms, hedge funds, brokerage firms, mortgage-banking companies, credit-card

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companies, insurance companies, trust companies, securities processing companies, and credit unions. Increasingly, financial-technology (fintech) companies, including those related to digital currencies or cryptocurrencies (including stablecoins), and technology companies, are partnering with financial-services providers to compete with the Company for lending, payments, and other business. Many of the Company's competitors are not subject to the same kind or degree of supervision and regulation as the Company.

Competition is based on a number of factors. Banking customers are generally influenced by convenience, interest rates and pricing, personal experience, quality and availability of products and other services, lending limits, transaction execution, and reputation. Investment advisory services compete primarily on returns, expenses, third-party ratings, and the reputation and performance of managers. Asset servicing competes primarily on price, quality of services, and reputation. The Company and its competitors are all impacted to varying degrees by the overall economy and health of the financial markets.

The Company's ability to successfully compete in its chosen markets and regions also depends on its ability to attract, retain, and motivate talented employees, to invest in technology and infrastructure, and to innovate, all while effectively managing its expenses. The Company expects that competition will likely intensify in the future.

**Human Capital**

The Company is dedicated to creating *the* Unparalleled Customer Experience, and its associates are critical to achieving this mission. As part of the Company's efforts to recruit and retain top talent, it strives to offer competitive compensation and benefits programs, while fostering a culture rooted in inclusion of a diverse mix of associates who are empowered to be part of something more. The Company believes its associates, customers, and communities mutually benefit by its focus on providing opportunities for its associates to make an impact at work and in their respective communities. On a full-time equivalent basis on December 31, 2025, the Company and its subsidiaries employed 5,222 associates across the country.

*Compensation and Benefits Program*. The Company's compensation program is designed to allow it to attract, reward, and retain talented individuals who contribute significant value to the organization. The Company's compensation programs reward performance, reserving the highest rewards for the highest performers. The Company's incentive plans are intended to promote the interests of the Company and its shareholders by providing associates with incentives and rewards to encourage them to continue in service of the Company. The Company provides employees with compensation packages that include base salary, annual short-term incentive bonuses, and long-term equity awards tied to management, growth, and protection of the business of the Company. In addition to cash and equity compensation, the Company offers a robust benefits program that includes medical, dental, and vision insurance, health savings accounts and a variety of insurance options, including pet, life, and long-term care. Additionally, the Company also offers associates benefits including paid time off, paid volunteer time off, paid parental leave, adoption assistance, a 401(k) plan, as well as profit sharing and an employee stock ownership plan. The Company strives to engage and encourage associates to act and take personal responsibility for improving their health and well-being, as well as the health and well-being of their families. To assist associates with their goals, the Company offers wellness resources and incentives to support wellness strategies.

*Talent and Experience*. The Company believes that an equitable and inclusive environment produces more creative solutions, results in better products and services, and is crucial to its efforts to attract and retain key talent. The Company's talent acquisition team focuses on building recruitment marketing strategies that are designed to identify and attract candidates with a variety of backgrounds. The Company's business resource groups (BRGs) also play a vital role in deepening the recruitment pipeline of talent and refer candidates to the Company on a regular basis. BRGs are structured to engage associates who share common interests, including associates from traditionally underrepresented groups. Nearly 20% of the Company's associates participate in one or more BRGs.

*Community Involvement*. For more than a century, the Company has maintained a commitment to the prosperity of each community it serves. In addition to providing financial products built for the needs of its customers, the Company builds strong community partnerships through associate volunteerism, associate financial giving, and corporate philanthropy. The Company encourages associates to give back to their local communities through various programs and initiatives, including paid volunteer time off and matching charitable gift programs.

For more information on the Company's equity and inclusion and community involvement initiatives, please see its Corporate Citizenship Report available at www.umb.com/corporatecitizenship. Information on the

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Company's website is not incorporated by reference into this report and should not be considered part of this document.

**Government Monetary and Fiscal Policies**

In addition to the impact of general economic conditions, the Company's business, results of operations, financial condition, capital, liquidity, and prospects are significantly affected by government monetary and fiscal policies that are announced or implemented in the United States and abroad.

A sizeable impact is exerted, in particular, by the policies of the Board of Governors of the Federal Reserve System and the Federal Reserve Bank (the FRB), which, through the Federal Open Market Committee, influences monetary and credit conditions in the economy in pursuit of maximum employment and stable prices. Among the FRB's policy tools are (1) open market operations (that is, purchases or sales of securities in the open market to adjust the supply of reserve balances in order to achieve targeted federal funds rates or to put pressure on longer-term interest rates in order to achieve more desirable levels of economic activity and job creation), (2) the discount rate charged on loans by the Federal Reserve Banks, (3) the level of reserves required to be held by depository institutions against specified deposit liabilities, (4) the interest paid or charged on balances maintained with the Federal Reserve Banks by depository institutions, including balances used to satisfy their reserve requirements, and (5) other deposit and loan facilities.

The FRB and its policies have a substantial impact on the availability and demand for loans and deposits, the rates, and other aspects of pricing for loans and deposits, and the conditions in equity, fixed income, currency, and other markets in which the Company operates. Policies announced or implemented by other central banks around the world have a meaningful effect on our operations as well, whether coordinated with those of the FRB or otherwise.

Tax and other fiscal policies, moreover, impact not only general economic conditions but also give rise to incentives or disincentives that affect how the Company and its customers prioritize objectives, operate businesses, and deploy resources.

**Regulation and Supervision**

The Company is subject to regulatory frameworks in the United States at federal, State, and local levels. In addition, the Company is subject to direct supervision by various government authorities charged with overseeing the kinds of financial activities conducted by its business segments. The current presidential administration has implemented significantly different policies from the previous presidential administration, including new proposed regulations and rescissions or withdrawals of previous guidance, and sharply reduced the workforce at the federal banking agencies. The cumulative impact of these changes, and whether they will last over time, is unclear.

This section summarizes certain provisions of the principal laws and regulations that apply to the Company. The descriptions, however, are not complete and are qualified in their entirety by the full text and judicial or administrative interpretations of those laws and regulations and other laws and regulations that affect the Company.

*Overview*

The Company is a bank holding company that has elected to also become a financial holding company. As a result, the Company—including all of its businesses and operations—is subject to the regulation, supervision, and examination of the FRB and to restrictions on permissible activities. This framework of regulation, supervision, and examination is intended primarily for the protection and benefit of depositors and other customers of the Bank, the Deposit Insurance Fund (the DIF) of the Federal Deposit Insurance Corporation (the FDIC), the banking and financial systems as a whole, and the broader economy, not for the protection or benefit of the Company's shareholders or its non-deposit creditors.

Many of the Company's subsidiaries are also subject to separate or related forms of regulation, supervision, and examination, including: (1) the Bank, by the Office of the Comptroller of the Currency (the OCC), the FDIC, and the Consumer Financial Protection Bureau (the CFPB); (2) UMBFS, UMB Financial Services, Inc., and UMB Asset Management, LLC, by the Securities and Exchange Commission (the SEC) and State regulatory authorities, and UMB Financial Services, Inc., by the Financial Industry Regulatory Authority (FINRA); and (3) UMB Insurance, Inc., by State regulatory authorities. These regulatory schemes, like those overseen by the FRB, are

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designed to protect public or private interests that often are not aligned with those of the Company's shareholders or non-deposit creditors.

The FRB possesses extensive authority to regulate and supervise the conduct of the Company's businesses and operations. If the FRB were to take the position that the Company or any of its subsidiaries have violated any law or commitment or engaged in any unsafe or unsound practice, formal or informal corrective or enforcement actions could be taken by the FRB against the Company, its subsidiaries, and institution-affiliated parties such as directors, officers, and agents. These enforcement actions could include extensive and costly remediation requirements, an imposition of civil monetary penalties and could directly affect not only the Company, its subsidiaries, and institution-affiliated parties but also the Company's counterparties, shareholders, and creditors and its commitments, arrangements, or other dealings with them. The OCC has similarly expansive authority over the Bank and its subsidiaries, as does the CFPB over matters involving consumer financial laws. The SEC, FINRA, and other domestic or foreign government authorities also have an array of means at their disposal to regulate, supervise, and enforce areas within their jurisdiction that could impact the Company's businesses and operations.

*Restrictions on Permissible Activities and Corporate Matters*

Bank holding companies and their subsidiaries are generally limited to the business of banking and to closely related activities that are incidental to banking.

As a bank holding company that has elected to become a financial holding company, the Company is also able—directly or indirectly through its subsidiaries, other than the Bank—to engage in activities that are financial in nature, that are incidental to a financial activity, or that are complementary to a financial activity and do not pose a substantial risk to the safety or soundness of depository institutions or the financial system generally. Activities that are financial in nature include: (1) underwriting, dealing in, or making a market in securities, (2) providing financial, investment, or economic advisory services, (3) underwriting insurance, and (4) merchant banking.

The Company's ability to, directly or indirectly, engage in these banking and financial activities is subject to conditions and other limits imposed by law or the FRB and, in some cases, requires the approval of the FRB or other government authorities. These conditions or other limits may arise due to the particular type of activity or, in other cases, may apply to the Company's business more generally. Examples of the former are the substantial restrictions on the timing, amount, form, substance, interconnectedness, and management of the Company's merchant banking investments. An example of the latter is a condition that, in order for the Company to continue to engage in broader financial activities, its depository institutions must remain "well capitalized" and "well managed" under applicable banking laws and must receive at least a "satisfactory" rating under the Community Reinvestment Act (the CRA). The FRB also has the power to require the Company to divest any depository institution that cannot maintain its "well capitalized" or "well managed" status.

The FRB maintains a targeted policy that requires a bank holding company to consult with the staff sufficiently in advance of (1) declaring and paying a dividend that could raise safety and soundness concerns (for example, a dividend that exceeds earnings in the period for which the dividend is being paid), (2) redeeming or repurchasing regulatory capital instruments when the holding company is experiencing financial weaknesses, or (3) redeeming or repurchasing common stock or perpetual preferred stock that would result in a net reduction as of the end of the quarter in the amount of those equity instruments outstanding compared with the beginning of the quarter in which the redemption or repurchase occurred.

*Bank Acquisitions by the Company*

The Company may acquire banks outside of its home State of Missouri, subject to limits and may establish new branches in other States to the same extent as banks chartered in those States. The Company must receive the prior approval of the FRB and possibly other government authorities to, directly or indirectly, acquire ownership or control of five percent or more of any class of voting securities of, or substantially all of the assets of, an unaffiliated bank, savings association, or bank holding company. In deciding whether to approve any acquisition or branch, the FRB, the OCC, and other government authorities will consider public or private interests that may not be aligned with those of the Company's shareholders or non-deposit creditors.

The standards by which bank and financial institution acquisitions are evaluated may be subject to change. In September 2024, the OCC adopted a final rule and policy statement regarding its review of Bank Merger Act (BMA) applications for OCC-supervised institutions, including the Bank. In May 2025, the OCC adopted a final

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rule that restored the ability for BMA applicants to file a streamlined application form for certain types of acquisitions and the expedited review process for BMA applications, which had been removed by the 2024 final rule, and rescinded the 2024 policy statement.

In September 2024, the DOJ withdrew its 1995 Bank Merger Guidelines and issued the 2024 Banking Addendum to 2023 Merger Guidelines (the 2024 Banking Addendum). The DOJ clarified that it will assess competition considerations in connection with bank and bank holding company mergers using its 2023 Merger Guidelines, which is the general merger review framework the DOJ now uses to evaluate transactions in all segments of the economy, and 2024 Banking Addendum. The 2024 Banking Addendum provides guidance on how the DOJ will assess competition in the context of bank and bank holding company mergers. An analysis under the 2023 Merger Guidelines and 2024 Banking Addendum may include consideration of theories of harm and relevant markets not considered under the 1995 Bank Merger Guidelines, which focused primarily on concentrations of deposits and branches.

*Acquisitions of Ownership of the Company*

Acquisitions of the Company's voting stock above certain thresholds are subject to prior regulatory notice or approval under federal banking laws, including the BHCA and the Change in Bank Control Act of 1978, as amended (the CIBCA). Under the CIBCA, a person or entity generally obtain non-objection from the FRB before acquiring the power to vote 10% or more of any class of voting stock, including the Company's common stock. Investors should be aware of these requirements when acquiring shares in the Company's stock.

*Requirements Affecting the Relationships among the Company, Its Subsidiaries, and Other Affiliates*

The Company is a legal entity separate and distinct from the Bank, UMBFS, and its other subsidiaries but receives the vast majority of its revenue in the form of dividends from those subsidiaries. Without the approval of the OCC, however, dividends payable by the Bank in any calendar year may not exceed the lesser of (1) the current year's net income combined with the retained net income of the two preceding years and (2) undivided profits. In addition, under the Basel III capital-adequacy standards described below under the heading "Capital-Adequacy Standards," the Bank is required to maintain a capital conservation buffer in excess of its minimum risk-based capital ratios and will be restricted in declaring and paying dividends whenever the buffer is breached. The FRB or the OCC could also limit the dividends that the Bank or the Company's other subsidiaries may pay to the Company to prevent any unsafe and unsound practice.

The Company is required by law to serve as a source of financial strength for its depository-institution subsidiaries and to commit resources to support those subsidiaries in circumstances when the Company might not otherwise elect to do so.

A number of laws also exist to prevent the Company and its nonbank subsidiaries from taking improper advantage of the benefits afforded to the Bank as a depository institution, including its access to federal deposit insurance and the discount window. These laws generally require the Bank and its subsidiaries to deal with the Company and its nonbank subsidiaries only on market terms and, in addition, impose restrictions on the Bank and its subsidiaries in directly or indirectly extending credit to or engaging in other covered transactions, including certain derivatives and securities lending transactions, with the Company or its nonbank subsidiaries.

In addition, under the Volcker Rule, the Company is subject to extensive limits on proprietary trading and on owning or sponsoring hedge funds and private-equity funds. The limits on proprietary trading are largely directed toward purchases or sales of financial instruments by a banking entity as principal primarily for the purpose of short-term resale, a benefit from actual or expected short-term price movements, or the realization of short-term arbitrage profits. The limits on owning or sponsoring hedge funds and private-equity funds are designed to ensure that banking entities generally maintain only small positions in managed or advised funds and are not exposed to significant losses arising directly or indirectly from them. The Volcker Rule also provides for increased capital charges, quantitative limits, rigorous compliance programs, and other restrictions on permitted proprietary trading and fund activities, including a prohibition on transactions with a covered fund that would constitute a covered transaction under Sections 23A and 23B of the Federal Reserve Act.

*Stress Testing and Enhanced Prudential Standards*

Under the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA), bank holding companies with assets of less than $100 billion, including the Company, are no longer subject to the requirement to

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conduct forward-looking, company-run stress testing, including publishing a summary of results. The Company continues to run internal stress tests as a component of its comprehensive risk management and capital planning process. In addition, EGRRCPA increased the statutory asset threshold above which the FRB is required to apply enhanced prudential standards from $50 billion to $250 billion subject to certain discretion by the FRB to apply any enhanced prudential standard requirement to any bank holding company with between $100 billion and $250 billion in total consolidated assets that would otherwise be exempt under EGRRCPA. The Company remains exempt from the FRB's enhanced prudential standards but the Bank is subject to the OCC's heightened standards, which set expectations for the governance and risk management practices of large depository institutions subject to its supervision with more than $50 billion in assets. The guidelines require such institutions to establish and adhere to a written governance framework in order to manage and control their risk-taking activities and to incorporate their risk appetite statement and concentration risk limits into capital and liquidity stress testing and planning processes. On December 23, 2025, the OCC issued a notice of proposed rulemaking that would increase the threshold at which the heightened standards apply from $50 billion to $700 billion in total assets. If the rule is adopted as proposed, the Bank would no longer be subject to the OCC's heightened standards. See "Regulation and Supervision—Safety and Soundness Guidelines" in Part I, Item 1 of this report for additional information regarding federal guidelines prescribing safety and soundness standards.

*Capital-Adequacy Standards*

The FRB and the OCC have adopted risk-based capital and leverage regulations that require the capital-to-assets ratios of bank holding companies and national banks to meet specified minimum standards.

The risk-based capital ratios are based on a banking organization's risk-weighted asset amounts (RWAs), which are generally determined under the standardized approach applicable to the Company and the Bank by (1) assigning on-balance-sheet exposures to broad risk-weight categories according to the counterparty or, if relevant, the guarantor or collateral (with higher risk weights assigned to categories of exposures perceived as representing greater risk) and (2) multiplying off-balance-sheet exposures by specified credit conversion factors to calculate credit equivalent amounts and assigning those credit equivalent amounts to the relevant risk-weight categories. The leverage ratio, in contrast, is based on an institution's average on-balance-sheet exposures alone.

The capital ratios for the Company and the Bank as of December 31, 2025, are set forth below:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Minimum Regulatory Capital Ratio** | **Minimum Ratio Plus Capital Conservation Buffer** | **Well-Capitalized Minimums** | **Actual** |
| **Common Equity Tier 1 Capital Ratio** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Financial Corporation | 4.50% | 7.00% | N/A % | 10.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Bank, n.a. | 4.50 | 7.00 | 6.50 | 11.34 |
| **Tier 1 Risk-Based Capital Ratio** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Financial Corporation | 6.00 | 8.50 | 6.00 | 11.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Bank, n.a. | 6.00 | 8.50 | 8.00 | 11.34 |
| **Total Risk-Based Capital Ratio** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Financial Corporation | 8.00 | 10.50 | 10.00 | 13.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Bank, n.a. | 8.00 | 10.50 | 10.00 | 12.20 |
| **Tier 1 Leverage Ratio** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Financial Corporation | 4.00 | N/A | N/A | 8.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Bank, n.a. | 4.00 | N/A | 5.00 | 8.29 |

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These capital-to-assets ratios also play a central role in prompt corrective action (PCA), which is an enforcement framework used by the federal banking agencies to constrain the activities of banking organizations based on their levels of regulatory capital. Five categories have been established using thresholds for the total risk-based capital ratio, the tier 1 risk-based capital ratio, the common-equity tier 1 risk-based capital ratio, and the leverage ratio: (1) well capitalized, (2) adequately capitalized, (3) undercapitalized, (4) significantly undercapitalized, and (5) critically undercapitalized. While bank holding companies are not subject to the PCA framework, the FRB is empowered to compel a holding company to take measures—such as the execution of financial or performance guarantees—when PCA is required in connection with one of its depository-institution subsidiaries. Failure to be well-capitalized or to meet minimum capital requirements could result in certain

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mandatory and possible additional discretionary actions by regulators that, if undertaken, could have an adverse material effect on the Company's operations or financial condition. For example, "brokered deposits," as defined by FDIC regulations, may only be accepted by well capitalized depository institutions without prior regulatory approval or, with a waiver from the FDIC, by adequately capitalized depository institutions. At December 31, 2025, the Bank was categorized as well capitalized under the PCA framework.

Basel III, including revisions to the global Basel III capital framework (commonly known as the Basel III endgame), includes a number of more rigorous provisions applicable only to banking organizations that are larger or more internationally active than the Company and the Bank. These include, for example, a supplementary leverage ratio incorporating off-balance-sheet exposures, a liquidity coverage ratio, and a net stable funding ratio. These standards may be informally applied or considered by the FRB and the OCC in their regulation, supervision, and examination of the Company and the Bank. In July 2023, the federal banking agencies released a proposed rule to implement the Basel III endgame. If enacted as proposed, the proposal would significantly increase capital requirements for banking organizations with $100 billion or more in assets, which could indirectly impact smaller institutions, such as the Company and the Bank. It is uncertain if and when a final rule will be adopted, and if so, whether and to what extent it will differ from the Basel III Finalization Proposal. As a result, the timing and content of any final rule, and the potential effects of any final rule on the Company and the Bank, remain uncertain.

*Deposit Insurance and Related Matters*

The deposits of the Bank are insured by the FDIC in the standard insurance amount of $250 thousand per depositor for each account ownership category. This insurance is funded through assessments on the Bank and other insured depository institutions. Each institution's assessment base is determined based on its average consolidated total assets less average tangible equity, and there is a scorecard method for calculating assessments that combines CAMELS (an acronym that refers to the five components of a bank's condition that are addressed: capital adequacy, asset quality, management, earnings, and liquidity) ratings and specified forward-looking financial measures to determine each institution's risk to the DIF.

In response to the bank failures in early 2023, the FDIC implemented a special assessment to recover the losses to the DIF at an annual rate of approximately 13.4 basis points over eight quarterly collection periods, which began in 2024, and currently projects that the eighth quarter of the special assessment will be collected at a reduced rate. The base for the special assessment is equal to an insured depository institution's estimated uninsured deposits reported as of December 31, 2022, adjusted to exclude the first $5 billion. Under the FDIC's interim final rule on December 16, 2025, upon termination of the FDIC's receivership of Silicon Valley Bank and Signature Bank, the FDIC will either provide an offset to insured depository institutions, if the special assessment amount then-collected exceeds losses, or collect from insured depository institutions a one-time final shortfall special assessment, if losses exceed the special assessment amount then-collected. In addition, the FDIC will provide an offset to regular quarterly deposit insurance assessments for banks subject to the special assessment if, following the final resolution of litigation between the FDIC and SVB Financial Trust, the total amount collected through the special assessment exceeds the loss estimate at that time.

*Resolution and Related Matters*

If an insured depository institution such as the Bank were to become insolvent or if other specified events were to occur relating to its financial condition or the propriety of its actions, the FDIC may be appointed as conservator or receiver for the institution. In that capacity, the FDIC would have the power to (1) transfer assets and liabilities of the institution to another person or entity without the approval of the institution's creditors, (2) require that its claims process be followed and to enforce statutory or other limits on damages claimed by the institution's creditors, (3) enforce the institution's contracts or leases according to their terms, (4) repudiate or disaffirm the institution's contracts or leases, (5) seek to reclaim, recover, or recharacterize transfers of the institution's assets or to exercise control over assets in which the institution may claim an interest, (6) enforce statutory or other injunctions, and (7) exercise a wide range of other rights, powers, and authorities, including those that could impair the rights and interests of all or some of the institution's creditors. In addition, the administrative expenses of the conservator or receiver could be afforded priority over all or some of the claims of the institution's creditors, and under the Federal Deposit Insurance Act (the FDIA), the claims of depositors (including the FDIC as subrogee of depositors) would enjoy priority over the claims of the institution's unsecured creditors.

The FDIA also provides that an insured depository institution can be held liable for any loss incurred or expected to be incurred by the FDIC in connection with another commonly controlled insured depository institution

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that is in default or in danger of default. This cross-guarantee liability is generally superior in right of payment to claims of the institution's holding company and its affiliates.

In June 2024, the FDIC released a final rule amending its requirements for insured depository institutions with more than $50 billion in assets to develop and submit plans demonstrating how they could be resolved in an orderly and timely manner in the event of receivership. Under the rule, banks with at least $50 billion but less than $100 billion in total assets, including the Bank, are required to submit to the FDIC more limited informational filings triennially and interim supplemental information regarding their resolution planning in off-cycle years. On December 31, 2025, the FDIC provided an update that it intends to propose changes to the final rule in 2026. As a result, the Bank is not required to submit its first informational filing until after the final rule is issued.

*Safety and Soundness Guidelines*

The federal banking agencies have adopted guidelines prescribing safety and soundness standards relating to internal controls, risk management, information systems, internal audit systems, loan documentation, credit underwriting, interest rate exposure, asset growth and compensation, fees and benefits. These guidelines in general require appropriate systems and practices to identify and manage specified risks and exposures. The guidelines prohibit excessive compensation as an unsafe and unsound practice and characterize compensation as excessive when the amounts paid are unreasonable or disproportionate to the services performed by an executive officer or employee, director or principal shareholder. In addition, the federal banking agencies have adopted regulations that authorize but do not require an agency to order an institution that has been given notice by the agency that it is not in compliance with any of the safety and soundness standards to submit a compliance plan. If after being so notified, an institution fails to submit an acceptable compliance plan, the agency must issue an order directing action to correct the deficiency and may issue an order directing other actions of the types, including those that may limit growth or capital distributions.

*Anti-Money Laundering Rules*

The Bank Secrecy Act, as amended by the USA PATRIOT Act of 2001, (together, the BSA) and its implementing regulations require financial institutions, including banks and broker dealers, to, among other duties, implement and maintain an effective anti-money laundering (AML) compliance program and file suspicious activity and currency transaction reports when appropriate.

The Anti-Money Laundering Act of 2020, enacted on January 1, 2021 (AMLA), amends the BSA but does not directly impose new requirements on banks. AMLA requires the U.S. Treasury Department to, among other things, issue National Anti-Money Laundering and Countering the Financing of Terrorism Priorities and implementing regulations, and conduct studies and issue regulations that may, over the next few years, significantly alter certain due diligence, recordkeeping and reporting requirements that the BSA and its implementing regulations impose on banks. AMLA also contains provisions that increase penalties for violations of the BSA and includes whistleblower incentives, both of which could increase regulatory enforcement against banks. Implementation of AMLA is ongoing and is anticipated to impact the Bank's AML compliance program.

Violations of the BSA and its implementing regulations can result in substantial civil and criminal penalties, and the federal banking agencies are required to consider the effectiveness of a financial institution's AML compliance program when reviewing bank mergers and bank holding company acquisitions. In addition to the federal banking agencies, the Financial Crimes Enforcement Network is authorized to impose significant civil monetary penalties for violations of the BSA and its implementing regulations and has recently engaged in coordinated enforcement actions with state and federal law enforcement agencies and banking regulators.

*OFAC Regulation*

The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) is responsible for administering U.S. economic sanctions, which can prohibit certain transactions with designated foreign jurisdictions, governments, entities and individuals. OFAC-administered sanctions take on many different forms. For example, sanctions may include: (1) restrictions on trade with or investment in a sanctioned jurisdiction, including prohibitions against direct or indirect imports from and exports to a sanctioned jurisdiction and prohibitions on U.S. persons engaging in financial transactions relating to, making investments in, or providing investment-related advice or assistance to, a sanctioned jurisdiction; and (2) blocking assets in which certain sanctioned foreign governments, entities or individuals have an interest, by prohibiting transfers of property subject to U.S. jurisdiction, including property in

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the possession or control of U.S. persons. OFAC also maintains lists of designated persons, groups or entities that are the target of sanctions, including the "Specially Designated Nationals and Blocked Persons List." The assets of designated persons, groups or entities are blocked and U.S. persons are generally prohibited from dealing with any such persons. Moreover, blocked assets, for example property and bank deposits, cannot be paid out, withdrawn, set off or transferred in any manner without a license from OFAC. If the Company finds a name on any transaction, account or wire transfer associated with a sanctioned person, the Company must freeze or block such account or transaction, file a blocked property report with OFAC and notify the appropriate authorities. Failure to comply with U.S. economic sanctions could have serious legal and reputational consequences.

*Data Privacy and Cybersecurity*

Various federal, state and local laws, rules, regulations and standards contain extensive data privacy and cybersecurity provisions, and the legal and regulatory framework for data privacy and cybersecurity is in considerable flux and rapidly evolving. For example, current federal laws, rules, regulations and standards, including the Gramm-Leach-Bliley Act (the "GLBA"), require financial institutions to, among other things, periodically disclose their privacy policies and practices relating to sharing personal information and enable retail customers to opt out of the Company's ability to share such personal information with unaffiliated third parties under certain circumstances. Such laws and regulations also require financial institutions to implement a comprehensive cybersecurity program that includes administrative, technical and physical safeguards to ensure the security and confidentiality of customer records and information. An amendment to Regulation S-P, an implementing regulation promulgated under the GLBA, was adopted by the SEC on May 16, 2024 and requires broker dealers and registered investment advisers to, among other things, adopt and implement an incident response program as part of their formal cybersecurity policies and procedures and report data breaches to affected individuals whose sensitive customer information was, or is reasonably likely to have been, accessed or used without authorization within 30 days of becoming aware of such data breach. Other federal and state laws, rules, regulations and standards impact the Company's ability to share certain information with affiliates and non-affiliates for marketing and/or non-marketing purposes, or to contact customers with marketing offers. Federal law also makes it a criminal offense, except in limited circumstances, to obtain or attempt to obtain customer information of a financial nature by fraudulent or deceptive means. The Company and its nonbanking subsidiaries are also subject to rules and regulations issued by the Federal Trade Commission, which regulates unfair or deceptive acts or practices, including with respect to data privacy and cybersecurity. Additionally, like other lenders, the Bank uses credit bureau data in its underwriting activities. Use of such data is regulated under the Fair Credit Reporting Act, which also regulates reporting information to credit bureaus, prescreening individuals for credit offers, sharing of information between affiliates, and using affiliate data for marketing purposes. Similar state laws may impose additional requirements on the Company and its subsidiaries. The United States Congress has considered, and will likely in the future consider, additional data privacy and cybersecurity legislation, to which the Company may become subject if passed.

The enactment of the Cyber Incident Reporting for Critical Infrastructure Act (the "CIRCIA") in 2022, once rulemaking is complete, will require, among other things, certain companies to report significant cyber incidents to the Cybersecurity and Infrastructure Agency (the "CISA") within 72 hours from the time the company reasonably believes the incident occurred (and within 24 hours of making a ransom payment as a result of a ransomware attack). On April 4, 2024, the CISA proposed a rule under the CIRCIA that would clarify the scope of cyber incidents to be reported and would further define covered entities subject to the CIRCIA to expressly include companies in the financial services industry that are required to report cyber incidents to their primary federal regulators. Although the CIRCIA originally required the CISA to finalize its regulations by October 4, 2025, the CISA has extended such deadline to May 2026.

The Bank is also subject to federal regulations that, among other things, require a banking organization to notify its primary federal banking agencies as soon as possible and within 36 hours after identifying a "computer-security incident" that has materially disrupted or degraded, or the banking organization believes in good faith is reasonably likely to materially disrupt or degrade, its business or operations in a manner that would, among other things, jeopardize the viability of its operations, result in customers being unable to access their deposit and other accounts, result in a material loss of revenue, profit or franchise value, or pose a threat to the financial stability of the United States financial sector. Additionally, the federal banking agencies, as well as the SEC and related self-regulatory organizations, regularly issue guidance regarding cybersecurity that is intended to enhance cyber risk management among financial institutions.

Data privacy and cybersecurity are also areas of increasing state legislative focus. For example, the California Consumer Privacy Act of 2018, as amended by the California Privacy Rights Act of 2020 (collectively, the

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"CCPA"), among other things, broadly defines personal information and gives California residents the right to request access to or correct personal information collected about them, and whether that personal information has been sold or shared with others, the right to request deletion of personal information (subject to certain exceptions), the right to opt out of certain sharing and sales of their personal information, and the right not to be discriminated against for exercising these rights. The CCPA contains several exemptions, including that many, but not all, requirements of the CCPA are inapplicable to personal information that is collected, sold, disclosed or processed subject to certain federal laws, including the GLBA. The CCPA contemplates civil penalties of up to $2,500 for each violation and up to $7,500 for each intentional violation and includes a private right of action (permitting lawsuits to be brought by private individuals instead of the state Attorney General or other government actor for certain violations). Similar laws have been or may be adopted by other states where the Company does business or collects personal information. In addition, laws in all 50 U.S. states generally require businesses to provide notice under certain circumstances to individuals whose personal information has been disclosed as a result of a data breach.

*Broker Dealer and Investment Adviser Regulations*

The Company's broker dealer and investment adviser subsidiaries are subject to regulation by the SEC. FINRA is the primary self-regulatory organization for the Company's registered broker dealer subsidiaries. The broker dealer and investment adviser subsidiaries also are subject to additional regulation by states or local jurisdictions. The SEC and FINRA have active enforcement functions that oversee broker dealers and investment advisers and can bring actions that result in fines, restitution, a limitation on permitted activities, disqualification to continue to conduct certain activities and an inability to rely on certain favorable exemptions. Certain types of infractions and violations also can affect the Company's ability to issue new securities expeditiously. In addition, certain changes in the activities of a broker dealer require approval from FINRA, and FINRA takes into account a variety of considerations in acting upon applications for such approval, including internal controls, capital levels, management experience and quality, prior enforcement and disciplinary history, and supervisory concerns.

*Other Regulatory and Supervisory Matters*

As a public company, the Company is subject to the Securities Act of 1933, as amended (the Securities Act), the Securities Exchange Act of 1934, as amended (the Exchange Act), the Sarbanes-Oxley Act of 2002, and other federal and State securities laws. In addition, because the Company's common stock is listed with The NASDAQ Stock Market LLC (NASDAQ), the Company is subject to the listing rules of that exchange.

Under the CRA, the Bank has a continuing and affirmative obligation to help meet the credit needs of its local communities—including low- and moderate-income neighborhoods—consistent with safe and sound banking practices. The CRA does not create specific lending programs but does establish the framework and criteria by which the OCC regularly assesses the Bank's record in meeting these credit needs. The Bank's ratings under the CRA are taken into account by the FRB and the OCC when considering merger or other specified applications that the Company or the Bank may submit from time to time. Under the CRA, institutions are assigned a rating of "outstanding," "satisfactory," "needs to improve," or "unsatisfactory." The Bank received a "satisfactory" rating at its most recent CRA evaluation.

The Bank is subject as well to a vast array of consumer-protection laws, such as qualified-mortgage and other mortgage-related rules under the jurisdiction of the CFPB. For example, the FRB has proposed, but not yet finalized, amendments to Regulation II that would lower the cap on debit interchange fees and institute a process for automatically recalculating the debit interchange fee cap every two years based upon a biennial survey of large debit card issuers. Lending limits, restrictions on tying arrangements, limits on permissible interest-rate charges, and other laws governing the conduct of banking or fiduciary activities are also applicable to the Bank.

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*Executive Officers of the Registrant.* The following are the executive officers of the Company, each of whom is appointed annually, and there are no arrangements or understandings between any of the executive officers and any other person pursuant to which such person was elected as an executive officer.

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| | | |
|:---|:---|:---|
| **<u>Name</u>** | **<u>Age</u>** | **<u>Position with Registrant</u>** |
| R. Brian Beaird | 52 | Mr. Beaird has served as Executive Vice President, Chief Human Resources Officer since October 2019. Prior to this time, he served as Senior Vice President/Director of Associate Experience and Rewards, Director Compensation and Systems, Manager Bank Strategy and Administration, and Manager Commercial Strategy and Administration. Mr. Beaird held these positions from July 2018 until October 2019, August 2017 until July 2018, September 2015 until August 2017, and December 2011 until September 2015, respectively. |
| Amy Harris | 40 | Ms. Harris has served as Executive Vice President and Chief Legal Officer since January 2021. Ms. Harris served the Company as Senior Vice President, Deputy General Counsel and Manager of Legal Operations from January 2020 to January 2021. She also served as Corporate Legal Counsel for the Company from October 2014 to January 2020. Prior to joining the Company, Ms. Harris worked in private practice focusing on commercial, corporate and employment cases.  |
| Shannon A. Johnson | 46 | Ms. Johnson has served as Executive Vice President and Chief Administrative Officer since October 2019 and as Chief Risk Officer since February 2026. Ms. Johnson's previous positions with the Company include Executive Vice President, Chief Human Resources Officer; Senior Vice President, Executive Director of Talent Management and Development; and Senior Vice President, Director of Talent Management. Ms. Johnson held these positions from April 2015 to October 2019, May 2011 to April 2015, and December 2009 to May 2011, respectively. |
| J. Mariner Kemper | 53 | Mr. Kemper has served as the Chairman and Chief Executive Officer of the Company since May 2004. From November 2015 until January 2024, he served as President of the Company. He served as the Chairman and Chief Executive Officer of the Bank between December 2012 and January 2014, and as the Chairman of UMB Bank Colorado, n.a. (a prior subsidiary of the Company) between 2000 and 2012. He was President of UMB Bank Colorado from 1997 to 2000. |
| Elizabeth Lewis | 52 | Ms. Lewis has served as President, Consumer Banking since April of 2024. She has also served as Chief Marketing Officer since May of 2023. Prior to this time, Ms. Lewis served as Senior Vice President with CommunityAmerica Credit Union, leading the retail and commercial banking line of business functions, and Senior Vice President, Commercial Banking Administration with Commerce Bank. She held these positions from January 2017 through May 2023, and from March 2008 through January 2017, respectively. |
| Phillip Mason | 43 | Mr. Mason has served as President of Institutional Banking for the Bank since April 2023. He served as Director of Healthcare Services and Chief Operating Officer Institutional Banking for the Bank from November 2019 until March 2023 and as Chief Operating Officer Institutional Banking for the Bank from June 2015 to October 2019. Prior to this time, Mr. Mason served as Director of Relationship Management and Support Institutional Asset Management for the Bank beginning in April 2013. Mr. Mason first joined the Company in June of 2005, working in the corporate finance department in a variety of roles. |
| Nikki Newton | 54 | Mr. Newton has served as the President of Private Wealth Management of the Bank since May 2019. From January 1998 until May 2018, Mr. Newton served in various capacities with Waddell & Reed Financial, Inc. or its subsidiary, Ivy Distributors, Inc, including most recently, serving as President of Ivy Distributors, Inc. and Ivy Global from August 2017 to May 2018, and Head of Global Distribution and President of Ivy Global from January 2014 to August 2017. |
| David C. Odgers | 56 | Mr. Odgers has served as Executive Vice President since April of 2025, Chief Accounting Officer of the Company since January 2020, and as the Company's Controller since January 2014. He additionally served as Senior Vice President from January 2020 until April of 2025. Mr. Odgers was previously the Company's Assistant Controller from January 2005 to January 2014. |

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| | | |
|:---|:---|:---|
| James D. Rine | 55 | Mr. Rine has served as President of the Company since January 2024, and Vice Chairman of the Company since November 2020. He has additionally served as President and Chief Executive Officer of the Bank since October 2018. He served as President of Commercial Banking from December 2017 until October 2018 and as President of Commercial Banking/Western Region from October 2016 to December 2017. Prior to this time, Mr. Rine served as the President of the Kansas City Region since October 2011. Overall, Mr. Rine has over 20 years of commercial banking experience with the Bank. |
| Ram Shankar | 53 | Mr. Shankar was named as Executive Vice President and Chief Financial Officer of the Company effective August 2016. From September 2011 until his employment with the Company commenced, he worked at First Niagara Financial Group, most recently serving as managing director where he headed financial planning and analysis and investor relations. Prior to that, Mr. Shankar spent time at FBR Capital Markets as a senior research analyst and at M&T Bank Corporation in the financial planning measurement and corporate finance/mergers & acquisitions group. |
| Thomas S. Terry | 62 | Mr. Terry has served as Executive Vice President and Chief Credit Officer since October 2019. From January 2011 until October 2019, Mr. Terry served as Executive Vice President and Chief Lending Officer of the Company, and prior to this time, Mr. Terry served as Executive Vice President. Mr. Terry first joined the Company in 1986, and subsequently joined the Commercial Lending department in 1987 where he worked as a loan officer until 2011. |
| Uma Wilson | 47 | Ms. Wilson was named Executive Vice President, Chief Information, Bank Product and Operations Officer in May 2024. Previously she served as Executive Vice President, Chief Information and Product Officer from September 2021 to May 2024, Executive Vice President, Director of Bank Product, Treasury Management/Card Sales and Implementation from January 2020 to September 2021 and Executive Vice President, Director of Bank Product Group from May 2015 to January 2020. |

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The Company makes available free of charge on its website at www.umb.com/investor, its annual report on Form 10-K, quarterly reports on Form 10-Q, proxy statements, current reports on Form 8-K and amendments to such reports, as soon as reasonably practicable after it electronically files or furnishes such material with or to the SEC. Information on the Company's website is not incorporated by reference into this report and should not be considered part of this document. These reports can also be found on the SEC website at www.sec.gov.

## ITEM 1A. *RI SK FACTORS* 
Financial-services companies routinely encounter and address risks and uncertainties. In the following paragraphs, the Company describes some of the principal risks and uncertainties that could adversely affect its business, results of operations, financial condition (including capital and liquidity), or prospects or the value of or return on an investment in the Company. These risks and uncertainties, however, are not the only ones faced by the Company. Other risks and uncertainties that are not presently known to the Company that it has failed to identify, or that it currently considers immaterial may adversely affect the Company as well. Except where otherwise noted, the risk factors address risks and uncertainties that may affect the Company as well as its subsidiaries. These risk factors should be read in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations (which can be found in Part II, Item 7 of this report) and the Notes to the Consolidated Financial Statements (which can be found in Part II, Item 8 of this report).

**The levels of, or changes in, interest rates could affect the Company's business or performance.** The Company's business, results of operations, and financial condition are highly dependent on net interest income, which is the difference between interest income on earning assets (such as loans and investments) and interest expense on deposits and borrowings. Net interest income is significantly affected by market interest rates, which in turn are influenced by monetary and fiscal policies, general economic conditions, the regulatory environment, competitive pressures, and expectations about future changes in interest rates. The policies and regulations of the federal government, in general, and the FRB, in particular, have a substantial impact on market interest rates. See "Government Monetary and Fiscal Policies" in Part I, Item 1 of this report, which is incorporated by reference herein.

The impact of interest rate changes on the Company's funding costs may differ from some peers given the Company's concentration of funding from commercial and institutional sources. These deposits, which often

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include the benefit of other ancillary revenues, are generally more price-sensitive than consumer funding sources. In a rising rate environment, the Company may experience a sharper decline in low-cost funding sources or an increase in cost of deposits due to its customer profile. However, the expectation of higher earning asset growth and the benefit of higher interest rates on our earning assets may help mitigate any impact.

The Company may be adversely affected by policies, regulations, or events that have the effect of altering the difference between long-term and short-term interest rates (commonly known as the yield curve), depressing the interest rates associated with its earning assets to levels near the rates associated with its interest expense, or changing the spreads among different interest-rate indices. In addition, a rapid change in interest rates could result in interest expense increasing faster than interest income because of differences in the maturities of the Company's assets and liabilities. Further, if laws impacting taxation and interest rates materially change, or if new laws are enacted, certain of the Company's services and products, including municipal bonds, may be subject to less favorable tax treatment or otherwise adversely impacted. For example, the federal government, in recent years, has taken steps to provide stability to and confidence in the financial markets, and these steps could affect the Company's resource requirements in order to comply with updated laws. The level of and changes in market interest rates—and, as a result, these risks and uncertainties—are beyond the Company's control. The dynamics among these risks and uncertainties are also challenging to assess and manage.

The Company's customers and counterparties also may be negatively impacted by the levels of, or changes in, interest rates, which could increase the risk of delinquency or default on obligations to the Company. The levels of, or changes in, interest rates, moreover, may have an adverse effect on the value of the Company's investment portfolio, which includes long-term municipal bonds with fixed interest rates, and other financial instruments, the return on or demand for loans, the prepayment speed of loans (including, without limitation, the pace of pay-downs expected or forecasted for commercial real estate and construction loans), the cost or availability of deposits or other funding sources, or the purchase or sale of investment securities.

See "Quantitative and Qualitative Disclosures About Market Risk—Interest Rate Risk" in Part II, Item 7A of this report for a discussion of how the Company monitors and manages interest-rate risk.

**Weak or deteriorating economic conditions, geopolitical events, more liberal origination or underwriting standards, or financial or systemic shocks could increase the Company's credit risk and adversely affect its lending or other banking businesses and the value of its loans or investment securities.** The Company's business and results of operations depend significantly on general economic conditions. When those conditions are weak or deteriorating in any of the markets or regions where the Company operates, or there are impacts stemming from geopolitical events, its business or performance could be adversely affected. The Company provides financial services primarily throughout the Midwestern, Southwestern, and Western regions of the United States. As the Company does not have a significant banking presence in other parts of the country, a prolonged economic downturn in these markets could have a material adverse effect on the Company's financial condition and results of operations. The Company's lending and other banking businesses, in particular, are susceptible to weak or deteriorating economic conditions, including due to inflation, which could result in reduced loan demand or utilization rates and at the same time increased delinquencies or defaults. These kinds of conditions also could dampen the demand for products and other services in the Company's investment-management, asset-servicing, insurance, brokerage, or related businesses. Financial markets and global supply chains may be adversely affected by the impact of military conflict, including the current conflicts in Ukraine and the Middle East, terrorism, or other geopolitical events, including in Venezuela. Increased delinquencies or defaults could result as well from the Company adopting—for strategic, competitive, or other reasons—more liberal origination or underwriting standards for extensions of credit or other dealings with its customers or counterparties. Further, changes to U.S. global policy, including as it relates to tariffs, trade disputes and renewing or changing trade agreements with various countries, could affect the Company's results of operations. The global economy, the strength of the U.S. dollar, international trade conditions, and oil prices may ultimately affect interest rates, business import/export activity, capital expenditures by businesses, and investor confidence. Unfavorable changes in those factors may result in declines in consumer credit usage, increased delinquencies and defaults, and reduced loan demand. If delinquencies or defaults on the Company's loans or investment securities increase, their value and the income derived from them could be adversely affected, and the Company could incur administrative and other costs in seeking a recovery on its claims and any collateral. Weak or deteriorating economic conditions also may negatively impact the market value and liquidity of the Company's investment securities, and the Company may be required to record additional impairment charges if investment securities suffer a decline in value that is determined to have resulted from a credit loss. In addition, to the extent that loan charge-offs exceed estimates, an increase to the amount of provision expense related to the allowance for credit losses would reduce the Company's income. See "Quantitative and Qualitative

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Disclosures About Market Risk—Credit Risk Management" in Part II, Item 7A of this report for a discussion of how the Company monitors and manages credit risk. A financial or systemic shock and a failure of a significant counterparty or a significant group of counterparties could negatively impact the Company, possibly to a severe degree, due to its role as a financial intermediary and the interconnectedness of the financial system.

**A meaningful part of the Company's loan portfolio is secured by real estate and, as a result, could be negatively impacted by deteriorating or volatile real estate markets, the economic environment or associated environmental liabilities.** At December 31, 2025, 53.7% of the Company's aggregate loan portfolio—comprised of commercial real estate loans (representing 42.2% of the aggregate loan portfolio) and consumer real estate loans (representing 11.4% of the aggregate loan portfolio)—was primarily secured by interests in real estate located in the States where the Company operates. Other credit extended by the Company may be secured in part by real estate as well. Real estate values in the markets where this collateral is located may be different from, and in some instances worse than, real estate values in other markets or in the United States as a whole and may be affected by general economic conditions and a variety of other factors outside of the control of the Company or its customers. Any deterioration or volatility in these real estate markets could result in increased delinquencies or defaults, could adversely affect the value of the loans and the income to be derived from them, could give rise to unreimbursed recovery costs, and could reduce the demand for new or additional credit and related banking products and other services, all to the detriment of the Company's business and performance. In recent years, commercial real estate markets have been particularly impacted by the economic and other disruptions resulting from the COVID-19 pandemic and its aftermath. Repayment of commercial real estate, which typically involves higher loan principal amounts as compared to consumer real estate lending, is often dependent on the successful operation of the business conducted on the property securing the loans. Negative shifts in economic conditions can impact the borrower's ability to pay. Failures in the Company's risk management policies, procedures and controls could adversely affect its ability to manage this portfolio going forward and could result in an increased rate of delinquencies in, and increased losses from, this portfolio, which could negatively impact the Company's operating and financial performance. In addition, if hazardous or toxic substances were found on any real estate that the Company acquires in foreclosure or otherwise, the Company may incur substantial liability for compliance and remediation costs, personal injury, or property damage.

**Challenging business, economic, or market conditions could adversely affect the Company's fee-based banking, investment-management, asset-servicing, or other businesses.** The Company's fee-based banking, investment-management, asset-servicing, and other businesses are driven by wealth creation in the economy, robust market activity, monetary and fiscal stability, and positive investor, business, and consumer sentiment. Economic downturns, market disruptions, high unemployment or underemployment, unsustainable debt levels, depressed real estate markets, industry consolidations, or other challenging business, economic, or market conditions could adversely affect these businesses and their results. If the funds or other groups that are clients of UMBFS were to encounter similar difficulties, UMBFS's revenue could suffer. The Company's bank-card revenue is driven primarily by transaction volumes in business, healthcare, and consumer spending that generate interchange fees, and any of these conditions could dampen those volumes. Economic or market conditions, such as increased use of digital currencies and cryptocurrencies (including stablecoin) can also reduce the usage of credit cards in general and the average purchase amount of transactions, which reduces interest income and transaction fees. Other fee-based banking businesses that could be adversely affected include trading, asset management, custody, trust, and cash and treasury management. In addition, legislative and regulatory changes could reduce the amounts and types of fees financial institutions may charge, including the FRB's Regulation II on debit card interchange fees and potential legislation imposing a cap on credit card interest rates.

**Liquidity is essential to the Company and its business or performance could be adversely affected by constraints in, or increased costs for, funding.** The Company defines liquidity as the ability to fund increases in assets and meet obligations as they come due, all without incurring unacceptable losses. Banks are especially vulnerable to liquidity risk because of their role in the maturity transformation of demand or short-term deposits into longer-term loans or other extensions of credit. The Company, like other financial-services companies, relies to a significant extent on external sources of funding (such as deposits and borrowings) for the liquidity needed to conduct its business. A number of factors beyond the Company's control, however, could have a detrimental impact on the availability or cost of that funding and thus on its liquidity. These factors include market disruptions, changes in its credit ratings or the sentiment of its investors, the state of the regulatory environment and monetary and fiscal policies, declines in the value of its investment securities, the loss of substantial deposits or customer relationships, financial or systemic shocks, significant counterparty failures, and reputational damage. Unexpected declines or limits on the dividends declared and paid by the Company's subsidiaries also could adversely affect its liquidity position. While the Company's policies and controls are designed to ensure that it maintains adequate liquidity to

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conduct its business in the ordinary course even in a stressed environment, there can be no assurance that its liquidity position will never become compromised. In the event that the Company's current sources of liquidity do not satisfy its needs, the Company would be required to seek additional financing. The availability of such financing will depend on a variety of factors, such as market conditions, the general availability of credit to the financial services industry, new regulatory restrictions and requirements, and the Company's credit ratings. See risk below "Regulatory or supervisory requirements, future growth, operating results, or strategic plans may prompt the Company to raise additional capital, but that capital may not be available at all or on favorable terms and, if raised, may be dilutive." There can be no assurance that the Company will be able to obtain financing at desirable terms or at all. In such an event, the Company may also be required to sell assets at a loss in order to continue its operations. This could damage the performance and value of its business, prompt regulatory intervention, and harm its reputation, and if the condition were to persist for any appreciable period of time, its viability as a going concern could be threatened. See "Quantitative and Qualitative Disclosures About Market Risk—Liquidity Risk" in Part II, Item 7A of this report for a discussion of how the Company monitors and manages liquidity risk.

**The Company's investment-management and asset-servicing businesses could be negatively impacted by declines in assets under management or administration or by shifts in the mix of assets under management or administration.** The revenues of the Company's investment-management businesses are highly dependent on advisory fee income. These businesses generally earn higher fees on equity-based or alternative investments and strategies and lower fees on fixed income investments and strategies. Advisory-fee income may be negatively impacted by an absolute decline in assets under management or by a shift in the mix of assets under management from equities or alternatives to fixed income. Such a decline or shift could be caused or influenced by any number of factors, such as underperformance in absolute or relative terms, loss of key advisers or other talent, changes in investing preferences or trends, market downturns or volatility, drops in investor confidence, reputational damage, increased competition, or general economic conditions. Any of these factors also could affect clients of UMBFS, and if this were to cause a decline in assets under administration at UMBFS or an adverse shift in the mix of those assets, the performance of UMBFS could suffer.

**To the extent that the Company continues to maintain a sizeable portfolio of investment securities, its income may be adversely affected and its reported equity more volatile, and the portfolio values may be adversely impacted by deterioration in the credit quality of underlying collateral within the various categories of investment securities it owns.** As of December 31, 2025, the Company's securities portfolio totaled approximately $20.1 billion, which represented approximately 27.5% of its total assets. Regulatory restrictions and the Company's investment policies generally result in the acquisition of securities with lower yields than loans. For the year-ended December 31, 2025, the weighted average yield of the Company's securities portfolio was 3.68% as compared to 6.70% for its loan portfolio. Accordingly, to the extent that the Company is unable to effectively deploy its funds to originate or acquire loans or other assets with higher yields than those of its investment securities, the Company's income may be negatively impacted. Additionally, approximately $13.7 billion, or 68.1%, of the Company's investment securities are classified as available for sale and reported at fair value. Unrealized gains or losses on these securities are excluded from earnings and reported in other comprehensive income, which in turn affects the Company's reported equity. As a result, to the extent that the Company continues to maintain a significant portfolio of available-for-sale securities, its reported equity may experience greater volatility.

The Company generally invests in liquid, investment-grade securities; however, these securities are subject to changes in market value due to changing interest rates and implied credit spreads. While the Company maintains prudent risk management practices over bonds issued by municipalities and other issuers, credit deterioration in these bonds could occur and result in losses. Under accounting rules, when an available for sale debt security is in an unrealized loss position, the entire loss in fair value is required to be recognized in current earnings if the Company intends to sell the security or believes it is more likely than not that the Company will be required to sell the security before the value recovers. Additionally, the current expected credit losses (CECL) model utilized by the Company requires that lifetime expected credit losses on securities be recorded in current earnings. This could result in significant losses.

**The Company may experience increases or fluctuations in delinquencies and credit losses, or the Company may incorrectly estimate expected losses, which could result in inadequate reserves.** Like other lenders, the Company faces the risk that its customers will not repay their loans. A customer's ability and willingness to repay can be adversely affected by decreases in the income of the borrower or increases in their payment obligations to other lenders, whether as a result of a job loss, higher debt levels or rising cost of servicing debt, inflation outpacing wage growth, or by restricted availability of credit generally. The Company may fail to

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quickly identify and reduce its exposure to customers that are likely to default on their payment obligations, whether by closing credit lines or restricting authorizations. The Company's ability to manage credit risk also is affected by legal or regulatory changes (such as restrictions on collections, bankruptcy laws, minimum payment regulations and re-age guidance), competitors' actions and consumer behavior, and depends on the effectiveness of its collections staff, techniques and models.

Rising credit losses or leading indicators of rising credit losses (such as higher delinquencies, higher rates of nonperforming loans, higher bankruptcy rates, lower collateral values, elevated unemployment rates or changing market terms) may require the Company to increase its allowance for credit losses, which would decrease its profitability if it is unable to raise revenue or reduce costs to compensate for higher credit losses, whether actual or expected. In particular, the Company faces the following risks in this area:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Missed payments: Customers may fail to make required payments on time and may default or become delinquent. Loan charge-offs (including from bankruptcies) are generally preceded by missed payments or other indications of worsening financial conditions for the Company's customers. Historically, customers are more likely to miss payments during an economic downturn, recession, periods of high unemployment, or prolonged periods of slow economic growth. Customers might also be more likely to miss payments if the payment burdens on their existing debt grow due to rising interest rates, or if inflation outpaces wage growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Incorrect estimates of expected credit losses: The credit quality of the Company's loan portfolios can have a significant impact on its earnings. The Company allows for and reserves against credit risks based on an assessment of expected credit losses in its loan portfolios. This process, which is critical to the Company's financial condition and results of operations, requires complex judgments, including forecasts of economic conditions. The Company may underestimate its expected credit losses and fail to hold an allowance for credit losses sufficient to account for these credit losses. Incorrect assumptions could lead to material underestimations of expected credit losses and an inadequate allowance for credit losses. See risk below "The Company's selection of accounting methods, assumptions, and estimates could impact its financial statements and reported earnings."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Inaccurate underwriting: The Company's ability to accurately assess the creditworthiness of its customers may diminish, which could result in an increase in credit losses and a deterioration of returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Insufficient asset values: The collateral the Company has on secured loans could be insufficient to compensate it for credit losses. When customers default on their secured loans, the Company attempts to recover collateral where permissible and appropriate. However, the value of the collateral may not be sufficient to compensate the Company for the amount of the unpaid loan, and the Company may be unsuccessful in recovering the remaining balance from our customers. Decreases in real estate and other asset values adversely affect the collateral value for the Company's commercial lending activities. Borrowers may be less likely to continue making payments on loans if the value of the property used as collateral for the loan is less than what the borrower owes, even if the borrower is still financially able to make the payments. In that circumstance, the recovery of such property could be insufficient to compensate the Company for the value of these loans upon a default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Geographic and industry concentration: The regional economic conditions in any particular region may affect the demand for the Company's products and services as well as the ability of its customers to repay their commercial real estate loans and the value of the collateral securing these loans. An economic downturn or prolonged period of slow economic growth in, or a catastrophic event or natural disaster that disproportionately affects a particular region in which the Company is more heavily concentrated could have a material adverse effect on the performance of the Company's commercial real estate loan portfolio and its results of operations.

**Cybersecurity incidents and other security breaches of the Company's information technology systems, or the information technology systems of the Company's third-party service providers or their third-party service providers, the Company's counterparties, or in the business community may negatively impact the Company's business or performance.** In the ordinary course of its business, the Company collects, stores, and transmits sensitive, confidential, or proprietary data and other information, including intellectual property, business information, funds-transfer instructions, and the personally identifiable information of its customers and employees. The secure processing, storage, maintenance, and transmission of this information is critical to the Company's operations and reputation, and if any of this information were mishandled, misused, improperly accessed, lost, breached, held hostage or stolen, or if the Company's operations were disrupted, the Company could suffer

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significant financial, business, reputational, regulatory, or other damage. Failures or errors in, or breach of the Company's systems or networks, or those of its third-party service providers or their third-party service providers (collectively, third party service providers), or the Company's counterparties, may expose the Company to litigation, disclosure requirements, remediation costs, increased costs for security measures, loss of revenue, regulatory scrutiny, governmental investigation and/or other actions, and other potential liability. For example, despite security measures, the Company's or its third-party service providers' information technology and infrastructure may be breached or rendered inaccessible due to a variety of factors, including from infrastructure changes or failures, introductions of new functionality, human or software errors, service failures, operational and technological outages, capacity constraints, loss or theft of assets, natural disasters, terrorist attacks, power outages, data breaches, cyber-attacks, denial of service attacks, hacking, ransomware and other computer viruses or malware, or acts of misconduct through pretext calls, electronic phishing or other means, and, as a result, an unauthorized party may obtain access to the Company's or its customers' confidential, proprietary, personal, or sensitive data. These risks and uncertainties are rapidly evolving and increasing in complexity, and the Company's failure to effectively mitigate them could negatively impact its business and operations.

Because the techniques used to obtain unauthorized access, disable or degrade service, or sabotage systems change frequently or may be designed to remain dormant until a predetermined event, and often are not recognized until launched against a target, the Company or its third-party service providers may be unable to anticipate or detect these techniques or implement adequate preventative or remedial measures. Though it is difficult to determine what harm may directly result from any specific interruption or data breach, any failure to maintain performance, reliability, security, and availability of the Company's network infrastructure and the information processed thereby may harm the Company's brand, its ability to retain existing customers and attract new customers, and its ability to operate.

Risks and exposures related to cybersecurity attacks, particularly for financial institutions, are expected to remain high for the foreseeable future due to the rapidly evolving nature and sophistication of these threats and the expanding use of technology-based products and services by the Company, its third-party service providers, and its customers. The Company can provide no assurances that the safeguards it or its third-party service providers have in place or may implement in the future will prevent all unauthorized infiltrations or breaches and that the Company will not suffer losses related to a security breach in the future, which losses may be material.

As noted above, third-party service providers also present a source of risk to the Company if their own security measures or other systems or infrastructure were to be breached or subject to another cybersecurity incident, rendered inaccessible or interrupted, experience an outage, downtime or degradation in service, or otherwise fail or experience adverse conditions (including conditions which interfere with the Company's access to and use of such third-party services). The Company's ability to monitor its third-party service providers' cybersecurity practices is inherently limited. Although the agreements that the Company has in place with its third-party service providers generally include requirements relating to privacy, data protection and data security where and as appropriate, the Company cannot guarantee that such agreements will prevent a cyber incident impacting the Company's systems or information or enable it to obtain adequate or any reimbursement from its third-party service providers in the event the Company should suffer any such incidents. In addition, due to applicable laws and regulations or contractual obligations, the Company may be held responsible for cyber incidents attributed to its third-party service providers as they relate to the information shared with them.

Likewise, a cyber-attack, hacking incident, or other security breach affecting the business community, the markets, or parts of them may cycle or cascade through the financial system and adversely affect the Company or its service providers or counterparties. Many of these risks and uncertainties are beyond the Company's control. Any failure, attempted or successful data breach or other cybersecurity incident or significant disruption in the Company's information technology infrastructure, or those of the Company's third-party service providers, could lead to transaction delays, compromised cybersecurity or data, inability to access critical services, and a failure to comply with applicable laws, regulations and standards governing financial transactions, data privacy, and cybersecurity. The consequences of such disruptions could be severe, resulting in financial losses, identity theft, loss of consumer trust, regulatory fines, monetary damages or other penalties or fines as well as a tarnished reputation among customers, partners and other third parties, any of which could adversely affect the Company's business, results of operations, financial condition and future prospects. Although the Company believes it has appropriate measures in place to help manage the risk, there can be no guarantee that its efforts will be effective in preventing a material loss event.

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Even when an attempted cyber-attack, hacking incident or other security breach is successfully avoided or thwarted, the Company may need to expend substantial resources to avoid such breach, may be required to take actions that could adversely affect customer satisfaction or behavior, and may be exposed to reputational damage. Despite the Company's efforts to safeguard the integrity of systems and controls and to manage third-party risk, the Company may not be able to anticipate or implement effective measures to prevent all security breaches or all risks to the sensitive, confidential, or proprietary information that it or its service providers or counterparties collect, store, or transmit. In some cases, the Company may not be able to identify the cause or causes of these performance problems immediately or in short order, and may face difficulties detecting, mitigating, remediating, and otherwise responding to any such issues.

**The trading volume in the Company's common stock at times may be low, which could adversely affect liquidity and stock price.** Although the Company's common stock is listed for trading on the NASDAQ Global Select Market, the trading volume in the stock may at times be low and, in relative terms, less than that of other financial-services companies. A public trading market that is deep, liquid, and orderly depends on the presence in the marketplace of a large number of willing buyers and sellers and narrow bid-ask spreads. These market features, in turn, depend on a number of factors, such as the individual decisions of investors and general economic and market conditions, over which the Company has no control. During any period of lower trading volume in the Company's common stock, the stock price could be more volatile, and the liquidity of the stock could suffer.

**The Company operates in a highly regulated industry, and its business or performance could be adversely affected by the legal, regulatory and supervisory frameworks applicable to it, changes in those frameworks, and other legal and regulatory risks and uncertainties.** The Company operates in a highly regulated industry and is subject to expansive legal and regulatory frameworks in the United States—at the federal, State, and local levels—and in the foreign jurisdictions where its business segments operate. In addition, the Company is subject to the direct supervision and examination of government authorities charged with overseeing the kinds of financial activities conducted by the Company in its business segments and the taxation of domestic companies. These legal, regulatory, and supervisory frameworks are designed to protect public or private interests, including protecting depositors and other customers of the Bank, the FDIC's DIF and the banking and financial systems as a whole, that differ from the interests of the Company's shareholders or non-deposit creditors. See "Government Monetary and Fiscal Policies" and "Regulation and Supervision" in Part I, Item 1 of this report, which is incorporated by reference herein.

Regulatory scrutiny and the intensity of supervision of all financial-services companies is evolving, fundamental changes have been made to the banking, securities, and other laws that govern financial services, and a host of related business practices have been reexamined and reshaped in the relatively near term. The Company expects to continue devoting increased time and resources to risk management, compliance, and regulatory change management. The legislative, regulatory, and supervisory environment is beyond the Company's control, may change rapidly and unpredictably, and may negatively influence the Company's revenue, costs, earnings, growth, liquidity and capital levels. For example, the Company is unable to predict what, if any, changes to the regulatory environment may be enacted by Congress or the presidential administration and what the impact of any changes will be on the Company. Some of the regulations finalized in the prior administration that are applicable to financial institutions have been modified, rescinded or withdrawn or are subject to reevaluation, creating further uncertainty. It is possible the expected changes in regulation do not occur or are reversed by a subsequent administration, or the regulatory measures that are ultimately enacted deliver significant competitive advantages to financial services that are structured differently or serve different markets than the Company. Risks also exist that government authorities could judge the Company's business or other practices as unsafe, unsound, or otherwise unadvisable and bring formal or informal corrective or enforcement actions against it, including fines or other penalties and directives to change its products or other services. For example, the federal banking agencies regularly conduct examinations of the Company's business. If, as a result of an examination, a banking agency were to determine that the financial condition, capital resources, asset quality, asset concentration, earning prospects, management, liquidity, sensitivity to market risk, consumer compliance, or other aspects of any of the Company's operations has become unsatisfactory, or that the Company or the Company's management is in violation of any law or regulation, it could take a number or different remedial actions as it deems appropriate. These actions include the power to require the Company to cease and desist "unsafe or unsound" practices, to require affirmative actions to correct any conditions resulting from any violation or practice, to issue an administrative order that can be judicially enforced, to direct an increase in the Company's capital, to restrict the Company's growth, to change the asset composition of the Company's portfolio or balance sheet, to assess civil money penalties against the Company's officers or directors, to remove officers and directors and, if it is concluded that such conditions cannot be corrected or there is an imminent risk of loss to depositors, to terminate the Bank's deposit insurance. For practical or other reasons, the Company

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may not be able to effectively defend itself against these actions, and they in turn could give rise to litigation by private plaintiffs. Further, if the laws, rules, and regulations materially adversely affect the Company, including any changes that would negatively impact the tax treatment of the Company, the Company's products and services or the Company's shareholders, the Company may be adversely impacted. All of these and other regulatory risks and uncertainties could adversely affect the Company's reputation, business, results of operations, financial condition, or prospects.

**Regulatory or supervisory requirements, future growth, operating results, or strategic plans may prompt the Company to raise additional capital, but that capital may not be available at all or on favorable terms and, if raised, may be dilutive.** The Company is subject to safety-and-soundness and capital-adequacy standards under applicable law, which are subject to change, and to the direct supervision of government authorities. See "Regulation and Supervision" in Part I, Item 1 of this report. If the Company is not satisfying or is at risk of not satisfying these standards or applicable supervisory requirements—whether due to inadequate operating results that erode capital, future growth that outpaces the accumulation of capital through earnings, or otherwise—the Company may be required to raise capital, restrict dividends, or limit originations of certain types of commercial and mortgage loans. If the Company is required to limit originations of certain types of commercial and mortgage loans, it would thereby reduce the amount of credit available to borrowers and limit opportunities to earn interest income from the loan portfolio. The Company also may be compelled to raise capital if regulatory or supervisory requirements change. In addition, the Company may elect to raise capital for strategic reasons even when it is not required to do so.

The Company's ability to raise capital on favorable terms or at all will depend on general economic and market conditions, which are outside of its control, and on the Company's operating and financial performance. Accordingly, the Company cannot be assured of its ability to raise capital when needed or on favorable terms. An inability to raise capital when needed or on favorable terms could damage the performance and value of its business, prompt regulatory intervention, and harm its reputation, and if the condition were to persist for any appreciable period of time, its viability as a going concern could be threatened. If the Company is able to raise capital and does so by issuing common stock or convertible securities, the ownership interest of its existing stockholders could be diluted, and the market price of its common stock could decline.

**The Company is subject to complex and evolving laws, regulations, rules, standards and contractual obligations related to privacy, data protection/use and data security, which may increase the Company's costs of doing business and liability exposure.** The Company is subject to a variety of complex and continuously evolving and developing laws, regulations, rules, standards and contractual obligations regarding privacy, data protection/use and data security, including those related to the collection, storage, handling, use, disclosure, transfer, security, integration with artificial intelligence and other processing of personal information. Compliance with such laws, regulations, rules, standards and contractual obligations may require the Company to incur significant compliance costs and/or require the Company to change its policies, procedures or operations, and failure to comply with such laws, regulations, rules, standards or contractual obligations could expose the Company to liability, including enforcement actions, fines, penalties and sanctions for non-compliance, governmental investigations and/or reputational damage, and of which could have a material adverse effect on the Company's business, financial condition and results of operations.

At the federal level, the Company is subject to the GLBA, which requires financial institutions to, among other things, periodically disclose their privacy policies and practices relating to sharing personal information and, in some cases, enables retail customers to opt out of the sharing of certain non-public personal information with unaffiliated third parties, among other laws and regulations. The Company is also subject to the rules and regulations promulgated under the authority of the Federal Trade Commission, which regulates unfair or deceptive acts or practices, including with respect to privacy and cybersecurity. Federal banking agencies also regularly issue guidance regarding cybersecurity intended to enhance cyber risk management standards among financial institutions. Moreover, the U.S. Congress is currently considering various proposals for more comprehensive privacy, data protection and data security legislation, to which the Company may be subject if passed.

State regulators have also been increasingly active in implementing privacy and cybersecurity laws, regulations, rules and standards. Several states, including states where the Company currently conducts, or may in the future conduct, business, such as California, Nebraska, Virginia and Colorado, have implemented, or are considering implementing, comprehensive data privacy and cybersecurity laws and regulations, including regulations requiring certain financial institutions to implement cybersecurity programs. For example, laws in all 50 U.S. states generally require businesses to provide notice under certain circumstances to individuals whose personal

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information has been disclosed as a result of a data breach. Certain state laws and regulations may be more stringent, broader in scope or offer greater individual rights with respect to personal information than federal or other state laws and regulations, and such laws and regulations may differ from each other, which may complicate compliance efforts and increase compliance costs. This trend of state-level activity is expected to persist and the Company is continually monitoring developments in the states in which the Company's customers are located.

Further, the Company makes public statements about its use, collection, disclosure and other processing of personal information through its privacy policies, information provided on its website and press statements. Although the Company endeavors to comply with its public statements and documentation, and to ensure that such public statements and documentation are accurate, comprehensive and compliant with applicable laws, it may at times fail to do so or be alleged to have failed to do so. The publication of the Company's privacy policies and other statements that provide promises and assurances about privacy, data protection and data security can subject the Company to potential government or legal action if they are found to be deceptive, unfair or misrepresentative of its actual practices. Additional risks could arise in connection with any failure or perceived failure by the Company, its service providers or other third parties with which the Company does business to provide adequate disclosure or transparency to individuals, including customers, about the personal information collected from them and its use, to receive, document or honor the privacy preferences expressed by individuals, to protect personal information from unauthorized disclosure, or to maintain proper training on privacy practices for all employees or third parties who have access to personal information in the Company's possession or control.

**The market price of the Company's common stock could be adversely impacted by banking, antitrust, or corporate laws that have or are perceived as having an anti-takeover effect.** Banking and antitrust laws, including associated regulatory-approval requirements, impose significant restrictions on the acquisition of direct or indirect control over any bank holding company, including the Company. Acquisition of ten percent or more of any class of voting stock of a bank holding company or depository institution, including shares of its common stock, generally creates a rebuttable presumption that the acquirer "controls" the bank holding company or depository institution and requires the acquirer to obtain the non-objection from the FRB under the CIBCA. Also, a bank holding company must obtain the prior approval of the FRB under the BHCA before, among other things, acquiring direct or indirect ownership or control of more than 5 percent of any class of voting stock of any bank, including the Bank.

In addition, a non-negotiated acquisition of control over the Company may be inhibited by provisions of the Company's restated articles of incorporation and bylaws that have been adopted in conformance with applicable corporate law, such as the ability to issue shares of preferred stock and to determine the rights, terms, conditions and privileges of such preferred stock without stockholder approval. If any of these restrictions were to operate or be perceived as operating to hinder or deter a potential acquirer for the Company, the market price of the Company's common stock could suffer.

 **The Company's inability to adequately protect and maintain its intellectual property may increase the Company's legal exposure and adversely impact its performance.** The Company relies on a variety of measures to protect and enhance its intellectual property portfolio, including trademarks, trade secrets and restrictions on disclosure, and undertakes other measures to control access to and distribution of its proprietary and confidentiality information. However, such measures may not prevent misappropriation of the Company's proprietary or confidential information or infringement, misappropriation or other violations of its intellectual property rights. Additionally, the Company's competitors or other third parties may allege that the Company's systems, processes or technologies (or that the Company's use of its third-party service providers' systems, processes or technologies) infringe upon, misappropriate or otherwise violation their intellectual property rights. If the Company's intellectual property rights are infringed or misappropriated, or if the Company's competitors or other third parties prevail in any intellectual property-related litigation against the Company, the Company could suffer a competitive disadvantage, be prevented from using technology important to its business for which there may be no appropriate alternative technology available at a commercially reasonable price or at all, lose significant revenues, include significant license, royalty, technology development or other expenses, or pay significant damages, all of which could have a material adverse effect on the Company's business, financial condition and results of operations.

**The Company's business relies on systems, employees, service providers, and other third parties, and failures or errors by any of them or other operational risks associated with the Company's reliance on third parties could adversely affect the Company.** The Company relies on hosted and on-premises systems, employees, service providers, and other third parties to properly oversee, administer, and process a high volume of transactions and otherwise support the Company's day-to-day operations. This gives rise to meaningful operational

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risk—including the risk of fraud by employees or outside parties, unauthorized access to the Company's premises or systems, errors in processing, use of or integration with artificial intelligence, failures of technology, breaches of internal controls or compliance safeguards, malware and other security or hacking incidents, inadequate integration of acquisitions, human or software errors, design or performance issues, capacity constraints or unexpected transaction volumes, unavailability of systems and services, including due to electrical or telecommunications outages, bad weather, acts of terrorism or the like, and other breakdowns in business continuity plans or acts of misconduct.

The Company relies on the business infrastructure and technology systems of third parties (and their supply chains) with which it does business and/or to whom it outsources the operation, maintenance and development of its key information technology and communications systems as well as other key components of its business operations. If the Company or its service providers fail to architect, administer or oversee such infrastructure or systems in a well-managed, secure and effective manner, or if such infrastructure or systems become unavailable, are disrupted, fail to scale, do not operate as designed or expected, or do not meet their service level agreements for any reason, the Company may experience unplanned service disruption or unforeseen costs which could result in material harm to the Company's business and operations. The Company must successfully develop and maintain information, financial reporting, disclosure, privacy, data protection, data security, artificial intelligence, and other controls adapted to the Company's reliance on outside platforms and providers. The Company faces a risk that its third-party service providers might be unable or unwilling to continue to provide these or other services to meet its current or future needs in an efficient, cost-effective, or favorable manner or may terminate or seek to terminate their contractual relationships with the Company. In addition, service providers or solutions utilizing artificial intelligence are subject to uncertain and evolving laws and regulations, unique data, confidentiality and privacy risks, and the potential for unexpected operational results that are not insignificant. Despite reasonable efforts, the Company's risk management framework may not be sufficiently effective in managing the risk of artificial intelligence usage, which could result in significant operational, financial, legal and reputational risk for the Company. In addition, service providers utilizing third-party technology or other intellectual property in connection with their provision of services may face allegations of misappropriation, misuse, infringement or other intellectual property rights violations, which could result in the Company losing access to such technology or services. Any transition to alternative third-party service providers or internal solutions may be difficult to implement, may cause the Company to incur significant time and expense and may disrupt or degrade the Company's ability to deliver its products and services. Thus, the infrastructure and systems that are outsourced to third-party service providers may increase the Company's risk exposure.

**The soundness, and other real or perceived risks, of other financial institutions could adversely affect the Company**. Adverse developments affecting the overall strength and soundness of other financial institutions, the financial services industry as a whole and the general economic climate and the U.S. Treasury market could have a negative impact on perceptions about the strength and soundness of the Company's business even if the Company is not subject to the same adverse developments. In addition, adverse developments with respect to third parties with whom the Company has important relationships could also negatively impact perceptions about the Company. These perceptions about the Company could cause its business to be negatively affected and exacerbate the other risks that the Company faces.

The Company may be impacted by actual or perceived soundness of other financial institutions, including as a result of the financial or operational failure of a major financial institution, or concerns about the creditworthiness of such a financial institution or its ability to fulfill its obligations, which can cause substantial and cascading disruption within the financial markets and increased expenses, including FDIC insurance premiums, and could affect the Company's ability to attract and retain depositors and to borrow or raise capital. For example, during 2023 the FDIC took control and was appointed receiver of Silicon Valley Bank, Signature Bank, and First Republic Bank. In addition, there has been, and there may continue to be in the future, negative market impacts on many financial institutions in the industry for the perceived risks associated with extensions of credit to non-depository financial institutions, regardless of the actual risk for any particular financial institution. The failure or risks of other banks and financial institutions, and the measures taken by governments, businesses, and other organizations in response to those events, could adversely impact the Company's business, financial condition and results of operations.

The Company's ability to engage in routine funding transactions could be adversely affected by the actions and commercial soundness of other financial institutions. Financial services institutions are interrelated because of trading, clearing, counterparty and other relationships. The Company routinely executes transactions with counterparties in the financial services industry, including brokers and dealers, the FHLB, commercial banks, investment banks, payment processors, and other institutional clients, which may result in payment obligations to

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the Company or to its clients due to products it has arranged. As a result, defaults by, or even rumors or questions about, one or more financial services institutions, or the financial services industry generally, have led to market-wide liquidity problems and losses of depositor, creditor, and counterparty confidence and could lead to losses or defaults by the Company or by other institutions. Many of these transactions expose the Company to credit and market risk that may cause its counterparty or client to default. In addition, the Company is exposed to market risk when the collateral it holds cannot be realized or is liquidated at prices not sufficient to recover the full amount of the secured obligation. Any losses arising from such occurrences could materially and adversely affect the Company's business, results of operations or financial condition.

**The Company is heavily reliant on technology, and a failure or delay in effectively implementing technology initiatives or anticipating future technology needs or demands could adversely affect the Company's business or performance.** Like most financial-services companies, the Company significantly depends on technology to deliver its products and other services and to otherwise conduct business. The financial services industry is undergoing rapid technological change with frequent introductions of new technology-driven products and services. To remain technologically competitive and operationally efficient, the Company invests in system upgrades, new solutions, and other technology initiatives, including for both internally and externally hosted solutions. Many of these initiatives are of significant duration, are tied to critical systems, and require substantial internal and external resources. Furthermore, to the extent these initiatives may implicate new technologies or solutions such as those related to artificial intelligence or automation, additional risk may be present. Although the Company takes steps to mitigate the risks and uncertainties associated with these initiatives, there is no guarantee that they will be implemented on time, within budget, or without negative operational or customer impact. The Company also may not succeed in anticipating its future technology needs, the technology demands of its customers, or the competitive landscape for technology. In addition, the Company relies upon the expertise and support of service providers to help implement, maintain and/or service certain of its core technology solutions. If the Company cannot effectively manage these service providers, the service parties fail to materially perform, or the Company was to falter in any of the other noted areas, its business or performance could be negatively impacted.

**Negative publicity outside of the Company's control, or its failure to successfully manage issues arising from its conduct or in connection with the financial-services industry generally, could damage the Company's reputation and adversely affect its business or performance.** The performance and value of the Company's business could be negatively impacted by any reputational harm that it may suffer. This harm could arise from negative publicity outside of its control or its failure to adequately address issues arising from its own conduct or in connection with the financial-services industry generally. Financial services companies are highly vulnerable to reputational damage when they are found to have harmed customers, particularly retail customers, through conduct that is seen as illegal, unfair, deceptive, abusive, manipulative, or otherwise wrongful. Risks to the Company's reputation could arise in any number of contexts—for example, cyber incidents and other security breaches, mergers and acquisitions, lending or investment-management practices, actual or potential conflicts of interest, failures to prevent money laundering, corporate governance, and unethical behavior and practices committed by Company employees or competitors in the financial services industry.

In addition, the speed with which information spreads through news, social media and other sources, including on the internet, means that negative information about the Company can rapidly have a broadly adverse impact on its reputation. This is true whether or not the information is accurate. Once information has gone viral, it can be difficult to counter it effectively, either by correcting inaccuracies or communicating remedial steps taken for actual issues. The potential impact of negative information going viral and the ease with which customers transact means that material reputational harm can result from a single discrete or isolated incident.

**The Company faces intense competition from other financial-services and financial-services technology companies, and competitive pressures could adversely affect the Company's business or performance.** The Company faces intense competition in each of its business segments and in all of its markets and geographic regions, and the Company expects competitive pressures to intensify in the future—especially in light of recent legislative and regulatory initiatives, technological innovations that alter the barriers to entry, current economic and market conditions, and government monetary and fiscal policies. Competition with financial-services technology companies, including those related to digital currencies or cryptocurrencies (including stablecoins), or technology companies partnering with financial-services companies, may be particularly intense, due to, among other things, differing regulatory environments. For example, the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 (GENIUS Act) provides a legal framework for stablecoins to be issued in the United States, which may lead to new and increased competition for funds that may have otherwise been, or currently are, deposits with banks, such as the Bank. See "Competition" in Part I, Item 1 of this report.

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Competitive pressures may drive the Company to take actions that the Company might otherwise eschew, such as lowering the interest rates or fees on loans or raising the interest rates on deposits in order to keep or attract high-quality customers. These pressures also may accelerate actions that the Company might otherwise elect to defer, such as substantial investments in technology or infrastructure. The Company has certain businesses that utilize wholesale models which can lead to customer concentrations for those businesses that, if negatively impacted by new entrants, competitive pressures, or consolidations, could affect the Company's fee income. Whatever the reason, actions that the Company takes in response to competition may adversely affect its results of operations and financial condition. These consequences could be exacerbated if the Company is not successful in introducing new products and other services, achieving market acceptance of its products and other services, developing and maintaining a strong customer base, or prudently managing expenses. See risk below "The financial services industry is rapidly evolving and the Company may not be successful in introducing new products or services on a large scale in response to these changes."

**The financial services industry is rapidly evolving and the Company may not be successful in introducing new products or services on a large scale in response to these changes.** Technological changes continue to significantly impact the financial services industry. For example, the Company may be unsuccessful in deploying new technologies to strengthen its credit underwriting capabilities, enhance the effectiveness of its marketing efforts, enhance customer service, drive efficiencies in back-office functions or reduce fraud. The competitive mobile, e-wallet and tokenization spaces are expected to continue to bring risks and opportunities to digital banking business.

The process of developing new products and services or enhancing the Company's existing products and services is complex, costly and uncertain. Difficulties or delays in the development, production, testing and marketing of new products or services may be caused by a number of factors including, among other things, operational, capital and regulatory constraints. The occurrence of such difficulties may affect the success of the Company's products or services. Developing unsuccessful products and services could result in financial losses as well as decreased capital availability. In addition, the new products and services offered may not be adopted by consumers or financial institution customers. Also, the success of a new product or service may depend upon the Company's ability to deliver it on a large scale, which may require a significant capital investment that it may not be in a position to make. If the Company is unable to successfully introduce and support new income-generating products and services while also managing expenses, it may impact its ability to compete effectively and materially adversely affect the Company's business, financial condition and results of operations.

**The Company may not be able to realize the full anticipated benefits of the acquisition of HTLF.** Following consummation of the acquisition of HTLF, the Company developed and implemented strategies to fully integrate with HTLF. The Company completed the conversion of systems and procedures during the fourth quarter of 2025. The ability to fully realize the remaining anticipated benefits of the acquisition is subject to the Company's ability to support its consolidated operations, foster a cohesive corporate culture and further eliminate redundancies and costs. In doing so, the Company may encounter difficulties that could adversely affect the ability to maintain relationships with existing clients, customers, depositors and employees, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the loss of key employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•customer dissatisfaction with the new, combined operations and business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•incompatibilities in corporate culture following conversion and combined operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inability to maintain and increase competitive presence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•loan and deposit attrition, customer loss and revenue loss;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•unexpected issues with operations, personnel, third-party service providers, and credit; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inconsistent application of standards, controls, procedures and policies.

Disruption to the businesses resulting from the Company's continued efforts could cause customers, including depositors, to move their business to a competing financial institution.

Further, the Company acquired HTLF with the expectation that the acquisition will result in various benefits including, among other things, benefits relating to enhanced revenues, a strengthened market position for the combined company, cross selling opportunities, technological efficiencies, cost savings and operating efficiencies. Achieving the anticipated benefits of the acquisition of HTLF remains subject to a number of uncertainties,

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including general competitive factors in the marketplace. Failure to achieve these anticipated benefits on the anticipated timeframe, or at all, could result in a reduction in the price of the Company's common stock as well as in increased costs, decreases in the amount of expected revenues and diversion of management's time and energy and could materially and adversely affect the Company's business, financial condition and operating results. Finally, any cost savings that are realized may be offset by losses in revenues or other charges to earnings.

**The Company has incurred significant transaction and acquisition-related costs in connection with the acquisition of HTLF.** The Company has incurred significant non-recurring costs associated with combining the operations of HTLF with its operations. These costs include legal, financial advisory, accounting, consulting and other advisory fees, severance/employment-related costs, public company filing fees and other regulatory fees, printing costs and other related costs. Although the Company expects that the elimination of duplicative costs, as well as the realization of other efficiencies related to the integration of the businesses, may offset incremental transaction and acquisition-related costs over time, this net benefit may not be achieved in the near term, or at all.

**The market price for the Company's common stock following the acquisition of HTLF may be affected by factors different from those that historically have affected the Company's common stock.** Following the acquisition and conversion of HTLF, the Company is now subject to risks related to HTLF's historical business and has taken on its loans, investments and other obligations. This increased the Company's credit risk and, if such obligations are not repaid or losses are incurred on such obligations, there could be material and adverse effects on the Company's business. Additionally, where the Company's historical business and HTLF's historical business overlap, any risks the Company faces may be increased due to the acquisition of HTLF. For example, HTLF's loan portfolio has a large concentration of commercial real estate loans, which the Company has added to its existing portfolio. This may exacerbate the risks the Company already undertakes with its own historical portfolio comprised meaningfully of commercial real estate loans and may result in new ones. Additionally, the value of real estate can fluctuate significantly in a short period of time as a result of market conditions in any of the geographic bank markets in which such real estate is located, as well as because funds are advanced based on estimates of costs and the estimated value of the completed project and therefore have a greater risk of default in a weaker economy. Construction projects require prudent underwriting including determination of a borrower's ability to complete the project, while staying within budget and on time in accordance with construction plans. Economic events, supply chain issues, labor market disruptions, and other factors outside the Company's control, or that of the borrowers, could negatively impact the future cash flow and market values of affected properties.

**The future results of the Company following the acquisition of HTLF may suffer if the Company does not effectively manage its expanded operations.** As a result of the acquisition of HTLF, the size of the business of the Company increased significantly. The Company's future success depends, in part, upon its success in continuing to manage the expanded business, which may pose challenges for management, including challenges related to the management and monitoring of new operations and associated increased costs and complexity. The Company may also face additional or different regulatory requirements and scrutiny from governmental authorities as a result of the expanded business operations. The Company's failure to meet such expectations may expose it to regulatory enforcement actions and civil penalties which could have an adverse material impact on the Company's business, financial condition, operations and reputation and could jeopardize the Company's ability to pursue acquisition opportunities.

There can be no assurances that the Company will be successful following the acquisition of HTLF or that it will realize the expected operating efficiencies, cost savings or other benefits currently anticipated from the acquisition of HTLF.

**The Company's internal controls, risk-management and compliance programs or functions may not be effective in identifying and mitigating risk and loss.** The Company maintains standards on internal controls (including over financial reporting), and related disclosures which are regularly reviewed by management, as well as an enterprise risk-management program that is designed to identify, quantify, monitor, report, and control the risks that it faces. These include interest-rate risk, credit risk, liquidity risk, market risk, operational risk, reputational risk, and compliance risk. The Company also maintains a compliance program to identify, measure, assess, and report on its adherence to applicable law, policies, and procedures. While the Company assesses and strives to improve these controls and programs on an ongoing basis, there can be no assurance that its frameworks or models for risk management, compliance, and related controls will effectively mitigate risk and limit losses in its business. If conditions or circumstances arise that expose flaws or gaps in the Company's risk-management or compliance programs or if its controls break down, the performance and value of the Company's business could be adversely

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affected. The Company could be negatively impacted as well if, despite programs being in place, its risk-management or compliance personnel are ineffective in executing them and mitigating risk and loss.

Some of the Company's methods of managing risks are based upon use of observed historical market behavior, the use of analytical and/or forecasting models and management's judgment. These methods may not accurately predict future exposures, which could be significantly greater than the historical measures or modes indicate. For example, credit risk is inherent in the financial services business and results from, among other things, extending credit to customers. The Company's ability to assess the creditworthiness of its customers may be impaired if the models and approaches used to select, manage and underwrite consumer and commercial customers become less predictive of future charge-offs due to, for example, rapid changes in the economy.

**If the Company's subsidiaries are unable to make dividend payments or distributions to the Company, it may be unable to satisfy its obligations to counterparties or creditors or make dividend payments to its stockholders.** The Company is a legal entity separate and distinct from its bank and nonbank subsidiaries and depends on dividend payments and distributions from those subsidiaries to fund its obligations to counterparties and creditors and its dividend payments to stockholders. See "Regulation and Supervision—Requirements Affecting the Relationships among the Company, Its Subsidiaries, and Other Affiliates" in Part I, Item 1 of this report. Any of the Company's subsidiaries, however, may be unable to make dividend payments or distributions to the Company, including as a result of a deterioration in the subsidiary's performance, investments in the subsidiary's own future growth, or regulatory or supervisory requirements. If any subsidiary were unable to remain viable as a going concern, moreover, the Company's right to participate in a distribution of assets would be subject to the prior claims of the subsidiary's creditors (including, in the case of the Bank, its depositors and the FDIC).

**An inability to attract, retain, or motivate qualified employees could adversely affect the Company's business or performance.** Skilled employees are the Company's most important resource, and competition for talented people is intense. Even though compensation is among the Company's highest expenses, it may not be able to locate and hire the best people, keep them with the Company, or properly motivate them to perform at a high level. Recent scrutiny of compensation practices, especially in the financial-services industry, has made this only more difficult. In addition, some parts of the Company's business are particularly dependent on key personnel, including investment management, asset servicing, and commercial lending. If the Company were to lose and find itself unable to replace these personnel or other skilled employees, or if the competition for talent drove its compensation costs to unsustainable levels, the Company's business, results of operations, and financial condition could be negatively impacted.

**The Company is subject to a variety of litigation and other proceedings, which could adversely affect its business or performance.** The Company is involved from time to time in a variety of judicial, alternative-dispute, and other proceedings arising out of its business or operations. Additionally, the Company may incur costs in connection with the defense or settlement of any shareholder or stockholder lawsuits resulting from its acquisition of HTLF. The Company establishes reserves for claims when appropriate under generally accepted accounting principles, but costs often can be incurred in connection with a matter before any reserve has been created. The Company also maintains insurance policies to mitigate the cost of litigation and other proceedings, but these policies have deductibles, limits, and exclusions that may diminish their value or efficacy. Despite the Company's efforts to appropriately reserve for claims and insure its business and operations, the actual costs associated with resolving a claim may be substantially higher than amounts reserved or covered. Substantial legal claims, even if not meritorious, could have a detrimental impact on the Company's business, results of operations, and financial condition and could cause reputational harm.

**Changes in accounting standards could impact the Company's financial statements and reported earnings.** Accounting standard-setting bodies, such as the Financial Accounting Standards Board, periodically change the financial accounting and reporting standards that affect the preparation of the Company's Consolidated Financial Statements. These changes are beyond the Company's control and could have a meaningful impact on its Consolidated Financial Statements.

**The Company's selection of accounting methods, assumptions, and estimates could impact its financial statements and reported earnings.** To comply with generally accepted accounting principles, management must sometimes exercise judgment in selecting, determining, and applying accounting methods, assumptions, and estimates. This can arise, for example, in the determination of the allowance for credit losses. Furthermore, accounting methods, assumptions and estimates are part of acquisition purchase accounting and the calculation of the fair value of assets and liabilities that have been purchased, including credit-impaired loans. The judgments

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required of management can involve difficult, subjective, or complex matters with a high degree of uncertainty, and several different judgments could be reasonable under the circumstances and yet result in significantly different results being reported. See "Critical Accounting Policies and Estimates" in Part II, Item 7 of this report. If management's judgments are later determined to have been inaccurate, the Company may experience unexpected losses that could be substantial.

**The Company's ability to engage in opportunistic mergers and acquisitions is subject to significant risks, including the risk that government authorities will not provide the requisite approvals, the risk that integrating acquisitions may be more difficult, costly, or time consuming than expected, and the risk that the value of acquisitions may be less than anticipated.** The Company may make opportunistic acquisitions of other financial-services companies or businesses from time to time. These acquisitions may be subject to regulatory approval, and there can be no assurance that the Company will be able to obtain that approval in a timely manner or at all. Even when the Company is able to obtain regulatory approval, the failure of other closing conditions to be satisfied or waived could delay the completion of an acquisition for a significant period of time or prevent it from occurring altogether. In addition, regulatory authorities may impose conditions on the completion of the acquisition or require changes to its terms that materially affect the terms of the transaction or the Company's ability to capture some of the opportunities presented by the transaction. Any failure or delay in, or imposition of conditions on, closing an acquisition could adversely affect the Company's reputation, business, results of operations, financial condition, or prospects.

Moreover, the standards by which bank and financial institution acquisitions will be evaluated may be subject to change. Additionally, acquisitions involve numerous risks and uncertainties, including lower-than-expected performance or higher-than-expected costs, difficulties related to integration, diversion of management's attention from other business activities, changes in relationships with customers or counterparties, and the potential loss of key employees. An acquisition also could be dilutive to the Company's current stockholders if preferred stock, common stock, or securities convertible into preferred stock or common stock were issued to fully or partially pay or fund the purchase price. The Company, moreover, may not be successful in identifying acquisition candidates, integrating acquired companies or businesses, or realizing the expected value from acquisitions. There is significant competition for valuable acquisition targets, and the Company may not be able to acquire other companies or businesses on attractive terms or at all. Further, the Company's ability to complete future acquisitions may depend on factors outside its control, including changes in the presidential administration or in one or both houses of Congress. There can be no assurance that the Company will pursue future acquisitions, and the Company's ability to grow and successfully compete in its markets and regions may be impaired if it chooses not to pursue, or is unable to successfully complete, acquisitions.

**The Company faces risks in connection with its strategic undertakings and new business initiatives.** The Company is engaged, and may in the future engage, in strategic activities including acquisitions, joint ventures, partnerships, investments or other business growth initiatives or undertakings. There can be no assurance that the Company will successfully identify appropriate opportunities, that it will be able to negotiate or finance such activities or that such activities, if undertaken, will be successful. The Company is focused on its long-term growth and has undertaken various strategic activities and business initiatives, some of which may involve activities that are new to it. For example, in the future the Company may engage in or focus on new lines of business, financial technologies, and other activities that are outside of its current product offerings. These new initiatives may subject the Company to, among other risks, increased business, reputational and operational risk, as well as more complex legal, regulatory and compliance costs and risks. See risk above "The financial services industry is rapidly evolving and the Company may not be successful in introducing new products or services on a large scale in response to these changes." Its ability to execute strategic activities and new business initiatives successfully will depend on a variety of factors. These factors likely will vary based on the nature of the activity but may include the Company's success in integrating an acquired company or a new internally-developed growth initiative into its business, operations, services, products, personnel and systems, operating effectively with any partner with whom it elects to do business, meeting applicable regulatory requirements and obtaining applicable regulatory licenses or other approvals, hiring or retaining key employees, achieving anticipated synergies, meeting management's expectations, actually realizing the anticipated benefits of the activities, and overall general market conditions. The Company's ability to address these matters successfully cannot be assured. In addition, its strategic efforts may divert resources or management's attention from ongoing business operations and may subject the Company to additional regulatory scrutiny and potential liability. If the Company does not successfully execute a strategic undertaking, it could adversely affect its business, financial condition, results of operations, reputation, or growth prospects.

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**Expectations around Environmental, Social and Governance practices, as well as climate change, and related legislative and regulatory initiatives may result in additional risk and operational changes and expenditures that could significantly impact the Company's business.** Companies are facing increased scrutiny from customers, regulators and other stakeholders with respect to their environmental, social and governance (ESG) practices and disclosures. Institutional investors, and investor advocacy groups, in particular, are increasingly focused on these matters, and expectations in many of these areas can vary widely. For example, certain federal and state laws and regulations related to ESG issues may include provisions that conflict with other laws and regulations, which may increase the Company's costs or limit the Company's ability to conduct business in certain jurisdictions. In particular, there is an increasing number of anti-ESG initiatives in the United States that may conflict with other regulatory requirements or the Company's various stakeholders' expectations. Such divergent, sometimes conflicting, views on ESG-related matters increase the risk that any action or lack thereof by the Company on such matters will be perceived negatively by some stakeholders. In addition, increased ESG related compliance costs could result in increases to the Company's overall operational costs. Failure to adapt to or comply with regulatory requirements or investor or stakeholder expectations and standards, and fluctuations in or conflicts among these standards, could negatively impact the Company's reputation, ability to do business with certain partners, and its stock price. New government regulations could also result in new or more stringent forms of ESG oversight and expanding mandatory and voluntary reporting, diligence, and disclosure.

In addition to regulatory and investor expectations on environmental matters in general, the current and anticipated effects of climate change are creating, for some stakeholders, an increasing level of concern for the state of the global environment. In recent years, governments across the world have entered into international agreements to attempt to reduce global temperatures, in part by limiting greenhouse gas emissions. In the United States, certain state legislatures and state regulatory agencies have proposed and advanced numerous legislative and regulatory initiatives seeking to mitigate the effects of climate change, some of which conflict with other state or federal, initiatives or sentiments. In addition to the challenges of managing conflicting expectations of legislatures, agencies, and regulators with respect to climate change, measures designed to mitigate or bring awareness to climate change may result in the imposition of taxes and fees, the required purchase of emission credits, and the implementation of significant operational changes, each of which may require the Company to expend significant capital and incur compliance, operating, maintenance and remediation costs. Given the lack of empirical data on the credit and other financial risks posed by climate change, it is impossible to predict how climate change may impact the Company's financial condition and operations; however, as a banking organization, the physical effects of climate change may present certain unique risks to the Company. For example, weather disasters, shifts in local climates and other disruptions related to climate change may adversely affect the value of real properties securing the Company's loans, which could diminish the value of the Company's loan portfolio. Such events may also cause reductions in regional and local economic activity that may have an adverse effect on the Company's customers, which could limit the Company's ability to raise and invest capital in these areas and communities, each of which could have a material adverse effect on the Company's financial condition and results of operations.

## ITEM 1B. *UNRESOLVE D STAFF COMMENTS* 
There are no unresolved comments from the staff of the SEC required to be disclosed herein as of the date of this report.

## ITEM 1C. *CYB ERSECURITY* 
Information security and privacy are an important part of the Company's culture and foundational to its goal of delivering safe, secure and quality products and services. This philosophy is emphasized throughout the organization by its board of directors, senior leaders, officers, managers and associates to help promote a Company-wide culture of cybersecurity risk management.

Further, the Company operates within the highly regulated financial services industry, which is focused on the security, confidentiality, integrity, availability and privacy of information and information systems. The standards of the SEC, the GLBA, the General Data Protection Regulation (GDPR), and the Federal Financial Institution Examination Council (FFIEC) outline specific requirements regarding cybersecurity and data privacy for publicly traded and financial services companies. The Company has established information security and privacy policies focused on protecting the security, confidentiality, integrity, availability and privacy of information, which policies are designed to be compliant with SEC, GLBA, GDPR, state privacy regulations and FFIEC guidance, as applicable, and incorporate principles from the National Institute of Standards and Technology (NIST) and other industry best-practices where appropriate. The Company's security and privacy practices are also subject to ongoing independent

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oversight by multiple regulatory bodies including the OCC and the FRB, independent audits such as SOC I and SOC II, independent penetration testing of internal and external systems, independent security attestations of compliance with the requirements of the Society of Worldwide Interbank Financial Telecommunications (SWIFT) and the Federal Reserve (FedLine), and independent assessments in connection with the Company's Payment Card Industry Data Security Standard (PCI DSS) obligations, as applicable.

As a financial institution, the Company collects, stores, and transmits sensitive, confidential, and proprietary data and other information, including intellectual property, business information, funds-transfer instructions, payment card data, and the personally identifiable information of its customers and employees (Sensitive Information). Sensitive Information can be of significant value to criminal actors, and, as described in the Company's Risk Factors, cyber incidents and other security breaches involving this information at the Company, at the Company's service providers or counterparties, or in the business community or markets, may negatively impact the Company's business or performance.

The board of directors of the Company has oversight responsibility for the risk management policies of the Company's global operations and the operation of the Company's global risk management framework. The Board Risk Committee, comprised entirely of independent directors, assists the board of directors with this responsibility by, among other things, approving and periodically reviewing the risk management policies of the Company's global operations, including statements of risk appetite, and adapting the Enterprise Risk Management Policy, when and as appropriate, to changes in the Company's structure, risk profile, complexity, activities, or size. The combined Chief Information Security Officer and Chief Privacy Officer (CISO/CPO) supplies the Board, directly or through the Board Risk Committee, with regular reports, on at least a quarterly basis, on the operation of the information security and privacy components of this program, the related evolving risks to the Company's businesses, and the controls and other mitigants utilized to manage those risks. Membership in the Board Risk Committee includes directors experienced at managing risk in various environments, including cybersecurity. Their expertise helps inform the Company's cybersecurity and privacy program.

Management is responsible for the daily assessment and management of cybersecurity risks. This is accomplished through a variety of tools and mechanisms. The Company has strategically integrated cybersecurity and privacy risk management into its broader risk management framework. This integration ensures that cybersecurity and privacy considerations are an integral part of the Company's decision-making processes at multiple levels. The Company has appointed a qualified CISO/CPO, who reports to the Chief Administrative & Risk Officer (CARO) as part of independent risk management, who is responsible for establishing strategy and overseeing implementation of an integrated and proactive information security and privacy program. The CISO/CPO is also responsible for advising and partnering with the board of directors, management team, and lines of business to guide the management of cybersecurity, business continuity and resilience, physical information security, data privacy, third party and information governance risks. The CISO/CPO has more than two decades of global experience within the information security and privacy fields, a relevant bachelor's degree from an accredited institution, and holds the National Association of Corporate Directors Directorship Certification, Certified Information Systems Security Professional (CISSP) and Certified Information Privacy Professional (CIPP/US) designations. The CISO/CPO manages a team of qualified professionals with relevant cybersecurity and privacy experience and expertise. The Company has also established a Technology, Operations, Privacy and Security Committee (TOPS) to oversee the business continuity and resilience, corporate security, fraud, information security, privacy, information technology, and third-party risk management (including emerging technology (e.g., artificial intelligence)) capabilities and risks of the Company and its business. The TOPS is co-chaired by the CISO/CPO and the Chief Information, Product & Bank Operations Officer, and includes the CARO, leadership across the lines of business, and a cross-functional team of risk, technology, privacy and legal experts to ensure an appropriate focus on business continuity and resilience, corporate security, fraud, information security, privacy, information technology, and third-party risk management matters. The TOPS serves as a sub-committee of the Company's Enterprise Risk Committee (ERC), which is a sub-committee of the Board Risk Committee. The ERC is chaired by the CARO, and includes members of executive management and a cross-functional team of leaders experienced in managing risk. The TOPS and ERC receive quarterly briefings from the CISO/CPO on a variety of topics, including material changes in information security or privacy laws, the Company's ongoing information security posture and compliance, and emerging risks. Company management and its committees may also engage with the CISO/CPO to discuss and receive additional reports regarding cybersecurity and privacy risks on a more frequent basis as appropriate.

------

**Key Program Components**

The Company has a vulnerability management program designed to assess and manage risk associated with vulnerabilities in its information systems from multiple perspectives, including: (i) an adversarial cyber risk assessment that aims to identify threats, vulnerabilities and controls and (ii) the scanning of external and internal information systems to identify software vulnerabilities. The vulnerability management program also assesses emerging and potential threats through dedicated threat intelligence capabilities that monitor attacks and breaches associated with financial institutions and key third-party service providers. The CISO/CPO utilizes the data to understand potential exposure to the Company and to take preventative action where appropriate.

The Company has an Incident Response Program (IRP) to support management of cybersecurity or privacy incidents, impact assessment (i.e., type and quantity of data impacted, materiality, etc.), and response coordination including with law enforcement and government agencies, and impacted parties. Notification procedures are aligned with applicable laws, regulatory and contractual requirements, including rules promulgated by the SEC, the GLBA, the GDPR and state privacy regulations. The Company's IRP, led by the CISO/CPO, includes a cross-functional group of risk, technology, privacy and legal experts supplemented by third-party service providers, where necessary, to support the Company's response to potential cybersecurity or privacy incidents. The IRP sets forth the framework to elevate cybersecurity or privacy issues to the CISO/CPO and when and how incidents are escalated and reported beyond the CISO/CPO, including to executive management and the Board Risk Committee. Depending on the incident, escalation to the full board of directors may also occur.

The Company has also implemented a third-party risk program to oversee and manage business continuity and resilience, information security and privacy risks associated with third-party relationships. The program includes the assessment of third parties that provide key services or will access, store, process, or transmit Sensitive Information during initial onboarding and throughout the lifecycle of the relationship, and management of applicable contractual provisions relating to confidentiality, integrity, availability and privacy obligations, including notification of incidents. The Company also leverages third-party services for advice, assessments, auditing, testing and support related to cybersecurity and information technology processes and services, where appropriate, that are also subject to the third-party risk program.

Notwithstanding the breadth of the Company's information security and privacy program, it may not be successful in preventing or mitigating a cybersecurity incident that could have a material adverse impact. For a discussion of whether and how any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations or financial condition, see Item 1A "Risk Factors", which is incorporated by reference into this Item 1C.

## ITEM 2. *PR OPERTIES* 
The Company's headquarters building is located at 1010 Grand Boulevard in downtown Kansas City, Missouri. The building opened in July 1986 and all 250,000 square feet are occupied by departments and customer service functions of the Bank, as well as administrative offices for the Company.

Other main facilities of the Bank in downtown Kansas City, Missouri are located at 928 Grand Boulevard (215,000 square feet) and 1008 Oak Street (200,000 square feet). The 928 Grand building houses administrative support functions for the Bank. The 1008 Oak building, which opened during 1999, houses the Company's operations and data processing functions.

The Bank leases 42,403 square feet in the Hertz Building located at 2 South Broadway in the heart of the commercial sector of downtown St. Louis, Missouri. This location has a full-service banking center and is home to administrative support functions for the Bank.

The Bank also leases 34,681 square feet on the first, second, and fifth floors of the 1670 Broadway building located in the financial district of downtown Denver, Colorado. The location has a full-service banking center and is home to operational and administrative support functions for the Bank.

The Bank leases 86,721 square feet at 700 Locust in Dubuque, Iowa. This location provides retail and commercial banking services and corporate support services.

------

As of December 31, 2025, the Bank operated a total of 193 banking centers.

UMBFS leases 85,164 square feet at 235 West Galena Street in Milwaukee, Wisconsin, for its fund services operations. Additionally, UMBFS leases 18,655 square feet at 2225 Washington Boulevard in Ogden, Utah, and 8,339 square feet at 223 Wilmington West Chester Pike in Chadds Ford, Pennsylvania.

Additional information with respect to properties, premises and equipment is presented in Note 1, "Summary of Significant Accounting Policies," and Note 8, "Premises, Equipment, and Leases," in the Notes to the Consolidated Financial Statements in Item 8 of this report, and is hereby incorporated by reference herein.

## ITEM 3. *LEGAL PROCEEDINGS* 
In the normal course of business, the Company and its subsidiaries are named defendants in various legal proceedings. In the opinion of management, after consultation with legal counsel, none of these proceedings are expected to have a material effect on the financial position, results of operations, or cash flows of the Company.

## ITEM 4. *MINE SAF ETY DISCLOSURES* 
Not applicable.

------

# PART II

## ITEM 5. *MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOC KHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES* 
The Company's common stock is traded on the NASDAQ Global Select Stock Market under the symbol "UMBF." As of February 20, 2026, the Company had 2,785 shareholders of record.

**Purchases of Equity Securities by the Issuer and Affiliated Purchasers**

The following table provides information about common stock repurchase activity by the Company during the quarter ended December 31, 2025:

**ISSUER PURCHASES OF EQUITY SECURITIES**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number of Shares (or Units) Purchased (1)** | **Average Price Paid per Share (or Unit)** | **Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs (2)** | **Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs** |
| October 1 - October 31, 2025 |  | $— |  | 1000000 |
| November 1 - November 30, 2025 | 515 | 106.88 |  | 1000000 |
| December 1 - December 31, 2025 | 211 | 111.08 |  | 1000000 |
| Total | 726 | $108.10 |  |  |

---

(1) Includes shares acquired pursuant to the Company's share-based incentive programs. Under the terms of the Company's share-based incentive programs, the Company accepts previously owned shares of common stock surrendered to satisfy tax withholding obligations associated with equity compensation. These purchases do not count against the maximum value of shares remaining available for purchase under Repurchase Authorizations.

(2) Includes shares acquired under the Board of Directors approved Repurchase Authorization(s).

On April 29, 2025, the Company's Board of Directors (the Board) authorized the repurchase of up to one million shares of the Company's common stock, which will terminate on April 28, 2026 (a Repurchase Authorization). The Company has not made any repurchases other than through the Repurchase Authorization, but did acquire shares pursuant to the Company's share-based incentive programs. The Company is not currently engaging in repurchases. In the future, it may determine to resume repurchases. All share purchases pursuant to a Repurchase Authorization are intended to be within the scope of Rule 10b-18 promulgated under the Exchange Act. Rule 10b-18 provides a safe harbor for purchases in a given day if the Company satisfies the manner, timing and volume conditions of the rule when purchasing its own shares of common stock. For discussion of management's intentions regarding dividends, see "Results of Operations" in Part II, Item 7 and "Liquidity Risk" in Part II, Item 7A of this report.

**Performance Graph**

The performance graph below compares the cumulative total shareholder return on UMB Financial Corporation Common Stock with the cumulative total return on the equity securities of companies included in the Standard & Poor's 500 Stock Index and the S&P US BMI Banks Index, measured at the last trading day of each year shown. The graph assumes an investment of $100 on December 31, 2020 and reinvestment of dividends. The performance graph represents past performance and should not be considered to be an indication of future performance.

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![img253446148_0.jpg](img253446148_0.jpg)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Index** | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
| UMB Financial Corporation | $100.00 | $156.04 | $124.88 | $127.64 | $175.31 | $181.34 |
| S&P US BMI Banks Index | $100.00 | $135.97 | $112.77 | $123.02 | $164.70 | $211.47 |
| S&P 500 Index | $100.00 | $128.71 | $105.40 | $133.10 | $166.40 | $196.16 |

---

**ITEM 6. [RESERVED]**

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## ITEM 7. *MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS* 
**Management's Discussion and Analysis**

This Management's Discussion and Analysis highlights the material changes in the results of operations and changes in financial condition for each of the three years in the period ended December 31, 2025. It should be read in conjunction with the accompanying Consolidated Financial Statements, Notes to Consolidated Financial Statements, and other financial statistics appearing elsewhere in this Annual Report on Form 10-K. Results of operations for the periods included in this review are not necessarily indicative of results to be attained during any future period.

**CAUTIONARY NOTICE ABOUT FORWARD-LOOKING STATEMENTS**

From time to time the Company has made, and in the future will make, 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 the Company's expectations, intentions, or forecasts about future events, circumstances, results, or aspirations, in each case as of the date such forward-looking statements are made.

This report, including any information incorporated by reference in this report, contains forward-looking statements. The Company also may make forward-looking statements in other documents that are filed or furnished with the SEC. In addition, the Company may make forward-looking statements orally or in writing to investors, analysts, members of the media, or others.

All forward-looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond the Company's control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, or results may differ materially from those set forth in any forward-looking statement. While no list of assumptions, risks, or uncertainties could be complete, some of the factors that may cause actual results or other future events, circumstances, or aspirations to differ from those in forward-looking statements include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•local, regional, national, or international business, economic, or political conditions or events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in laws or the regulatory environment, including as a result of financial-services legislation or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in monetary, fiscal, or trade laws or policies, including as a result of actions by central banks or supranational authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the pace and magnitude of interest rate movements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in accounting standards or policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including changes in market liquidity or volatility or changes in interest or currency rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in spending, borrowing, or saving by businesses or households;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's ability to effectively manage capital or liquidity or to effectively attract or deploy deposits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in any credit rating assigned to the Company or its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•adverse publicity or other reputational harm to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the Company's corporate strategies, the composition of its assets, or the way in which it funds those assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's ability to develop, maintain, or market products or services or to absorb unanticipated costs or liabilities associated with those products or services;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's ability to innovate to anticipate the needs of current or future customers, to successfully compete in its chosen business lines, to increase or hold market share in changing competitive environments, or to deal with pricing or other competitive pressures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the credit, liquidity, or other condition of the Company's customers, counterparties, or competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's ability to effectively deal with economic, business, or market slowdowns or disruptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•judicial, regulatory, or administrative investigations, proceedings, disputes, or rulings that create uncertainty for, or are adverse to, the Company or the financial-services industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's ability to address changing or stricter regulatory or other governmental supervision or requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's ability to maintain secure and functional financial, accounting, technology, data processing, or other operating systems or facilities, including its capacity to withstand cyber-attacks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adequacy of the Company's corporate governance, risk-management framework, compliance programs, or internal controls, including its ability to control lapses or deficiencies in financial reporting or to effectively mitigate or manage operational risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the efficacy of the Company's methods or models in assessing business strategies or opportunities or in valuing, measuring, monitoring, or managing positions or risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's ability to keep pace with changes in technology that affect the Company or its customers, counterparties, or competitors, including technology changes with respects to digital assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an increase of competitors that provide products or services offered by the Company, including competitors that may be subject to different regulatory standards or requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•mergers, acquisitions, or dispositions, including the Company's ability to integrate acquisitions and divest assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's ability to manage the expenses associated with the merger with HTLF and the impact these expenses may have on the Company's financial results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the benefits from the merger with HTLF may not be fully realized or may take longer to realize than expected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's ability to promptly and effectively integrate the merger of HTLF;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adequacy of the Company's succession planning for key executives or other personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's ability to grow revenue, control expenses, or attract and retain qualified employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•natural disasters, war, terrorist activities and geopolitical tensions, including instability in the Middle East, Russia's military action in Ukraine and developments in Latin America, pandemics, and their effects on economic and business environment in which the Company operates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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 and reputational harm to the U.S. banking system; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•other assumptions, risks, or uncertainties described in the Risk Factors (Item 1A), Management's Discussion and Analysis of Financial Condition and Results of Operations (Item 7), or the Notes to the Consolidated Financial Statements (Item 8) in this Annual Report on Form 10-K or described in any of the Company's annual, quarterly or current reports.

Any forward-looking statement made by the Company or on its behalf speaks only as of the date that it was made. The Company does 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 as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that the Company may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, or Current Report on Form 8-K.

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***Results of Operations***

**Overview**

On January 31, 2025, UMBF completed its previously announced acquisition of Heartland Financial, USA, Inc. (HTLF). The acquisition added assets with a fair value of approximately $16.1 billion, $9.7 billion of loans, net of the allowance for credit losses, and $14.3 billion of deposits. The combined company retains its #1 deposit market share in Missouri and now ranks in the top 10 in Colorado, New Mexico, Kansas, and Arizona. The impacts of the acquisition are significant drivers in the results for 2025.

The Company focuses on the following four core financial objectives. Management believes these objectives will guide its efforts to achieve its vision, to deliver *the* Unparalleled Customer Experience, all while seeking to improve net income and strengthen the balance sheet while undertaking prudent risk management.

The first financial objective is to continuously improve operating efficiencies. The Company has focused on identifying efficiencies that simplify its organizational and reporting structures, streamline back-office functions and take advantage of synergies and newer technologies among various platforms and distribution networks. During the fourth quarter, the Company successfully completed the conversion of the technology and branding of HTLF customers. The Company has identified and expects to continue identifying ongoing efficiencies through the normal course of business that, when combined with increased revenue, will contribute to improved operating leverage. For 2025, total revenue increased 62.8%, and noninterest expense increased 58.1%, as compared to the previous year. Included in noninterest expense for 2025 is $142.0 million in acquisition-related expense. Revenue is also impacted by accretion and amortization of the fair value adjustments discussed in Note 20, "Acquisition" below. The Company continues to invest in technological advances that it believes will help management drive operating leverage in the future through improved data analysis and automation. The Company also continues to evaluate core systems and will invest in enhancements that it believes will yield operating efficiencies.

The second financial objective is to increase net interest income through profitable loan and deposit growth and the optimization of the balance sheet. For 2025, net interest income increased $861.3 million, or 86.1%, as compared to the previous year. The Company has shown increased net interest income primarily driven by rate and mix changes related to the HTLF acquisition. Average earning assets increased $20.1 billion, or 49.2%, compared to 2024. Average loan balances increased $11.9 billion, coupled with an increase in average interest-bearing due from banks of $2.6 billion from the prior year. The funding for these assets was driven primarily by a 62.5% increase in average interest-bearing deposits and a 40.0% increase in noninterest-bearing deposits, partially offset by a 59.8% decrease in average borrowed funds. Net interest margin, on a fully tax-equivalent (FTE) basis, increased 59 basis points compared to the same period in 2024 in large part due to repricing and mix changes of loan balances and interest-bearing liabilities. Net interest spread increased by 84 basis points during the same period. The Company expects to see continued volatility in the economic markets resulting from governmental responses to inflation and recessionary signs in the economy, as well as uncertainty about the impacts of tariffs and related trade disputes. These changing conditions could have impacts on the balance sheet and income statement of the Company for 2026.

The third financial objective is to grow the Company's revenue from noninterest sources. The Company seeks to grow noninterest revenues throughout all economic and interest rate cycles, while positioning itself to benefit in periods of economic growth. Noninterest income increased $161.9 million, or 25.8%, to $790.1 million for the year ended December 31, 2025, compared to the same period in 2024. The change is driven by increased HTLF-related fee income from trust income, deposit service charges, and bankcard fees. These changes are discussed in greater detail below under Noninterest income. For the year ended December 31, 2025, noninterest income represented 29.8% of total revenues, as compared to 38.6% for 2024. The recent economic changes have impacted fee income, especially those with assets tied to market values and interest rates.

The fourth financial objective is effective capital management. The Company places a significant emphasis on maintaining a strong capital position, which management believes promotes investor confidence, provides access to funding sources under favorable terms, and enhances the Company's ability to capitalize on business growth and acquisition opportunities. The Company continues to maximize shareholder value through a mix of reinvesting in organic growth, evaluating acquisition opportunities that complement the Company's strategies, increasing dividends over time, and appropriately utilizing a share repurchase program. At December 31, 2025, the Company had a total risk-based capital ratio of 13.36% and $7.7 billion in total shareholders' equity, an increase of $4.2 billion, or 121.9%, compared to total shareholders' equity at December 31, 2024. The Company did not repurchase

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shares of common stock during 2025 except for shares acquired pursuant to the Company's share-based incentive programs. In 2025, the Company declared $123.4 million in common dividends, which represents a 60.0% increase compared to dividends declared during 2024. In 2025, the Company declared $17.8 million in preferred dividends. The second quarter of 2025 includes the issuance of 12.0 million depositary shares, each representing a 1/400<sup>th</sup> interest in a share of the Company's 7.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B (the Series B Preferred Stock). During the third quarter of 2025, the Company completed the redemption of all of its outstanding 7.00% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A at the redemption price of $10,000 per share.

**Earnings Summary**

The Company recorded net income available to common shareholders of $684.6 million for the year ended December 31, 2025. This represents a 55.2% increase over 2024. Net income available to common shareholders for 2024 was $441.2 million, or an increase of 26.1% compared to 2023. Basic earnings per common share for the year ended December 31, 2025, were $9.35 per share compared to $9.05 per common share in 2024, an increase of 3.3%. Basic earnings per common share were $7.22 per share in 2023, or an increase of 25.3% from 2023 to 2024. Fully diluted earnings per common share increased 3.3% from 2024 to 2025 and increased 25.2% from 2023 to 2024. Return on average assets and return on average common shareholder's equity for the year ended December 31, 2025 were 1.03% and 10.24%, respectively, compared to 1.02% and 13.24%, respectively, for the year ended December 31, 2024. Return on average assets and return on average common shareholder's equity for the year ended December 31, 2023 were 0.88% and 12.23%, respectively.

The Company's net interest income increased to $1.9 billion in 2025 compared to $1.0 billion in 2024 and $920.1 million in 2023. In total, net interest income increased $861.3 million, as compared to 2024, primarily driven by the HTLF acquisition, with a favorable volume variance of $611.3 million, a $250.0 million rate variance, and purchase accounting accretion income. See Table 2. The favorable volume variance on earning assets was predominantly driven by an increase of $20.1 billion, or 49.2%, in average earning assets. In 2025, average loan balances increased $11.9 billion, coupled with an increase in average interest-bearing due from banks of $2.6 billion as compared to 2024. Net interest margin, on an FTE basis, increased to 3.10% for 2025, compared to 2.51% for the same period in 2024, driven by repricing and mix changes from the HTLF acquisition, changes in short-term interest rates, and purchase accounting accretion income. Net interest spread increased by 84 basis points during the same period. The Company has seen a decrease in the benefit from interest-free funds as compared to 2024 driven by the changes in short-term interest rates. The impact of this benefit decreased 25 basis points compared to 2024 and is illustrated on Table 3. The magnitude and duration of this impact will be largely dependent upon the FRB's policy decisions and market movements. See Table 21 in Item 7A for an illustration of the impact of an interest rate increase or decrease on net interest income as of December 31, 2025.

The provision for credit losses totaled $154.5 million for the year ended December 31, 2025, which is an increase of $93.5 million, or 153.1%, compared to the same period in 2024. Provision expense in 2025 included $62.0 million to establish an allowance for credit losses on the acquired loans designated as non-PCD loans at the close of the transaction. See Note 20, "Acquisition" below. The remainder of the increase in provision was driven by loan growth, portfolio credit metric changes, and changes in macro-economic metrics in the current period as compared to the prior periods. See further discussion in "Provision and Allowance for Credit Losses" in this report.

The Company had an increase of $161.9 million, or 25.8%, in noninterest income in 2025, as compared to 2024, and an increase of $86.3 million, or 15.9%, in 2024 compared to 2023. The increase in 2025 is primarily driven by increased trust and securities processing of $52.8 million, increased service charges on deposits of $28.7 million, increased bankcard fees of $26.1 million, and increased investment securities gains, net of $20.2 million. The increase in 2024 is primarily driven by increased trust and securities processing of $33.4 million, increased other income of $14.1 million, increased investment securities gains, net of $13.9 million, and increased bankcard fees of $13.1 million. The change in noninterest income in 2025 from 2024, and 2024 from 2023 is illustrated in Table 6.

Noninterest expense increased in 2025 by $596.1 million, or 58.1%, compared to 2024 and increased by $27.5 million, or 2.8%, in 2024 compared to 2023. The increase in 2025 is primarily driven by increases in salaries and employee benefit expense of $290.0 million, increased amortization of other intangible asset expense of $85.8 million, increased processing fees of $54.9 million, increased other expense of $58.6 million, and increased legal and consulting fees of $46.1 million. The increase in 2024 is primarily driven by increases in salaries and employee benefit expense of $40.5 million, increased legal and consulting fees of $16.2 million, increased processing fees of

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$14.8 million, and increased bankcard expense of $11.3 million, partially offset by decreased regulatory fees of $45.1 million related to the FDIC special assessment. The increase in noninterest expense in 2025 from 2024, and 2024 from 2023 is illustrated in Table 7 and below under Noninterest Expense.

**Net Interest Income**

Net interest income is a significant source of the Company's earnings and represents the amount by which interest income on earning assets exceeds the interest expense paid on liabilities. The volume of interest earning-assets and the related funding sources, the overall mix of these assets and liabilities, and the interest rates paid on each affect net interest income. Table 2 summarizes the change in net interest income resulting from changes in volume and rates for 2025, 2024 and 2023.

Net interest margin, presented in Table 1, is calculated as net interest income on a fully tax-equivalent basis as a percentage of average earning assets. Net interest income is presented on a tax-equivalent basis to adjust for the tax-exempt status of earnings from certain loans and investments, which are primarily obligations of state and local governments. A critical component of net interest income and related net interest margin is the percentage of earning assets funded by interest-free sources. Table 3 analyzes net interest margin for the three years ended December 31, 2025, 2024 and 2023. Net interest income, average balance sheet amounts and the corresponding yields earned and rates paid for the years 2023 through 2025 are presented in Table 1 below.

The following table presents, for the periods indicated, the average earning assets and resulting yields, as well as the average interest-bearing liabilities and resulting yields, expressed in both dollars and rates.

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*Table 1*

**<u>THREE YEAR AVERAGE BALANCE SHEETS/YIELDS AND RATES</u>*<u>(tax-equivalent basis)</u>***

***<u>(in millions)</u>*** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Average Balance** | **Interest Income/ Expense** <sup>(1)</sup> | **Rate Earned/ Paid** <sup>(1)</sup> | **Average Balance** | **Interest Income/ Expense** <sup>(1)</sup> | **Rate Earned/ Paid** <sup>(1)</sup> |
| **ASSETS** |  |  |  |  |  |  |
| Loans and loans held for sale (FTE) <sup>(2) (3)</sup> | $36069.3 | $2415.6 | 6.70% | $24212.6 | $1613.2 | 6.66% |
| Securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable | 13844.2 | 504.6 | 3.65 | 9290.8 | 257.6 | 2.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt (FTE) | 4284.5 | 162.7 | 3.80 | 3634.6 | 124.9 | 3.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total securities | 18128.7 | 667.3 | 3.68 | 12925.4 | 382.5 | 2.96 |
| Federal funds sold and resell agreements | 777.2 | 38.2 | 4.91 | 303.1 | 17.6 | 5.82 |
| Interest-bearing due from banks | 6095.3 | 264.9 | 4.35 | 3482.4 | 182.1 | 5.23 |
| Other earning assets (FTE) | 17.2 | 1.2 | 6.79 | 22.3 | 1.5 | 6.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total earning assets (FTE) | 61087.7 | 3387.2 | 5.54 | 40945.8 | 2196.9 | 5.37 |
| Allowance for credit losses | (369.5) |  |  | (235.4) |  |  |
| Cash and due from banks | 723.2 |  |  | 459.6 |  |  |
| Other assets | 4814.7 |  |  | 2019.8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $66256.1 |  |  | $43189.8 |  |  |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |  |  |  |
| Interest-bearing demand and savings deposits | $37721.0 | $1213.9 | 3.22% | $22949.6 | $882.6 | 3.85% |
| Time deposits under $250,000 | 1034.7 | 38.9 | 3.76 | 1113.1 | 65.4 | 5.88 |
| Time deposits of $250,000 or more | 2226.1 | 83.7 | 3.76 | 1161.5 | 34.3 | 2.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 40981.8 | 1336.5 | 3.26 | 25224.2 | 982.3 | 3.89 |
| Short-term debt |  |  |  | 1063.4 | 53.4 | 5.02 |
| Long-term debt | 581.5 | 46.8 | 8.05 | 384.2 | 27.8 | 7.24 |
| Federal funds purchased | 87.0 | 3.8 | 4.20 | 80.1 | 4.1 | 5.05 |
| Securities sold under agreements to repurchase | 2735.0 | 105.0 | 3.84 | 2258.4 | 102.5 | 4.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 44385.3 | 1492.1 | 3.36 | 29010.3 | 1170.1 | 4.03 |
| Noninterest-bearing demand deposits | 14105.6 |  |  | 10077.2 |  |  |
| Other | 871.4 |  |  | 769.5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 59362.3 |  |  | 39857.0 |  |  |
| Total shareholders' equity | 6893.8 |  |  | 3332.8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $66256.1 |  |  | $43189.8 |  |  |
| Net interest income (FTE) |  | $1895.1 |  |  | $1026.8 |  |
| Net interest spread (FTE) |  |  | 2.18% |  |  | 1.34% |
| Net interest margin (FTE) |  |  | 3.10% |  |  | 2.51% |

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(1)Interest income and yields are stated on an FTE basis, using a federal income tax rate of 21% for 2025, 2024, and 2023. The tax-equivalent interest income and yields give effect to tax-exempt interest income net of the disallowance of interest expense, for federal income tax purposes related to certain tax-free assets. Rates earned/paid may not compute to the rates shown due to presentation in millions. The tax-equivalent interest income totaled $32.9 million, $25.9 million, and $26.4 million in 2025, 2024, and 2023, respectively.

(2)Loan fees are included in interest income. Such fees totaled $24.5 million, $21.4 million, and $17.7 million in 2025, 2024, and 2023, respectively.

(3)Loans on nonaccrual are included in the computation of average balances. Interest income on these loans is also included in loan income.

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**<u>THREE YEAR AVERAGE BALANCE SHEETS/YIELDS AND RATES</u>*<u>(tax-equivalent basis)</u>***

***<u>(in millions)</u>*** 

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| | | | |
|:---|:---|:---|:---|
|  | **2023** | **2023** | **2023** |
|  | **Average Balance** | **Interest Income/ Expense** <sup>(1)</sup> | **Rate Earned/ Paid** <sup>(1)</sup> |
| **ASSETS** |  |  |  |
| Loans and loans held for sale (FTE) <sup>(2) (3)</sup> | $22337.1 | $1400.2 | 6.27% |
| Securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable | 9097.1 | 215.0 | 2.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt (FTE) | 3790.9 | 128.2 | 3.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total securities | 12888.0 | 343.2 | 2.66 |
| Federal funds sold and resell agreements | 316.1 | 17.7 | 5.58 |
| Interest-bearing due from banks | 2046.4 | 103.2 | 5.04 |
| Other earning assets (FTE) | 14.0 | 0.8 | 5.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total earning assets (FTE) | 37601.6 | 1865.1 | 4.96 |
| Allowance for credit losses | (216.2) |  |  |
| Cash and due from banks | 456.6 |  |  |
| Other assets | 1888.3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $39730.3 |  |  |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |
| Interest-bearing demand and savings deposits | $18374.9 | $588.3 | 3.20% |
| Time deposits under $250,000 | 1967.0 | 92.4 | 4.70 |
| Time deposits of $250,000 or more | 780.4 | 23.5 | 3.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 21122.3 | 704.2 | 3.33 |
| Short-term debt | 1929.0 | 96.4 | 5.00 |
| Long-term debt | 382.3 | 25.0 | 6.54 |
| Federal funds purchased | 170.0 | 8.4 | 4.97 |
| Securities sold under agreements to repurchase | 2005.4 | 84.6 | 4.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 25609.0 | 918.6 | 3.59 |
| Noninterest-bearing demand deposits | 10640.4 |  |  |
| Other | 618.2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 36867.6 |  |  |
| Total shareholders' equity | 2862.7 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $39730.3 |  |  |
| Net interest income (FTE) |  | $946.5 |  |
| Net interest spread (FTE) |  |  | 1.37% |
| Net interest margin (FTE) |  |  | 2.52% |

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*Table 2*

**<u>RATE-VOLUME ANALYSIS</u> *<u>(in thousands)</u>***

*This analysis attributes changes in net interest income either to changes in average balances or to changes in average interest rates for earning assets and interest-bearing liabilities. The change in net interest income that is due to both volume and interest rate has been allocated to volume and interest rate in proportion to the relationship of the absolute dollar amount of the change in each. All interest rates are presented on a tax-equivalent basis and give effect to tax-exempt interest income net of the disallowance of interest expense for federal income tax purposes, related to certain tax-free assets. The loan average balances and rates include nonaccrual loans.*

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Average Volume** | **Average Volume** | **Average Rate** | **Average Rate** |  | **Increase (Decrease)** | **Increase (Decrease)** | **Increase (Decrease)** |
| **2025** | **2024** | **2025** | **2024** | **2025 vs. 2024** | **Volume** | **Rate** | **Total** |
|  |  |  |  | Change in interest earned on: |  |  |  |
| $36069274 | $24212645 | 6.70% | 6.66% | &nbsp;&nbsp;&nbsp;&nbsp;Loans | $793969 | $8362 | $802331 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Securities: |  |  |  |
| 13844165 | 9290809 | 3.65 | 2.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable | 150427 | 96641 | 247068 |
| 4284530 | 3634588 | 3.80 | 3.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt | 19416 | 11415 | 30831 |
| 777206 | 303096 | 4.91 | 5.82 | &nbsp;&nbsp;&nbsp;&nbsp;Federal funds and resell agreements | 23663 | (3139) | 20524 |
| 6095348 | 3482402 | 4.35 | 5.23 | &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing due from banks | 117812 | (35042) | 82770 |
| 17183 | 22311 | 6.79 | 6.53 | &nbsp;&nbsp;&nbsp;&nbsp;Trading securities | (314) | 61 | (253) |
| 61087706 | 40945851 | 5.54 | 5.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 1104973 | 78298 | 1183271 |
|  |  |  |  | Change in interest incurred on: |  |  |  |
| 40981808 | 25224201 | 3.26 | 3.89 | &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposits | 534499 | (180252) | 354247 |
| 87035 | 80017 | 4.20 | 5.05 | &nbsp;&nbsp;&nbsp;&nbsp;Federal funds purchased | 334 | (713) | (379) |
| 2735011 | 2258438 | 3.84 | 4.54 | &nbsp;&nbsp;&nbsp;&nbsp;Securities sold under agreements to repurchase | 19708 | (17183) | 2525 |
| 581469 | 1447646 | 8.05 | 5.61 | &nbsp;&nbsp;&nbsp;&nbsp;Borrowed Funds | (60858) | 26423 | (34435) |
| $44385323 | $29010302 | 3.36% | 4.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 493683 | (171725) | 321958 |
|  |  |  |  | Net interest income | $611290 | $250023 | $861313 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Average Volume** | **Average Volume** | **Average Rate** | **Average Rate** |  | **Increase (Decrease)** | **Increase (Decrease)** | **Increase (Decrease)** |
| **2024** | **2023** | **2024** | **2023** | **2024 vs. 2023** | **Volume** | **Rate** | **Total** |
|  |  |  |  | Change in interest earned on: |  |  |  |
| $24212645 | $22337119 | 6.66% | 6.27% | &nbsp;&nbsp;&nbsp;&nbsp;Loans | $121804 | $91183 | $212987 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Securities: |  |  |  |
| 9290809 | 9097110 | 2.77 | 2.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable | 4664 | 37917 | 42581 |
| 3634588 | 3790921 | 3.44 | 3.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt | (4989) | 2167 | (2822) |
| 303096 | 316072 | 5.82 | 5.58 | &nbsp;&nbsp;&nbsp;&nbsp;Federal funds and resell agreements | (739) | 720 | (19) |
| 3482402 | 2046349 | 5.23 | 5.04 | &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing due from banks | 74976 | 3979 | 78955 |
| 22311 | 14030 | 6.53 | 5.65 | &nbsp;&nbsp;&nbsp;&nbsp;Trading securities | 491 | 131 | 622 |
| 40945851 | 37601601 | 5.37 | 4.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 196207 | 136097 | 332304 |
|  |  |  |  | Change in interest incurred on: |  |  |  |
| 25224201 | 21122305 | 3.89 | 3.33 | &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposits | 149076 | 129016 | 278092 |
| 80017 | 169997 | 5.05 | 4.97 | &nbsp;&nbsp;&nbsp;&nbsp;Federal funds purchased | (4538) | 135 | (4403) |
| 2258438 | 2005418 | 4.54 | 4.22 | &nbsp;&nbsp;&nbsp;&nbsp;Securities sold under agreements to repurchase | 11179 | 6756 | 17935 |
| 1447646 | 2311238 | 5.61 | 5.25 | &nbsp;&nbsp;&nbsp;&nbsp;Borrowed Funds | (47986) | 7890 | (40096) |
| $29010302 | $25608958 | 4.03% | 3.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 107731 | 143797 | 251528 |
|  |  |  |  | Net interest income | $88476 | $(7700) | $80776 |

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*Table 3*

**<u>ANALYSIS OF NET INTEREST MARGIN</u> *<u>(in thousands)</u>***

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| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Average earning assets | $61087706 | $40945851 | $37601601 |
| Interest-bearing liabilities | 44385323 | 29010302 | 25608958 |
| Interest-free funds | $16702383 | $11935549 | $11992643 |
| Free funds ratio (interest free funds to average earning assets) | 27.34% | 29.15% | 31.89% |
| Tax-equivalent yield on earning assets | 5.54% | 5.37% | 4.96% |
| Cost of interest-bearing liabilities | 3.36 | 4.03 | 3.59 |
| Net interest spread | 2.18% | 1.34% | 1.37% |
| Benefit of interest-free funds | 0.92 | 1.17 | 1.15 |
| Net interest margin | 3.10% | 2.51% | 2.52% |

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The Company experienced an increase in net interest income of $861.3 million, or 86.1%, for the year ended December 31, 2025, compared to 2024. This follows an increase of $80.8 million, or 8.8%, for the year ended December 31, 2024, compared to 2023. Average earning assets for the year ended December 31, 2025 increased by $20.1 billion, or 49.2%, compared to the same period in 2024. Net interest margin, on a tax-equivalent basis, increased to 3.10% for 2025 compared to 2.51% in 2024.

The Company funds a significant portion of its balance sheet with noninterest-bearing demand deposits. Noninterest-bearing demand deposits represented 28.3%, 31.6% and 33.9% of total outstanding deposits as of December 31, 2025, 2024 and 2023, respectively. The decrease in 2025 is driven by mix shifts in deposits related to the HTLF acquisition. As illustrated in Table 3, the impact from these interest-free funds was 92 basis points in 2025, as compared to 117 basis points in 2024 and 115 basis points in 2023.

The Company experienced an increase in net interest income during 2025 due to a volume variance of $611.3 million and a rate variance of $250.0 million. The average rate on earning assets during 2025 increased by 17 basis points, while the average rate on interest-bearing liabilities decreased by 67 basis points, resulting in a 84 basis-point increase in spread. The volume of loans increased from an average of $24.2 billion in 2024 to an average of $36.1 billion in 2025, driven by the acquisition of HTLF and organic loan growth. The volume of interest-bearing liabilities increased from $29.0 billion in 2024 to $44.4 billion in 2025. The Company expects to see continued volatility in the economic markets and governmental responses to inflation, geopolitical tensions, and supply chain constraints. These changing economic conditions and governmental responses could have impacts on the balance sheet and income statement of the Company in 2025. Loan-related earning assets tend to generate a higher spread than those earned in the Company's investment portfolio. By design, the Company's investment portfolio is moderate in duration and liquid in its composition of assets.

During 2026, approximately $2.2 billion of available-for-sale securities are expected to have principal repayments. This includes approximately $669 million that will have principal repayments during the first quarter of 2026. The available-for-sale investment portfolio had an average life of 74.8 months, 56.0 months, and 52.6 months as of December 31, 2025, 2024, and 2023, respectively.

**Provision and Allowance for Credit Losses**

The ACL represents management's judgment of total expected losses included in the Company's loan portfolio as of the balance sheet date. The Company's process for recording the ACL is based on the evaluation of the Company's lifetime historical loss experience, management's understanding of the credit quality inherent in the loan portfolio, and the impact of the current economic environment, coupled with reasonable and supportable economic forecasts.

A mathematical calculation of an estimate is made to assist in determining the adequacy and reasonableness of management's recorded ACL. To develop the estimate, the Company follows the guidelines in Accounting Standards Codification (ASC) Topic 326, *Financial Instruments – Credit Losses* (ASC 326). The estimate reserves for assets held at amortized cost and any related credit deterioration in the Company's available-for-sale debt security portfolio. Assets held at amortized cost include the Company's loan book and held-to-maturity security portfolio.

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The process involves the consideration of quantitative and qualitative factors relevant to the specific segmentation of loans. These factors have been established over decades of financial institution experience and include economic observation and loan loss characteristics. This process is designed to produce a lifetime estimate of the losses, at a reporting date, that includes evaluation of historical loss experience, current economic conditions, reasonable and supportable forecasts, and the qualitative framework outlined by the Office of the Comptroller of the Currency in the published 2020 Interagency Policy Statement. This process allows management to take a holistic view of the recorded ACL reserve and ensure that all significant and pertinent information is considered.

The Company considers a variety of factors to ensure the safety and soundness of its estimate including a strong internal control framework, extensive methodology documentation, credit underwriting standards which encompass the Company's desired risk profile, model validation, and ratio analysis. If the Company's total ACL estimate, as determined in accordance with the approved ACL methodology, is either outside a reasonable range based on review of economic indicators or by comparison of historical ratio analysis, the ACL estimate is an outlier and management will investigate the underlying reason(s). Based on that investigation, issues or factors that previously had not been considered may be identified in the estimation process, which may warrant adjustments to estimated credit losses.

The ending result of this process is a recorded consolidated ACL that represents management's best estimate of the total expected losses included in the loan portfolio, held-to-maturity securities, and credit deterioration in available-for-sale securities.

Table 4 presents the components of the allowance by loan portfolio segment. The Company manages the ACL against the risk in the entire loan portfolio and therefore, the allocation of the ACL to a particular loan segment may change in the future. Management of the Company believes the present ACL is adequate considering the Company's loss experience, delinquency trends and current economic conditions. Future economic conditions and borrowers' ability to meet their obligations, however, are uncertainties which could affect the Company's ACL and/or need to change its current level of provision. For more information on loan portfolio segments and ACL methodology refer to Note 3, "Loans and Allowance for Credit Losses," in the Notes to the Consolidated Financial Statements.

*Table 4*

**<u>ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES ON LOANS</u> *<u>(in thousands)</u>***

*This table presents an allocation of the allowance for credit losses on loans and percent of loans to total loans by loan portfolio segment, which represents the total expected losses derived by both quantitative and qualitative methods. The amounts presented are not necessarily indicative of actual future charge-offs in any particular category and are subject to change.* 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
| **At December 31:** | **Allowance for credit losses** | **Percent of loans to total loans** | **Allowance for credit losses** | **Percent of loans to total loans** |
| Commercial and industrial | $240324 | 42.1% | $161553 | 42.9% |
| Specialty lending |  | 1.3 |  | 1.8 |
| Commercial real estate | 151060 | 42.2 | 77340 | 39.5 |
| Consumer real estate | 6938 | 11.4 | 4327 | 12.4 |
| Consumer | 1387 | 0.6 | 966 | 0.8 |
| Credit cards | 18042 | 1.8 | 14272 | 2.3 |
| Leases and other | 1727 | 0.6 | 631 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total allowance for credit losses on loans | $419478 | 100.0% | $259089 | 100.0% |

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Table 5 presents a summary of the Company's ACL for the years ended December 31, 2025 and 2024. Also, please see "Quantitative and Qualitative Disclosures About Market Risk – Credit Risk Management" in this report for information relating to nonaccrual, past due, restructured loans, and other credit risk matters. For more information on loan portfolio segments and ACL methodology refer to Note 3, "Loans and Allowance for Credit Losses," in the Notes to the Consolidated Financial Statements.

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As illustrated in Table 5 below, the ACL increased as a percentage of total loans to 1.08% as of December 31, 2025, compared to 1.01% as of December 31, 2024. The provision for credit losses, including provision for off-balance sheet credit exposures, totaled $154.5 million for the year ended December 31, 2025, which is an increase of $93.5 million, or 153.1%, compared to the same period in 2024. As noted above, $62.0 million was recorded to establish an allowance for credit losses on the acquired loans designated as non-PCD loans at the close of the HTLF acquisition. See Note 20, "Acquisition" below. The provision for credit losses, including provision for off-balance sheet credit exposures, totaled $61.1 million for the year ended December 31, 2024. This increase is the result of the impacts of loan growth, portfolio metric changes, and changes in macro-economic metrics in the current period as compared to the prior period.

*Table 5*

**<u>ANALYSIS OF ALLOWANCE FOR CREDIT LOSSES</u> *<u>(in thousands)</u>***

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| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Allowance – January 1 | $261734 | $222996 |
| PCD allowance for credit loss at acquisition | 85299 |  |
| Provision for credit losses | 156500 | 62000 |
| Charge-offs: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial | (44645) | (5441) |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialty lending |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | (11792) | (250) |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer real estate | (2041) | (432) |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer | (3538) | (1524) |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit cards | (25676) | (20752) |
| &nbsp;&nbsp;&nbsp;&nbsp;Leases and other | (27) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total charge-offs | (87719) | (28403) |
| Recoveries: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | 507 | 1890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialty lending |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | 196 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer real estate | 275 | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer | 845 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit cards | 3519 | 2355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leases and other | 6 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total recoveries | 5348 | 5141 |
| Net charge-offs | (82371) | (23262) |
| Allowance for credit losses – end of period | $421162 | $261734 |
| Allowance for credit losses on loans | $419478 | $259089 |
| Allowance for credit losses on held-to-maturity securities | 1684 | 2645 |
| Loans at end of year, net of unearned interest | 38779408 | 25642301 |
| Held-to-maturity securities at end of period | 5724227 | 5378912 |
| Total assets at amortized cost | 44503635 | 31021213 |
| Average loans, net of unearned interest | 36065953 | 24209547 |
| Allowance for credit losses on loans to loans at end of period | 1.08% | 1.01% |
| Allowance for credit losses – end of period to total assets at amortized cost | 0.95% | 0.84% |
| Allowance as a multiple of net charge-offs | 5.11x | 11.25x |
| Net charge-offs to average loans | 0.23% | 0.10% |

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**Noninterest Income**

A key objective of the Company is the growth of noninterest income to provide a diverse source of revenue not directly tied to interest rates. Fee-based services are typically non-credit related and are not generally affected by fluctuations in interest rates. Noninterest income increased in 2025 by $161.9 million, or 25.8%, compared to 2024 and increased in 2024 by $86.3 million, or 15.9%, compared to 2023. The increase in 2025 is primarily driven by increased trust and securities processing, increased service charges on deposits, increased bankcard fees, and

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increased investment securities gains, net. The increase in 2024 is primarily driven by increased trust and securities processing income, other miscellaneous income, investment securities gains, net, and bankcard income. Changes in Noninterest income are presented in Table 6 below.

The Company's fee-based services offer multiple products and services, which management believes will more closely align with customer product demands. The Company is currently emphasizing fee-based services including trust and securities processing, bankcard, securities trading and brokerage and cash and treasury management. Management believes that it can offer these products and services both efficiently and profitably, as most have common platforms and support structures.

*Table 6*

**<u>SUMMARY OF NONINTEREST INCOME</u> *<u>(in thousands)</u>***

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Dollar Change** | **Dollar Change** | **Percent Change** | **Percent Change** |
|  | **2025** | **2024** | **2023** | **25-24** | **24-23** | **25-24** | **24-23** |
| Trust and securities processing | $343398 | $290571 | $257200 | $52827 | $33371 | 18.2% | 13.0% |
| Trading and investment banking | 25305 | 24226 | 19630 | 1079 | 4596 | 4.5 | 23.4 |
| Service charges on deposit accounts | 113206 | 84512 | 84950 | 28694 | (438) | 34.0 | (0.5) |
| Insurance fees and commissions | 910 | 1257 | 1009 | (347) | 248 | (27.6) | 24.6 |
| Brokerage fees | 79592 | 61564 | 54119 | 18028 | 7445 | 29.3 | 13.8 |
| Bankcard fees | 113924 | 87797 | 74719 | 26127 | 13078 | 29.8 | 17.5 |
| Investment securities gains (losses), net | 30967 | 10720 | (3139) | 20247 | 13859 | 188.9 | 441.5 |
| Other | 82748 | 67470 | 53365 | 15278 | 14105 | 22.6 | 26.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | $790050 | $628117 | $541853 | $161933 | $86264 | 25.8% | 15.9% |

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Noninterest income and the year-over-year changes in noninterest income are summarized in Table 6 above. The dollar change and percent change columns highlight the respective net increase or decrease in the categories of noninterest income in 2025 compared to 2024, and in 2024 compared to 2023.

Trust and securities processing income consists of fees earned on personal and corporate trust accounts, custody of securities services, trust investments and wealth management services, and mutual fund assets servicing. This income category increased by $52.8 million, or 18.2% in 2025, compared to 2024, and increased by $33.4 million, or 13.0%, in 2024, compared to 2023. During 2025, wealth management services increased $22.3 million primarily driven by the acquisition of HTLF, fund services income increased $19.5 million, and corporate trust income increased $11.0 million. During 2024, fund services income increased $20.5 million, corporate trust income increased $7.7 million and wealth management services increased $5.1 million. The recent volatile markets have impacted the income in this category. Since trust and securities processing fees are primarily asset-based, which are highly correlated to the change in market value of the assets, the related income will be affected by changes in the securities markets. Management continues to emphasize sales of services to both new and existing clients as well as increasing and improving the distribution channels.

Trading and investment banking income increased $1.1 million, or 4.5%, in 2025 compared to 2024 and increased $4.6 million, or 23.4%, in 2024 compared to 2023. The increase in 2025 compared to 2024 and the increase in 2024 compared to 2023 was driven by increased bond trading income.

Service charges on deposits income increased $28.7 million, or 34.0%, in 2025 compared to 2024 and decreased $0.4 million, or 0.5%, in 2024 compared to 2023. This increase was largely driven by the HTLF acquisition and increased service charge income from acquired deposit accounts. The decrease in 2024 was driven by decreased healthcare services income, offset by increased commercial service charge income.

Brokerage fees increased $18.0 million, or 29.3%, in 2025 compared to 2024 and increased $7.4 million, or 13.8%, in 2024 compared to 2023. The increase in both years was driven by increased 12b-1 and money market fees driven by the increase in short-term interest rates.

Bankcard fees increased $26.1 million, or 29.8%, in 2025 compared to 2024, and increased $13.1 million, or 17.5%, in 2024 compared to 2023. The increase in 2025 was driven by higher interchange income, partially offset

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by higher rebate and reward costs primarily related to purchase volume from the HTLF acquisition. The increase in 2024 was primarily driven by increased interchange income.

Investment securities gains, net increased $20.2 million in 2025 compared to 2024 and increased $13.9 million in 2024 compared to 2023. The increase in 2025 was primarily driven by the net gains from the Company's investment in Voyager Technologies, Inc., which completed its initial public offering in June 2025. The increase in 2024 was primarily driven by a gain on the sale of one of the Company's securities without readily determinable fair value in 2024, coupled with the impairment of one available-for-sale debt security in 2023.

Other noninterest income increased $15.3 million, or 22.6%, in 2025 compared to 2024 and increased $14.1 million, or 26.4%, in 2024 compared to 2023. The increase in 2025 is driven by increases of $5.3 million in bank-owned life insurance income, $4.1 million in derivative income, a $2.5 million legal settlement recorded in the third quarter of 2025, and $2.4 million in increased syndication income. The increase in 2024 was primarily driven by the gain on the sale of UMB Distribution Services, LLC, a legal settlement, and gains on the sale of other assets during 2024, coupled with increased bank-owned life insurance income.

**Noninterest Expense**

Noninterest expense increased in 2025 by $596.1 million, or 58.1%, compared to 2024 and increased in 2024 by $27.5 million, or 2.8%, compared to 2023. From 2024 to 2025 the increase was driven primarily by increased salaries and employee benefits expense, amortization of other intangible assets, processing fees, legal and consulting expense, and other expense. From 2023 to 2024 the increase was driven primarily by increased salaries and employee benefits expense, legal and consulting expense, and processing fees, partially offset by a decrease in regulatory fees. Table 7 below summarizes the components of noninterest expense and the respective year-over-year changes for each category.

*Table 7* 

**<u>SUMMARY OF NONINTEREST EXPENSE</u> *<u>(in thousands)</u>***

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Dollar Change** | **Dollar Change** | **Percent Change** | **Percent Change** |
|  | **2025** | **2024** | **2023** | **25-24** | **24-23** | **25-24** | **24-23** |
| Salaries and employee benefits | $883883 | $593913 | $553421 | $289970 | $40492 | 48.8% | 7.3% |
| Occupancy, net | 73722 | 47539 | 48502 | 26183 | (963) | 55.1 | (2.0) |
| Equipment | 64915 | 63406 | 68718 | 1509 | (5312) | 2.4 | (7.7) |
| Supplies and services | 28503 | 14845 | 16829 | 13658 | (1984) | 92.0 | (11.8) |
| Marketing and business development | 45682 | 28439 | 25749 | 17243 | 2690 | 60.6 | 10.4 |
| Processing fees | 172846 | 117899 | 103099 | 54947 | 14800 | 46.6 | 14.4 |
| Legal and consulting | 92304 | 46207 | 29998 | 46097 | 16209 | 99.8 | 54.0 |
| Bankcard | 49503 | 44265 | 32969 | 5238 | 11296 | 11.8 | 34.3 |
| Amortization of other intangible assets | 93521 | 7705 | 8587 | 85816 | (882) | 1113.8 | (10.3) |
| Regulatory fees | 28751 | 31904 | 77010 | (3153) | (45106) | (9.9) | (58.6) |
| Other | 89170 | 30564 | 34258 | 58606 | (3694) | 191.7 | (10.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | $1622800 | $1026686 | $999140 | $596114 | $27546 | 58.1% | 2.8% |

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Salaries and employee benefits expense increased $290.0 million, or 48.8%, in 2025 compared to 2024 and $40.5 million, or 7.3%, in 2024 compared to 2023. In 2025, bonus and commission expense increased $108.3 million, or 78.9%, salaries and wage expense increased $143.7 million, or 40.7% and employee benefits expense increased $38.0 million, or 36.8%. The 2025 variances in salaries and employee benefits are primarily driven by increased severance, retention bonuses, and change in control payments made to HTLF associates, as well as higher bonus expense due to higher company performance. In 2024, bonus and commission expense increased $22.4 million, or 19.5%, salaries and wage expense increased $14.0 million, or 4.1% and employee benefits expense increased $4.1 million, or 4.1%.

Occupancy expense increased $26.2 million, or 55.1%, in 2025 compared to 2024, and decreased $0.1 million, or 2.0%, from 2023 to 2024. The increase in 2025 was driven by higher volume of activity from the HTLF acquisition.

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Processing fees expense increased $54.9 million, or 46.6%, in 2025 compared to 2024, and increased $14.8 million, or 14.4%, in 2024 compared to 2023. The increase in 2025 was primarily due to increased software subscription costs driven by legacy-HTLF software subscriptions. The increase in 2024 was primarily driven by higher software subscription costs due to the transition to cloud computing solutions and ongoing investments in digital channel and integrated platform solutions to support business growth.

Legal and consulting expense increased $46.1 million, or 99.8%, in 2025 compared to 2024 and increased $16.2 million, or 54.0%, in 2024 compared to 2023. The increase in 2025 was primarily due to non-recurring transaction costs associated with the acquisition. The increase in 2024 was driven by expenses incurred related to the announced acquisition of HTLF.

Amortization of other intangible assets expense increased $85.8 million, or 1,113.8%, in 2025 compared to 2024 and decreased $0.1 million, or 10.3%, in 2024 compared to 2023. The increase in 2025 is primarily due to amortization of the core deposit intangible, customer list and purchased credit card relationship intangibles recognized from the HTLF acquisition.

Regulatory fees decreased $3.2 million, or 9.9%, in 2025 compared to 2024 and decreased $45.1 million, or 58.6%, in 2024 compared to 2023. The decrease in 2025 and the decrease in 2024 was driven by the FDIC special assessment of $52.8 million recorded in 2023.

Other noninterest expense increased $58.6 million, or 191.7%, in 2025 compared to 2024 and decreased $3.7 million, or 10.8%, in 2024 compared to 2023. The increase in 2025 was primarily due to fees for termination of legacy HTLF contracts, coupled with higher operational losses, increased contribution expense, and increased expenses related to the HTLF acquisition for property taxes and insurance. The decreases in 2024 was driven by lower charitable contribution expenses and operational losses.

**Income Taxes**

Income tax expense totaled $172.6 million, $100.0 million, and $71.6 million in 2025, 2024, and 2023 respectively. These amounts equate to effective tax rates of 19.7%, 18.5%, and 17.0% for 2025, 2024 and 2023, respectively. The increase in the effective tax rate from 2024 to 2025 is primarily attributable to a smaller proportion of pre-tax income being earned from tax-exempt municipal securities, lower federal tax credits, net of related amortization, and higher state and local taxes. The increase 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. The increase in the effective tax rate from 2023 to 2024 is primarily attributable to a smaller proportion of pre-tax income being earned from tax-exempt municipal securities and higher non-deductible acquisition costs in 2024. These increases were partially offset by an increase in federal tax credits, net of related amortization.

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law in the U.S., which contains a broad range of tax reform provisions affecting businesses, including restoring 100% bonus depreciation, removing the requirement to capitalize and amortize domestic research and development expenditures, and a 25% exclusion of interest income on loans secured by rural or agricultural real property. The legislation has multiple effective dates, with certain provisions effective in 2025 and others being phased in through 2027. The effective provisions of the OBBBA were reflected in the Company's financial results for the year ended December 31, 2025, and did not have a material impact on its Consolidated Financial Statements.

For further information on income taxes refer to Note 16, "Income Taxes," in the Notes to the Consolidated Financial Statements.

**Business Segments**

The Company has strategically aligned its operations into the following three reportable segments: Commercial Banking, Institutional Banking, and Personal Banking (collectively, the Business Segments). 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 management accounting system assigns balance sheet and income statement items to each Business Segment using methodologies that are refined on an ongoing basis. For comparability purposes, amounts in all periods are

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based on methodologies in effect at December 31, 2025. Previously reported results have been reclassified in this Form 10-K to conform to the Company's current organizational structure.

*Table 8*

**<u>COMMERCIAL BANKING OPERATING RESULTS</u> *<u>(in thousands)</u>***

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended <br>December 31,** | **Year Ended <br>December 31,** | **Dollar<br>Change** | **Percent<br>Change** |
|  | **2025** | **2024** | **25-24** | **25-24** |
| Net interest income | $1291140 | $668235 | $622905 | 93.2% |
| Provision for credit losses | 126554 | 51781 | 74773 | 144.4 |
| Noninterest income | 179612 | 134500 | 45112 | 33.5 |
| Noninterest expense | 725151 | 367135 | 358016 | 97.5 |
| Income before taxes | 619047 | 383819 | 235228 | 61.3 |
| Income tax expense | 122087 | 71367 | 50720 | 71.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $496960 | $312452 | $184508 | 59.1% |

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For the year ended December 31, 2025, Commercial Banking net income increased $184.5 million, or 59.1%, to $497.0 million compared to the same period in 2024. Net interest income increased $622.9 million, or 93.2%, for the year ended December 31, 2025, compared to the same period last year, primarily driven by the acquisition of HTLF, as well as continued organic loan growth and earning asset mix changes. Provision for credit losses increased $74.8 million, or 144.4%, as compared to 2024, driven by the acquisition of HTLF as well as portfolio metric changes, and changes in macro-economic metrics in 2025 as compared to 2024. Noninterest income increased $45.1 million, or 33.5%, over the same period in 2024. This increase was primarily due to increases of $19.6 million in deposit service charges, $15.7 million in other income driven by increased derivative income, recoveries of loans previously charged off by HTLF, a legal settlement during 2025, and increased syndication income, and $15.6 million in bankcard fees. These increases were partially offset by a decrease of $11.0 million in investment security gains. Noninterest expense increased $358.0 million, or 97.5%, as compared to the same period in 2024. This increase was driven by an increase of $219.3 million in technology, service, and overhead expenses, and an increase of $105.6 million in salaries and employee benefit expense, both driven by the acquisition. Additionally, there were increases of $10.0 million in marketing and business development, $7.1 million in regulatory fees, and $5.4 million in processing fees.

*Table 9*

**<u>INSTITUTIONAL BANKING OPERATING RESULTS</u> *<u>(in thousands)</u>***

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended <br>December 31,** | **Year Ended <br>December 31,** | **Dollar<br>Change** | **Percent<br>Change** |
|  | **2025** | **2024** | **25-24** | **25-24** |
| Net interest income | $258312 | $197174 | $61138 | 31.0% |
| Provision for credit losses | 1844 | 1155 | 689 | 59.7 |
| Noninterest income | 444502 | 393984 | 50518 | 12.8 |
| Noninterest expense | 434063 | 397316 | 36747 | 9.2 |
| Income before taxes | 266907 | 192687 | 74220 | 38.5 |
| Income tax expense | 52639 | 35016 | 17623 | 50.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $214268 | $157671 | $56597 | 35.9% |

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For the year ended December 31, 2025, Institutional Banking net income increased $56.6 million, or 35.9%, to $214.3 million compared to the same period last year. Net interest income increased $61.1 million, or 31.0%, compared to the same period last year, due to an increase in funds transfer pricing resulting from higher deposit balances. Provision for credit losses increased $0.7 million as compared to 2024, driven by loan growth, portfolio metric changes, and changes in the macro-economic metrics in 2025 as compared to 2024. Noninterest income increased $50.5 million, or 12.8%, primarily due to increases of $30.4 million in trust and securities processing income driven by higher fund services and corporate trust revenue, an increase of $15.2 million in brokerage income, and $5.1 million in deposit service charges. These increases are partially offset by a decrease of $3.4 million in other income driven by the gain on the sale of UMB Distribution Services, LLC in 2024. Noninterest

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expense increased $36.7 million, or 9.2% as compared to 2024, primarily driven by increases of $26.5 million in salaries and employee benefits expense, $8.8 million in processing fees, and $2.9 million in bankcard expense.

*Table 10*

**<u>PERSONAL BANKING OPERATING RESULTS</u> *<u>(in thousands)</u>***

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended <br>December 31,** | **Year Ended <br>December 31,** | **Dollar<br>Change** | **Percent<br>Change** |
|  | **2025** | **2024** | **25-24** | **25-24** |
| Net interest income | $312753 | $135483 | $177270 | 130.8% |
| Provision for credit losses | 26102 | 8114 | 17988 | 221.7 |
| Noninterest income | 165936 | 99633 | 66303 | 66.5 |
| Noninterest expense | 463586 | 262235 | 201351 | 76.8 |
| Loss before taxes | (10999) | (35233) | 24234 | 68.8 |
| Income tax benefit | (2169) | (6353) | 4184 | 65.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(8830) | $(28880) | $20050 | 69.4% |

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For the year ended December 31, 2025, Personal Banking net loss improved $20.1 million, or 69.4%, to a net loss of $8.8 million as compared to the same period last year. Net interest income increased $177.3 million, or 130.8%, compared to the same period last year, driven by the acquisition of HTLF, as well as organic loan growth and earning asset mix changes. Provision for credit losses increased $18.0 million, or 221.7%, for the period, driven by the acquisition of HTLF as well as by portfolio metric changes and changes in macro-economic metrics in 2025 as compared to 2024. Noninterest income increased $66.3 million, or 66.5%, for the same period primarily driven by increases of $29.7 million in investment securities gains, $19.6 million in trust and securities processing income, $7.3 million in bankcard fees, $4.1 million in deposit service charges, and $2.8 million in brokerage income. Noninterest expense increased $201.4 million, or 76.8%, primarily due to increases of $102.3 million in technology, service, and overhead expenses, and $62.5 million in salaries and employee benefits, both driven by the HTLF acquisition. Additionally, there were increases of $10.6 million in other expense driven by increased charitable contributions, $7.2 million in supplies and services, $5.6 million in processing fees, $3.4 million in regulatory fees, $3.4 million in equipment, and $3.3 million in marketing and business development.

***Balance Sheet Analysis***

**Loans and Loans Held For Sale**

Loans represent the Company's largest source of interest income. Loan balances held for investment increased by $13.1 billion, or 51.2%, in 2025. This increase was primarily driven by an increase of $6.2 billion, or 61.6%, in commercial real estate loans, $5.3 billion, or 48.0%, in commercial and industrial loans, and $1.2 billion, or 39.2% in consumer real estate loans. A significant driver in the increases in loans was the acquisition of HTLF and its loan portfolio with an acquired fair value of $9.7 billion at January 31, 2025.

Commercial and industrial loans and commercial real estate loans continue to represent the largest segments of the Company's loan portfolio, comprising approximately 42.0% and 42.2%, respectively, of total loans and loans held for sale at the end of 2025 and 42.5% and 39.5%, respectively, of total loans and loans held for sale at the end of 2024.

As a percentage of total loans, commercial real estate comprised 42.2% of total loans compared to 39.5% in 2024. Commercial real estate loans generally involve a greater degree of credit risk than consumer real estate loans because they typically have larger balances and are more affected by adverse conditions in the economy. Because payments on loans secured by commercial real estate often depend upon the successful operation and management of the properties and the businesses which operate from within them, repayment of such loans may be affected by factors outside the borrower's control, such as adverse conditions in the real estate market or the economy or changes in government regulations. In recent years, commercial real estate markets have been particularly impacted by the economic disruption resulting from the COVID-19 pandemic. The COVID-19 pandemic has also been a catalyst for the evolution of various remote work options, which could impact the long-term performance of some types of office properties within our commercial real estate portfolio. Due to these risks, the Company is actively monitoring its exposure to commercial real estate.

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Generally, these loans are made for investment and real estate development or working capital and business expansion purposes and are primarily secured by real estate with a maximum loan-to-value of 80%. Most of these properties are non-owner occupied and have guarantees as additional security. The Company's investment CRE portfolio (which includes non-owner occupied and construction loans) totaled 27.5% and 28.5% of total Company loans as of December 31, 2025 and December 31, 2024, respectively. The average investment CRE loan was approximately $3.6 million and $7.2 million, as of December 31, 2025 and December 31, 2024, respectively.

The properties securing the commercial real estate portfolio are diverse in terms of type and geographic location. This diversity helps reduce exposure to adverse economic events that affect any single market or industry. Notwithstanding, commercial real estate loans, in general, may be more adversely impacted by conditions in the real estate market or the economy.

The following table presents the Company's investment CRE (which includes non-owner occupied and construction loans) by industry. The table separately discloses the top five industries as a percentage of the Company's loan portfolio as of either period presented, while the remainder are included in "Other."

*Table 11*

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| | | |
|:---|:---|:---|
|  | **Investment CRE loans by industry as a percentage of total Company Loans** | **Investment CRE loans by industry as a percentage of total Company Loans** |
|  | **December 31, 2025** | **December 31, 2024** |
| Industrial | 8.1% | 8.8% |
| Multifamily | 6.7 | 7.4 |
| Office building | 3.6 | 3.9 |
| Retail | 2.3 | 1.9 |
| Hotel | 2.0 | 1.9 |
| Other | 4.8 | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment CRE | 27.5% | 28.5% |

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The following table presents the Company's investment CRE (which includes non-owner occupied and construction loans) by state. The table separately discloses all states that represent at least 5.0% of the Company's investment CRE portfolio as of either period presented, while the remainder are included in "All Others."

*Table 12*

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| | | |
|:---|:---|:---|
|  | **Investment CRE loans by State** | **Investment CRE loans by State** |
|  | **December 31, 2025** | **December 31, 2024** |
| Missouri | 12.5% | 14.6% |
| Arizona | 12.2 | 11.6 |
| Texas | 12.0 | 11.4 |
| Colorado | 11.7 | 9.1 |
| California | 5.1 | 3.0 |
| Utah | 4.9 | 8.1 |
| Florida | 4.3 | 5.8 |
| All others | 37.3 | 36.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment CRE | 100.0% | 100.0% |

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Nonaccrual, past due and restructured loans are discussed under "Quantitative and Qualitative Disclosure about Market Risk – Credit Risk Management" in Item 7A of this report.

**Investment Securities**

The Company's investment portfolio contains trading, available-for-sale (AFS), and held-to-maturity (HTM) securities as well as FRB stock, Federal Home Loan Bank (FHLB) stock, and other miscellaneous investments. Investment securities totaled $20.1 billion as of December 31, 2025 and $13.7 billion as of December 31, 2024 and comprised 29.9% and 28.5% of the Company's earning assets, respectively, as of those dates. A significant driver in

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the increase in the Company's investment portfolio was the acquisition of HTLF and its bond portfolio, which added total securities with an acquired fair value of $3.6 billion at January 31, 2025.

The Company's AFS securities portfolio comprised 68.1% of the Company's investment securities portfolio at December 31, 2025, compared to 56.9% at December 31, 2024. The Company's AFS securities portfolio provides liquidity as a result of the composition and average life of the underlying securities. This liquidity can be used to fund loan growth or to offset the outflow of traditional funding sources. The average life of the AFS securities portfolio increased from 56.0 months at December 31, 2024 to 74.8 months at December 31, 2025. In addition to providing a potential source of liquidity, the AFS securities portfolio can be used as a tool to manage interest rate sensitivity. The Company's goal in the management of its AFS securities portfolio is to maximize return within the Company's parameters of liquidity goals, interest rate risk and credit risk.

Management expects collateral pledging requirements for public funds, loan demand, and deposit funding to be the primary factors impacting changes in the level of AFS securities. There were $13.4 billion and $10.5 billion of securities pledged to secure U.S. Government deposits, other public deposits, certain trust deposits, derivative transactions, and repurchase agreements at December 31, 2025 and December 31, 2024, respectively.

The Company's HTM securities portfolio consists of U.S. Treasury securities, U.S. agency-backed securities, mortgage-backed securities, general obligation bonds, and private placement bonds. The Company's HTM portfolio, net of the ACL totaled $5.7 billion as of December 31, 2025, an increase of $346.3 million from December 31, 2024. The average life of the HTM portfolio was 8.5 years at December 31, 2025, compared to 9.1 years at December 31, 2024.

The securities portfolio generates the Company's second largest component of interest income. The AFS, HTM, and Other securities portfolios achieved an average yield on a tax-equivalent basis of 3.68% for 2025, compared to 2.96% in 2024.

At December 31, 2025, securities available for sale had a net unrealized loss of $290.8 million, or 2.1%, of the $14.0 billion amortized cost value, an improvement of $342.6 million compared to a net unrealized loss of $633.3 million the preceding year. This market value change primarily reflects the impact of decreasing market interest rates as of December 31, 2025, compared to December 31, 2024. These amounts are reflected, on an after-tax basis, in the Company's Accumulated other comprehensive income (loss) (AOCI) in shareholders' equity, as an unrealized loss of $221.4 million at year-end 2025, compared to an unrealized loss of $478.5 million for 2024. The AFS securities portfolio contains securities that have unrealized losses (see the table of these securities in Note 4, "Securities," in the Notes to the Consolidated Financial Statements). The unrealized losses in the Company's investments were caused by changes in interest rates, and not from a decline in credit of the underlying issuers. The U.S. Treasury, U.S. Agency, and Government Sponsored Entity (GSE) mortgage-backed securities are all considered to be agency-backed securities with no risk of loss as they are either explicitly or implicitly guaranteed by the U.S. government. The changes in fair value in the agency-backed portfolios are solely driven by change in interest rates caused by changing economic conditions. The Company has no knowledge of any underlying credit issues and the cash flows underlying the debt securities have not changed and are not expected to be impacted by changes in interest rates. As of December 31, 2025, the Company does not believe the decline in value in these portfolios is related to credit impairments and instead is due to increasing market interest rates. For the State and political subdivision portfolio, the majority of the Company's holdings are in general obligation bonds, which have a very low historical default rate due to issuers generally having unlimited taxing authority to service the debt. For the State and political, Corporates, and Collateralized loan obligations portfolios, the Company has a robust process for monitoring credit risk, including both pre-purchase and ongoing post-purchase credit reviews and analysis. The Company monitors credit ratings of all bond issuers in these segments and reviews available financial data, including market and sector trends. The Company does not have the intent to sell these securities and does not believe it is more likely than not that the Company will be required to sell these securities before a recovery of amortized cost. As of December 31, 2025, there is no ACL related to the Company's available-for-sale securities as the decline in fair value did not result from credit issues.

Securities held to maturity had a net unrealized loss of $473.8 million or 8.3% of the $5.7 billion amortized cost value as of December 31, 2025, compared to a net unrealized loss of $630.0 million at December 31, 2024. During 2022, the Company transferred securities with an amortized cost balance of $4.1 billion and a fair value of $3.8 billion from the AFS category to the HTM category. The transfer of securities was made at fair value at the time of transfer. The remaining balance of unrealized pre-tax losses related to transferred securities was $139.2 million as of December 31, 2025 and $171.3 million as of December 31, 2024, and was included in the amortized

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cost balance of HTM securities. See further information in Note 4, "Securities" in the Notes to Consolidated Financial Statements.

Included in Tables 13 and 14 are analyses of the fair value and average yield (tax-equivalent basis) of securities available for sale and securities held to maturity.

*Table 13*

**<u>SECURITIES AVAILABLE FOR SALE</u> *<u>(in thousands)</u>***

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Treasury Securities** | **U.S. Treasury Securities** | **U.S. Agency Securities** | **U.S. Agency Securities** |
| **<u>December 31, 2025</u>** | **Fair Value** | **Weighted<br>Average Yield** | **Fair Value** | **Weighted<br>Average Yield** |
| Due in one year or less | $348917 | 4.25% | $30667 | 4.39% |
| Due after 1 year through 5 years | 1971898 | 4.02 | 31703 | 4.35 |
| Due after 5 years through 10 years |  |  |  |  |
| Due after 10 years |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $2320815 | 4.05% | $62370 | 4.38% |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mortgage-backed Securities** | **Mortgage-backed Securities** | **State and Political<br>Subdivisions** | **State and Political<br>Subdivisions** |
| **<u>December 31, 2025</u>** | **Fair Value** | **Weighted<br>Average Yield** | **Fair Value** | **Weighted<br>Average Yield** |
| Due in one year or less | $40452 | 3.32% | $115434 | 3.60% |
| Due after 1 year through 5 years | 3549279 | 3.77 | 520478 | 3.25 |
| Due after 5 years through 10 years | 4150156 | 3.60 | 446628 | 3.95 |
| Due after 10 years | 427986 | 4.85 | 1364048 | 4.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $8167873 | 3.74% | $2446588 | 4.32% |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Corporates** | **Corporates** | **Collateralized Loan Obligations** | **Collateralized Loan Obligations** |
| **<u>December 31, 2025</u>** | **Fair Value** | **Weighted<br>Average Yield** | **Fair Value** | **Weighted<br>Average Yield** |
| Due in one year or less | $114138 | 1.96% | $— | —% |
| Due after 1 year through 5 years | 9538 | 6.94 | 18203 | 5.42 |
| Due after 5 years through 10 years | 53439 | 3.34 | 59716 | 5.24 |
| Due after 10 years |  |  | 456461 | 5.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $177115 | 2.65% | $534380 | 5.16% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Treasury Securities** | **U.S. Treasury Securities** | **U.S. Agency Securities** | **U.S. Agency Securities** |
| **<u>December 31, 2024</u>** | **Fair Value** | **Weighted<br>Average Yield** | **Fair Value** | **Weighted<br>Average Yield** |
| Due in one year or less | $164461 | 2.94% | $75781 | 3.10% |
| Due after 1 year through 5 years | 1161612 | 4.22 | 53266 | 4.38 |
| Due after 5 years through 10 years |  |  |  |  |
| Due after 10 years |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1326073 | 4.06% | $129047 | 3.63% |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mortgage-backed Securities** | **Mortgage-backed Securities** | **State and Political<br>Subdivisions** | **State and Political<br>Subdivisions** |
| **<u>December 31, 2024</u>** | **Fair Value** | **Weighted<br>Average Yield** | **Fair Value** | **Weighted<br>Average Yield** |
| Due in one year or less | $12036 | 2.34% | $97265 | 2.91% |
| Due after 1 year through 5 years | 1806392 | 3.27 | 446680 | 2.97 |
| Due after 5 years through 10 years | 2554980 | 2.31 | 297816 | 3.04 |
| Due after 10 years | 47522 | 4.26 | 376808 | 3.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $4420930 | 2.70% | $1218569 | 3.08% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Corporates** | **Corporates** | **Collateralized Loan Obligations** | **Collateralized Loan Obligations** |
| **<u>December 31, 2024</u>** | **Fair Value** | **Weighted<br>Average Yield** | **Fair Value** | **Weighted<br>Average Yield** |
| Due in one year or less | $97907 | 2.28% | $— | —% |
| Due after 1 year through 5 years | 124565 | 1.88 | 63635 | 6.10 |
| Due after 5 years through 10 years | 94698 | 3.35 | 132289 | 5.98 |
| Due after 10 years |  |  | 166621 | 6.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $317170 | 2.45% | $362545 | 6.08% |

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*Table 14*

**<u>SECURITIES HELD TO MATURITY</u> *<u>(in thousands)</u>***

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Treasury Securities** | **U.S. Treasury Securities** | **Mortgage-backed Securities** | **Mortgage-backed Securities** |
| **<u>December 31, 2025</u>** | **Fair Value** | **Weighted<br>Average<br>Yield/Average<br>Maturity** | **Fair Value** | **Weighted<br>Average<br>Yield/Average<br>Maturity** |
| Due in one year or less | $— | —% | $341 | 0.34% |
| Due after 1 year through 5 years | 38243 | 3.59 | 293057 | 2.32 |
| Due after 5 years through 10 years |  |  | 1779723 | 1.89 |
| Due over 10 years |  |  | 135841 | 1.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $38243 | 3.59% | $2208962 | 1.95% |

---

---

| | | |
|:---|:---|:---|
|  | **State and Political Subdivisions** | **State and Political Subdivisions** |
| **<u>December 31, 2025</u>** | **Fair Value** | **Weighted<br>Average<br>Yield/Average<br>Maturity** |
| Due in one year or less | $132448 | 4.84% |
| Due after 1 year through 5 years | 379179 | 2.88 |
| Due after 5 years through 10 years | 833694 | 3.01 |
| Due over 10 years | 1657939 | 3.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $3003260 | 3.34% |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Agency Securities** | **U.S. Agency Securities** | **Mortgage-backed Securities** | **Mortgage-backed Securities** |
| **<u>December 31, 2024</u>** | **Fair Value** | **Weighted<br>Average<br>Yield/Average<br>Maturity** | **Fair Value** | **Weighted<br>Average<br>Yield/Average<br>Maturity** |
| Due in one year or less | $115750 | 3.08% | $116 | 0.07% |
| Due after 1 year through 5 years |  |  | 270326 | 2.32 |
| Due after 5 years through 10 years |  |  | 1671839 | 1.65 |
| Due over 10 years |  |  | 162371 | 1.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $115750 | 3.08% | $2104652 | 1.74% |

---

---

| | | |
|:---|:---|:---|
|  | **State and Political Subdivisions** | **State and Political Subdivisions** |
| **<u>December 31, 2024</u>** | **Fair Value** | **Weighted<br>Average<br>Yield/Average<br>Maturity** |
| Due in one year or less | $90690 | 4.81% |
| Due after 1 year through 5 years | 255828 | 3.56 |
| Due after 5 years through 10 years | 729501 | 2.86 |
| Due over 10 years | 1452517 | 3.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $2528536 | 3.31% |

---

The table below provides detailed information for Other securities at December 31, 2025 and 2024:

*Table 15*

**<u>OTHER SECURITIES</u> *<u>(in thousands)</u>***

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| FRB and FHLB stock | $137498 | $42672 |
| Equity securities with readily determinable fair values | 14690 | 11596 |
| Equity securities without readily determinable fair values | 524112 | 416750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $676300 | $471018 |

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Equity securities with readily determinable fair values are generally traded on an exchange and market prices are readily available. Equity securities without readily determinable fair values are generally carried at cost less impairment. Unrealized gains or losses on equity securities with and without readily determinable fair values are recognized in the Investment Securities gains, net line of the Company's Consolidated Statements of Income.

For further information on the Company's investment securities, refer to Note 4, "Securities," in the Notes to the Consolidated Financial Statements.

**Other Earning Assets**

Federal funds transactions essentially are overnight loans between financial institutions, which allow for either the daily investment of excess funds or the daily borrowing of another institution's funds in order to meet short-term liquidity needs. The net borrowed position was $32.1 million at December 31, 2025 compared to $70.4 million at December 31, 2024.

The Bank buys and sells federal funds as agent for non-affiliated banks. Because the transactions are pursuant to agency arrangements, these transactions do not appear on the balance sheet and averaged $215.3 million in 2025 and $161.7 million in 2024.

At December 31, 2025, the Company held securities purchased under agreements to resell of $1.5 billion compared to $545.0 million at December 31, 2024. The Company uses these instruments as short-term secured investments, in lieu of selling federal funds, or to acquire securities required for collateral purposes. Balances will

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fluctuate based on the Company's liquidity and investment decisions as well as the Company's correspondent bank borrowing levels. These investments averaged $776.8 million in 2025 and $303.0 million in 2024.

The Company also maintains an active securities trading inventory. The average holdings in the securities trading inventory in 2025 were $17.2 million, compared to $22.3 million in 2024, and were recorded at fair market value. As discussed in "Quantitative and Qualitative Disclosures About Market Risk – Trading Account" in Part II, Item 7A, the Company offsets the trading account securities by the sale of exchange-traded financial futures contracts, with both the trading account and futures contracts marked to market daily.

Interest-bearing due from banks totaled $6.9 billion as of December 31, 2025 compared to $8.0 billion as of December 31, 2024 and includes amounts due from the FRB and interest-bearing accounts held at other financial institutions. The amount due from the FRB averaged $6.0 billion and $3.4 billion during the years ended December 31, 2025 and 2024, respectively. The increase in the FRB balance at December 31, 2025 compared to the prior year is primarily related to the acquisition of HTLF. The interest-bearing accounts held at other financial institutions totaled $121.1 million and $110.8 million at December 31, 2025 and 2024, respectively.

**Deposits and Borrowed Funds**

Deposits represent the Company's primary funding source for its asset base. In addition to the core deposits garnered by the Company's retail branch structure, the Company continues to focus on its cash management services, as well as its asset management and mutual fund servicing businesses in order to attract and retain additional core deposits. Management believes a strong core deposit composition is one of the Company's key strengths given its competitive product mix. Deposits totaled $60.7 billion at December 31, 2025 and $43.1 billion at December 31, 2024, an increase of $17.5 billion, or 40.6%. There were $590.4 million and $1.0 billion of brokered deposits as of December 31, 2025 and December 31, 2024, respectively. Deposits averaged $55.1 billion in 2025, and $35.3 billion in 2024. A significant driver in the increases in the Company's deposits was the acquisition of HTLF, which added total deposits with an acquired fair value of $14.3 billion at January 31, 2025.

Noninterest-bearing demand deposits averaged $14.1 billion in 2025 and $10.1 billion in 2024. These deposits represented 25.6% of average deposits in 2025, compared to 28.5% in 2024. The Company's large commercial customer base provides a significant source of noninterest-bearing deposits. Many of these commercial accounts do not earn interest; however, they receive an earnings credit to offset the cost of other services provided by the Company.

*Table 16*

**<u>MATURITIES OF UNINSURED TIME DEPOSITS</u> *<u>(in thousands)</u>***

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Maturing within 3 months | $852002 | $750150 |
| After 3 months but within 6 months | 147599 | 72123 |
| After 6 months but within 12 months | 178087 | 34937 |
| After 12 months | 24607 | 7075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1202295 | $864285 |

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As of December 31, 2025, there were an estimated $39.7 billion of uninsured deposits, as compared to $31.0 billion as of December 31, 2024. Estimated uninsured deposits comprised approximately 65.4% and 72.0% of total deposits as of December 31, 2025 and December 31, 2024, respectively. A portion of these uninsured deposits represent affiliate deposits and collateralized deposits. Affiliate deposits represent deposit accounts owned by the wholly owned subsidiaries of UMB Financial Corporation that are on deposit at the Bank. Collateralized deposits are public fund deposits or corporate trust deposits that are collateralized by high quality securities within the investment portfolio. Excluding affiliate deposits of $2.9 billion and collateralized deposits of $7.6 billion, the adjusted estimated uninsured deposits were $29.2 billion as of December 31, 2025. Excluding affiliate deposits of $2.4 billion and collateralized deposits of $6.0 billion, the adjusted estimated uninsured deposits were $22.7 billion as of December 31, 2024. The adjusted ratio of estimated uninsured deposits, excluding affiliate and collateralized deposits, as a percentage of total deposits was approximately 48.1% and 52.6% as of December 31, 2025, and December 31, 2024, respectively.

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The Company participates in the IntraFi Cash Service program, which allows its customers to place deposits into the program to receive reciprocal FDIC insurance coverage. As of December 31, 2025 and December 31, 2024, the Company had $3.5 billion and $1.3 billion of deposits in the program, respectively.

*Table 17*

**<u>ANALYSIS OF AVERAGE DEPOSITS</u> *<u>(in thousands)</u>***

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Amount: |  |  |
| Noninterest-bearing demand | $14105537 | $10077251 |
| Interest-bearing demand and savings | 37721002 | 22949608 |
| Time deposits under $250,000 | 1034746 | 1113096 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total core deposits | 52861285 | 34139955 |
| Time deposits of $250,000 or more | 2226060 | 1161497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | $55087345 | $35301452 |
| As a % of total deposits: |  |  |
| Noninterest-bearing demand | 25.6% | 28.5% |
| Interest-bearing demand and savings | 68.5 | 65.0 |
| Time deposits under $250,000 | 1.9 | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total core deposits | 96.0 | 96.7 |
| Time deposits of $250,000 or more | 4.0 | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 100.0% | 100.0% |

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**Capital Resources and Liquidity**

The Company places a significant emphasis on the maintenance of a strong capital position, which it believes promotes investor confidence, provides access to funding sources under favorable terms, and enhances the Company's ability to capitalize on business growth and acquisition opportunities. Higher levels of liquidity, however, bear corresponding costs, measured in terms of lower yields on short-term, more liquid earning assets, and higher expenses for extended liability maturities. The Company manages capital for each subsidiary based upon the subsidiary's respective risks and growth opportunities as well as regulatory requirements.

Total shareholders' equity increased $4.2 billion, or 121.9% to $7.7 billion at December 31, 2025 as compared to December 31, 2024, driven by the acquisition of HTLF. Total common shareholders' equity was $7.4 billion as of December 31, 2025. Total accumulated other comprehensive loss was $261.5 million at December 31, 2025, which is an improvement of $311.5 million as compared to December 31, 2024. During the second quarter of 2025, the Company issued 12.0 million depositary shares, each representing a 1/400th interest in a share of the Company's 7.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B. During the third quarter of 2025, the Company completed the redemption of all of its outstanding 7.00% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A at the redemption price of $10,000 per share.

The Board authorized, at its April 29, 2025 and April 30, 2024 meetings, the repurchase of up to one million shares of the Company's common stock during the twelve months following the meeting (a Repurchase Authorization). On July 25, 2023, the Board authorized the repurchase of up to one million shares of the Company's stock, which terminated on April 30, 2024. During 2025 and 2024, the Company did not repurchase shares of common stock pursuant to any of its announced Repurchase Authorizations, but did acquire shares pursuant to the Company's share-based incentive programs.

On April 28, 2024, the Company entered into the Merger Agreement with HTLF, a Delaware corporation and Blue Sky Merger Sub Inc., a Delaware corporation and wholly owned subsidiary of the Company. The Merger Agreement and the merger were unanimously approved by the boards of directors of the Company and HTLF. Pending regulatory approval and approval by the shareholders of the Company and HTLF, and the merger closed on January 31, 2025. Under the terms of the Merger Agreement, HTLF stockholders received a fixed exchange ratio of

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0.55 shares of the Company's common stock for each share of HTLF stock, with a total market value of approximately $2.8 billion.

Additionally, on April 29, 2024, the Company also announced that in connection with the execution of the Merger Agreement, it entered into a forward sale agreement with BofA Securities, Inc. or its affiliate to issue 2.8 million shares of its common stock. The underwriters were granted an option to purchase up to an additional 420 thousand shares of the Company's common stock exercisable within 30 days of April 28, 2024. The underwriters exercised this option in full on April 30, 2024, upon which the Company entered into an additional forward sale agreement relating to the 420 thousand shares of the Company's common stock. The forward sale agreements are classified as an equity instrument under ASC 815-40, *Contracts in Entity's Own Equity*. The Company received net proceeds of $235.1 million from the sale of shares of common stock and settlement of the forward sale agreements.

At the Company's quarterly board meeting, the Board declared a $0.43 per common share quarterly cash dividend payable on April 1, 2026, to common shareholders of record at the close of business on March 10, 2026. Additionally, the Board declared a dividend of $193.75 per share of the Company's Series B Preferred Stock, which results in a dividend of $0.484375 per depositary share. The Series B Preferred Stock dividend is payable on April 15, 2026 to stockholders of record of the Series B Preferred Stock as of the close of business on March 31, 2026.

Risk-based capital guidelines established by regulatory agencies set minimum capital standards based on the level of risk associated with a financial institution's assets. The Company has implemented the Basel III regulatory capital rules adopted by the FRB. Basel III capital rules include a minimum ratio of common equity tier 1 capital to risk-weighted assets of 4.5% and a minimum tier 1 risk-based capital ratio of 6%. A financial institution's total capital is also required to equal at least 8% of risk-weighted assets.

The risk-based capital guidelines indicate the specific risk weightings by type of asset. Certain off-balance sheet items (such as standby letters of credit and binding loan commitments) are multiplied by credit conversion factors to translate them into balance sheet equivalents before assigning them specific risk weightings. The Company is also required to maintain a leverage ratio equal to or greater than 4%. The leverage ratio is tier 1 core capital to total average assets less goodwill and intangibles. The Company's capital position as of December 31, 2025 is summarized in the table below and exceeded regulatory requirements.

*Table 18*

**<u>RISK-BASED CAPITAL</u> *<u>(in thousands)</u>***

*This table computes risk-based capital in accordance with current regulatory guidelines. These guidelines as of December 31, 2025, excluded net unrealized gains or losses on securities available for sale and net unrealized losses on securities held to maturity transferred from the available-for-sale category from the computation of regulatory capital and the related risk-based capital ratios.*

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Risk-Weighted Category** | **Risk-Weighted Category** | **Risk-Weighted Category** | **Risk-Weighted Category** | **Risk-Weighted Category** | **Risk-Weighted Category** | **Risk-Weighted Category** |
|  | **0%** | **20%** | **50%** | **100%** | **150%** | **250%** | **Total** |
| **Risk-Weighted Assets** |  |  |  |  |  |  |  |
| Loans held for sale | $— | $— | $2030 | $— | $— | $— | $2030 |
| Loans and leases | 404647 | 139694 | 3428357 | 34577863 | 228847 |  | 38779408 |
| Securities available for sale | 5974297 | 7178648 | 665406 | 181549 |  |  | 13999900 |
| Securities held to maturity | 613564 | 3831494 | 1418400 |  |  |  | 5863458 |
| Trading securities | 2636 | 13490 | 3697 | 2508 |  |  | 22331 |
| Cash and due from banks | 7054613 | 838469 |  |  |  |  | 7893082 |
| All other assets | 150007 | 196173 | 52712 | 2556099 |  | 273926 | 3228917 |
| &nbsp;&nbsp;&nbsp;&nbsp;Category totals | $14199764 | $12197968 | $5570602 | $37318019 | $228847 | $273926 | $69789126 |
| Risk-weighted totals | $— | $2439594 | $2785301 | $37318019 | $343271 | $684815 | $43571000 |
| Off-balance-sheet items <sup>(4)</sup> |  | 70905 | 59689 | 6091031 | 1056 |  | 6222681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total risk-weighted assets | $— | $2510499 | $2844990 | $43409050 | $344327 | $684815 | $49793681 |

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| | |
|:---|:---|
|  | **Total** |
| **Regulatory Capital** |  |
| Shareholders' equity | $7693568 |
| Less adjustments <sup>(1)</sup> | (2234225) |
| &nbsp;&nbsp;&nbsp;&nbsp;Common equity Tier 1/Tier 1 capital | 5459343 |
| Additional Tier 1 capital <sup>(2)</sup> | 294066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tier 1 capital | 5753409 |
| Tier 2 capital <sup>(3)</sup> | 901112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital | $6654521 |

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| | |
|:---|:---|
|  | **Company** |
| **Capital ratios** |  |
| Common Equity Tier 1 capital to risk-weighted assets | 10.96% |
| Tier 1 capital to risk-weighted assets | 11.55% |
| Total capital to risk-weighted assets | 13.36% |
| Leverage ratio (Tier 1 capital to total average assets less adjustments <sup>(1)</sup>) | 8.54% |

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(1)Adjustments include a portion of goodwill and intangibles as well as unrealized gains/losses on available-for-sale securities, cash flow hedges, and the impact of the Company's election to use the five-year CECL transition.

(2)Includes the Company's preferred stock.

(3)Includes the Company's ACL (inclusive of the reserve for off-balance sheet arrangements), subordinated long-term debt, and trust preferred subordinated notes.

(4)After credit conversion factor and risk weighting is applied.

For further discussion of regulatory capital requirements, see Note 10, "Regulatory Requirements" within the Notes to Consolidated Financial Statements under Item 8.

Repurchase agreements are transactions involving the exchange of investment funds by the customer for securities by the Company, under an agreement to repurchase the same issues at an agreed-upon price and date. Securities sold under agreements to repurchase and federal funds purchased totaled $3.3 billion at December 31, 2025, and $2.6 billion at December 31, 2024. Repurchase agreements and federal funds purchased averaged $2.8 billion in 2025 and $2.3 billion in 2024. The Company enters into these transactions with its downstream correspondent banks, commercial customers, and various trust, mutual fund, and local government relationships.

The Company is a member bank with the FHLB of Des Moines, and through this relationship, the Company owns FHLB stock and has access to additional liquidity and funding sources through FHLB advances. The Company's borrowing capacity is dependent upon the amount of collateral the Company places at the FHLB. As of December 31, 2025, and December 31, 2024, the Company owned $10.3 million and $10.2 million of FHLB stock, respectively.

The Company had no outstanding advances at the FHLB of Des Moines as of December 31, 2025 or December 31, 2024. As of December 31, 2025, the Company had four letters of credit outstanding with the FHLB of Des Moines to secure deposits. These letters of credit have an aggregate amount of $261.0 million and have various maturity dates through March 10, 2026. The Company's remaining borrowing capacity with the FHLB was $2.2 billion as of December 31, 2025. During 2024, the FHLB of Des Moines issued a letter of credit for $150.0 million on behalf of the Company to secure deposits. The letter of credit outstanding as of December 31, 2024 expired in January 2025 and was subsequently renewed with an expiration date in March 2025.

In addition to the borrowing capacity with the FHLB as described above, the Company had additional liquidity of $35.1 billion available via cash, unpledged bond collateral, the federal funds market, the Federal Reserve Discount Window, and the IntraFi Cash Service program as of December 31, 2025.

Long-term debt totaled $474.2 million at December 31, 2025, compared to $385.3 million at December 31, 2024. The increase in long-term debt in 2025 was driven by the acquisition of HTLF, which added total long-term

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debt with an acquired fair value of $278.0 million at January 31, 2025, partially offset by the repayment of the Company's 2020 subordinated notes during the third quarter of 2025.

In September 2022, the Company issued $110.0 million in aggregate subordinated notes due in September 2032. The Company received $107.9 million, after deducting underwriting discounts and commissions and offering expenses, and used the proceeds from the offering for general corporate purposes, including, among other uses, contributing Tier 1 capital into the Bank. The subordinated notes were issued with a fixed-to-fixed rate of 6.25% and an effective rate of 6.64% due to issuance costs, with an interest rate reset date of September 2027.

In September 2020, the Company issued $200.0 million in aggregate subordinated notes due in September 2030. The Company received $197.7 million, after deducting underwriting discounts and commissions and offering expenses, and used the proceeds from the offering for general corporate purposes, including, among other uses, contributing Tier 1 capital into the Bank. The subordinated notes were issued with a fixed-to-fixed rate of 3.70% and an effective rate of 3.93%, due to issuance costs. During the first quarter of 2025, the Company purchased and subsequently retired $11.1 million of its 2020 subordinated notes. During the third quarter of 2025, the Company redeemed the remainder of the outstanding 2020 subordinated notes.

As part of the acquisition of HTLF, the Company acquired $150.0 million in aggregate subordinated notes due in September 2031. The subordinated notes have a fixed interest rate of 2.75% until September 2026, at which time the interest rate will reset quarterly. The subordinated notes had an acquired fair value of $138.8 million as of January 31, 2025.

The remainder of the Company's long-term debt was assumed from the acquisitions of Marquette Financial Companies in 2015 and HTLF in 2025 and consists of debt obligations payable to 19 unconsolidated trusts that previously issued trust preferred securities. These long-term debt obligations had an aggregate contractual balance of $262.9 million and had a carrying value of $220.0 million at December 31, 2025. As of December 31, 2024, the debt obligations related to the four unconsolidated trusts acquired from Marquette had an aggregate contractual balance of $103.1 million and had a carrying value of $76.8 million. Interest rates on trust preferred securities are tied to the three-month term SOFR with spreads ranging from 133 basis points to 365 basis points and reset quarterly. The trust preferred securities have maturity dates ranging from September 2032 to September 2037. For further information on long-term debt refer to Note 9, "Borrowed Funds," in the Notes to the Consolidated Financial Statements.

The Company has material off-balance sheet arrangements in the form of loan commitments, commercial and standby letters of credit, futures contracts and forward exchange contracts, which have maturity dates rather than payment due dates. These commitments and contingent liabilities are not required to be recorded on the Company's balance sheet. Since commitments associated with letters of credit and lending and financing arrangements may expire unused, the amounts shown do not necessarily reflect the actual future cash funding requirements. See Table 19 below, as well as Note 15, "Commitments, Contingencies and Guarantees" in the Notes to Consolidated Financial Statements under Item 8 for detailed information and further discussion of these arrangements. Management does not anticipate any material losses from its off-balance sheet arrangements.

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*Table 19*

**<u>COMMITMENTS, MATERIAL CASH REQUIREMENTS AND OFF-BALANCE SHEET ARRANGEMENTS</u> *<u>(in thousands)</u>***

*The table below details the commitments, material cash requirements, and off-balance sheet arrangements for the Company as of December 31, 2025 and includes principal payments only. The Company has no capital leases or long-term purchase obligations.*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments due by Period** | **Payments due by Period** | **Payments due by Period** | **Payments due by Period** | **Payments due by Period** |
|  | **Total** | **Less than 1 year** | **1-3 years** | **3-5 years** | **More than 5 years** |
| **Material Cash Requirements** |  |  |  |  |  |
| Federal funds purchased and repurchase agreements | $3324938 | $3324938 | $— | $— | $— |
| Long-term debt obligations | 522896 |  |  |  | 522896 |
| Operating lease obligations | 80812 | 18125 | 31895 | 20046 | 10746 |
| Time deposits | 3760862 | 3614744 | 130244 | 13714 | 2160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $7689508 | $6957807 | $162139 | $33760 | $535802 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Maturities due by Period** | **Maturities due by Period** | **Maturities due by Period** | **Maturities due by Period** | **Maturities due by Period** |
|  | **Total** | **Less than 1 year** | **1-3 years** | **3-5 years** | **More than 5 years** |
| **Commitments, Contingencies and Guarantees** |  |  |  |  |  |
| Commitments to extend credit for loans (excluding credit card loans) | $17819711 | $7844323 | $6132122 | $2678552 | $1164714 |
| Commitments to extend credit under credit card loans | 5994640 | 5994640 |  |  |  |
| Commercial letters of credit | 217 | 217 |  |  |  |
| Standby letters of credit | 468384 | 353795 | 99002 | 14809 | 778 |
| Forward contracts | 119978 | 119978 |  |  |  |
| Spot foreign exchange contracts | 34233 | 34233 |  |  |  |
| Commitments to extend credit for securities purchased under agreements to resell | 191000 | 191000 |  |  |  |
| Total | $24628163 | $14538186 | $6231124 | $2693361 | $1165492 |

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For further discussion of capital and liquidity, see the "Quantitative and Qualitative Disclosures about Market Risk – Liquidity Risk" in Item 7A of this report.

**Critical Accounting Policies and Estimates**

Management's Discussion and Analysis of Financial Condition and Results of Operations discusses the Company's Consolidated Financial Statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The preparation of these Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments, including those related to customers and suppliers, allowance for credit losses, bad debts, investments, financing operations, long-lived assets, taxes, other contingencies and litigation. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which have formed the basis for making such judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Under different assumptions or conditions, actual results may differ from the recorded estimates.

Management believes that the Company's critical accounting policies and estimates are those relating to the allowance for credit losses and certain purchase accounting fair value estimates including the fair value of loans acquired in, and the core deposit intangibles associated with, the acquisition of HTLF.

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**Allowance for Credit Losses**

The Company's ACL represents management's judgment of the total expected losses included in the Company's assets held at amortized cost. The Company's process for recording the ACL is based on the evaluation of the Company's lifetime historical loss experience, management's understanding of the credit quality inherent in the loan portfolio, and the impact of the current economic environment, coupled with reasonable and supportable economic forecasts.

A mathematical calculation of an estimate is made to assist in determining the adequacy and reasonableness of management's recorded ACL. To develop the estimate, the Company follows the guidelines in ASC Topic 326, *Financial Instruments – Credit Losses*. The estimate reserves for assets held at amortized cost, which include the Company's loan and held-to-maturity security portfolios.

The estimation process involves the consideration of quantitative and qualitative factors relevant to the specific segmentation of loans. These factors have been established over decades of financial institution experience and include economic observation and loan loss characteristics. This process is designed to produce a lifetime estimate of the losses, at a reporting date, that is based on evaluation of historical loss experience, current economic conditions, reasonable and supportable forecasts, and the qualitative framework outlined by the Office of the Comptroller of the Currency in the published 2020 Interagency Policy Statement. This process allows management to take a holistic view of the recorded ACL reserve and ensure that all significant and pertinent information is considered in its estimate.

The Company considers a variety of factors to ensure the safety and soundness of its estimate including a strong internal control framework, extensive methodology documentation, credit underwriting standards which encompass the Company's desired risk profile, model validation, and ratio analysis. If the Company's total ACL estimate, as determined in accordance with the approved ACL methodology, is either outside a reasonable range based on review of economic indicators or by comparison of historical ratio analysis, the ACL estimate is an outlier and management will investigate the underlying reason(s). Based on that investigation, issues or factors that previously had not been considered may be identified in the estimation process, which may warrant adjustments to estimated credit losses.

The ending result of this process is a recorded consolidated ACL that represents management's best estimate of the total expected losses included in the loan and held-to-maturity security portfolios considering available information, from internal and external sources, relevant to assessing exposure to credit loss over the contractual term of the instrument. While management utilizes its best judgment and information available, the ultimate adequacy of the ACL is dependent upon a variety of factors beyond the Company's control, including the performance of its portfolios, the economy, and changes in interest rates. As such, significant downturns in circumstances relating to loan quality and economic conditions could result in a requirement for additional allowance. Likewise, an upturn in loan quality and improved economic conditions may allow a reduction in the required allowance. In either instance, unanticipated changes could have a significant impact on the Company's Provision for credit losses and ACL reported in its Consolidated Income Statements and Consolidated Balance Sheets, respectively.

For more information on loan portfolio segments, the Company's ACL methodology, and management's assumptions in estimating the ACL, refer to the section captioned "Allowance for Credit Losses" within Note 3, "Loans and Allowance for Credit Losses," in the Notes to the Consolidated Financial Statements.

**Purchase Accounting Fair Value Estimates**

Assets acquired and liabilities assumed in a business combination are recorded at their fair values as of the date of acquisition. The determination of estimated fair values required management to make certain estimates about discount rates, expected future cash flows, market conditions at the time of acquisition, and other future events that are highly subjective in nature and may require adjustments. The fair values for these items are further discussed in Note 1, "Summary of Significant Accounting Policies" and Note 20, "Acquisition," in the Notes to the Consolidated Financial Statements. Fair values of loans acquired in and core deposit intangibles associated with the acquisition of HTLF are considered critical accounting estimates and are further discussed below.

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*Loans*

The fair value for acquired loans was based on a discounted cash flow method that considered the loans' underlying characteristics including account type, remaining terms of loans, annual interest rates or coupon, fixed or variable interest rate, past delinquencies, risk rating, timing of principal and interest payments, current market rates, loan to value ratios, loss exposure, more specifically the probability of default and loss given default, and remaining balance. Loans were aggregated according to similar characteristics when applying the valuation method.

*Core Deposit Intangibles*

Core deposit intangibles represent the value of relationships with deposit clients and the cost savings derived from available core deposits relative to an alternative funding source. The fair value of the core deposit intangible was estimated using a net cost savings method, a variation of the income approach. This approach considers expected client attrition rates, average life and balance inflation, alternative cost of funds, the interest cost and net maintenance cost associated with the client deposit base, and a discount rate used to discount the future economic benefits of the core deposit intangible asset to present value.

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## ITEM 7A. *QUANTITATIVE AND QUALITAT IVE DISCLOSURES ABOUT MARKET RISK* 
**Risk Management**

Market risk is a broad term for the risk of economic loss due to adverse changes in the fair value of a financial instrument. These changes may be the result of various factors, including interest rates, foreign exchange prices, commodity prices, or equity prices. Financial instruments that are subject to market risk can be classified either as held for trading or held for purposes other than trading.

The Company is subject to market risk primarily through the effect of changes in interest rates of its assets held for purposes other than trading. The following discussion of interest rate risk, however, combines instruments held for trading and instruments held for purposes other than trading because the instruments held for trading represent such a small portion of the Company's portfolio that the interest rate risk associated with them is immaterial.

**Interest Rate Risk**

In the banking industry, a major risk exposure is changing interest rates. To minimize the effect of interest rate changes to net interest income and exposure levels to economic losses, the Company manages its exposure to changes in interest rates through asset and liability management within guidelines established by its Asset Liability Committee (ALCO) and approved by the Board. The ALCO is responsible for approving and ensuring compliance with asset/liability management policies, including interest rate exposure. The Company's primary method for measuring and analyzing consolidated interest rate risk is the Net Interest Income Simulation Analysis. The Company also uses a Net Portfolio Value model to measure market value risk under various rate change scenarios and a gap analysis to measure maturity and repricing relationships between interest-earning assets and interest-bearing liabilities at specific points in time. On a limited basis, the Company uses hedges such as swaps, rate floors, and futures contracts to manage interest rate risk on certain loans, trading securities, trust preferred securities, and deposits. See further information in Note 17 "Derivatives and Hedging Activities" in the Notes to the Company's Consolidated Financial Statements.

Overall, the Company attempts to manage interest rate risk by positioning the balance sheet to maximize net interest income while maintaining an acceptable level of interest rate and credit risk, remaining mindful of the relationship among profitability, liquidity, interest rate risk and credit risk.

**Net Interest Income Modeling**

The Company's primary interest rate risk tool, the Net Interest Income Simulation Analysis, measures interest rate risk and the effect of interest rate changes on net interest income and net interest margin. This analysis incorporates all of the Company's assets and liabilities together with assumptions that reflect the current interest rate environment. Through these simulations, management estimates the impact on net interest income of a 200-basis-point upward or a 300-basis-point downward gradual change (e.g. ramp) and immediate change (e.g. shock) of market interest rates over a two-year period. In ramp scenarios, rates change gradually for a one-year period and remain constant in year two. In shock scenarios, rates change immediately and the change is sustained for the remainder of the two year scenario horizon. Assumptions are made to project rates for new loans and deposits based on historical analysis, management outlook and repricing strategies. Asset prepayments and other market risks are developed from industry estimates of prepayment speeds and other market changes. The results of these simulations can be significantly influenced by assumptions utilized and management evaluates the sensitivity of the simulation results on a regular basis.

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Table 20 shows the net interest income percentage increase or decrease over the next twelve- and twenty-four-month periods as of December 31, 2025 and 2024 based on hypothetical changes in interest rates and a constant sized balance sheet with runoff being replaced.

*Table 20*

**<u>MARKET RISK</u>**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Hypothetical change in interest rate – Rate Ramp** | **Hypothetical change in interest rate – Rate Ramp** | **Hypothetical change in interest rate – Rate Ramp** | **Hypothetical change in interest rate – Rate Ramp** |
|  | **Year One** | **Year One** | **Year Two** | **Year Two** |
|  | **December 31,<br>2025** | **December 31,<br>2024** | **December 31,<br>2025** | **December 31,<br>2024** |
| **(basis points)** | **Percentage change** | **Percentage change** | **Percentage change** | **Percentage change** |
| 200 | (2.0)% | (3.9)% | 3.8% | 1.3% |
| 100 | (1.1) | (2.3) | 1.3 | (0.2) |
| Static |  |  |  |  |
| (100) | 1.8 | 3.0 | (0.9) | 0.7 |
| (200) | 3.5 | 6.1 | (2.3) | 1.6 |
| (300) | 5.6 | 9.1 | (2.8) | 1.5 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Hypothetical change in interest rate – Rate Shock** | **Hypothetical change in interest rate – Rate Shock** | **Hypothetical change in interest rate – Rate Shock** | **Hypothetical change in interest rate – Rate Shock** |
|  | **Year One** | **Year One** | **Year Two** | **Year Two** |
|  | **December 31,<br>2025** | **December 31,<br>2024** | **December 31,<br>2025** | **December 31,<br>2024** |
| **(basis points)** | **Percentage change** | **Percentage change** | **Percentage change** | **Percentage change** |
| 200 | 0.2% | (2.7)% | 5.0% | 3.0% |
| 100 | (0.9) | (2.3) | 1.7 | 0.6 |
| Static |  |  |  |  |
| (100) | 1.2 | 3.4 | (1.9) | (0.4) |
| (200) | 2.0 | 6.8 | (4.7) | (0.7) |
| (300) | 3.6 | 9.1 | (6.9) | (2.3) |

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The Company is positioned relatively neutral to changes in interest rates in the next year. Net interest income is predicted to increase in the 200-basis-point upward shock scenario. Net interest income is predicted to decrease in the 100-basis-point upward shock scenario and all upward rate ramp scenarios. In down rate scenarios net interest income is predicted to increase in all scenarios. In year two, net interest income is predicted to increase in all rising rate scenarios and decrease in all falling rate scenarios. The Company's ability to price deposits consistent with its historical approach is a key assumption in these scenarios.

**Repricing Mismatch Analysis**

The Company also evaluates its interest rate sensitivity position in an attempt to maintain a balance between the amount of interest-bearing assets and interest-bearing liabilities which are expected to mature or reprice at any point in time. While a traditional repricing mismatch analysis (gap analysis) provides a snapshot of interest rate risk, it does not take into consideration that assets and liabilities with similar repricing characteristics may not, in fact, reprice at the same time or the same degree. Also, it does not necessarily predict the impact of changes in general levels of interest rates on net interest income.

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Table 21 is a static gap analysis, which presents the Company's assets and liabilities, based on their repricing or maturity characteristics and reflecting principal amortization. Table 22 presents the break-out of fixed and variable rate loans by repricing or maturity characteristics for each loan class.

*Table 21*

**<u>INTEREST RATE SENSITIVITY ANALYSIS</u> *<u>(in millions)</u>***

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **1-90** | **91-180** | **181-365** |  | **1-5** | **Over 5** |  |
|  | **Days** | **Days** | **Days** | **Total** | **Years** | **Years** | **Total** |
| **December 31, 2025 Earning assets** |  |  |  |  |  |  |  |
| Loans | $26031.2 | $1032.1 | $1528.2 | $28591.5 | $8166.9 | $2023.0 | $38781.4 |
| Securities | 1459.5 | 628.7 | 1058.9 | 3147.1 | 7832.0 | 9130.6 | 20109.7 |
| Federal funds sold and resell agreements | 1548.1 |  |  | 1548.1 |  |  | 1548.1 |
| Other | 6962.9 |  |  | 6962.9 |  |  | 6962.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total earning assets | $36001.7 | $1660.8 | $2587.1 | $40249.6 | $15998.9 | $11153.6 | $67402.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;% of total earning assets | 53.4% | 2.5% | 3.8% | 59.7% | 23.7% | 16.6% | 100.0% |
| **Funding sources** |  |  |  |  |  |  |  |
| Interest-bearing demand and savings | $39752.6 | $— | $— | $39752.6 | $— | $— | $39752.6 |
| Time deposits | 2106.9 | 749.0 | 758.8 | 3614.7 | 144.0 | 2.2 | 3760.9 |
| Federal funds purchased and repurchase agreements | 3324.9 |  |  | 3324.9 |  |  | 3324.9 |
| Long term debt | 220.0 |  | 144.9 | 364.9 | 109.3 |  | 474.2 |
| Noninterest-bearing sources | 17143.4 |  |  | 17143.4 |  | 2946.1 | 20089.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total funding sources | $62547.8 | $749.0 | $903.7 | $64200.5 | $253.3 | $2948.3 | $67402.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;% of total earning assets | 92.8% | 1.1% | 1.3% | 95.2% | 0.4% | 4.4% | 100.0% |
| Interest sensitivity gap | $(26546.1) | $911.8 | $1683.4 | $(23950.9) | $15745.6 | $8205.3 |  |
| Cumulative gap | (26546.1) | (25634.3) | (23950.9) | (23950.9) | (8205.3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;As a % of total earning assets | (39.4)% | (38.0)% | (35.5)% | (35.5)% | (12.2)% | —% |  |
| Ratio of earning assets to funding sources | 0.58 | 2.22 | 2.86 | 0.63 | 63.16 | 3.78 |  |
| Cumulative ratio of earning assets to funding sources |  |  |  |  |  |  |  |
| 2025 | 0.58 | 0.60 | 0.63 | 0.63 | 0.87 | 1.00 |  |
| 2024 | 0.58 | 0.60 | 0.62 | 0.62 | 0.87 | 1.00 |  |

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*Table 22*

**Maturities and Sensitivities to Changes in Interest Rates**

*This table details loan maturities by variable and fixed rates as of December 31, 2025 (in thousands):*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Due in one year or less** | **Due after one year through five years** | **Due after five years through fifteen years** | **Due after fifteen years** | **Total** |
| **Variable Rate** |  |  |  |  |  |
| Commercial and industrial | $12796916 | $125919 | $8951 | $— | $12931786 |
| Specialty lending | 518237 |  |  |  | 518237 |
| Commercial real estate | 9982792 | 504883 | 11094 |  | 10498769 |
| Consumer real estate | 1057762 | 733182 | 243066 |  | 2034010 |
| Consumer | 174272 | 114 |  |  | 174386 |
| Credit cards | 700525 | 208 |  |  | 700733 |
| Leases and other | 213745 | 1036 |  |  | 214781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total variable rate loans | 25444249 | 1365342 | 263111 |  | 27072702 |
| **Fixed Rate** |  |  |  |  |  |
| Commercial and industrial | 868424 | 2309459 | 160809 | 42 | 3338734 |
| Specialty lending |  |  |  |  |  |
| Commercial real estate | 1647823 | 3473889 | 749788 | 5970 | 5877470 |
| Consumer real estate | 592037 | 970589 | 682562 | 159300 | 2404488 |
| Consumer | 31742 | 32181 | 502 |  | 64425 |
| Credit cards |  |  |  |  |  |
| Leases and other | 7271 | 15476 | 871 | 1 | 23619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total fixed rate loans | 3147297 | 6801594 | 1594532 | 165313 | 11708736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans and loans held for sale | $28591546 | $8166936 | $1857643 | $165313 | $38781438 |

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**Trading Account**

The Company carries securities in a trading account that is maintained in accordance with Board-approved policy and procedures. The policy limits the amount and type of securities that can be carried in the trading account and requires compliance with any limits under applicable law and regulations, and mandates the use of a value-at-risk methodology to manage price volatility risks within financial parameters. The risk associated with the carrying of trading securities is offset by utilizing financial instruments including exchange-traded financial futures as well as short sales of U.S. Treasury and Corporate securities. The trading securities and related hedging instruments are marked-to-market daily. The trading account had a balance of $22.3 million as of December 31, 2025, compared to $28.5 million as of December 31, 2024. Securities sold not yet purchased (i.e., short positions) totaled $4.1 million at December 31, 2025 and $7.1 million at December 31, 2024 and are classified within the Other liabilities line of the Company's Consolidated Balance Sheets.

The Company is subject to market risk primarily through the effect of changes in interest rates of its assets held for purposes other than trading. The discussion in Table 21 above of interest rate risk, however, combines instruments held for trading and instruments held for purposes other than trading, because the instruments held for trading represent such a small portion of the Company's portfolio that the interest rate risk associated with them is immaterial.

**Other Market Risk**

The Company has minimal foreign currency risk as a result of foreign exchange contracts. See Note 10, "Commitments, Contingencies and Guarantees" in the Notes to the Consolidated Financial Statements.

**Credit Risk Management**

Credit risk represents the risk that a customer or counterparty may not perform in accordance with contractual terms. The Company utilizes a centralized credit administration function, which provides information on the Bank's

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risk levels, delinquencies, an internal risk grading system and overall credit exposure. Loan requests are centrally reviewed to ensure the consistent application of the loan policy and standards. In addition, the Company has an internal loan review staff that operates independently of the Bank. This review team performs periodic examinations of the Bank's loans for credit quality, documentation and loan administration. The respective regulatory authority of the Bank also reviews loan portfolios.

A primary indicator of credit quality and risk management is the level of nonperforming loans. Nonperforming loans include both nonaccrual loans and restructured loans on nonaccrual. The Company's nonperforming loans increased $125.4 million to $144.7 million at December 31, 2025, compared to December 31, 2024. The increase is attributable to additional non-performing loans related to the acquisition of HTLF. There was an immaterial amount of interest recognized on nonperforming loans during 2025, 2024, and 2023.

The Company had $4.8 million and $1.6 million of other real estate owned as of December 31, 2025 and December 31, 2024, respectively. Other repossessed assets totaled $26.8 million as of December 31, 2024. Loans past due more than 90 days and still accruing interest totaled $18.4 million as of December 31, 2025, compared to $7.6 million as of December 31, 2024.

A loan is generally placed on nonaccrual status when payments are past due 90 days or more and/or when management has considerable doubt about the borrower's ability to repay on the terms originally contracted. The accrual of interest is discontinued and recorded thereafter only when actually received in cash.

Certain loans are restructured to provide a reduction or deferral of interest or principal due to deterioration in the financial condition of the respective borrowers. The Company had $169 thousand of restructured loans at December 31, 2025 and $196 thousand at December 31, 2024.

*Table 23*

**<u>LOAN QUALITY</u> *<u>(in thousands)</u>***

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Nonaccrual loans | $144640 | $19241 |
| Restructured loans on nonaccrual | 26 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-performing loans | 144666 | 19282 |
| Other real estate owned | 4800 | 1612 |
| Other repossessed assets |  | 26779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-performing assets | $149466 | $47673 |
| Loans past due 90 days or more | $18403 | $7602 |
| Restructured loans accruing | 143 | 155 |
| Allowance for credit losses on loans | 419478 | 259089 |
| Ratios |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-performing loans as a % of loans | 0.37% | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-performing assets as a % of loans plus other real estate owned and other repossessed assets | 0.39 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-performing assets as a % of total assets | 0.20 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans past due 90 days or more as a % of loans | 0.05 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses on loans as a % of loans | 1.08 | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses on loans as a multiple of non-performing loans | 2.90x | 13.44x |

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*Table 24*

**<u>SUMMARY OF NET CHARGE-OFFS</u> *<u>(in thousands)</u>***

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Net Charge-Offs (Recoveries)** | **Average Loans Outstanding** | **Net Charge-Offs (Recoveries) to Average Loans Outstanding** | **Net Charge-Offs (Recoveries)** | **Average Loans Outstanding** | **Net Charge-Offs (Recoveries) to Average Loans Outstanding** |
| **At December 31:** |  |  |  |  |  |  |
| Commercial and industrial | $44138 | $14437140 | 0.31% | $3551 | $10169805 | 0.03% |
| Specialty lending |  | 549409 |  | (4) | 497301 | (0.00) |
| Commercial real estate | 11596 | 15789274 | 0.07 | 250 | 9517745 | 0.00 |
| Consumer real estate | 1766 | 4188867 | 0.04 | (216) | 3036136 | (0.01) |
| Consumer real estate | 2693 | 254889 | 1.06 | 1283 | 166278 | 0.77 |
| Credit cards | 22157 | 744939 | 2.97 | 18397 | 587958 | 3.13 |
| Leases and other | 21 | 101435 | 0.02 | 1 | 234324 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $82371 | $36065953 | 0.23% | $23262 | $24209547 | 0.10% |

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Net charge-offs for the year ended December 31, 2025 were $82.4 million, compared to $23.3 million for the year ended December 31, 2024.

**Liquidity Risk**

Liquidity represents the Company's ability to meet financial commitments through the maturity and sale of existing assets or availability of additional funds. The Company believes that the most important factor in the preservation of liquidity is maintaining public confidence that facilitates the retention and growth of a large, stable supply of core deposits and wholesale funds. Ultimately, the Company believes public confidence is generated through profitable operations, sound credit quality and a strong capital position. The primary source of liquidity for the Company is regularly scheduled payments on and maturity of assets, which include $13.7 billion of high-quality securities available for sale. The liquidity of the Company and the Bank is also enhanced by its activity in the federal funds market and by its core deposits. Additionally, management believes it can raise debt or equity capital on favorable terms in the future, should the need arise.

Another factor affecting liquidity is the amount of deposits and customer repurchase agreements that have pledging requirements. All customer repurchase agreements require collateral in the form of a security. The U.S. Government, other public entities, and certain trust depositors require the Company to pledge securities if their deposit balances are greater than the FDIC-insured deposit limitations. These pledging requirements affect liquidity risk in that the related security cannot otherwise be disposed due to the pledging restriction. At December 31, 2025, $13.4 billion, or 68.8%, of securities were pledged or used as collateral, compared to $10.5 billion, or 80.1%, at December 31, 2024.

The Company also has other commercial commitments that may impact liquidity. These commitments include unused commitments to extend credit, standby letters of credit and financial guarantees, and commercial letters of credit. The total amount of these commercial commitments at December 31, 2025 was $24.3 billion. Since many of these commitments expire without being drawn upon, the total amount of these commercial commitments does not necessarily represent the future cash requirements of the Company.

The Company's cash requirements consist primarily of dividends to shareholders, debt service, operating expenses, and treasury stock purchases. Management fees and dividends received from bank and non-bank subsidiaries traditionally have been sufficient to satisfy these requirements and are expected to be sufficient in the future. The declaration and payment of dividends to shareholders, as well as the amount thereof, are subject to the discretion of the Board and depend on the Company's results of operations, financial condition, capital levels, cash requirements, future prospects, regulatory requirements and other factors deemed relevant by the Board. There can be no assurance the Company will declare and pay dividends to shareholders. The Bank is subject to various rules regarding payment of dividends to the Company. For the most part, the Bank can pay dividends at least equal to its current year's earnings without seeking prior regulatory approval. The Company also uses cash to inject capital into the Bank and its non-Bank subsidiaries to maintain adequate capital as well as to fund strategic initiatives.

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In September 2022, the Company issued $110.0 million in aggregate subordinated notes due in September 2032. The Company received $107.9 million, after deducting underwriting discounts and commissions and offering expenses, and used the proceeds from the offering for general corporate purposes, including, among other uses, contributing Tier 1 capital into the Bank. The subordinated notes were issued with a fixed-to-fixed rate of 6.25% and an effective rate of 6.64%, due to issuance costs, with an interest rate reset date of September 2027.

In September 2020, the Company issued $200.0 million in aggregate subordinated notes due in September 2030. The Company received $197.7 million, after deducting underwriting discounts and commissions and offering expenses, and used the proceeds from the offering for general corporate purposes, including, among other uses, contributing Tier 1 capital into the Bank. The subordinated notes were issued with a fixed-to-fixed rate of 3.70% and an effective rate of 3.93%, due to issuance costs. During the first quarter of 2025, the Company purchased and subsequently retired $11.1 million of its 2020 subordinated notes. During the third quarter of 2025, the Company redeemed the remainder of the outstanding 2020 subordinated notes.

As part of the acquisition of HTLF, the Company acquired $150.0 million in aggregate subordinated notes due September 2031. The subordinated notes have a fixed interest rate of 2.75% until September 2026, at which time the interest rate will reset quarterly. The subordinated notes had an acquired fair value of $138.8 million as of January 31, 2025.

The Company is a member bank with the FHLB of Des Moines, and through this relationship, the Company owns FHLB stock and has access to additional liquidity and funding sources through FHLB advances. The Company's borrowing capacity is dependent upon the amount of collateral the Company places at the FHLB. As of December 31, 2025, and December 31, 2024, the Company owned $10.3 million and $10.2 million of FHLB stock, respectively.

The Company had no outstanding advances at the FHLB of Des Moines as of December 31, 2025 or December 31, 2024. As of December 31, 2025, the Company had four letters of credit outstanding with the FHLB of Des Moines to secure deposits. These letters of credit have an aggregate amount of $261.0 million and have various maturity dates through March 10, 2026. The Company's remaining borrowing capacity with the FHLB was $2.2 billion as of December 31, 2025. During 2024, the FHLB of Des Moines issued a letter of credit for $150.0 million on behalf of the Company to secure deposits. The letter of credit outstanding as of December 31, 2024 expired in January 2025 and was subsequently renewed with an expiration date in March 2025.

In addition to the borrowing capacity with the FHLB as described above, the Company had additional liquidity of $35.1 billion available via cash, unpledged bond collateral, the federal funds market, the Federal Reserve Discount Window, and the IntraFi Cash Service program as of December 31, 2025.

**Operational Risk**

Operational risk generally refers to the risk of loss resulting from the Company's operations, including those operations performed for the Company by third parties. This would include but is not limited to the risk of fraud by employees or persons outside the Company, the execution of unauthorized transactions by employees or others, errors relating to transaction processing, breaches of the internal control system and compliance requirements, and unplanned interruptions in service. This risk of loss also includes the potential legal or regulatory actions that could arise as a result of an operational deficiency, or as a result of noncompliance with applicable regulatory standards.

The Company operates in many markets and relies on the ability of its employees and systems to properly process a high number of transactions. In the event of a breakdown in internal control systems, improper operation of systems or improper employee actions, the Company could suffer financial loss, face regulatory action and suffer damage to its reputation. In order to address this risk, management maintains a system of internal controls with the objective of providing proper transaction authorization and execution, safeguarding of assets from misuse or theft, and ensuring the reliability of financial and other data.

The Company maintains systems of internal controls that provide management with timely and accurate information about the Company's operations. These systems have been designed to manage operational risk at appropriate levels given the Company's financial strength, the environment in which it operates, and considering factors such as competition and regulation. The Company has also established procedures that are designed to ensure that policies relating to conduct, ethics and business practices are followed on a uniform basis. In certain cases, the Company has experienced losses from operational risk. Such losses have included the effects of operational errors

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that the Company has discovered and included as expense in the statement of income. While there can be no assurance that the Company will not suffer such losses in the future, management continually monitors and works to improve its internal controls, systems and corporate-wide processes and procedures.

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## ITEM 8. *FINANCIAL STATEMEN TS AND SUPPLEMENTARY DATA* 
**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Directors

UMB Financial Corporation:

*Opinion on the Consolidated Financial Statements*

We have audited the accompanying consolidated balance sheets of UMB Financial Corporation and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, changes in shareholders' equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 26, 2026 expressed an unqualified opinion on the effectiveness of the Company's internal control over financial reporting.

*Basis for Opinion*

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

*Critical Audit Matters*

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

*Allowance for credit losses on certain loans evaluated on a collective basis*

As discussed in Notes 1 and 3 to the consolidated financial statements, the Company's total allowance for credit losses on loans was $419.5 million as of December 31, 2025, a substantial portion of which related to the allowance for credit losses for loans evaluated on a collective basis for the commercial and industrial and commercial real estate segments (the collective ACL). The collective ACL includes the measure of expected credit losses on a pool basis for loans where similar risk characteristics exist and is determined using relevant available information from internal and external sources related to historical credit loss experience, current

------

conditions, and reasonable and supportable economic forecasts. The Company uses probability of default (PD) and loss given default (LGD) models for the commercial and industrial and commercial real estate segments. For the commercial and industrial segment, the collective ACL is calculated by modeling PD over future periods multiplied by historical LGD multiplied by contractual exposure at default minus any estimated prepayments and charge offs. For the commercial real estate segment, the collective ACL is calculated by modeling PD over future periods based on peer bank data. The PD loss rate is then multiplied by historical LGD multiplied by contractual exposure at default minus any estimated prepayments and charge offs. Primary risk drivers are segment specific and include macro-economic variables and risk ratings of the individual loans within the commercial and industrial and commercial real estate loan segments. After the reasonable and supportable forecast periods, the Company reverts to historical loss experience for each portfolio using a cliff or straight-line reversion method. A portion of the collective ACL is comprised of qualitative factors which represent adjustments to historical loss experience.

We identified the assessment of the collective ACL as a critical audit matter. A high degree of audit effort, including specialized skills and knowledge, and subjective and complex auditor judgment was involved in the assessment of the collective ACL. Specifically, the assessment encompassed the evaluation of the collective ACL methodology, including the methods and models used to estimate (1) the PD and LGD and historical loss rates and their significant assumptions, including average prepayment rates, the economic forecast scenario, macro-economic variables, the reasonable and supportable forecast periods, lengths of time and methods of reversion, and risk ratings, and (2) the qualitative factors and their significant assumptions. The assessment also included an evaluation of the conceptual soundness and performance of the PD and LGD and historical loss rate models.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the measurement of the collective ACL, including controls related to the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•design of the collective ACL methodology

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•continued use of the PD and LGD and historical loss rate models

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•determination and measurement of the significant assumptions used in the PD and LGD and historical loss rate models

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•continued use of the qualitative factors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•performance monitoring of the PD and LGD and historical loss rate models

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•analysis of the overall ACL results, trends, and ratios

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•risk ratings assigned to loans.

We evaluated the Company's process to develop the collective ACL estimate by testing certain sources of data, factors, and assumptions that the Company used, and considered the relevance and reliability of such data, factors, and assumptions. In addition, we involved credit risk professionals with specialized skills and knowledge, who assisted in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•evaluating the Company's collective ACL methodology for compliance with U.S. generally accepted accounting principles

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•evaluating judgments made by the Company relative to the continued use and performance monitoring of the PD and LGD and historical loss rate models by comparing them to relevant Company specific metrics and trends and the applicable industry and regulatory practices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•assessing the conceptual soundness and performance testing of the PD and LGD and historical loss rate models by inspecting the model documentation to determine whether the models are suitable for their intended use

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•evaluating the methodology used to develop the economic forecast scenario and underlying assumptions by comparing it to the Company's business environment and relevant industry practices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•testing the historical credit cycle period and evaluating the length of the reasonable and supportable forecast period by comparing to specific portfolio risk characteristics and trends

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•testing individual risk ratings for a selection of commercial and industrial and commercial real estate loans by evaluating the financial performance of the borrower, sources of repayment, and any relevant guarantees or underlying collateral

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•evaluating the methodology used to develop the qualitative factors and the effect of those factors on the collective ACL compared with relevant credit risk factors and consistency with credit trends and identified limitations of the underlying quantitative models.

*Fair value measurement of acquired loans and the core deposit intangible in the acquisition of Heartland Financial USA, Inc. (HTLF)*

As discussed in Note 20 to the consolidated financial statements, on January 31, 2025, the Company completed its acquisition of Heartland Financial USA, Inc. The transaction was accounted for as a business combination and the assets acquired and liabilities assumed are required to be measured at fair value at the date of acquisition under the purchase method of accounting. The Company acquired loans with a fair value of $9.8 billion and established a core deposit intangible (CDI) asset with a fair value of $474.1 million. The fair value of the acquired loans is based on a discounted cash flow method that considered the loans' underlying characteristics including account type, remaining terms of loan, annual interest rates or coupon, fixed or variable interest rates, past delinquencies, risk ratings, timing of principal and interest payments, current market rates, loan to value ratios, loss exposure, more specifically the probability of default and loss given default, and remaining balance. The fair value of the CDI asset is estimated using a net cost savings method, a variation of the income approach. This approach considers expected client attrition rates, average life and balance inflation, alternative cost of funds, the interest cost and net maintenance cost associated with the client deposit base, and a discount rate used to discount the future economic benefits of the core deposit intangible asset to present value.

We identified the evaluation of the fair value measurement of the acquired loans and CDI asset as a critical audit matter. A high degree of audit effort, including specialized skills and knowledge, and subjective and complex auditor judgment was involved in the assessment of the fair value measurements due to significant measurement uncertainty. Specifically, the assessment of the fair value measurements involved an evaluation of the valuation methods and certain assumptions, including the risk ratings, probability of default rates, and loss given default rates for the acquired loans; and the expected client attrition rates for the CDI asset. Changes in the assumptions could have a significant impact on the estimated fair values.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls over the fair value measurement of the acquired loans and the CDI asset, including controls related to the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•development of the valuation methods

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•determination of the risk ratings, probability of default rates, and loss given default rates for the acquired loans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•determination of the expected client attrition rates for the CDI asset.

We evaluated the Company's process to develop the fair values of the acquired loans and the CDI asset by testing certain sources of data and assumptions that the Company used and considered the relevance and reliability of such data and assumptions. We involved valuation and credit risk professionals with specialized skills and knowledge, who assisted in evaluating the valuation methods used by the Company to estimate the fair values of acquired loans and CDI asset for compliance with U.S. generally accepted accounting principles:

Specific to the acquired loans:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•developing independent ranges of fair value for acquired loans, including the development of independent assumptions for probability of default rates and loss given default rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•assessing the Company's estimate of fair value for acquired loans by comparing them to the independently developed ranges

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•testing individual risk ratings for a selection of acquired loans by evaluating the financial performance of the borrower, sources of repayment, and any relevant guarantees or underlying collateral.

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Specific to the CDI asset:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•evaluating the expected client attrition rates by comparing historical experience and the specific facts and circumstances of the acquisition to market information from third-party sources.

*/s/ KPMG LLP*

We have served as the Company's auditor since 2014.

Kansas City, Missouri

February 26, 2026

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**UMB FINANCIAL CORPORATION**

**CONSOLIDATED BALANCE SHEETS**

*(dollars in thousands, except share and per share data)*

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| **ASSETS** |  |  |
| Loans | $38779408 | $25642301 |
| Allowance for credit losses on loans | (419478) | (259089) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loans | 38359930 | 25383212 |
| Loans held for sale | 2030 | 2756 |
| Securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Available for sale (amortized cost of $13,999,900 and $8,407,676, respectively) | 13709141 | 7774334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Held to maturity, net of allowance for credit losses of $1,684 and $2,645, respectively (fair value of $5,250,465 and $4,748,938, respectively) | 5722543 | 5376267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading securities | 22331 | 28533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other securities | 676300 | 471018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total securities | 20130315 | 13650152 |
| Federal funds sold and securities purchased under agreements to resell | 1548093 | 545000 |
| Interest-bearing due from banks | 6940535 | 7986270 |
| Cash and due from banks | 952547 | 573175 |
| Premises and equipment, net | 398271 | 221773 |
| Accrued income | 349639 | 246095 |
| Goodwill | 1839825 | 207385 |
| Other intangibles, net | 486869 | 63647 |
| Other assets | 2086036 | 1530199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $73094090 | $50409664 |
| **LIABILITIES** |  |  |
| Deposits: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing demand | $17143341 | $13617167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing demand and savings | 39752587 | 27397195 |
| &nbsp;&nbsp;&nbsp;&nbsp;Time deposits under $250,000 | 1934617 | 969132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Time deposits of $250,000 or more | 1826245 | 1158535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 60656790 | 43142029 |
| Federal funds purchased and repurchase agreements | 3324938 | 2609715 |
| Long-term debt | 474229 | 385292 |
| Accrued expenses and taxes | 435351 | 368457 |
| Other liabilities | 509214 | 437630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 65400522 | 46943123 |
| **SHAREHOLDERS' EQUITY** |  |  |
| Series B Fixed-Rate Reset Non-Cumulative Perpetual Preferred stock, $0.01 par value; 30,000 authorized, issued and outstanding | 294066 |  |
| Common stock, $1.00 par value; 160,000,000 and 80,000,000 shares authorized; 78,665,809 and 55,056,730 shares issued, 75,960,675 and 48,814,177 shares outstanding, at December 31, 2025 and December 2024, respectively | 78666 | 55057 |
| Capital surplus | 4011047 | 1145638 |
| Retained earnings | 3736413 | 3174948 |
| Accumulated other comprehensive loss, net | (261520) | (573050) |
| Treasury stock, 2,705,134 and 6,242,553 shares, at cost, respectively | (165104) | (336052) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 7693568 | 3466541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $73094090 | $50409664 |

---

See Notes to Consolidated Financial Statements.

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**UMB FINANCIAL CORPORATION**

**CONSOLIDATED STATEMENTS OF INCOME**

*(dollars in thousands, except share and per share data)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **INTEREST INCOME** |  |  |  |
| Loans | $2415279 | $1612948 | $1399961 |
| Securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable interest | 504630 | 257562 | 214981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt interest | 130206 | 99375 | 102197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total securities income | 634836 | 356937 | 317178 |
| Federal funds and resell agreements | 38152 | 17628 | 17647 |
| Interest-bearing due from banks | 264915 | 182145 | 103190 |
| Trading securities | 1098 | 1351 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 3354280 | 2171009 | 1838705 |
| **INTEREST EXPENSE** |  |  |  |
| Deposits | 1336549 | 982302 | 704210 |
| Federal funds and repurchase agreements | 108704 | 106558 | 93026 |
| Other | 46822 | 81257 | 121353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 1492075 | 1170117 | 918589 |
| Net interest income | 1862205 | 1000892 | 920116 |
| Provision for credit losses | 154500 | 61050 | 41227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for credit losses | 1707705 | 939842 | 878889 |
| **NONINTEREST INCOME** |  |  |  |
| Trust and securities processing | 343398 | 290571 | 257200 |
| Trading and investment banking | 25305 | 24226 | 19630 |
| Service charges on deposit accounts | 113206 | 84512 | 84950 |
| Insurance fees and commissions | 910 | 1257 | 1009 |
| Brokerage fees | 79592 | 61564 | 54119 |
| Bankcard fees | 113924 | 87797 | 74719 |
| Investment securities gains (losses), net | 30967 | 10720 | (3139) |
| Other | 82748 | 67470 | 53365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | 790050 | 628117 | 541853 |
| **NONINTEREST EXPENSE** |  |  |  |
| Salaries and employee benefits | 883883 | 593913 | 553421 |
| Occupancy, net | 73722 | 47539 | 48502 |
| Equipment | 64915 | 63406 | 68718 |
| Supplies and services | 28503 | 14845 | 16829 |
| Marketing and business development | 45682 | 28439 | 25749 |
| Processing fees | 172846 | 117899 | 103099 |
| Legal and consulting | 92304 | 46207 | 29998 |
| Bankcard | 49503 | 44265 | 32969 |
| Amortization of other intangible assets | 93521 | 7705 | 8587 |
| Regulatory fees | 28751 | 31904 | 77010 |
| Other | 89170 | 30564 | 34258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | 1622800 | 1026686 | 999140 |
| Income before income taxes | 874955 | 541273 | 421602 |
| Income tax expense | 172557 | 100030 | 71578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET INCOME** | $702398 | $441243 | $350024 |
| Less: Preferred dividends | 17781 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET INCOME AVAILABLE TO COMMON SHAREHOLDERS** | $684617 | $441243 | $350024 |
| **PER SHARE DATA** |  |  |  |
| Net income per common share – basic | $9.35 | $9.05 | $7.22 |
| Net income per common share – diluted | 9.29 | 8.99 | 7.18 |
| Dividends per common share | 1.63 | 1.57 | 1.53 |
| Weighted average common shares outstanding – basic | 73259082 | 48747814 | 48503643 |
| Weighted average common shares outstanding – diluted | 73670643 | 49056956 | 48763820 |

---

See Notes to Consolidated Financial Statements.

------

**UMB FINANCIAL CORPORATION** 

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

*(dollars in thousands)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Net income | $702398 | $441243 | $350024 |
| Other comprehensive income (loss), before tax: |  |  |  |
| &nbsp;&nbsp;Unrealized gains and losses on debt securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized holding gains and losses, net | 343056 | (8956) | 147977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Reclassification adjustment for net (gains) losses included in net income | (473) | (139) | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity | 32049 | 35905 | 39851 |
| &nbsp;&nbsp;Change in unrealized gains and losses on debt securities | 374632 | 26810 | 188107 |
| &nbsp;&nbsp;Unrealized gains and losses on derivative hedges: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized gains and losses on derivative hedges, net | 32973 | (40530) | 15015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Reclassification adjustment for net losses (gains) included in net income | 7287 | (8069) | (10654) |
| &nbsp;&nbsp;Change in unrealized gains and losses on derivative hedges | 40260 | (48599) | 4361 |
| Other comprehensive income (loss), before tax | 414892 | (21789) | 192468 |
| Income tax (expense) benefit | (103362) | 5674 | (46668) |
| Other comprehensive income (loss) | 311530 | (16115) | 145800 |
| Comprehensive income | $1013928 | $425128 | $495824 |

---

See Notes to Consolidated Financial Statements.

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**UMB FINANCIAL CORPORATION**

**CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY**

*(dollars in thousands, except per share data)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Preferred<br>Stock** | **Common<br>Stock** | **Capital<br>Surplus** | **Retained<br>Earnings** | **Accumulated Other Comprehensive (Loss) Income** | **Treasury<br>Stock** | **Total** |
| Balance January 1, 2023 | $— | $55057 | $1125949 | $2536086 | $(702735) | $(347264) | $2667093 |
| Total comprehensive income |  |  |  | 350024 | 145800 |  | 495824 |
| Common dividends ($1.53 per share) |  |  |  | (75286) |  |  | (75286) |
| Purchase of treasury stock |  |  |  |  |  | (8367) | (8367) |
| Issuances of equity awards, net of forfeitures |  |  | (10385) |  |  | 11104 | 719 |
| Recognition of equity-based compensation |  |  | 17975 |  |  |  | 17975 |
| Sale of treasury stock |  |  | 220 |  |  | 296 | 516 |
| Exercise of stock options |  |  | 604 |  |  | 1341 | 1945 |
| Balance December 31, 2023 | $— | $55057 | $1134363 | $2810824 | $(556935) | $(342890) | $3100419 |
| Total comprehensive income (loss) |  |  |  | 441243 | (16115) |  | 425128 |
| Common dividends ($1.57 per share) |  |  |  | (77119) |  |  | (77119) |
| Purchase of treasury stock |  |  |  |  |  | (7738) | (7738) |
| Issuances of equity awards, net of forfeitures |  |  | (11220) |  |  | 11923 | 703 |
| Recognition of equity-based compensation |  |  | 21876 |  |  |  | 21876 |
| Sale of treasury stock |  |  | 342 |  |  | 240 | 582 |
| Exercise of stock options |  |  | 1690 |  |  | 2413 | 4103 |
| Common stock issuance costs |  |  | (1413) |  |  |  | (1413) |
| Balance December 31, 2024 | $— | $55057 | $1145638 | $3174948 | $(573050) | $(336052) | $3466541 |

---

------

**UMB FINANCIAL CORPORATION**

**CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY**

*(dollars in thousands, except per share data)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Preferred<br>Stock** | **Common<br>Stock** | **Capital<br>Surplus** | **Retained<br>Earnings** | **Accumulated Other Comprehensive (Loss) Income** | **Treasury<br>Stock** | **Total** |
| Balance January 1, 2025 | $— | $55057 | $1145638 | $3174948 | $(573050) | $(336052) | $3466541 |
| Total comprehensive income |  |  |  | 702398 | 311530 |  | 1013928 |
| Cash dividends declared: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred dividends Series A ($350.00 per share) |  |  |  | (4025) |  |  | (4025) |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred dividends Series B ($458.54 per share) |  |  |  | (13756) |  |  | (13756) |
| &nbsp;&nbsp;&nbsp;&nbsp;Common dividends ($1.63 per share) |  |  |  | (123357) |  |  | (123357) |
| Purchase of treasury stock |  |  |  |  |  | (17628) | (17628) |
| Issuances of equity awards, net of forfeitures |  |  | (18816) |  |  | 19616 | 800 |
| Recognition of equity-based compensation |  |  | 57334 |  |  |  | 57334 |
| Sale of treasury stock |  |  | 343 |  |  | 351 | 694 |
| Exercise of stock options |  |  | 90 |  |  | 524 | 614 |
| Common stock issuance |  |  | 67056 |  |  | 168085 | 235141 |
| Preferred stock issuance, net of issuance costs | 294066 |  |  |  |  |  | 294066 |
| Preferred stock redemption | (110705) |  | (4500) | 205 |  |  | (115000) |
| Stock issuance for acquisition, net of issuance costs | 110705 | 23609 | 2763902 |  |  |  | 2898216 |
| Balance December 31, 2025 | $294066 | $78666 | $4011047 | $3736413 | $(261520) | $(165104) | $7693568 |

---

See Notes to Consolidated Financial Statements.

------

**UMB FINANCIAL CORPORATION**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

*(dollars in thousands)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **OPERATING ACTIVITIES** |  |  |  |
| Net income | $702398 | $441243 | $350024 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 154500 | 61050 | 41227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (accretion) amortization of premiums and discounts from acquisition | (139775) | 3573 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 141770 | 52771 | 58723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 745 | 876 | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense (benefit) | 82825 | (16174) | (20439) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease (increase) in trading securities and other earning assets | 6202 | (10440) | (113) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gains) losses on investment securities, net | (30967) | (10720) | 3139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses (gains) on sales of assets | 105 | (3197) | (4343) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of securities premiums, net of discount accretion | (9739) | 44323 | 42037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Originations of loans held for sale | (101890) | (87129) | (68673) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains on sales of loans held for sale, net | (2742) | (2279) | (1693) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of loans held for sale | 105358 | 91072 | 67924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity-based compensation | 37745 | 22579 | 18694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued income | (29265) | (24592) | (31075) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and taxes | 26247 | (20453) | 148154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities, net | 83176 | (317217) | (132918) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 1026693 | 225286 | 472604 |
| **INVESTING ACTIVITIES** |  |  |  |
| Securities held to maturity: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Maturities, calls and principal repayments | 627137 | 458174 | 424341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases | (507706) | (121021) | (227077) |
| Securities available for sale: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales | 646962 | 19154 | 22193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maturities, calls and principal repayments | 1661802 | 7384085 | 1204346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases | (4742724) | (8111653) | (1162115) |
| Equity securities with readily determinable fair values: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales | 22104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases | (602) | (357) | (277) |
| Equity securities without readily determinable fair values: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales | 52176 | 35304 | 5614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maturities, calls and principal repayments | 14958 | 71963 | 334898 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases | (131593) | (50861) | (404972) |
| Payment of tax equity investment commitments | (49855) | (71244) | (40806) |
| Net increase in loans | (3252475) | (2415581) | (2159132) |
| Net (increase) decrease in fed funds sold and resell agreements | (1003093) | (299656) | 713253 |
| Net cash activity from acquisitions and divestitures | 169262 | (109046) | (793) |
| Net decrease (increase) in interest-bearing balances due from other financial institutions | 955764 | (31753) | 43359 |
| Net purchases of bank premises and equipment | (48584) | (20009) | (23104) |
| Purchases of bank-owned and company-owned life insurance | (35977) |  | (3000) |
| Proceeds from bank-owned and company-owned life insurance death benefit | 2346 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (5620098) | (3262501) | (1273272) |

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| | | | |
|:---|:---|:---|:---|
| **FINANCING ACTIVITIES** |  |  |  |
| Net increase in demand and savings deposits | 3098494 | 8295094 | 997273 |
| Net increase (decrease) increase in time deposits | 63860 | (945924) | 2156453 |
| Net increase (decrease) in fed funds purchased and repurchase agreements | 692590 | 490071 | (102523) |
| Proceeds from short-term debt |  | 500000 | 32856000 |
| Repayment of short-term debt |  | (2300000) | (31056000) |
| Repayment of long-term debt | (200000) |  |  |
| Cash dividends paid | (135620) | (77127) | (74245) |
| Payment of common stock issuance costs | (524) | (1413) |  |
| Proceeds from exercise of stock options and sales of treasury shares | 1308 | 4685 | 2461 |
| Purchases of treasury stock | (17628) | (7738) | (8367) |
| Common stock issuance | 235141 |  |  |
| Preferred stock issuance | 294066 |  |  |
| Preferred stock redemption | (115000) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 3916687 | 5957648 | 4771052 |
| (Decrease) increase in cash and cash equivalents | (676718) | 2920433 | 3970384 |
| Cash and cash equivalents at beginning of year | 8448691 | 5528258 | 1557874 |
| Cash and cash equivalents at end of year | $7771973 | $8448691 | $5528258 |
| Supplemental disclosures: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax payments | $63242 | $76930 | $79334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest payments | 1466097 | 1204688 | 844397 |
| Noncash disclosures: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of tax equity investments | $62358 | $62958 | $85555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commitment to fund tax equity investments | 62358 | 62958 | 85555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer of loans to other real estate owned | 1531 | 828 | 1738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer of loans to other repossessed assets | 39 | 26779 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock as consideration for acquisition | 2783510 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of preferred stock as consideration for acquisition | 115230 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock based compensation as consideration for acquisition | 20389 |  |  |

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See Notes to Consolidated Financial Statements.

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**1. *SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES***

UMB Financial Corporation is a bank holding company, which offers a wide range of banking and other financial services to its customers through its branches and offices primarily in the Midwestern, Southwestern, and Western regions of the United States. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. These estimates and assumptions also impact reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Following is a summary of the more significant accounting policies to assist the reader in understanding the financial presentation.

**Consolidation**

The Company and its wholly owned subsidiaries are included in the Consolidated Financial Statements (references hereinafter to the Company in these Notes to Consolidated Financial Statements include wholly owned subsidiaries). Intercompany accounts and transactions have been eliminated in consolidation.

**Business Combinations**

The Company accounts for business combinations using the purchase method of accounting in accordance with FASB ASC Topic 805, *Business Combinations*, which requires assets acquired and liabilities assumed to be recognized at fair value as of the acquisition date.

On January 31, 2025 (Acquisition Date), the Company acquired Heartland Financial USA, Inc. (HTLF) pursuant to an Agreement and Plan of Merger, dated as of April 28, 2024. See Note 20, "Acquisition" for additional information.

**Revenue Recognition**

Interest on loans and securities is recognized based on rate multiplied by the principal amount outstanding. This includes the impact of amortization of premiums and discounts. Interest accrual is discontinued when, in the opinion of management, the likelihood of collection becomes doubtful. Noninterest income is recognized when performance obligations are satisfied.

**Cash and cash equivalents** 

Cash and cash equivalents include Cash and due from banks and amounts due from the FRB. Cash on hand, cash items in the process of collection, and amounts due from correspondent banks are included in Cash and due from banks. Amounts due from the FRB are interest-bearing for all periods presented and are included in the Interest-bearing due from banks line on the Company's Consolidated Balance Sheets.

*This table provides a summary of cash and cash equivalents as presented on the Consolidated Statements of Cash Flows as of December 31, 2025 and 2024 (in thousands)*:

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Due from the FRB | $6819426 | $7875516 |
| Cash and due from banks | 952547 | 573175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents at end of year | $7771973 | $8448691 |

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Also included in the Interest-bearing due from banks line, but not considered cash and cash equivalents are interest-bearing accounts held at other financial institutions, which totaled $121.1 million and $110.8 million at December 31, 2025 and 2024, respectively.

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**Loans and Loans Held for Sale**

Loans are classified by the portfolio segments of commercial and industrial, specialty lending, commercial real estate, consumer real estate, consumer, credit cards, and leases and other.

A loan is considered to be collateral dependent when management believes it is probable that it will be unable to collect all principal and interest due according to the contractual terms of the loan. If a loan is collateral dependent, the Company records a valuation allowance equal to the carrying amount of the loan in excess of the present value of the estimated future cash flows discounted at the loan's effective rate, based on the loan's observable market price or the fair value of the collateral.

A loan is accounted for as a modification made to a borrower experiencing financial difficulty when a modification has been granted that is deemed concessionary and not temporary to a debtor experiencing financial difficulty. The Company's modifications generally include interest rate adjustments, principal reductions, and amortization and maturity date extensions. These modifications allow the debtor short-term cash relief to allow them to improve their financial condition. If a loan modification is determined to be made to a borrower experiencing financial difficulty, the loan is considered to be collateral dependent and is evaluated for credit loss as part of the allowance for credit loss analysis.

Loans, including those that are considered to be collateral dependent, are evaluated regularly by management. Loans are considered delinquent when payment has not been received within 30 days of its contractual due date. Loans are placed on nonaccrual status when the collection of interest or principal is 90 days or more past due unless the loan is adequately secured and in the process of collection. When a loan is placed on nonaccrual status, any interest previously accrued but not collected is reversed against current income. Loans may be returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Interest payments received on nonaccrual loans are applied to principal unless the remaining principal balance has been determined to be fully collectible.

The adequacy of the ACL on loans is based on management's judgment and continuous evaluation of the pertinent factors underlying the credit quality inherent in the loan portfolio. Consideration of quantitative and qualitative factors relevant to each specific segmentation of loans includes lifetime historical loss experience, the impact of the current economic environment, reasonable and supportable forecasts, and detailed analysis of loans determined to be collateral dependent. The actual losses incurred over the lifetime of the portfolio, notwithstanding such considerations, however, could differ from the amounts estimated by management.

The Company maintains an allowance for off-balance sheet credit exposures, to address the credit risk to which the Company is exposed via a contractual obligation to extend credit, unless that obligation is unconditionally cancelable by the Company. The allowance for off-balance sheet credit exposure is included in the Accrued expenses and taxes line item in the Consolidated Balance Sheets. In order to maintain the allowance for off-balance sheet items at an appropriate level, a provision to increase or reduce the allowance is included in the Provision for credit losses line item in the Company's Consolidated Statements of Income. The allowance for off-balance sheet credit exposure is calculated by applying portfolio segment expected credit loss rates to the expected amount to be funded.

Loans held for sale are carried at the lower of aggregate cost or market value. Loan fees (net of certain direct loan origination costs) on loans held for sale are deferred until the related loans are sold or repaid. Gains or losses on loan sales are recognized at the time of sale and determined using the specific identification method.

***Acquired Loans***

Acquired loans are initially recorded at fair value. The Company's accounting methods for acquired loans depends on whether or not the loan reflects more than insignificant credit deterioration since origination at the date of acquisition.

*Non-Purchased Credit Deteriorated Loans*

Non-purchased credit deteriorated (Non-PCD) loans do not reflect more than insignificant credit deterioration since origination at the date of acquisition. These loans are recorded at fair value and an increase to the allowance for credit losses (ACL) is recorded with a corresponding increase to the provision for credit losses at the date of

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acquisition. The difference between fair value and the unpaid principal balance at the acquisition date is amortized or accreted to interest income over the contractual life of the loan using the effective interest method.

*Purchased Credit Deteriorated Loans*

Purchased loans that reflect a more than insignificant credit deterioration since origination at the date of acquisition are classified as purchased credit deteriorated (PCD) loans. PCD loans are recorded at fair value plus the ACL expected at the time of acquisition. Under this method, there is no provision for credit losses on acquisition of PCD loans. The non-credit-related difference between fair value and the unpaid principal balance at the acquisition date is amortized or accreted to interest income over the contractual life of the loan using the effective interest method.

**Securities**

Debt securities available for sale principally include U.S. Treasury and Agency securities, GSE mortgage-backed securities, certain securities of state and political subdivisions, corporates, and collateralized loan obligations. Debt securities classified as available for sale are measured at fair value. Unrealized holding gains and losses are excluded from earnings and reported in AOCI until realized.

Securities held to maturity are carried at amortized historical cost, net of the allowance for credit losses, based on management's intention, and the Company's ability to hold them to maturity. The Company classifies certain U.S. Treasury and Agency securities, GSE mortgage-backed securities, and securities of state and political subdivisions as held to maturity.

Trading securities, acquired for subsequent sale to customers, are carried at fair value. Market adjustments, fees and gains or losses on the sale of trading securities are considered to be a normal part of operations and are included in trading and investment banking income.

The gain or loss realized on the sale of securities classified as available for sale, as determined using the specific identification method for determining the cost of the securities sold, is computed with reference to its amortized cost and is included in current earnings.

Securities may be transferred from the available-for-sale classification to the held-to-maturity classification when the Company has the positive intent and ability to hold these securities to maturity. Transfers of securities are made at fair value at the time of transfer. The unrealized holding gain or loss at the time of transfer is retained in AOCI and amortized over the remaining life of the securities, offsetting the related amortization of discount or premium on the transferred securities. No gains or losses are recognized at the time of the transfer.

**Equity-method investments**

The Company accounts for certain other investments using equity-method accounting. For equity securities without readily determinable fair values, the Company's proportionate share of the income or loss is recognized on a one-quarter lag. When transparency in pricing exists, other investments are considered equity securities with readily determinable fair values.

**Goodwill and Other Intangibles**

Goodwill is tested for impairment annually and more frequently whenever events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying value. To test goodwill for impairment, the Company performs a qualitative assessment of each reporting unit. If the Company determines, on the basis of qualitative factors, that the fair value of the reporting unit is more likely than not greater than the carrying amount, the quantitative impairment test is not required. Otherwise, the Company compares the fair value of its reporting units to their carrying amounts to determine if an impairment exists and the amount of impairment loss. An impairment loss is measured as the excess of the carrying value of a reporting unit's goodwill over its fair value.

No goodwill impairments were recognized in 2025, 2024, or 2023. Other intangible assets, which relate to core deposits, non-compete agreements, and customer relationships, are amortized over their useful life. Intangible assets are evaluated for impairment when events or circumstances dictate. No intangible asset impairments were recognized in 2025, 2024, or 2023. The Company does not have any indefinite lived intangible assets.

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**Premises and Equipment**

Premises and equipment are stated at cost less accumulated depreciation, which is computed primarily on the straight-line method. Premises are depreciated over 7 to 40 year lives, while equipment is depreciated over lives of 3 to 25 years. Gains and losses from the sale of Premises and equipment are included in Other noninterest income and Other noninterest expense, respectively.

**Impairment of Long-Lived Assets**

Long-lived assets, including Premises and equipment, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset or group of assets may not be recoverable. The impairment review includes a comparison of future cash flows expected to be generated by the asset or group of assets to their current carrying value. If the carrying value of the asset or group of assets exceeds expected cash flows (undiscounted and without interest charges), an impairment loss is recognized to the extent the carrying value exceeds fair value. No impairments were recognized in 2025, 2024, or 2023.

**Income Taxes**

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are measured based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the periods in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The provision for deferred income taxes represents the change in the deferred income tax accounts during the year excluding the tax effect of the change in net unrealized gain (loss) on securities available for sale and certain derivative items.

The Company records deferred tax assets to the extent these assets will more likely than not be realized. All available evidence is considered in making such determination, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. A valuation allowance is recorded for the portion of deferred tax assets that are not more-likely-than-not to be realized, and any changes to the valuation allowance are recorded in income tax expense.

The Company records the financial statement effects of an income tax position when it is more likely than not, based on the technical merits, that it will be sustained upon examination. A tax position that meets the more-likely-than-not recognition threshold is measured and recorded as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon ultimate settlement with a taxing authority. Previously recognized tax positions are derecognized in the first period in which it is no longer more likely than not that the tax position will be sustained. The benefit associated with previously unrecognized tax positions are generally recognized in the first period in which the more-likely-than-not threshold is met at the reporting date, the tax matter is ultimately settled through negotiation or litigation, or when the related statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired. When the Company determines that an unrecognized tax benefit liability is no longer necessary, the liability is reversed, and a tax benefit is recognized in the period in which it is determined that the unrecognized tax benefit liability is no longer necessary. The recognition, derecognition and measurement of tax positions are based on management's best judgment given the facts, circumstance and information available at the reporting date.

The Company recognizes accrued interest related to unrecognized tax benefits in interest expense and penalties in other noninterest expense. Accrued interest and penalties are included within the related liability lines in the Consolidated Balance Sheets. For the year ended December 31, 2025, the Company has recognized an immaterial amount in interest and penalties related to the unrecognized tax benefits.

**Derivatives**

The Company records all derivatives on the Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Currently, 15 of the Company's derivatives are designated in qualifying hedging relationships. The remainder of the Company's derivatives are not

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designated in qualifying hedging relationships, as the derivatives are not used to manage risks within the Company's assets or liabilities. All changes in fair value of the Company's non-designated derivatives and fair value hedges are recognized directly in earnings. Changes in fair value of the Company's cash flow hedges are recognized in AOCI and are reclassified to earnings when the hedged transaction affects earnings.

**Per Share Data**

Basic net income per common share is computed using net income available to common shareholders and the weighted average number of shares of common stock outstanding during each period. Diluted net income per common share is determined using net income available to common shareholders and the weighted average common shares and assumed incremental common shares issued.

*The following table provides the amounts used in the determination of basic and diluted net income per common share at December 31, 2025, 2024, and 2023 (in thousands, except share and per share data)*:

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| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2023** |
| Net income | $702398 | $441243 | $350024 |
| Less: Preferred dividends | 17781 |  |  |
| &nbsp;&nbsp;Net income available to common shareholders | $684617 | $441243 | $350024 |
| Weighted average common shares outstanding for basic earnings per share | 73259082 | 48747814 | 48503643 |
| Assumed incremental common shares issued upon vesting of outstanding restricted stock units | 411561 | 309142 | 260177 |
| &nbsp;&nbsp;Weighted average common shares for diluted earnings per share | 73670643 | 49056956 | 48763820 |
| Net income per common share – basic | $9.35 | $9.05 | $7.22 |
| Net income per common share – diluted | 9.29 | 8.99 | 7.18 |
| Number of antidilutive restricted stock units excluded from diluted earnings per share computation |  |  |  |
| Number of antidilutive stock options excluded from diluted earnings per share computation | 4962 |  | 55649 |

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**Accounting for Stock-Based Compensation**

The Company measures the cost of employee services received in exchange for an award of equity instruments based on the fair value of the award on the date of the grant. For stock options, restricted stock, and service-based restricted stock unit awards, the grant date fair value is estimated using either an option-pricing model which is consistent with the terms of the award or an observed market price, if such a price exists. For performance-based restricted stock unit awards, the grant date fair value is based on the quoted price of the Company's common stock on the grant date less the present value of expected dividends not received during the vesting period. Such cost is generally recognized over the vesting period during which an employee is required to provide service in exchange for the award and, in some cases, when performance metrics are met. The Company accounts for forfeitures of stock-based compensation on an actual basis as they occur.

**2. *NEW ACCOUNTING PRONOUNCEMENTS***

**Segment Reporting** In November 2023, the FASB issued Accounting Standards Update (ASU) No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." The ASU requires expanded segment disclosures, including disclosure of significant segment expenses and other segment items on an annual and interim basis. The Company adopted the amended guidance for the annual financial statements in 2024 and the interim disclosure requirements will be effective for interim periods beginning January 1, 2025. The adoption of this amendment did not have any impact on the Consolidated Financial Statements aside from additional disclosures. See Note 12, "Business Segment Reporting" for related disclosures.

**Income Taxes** In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." The ASU is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this update require additional disclosures primarily related to the rate

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reconciliation and income taxes paid information. The amendments in this update are effective for fiscal years beginning after December 15, 2024. The amendments in this update were adopted on January 1, 2025. The adoption of this accounting pronouncement had no impact on the Consolidated Financial Statements aside from additional disclosures. See Note 16, "Income Taxes" for related disclosures.

**3. *LOANS AND ALLOWANCE FOR CREDIT LOSSES***

**Loan Origination/Risk Management**

The Company has certain lending policies and procedures in place that are designed to minimize the level of risk within the loan portfolio. Diversification of the loan portfolio manages the risk associated with fluctuations in economic conditions. Authority levels are established for the extension of credit to ensure consistency throughout the Company. It is necessary that policies, processes, and practices implemented to control the risks of individual credit transactions and portfolio segments are sound and adhered to. The Company maintains an independent loan review department that reviews and validates the risk assessment on a continual basis. Management regularly evaluates the results of the loan reviews. The loan review process complements and reinforces the risk identification and assessment decisions made by lenders and credit personnel, as well as the Company's policies and procedures.

Commercial and industrial loans are underwritten after evaluating and understanding the borrower's ability to operate profitably and prudently expand its business. Commercial loans are made based on the identified cash flows of the borrower and on the underlying collateral provided by the borrower. The cash flows of the borrower, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts from its customers. Beginning with the third quarter 2025, commercial and industrial loans include all loans to Non-Depository Financial Institutions (NDFIs), which includes a wide range of financial entities that provide services similar to those of traditional banks but do not accept deposits from the general public and are not regulated by the same federal banking agencies. Previously reported balances have been reclassified for purposes of comparability.

Specialty lending loans include Asset-based loans, which are offered primarily in the form of revolving lines of credit to commercial borrowers that do not generally qualify for traditional bank financing. Asset-based loans are underwritten based primarily upon the value of the collateral pledged to secure the loan, rather than on the borrower's general financial condition. The Company utilizes pre-loan due diligence techniques, monitoring disciplines, and loan management practices common within the asset-based lending industry to underwrite loans to these borrowers.

Commercial real estate loans are subject to underwriting standards and processes similar to commercial loans, in addition to those of real estate loans. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts, and the repayment of these loans is largely dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. The Company requires that an appraisal of the collateral be made at origination and on an as-needed basis, in conformity with current market conditions and regulatory requirements. The underwriting standards address both owner and non-owner-occupied real estate. Also included in Commercial real estate are Construction loans that are underwritten using feasibility studies, independent appraisal reviews, sensitivity analysis or absorption and lease rates, and financial analysis of the developers and property owners. Construction loans are based upon estimates of costs and value associated with the complete project. Construction loans often involve the disbursement of substantial funds with repayment substantially dependent on the success of the ultimate project. Sources of repayment for these types of loans may be pre-committed permanent loans, sales of developed property or an interim loan commitment from the Company until permanent financing is obtained. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans due to their repayment being sensitive to interest rate changes, governmental regulation of real property, economic conditions, completion of the construction project, and the availability of long-term financing.

Consumer real estate loans, including residential real estate and home equity loans, are underwritten based on the borrower's loan-to-value percentage, collection remedies, and overall credit history.

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Consumer loans are underwritten based on the borrower's repayment ability. The Company monitors delinquencies on all of its consumer loans and leases. The underwriting and review practices combined with the relatively small loan amounts that are spread across many individual borrowers, minimizes risk. Consumer loans and leases that are 90 days past due or more are considered non-performing.

Credit cards include both commercial and consumer credit cards. Commercial credit cards are generally unsecured and are underwritten with criteria similar to commercial loans, including an analysis of the borrower's cash flow, available business capital, and overall creditworthiness of the borrower. Consumer credit cards are underwritten based on the borrower's repayment ability. The Company monitors delinquencies on all of its consumer credit cards and periodically reviews the distribution of credit scores relative to historical periods to monitor credit risk on its consumer credit card loans. During the first quarter of 2024, the Company purchased a co-branded credit card portfolio. The purchase included $109.4 million in credit card receivables.

Credit risk is a potential loss resulting from nonpayment of either the primary or secondary exposure. Credit risk is mitigated with formal risk management practices and a thorough initial credit-granting process including consistent underwriting standards and approval process. Control factors or techniques to minimize credit risk include knowing the client, understanding total exposure, analyzing the client and debtor's financial capacity, and monitoring the client's activities. Credit risk and portions of the portfolio risk are managed through concentration considerations, average risk ratings, and other aggregate characteristics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The loan portfolio is comprised of loans originated by the Company and purchased loans in connection with the Company's acquisition of HTLF on January 31, 2025. The purchased loans were recorded at estimated fair value at the Acquisition Date with no carryover of the related allowance. As of the Acquisition Date, loans from the HTLF acquisition had a fair value of $9.7 billion, net of allowance for credit losses on PCD loans. See Note 20, "Acquisition" for additional information.

**Loan Aging Analysis**

*The following tables provide a summary of loan classes and an aging of past due loans at December 31, 2025 and 2024 (in thousands):* 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **30-89<br>Days Past<br>Due and<br>Accruing** | **Greater<br>than 90<br>Days Past<br>Due and<br>Accruing** | **Nonaccrual<br>Loans** | **Total<br>Past Due** | **Current** | **Total<br>Loans** |
| <u>Loans</u> |  |  |  |  |  |  |
| Commercial and industrial | $36391 | $6417 | $26633 | $69441 | $16201079 | $16270520 |
| Specialty lending |  |  |  |  | 518237 | 518237 |
| Commercial real estate | 24786 |  | 86838 | 111624 | 16264615 | 16376239 |
| Consumer real estate | 10451 | 244 | 29910 | 40605 | 4395863 | 4436468 |
| Consumer | 689 | 5237 | 777 | 6703 | 232108 | 238811 |
| Credit cards | 9194 | 6505 | 508 | 16207 | 684526 | 700733 |
| Leases and other |  |  |  |  | 238400 | 238400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans | $81511 | $18403 | $144666 | $244580 | $38534828 | $38779408 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **30-89<br>Days Past<br>Due and<br>Accruing** | **Greater<br>than 90<br>Days Past<br>Due and<br>Accruing** | **Nonaccrual<br>Loans** | **Total<br>Past Due** | **Current** | **Total<br>Loans** |
| <u>Loans</u> |  |  |  |  |  |  |
| Commercial and industrial | $446 | $1 | $4423 | $4870 | $10988901 | $10993771 |
| Specialty lending |  |  |  |  | 469194 | 469194 |
| Commercial real estate | 1013 |  | 805 | 1818 | 10129467 | 10131285 |
| Consumer real estate | 553 |  | 13614 | 14167 | 3172963 | 3187130 |
| Consumer | 175 | 12 | 40 | 227 | 193633 | 193860 |
| Credit cards | 9316 | 7589 | 400 | 17305 | 561461 | 578766 |
| Leases and other |  |  |  |  | 88295 | 88295 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans | $11503 | $7602 | $19282 | $38387 | $25603914 | $25642301 |

---

The Company sold consumer real estate loans with proceeds of $105.4 million, $91.1 million, and $67.9 million in the secondary market without recourse during the periods ended December 31, 2025, 2024, and 2023, respectively.

The Company has ceased the recognition of interest on loans with a carrying value of $144.7 million and $19.3 million at December 31, 2025 and 2024, respectively. Restructured loans totaled $169 thousand and $196 thousand at December 31, 2025 and 2024, respectively. Loans 90 days past due and still accruing interest amounted to $18.4 million and $7.6 million at December 31, 2025 and 2024, respectively. All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. There was an insignificant amount of interest reversed related to loans on nonaccrual during 2025 and 2024. Nonaccrual loans with no related allowance for credit losses totaled $76.8 million and $19.3 million at December 31, 2025 and 2024, respectively.

*The following tables provide the amortized cost of nonaccrual loans with no related allowance for credit losses by loan class at December 31, 2025 and 2024 (in thousands):*

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| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** |
|  | **Nonaccrual<br>Loans** | **Amortized Cost of Nonaccrual Loans with no related Allowance** |
| <u>Loans</u> |  |  |
| Commercial and industrial | $26633 | $10870 |
| Specialty lending |  |  |
| Commercial real estate | 86838 | 35973 |
| Consumer real estate | 29910 | 28661 |
| Consumer | 777 | 777 |
| Credit cards | 508 | 508 |
| Leases and other |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans | $144666 | $76789 |

---

------

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** |
|  | **Nonaccrual<br>Loans** | **Amortized Cost of Nonaccrual Loans with no related Allowance** |
| <u>Loans</u> |  |  |
| Commercial and industrial | $4423 | $4423 |
| Specialty lending |  |  |
| Commercial real estate | 805 | 805 |
| Consumer real estate | 13614 | 13614 |
| Consumer | 40 | 40 |
| Credit cards | 400 | 400 |
| Leases and other |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans | $19282 | $19282 |

---

------

**Amortized Cost**

*The following tables provide a summary of the amortized cost balance of each of the Company's loan classes disaggregated by collateral type and origination year as of December 31, 2025 and 2024 as well as the gross charge-offs by loan class and origination year for the year ended December 31, 2024 (in thousands):*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** |  |  |  |
| **Loan Segment <br>and Type** | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Amortized Cost - Revolving Loans** | **Amortized Cost - Revolving Loans Converted to Term Loans** | **Total** |
| **Commercial and industrial:** | **Commercial and industrial:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equipment/Accounts Receivable/Inventory | $2989029 | $1901767 | $1039595 | $929230 | $471193 | $321761 | $5636442 | $12186 | $13301203 |
| &nbsp;&nbsp;&nbsp;Agriculture | 30385 | 22585 | 24980 | 7827 | 3859 | 3180 | 426729 | 2258 | 521803 |
| &nbsp;&nbsp;&nbsp;NDFIs | 130392 | 286076 | 368137 | 86436 | 12136 | 29406 | 1517283 | 271 | 2430137 |
| &nbsp;&nbsp;&nbsp;Overdrafts |  |  |  |  |  |  | 17377 |  | 17377 |
| Total Commercial and industrial | 3149806 | 2210428 | 1432712 | 1023493 | 487188 | 354347 | 7597831 | 14715 | 16270520 |
| Current period charge-offs | 1835 | 8794 | 7124 | 10241 | 1170 | 350 | 15131 |  | 44645 |
| **Specialty lending:** | **Specialty lending:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-based lending | 46480 | 5639 |  | 5801 | 25763 | 22632 | 411922 |  | 518237 |
| Total Specialty lending | 46480 | 5639 |  | 5801 | 25763 | 22632 | 411922 |  | 518237 |
| Current period charge-offs |  |  |  |  |  |  |  |  |  |
| **Commercial real estate:** | **Commercial real estate:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Owner-occupied | 1151075 | 529761 | 599178 | 955385 | 775378 | 724775 | 39505 |  | 4775057 |
| &nbsp;&nbsp;&nbsp;Non-owner-occupied | 1664285 | 656031 | 847458 | 1018831 | 769616 | 736502 | 41093 | 1054 | 5734870 |
| &nbsp;&nbsp;&nbsp;Farmland | 258796 | 74542 | 85814 | 131009 | 83613 | 163318 | 66403 | 75 | 863570 |
| &nbsp;&nbsp;&nbsp;5+ Multi-family | 329902 | 179107 | 171945 | 554125 | 434660 | 96475 | 10441 |  | 1776655 |
| &nbsp;&nbsp;&nbsp;1-4 Family construction | 75849 | 11564 | 240 | 520 |  |  | 1301 |  | 89474 |
| &nbsp;&nbsp;&nbsp;General construction | 1099253 | 868115 | 719128 | 373196 | 28313 | 16273 | 32335 |  | 3136613 |
| Total Commercial real estate | 4579160 | 2319120 | 2423763 | 3033066 | 2091580 | 1737343 | 191078 | 1129 | 16376239 |
| Current period charge-offs |  |  | 3968 | 1978 | 1072 | 4774 |  |  | 11792 |
| **Consumer real estate:** | **Consumer real estate:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;HELOC | 2748 | 399 | 756 | 2075 | 577 | 7784 | 698503 | 5331 | 718173 |
| &nbsp;&nbsp;&nbsp;First lien: 1-4 family | 653333 | 368156 | 364405 | 631555 | 735751 | 830570 | 6864 | 13 | 3590647 |
| &nbsp;&nbsp;&nbsp;Junior lien: 1-4 family | 20458 | 31221 | 19212 | 28538 | 17405 | 6048 | 4766 |  | 127648 |
| Total Consumer real estate | 676539 | 399776 | 384373 | 662168 | 753733 | 844402 | 710133 | 5344 | 4436468 |
| Current period charge-offs |  |  | 123 | 162 | 765 | 525 | 466 |  | 2041 |
| **Consumer:** | **Consumer:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Revolving line | 1485 | 34 | 23 | 49 | 24 | 526 | 160454 | 102 | 162697 |
| &nbsp;&nbsp;&nbsp;Auto | 8179 | 7292 | 9743 | 5307 | 1118 | 248 |  |  | 31887 |
| &nbsp;&nbsp;&nbsp;Other | 12907 | 11197 | 3514 | 5917 | 853 | 1272 | 8567 |  | 44227 |
| Total Consumer | 22571 | 18523 | 13280 | 11273 | 1995 | 2046 | 169021 | 102 | 238811 |
| Current period charge-offs | 7 | 113 | 256 | 183 | 12 | 90 | 2877 |  | 3538 |
| **Credit cards:** | **Credit cards:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer |  |  |  |  |  |  | 347749 |  | 347749 |
| &nbsp;&nbsp;&nbsp;Commercial |  |  |  |  |  |  | 352984 |  | 352984 |
| Total Credit cards |  |  |  |  |  |  | 700733 |  | 700733 |
| Current period charge-offs |  |  |  |  |  |  | 25676 |  | 25676 |
| **Leases and other:** | **Leases and other:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Leases |  |  |  |  |  | 1214 |  |  | 1214 |
| &nbsp;&nbsp;&nbsp;Other | 181160 | 16408 | 8588 | 8713 | 7344 | 1671 | 13302 |  | 237186 |
| Total Leases and other | 181160 | 16408 | 8588 | 8713 | 7344 | 2885 | 13302 |  | 238400 |
| Current period charge-offs |  | 7 | 20 |  |  |  |  |  | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total loans** | $8655716 | $4969894 | $4262716 | $4744514 | $3367603 | $2963655 | $9794020 | $21290 | $38779408 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** |  |  |  |
| **Loan Segment <br>and Type** | **2024** | **2023** | **2022** | **2021** | **2020** | **Prior** | **Amortized Cost - Revolving Loans** | **Amortized Cost - Revolving Loans Converted to Term Loans** | **Total** |
| **Commercial and industrial:** | **Commercial and industrial:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equipment/Accounts Receivable/Inventory | $2054295 | $1045835 | $916112 | $682754 | $293173 | $135072 | $3975094 | $20356 | $9122691 |
| &nbsp;&nbsp;&nbsp;Agriculture | 9857 | 5750 | 3554 | 2208 | 356 | 97 | 156546 |  | 178368 |
| &nbsp;&nbsp;&nbsp;NDFIs | 266024 | 350733 | 94730 | 8997 | 10467 | 9080 | 941454 |  | 1681485 |
| &nbsp;&nbsp;&nbsp;Overdrafts |  |  |  |  |  |  | 11227 |  | 11227 |
| Total Commercial and industrial | 2330176 | 1402318 | 1014396 | 693959 | 303996 | 144249 | 5084321 | 20356 | 10993771 |
| **Specialty lending:** | **Specialty lending:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-based lending | 5803 |  | 8026 | 30702 | 29392 |  | 395271 |  | 469194 |
| Total Specialty lending | 5803 |  | 8026 | 30702 | 29392 |  | 395271 |  | 469194 |
| **Commercial real estate:** | **Commercial real estate:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Owner-occupied | 352517 | 277049 | 593480 | 442805 | 293799 | 275207 | 4948 | 25266 | 2265071 |
| &nbsp;&nbsp;&nbsp;Non-owner-occupied | 784434 | 527773 | 1006769 | 727365 | 404362 | 324839 | 32312 |  | 3807854 |
| &nbsp;&nbsp;&nbsp;Farmland | 54656 | 47357 | 58154 | 36127 | 183762 | 23016 | 107468 | 3 | 510543 |
| &nbsp;&nbsp;&nbsp;5+ Multi-family | 161767 | 47136 | 302225 | 256032 | 28819 | 18732 | 9202 |  | 823913 |
| &nbsp;&nbsp;&nbsp;1-4 Family construction | 46096 | 1385 |  |  |  |  | 5 |  | 47486 |
| &nbsp;&nbsp;&nbsp;General construction | 493723 | 644885 | 1222539 | 235758 | 4049 | 514 | 74950 |  | 2676418 |
| Total Commercial real estate | 1893193 | 1545585 | 3183167 | 1698087 | 914791 | 642308 | 228885 | 25269 | 10131285 |
| **Consumer real estate:** | **Consumer real estate:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;HELOC | 90 | 16 | 450 | 455 | 334 | 5049 | 390843 | 2484 | 399721 |
| &nbsp;&nbsp;&nbsp;First lien: 1-4 family | 413395 | 361242 | 565017 | 635217 | 496758 | 273628 |  |  | 2745257 |
| &nbsp;&nbsp;&nbsp;Junior lien: 1-4 family | 12516 | 9969 | 10004 | 3978 | 2934 | 2676 | 75 |  | 42152 |
| Total Consumer real estate | 426001 | 371227 | 575471 | 639650 | 500026 | 281353 | 390918 | 2484 | 3187130 |
| **Consumer:** | **Consumer:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Revolving line | 35 |  |  |  |  |  | 101407 |  | 101442 |
| &nbsp;&nbsp;&nbsp;Auto | 8567 | 7429 | 3534 | 1928 | 673 | 283 |  |  | 22414 |
| &nbsp;&nbsp;&nbsp;Other | 13050 | 2876 | 10065 | 25659 | 342 | 796 | 17216 |  | 70004 |
| Total Consumer | 21652 | 10305 | 13599 | 27587 | 1015 | 1079 | 118623 |  | 193860 |
| **Credit cards:** | **Credit cards:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer |  |  |  |  |  |  | 328474 |  | 328474 |
| &nbsp;&nbsp;&nbsp;Commercial |  |  |  |  |  |  | 250292 |  | 250292 |
| Total Credit cards |  |  |  |  |  |  | 578766 |  | 578766 |
| **Leases and other:** | **Leases and other:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Leases |  |  |  |  |  | 1492 |  |  | 1492 |
| &nbsp;&nbsp;&nbsp;Other | 30622 | 17322 | 13284 | 9895 | 2335 | 2035 | 11310 |  | 86803 |
| Total Leases and other | 30622 | 17322 | 13284 | 9895 | 2335 | 3527 | 11310 |  | 88295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total loans** | $4707447 | $3346757 | $4807943 | $3099880 | $1751555 | $1072516 | $6808094 | $48109 | $25642301 |

---

Accrued interest on loans totaled $176.1 million and $125.7 million as of December 31, 2025 and 2024, respectively, and is included in the Accrued income line on the Company's Consolidated Balance Sheets. The total amount of accrued interest is excluded from the amortized cost basis of loans presented above. Further, the Company has elected not to measure an allowance for credit losses for accrued interest receivable.

**Credit Quality Indicators**

As part of the on-going monitoring of the credit quality of the Company's loan portfolio, management tracks certain credit quality indicators including trends related to the risk grading of specified classes of loans, net charge-offs, non-performing loans, and general economic conditions.

The Company utilizes a risk grading matrix to assign a rating to each of its commercial, commercial real estate, and construction real estate loans. Changes in credit risk are monitored on a continuous basis and changes in risk ratings are made when identified. The loan ratings are summarized into the following categories: Pass, Special Mention, Substandard, and Doubtful. Any loan not classified in one of the categories described below is considered to be a Pass loan. A description of the general characteristics of the loan rating categories is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Special Mention** – This rating reflects a potential weakness that deserves management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or the borrower's credit position at some future date. The rating

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is not adversely classified and does not expose an institution to sufficient risk to warrant adverse classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Substandard** – This rating represents an asset inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Loans in this category are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets classified as substandard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Doubtful** – This rating represents an asset that has all the weaknesses inherent in an asset classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, based on currently existing facts, conditions and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonably specific pending factors, which may work to the advantage of strengthening the asset, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, liquidation procedures, capital injection, or perfecting liens.

*Commercial and industrial*

A discussion of the credit quality indicators that impact each type of collateral securing Commercial and industrial loans is included below:

**Equipment, accounts receivable, and inventory** General commercial and industrial loans are secured by working capital assets and non-real estate assets. The general purpose of these loans is for financing capital expenditures and current operations for commercial and industrial entities. These assets are short-term in nature. In the case of accounts receivable and inventories, the repayment of debt is reliant upon converting assets into cash or through goods and services being sold and collected. Collateral-based risk is due to aged short-term assets, which can be indicative of underlying issues with the borrower and lead to the value of the collateral being overstated.

**Agriculture** Agricultural loans are secured by non-real estate agricultural assets. These include shorter-term assets such as equipment, crops, and livestock. The risks associated with loans to finance crops or livestock include the borrower's ability to successfully raise and market the commodity. Adverse weather conditions and other natural perils can dramatically affect farmers' or ranchers' production and ability to service debt. Volatile commodity prices present another significant risk for agriculture borrowers. Market price volatility and production cost volatility can affect both revenues and expenses.

**Non-Depository Financial Institutions** NDFI loans are secured by working capital assets and non-real estate assets. The general purpose of these loans is for financing capital expenditures and current operations. The repayment of debt is reliant upon converting assets into cash or through services being sold and collected. Collateral-based risk is due to aged short-term assets, which can be indicative of underlying issues with the borrower and lead to the value of the collateral being overstated. Other risks consist of collateral that is secured by the stock of a NDFI, which can be unlisted stock with a limited market for the stock, or volatility of asset values driven by market performance.

**Overdrafts** Commercial overdrafts are typically short-term and unsecured. Some commercial borrowers tie their overdraft obligation to their line of credit, so any draw on the line of credit will satisfy the overdraft.

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Based on the factors noted above for each type of collateral, the Company assigns risk ratings to borrowers based on their most recently assessed financial position.

*The following tables provide a summary of the amortized cost balance by collateral type and risk rating as of December 31, 2025 and 2024 (in thousands):*

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** |  |  |  |
| **Risk by Collateral** | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Amortized Cost - Revolving Loans** | **Amortized Cost - Revolving Loans Converted to Term Loans** | **Total** |
| **Equipment/Accounts Receivable/Inventory** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pass | $2958147 | $1842768 | $982320 | $874006 | $462210 | $302753 | $5404325 | $4492 | $12831021 |
| &nbsp;&nbsp;&nbsp;Special Mention | 4962 | 37671 | 7883 | 6085 | 893 | 9535 | 63256 | 6635 | 136920 |
| &nbsp;&nbsp;&nbsp;Substandard | 21647 | 17207 | 49292 | 49139 | 8090 | 9473 | 168348 | 1059 | 324255 |
| &nbsp;&nbsp;&nbsp;Doubtful | 4273 | 4121 | 100 |  |  |  | 513 |  | 9007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Equipment/Accounts Receivable/Inventory | $2989029 | $1901767 | $1039595 | $929230 | $471193 | $321761 | $5636442 | $12186 | $13301203 |
| **Agriculture** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pass | $26921 | $22252 | $24757 | $7254 | $3824 | $2622 | $406985 | $815 | $495430 |
| &nbsp;&nbsp;&nbsp;Special Mention | 2464 |  |  | 71 | 35 |  | 5374 |  | 7944 |
| &nbsp;&nbsp;&nbsp;Substandard | 1000 | 333 | 223 | 502 |  | 558 | 14370 |  | 16986 |
| &nbsp;&nbsp;&nbsp;Doubtful |  |  |  |  |  |  |  | 1443 | 1443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Agriculture | $30385 | $22585 | $24980 | $7827 | $3859 | $3180 | $426729 | $2258 | $521803 |
| **NDFIs** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pass | $129859 | $277053 | $364738 | $82934 | $11470 | $29289 | $1489473 | $221 | $2385037 |
| &nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  | 2 |  | 27810 | 50 | 27862 |
| &nbsp;&nbsp;&nbsp;Substandard | 533 | 9023 | 3399 | 3502 | 664 | 117 |  |  | 17238 |
| &nbsp;&nbsp;&nbsp;Doubtful |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total NDFIs | $130392 | $286076 | $368137 | $86436 | $12136 | $29406 | $1517283 | $271 | $2430137 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** |  |  |  |
| **Risk by Collateral** | **2024** | **2023** | **2022** | **2021** | **2020** | **Prior** | **Amortized Cost - Revolving Loans** | **Amortized Cost - Revolving Loans Converted to Term Loans** | **Total** |
| **Equipment/Accounts Receivable/Inventory** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pass | $2029012 | $1021589 | $851378 | $662361 | $291712 | $130832 | $3796386 | $20356 | $8803626 |
| &nbsp;&nbsp;&nbsp;Special Mention | 2044 | 4145 | 6075 | 5949 | 639 |  | 37419 |  | 56271 |
| &nbsp;&nbsp;&nbsp;Substandard | 23044 | 20101 | 58659 | 14444 | 822 | 4240 | 141289 |  | 262599 |
| &nbsp;&nbsp;&nbsp;Doubtful | 195 |  |  |  |  |  |  |  | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Equipment/Accounts Receivable/Inventory | $2054295 | $1045835 | $916112 | $682754 | $293173 | $135072 | $3975094 | $20356 | $9122691 |
| **Agriculture** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pass | $5214 | $5613 | $3465 | $2208 | $356 | $97 | $153585 | $— | $170538 |
| &nbsp;&nbsp;&nbsp;Special Mention |  | 137 | 89 |  |  |  | 1068 |  | 1294 |
| &nbsp;&nbsp;&nbsp;Substandard | 4643 |  |  |  |  |  | 1893 |  | 6536 |
| &nbsp;&nbsp;&nbsp;Doubtful |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Agriculture | $9857 | $5750 | $3554 | $2208 | $356 | $97 | $156546 | $— | $178368 |
| **NDFIs** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pass | $266024 | $350733 | $94730 | $8997 | $10467 | $9080 | $929976 | $— | $1670007 |
| &nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  |  |  | 11478 |  | 11478 |
| &nbsp;&nbsp;&nbsp;Substandard |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Doubtful |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total NDFIs | $266024 | $350733 | $94730 | $8997 | $10467 | $9080 | $941454 | $— | $1681485 |

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*Specialty lending*

A discussion of the credit quality indicators that impact each type of collateral securing Specialty loans is included below:

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**Asset-based lending** General asset-based loans are secured by accounts receivable, inventory, equipment, and real estate. The purpose of these loans is for financing current operations for commercial customers. The repayment of debt is reliant upon collection of the accounts receivable within 30 to 90 days or converting assets into cash or through goods and services being sold and collected. The Company tracks each individual borrower credit risk based on their loan to collateral position. Any borrower position where the underlying value of collateral is below the fair value of the loan is considered out-of-margin and inherently higher risk.

*The following table provides a summary of the amortized cost balance by risk rating for asset-based loans as of December 31, 2025 and 2024 (in thousands):*

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| | | |
|:---|:---|:---|
|  | **Asset-based lending** | **Asset-based lending** |
| **Risk** | **December 31, 2025** | **December 31, 2024** |
| In-margin | $518237 | $469194 |
| Out-of-margin |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $518237 | $469194 |

---

*Commercial real estate*

A discussion of the credit quality indicators that impact each type of collateral securing Commercial real estate loans is included below:

**Owner-occupied** Owner-occupied loans are secured by commercial real estate. These loans are often longer tenured and susceptible to multiple economic cycles. The loans rely on the owner-occupied operations to service debt which cover a broad spectrum of industries. Real estate debt can carry a significant amount of leverage for a borrower to maintain.

**Non-owner-occupied** Non-owner-occupied loans are secured by commercial real estate. These loans are often longer tenured and susceptible to multiple economic cycles. The key element of risk in this type of lending is the cyclical nature of real estate markets. Although national conditions affect the overall real estate industry, the effect of national conditions on local markets is equally important. Factors such as unemployment rates, consumer demand, household formation, and the level of economic activity can vary widely from state to state and among metropolitan areas. In addition to geographic considerations, markets can be defined by property type. While all sectors are influenced by economic conditions, some sectors are more sensitive to certain economic factors than others.

**Farmland** Farmland loans are secured by real estate used for agricultural purposes such as crop and livestock production. Assets used as collateral are long-term assets that carry the ability to have longer amortizations and maturities. Longer terms carry the risk of added susceptibility to market conditions. The limited purpose of some Agriculture-related collateral affects credit risk because such collateral may have limited or no other uses to support values when loan repayment problems emerge.

**5+ Multi-family** 5+ multi-family loans are secured by a multi-family residential property. The primary risks associated with this type of collateral are largely driven by economic conditions. The national and local market conditions can change with unemployment rates or competing supply of multi-family housing. Tenants may not be able to afford their housing or have better options and this can result in increased vacancy. Rents may need to be lowered to fill apartment units. Increased vacancy and lower rental rates not only drive the borrower's ability to repay debt but also contribute to how the collateral is valued.

**1-4 Family construction** 1-4 family construction loans are secured by 1-4 family residential real estate and are in the process of construction or improvements being made. The predominant risk inherent to this portfolio is the risk associated with a borrower's ability to successfully complete a project on time and within budget. Market conditions also play an important role in understanding the risk profile. Risk from adverse changes in market conditions from the start of development to completion can result in deflated collateral values.

**General construction** General construction loans are secured by commercial real estate in process of construction or improvements being made and their repayment is dependent on the collateral's completion. Construction lending presents unique risks not encountered in term financing of existing real estate. The predominant risk inherent to this portfolio is the risk associated with a borrower's ability to successfully complete a project on time and within budget. Commercial properties under construction are susceptible to market and economic conditions. Demand from prospective customers may erode after construction begins because of a general economic slowdown or an increase in the supply of competing properties.

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Based on the factors noted above for each type of collateral, the Company assigns risk ratings to borrowers based on their most recently assessed financial position.

*The following tables provide a summary of the amortized cost balance by collateral type and risk rating as of December 31, 2025 and 2024 (in thousands):*

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** |  |  |  |
| **Risk by Collateral** | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Amortized Cost - Revolving Loans** | **Amortized Cost - Revolving Loans Converted to Term Loans** | **Total** |
| **Owner-occupied** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pass | $1135389 | $489616 | $529515 | $904187 | $751944 | $681592 | $39385 | $— | $4531628 |
| &nbsp;&nbsp;&nbsp;Special Mention | 4148 | 37092 | 19605 | 30991 | 11892 | 27290 | 120 |  | 131138 |
| &nbsp;&nbsp;&nbsp;Substandard | 11538 | 3053 | 50058 | 20207 | 11542 | 15893 |  |  | 112291 |
| &nbsp;&nbsp;&nbsp;Doubtful |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Owner-occupied | $1151075 | $529761 | $599178 | $955385 | $775378 | $724775 | $39505 | $— | $4775057 |
| **Non-owner-occupied** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pass | $1619478 | $652107 | $827493 | $974293 | $749272 | $716905 | $36134 | $1054 | $5576736 |
| &nbsp;&nbsp;&nbsp;Special Mention | 23339 | 1950 |  | 19994 | 745 | 12307 |  |  | 58335 |
| &nbsp;&nbsp;&nbsp;Substandard | 21468 | 1974 | 7013 | 17856 | 19599 | 7290 | 4959 |  | 80159 |
| &nbsp;&nbsp;&nbsp;Doubtful |  |  | 12952 | 6688 |  |  |  |  | 19640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Non-owner-occupied | $1664285 | $656031 | $847458 | $1018831 | $769616 | $736502 | $41093 | $1054 | $5734870 |
| **Farmland** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pass | $230559 | $67852 | $65697 | $116281 | $80909 | $124702 | $65013 | $75 | $751088 |
| &nbsp;&nbsp;&nbsp;Special Mention | 18101 | 342 |  | 115 | 120 | 1869 |  |  | 20547 |
| &nbsp;&nbsp;&nbsp;Substandard | 10136 | 6348 | 20117 | 14613 | 2584 | 36747 | 1390 |  | 91935 |
| &nbsp;&nbsp;&nbsp;Doubtful |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Farmland | $258796 | $74542 | $85814 | $131009 | $83613 | $163318 | $66403 | $75 | $863570 |
| **5+ Multi-family** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pass | $329902 | $179107 | $157535 | $543003 | $426213 | $96282 | $10441 | $— | $1742483 |
| &nbsp;&nbsp;&nbsp;Special Mention |  |  | 238 | 2891 | 8447 | 193 |  |  | 11769 |
| &nbsp;&nbsp;&nbsp;Substandard |  |  | 14172 | 8231 |  |  |  |  | 22403 |
| &nbsp;&nbsp;&nbsp;Doubtful |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total 5+ Multi-family | $329902 | $179107 | $171945 | $554125 | $434660 | $96475 | $10441 | $— | $1776655 |
| **1-4 Family construction** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pass | $74900 | $11104 | $— | $520 | $— | $— | $1301 | $— | $87825 |
| &nbsp;&nbsp;&nbsp;Special Mention | 949 | 460 | 240 |  |  |  |  |  | 1649 |
| &nbsp;&nbsp;&nbsp;Substandard |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Doubtful |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total 1-4 Family construction | $75849 | $11564 | $240 | $520 | $— | $— | $1301 | $— | $89474 |
| **General construction** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pass | $1078840 | $865015 | $684507 | $333717 | $23062 | $14951 | $25085 | $— | $3025177 |
| &nbsp;&nbsp;&nbsp;Special Mention | 14579 | 3100 | 128 | 18919 | 1903 | 29 |  |  | 38658 |
| &nbsp;&nbsp;&nbsp;Substandard | 5732 |  | 34493 | 20560 | 3348 | 1293 | 7250 |  | 72676 |
| &nbsp;&nbsp;&nbsp;Doubtful | 102 |  |  |  |  |  |  |  | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total General construction | $1099253 | $868115 | $719128 | $373196 | $28313 | $16273 | $32335 | $— | $3136613 |

---

------

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** |  |  |  |
| **Risk by Collateral** | **2024** | **2023** | **2022** | **2021** | **2020** | **Prior** | **Amortized Cost - Revolving Loans** | **Amortized Cost - Revolving Loans Converted to Term Loans** | **Total** |
| **Owner-occupied** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pass | $316858 | $276546 | $590337 | $442768 | $289219 | $267944 | $4948 | $25266 | $2213886 |
| &nbsp;&nbsp;&nbsp;Special Mention | 31213 |  | 1512 |  | 467 |  |  |  | 33192 |
| &nbsp;&nbsp;&nbsp;Substandard | 4446 | 503 | 1631 | 37 | 4113 | 7263 |  |  | 17993 |
| &nbsp;&nbsp;&nbsp;Doubtful |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Owner-occupied | $352517 | $277049 | $593480 | $442805 | $293799 | $275207 | $4948 | $25266 | $2265071 |
| **Non-owner-occupied** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pass | $784434 | $514745 | $981769 | $727365 | $404362 | $324310 | $32312 | $— | $3769297 |
| &nbsp;&nbsp;&nbsp;Special Mention |  | 13028 | 25000 |  |  |  |  |  | 38028 |
| &nbsp;&nbsp;&nbsp;Substandard |  |  |  |  |  | 529 |  |  | 529 |
| &nbsp;&nbsp;&nbsp;Doubtful |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Non-owner-occupied | $784434 | $527773 | $1006769 | $727365 | $404362 | $324839 | $32312 | $— | $3807854 |
| **Farmland** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pass | $36771 | $45055 | $45131 | $36127 | $182769 | $14209 | $106468 | $3 | $466533 |
| &nbsp;&nbsp;&nbsp;Special Mention | 982 |  | 13023 |  |  | 2324 | 1000 |  | 17329 |
| &nbsp;&nbsp;&nbsp;Substandard | 16903 | 2302 |  |  | 993 | 6483 |  |  | 26681 |
| &nbsp;&nbsp;&nbsp;Doubtful |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Farmland | $54656 | $47357 | $58154 | $36127 | $183762 | $23016 | $107468 | $3 | $510543 |
| **5+ Multi-family** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pass | $161767 | $47136 | $302225 | $256032 | $28819 | $18732 | $9202 | $— | $823913 |
| &nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Substandard |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Doubtful |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total 5+ Multi-family | $161767 | $47136 | $302225 | $256032 | $28819 | $18732 | $9202 | $— | $823913 |
| **1-4 Family construction** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pass | $46096 | $1385 | $— | $— | $— | $— | $5 | $— | $47486 |
| &nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Substandard |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Doubtful |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total 1-4 Family construction | $46096 | $1385 | $— | $— | $— | $— | $5 | $— | $47486 |
| **General construction** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pass | $493614 | $643050 | $1221251 | $235758 | $4049 | $504 | $74950 | $— | $2673176 |
| &nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Substandard |  | 1835 | 1288 |  |  | 10 |  |  | 3133 |
| &nbsp;&nbsp;&nbsp;Doubtful | 109 |  |  |  |  |  |  |  | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total General construction | $493723 | $644885 | $1222539 | $235758 | $4049 | $514 | $74950 | $— | $2676418 |

---

*Consumer real estate*

A discussion of the credit quality indicators that impact each type of collateral securing Consumer real estate loans is included below:

**HELOC** HELOC loans are revolving lines of credit secured by 1-4 family residential property. The primary risk is the borrower's inability to repay debt. Revolving notes are often associated with HELOCs that can be secured by real estate without a 1st lien priority. Collateral is susceptible to market volatility impacting home values or economic downturns.

**First lien: 1-4 family** First lien 1-4 family loans are secured by a first lien on 1-4 family residential property. These term loans carry longer maturities and amortizations. The longer tenure exposes the borrower to multiple economic cycles, coupled with longer amortizations that result in smaller principal reduction early in the life of the loan. Collateral is susceptible to market volatility impacting home values.

**Junior lien: 1-4 family** Junior lien 1-4 family loans are secured by a junior lien on 1-4 family residential property. The Company's primary risk is the borrower's inability to repay debt and not being in a first lien position. Collateral is susceptible to market volatility impacting home values or economic downturns.

A borrower is considered non-performing if the Company has ceased the recognition of interest and the loan is placed on non-accrual. Charge-offs and borrower performance are tracked on a loan origination vintage basis. Certain vintages, based on their maturation cycle, could be at higher risk due to collateral-based risk factors.

------

*The following tables provide a summary of the amortized cost balance by collateral type and risk rating as of December 31, 2025 and 2024 (in thousands):*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** |  |  |  |
| **Risk by Collateral** | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Amortized Cost - Revolving Loans** | **Amortized Cost - Revolving Loans Converted to Term Loans** | **Total** |
| **HELOC** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Performing | $2736 | $87 | $407 | $1343 | $324 | $5979 | $697853 | $4358 | $713087 |
| &nbsp;&nbsp;&nbsp;Non-performing | 12 | 312 | 349 | 732 | 253 | 1805 | 650 | 973 | 5086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total HELOC | $2748 | $399 | $756 | $2075 | $577 | $7784 | $698503 | $5331 | $718173 |
| **First lien: 1-4 family** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Performing | $608545 | $367915 | $359419 | $624670 | $732306 | $824314 | $6864 | $13 | $3524046 |
| &nbsp;&nbsp;&nbsp;Non-performing | 44788 | 241 | 4986 | 6885 | 3445 | 6256 |  |  | 66601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total First lien: 1-4 family | $653333 | $368156 | $364405 | $631555 | $735751 | $830570 | $6864 | $13 | $3590647 |
| **Junior lien: 1-4 family** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Performing | $20419 | $30975 | $19202 | $28417 | $17324 | $5974 | $4766 | $— | $127077 |
| &nbsp;&nbsp;&nbsp;Non-performing | 39 | 246 | 10 | 121 | 81 | 74 |  |  | 571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Junior lien: 1-4 family | $20458 | $31221 | $19212 | $28538 | $17405 | $6048 | $4766 | $— | $127648 |

---

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** |  |  |  |
| **Risk by Collateral** | **2024** | **2023** | **2022** | **2021** | **2020** | **Prior** | **Amortized Cost - Revolving Loans** | **Amortized Cost - Revolving Loans Converted to Term Loans** | **Total** |
| **HELOC** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Performing | $90 | $16 | $450 | $203 | $249 | $3780 | $390843 | $1879 | $397510 |
| &nbsp;&nbsp;&nbsp;Non-performing |  |  |  | 252 | 85 | 1269 |  | 605 | 2211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total HELOC | $90 | $16 | $450 | $455 | $334 | $5049 | $390843 | $2484 | $399721 |
| **First lien: 1-4 family** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Performing | $413060 | $358303 | $559689 | $633749 | $496615 | $272601 | $— | $— | $2734017 |
| &nbsp;&nbsp;&nbsp;Non-performing | 335 | 2939 | 5328 | 1468 | 143 | 1027 |  |  | 11240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total First lien: 1-4 family | $413395 | $361242 | $565017 | $635217 | $496758 | $273628 | $— | $— | $2745257 |
| **Junior lien: 1-4 family** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Performing | $12516 | $9952 | $9903 | $3978 | $2934 | $2631 | $75 | $— | $41989 |
| &nbsp;&nbsp;&nbsp;Non-performing |  | 17 | 101 |  |  | 45 |  |  | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Junior lien: 1-4 family | $12516 | $9969 | $10004 | $3978 | $2934 | $2676 | $75 | $— | $42152 |

---

*Consumer*

A discussion of the credit quality indicators that impact each type of collateral securing Consumer loans is included below:

**Revolving line** Consumer Revolving lines of credit are secured by consumer assets other than real estate. The primary risk associated with this collateral is related to market volatility and the value of the underlying financial assets.

**Auto** Direct consumer auto loans are secured by new and used consumer vehicles. The primary risk with this collateral class is the rate at which the collateral depreciates.

**Other** This category includes Other consumer loans made to an individual. The primary risk for this category is for those loans where the loan is unsecured. This collateral type also includes other unsecured lending such as consumer overdrafts.

A borrower is considered non-performing if the Company has ceased the recognition of interest and the loan is placed on non-accrual. Charge-offs and borrower performance are tracked on a loan origination vintage basis. Certain vintages, based on their maturation cycle, could be at higher risk due to collateral-based risk factors.

------

*The following tables provide a summary of the amortized cost balance by collateral type and risk rating as of December 31, 2025 and 2024 (in thousands):*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** |  |  |  |
| **Risk by Collateral** | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Amortized Cost - Revolving Loans** | **Amortized Cost - Revolving Loans Converted to Term Loans** | **Total** |
| **Revolving line** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Performing | $1485 | $34 | $23 | $47 | $24 | $525 | $159834 | $99 | $162071 |
| &nbsp;&nbsp;&nbsp;Non-performing |  |  |  | 2 |  | 1 | 620 | 3 | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Revolving line | $1485 | $34 | $23 | $49 | $24 | $526 | $160454 | $102 | $162697 |
| **Auto** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Performing | $8179 | $7292 | $9725 | $5290 | $1109 | $248 | $— | $— | $31843 |
| &nbsp;&nbsp;&nbsp;Non-performing |  |  | 18 | 17 | 9 |  |  |  | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Auto | $8179 | $7292 | $9743 | $5307 | $1118 | $248 | $— | $— | $31887 |
| **Other** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Performing | $12905 | $11161 | $3514 | $5893 | $849 | $1245 | $8567 | $— | $44134 |
| &nbsp;&nbsp;&nbsp;Non-performing | 2 | 36 |  | 24 | 4 | 27 |  |  | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Other | $12907 | $11197 | $3514 | $5917 | $853 | $1272 | $8567 | $— | $44227 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** | **Amortized Cost Basis by Origination Year - Term Loans** |  |  |  |
| **Risk by Collateral** | **2024** | **2023** | **2022** | **2021** | **2020** | **Prior** | **Amortized Cost - Revolving Loans** | **Amortized Cost - Revolving Loans Converted to Term Loans** | **Total** |
| **Revolving line** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Performing | $35 | $— | $— | $— | $— | $— | $101407 | $— | $101442 |
| &nbsp;&nbsp;&nbsp;Non-performing |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Revolving line | $35 | $— | $— | $— | $— | $— | $101407 | $— | $101442 |
| **Auto** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Performing | $8567 | $7418 | $3534 | $1920 | $673 | $283 | $— | $— | $22395 |
| &nbsp;&nbsp;&nbsp;Non-performing |  | 11 |  | 8 |  |  |  |  | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Auto | $8567 | $7429 | $3534 | $1928 | $673 | $283 | $— | $— | $22414 |
| **Other** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Performing | $13037 | $2876 | $10057 | $25659 | $342 | $796 | $17216 | $— | $69983 |
| &nbsp;&nbsp;&nbsp;Non-performing | 13 |  | 8 |  |  |  |  |  | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Other | $13050 | $2876 | $10065 | $25659 | $342 | $796 | $17216 | $— | $70004 |

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*Credit cards*

A discussion of the credit quality indicators that impact Credit card loans is included below:

**Consumer** Consumer credit card loans are revolving loans made to individuals. The primary risk associated with this collateral class is credit card debt which is generally unsecured; therefore, repayment depends primarily on a borrower's willingness and capacity to repay. The highly competitive environment for credit card lending provides consumers with ample opportunity to hold several credit cards from different issuers and to pay only minimum monthly payments on outstanding balances. In such an environment, borrowers may become over-extended and unable to repay, particularly in times of an economic downturn or a personal catastrophic event.

The consumer credit card portfolio is segmented by borrower payment activity. Transactors are defined as accounts that pay off their balance by the end of each statement cycle. Revolvers are defined as an account that carries a balance from one statement cycle to the next. These accounts incur monthly finance charges, and, sometimes, late fees. Revolvers are inherently higher risk and are tracked by credit score.

As of December 31, 2025, a co-branded credit card portfolio is also segmented between current and significantly delinquent loans, with accounts being considered significantly delinquent after 60 days. Current loans are segmented by borrower payment activity as described above. Significantly delinquent loans are tracked by the number of cycles past due.

**Commercial** Commercial credit card loans are revolving loans made to small and commercial businesses. The primary risk associated with this collateral class is credit card debt which is generally unsecured; therefore,

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repayment depends primarily on a borrower's willingness and capacity to repay. Borrowers may become over-extended and unable to repay, particularly in times of an economic downturn or a catastrophic event.

The commercial credit card portfolio is segmented by current and past due payment status. A borrower is past due after 30 days. In general, commercial credit card customers do not have incentive to hold a balance resulting in paying interest on credit card debt as commercial customers will typically have other debt obligations with lower interest rates in which they can utilize for capital.

*The following table provides a summary of the amortized cost balance of consumer credit cards by risk rating as of December 31, 2025 and 2024 (in thousands):*

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| | | |
|:---|:---|:---|
|  | **Consumer** | **Consumer** |
| **Risk** | **December 31, 2025** | **December 31, 2024** |
| Transactor accounts | $123445 | $101688 |
| Revolver accounts (by Credit score): |  |  |
| &nbsp;&nbsp;Less than 600 | 13123 | 16297 |
| &nbsp;&nbsp;600-619 | 7127 | 7893 |
| &nbsp;&nbsp;620-639 | 12243 | 13174 |
| &nbsp;&nbsp;640-659 | 19679 | 20798 |
| &nbsp;&nbsp;660-679 | 20261 | 20897 |
| &nbsp;&nbsp;680-699 | 22814 | 24121 |
| &nbsp;&nbsp;700-719 | 25385 | 26180 |
| &nbsp;&nbsp;720-739 | 22547 | 22418 |
| &nbsp;&nbsp;740-759 | 19838 | 18965 |
| &nbsp;&nbsp;760-779 | 19864 | 19609 |
| &nbsp;&nbsp;780-799 | 18774 | 18058 |
| &nbsp;&nbsp;800-819 | 11782 | 11443 |
| &nbsp;&nbsp;820-839 | 6151 | 5745 |
| &nbsp;&nbsp;840+ | 1213 | 1188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $344246 | $328474 |

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*The following table provides a summary of the amortized cost balance of consumer credit cards considered significantly delinquent for a co-branded portfolio by delinquent cycles as of December 31, 2025 (in thousands):*

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| | |
|:---|:---|
|  | **Consumer** |
| **Risk** | **December 31, 2025** |
| &nbsp;&nbsp;61-90 Days | $1084 |
| &nbsp;&nbsp;91-120 Days | 848 |
| &nbsp;&nbsp;121-150 Days | 805 |
| &nbsp;&nbsp;151-180 Days | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $3503 |

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*The following table provides a summary of the amortized cost balance of commercial credit cards by risk rating as of December 31, 2025 and 2024 (in thousands):*

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| | | |
|:---|:---|:---|
|  | **Commercial** | **Commercial** |
| **Risk** | **December 31, 2025** | **December 31, 2024** |
| Current | $330585 | $231713 |
| Past Due | 22399 | 18579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $352984 | $250292 |

---

*Leases and other*

A discussion of the credit quality indicators that impact each type of collateral securing Leases and other loans is included below:

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**Leases** Leases are either loans to individuals for household, family and other personal expenditures or are loans related to all other direct financing and leveraged leases on property for leasing to lessees other than for household, family and other personal expenditure purposes. All leases are secured by the lease between the lessor and the lessee. These assignments grant the creditor a security interest in the rent stream from any lease, an important source of cash to pay the note in case of the borrower's default.

**Other** Other loans are loans that are obligations of states and political subdivisions in the U.S., loans for purchasing or carrying securities, or all other non-consumer loans. Risk associated with other loans is tied to the underlying collateral by each type of loan. Collateral is generally equipment, accounts receivable, inventory, 1-4 family residential construction and is susceptible to the same risks mentioned with those collateral types previously.

Based on the factors noted above for each type of collateral, the Company assigns risk ratings to borrowers based on their most recently assessed financial position.

*The following table provides a summary of the amortized cost balance by collateral type and risk rating as of December 31, 2025 and 2024 (in thousands):*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Leases** | **Leases** | **Other** | **Other** |
| **Risk** | **December 31, 2025** | **December 31, 2024** | **December 31, 2025** | **December 31, 2024** |
| Pass | $1214 | $1492 | $237186 | $86778 |
| Special Mention |  |  |  |  |
| Substandard |  |  |  | 25 |
| Doubtful |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1214 | $1492 | $237186 | $86803 |

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**Allowance for Credit Losses** 

The ACL is a valuation account that is deducted from loans' and HTM securities' amortized cost bases to present the net amount expected to be collected on the instrument. Loans and HTM securities are charged off against the ACL when management believes the balance has become uncollectible. Expected recoveries are included in the allowance and do not exceed the aggregate of amounts previously charged-off and expected to be charged-off.

Management estimates the allowance balance using relevant available information, from internal and external sources, related to past events, current conditions, and reasonable and supportable economic forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses and is tracked over an economic cycle to capture a 'through the cycle' loss history. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in portfolio industry-based segmentation, risk rating and credit score changes, average prepayment rates, changes in environmental conditions, or other relevant factors. For economic forecasts, the Company uses the Moody's baseline scenario. The Company has developed a dynamic reasonable and supportable forecast period that ranges from one to three years and changes based on economic conditions. The Company's reasonable and supportable forecast period is one year. After the reasonable and supportable forecast period, the Company reverts to historical losses. The reversion method applied to each portfolio can either be cliff in which the Company reverts immediately to historical losses or straight-line over four quarters.

The ACL is measured on a collective (pool) basis when similar risk characteristics exist. The ACL also incorporates qualitative factors which represent adjustments to historical credit loss experience for items such as concentrations of credit and results of internal loan review. The Company has identified the following portfolio segments and measures the allowance for credit losses using the following methods. The Company's portfolio segmentation consists of Commercial and industrial, Specialty lending, Commercial real estate, Consumer real estate, Consumer, Credit cards, Leases and other, and Held-to-maturity securities. Multiple modeling techniques are used to measure credit losses based on the portfolio.

The ACL for Commercial and industrial and Leases and other segments are measured using a probability of default and loss given default method. Primary risk drivers within the segment are risk ratings of the individual loans along with changes of macro-economic variables. The economic variables utilized are typically comprised of leading and lagging indicators. The ACL for Commercial and industrial loans is calculated by modeling probability of default (PD) over future periods multiplied by historical loss given default rates (LGD) multiplied by contractual exposure at default minus any estimated prepayments and charge offs.

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Collateral positions for Specialty lending loans are continuously monitored by the Company and the borrower is required to continually adjust the amount of collateral securing the loan. Credit losses are measured for any position where the amortized cost basis is greater than the fair value of the collateral. The ACL for specialty lending loans is calculated by using a bottom-up approach comparing collateral values to outstanding balances.

The ACL for the Commercial real estate segment is measured using a PD and LGD method. Primary risk characteristics within the segment are risk ratings of the individual loans, along with changes of macro-economic variables, such as interest rates, CRE price index, median household income, construction activity, farm income, and vacancy rates. The ACL for Commercial real estate loans is calculated by modeling PD over future periods based on peer bank data. The PD loss rate is then multiplied by historical LGD multiplied by contractual exposure at default minus any estimated prepayments and charge offs.

The ACL for the Consumer real estate and Consumer segments are measured using an origination vintage loss rate method applied to the loans' amortized cost balance. The primary risk driver within the segments is year of origination along with changes of macro-economic variables such as unemployment and the home price index.

The Credit card segment contains both consumer and commercial credit cards. The ACL for Consumer credit cards is measured using a PD and LGD method for Revolvers and average historical loss rates across a defined lookback period for Transactors. The PD and LGD method used for Revolvers is similar in nature to the method used in the Commercial and industrial and Commercial real estate segments. Primary risk drivers within the segment are credit ratings of the individual card holders along with changes of macro-economic variables such as unemployment and retail sales. The ACL for Commercial credit cards is measured using roll-rate loss rate method based on days past due.

The ACL for the State and political HTM securities segment is measured using a loss rate method based on historical bond rating transitions. Primary risk drivers within the segment are bond ratings in the portfolio along with changes of macro-economic conditions. There is no ACL for the U.S. Treasury, U.S. Agency, and GSE mortgage-backed HTM securities portfolios as they are considered to be agency-backed securities with no risk of loss as they are either explicitly or implicitly guaranteed by the U.S. government. For further discussion on these securities, including the aging and amortized cost balance of HTM securities, see Note 4, "Securities."

See the credit quality indicators presented previously for a summary of current risk in the Company's portfolio. Changes in economic forecasts will affect all portfolio segments, updated financial records from borrowers will affect portfolio segments by risk rating, updated credit scores will affect consumer credit cards, payment performance will affect consumer and commercial credit card portfolio segments, and updated bond credit ratings will affect held-to-maturity securities. The Company actively monitors all credit quality indicators for risk changes that will influence the current estimate.

Expected credit losses are estimated over the contractual term of the loans, adjusted for prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a concessionary loan term has been granted to a borrower experiencing financial difficulty or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancelable by the Company.

Credit card receivables do not have stated maturities. In determining the estimated life of a credit card receivable, management first estimates the future cash flows expected to be received and then applies those expected future cash flows to the credit card balance. Expected credit losses for credit cards are determined by estimating the amount and timing of principal payments expected to be received as payment for the balance outstanding as of the reporting period until the expected payments have been fully allocated. The ACL is recorded for the excess of the balance outstanding as of the reporting period over the expected principal payments.

Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually include loans on nonaccrual, loans that include modifications deemed concessionary made to borrowers experiencing financial difficulty, or any loans specifically identified, and are excluded from the collective evaluation. When it is determined that payment of interest or recovery of all principal is questionable, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for undiscounted selling costs as appropriate. All loans are classified as collateral dependent if placed on non-accrual or include modifications made to borrowers experiencing financial difficulty.

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**ALLOWANCE FOR CREDIT LOSSES AND RECORDED INVESTMENT IN LOANS**

*The following tables provide a rollforward of the allowance for credit losses by portfolio segment for the year ended December 31, 2025, 2024, and 2023 (in thousands):*

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
|  | **Commercial and industrial** | **Specialty lending** | **Commercial real estate** | **Consumer real estate** | **Consumer** | **Credit cards** | **Leases and other** | **Total - Loans** | **HTM** | **Total** |
| **Allowance for credit losses:** | **Allowance for credit losses:** | **Allowance for credit losses:** |  |  |  |  |  |  |  |  |
| Beginning balance | $161553 | $— | $77340 | $4327 | $966 | $14272 | $631 | $259089 | $2645 | $261734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PCD allowance for credit loss at acquisition | 45026 |  | 40054 | 206 | 13 |  |  | 85299 |  | 85299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charge-offs | (44645) |  | (11792) | (2041) | (3538) | (25676) | (27) | (87719) |  | (87719) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recoveries | 507 |  | 196 | 275 | 845 | 3519 | 6 | 5348 |  | 5348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision | 77883 |  | 45262 | 4171 | 3101 | 25927 | 1117 | 157461 | (961) | 156500 |
| Ending balance - ACL | $240324 | $— | $151060 | $6938 | $1387 | $18042 | $1727 | $419478 | $1684 | $421162 |
| **Allowance for credit losses on off-balance sheet credit exposures:** | **Allowance for credit losses on off-balance sheet credit exposures:** | **Allowance for credit losses on off-balance sheet credit exposures:** |  |  |  |  |  |  |  |  |
| Beginning balance | $2234 | $— | $1741 | $70 | $16 | $— | $63 | $4124 | $14 | $4138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial allowance for credit loss at acquisition | 2166 |  | 1192 | 63 | 41 |  | 114 | 3576 | 7 | 3583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision | (1514) |  | (385) | 21 | 34 |  | (150) | (1994) | (6) | (2000) |
| Ending balance - ACL on off-balance sheet | $2886 | $— | $2548 | $154 | $91 | $— | $27 | $5706 | $15 | $5721 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
|  | **Commercial and industrial** | **Specialty lending** | **Commercial real estate** | **Consumer real estate** | **Consumer** | **Credit cards** | **Leases and other** | **Total - Loans** | **HTM** | **Total** |
| **Allowance for credit losses:** | **Allowance for credit losses:** | **Allowance for credit losses:** |  |  |  |  |  |  |  |  |
| Beginning balance | $157389 | $— | $45507 | $6941 | $1089 | $7935 | $877 | $219738 | $3258 | $222996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charge-offs | (5441) |  | (250) | (432) | (1524) | (20752) | (4) | (28403) |  | (28403) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recoveries | 1890 | 4 |  | 648 | 241 | 2355 | 3 | 5141 |  | 5141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision | 7715 | (4) | 32083 | (2830) | 1160 | 24734 | (245) | 62613 | (613) | 62000 |
| Ending balance - ACL | $161553 | $— | $77340 | $4327 | $966 | $14272 | $631 | $259089 | $2645 | $261734 |
| **Allowance for credit losses on off-balance sheet credit exposures:** | **Allowance for credit losses on off-balance sheet credit exposures:** | **Allowance for credit losses on off-balance sheet credit exposures:** |  |  |  |  |  |  |  |  |
| Beginning balance | $4152 | $186 | $460 | $117 | $9 | $— | $100 | $5024 | $64 | $5088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision | (1918) | (186) | 1281 | (47) | 7 |  | (37) | (900) | (50) | (950) |
| Ending balance - ACL on off-balance sheet | $2234 | $— | $1741 | $70 | $16 | $— | $63 | $4124 | $14 | $4138 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** |
|  | **Commercial and industrial** | **Specialty lending** | **Commercial real estate** | **Consumer real estate** | **Consumer** | **Credit cards** | **Leases and other** | **Total - Loans** | **HTM** | **Total** |
| **Allowance for credit losses:** | **Allowance for credit losses:** | **Allowance for credit losses:** |  |  |  |  |  |  |  |  |
| Beginning balance | $137997 | $— | $39370 | $6148 | $494 | $6866 | $961 | $191836 | $2407 | $194243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charge-offs | (5047) | (762) | (266) | (1185) | (1232) | (9181) |  | (17673) |  | (17673) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recoveries | 5295 | 1 | 111 | 45 | 211 | 1536 |  | 7199 |  | 7199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision | 19144 | 761 | 6292 | 1933 | 1616 | 8714 | (84) | 38376 | 851 | 39227 |
| Ending balance - ACL | $157389 | $— | $45507 | $6941 | $1089 | $7935 | $877 | $219738 | $3258 | $222996 |
| **Allowance for credit losses on off-balance sheet credit exposures:** | **Allowance for credit losses on off-balance sheet credit exposures:** | **Allowance for credit losses on off-balance sheet credit exposures:** |  |  |  |  |  |  |  |  |
| Beginning balance | $2188 | $186 | $418 | $124 | $13 | $— | $52 | $2981 | $107 | $3088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision | 1964 |  | 42 | (7) | (4) |  | 48 | 2043 | (43) | 2000 |
| Ending balance - ACL on off-balance sheet | $4152 | $186 | $460 | $117 | $9 | $— | $100 | $5024 | $64 | $5088 |

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Purchased loans that reflect a more than insignificant credit deterioration since origination at the date of acquisition are classified as PCD loans. PCD loans are recorded at fair value plus the ACL expected at the time of acquisition. The Company recorded $85.3 million to establish the PCD ACL related to the acquisition of HTLF.

The allowance for credit losses on off-balance sheet credit exposures is recorded in the Accrued expenses and taxes line of the Company's Consolidated Balance Sheets, see Note 15 "Commitments, Contingencies and Guarantees."

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**Collateral Dependent Financial Assets**

*The following tables provide the amortized cost balance of financial assets considered collateral dependent as of December 31, 2025 and 2024 (in thousands):*

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| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Loan Segment and Type** | **Amortized Cost of Collateral Dependent Assets** | **Related Allowance for Credit Losses** | **Amortized Cost of Collateral Dependent Assets with no related Allowance** |
| **Commercial and industrial:** |  |  |  |
| &nbsp;&nbsp;Equipment/Accounts Receivable/Inventory | $23594 | $10741 | $9274 |
| &nbsp;&nbsp;Agriculture | 2186 | 687 | 743 |
| &nbsp;&nbsp;NDFIs | 853 |  | 853 |
| Total Commercial and industrial | 26633 | 11428 | 10870 |
| **Specialty lending:** |  |  |  |
| &nbsp;&nbsp;Asset-based lending |  |  |  |
| Total Specialty lending |  |  |  |
| **Commercial real estate:** |  |  |  |
| &nbsp;&nbsp;Owner-occupied | 10905 | 2240 | 3746 |
| &nbsp;&nbsp;Non-owner-occupied | 50955 | 9093 | 8957 |
| &nbsp;&nbsp;Farmland | 3389 |  | 3389 |
| &nbsp;&nbsp;5+ Multi-family | 14324 |  | 14324 |
| &nbsp;&nbsp;1-4 Family construction |  |  |  |
| &nbsp;&nbsp;General construction | 7408 | 161 | 5700 |
| Total Commercial real estate | 86981 | 11494 | 36116 |
| **Consumer real estate:** |  |  |  |
| &nbsp;&nbsp;HELOC | 5319 |  | 5319 |
| &nbsp;&nbsp;First lien: 1-4 family | 23969 | 205 | 22720 |
| &nbsp;&nbsp;Junior lien: 1-4 family | 622 |  | 622 |
| Total Consumer real estate | 29910 | 205 | 28661 |
| **Consumer:** |  |  |  |
| &nbsp;&nbsp;Revolving line | 633 |  | 633 |
| &nbsp;&nbsp;Auto | 47 |  | 47 |
| &nbsp;&nbsp;Other | 97 |  | 97 |
| Total Consumer | 777 |  | 777 |
| **Leases and other:** |  |  |  |
| &nbsp;&nbsp;Leases |  |  |  |
| &nbsp;&nbsp;Other |  |  |  |
| Total Leases and other |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans | $144301 | $23127 | $76424 |

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| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Loan Segment and Type** | **Amortized Cost of Collateral Dependent Assets** | **Related Allowance for Credit Losses** | **Amortized Cost of Collateral Dependent Assets with no related Allowance** |
| **Commercial and industrial:** |  |  |  |
| &nbsp;&nbsp;Equipment/Accounts Receivable/Inventory | $4423 | $— | $4423 |
| &nbsp;&nbsp;Agriculture |  |  |  |
| &nbsp;&nbsp;NDFIs |  |  |  |
| Total Commercial and industrial | 4423 |  | 4423 |
| **Specialty lending:** |  |  |  |
| &nbsp;&nbsp;Asset-based lending |  |  |  |
| Total Specialty lending |  |  |  |
| **Commercial real estate:** |  |  |  |
| &nbsp;&nbsp;Owner-occupied | 707 |  | 707 |
| &nbsp;&nbsp;Non-owner-occupied |  |  |  |
| &nbsp;&nbsp;Farmland | 135 |  | 135 |
| &nbsp;&nbsp;5+ Multi-family |  |  |  |
| &nbsp;&nbsp;1-4 Family construction |  |  |  |
| &nbsp;&nbsp;General construction | 118 |  | 118 |
| Total Commercial real estate | 960 |  | 960 |
| **Consumer real estate:** |  |  |  |
| &nbsp;&nbsp;HELOC | 2211 |  | 2211 |
| &nbsp;&nbsp;First lien: 1-4 family | 11240 |  | 11240 |
| &nbsp;&nbsp;Junior lien: 1-4 family | 163 |  | 163 |
| Total Consumer real estate | 13614 |  | 13614 |
| **Consumer:** |  |  |  |
| &nbsp;&nbsp;Revolving line |  |  |  |
| &nbsp;&nbsp;Auto | 19 |  | 19 |
| &nbsp;&nbsp;Other | 21 |  | 21 |
| Total Consumer | 40 |  | 40 |
| **Leases and other:** |  |  |  |
| &nbsp;&nbsp;Leases |  |  |  |
| &nbsp;&nbsp;Other |  |  |  |
| Total Leases and other |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans | $19037 | $— | $19037 |

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**Modifications made to Borrowers Experiencing Financial Difficulty**

In the normal course of business, the Company may execute loan modifications with borrowers. These modifications are analyzed to determine whether the modification is considered concessionary, long term and made to a borrower experiencing financial difficulty. The Company's modifications generally include interest rate adjustments, principal reductions, and amortization and maturity date extensions. These modifications allow the borrower short-term cash relief to allow them to improve their financial condition. If a loan modification is determined to be made to a borrower experiencing financial difficulty, the loan is considered collateral dependent and evaluated as part of the ACL as described above in the Allowance for Credit Losses section of this note.

For the year ended December 31, 2025, the Company had seven modifications on residential real estate loans made to borrowers experiencing financial difficulty with a total pre-modification loan balance of $1.6 million and a total post-modification balance of $1.6 million. For the year ended December 31, 2024, the Company had five

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modifications on residential real estate loans made to borrowers experiencing financial difficulty with a total pre-modification loan balance of $1.1 million and a total post-modification balance of $1.1 million. For the year ended December 31, 2023, the Company did not modify any loans made to borrowers experiencing financial difficulty.

The Company had no commitments to lend to borrowers experiencing financial difficulty for which the Company has modified an existing loan as of December 31, 2025 and 2024. The Company monitors loan payments on an on-going basis to determine if a loan is considered to have a payment default. Determination of payment default involves analyzing the economic conditions that exist for each customer and their ability to generate positive cash flows during the loan term. For the years ended December 31, 2025, 2024, and 2023, the Company had no loan modifications made to borrowers experiencing financial difficulty for which there was a payment default within the 12 months following the modification date.

**4. *SECURITIES***

**Securities Available for Sale**

*This table provides detailed information about securities available for sale at December 31, 2025 and 2024 (in thousands):*

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Gross** | **Gross** |  |
|  | **Amortized** | **Unrealized** | **Unrealized** | **Fair** |
| **<u>2025</u>** | **Cost** | **Gains** | **Losses** | **Value** |
| U.S. Treasury | $2301248 | $20008 | $(441) | $2320815 |
| U.S. Agencies | 62069 | 401 | (100) | 62370 |
| Mortgage-backed | 8427197 | 71827 | (331151) | 8167873 |
| State and political subdivisions | 2494537 | 24898 | (72847) | 2446588 |
| Corporates | 180854 | 349 | (4088) | 177115 |
| Collateralized loan obligations | 533995 | 504 | (119) | 534380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $13999900 | $117987 | $(408746) | $13709141 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Gross** | **Gross** |  |
|  | **Amortized** | **Unrealized** | **Unrealized** | **Fair** |
| **<u>2024</u>** | **Cost** | **Gains** | **Losses** | **Value** |
| U.S. Treasury | $1331394 | $2751 | $(8072) | $1326073 |
| U.S. Agencies | 129246 | 126 | (325) | 129047 |
| Mortgage-backed | 4945548 | 339 | (524957) | 4420930 |
| State and political subdivisions | 1309126 | 487 | (91044) | 1218569 |
| Corporates | 330739 | 60 | (13629) | 317170 |
| Collateralized loan obligations | 361623 | 1060 | (138) | 362545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $8407676 | $4823 | $(638165) | $7774334 |

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*The following table presents contractual maturity information for securities available for sale at December 31, 2025 (in thousands):*

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| | | |
|:---|:---|:---|
|  | **Amortized** | **Fair** |
|  | **Cost** | **Value** |
| Due in 1 year or less | $609207 | $609156 |
| Due after 1 year through 5 years | 2539550 | 2551820 |
| Due after 5 years through 10 years | 565292 | 559783 |
| Due after 10 years | 1858654 | 1820509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 5572703 | 5541268 |
| Mortgage-backed securities | 8427197 | 8167873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total securities available for sale | $13999900 | $13709141 |

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Securities may be disposed of before contractual maturities due to sales by the Company or because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

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During 2025, related to the acquisition of HTLF, the Company acquired securities available for sale with an Acquisition Date fair value of $3.1 billion.

*The following table presents the sales of securities available for sale for the years ended December 31, 2025, 2024, and 2023 (in thousands):*

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Proceeds from sales | $646962 | $19154 | $22193 |
| Gross realized gains | 592 | 139 | 154 |
| Gross realized losses | (119) |  | (2) |

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There were $13.4 billion and $10.5 billion of securities pledged to secure U.S. Government deposits, other public deposits, certain trust deposits, derivative transactions, and repurchase agreements at December 31, 2025 and December 31, 2024, respectively.

Accrued interest on securities available for sale totaled $82.9 million and $43.1 million as of December 31, 2025 and 2024, respectively, and is included in the Accrued income line on the Company's Consolidated Balance Sheets. The total amount of accrued interest is excluded from the amortized cost of available-for-sale securities presented above. Further, the Company has elected not to measure an ACL for accrued interest receivable.

*The following table shows the Company's available-for-sale investments' gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2025 and 2024 (in thousands):*

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Less than 12 months** | **Less than 12 months** | **Less than 12 months** | **12 months or more** | **12 months or more** | **12 months or more** | **Total** | **Total** | **Total** |
| **<u>2025</u>** | **Count** | **Fair Value** | **Unrealized<br>Losses** | **Count** | **Fair Value** | **Unrealized<br>Losses** | **Count** | **Fair Value** | **Unrealized<br>Losses** |
| **Description of Securities** |  |  |  |  |  |  |  |  |  |
| U.S. Treasury | 8 | $72013 | $(88) | 2 | $30234 | $(353) | 10 | $102247 | $(441) |
| U.S. Agencies | 1 | 7855 | (100) |  |  |  | 1 | 7855 | (100) |
| Mortgage-backed | 82 | 757160 | (5682) | 817 | 2871729 | (325469) | 899 | 3628889 | (331151) |
| State and political subdivisions | 152 | 515364 | (11181) | 1142 | 809113 | (61666) | 1294 | 1324477 | (72847) |
| Corporates | 1 | 2990 | (10) | 134 | 164108 | (4078) | 135 | 167098 | (4088) |
| Collateralized loan obligations | 20 | 164531 | (112) | 1 | 2999 | (7) | 21 | 167530 | (119) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 264 | $1519913 | $(17173) | 2096 | $3878183 | $(391573) | 2360 | $5398096 | $(408746) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Less than 12 months** | **Less than 12 months** | **Less than 12 months** | **12 months or more** | **12 months or more** | **12 months or more** | **Total** | **Total** | **Total** |
| **<u>2024</u>** | **Count** | **Fair Value** | **Unrealized<br>Losses** | **Count** | **Fair Value** | **Unrealized<br>Losses** | **Count** | **Fair Value** | **Unrealized<br>Losses** |
| **Description of Securities** |  |  |  |  |  |  |  |  |  |
| U.S. Treasury | 93 | $635739 | $(6319) | 9 | $142518 | $(1753) | 102 | $778257 | $(8072) |
| U.S. Agencies | 4 | 20858 | (46) | 5 | 56712 | (279) | 9 | 77570 | (325) |
| Mortgage-backed | 159 | 1293953 | (22468) | 834 | 3055882 | (502489) | 993 | 4349835 | (524957) |
| State and political subdivisions | 264 | 173006 | (2392) | 1629 | 953458 | (88652) | 1893 | 1126464 | (91044) |
| Corporates |  |  |  | 239 | 315109 | (13629) | 239 | 315109 | (13629) |
| Collateralized loan obligations | 7 | 47222 | (88) | 5 | 30521 | (50) | 12 | 77743 | (138) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 527 | $2170778 | $(31313) | 2721 | $4554200 | $(606852) | 3248 | $6724978 | $(638165) |

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The unrealized losses in the Company's investments were caused by changes in interest rates, and not from a decline in credit of the underlying issuers. The U.S. Treasury, U.S. Agency, and GSE mortgage-backed securities

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are all considered to be agency-backed securities with no risk of loss as they are either explicitly or implicitly guaranteed by the U.S. government. The changes in fair value in the agency-backed portfolios are solely driven by change in interest rates caused by changing economic conditions. The Company has no knowledge of any underlying credit issues and the cash flows underlying the debt securities have not changed and are not expected to be impacted by changes in interest rates.

For the State and political subdivision portfolio, the majority of the Company's holdings are in general obligation bonds, which have a very low historical default rate due to issuers generally having unlimited taxing authority to service the debt. For the State and political, Corporates, and Collateralized loan obligations portfolios, the Company has a robust process for monitoring credit risk, including both pre-purchase and ongoing post-purchase credit reviews and analysis. The Company monitors credit ratings of all bond issuers in these segments and reviews available financial data, including market and sector trends.

During the year ended December 31, 2023, the Company recorded a $4.9 million impairment on one Corporate available-for-sale security.

As of both December 31, 2025 and 2024, there was no ACL related to the Company's available-for-sale securities as the decline in fair value did not result from credit issues.

**Securities Held to Maturity**

*The following table provides detailed information about securities held to maturity at December 31, 2025 and 2024, respectively (in thousands):*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>2025</u>** | **Amortized Cost** | **Gross Unrealized Gains** | **Gross Unrealized Losses** | **Fair Value** | **Allowance for Credit Losses** | **Net Carrying Amount** |
| U.S. Treasury | $38253 | $27 | $(37) | $38243 | $— | $38253 |
| U.S. Agency |  |  |  |  |  |  |
| Mortgage-backed | 2513667 | 335 | (305040) | 2208962 |  | 2513667 |
| State and political subdivisions | 3172307 | 26713 | (195760) | 3003260 | (1684) | 3170623 |
| Total | $5724227 | $27075 | $(500837) | $5250465 | $(1684) | $5722543 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>2024</u>** | **Amortized Cost** | **Gross Unrealized Gains** | **Gross Unrealized Losses** | **Fair Value** | **Allowance for Credit Losses** | **Net Carrying Amount** |
| U.S. Agency | $116331 | $— | $(581) | $115750 | $— | $116331 |
| Mortgage-backed | 2523134 |  | (418482) | 2104652 |  | 2523134 |
| State and political subdivisions | 2739447 | 12035 | (222946) | 2528536 | (2645) | 2736802 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $5378912 | $12035 | $(642009) | $4748938 | $(2645) | $5376267 |

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*The following table presents contractual maturity information for securities held to maturity at December 31, 2025 (in thousands):*

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| | | |
|:---|:---|:---|
|  | **Amortized** | **Fair** |
|  | **Cost** | **Value** |
| Due in 1 year or less | $143103 | $132313 |
| Due after 1 year through 5 years | 392966 | 389751 |
| Due after 5 years through 10 years | 864777 | 836846 |
| Due after 10 years | 1809714 | 1682593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 3210560 | 3041503 |
| Mortgage-backed securities | 2513667 | 2208962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total securities held to maturity | $5724227 | $5250465 |

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Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

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During 2025, related to the acquisition of HTLF, the Company acquired securities held to maturity with an Acquisition Date fair value of $438.9 million.

There were no sales of securities held to maturity during 2025, 2024, or 2023.

During the year ended December 31, 2022, securities with an amortized cost of $4.1 billion and a fair value of $3.8 billion were transferred from the available-for-sale classification to the held-to-maturity classification as the Company has the positive intent and ability to hold these securities to maturity. The transfers of securities were made at fair value at the time of transfer. The unrealized holding gain or loss at the time of transfer is retained in AOCI and will be amortized over the remaining life of the securities, offsetting the related amortization of discount or premium on the transferred securities. No gains or losses were recognized at the time of the transfers. The amortized cost balance of securities held to maturity in the tables above includes a net unamortized unrealized loss of $139.2 million and $171.3 million at December 31, 2025 and 2024, respectively.

Accrued interest on securities held to maturity totaled $28.0 million and $25.6 million as of December 31, 2025 and 2024, respectively, and is included in the Accrued income line on the Company's Consolidated Balance Sheets. The total amount of accrued interest is excluded from the amortized cost of held-to-maturity securities presented above. Further, the Company has elected not to measure an ACL for accrued interest receivable.

*The following table shows the Company's held-to-maturity investments' gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2025 and 2024 (in thousands):*

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Less than 12 months** | **Less than 12 months** | **Less than 12 months** | **12 months or more** | **12 months or more** | **12 months or more** | **Total** | **Total** | **Total** |
| **<u>2025</u>** | **Count** | **Fair Value** | **Unrealized Losses** | **Count** | **Fair Value** | **Unrealized Losses** | **Count** | **Fair Value** | **Unrealized Losses** |
| U.S. Treasury | 3 | $15913 | $(37) |  | $— | $— | 3 | $15913 | $(37) |
| U.S. Agency |  |  |  |  |  |  |  |  |  |
| Mortgage-backed | 10 | 147066 | (918) | 262 | 1998984 | (304122) | 272 | 2146050 | (305040) |
| State and political subdivisions | 146 | 687180 | (41122) | 1354 | 1480709 | (154638) | 1500 | 2167889 | (195760) |
| &nbsp;&nbsp;Total | 159 | $850159 | $(42077) | 1616 | $3479693 | $(458760) | 1775 | $4329852 | $(500837) |

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---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Less than 12 months** | **Less than 12 months** | **Less than 12 months** | **12 months or more** | **12 months or more** | **12 months or more** | **Total** | **Total** | **Total** |
| **<u>2024</u>** | **Count** | **Fair Value** | **Unrealized Losses** | **Count** | **Fair Value** | **Unrealized Losses** | **Count** | **Fair Value** | **Unrealized Losses** |
| U.S. Agency |  | $— | $— | 10 | $115750 | $(581) | 10 | $115750 | $(581) |
| Mortgage-backed | 6 | 3527 | (103) | 263 | 2101125 | (418379) | 269 | 2104652 | (418482) |
| State and political subdivisions | 47 | 52468 | (2030) | 1414 | 1972927 | (220916) | 1461 | 2025395 | (222946) |
| &nbsp;&nbsp;Total | 53 | $55995 | $(2133) | 1687 | $4189802 | $(639876) | 1740 | $4245797 | $(642009) |

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The unrealized losses in the Company's held-to-maturity portfolio were caused by changes in the interest rate environment. The U.S. Treasury, U.S. Agency and GSE mortgage-backed securities are considered to be agency-backed securities with no risk of loss as they are either explicitly or implicitly guaranteed by the U.S. government. Therefore, the Company's expected lifetime loss for these portfolios is zero and there is no ACL recorded for these portfolios. The Company has no knowledge of any underlying credit issues and the cash flows underlying the debt securities have not changed and are not expected to be impacted by changes in interest rates.

For the State and political subdivision portfolio, the Company's holdings are in general obligation bonds as well as private placement bonds, which have very low historical default rates due to issuers generally having unlimited taxing authority to service the debt. The Company has a robust process for monitoring credit risk, including both pre-purchase and ongoing post-purchase credit reviews and analysis. The Company monitors credit ratings of all bond issuers in these segments and reviews available financial data, including market and sector trends. The underlying bonds are evaluated for credit losses in conjunction with management's estimate of the ACL based on credit rating.

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*The following table shows the amortized cost basis by credit rating of the Company's held-to-maturity State and political subdivisions bond investments at December 31, 2025 and 2024 (in thousands):*

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Amortized Cost Basis by Credit Rating - HTM Debt Securities** | **Amortized Cost Basis by Credit Rating - HTM Debt Securities** | **Amortized Cost Basis by Credit Rating - HTM Debt Securities** | **Amortized Cost Basis by Credit Rating - HTM Debt Securities** | **Amortized Cost Basis by Credit Rating - HTM Debt Securities** | **Amortized Cost Basis by Credit Rating - HTM Debt Securities** | **Amortized Cost Basis by Credit Rating - HTM Debt Securities** | **Amortized Cost Basis by Credit Rating - HTM Debt Securities** |
| **<u>2025</u>** | **AAA** | **AA** | **A** | **BBB** | **BB** | **B** | **CCC-C** | **Total** |
| <u>State and political subdivisions:</u> |  |  |  |  |  |  |  |  |
| Competitive | $46933 | $51390 | $379973 | $812061 | $34105 | $23326 | $14424 | $1362212 |
| Utilities | 899088 | 777880 | 114845 | 15824 | 2458 |  |  | 1810095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total state and political subdivisions | $946021 | $829270 | $494818 | $827885 | $36563 | $23326 | $14424 | $3172307 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Amortized Cost Basis by Credit Rating - HTM Debt Securities** | **Amortized Cost Basis by Credit Rating - HTM Debt Securities** | **Amortized Cost Basis by Credit Rating - HTM Debt Securities** | **Amortized Cost Basis by Credit Rating - HTM Debt Securities** | **Amortized Cost Basis by Credit Rating - HTM Debt Securities** | **Amortized Cost Basis by Credit Rating - HTM Debt Securities** | **Amortized Cost Basis by Credit Rating - HTM Debt Securities** |
| **<u>2024</u>** | **AAA** | **AA** | **A** | **BBB** | **BB** | **CCC-C** | **Total** |
| <u>State and political subdivisions:</u> |  |  |  |  |  |  |  |
| Competitive | $— | $— | $424690 | $610351 | $36628 | $21990 | $1093659 |
| Utilities | 759798 | 761706 | 99127 | 24509 | 648 |  | 1645788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total state and political subdivisions | $759798 | $761706 | $523817 | $634860 | $37276 | $21990 | $2739447 |

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Competitive held-to-maturity securities include not-for-profit enterprises that provide public functions such as housing, higher education, or healthcare, but do so in a competitive environment. It also includes project financings that can have relatively high enterprise risk, such as deals backed by revenues from sports or convention facilities or start-up transportation revenues.

Utilities are public enterprises providing essential services with a monopoly or near-monopoly over the service area. This includes environmental utilities (water, sewer, solid waste), power utilities (electric distribution and generation, gas), and transportation utilities (airports, parking, toll roads, mass transit, ports).

All held-to-maturity securities were current and not past due at December 31, 2025 and 2024.

**Trading Securities**

There was a net unrealized gain of $3 thousand on trading securities as of December 31, 2025. There was no net unrealized gains or losses on trading securities as of December 31, 2024 and the net unrealized gain on trading securities was $272 thousand as of December 31, 2023. Net unrealized gains and losses are included in trading and investment banking income on the Consolidated Statements of Income. Securities sold not yet purchased totaled $4.1 million and $7.1 million at December 31, 2025 and 2024, respectively, and are classified within the Other liabilities line of the Company's Consolidated Balance Sheets.

**Other Securities**

*The table below provides detailed information for Other securities at December 31, 2025 and 2024 (in thousands):*

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| FRB and FHLB stock | $137498 | $42672 |
| Equity securities with readily determinable fair values | 14690 | 11596 |
| Equity securities without readily determinable fair values | 524112 | 416750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $676300 | $471018 |

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Investment in FRB stock is based on the capital structure of the investing bank, and investment in FHLB stock is mainly tied to the level of borrowings from the FHLB. These holdings are carried at cost. Equity securities with

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readily determinable fair values are generally traded on an exchange and market prices are readily available. Equity securities without readily determinable fair values include equity investments which are held by a subsidiary qualified as a Small Business Investment Company, as well as investments in low-income housing partnerships within the areas the Company serves. Unrealized gains or losses on equity securities with and without readily determinable fair values are recognized in the Investment securities gains, net line of the Company's Consolidated Statements of Income.

During 2025, related to the acquisition of HTLF, the Company acquired other securities with an acquired fair value of $99.8 million as of the Acquisition Date, including $2.0 million of FRB and FHLB stock and $97.8 million of equity securities without readily determinable fair values.

*The table below presents the changes in equity securities without readily determinable fair values for the years ended December 31, 2025 and 2024 (in thousands):*

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| Balance – beginning of year | $416750 | $394035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Heartland acquisition | 97796 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of securities | 98490 | 91169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Observable upward price adjustments | 21524 | 15467 |
| &nbsp;&nbsp;&nbsp;&nbsp;Observable downward price adjustments | (10196) | (5153) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of securities and other activity | (100252) | (78768) |
| Balance – end of year | $524112 | $416750 |

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**Investment Securities Gains, Net**

*The following table presents the components of Investment securities gains (losses), net for the years ended December 31, 2025, 2024, and 2023 (in thousands):*

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Investment securities gains (losses), net** |  |  |  |
| &nbsp;&nbsp;Available-for-sale debt securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains realized on sales | $592 | $139 | $154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses realized on sales | (119) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment on AFS security |  |  | (4925) |
| &nbsp;&nbsp;Equity securities with readily determinable fair values: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value adjustments, net | 18050 | 12 | 168 |
| &nbsp;&nbsp;Equity securities without readily determinable fair values: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value adjustments, net | (1573) | (1733) | 1334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales | 14017 | 12302 | 132 |
| Total investment securities gains (losses), net | $30967 | $10720 | $(3139) |

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**5. *SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL***

The Company regularly enters into agreements for the purchase of securities with simultaneous agreements to resell (resell agreements). The agreements permit the Company to sell or repledge these securities. Resell agreements were $1.6 billion and $545.0 million at December 31, 2025 and 2024, respectively. The Company obtains possession of collateral with a market value equal to or in excess of the principal amount loaned under resell agreements.

**6. *LOANS TO OFFICERS AND DIRECTORS***

Certain executive officers and directors of the Company and the Bank, including companies in which those persons are principal holders of equity securities or are general partners, borrow in the normal course of business from the Bank. All such loans have been made on substantially the same terms, including interest rates and

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collateral, as those prevailing at the same time for comparable transactions with unrelated parties. In addition, all such loans are current as to repayment terms.

*For the years 2025 and 2024, an analysis of activity with respect to such aggregate loans to related parties appears below (in thousands):*

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| Balance – beginning of year | $469642 | $508507 |
| &nbsp;&nbsp;&nbsp;&nbsp;New loans | 44626 | 62805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments | (25156) | (101579) |
| &nbsp;&nbsp;&nbsp;&nbsp;Addition due to change in reportable loans | 3314 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction due to change in reportable loans |  | (91) |
| Balance – end of year | $492426 | $469642 |

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**7. *GOODWILL AND OTHER INTANGIBLES***

*Changes in the carrying amount of goodwill for the years ended December 31, 2025 and December 31, 2024 by operating segment are as follows (in thousands):*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Commercial Banking** | **Institutional Banking** | **Personal Banking** | **Total** |
| Balances as of January 1, 2025 | $63113 | $76492 | $67780 | $207385 |
| Acquisition of HTLF | 979464 |  | 652976 | 1632440 |
| Balances as of December 31, 2025 | $1042577 | $76492 | $720756 | $1839825 |
| Balances as of January 1, 2024 | $63113 | $76492 | $67780 | $207385 |
| Balances as of December 31, 2024 | $63113 | $76492 | $67780 | $207385 |

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*Following are the intangible assets that continue to be subject to amortization as of December 31, 2025 and 2024 (in thousands)*:

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| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Core Deposit Intangible Assets** | **Customer Relationships** | **Total** |
| Gross carrying amount | $481294 | $124085 | $605379 |
| Accumulated amortization | 81203 | 37307 | 118510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net carrying amount | $400091 | $86778 | $486869 |

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| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Core Deposit Intangible Assets** | **Customer Relationships** | **Total** |
| Gross carrying amount | $2345 | $86800 | $89145 |
| Accumulated amortization | 1600 | 23898 | 25498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net carrying amount | $745 | $62902 | $63647 |

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Related to the acquisition of HTLF, the Company recognized $1.6 billion of goodwill, a $474.1 million core deposit intangible asset, wealth customer list of $26.0 million, and purchased credit card relationships of $10.9 million. See Note 20, "Acquisition" for additional information.

On September 2, 2025, the Company acquired a healthcare savings account business, which included $32.5 million of deposits. The purchase resulted in recognition of a $4.8 million core deposit intangible asset.

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The weighted average life of core deposit intangible assets and customer relationships acquired during the year ended December 31, 2025 was 10.0 years and 5.8 years, respectively. The weighted average life of all intangible assets acquired during the year ended December 31, 2025 was 9.7 years.

Amortization expense for the years ended December 31, 2025, 2024, and 2023 was $93.5 million, $7.7 million, and $8.6 million, respectively.

*The following table discloses the estimated amortization expense of intangible assets in future years (in thousands):*

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| | |
|:---|:---|
| For the year ending December 31, 2026 | $93120 |
| For the year ending December 31, 2027 | 82528 |
| For the year ending December 31, 2028 | 70461 |
| For the year ending December 31, 2029 | 61515 |
| For the year ending December 31, 2030 | 52901 |

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**8*. PREMISES, EQUIPMENT, AND LEASES***

*Premises and equipment consisted of the following (in thousands):*

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Land | $101446 | $40601 |
| Buildings and leasehold improvements | 516006 | 383021 |
| Equipment | 217476 | 199537 |
| Software | 292690 | 290070 |
| Total | 1127618 | 913229 |
| Accumulated depreciation | (447049) | (418517) |
| Accumulated amortization | (282298) | (272939) |
| Premises and equipment, net | $398271 | $221773 |

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Premises and equipment depreciation and amortization expenses were $44.0 million in 2025, $40.8 million in 2024, and $46.5 million in 2023.

The Company primarily has leases of real estate, including buildings, or portions of buildings, used for bank branches or general office operations. These leases have remaining lease terms that range from less than one year to 22 years and most leases include one or more options to renew, with renewal terms that can extend the lease term from one year to 40 years or more. The exercise of lease renewal options is at the Company's sole discretion. No renewal options were included in the Company's calculation of its lease liabilities or right of use assets since it is not reasonably certain that the Company will exercise these options. No leases include options to purchase the leased property. The lease agreements do not contain any material residual value guarantees or material restrictive covenants. An insignificant number of leases include variable lease payments that are based on the Consumer Price Index (CPI). For the calculation of the lease liability and right of use asset for these leases, the Company has included lease payments based on CPI as of the effective date of ASC 842 or the date a new lease or amendment was entered into, whichever is later. The Company has made the election not to separate lease and non-lease components for existing real estate leases when determining consideration within the lease contract. All of the Company's lease agreements are classified as operating leases under ASC 842.

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As of December 31, 2025 and 2024, right-of-use assets of $63.5 million and $47.6 million, respectively, were included as part of Other assets on the Company's Consolidated Balance Sheets. In addition, lease liabilities of $72.7 million and $55.1 million were included as part of Other liabilities on the Company's Consolidated Balance Sheets as of December 31, 2025 and 2024, respectively. For the years ended December 31, 2025, 2024, and 2023, lease expense of $16.6 million, $10.5 million, and $11.1 million, respectively, was recognized as part of Occupancy expense on the Company's Consolidated Statements of Income. For the years ended December 31, 2025, 2024, and 2023, cash payments of $17.4 million, $12.2 million, and $12.2 million, respectively, were made for leases included in the measurement of lease liabilities and are classified as cash flows from operating activities in the Company's Consolidated Statements of Cash Flows. For the years ended December 31, 2025 and 2024, leased assets obtained in exchange for new operating lease liabilities were $32.0 million and $4.8 million, respectively. As of December 31, 2025 and 2024, the weighted average remaining lease terms of the Company's leases were 5.5 years and 6.1 years, respectively, and the weighted average discount rates were 3.86% and 3.36%, respectively.

*As of December 31, 2025, future minimum lease payments under non-cancelable operating leases were as follows (in thousands):*

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| | |
|:---|:---|
| 2026 | $18125 |
| 2027 | 16920 |
| 2028 | 14975 |
| 2029 | 12594 |
| 2030 | 7452 |
| Thereafter | 10746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total lease payments | 80812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Interest | 8153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Present value of lease liabilities | $72659 |

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**9. *BORROWED FUNDS***

*The components of the Company's long-term debt are as follows (in thousands):*

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Long-term debt: |  |  |
| Trust preferred securities | $220034 | $76782 |
| Subordinated notes 3.70%, net of issuance costs |  | 199681 |
| Subordinated notes 6.25%, net of issuance costs | 109255 | 108829 |
| Subordinated notes 2.75% | 144940 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total long-term debt | 474229 | 385292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total borrowed funds | $474229 | $385292 |

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------

The following table presents details of outstanding trust preferred securities as of December 31, 2025 *(in thousands):*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amount Outstanding** | **Issuance Date** | **Interest Rate** | **Interest Rate as of December 31, 2025** | **Maturity Date** |
| Marquette Capital Trust I | $19306 | 12/28/2005 | 1.33% over 3-month term SOFR | 5.50% | 1/7/2036 |
| Marquette Capital Trust II | 19780 | 12/28/2005 | 1.33% over 3-month term SOFR | 5.50% | 1/7/2036 |
| Marquette Capital Trust III | 7766 | 5/30/2006 | 1.50% over 3-month term SOFR | 5.45% | 6/23/2036 |
| Marquette Capital Trust IV | 31323 | 6/30/2006 | 1.60% over 3-month term SOFR | 5.58% | 9/15/2036 |
| Heartland Financial Statutory Trust IV | 9665 | 3/17/2004 | 2.75% over 3-month term SOFR | 6.72% | 3/17/2034 |
| Heartland Financial Statutory Trust V | 17477 | 1/27/2006 | 1.33% over 3-month term SOFR | 5.50% | 4/7/2036 |
| Heartland Financial Statutory Trust VI | 16946 | 6/21/2007 | 1.48% over 3-month term SOFR | 5.46% | 9/15/2037 |
| Heartland Financial Statutory Trust VII | 14828 | 6/26/2007 | 1.48% over 3-month term SOFR | 5.53% | 9/1/2037 |
| Morrill Statutory Trust I | 9971 | 12/19/2002 | 3.25% over 3-month term SOFR | 7.20% | 12/26/2032 |
| Morrill Statutory Trust II | 9730 | 12/17/2003 | 2.85% over 3-month term SOFR | 6.82% | 12/17/2033 |
| Sheboygan Statutory Trust I | 7345 | 9/17/2003 | 2.95% over 3-month term SOFR | 6.92% | 9/17/2033 |
| CBNM Capital Trust I | 4849 | 9/10/2004 | 3.25% over 3-month term SOFR | 7.23% | 12/15/2034 |
| Citywide Capital Trust III | 6799 | 12/19/2003 | 2.80% over 3-month term SOFR | 6.90% | 12/19/2033 |
| Citywide Capital Trust IV | 4694 | 9/30/2004 | 2.20% over 3-month term SOFR | 6.34% | 9/30/2034 |
| Citywide Capital Trust V | 13119 | 5/31/2006 | 1.54% over 3-month term SOFR | 5.52% | 7/25/2036 |
| OCGI Statutory Trust III | 3020 | 6/27/2002 | 3.65% over 3-month term SOFR | 7.58% | 9/30/2032 |
| OCGI Statutory Trust IV | 5665 | 9/23/2004 | 2.50% over 3-month term SOFR | 6.48% | 12/15/2034 |
| BVBC Capital Trust II | 7448 | 4/10/2003 | 3.25% over 3-month term SOFR | 7.37% | 4/24/2033 |
| BVBC Capital Trust III | 10303 | 7/29/2005 | 1.60% over 3-month term SOFR | 5.53% | 9/30/2035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total trust preferred securities | $220034 |  |  |  |  |

---

The aggregate contractual repayment of long-term debt of $522.9 million is due after December 31, 2030.

In September 2020, the Company issued $200.0 million of 3.70% fixed-to-fixed rate subordinated notes that were to mature on September 17, 2030. The notes bore interest at the rate of 3.70% per annum, payable semi-annually on each March 17 and September 17. Unamortized debt issuance costs related to these notes totaled $0.3 million as of December 31, 2024. Proceeds from the issuance of the notes were used for general corporate purposes, including contributing Tier 1 capital into the Bank. During the first quarter of 2025, the Company purchased and subsequently retired $11.1 million of its 2020 subordinated notes. During the third quarter of 2025, the Company redeemed the remainder of the outstanding 2020 subordinated notes.

In September 2022, the Company issued $110.0 million of 6.25% fixed-to-fixed rate subordinated notes that mature on September 28, 2032. The notes bear interest at the rate of 6.25% per annum, payable semi-annually on

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each March 28 and September 28. The Company may redeem the notes, in whole or in part, on September 28, 2027, or on any interest payment date thereafter. Unamortized debt issuance costs related to these notes totaled $0.7 million and $1.2 million as of December 31, 2025 and 2024, respectively. Proceeds from the issuance of the notes were used for general corporate purposes, including contributing Tier 1 capital into the Bank.

As part of the acquisition of HTLF, the Company acquired $150.0 million of 2.75% fixed-to-fixed rate subordinated notes that mature on September 15, 2031. The notes bear interest at the rate of 2.75% per annum, payable semi-annually on each March 15 and September 15. The Company may redeem the notes, in whole or in part, on September 15, 2026, or on any interest payment date thereafter. The subordinated notes had an acquired fair value of $138.8 million as of the Acquisition Date.

The remainder of the Company's long-term debt was assumed from the acquisitions of Marquette Financial Companies in 2015 and HTLF in 2025 and consists of debt obligations payable to 19 unconsolidated trusts that previously issued trust preferred securities, as summarized in the table above. These long-term debt obligations had an aggregate contractual balance of $262.9 million and a carrying value of $220.0 million as of December 31, 2025. As of December 31, 2024, the debt obligations related to the four unconsolidated trusts acquired from Marquette had an aggregate contractual balance of $103.1 million and had a carrying value of $76.8 million.

The Company is a member bank of the FHLB of Des Moines and through this relationship, the Company owns FHLB stock and has access to additional liquidity and funding sources through FHLB advances. The Company's borrowing capacity is dependent upon the amount of collateral the Company places at the FHLB. As of December 31, 2025 and December 31, 2024 the Company owned $10.3 million and $10.2 million of FHLB stock, respectively. The Company had no outstanding advances at the FHLB of Des Moines as of December 31, 2025 or December 31, 2024. As of December 31, 2025, the Company had four letters of credit outstanding with the FHLB of Des Moines to secure deposits. These letters of credit have an aggregate amount of $261.0 million and have various maturity dates through March 10, 2026. The Company's borrowing capacity with the FHLB was $2.2 billion as of December 31, 2025. During 2024, the FHLB of Des Moines issued a letter of credit for $150.0 million on behalf of the Company to secure deposits. The letter of credit outstanding as of December 31, 2024 expired in January 2025 and was subsequently renewed with an expiration date in March 2025.

The Company enters into sales of securities with simultaneous agreements to repurchase (repurchase agreements). The Company utilizes repurchase agreements to facilitate the needs of customers and to facilitate secured short-term funding needs. Repurchase agreements are stated at the amount of cash received in connection with the transaction. The Company monitors collateral levels on a continuous basis and may be required to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with the Company's safekeeping agents. The amounts received under these agreements represent short-term borrowings. The amount outstanding at December 31, 2025, was $3.3 billion, with accrued interest payable of $2.2 million. The amount outstanding at December 31, 2024, was $2.5 billion, with accrued interest payable of $1.7 million.

*The carrying amounts and market values of the securities and the related repurchase liabilities and weighted average interest rates of the repurchase liabilities (grouped by maturity of the repurchase agreements) were as follows as of December 31, 2025 and 2024 (in thousands):*

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Securities Fair Market Value** | **Repurchase<br>Liabilities** | **Weighted Average<br>Interest Rate** |
| **Maturity of the Repurchase Liabilities** |  |  |  |
| 2 to 29 days | $2561825 | $2532305 | 3.07% |
| 30 to 90 Days | 772602 | 759500 | 4.08 |
| Over 90 Days | 1019 | 1000 | 1.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $3335446 | $3292805 | 3.30% |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Securities Fair Market Value** | **Repurchase<br>Liabilities** | **Weighted Average<br>Interest Rate** |
| **Maturity of the Repurchase Liabilities** |  |  |  |
| 2 to 29 days | $2123066 | $2105512 | 3.66% |
| 30 to 90 Days | 439400 | 431048 | 4.78 |
| Over 90 Days | 2750 | 2750 | 2.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $2565216 | $2539310 | 3.85% |

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*The table below presents the remaining contractual maturities of repurchase agreements outstanding at December 31, 2025 and 2024, in addition to the various types of marketable securities that have been pledged as collateral for these borrowings (in thousands):*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Remaining Contractual Maturities of the Agreements** | **Remaining Contractual Maturities of the Agreements** | **Remaining Contractual Maturities of the Agreements** | **Remaining Contractual Maturities of the Agreements** |
|  | **2-29 days** | **30-90 days** | **Over 90 Days** | **Total** |
| **Repurchase agreements, secured by:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury | $1355233 | $— | $— | $1355233 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Agency | 1177072 | 759500 | 1000 | 1937572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total repurchase agreements | $2532305 | $759500 | $1000 | $3292805 |

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Remaining Contractual Maturities of the Agreements** | **Remaining Contractual Maturities of the Agreements** | **Remaining Contractual Maturities of the Agreements** | **Remaining Contractual Maturities of the Agreements** |
|  | **2-29 days** | **30-90 days** | **Over 90 Days** | **Total** |
| **Repurchase agreements, secured by:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury | $608836 | $— | $— | $608836 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Agency | 1496676 | 431048 | 2750 | 1930474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total repurchase agreements | $2105512 | $431048 | $2750 | $2539310 |

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**10. *REGULATORY REQUIREMENTS***

Payment of dividends by the Bank to the parent company is subject to various regulatory restrictions. For national banks, the governing regulatory agency must approve the declaration of any dividends generally in excess of the sum of net income for that year and retained net income for the preceding two years.

The Bank maintains a reserve balance with the FRB as required by law. During 2025, this amount averaged $5.8 billion, compared to $3.4 billion in 2024.

At December 31, 2025, the Company is required to have minimum common equity tier 1, tier 1, and total capital ratios of 4.5%, 6.0% and 8.0%, respectively. The Company's actual ratios at that date were 10.96%, 11.55% and 13.36%, respectively. The Company is required to have a minimum leverage ratio of 4.0%, and the leverage ratio at December 31, 2025, was 8.54%.

As of December 31, 2025, the most recent notification from the OCC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well-capitalized the Bank must maintain total risk-based, tier 1 risk-based, common equity tier 1, and tier 1 leverage ratios of 10.0%, 8.0%, 6.5%, and 5.0%, respectively. There are no conditions or events that have occurred since the receipt of the most recent notification that management believes have changed the Bank's categorization.

In addition, under amendments to the BHCA introduced by the Dodd-Frank Act and commonly known as the Volcker Rule, the Company and its subsidiaries are subject to extensive limits on proprietary trading and on owning or sponsoring hedge funds and private-equity funds. The limits on proprietary trading are largely focused on purchases or sales of financial instruments by a banking entity as principal primarily for the purpose of short-term resale, benefiting from actual or expected short-term price movements, or realizing short-term arbitrage profits. The limits on owning or sponsoring hedge funds and private-equity funds are designed to ensure that banking entities

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generally maintain only small positions in managed or advised funds and are not exposed to significant losses arising directly or indirectly from them. The Volcker Rule also provides for increased capital charges, quantitative limits, rigorous compliance programs, and other restrictions on permitted proprietary trading and fund activities, including a prohibition on transactions with a covered fund that would constitute a covered transaction under Sections 23A and 23B of the Federal Reserve Act. The fund activities of the Company and its subsidiaries are in conformance with the Volcker Rule.

*Actual capital amounts as well as required and well-capitalized common equity tier 1, tier 1, total and tier 1 leverage ratios as of December 31, 2025 and 2024 for the Company and the Bank are as follows (in thousands):*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  | **Actual** | **Actual** | **For Capital Adequacy Purposes** | **For Capital Adequacy Purposes** | **To Be Well Capitalized Under Prompt Corrective Action Framework** | **To Be Well Capitalized Under Prompt Corrective Action Framework** |
|  | **Amount** | **Ratio** | **Amount** | **Ratio** | **Amount** | **Ratio** |
| Common Equity Tier 1 Capital: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Financial Corporation | $5459343 | 10.96% | $2240716 | 4.50% | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Bank, n. a. | 5625218 | 11.34 | 2232300 | 4.50 | 3224433 | 6.50 |
| Tier 1 Capital: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Financial Corporation | 5753409 | 11.55 | 2987621 | 6.00 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Bank, n. a. | 5625218 | 11.34 | 2976400 | 6.00 | 3968534 | 8.00 |
| Total Capital: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Financial Corporation | 6654521 | 13.36 | 3983494 | 8.00 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Bank, n. a. | 6052101 | 12.20 | 3968534 | 8.00 | 4960667 | 10.00 |
| Tier 1 Leverage: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Financial Corporation | 5753409 | 8.54 | 2694527 | 4.00 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Bank, n. a. | 5625218 | 8.29 | 2715746 | 4.00 | 3394682 | 5.00 |
|  | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
| Common Equity Tier 1 Capital: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Financial Corporation | $3802257 | 11.29% | $1514987 | 4.50% | $N/A | N/A% |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Bank, n. a. | 3835875 | 11.47 | 1505357 | 4.50 | 2174405 | 6.50 |
| Tier 1 Capital: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Financial Corporation | 3802257 | 11.29 | 2019983 | 6.00 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Bank, n. a. | 3835875 | 11.47 | 2007143 | 6.00 | 2676191 | 8.00 |
| Total Capital: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Financial Corporation | 4445872 | 13.21 | 2693311 | 8.00 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Bank, n. a. | 4094077 | 12.24 | 2676191 | 8.00 | 3345239 | 10.00 |
| Tier 1 Leverage: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Financial Corporation | 3802257 | 8.50 | 1789746 | 4.00 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Bank, n. a. | 3835875 | 8.52 | 1801784 | 4.00 | 2252230 | 5.00 |

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**11. *EMPLOYEE BENEFITS***

The Company has a discretionary noncontributory profit-sharing plan, which features an employee stock ownership plan. This plan is for the benefit of substantially all eligible officers and employees of the Company and its subsidiaries. The Company recognized expense related to such contributions of $2.0 million for the years ended December 31, 2024 and 2023.

The Company has a qualified 401(k) profit sharing plan that permits participants to make contributions by salary deduction, to which the Company makes matching contributions. The Company recognized expense related to matching contributions of $21.0 million, $15.2 million, and $15.2 million for the years ended December 31, 2025, 2024 and 2023, respectively.

The Company recognized $35.9 million, $21.3 million, and $16.2 million in expense related to outstanding restricted stock unit grants for the years ended December 31, 2025, 2024 and 2023, respectively. The Company recognized $306 thousand in expense related to outstanding stock options for the year ended December 31, 2025.

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The corresponding income tax benefit recognized was $1.3 million, $267 thousand, and $1.6 million for the years ended December 31, 2025, 2024, and 2023, respectively. The Company had $27.8 million of unrecognized compensation expense related to outstanding restricted stock unit grants and $86 thousand of unrecognized compensation expense related to outstanding options at December 31, 2025. The tax benefit realized for stock options exercised was $50 thousand, $322 thousand, and $49 thousand for the years ended December 31, 2025, 2024, and 2023, respectively.

**Long-Term Incentive Compensation Plan**

At the April 26, 2005 shareholders' meeting, the shareholders of the Company approved the UMB Financial Corporation Long-Term Incentive Compensation Plan (LTIP) which became effective as of January 1, 2005. The LTIP permits the issuance to selected officers of the Company service-based restricted stock grants, performance-based restricted stock grants and non-qualified stock options. Service-based restricted stock grants contain a service requirement. The performance-based restricted grants contain performance and service requirements. The non-qualified stock option grants contain a service requirement.

At the April 23, 2013 shareholders' meeting, the shareholders of the Company approved amendments to the LTIP Plan, including increasing the number of shares of the Company's stock reserved for issuance under the Plan from 5.25 million shares to 7.44 million shares. Additionally, the shareholders approved increasing the maximum benefits any one eligible employee may receive under the plan during any one fiscal year from $1 million to $2 million taking into account the value of all stock options and restricted stock received.

At the April 24, 2018 shareholders' meeting, the shareholders of the Company approved the UMB Financial Corporation Omnibus Incentive Compensation Plan which became effective as of April 24, 2018 and replaced the LTIP plan. No service-based restricted stock grants, performance-based restricted stock grants or non-qualified stock options have been issued under the LTIP since 2018. There were no restricted stock grants outstanding under the LTIP as of December 31, 2025, 2024, or 2023.

The non-qualified stock options issued under the LTIP carry a service requirement and grants issued prior to 2016 vested 50% after three years, 75% after four years and 100% after five years, while grants issued in 2016 through 2018 vested 50% after two years, 75% after three years and 100% after four years.

*The table below discloses the information relating to non-qualified option activity in 2025 under the LTIP:*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of Shares** | **Weighted Average Price Per Share** | **Weighted Average Remaining Contractual Term** | **Aggregate Intrinsic Value** |
| **Stock Options Under the LTIP** |  |  |  |  |
| Outstanding - December 31, 2024 | 30214 | $63.87 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Canceled |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expired | (358) | 51.42 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercised | (10548) | 58.29 |  |  |
| Outstanding - December 31, 2025 | 19308 | $67.16 | 0.8 | $924505 |
| Exercisable - December 31, 2025 | 19308 | $67.16 | 0.8 | $924505 |

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There were no options granted during 2025, 2024, or 2023. The total intrinsic value of options exercised during the years ended December 31, 2025, 2024, and 2023, was $619 thousand, $2.3 million and $640 thousand, respectively. As of December 31, 2025, there was no unrecognized compensation cost related to nonvested options.

Cash received from options exercised under all share-based compensation plans was $615 thousand, $4.1 million, and $1.9 million for the years ended December 31, 2025, 2024, and 2023, respectively.

The Company has no specific policy to repurchase common shares to mitigate the dilutive impact of options. See a description of the Company's Repurchase Authorizations in Note 14, "Common Stock and Earnings Per Share," in the Notes to the Consolidated Financial Statements provided in Item 8 of this report.

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**Omnibus Incentive Compensation Plan**

At the April 24, 2018 shareholders' meeting, the shareholders of the Company approved the UMB Financial Corporation Omnibus Incentive Compensation Plan (OICP) which became effective as of April 24, 2018. The OICP permits the issuance to key employees of the Company various types of awards, including stock options, restricted stock and restricted stock units, performance awards and other stock-based awards. Service-based restricted stock unit awards contain a service requirement and the performance-based restricted stock unit awards contain performance and service requirements. The number of shares of the Company's stock reserved for issuance under the OICP is 5.40 million shares.

At the April 30, 2024 shareholders' meeting, the shareholders of the Company approved an amendment to the OICP pursuant to which, the aggregate number of shares of the Company's stock available for issuance under the OICP increased by 1.85 million shares. This increased the number of shares of the Company's stock reserved for issuance under the OICP from 5.40 million shares to 7.25 million shares.

The service-based restricted stock unit awards are payable in shares of stock and contain a service requirement with grants issued prior to 2023 having a four-year graded vesting schedule in which 50% of the units are vested after two years, 75% are vested after three years, and 100% are vested after four years. Grants of service-based restricted stock units made beginning in 2023 contain a service requirement with a three-year pro-rata vesting schedule.

The performance-based restricted stock unit awards are payable in shares of stock and contain a service and a performance requirement. The performance requirement is based on two predetermined performance requirements over a three-year period. The service requirement portion is a three-year cliff vesting. If the minimum performance requirement is not met, the participants do not receive the shares. Due to the impact of the acquisition of HTLF on the level of achievement of minimum performance requirements for the open performance periods applicable to outstanding awards, on January 27, 2025, certain non-vested performance-based restricted stock unit awards were deemed to be earned at a percentage of target based on results through December 31, 2024, and will vest solely based on the time-based vesting conditions.

The dividends on service-based restricted stock units are treated as two separate transactions. First, cash dividends are paid on the restricted stock units. Those cash dividends are then paid to purchase additional shares of restricted stock units. Dividends earned as additional shares of restricted stock units have the same terms as the associated grant. The dividends paid on the stock are recorded as a reduction to retained earnings, similar to all dividend transactions. Dividends are not paid on performance-based restricted stock units.

*The table below summarizes the activity of the service-based restricted stock units during 2025:*

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| | | |
|:---|:---|:---|
|  | **Number of Units** | **Weighted Average Price Per Unit** |
| **Service-Based Restricted Stock Units Under the OICP** |  |  |
| Nonvested - December 31, 2024 | 366985 | $85.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 223013 | 111.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canceled | (27475) | 102.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested | (169081) | 85.43 |
| Nonvested - December 31, 2025 | 393442 | $98.56 |

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As of December 31, 2025, there was $16.4 million of unrecognized compensation cost related to the nonvested service-based restricted stock units. The cost is expected to be recognized over a period of 1.8 years.

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Total fair value of units vested during the years ended December 31, 2025, 2024, and 2023 was $19.2 million, $14.1 million, and $9.7 million, respectively.

*The table below summarizes the activity of the performance-based restricted stock units during 2025:*

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| | | |
|:---|:---|:---|
|  | **Number of Units** | **Weighted Average Price Per Unit** |
| **Performance-Based Restricted Stock Units Under the OICP** |  |  |
| Nonvested - December 31, 2024 | 155781 | $71.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 98534 | 88.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canceled | (4144) | 86.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested | (120042) | 89.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance-based adjustment | 89330 | 80.10 |
| Nonvested - December 31, 2025 | 219459 | $72.65 |

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As of December 31, 2025, there was $8.6 million of unrecognized compensation cost related to the nonvested performance-based restricted stock units. The cost is expected to be recognized over a period of 1.9 years. The fair value of units vested during the years ended December 31, 2025, 2024 and 2023 was $14.1 million, $8.2 million, and $11.1 million, respectively.

**HTLF Long-Term Incentive Plan**

In connection with the acquisition of HTLF, certain outstanding and unvested restricted stock unit awards and stock options granted under the Heartland Financial USA, Inc. 2020 Long-Term Incentive Plan or the Heartland Financial USA, Inc. 2024 Long-Term Incentive Plan (collectively, the HTLF Plan) were assumed and converted to restricted stock unit and stock option awards issued by the Company. The number of shares of the Company's common stock subject to each award equals the shares of HTLF common stock subject to the HTLF award multiplied by the exchange ratio, rounded down to the nearest whole share. For performance-based restricted stock unit awards, the conversion assumed performance at target. The assumed awards are subject to the same vesting terms and conditions as previously set out in the respective grant agreements.

The service-based restricted stock unit awards are payable in shares of stock and contain a service requirement with a three-year pro-rata vesting schedule. The performance-based restricted stock units, converted at target performance, are also payable in shares of stock and contain a three-year service requirement with a cliff vesting. Restricted stock units granted prior to 2023 are not entitled to dividend equivalents; most restricted stock unit grants beginning in 2023 accrue dividends, which are paid without interest only upon vesting of the associated grant.

*The table below summarizes the activity of the service-based restricted stock units during 2025:*

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| | | |
|:---|:---|:---|
|  | **Number of Units** | **Weighted Average Price Per Unit** |
| **Service-Based Restricted Stock Units Under the HTLF Plan** |  |  |
| Nonvested - December 31, 2024 |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;HTLF replacement awards | 270432 | 117.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canceled | (18056) | 117.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested | (197287) | 117.90 |
| Nonvested - December 31, 2025 | 55089 | $117.90 |

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As of December 31, 2025, there was $2.8 million of unrecognized compensation cost related to nonvested service-based restricted stock units. The cost is expected to be recognized over a period of 1.2 years. The fair value of units vested during the year ended December 31, 2025 was $21.1 million.

The non-qualified stock options contain a service requirement with a four-year pro-rata vesting schedule. The exercise price of the stock options is the exercise price at grant divided by the exchange ratio.

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*The table below discloses the information relating to non-qualified option activity in 2025 under the HTLF Plan:*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of Shares** | **Weighted Average Price Per Share** | **Weighted Average Remaining Contractual Term** | **Aggregate Intrinsic Value** |
| **Stock Options Under the HTLF Plan** |  |  |  |  |
| Outstanding - December 31, 2024 |  | $— |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;HTLF replacement awards | 22772 | 88.80 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Canceled |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expired |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercised | (17810) | 88.80 |  |  |
| Outstanding - December 31, 2025 | 4962 | $88.80 | 6.9 | $130203 |
| Exercisable - December 31, 2025 | 3145 | $88.80 | 6.9 | $82525 |

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There were no options granted during 2025. The total intrinsic value of options exercised during the year ended December 31, 2025 was $561 thousand. As of December 31, 2025, there was $86 thousand of unrecognized compensation cost related to nonvested options. The cost is expected to be recognized over a period of 0.9 years.

***12. BUSINESS SEGMENT REPORTING***

The Company has strategically aligned its operations into the following three reportable segments: Commercial Banking, Institutional Banking, and Personal Banking (collectively, the Business Segments, and each, a Business Segment). These segments reflect the type of customer served, how products and services are provided, how executive management responsibilities are assigned, and reflect the manner in which financial information is evaluated by the chief operating decision maker (CODM). The Company's CODM is comprised of a group of senior executive officers led by the Company's chief executive officer, chief administrative officer, chief financial officer, and the Bank's chief executive officer.

Business Segment financial information is produced using an internal reporting system which is based on a series of management estimates for funds transfer pricing (FTP), and allocations of noninterest expense and income taxes. The process for determining FTP is based on a number of factors and assumptions, including prevailing market interest rates, the expected lives of various assets and liabilities, and the Company's broader funding profile. These estimates and allocations are periodically reviewed and refined. The CODM uses the Business Segment net income in deciding how to allocate resources and assess performance for individual Business Segments, including evaluating the cost or opportunity value of funds within each Business Segment and identifying areas of focus for organic growth or acquisition. For comparability purposes, amounts in all periods are based on methodologies in effect at December 31, 2025. Previously reported results have been reclassified in this filing to conform to the current organizational structure.

The following summaries provide information about the activities of each Business Segment:

*Commercial Banking* serves the commercial banking and treasury management needs of the Company's small to middle-market businesses through a variety of products and services. Such services include commercial loans, commercial real estate financing, commercial credit cards, letters of credit, loan syndication services, and consultative services. In addition, the Company's specialty lending group offers a variety of business solutions including asset-based lending, mezzanine debt and minority equity investments. Treasury management services include depository services, account reconciliation and cash management tools such as, accounts payable and receivable solutions, electronic fund transfer and automated payments, controlled disbursements, lockbox services, and remote deposit capture services.

*Institutional Banking* is a combination of banking services, fund services, asset management services, and healthcare services provided to institutional clients. This segment also provides fixed income sales, trading and underwriting, corporate trust and escrow services, as well as institutional custody. Institutional Banking includes UMBFS, which provides fund administration and accounting, investor services and transfer agency, and other services to mutual funds and alternative investment groups. Healthcare services provides healthcare payment

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solutions including custodial services for health savings accounts (HSAs) and private label, multipurpose debit cards to insurance carriers, third-party administrators, software companies, employers, and financial institutions.

*Personal Banking* combines consumer banking and wealth management services offered to clients and delivered through personal relationships and the Company's bank branches, ATM network and internet banking. Products offered include deposit accounts, retail credit cards, private banking, installment loans, home equity lines of credit, and residential mortgages. The range of client services extends from a basic checking account to estate planning and trust services and includes private banking, brokerage services, and insurance services in addition to a full spectrum of investment advisory, trust, and custody services.

**BUSINESS SEGMENT INFORMATION**

S*egment financial results were as follows (in thousands):*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
|  | **Commercial Banking** | **Institutional Banking** | **Personal Banking** | **Total** |
| Net interest income | $1291140 | $258312 | $312753 | $1862205 |
| Provision for credit losses | 126554 | 1844 | 26102 | 154500 |
| Noninterest income | 179612 | 444502 | 165936 | 790050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and employee benefits | 216442 | 195039 | 155794 | 567275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Processing fees | 14649 | 39264 | 18808 | 72721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bankcard | 12536 | 24014 | 12425 | 48975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of other intangible assets |  | 7349 | 412 | 7761 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allocated technology, service, overhead | 421530 | 131121 | 220724 | 773375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other segment items\* | 59994 | 37276 | 55423 | 152693 |
| Noninterest expense | 725151 | 434063 | 463586 | 1622800 |
| Income (loss) before taxes | 619047 | 266907 | (10999) | 874955 |
| Income tax expense (benefit) | 122087 | 52639 | (2169) | 172557 |
| Net income (loss) | $496960 | $214268 | $(8830) | $702398 |
| Average assets | $33205000 | $19548000 | $13503000 | $66256000 |

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\*Other segment items include occupancy, equipment, supplies and services, marketing and business development costs, legal and consulting, and regulatory fees.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
|  | **Commercial Banking** | **Institutional Banking** | **Personal Banking** | **Total** |
| Net interest income | $668235 | $197174 | $135483 | $1000892 |
| Provision for credit losses | 51781 | 1155 | 8114 | 61050 |
| Noninterest income | 134500 | 393984 | 99633 | 628117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and employee benefits | 110873 | 168515 | 93326 | 372714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Processing fees | 9284 | 30444 | 13186 | 52914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bankcard | 11680 | 21137 | 10873 | 43690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of other intangible assets |  | 7182 | 524 | 7706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allocated technology, service, overhead | 202224 | 129243 | 118387 | 449854 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other segment items\* | 33074 | 40795 | 25939 | 99808 |
| Noninterest expense | 367135 | 397316 | 262235 | 1026686 |
| Income (loss) before taxes | 383819 | 192687 | (35233) | 541273 |
| Income tax expense (benefit) | 71367 | 35016 | (6353) | 100030 |
| Net income (loss) | $312452 | $157671 | $(28880) | $441243 |
| Average assets | $21539000 | $14578000 | $7073000 | $43190000 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** |
|  | **Commercial Banking** | **Institutional Banking** | **Personal Banking** | **Total** |
| Net interest income | $600759 | $190377 | $128980 | $920116 |
| Provision for credit losses | 34315 | 275 | 6637 | 41227 |
| Noninterest income | 102753 | 342794 | 96306 | 541853 |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and employee benefits | 103784 | 150579 | 88115 | 342478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Processing fees | 7735 | 24315 | 12754 | 44804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bankcard | 10433 | 12190 | 9889 | 32512 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of other intangible assets |  | 7927 | 659 | 8586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allocated technology, service, overhead | 222457 | 139316 | 110332 | 472105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other segment items\* | 33648 | 36242 | 28765 | 98655 |
| Noninterest expense | 378057 | 370569 | 250514 | 999140 |
| Income before taxes | 291140 | 162327 | (31865) | 421602 |
| Income tax expense | 49602 | 29060 | (7084) | 71578 |
| Net income | $241538 | $133267 | $(24781) | $350024 |
| Average assets | $20676000 | $12504000 | $6550000 | $39730000 |

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**1** **3. *REVENUE RECOGNITION***

The following is a description of the principal activities from which the Company generates revenue that are within the scope of ASC 606, *Revenue from Contracts with Customers*:

*Trust and securities processing* – Trust and securities processing income consists of fees earned on personal and corporate trust accounts, custody of securities services, trust investments and wealth management services, and mutual fund and alternative asset servicing. The performance obligations related to this revenue include items such as performing full bond trustee service administration, investment advisory services, custody and record-keeping services, and fund administrative and accounting services. These fees are part of long-term contractual agreements and the performance obligations are satisfied upon completion of service and fees are generally a fixed flat monthly rate or based on a percentage of the account's market value per the contract with the customer. These fees are primarily recorded within the Company's Institutional and Personal Banking segments.

*Trading and investment banking* – Trading and investment banking income consists of income earned related to the Company's trading securities portfolio, including futures hedging, dividends, bond underwriting, and other securities incomes. The vast majority of this revenue is recognized in accordance with ASC 320, *Investments–Debt Securities,* and ASC 321, *Investments–Equity Securities*, and is out of the scope of ASC 606. A portion of trading and investment banking represents fees earned for management fees, commissions, and underwriting of corporate bond issuances. The performance obligations related to these fees include reviewing the credit worthiness of the customer, ensuring appropriate regulatory approval and participating in due diligence. The fees are fixed per the bond prospectus and the performance obligations are satisfied upon registration approval of the bonds by the applicable regulatory agencies. Revenue is recognized at the point in time upon completion of service and when approval is granted by the regulators.

*Service charges on deposits* – Service charges on deposit accounts represent monthly analysis fees recognized for the services related to customer deposit accounts, including account maintenance and depository transactions processing fees. Commercial Banking and Institutional Banking depository accounts charge fees in accordance with the customer's pricing schedule while Personal Banking account holders are generally charged a flat service fee per month. Deposit service charges for the healthcare accounts included in the Institutional Banking segment are priced according to either standard pricing schedules with individual account holders or according to service agreements between the Company and employer groups or third-party administrators. The Company satisfies the performance obligation related to providing depository accounts monthly as transactions are processed and deposit service charge revenue is recorded monthly. These fees are recognized within all Business Segments.

*Insurance fees and commissions* – Insurance fees and commissions includes all insurance-related fees earned, including commissions for individual life, variable life, group life, health, group health, fixed annuity, and variable

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annuity insurance contracts. The performance obligations related to these revenues primarily represent the placement of insurance policies with the insurance company partners. The fees are based on the contracts with insurance company partners and the performance obligations are satisfied when the terms of the policy have been agreed to and the insurance policy becomes effective.

*Brokerage fees* – Brokerage fees represent income earned related to providing brokerage transaction services, including commissions on equity and commodity trades, and fees for investment management, advisory and administration. The performance obligations related to transaction services are executing the specified trade and are priced according to the customer's fee schedule. Such income is recognized at a point in time as the trade occurs and the performance obligation is fulfilled. The performance obligations related to investment management, advisory and administration include allocating customer assets across a wide range of mutual funds and other investments, on-going account monitoring and re-balancing of the portfolio. These performance obligations are satisfied over time and the related revenue is calculated monthly based on the assets under management of each customer. All material performance obligations are satisfied as of the end of each accounting period.

*Bankcard fees* – Bankcard fees primarily represent income earned from interchange revenue from MasterCard and Visa for the Company's processing of debit, credit, HSA, and flexible spending account transactions. Additionally, the Company earns income and incentives related to various referrals of customers to card programs. The performance obligation for interchange revenue is the processing of each transaction through the Company's access to the banking system. This performance obligation is completed for each individual transaction and income is recognized per transaction in accordance with interchange rates established by MasterCard and Visa. The performance obligations for various referral and incentive programs include either referring customers to certain card products or issuing exclusively branded cards for certain customer segments. The pricing of these incentive and referral programs are in accordance with the agreement with the individual card partner. These performance obligations are completed as the referrals are made or over a period of time when the Company is exclusively issuing branded cards. For the years ended December 31, 2025, 2024 and 2023, the Company also had $51.4 million, $39.4 million, and $39.7 million of expense, respectively, recorded within the Bankcard fees line on the Company's Consolidated Statements of Income related to rebates and rewards programs that are outside of the scope of ASC 606. All material performance obligations are satisfied as of the end of each accounting period.

*Investment securities gains, net* – In the regular course of business, the Company recognizes gains and losses on the sale of available-for-sale securities. Additionally, the Company recognizes gains and losses on equity securities with readily determinable fair values and equity securities without readily determinable fair values. These gains and losses are recognized in accordance with ASC 320, *Investments–Debt Securities,* and ASC 321, *Investments–Equity Securities*, and are outside of the scope of ASC 606.

*Other income –* The Company recognizes other miscellaneous income through a variety of other revenue streams, the most material of which include letter of credit fees, certain loan origination fees, gains on the sale of assets, derivative income, and bank-owned and company-owned life insurance income. These revenue streams are outside of the scope of ASC 606 and are recognized in accordance with the applicable U.S. GAAP. The remainder of Other income is primarily earned through transactions with personal banking customers, including wire transfer service charges, stop payment charges, and fees for items like money orders and cashier's checks. The performance obligations of these types of fees are satisfied as transactions are completed and revenue is recognized upon transaction execution according to established fee schedules with the customers.

The Company had no material contract assets, contract liabilities, or remaining performance obligations as of December 31, 2025 or 2024. Total receivables from revenue recognized under the scope of ASC 606 were $116.1 million and $100.2 million as of December 31, 2025 and December 31, 2024, respectively. These receivables are included as part of the Other assets line on the Company's Consolidated Balance Sheets.

The following tables depict the disaggregation of revenue according to revenue stream and Business Segment for the three years ended December 31, 2025, 2024, and 2023. As stated in Note 12, "Business Segment Reporting," for comparability purposes, amounts in all periods are based on methodologies in effect at December 31, 2025 and previously reported results have been reclassified in this filing to conform to the current organizational structure.

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*Disaggregated revenue is as follows (in thousands):*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
| **NONINTEREST INCOME** | **Commercial Banking** | **Institutional Banking** | **Personal Banking** | **Revenue (Expense) out of Scope of ASC 606** | **Total** |
| Trust and securities processing | $2810 | $262667 | $77921 | $— | $343398 |
| Trading and investment banking |  | 695 |  | 24610 | 25305 |
| Service charges on deposit accounts | 61898 | 41697 | 9477 | 134 | 113206 |
| Insurance fees and commissions |  |  | 910 |  | 910 |
| Brokerage fees | 277 | 68740 | 10575 |  | 79592 |
| Bankcard fees | 105359 | 29353 | 30513 | (51301) | 113924 |
| Investment securities gains, net |  |  |  | 30967 | 30967 |
| Other | 7334 | 2844 | 3621 | 68949 | 82748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | $177678 | $405996 | $133017 | $73359 | $790050 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| **NONINTEREST INCOME** | **Commercial Banking** | **Institutional Banking** | **Personal Banking** | **Revenue (Expense) out of Scope of ASC 606** | **Total** |
| Trust and securities processing | $— | $232239 | $58332 | $— | $290571 |
| Trading and investment banking |  | 1131 |  | 23095 | 24226 |
| Service charges on deposit accounts | 42309 | 36665 | 5425 | 113 | 84512 |
| Insurance fees and commissions |  |  | 1257 |  | 1257 |
| Brokerage fees | 267 | 53532 | 7765 |  | 61564 |
| Bankcard fees | 78422 | 27262 | 21395 | (39282) | 87797 |
| Investment securities gains, net |  |  |  | 10720 | 10720 |
| Other | 2008 | 3014 | 2639 | 59809 | 67470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | $123006 | $353843 | $96813 | $54455 | $628117 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** |
| **NONINTEREST INCOME** | **Commercial Banking** | **Institutional Banking** | **Personal Banking** | **Revenue (Expense) out of Scope of ASC 606** | **Total** |
| Trust and securities processing | $— | $203887 | $53313 | $— | $257200 |
| Trading and investment banking |  | 298 |  | 19332 | 19630 |
| Service charges on deposit accounts | 38358 | 40578 | 5918 | 96 | 84950 |
| Insurance fees and commissions |  |  | 1009 |  | 1009 |
| Brokerage fees | 374 | 46395 | 7350 |  | 54119 |
| Bankcard fees | 71632 | 19823 | 22246 | (38982) | 74719 |
| Investment securities losses, net |  |  |  | (3139) | (3139) |
| Other | 762 | 2835 | 2582 | 47186 | 53365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | $111126 | $313816 | $92418 | $24493 | $541853 |

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**14. *COMMON STOCK*** 

*The following table summarizes the share transactions for the three years ended December 31, 2025 (in thousands, except for share data):*

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| | | |
|:---|:---|:---|
|  | **Shares Issued** | **Shares in Treasury** |
| Balance January 1, 2023 | 55056730 | (6737326) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of Treasury Stock |  | (94727) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of Treasury Stock |  | 7782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued for stock options and restricted stock |  | 321668 |
| Balance December 31, 2023 | 55056730 | (6502603) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of Treasury Stock |  | (93428) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of Treasury Stock |  | 6330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued for stock options and restricted stock |  | 347148 |
| Balance December 31, 2024 | 55056730 | (6242553) |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock issuance | 23609079 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of Treasury Stock |  | (157733) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of Treasury Stock |  | 3226386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued for stock options and restricted stock |  | 468766 |
| Balance December 31, 2025 | 78665809 | (2705134) |

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The Board authorized, at its July 25, 2023, April 30, 2024, and April 29, 2025 meetings, the repurchase of up to one million shares of the Company's common stock. The July 2023 Repurchase Authorization terminated on April 30, 2024, the April 2024 Repurchase Authorization terminated on April 29, 2025, and the April 2025 Repurchase Authorization will terminate on April 28, 2026. All share purchases pursuant to the Repurchase Authorizations are intended to be within the scope of Rule 10b-18 promulgated under the Exchange Act. Rule 10b-18 provides a safe harbor for purchases in a given day if the Company satisfies the manner, timing and volume conditions of the rule when purchasing its own common shares. The Company has not made any repurchase of its securities other than pursuant to the Repurchase Authorizations, but did acquire shares pursuant to the Company's share-based incentive programs.

**15. *COMMITMENTS, CONTINGENCIES AND GUARANTEES***

In the normal course of business, the Company is a party to financial instruments with off-balance-sheet risk in order to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit, commercial letters of credit, standby letters of credit, and futures contracts. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Balance Sheets. The contract or notional amount of those instruments reflects the extent of involvement the Company has in particular classes of financial instruments. Many of the commitments expire without being drawn upon; therefore, the total amount of these commitments does not necessarily represent the future cash requirements of the Company.

The Company's exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit, commercial letters of credit, and standby letters of credit is represented by the contract or notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments.

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the agreement. These conditions generally include, but are not limited to, each customer being current as to repayment terms of existing loans and no deterioration in the customer's financial condition. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The interest rate is generally a variable rate. If the commitment has a fixed interest rate, the rate is generally not set until such time as credit is extended. For credit card customers, the Company has the right to change or terminate terms or conditions of the credit card account at any time. Since a large portion of the commitments and unused credit card lines are never actually drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Company evaluates each customer's creditworthiness on an individual basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management's

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credit evaluation. Collateral pledged by customers varies but may include accounts receivable, inventory, real estate, plant and equipment, stock, securities and certificates of deposit.

Commercial letters of credit are issued specifically to facilitate trade or commerce. Under the terms of a commercial letter of credit, as a general rule, drafts will be drawn when the underlying transaction is consummated as intended.

Standby letters of credit are conditional commitments issued by the Company payable upon the non-performance of a customer's obligation to a third party. The Company issues standby letters of credit for terms ranging from three months to six years. The Company generally requires the customer to pledge collateral to support the letter of credit. The maximum liability to the Company under standby letters of credit at December 31, 2025 and 2024, was $468.4 million and $404.7 million, respectively. As of December 31, 2025 and 2024, standby letters of credit totaling $5.4 million and $26.7 million, respectively, were with related parties to the Company.

The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities. The Company holds collateral supporting those commitments when deemed necessary. Collateral varies but may include such items as those described for commitments to extend credit.

Futures contracts are contracts for delayed delivery of securities or money market instruments in which the seller agrees to make delivery at a specified future date, of a specified instrument, at a specified yield. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in securities values and interest rates. Instruments used in trading activities are carried at fair value and gains and losses on futures contracts are settled in cash daily. Any changes in the fair value are recognized in trading and investment banking income.

The Company uses contracts to offset interest rate risk on specific securities held in the trading portfolio. As of December 31, 2025 and 2024, there were no notional amounts outstanding for these contracts. There were no open futures contract positions during the years ended December 31, 2025 or 2024. There was no net futures activity for the years ended December 31, 2025, 2024 or 2023. The Company controls the credit risk of its futures contracts through credit approvals, limits and monitoring procedures.

The Company also enters into foreign exchange contracts on a limited basis. For operating purposes, the Company maintains certain balances in foreign banks. Foreign exchange contracts are purchased on a monthly basis to avoid foreign exchange risk on these foreign balances. The Company will also enter into foreign exchange contracts to facilitate foreign exchange needs of customers. The Company will enter into a contract to buy or sell a foreign currency at a future date only as part of a contract to sell or buy the foreign currency at the same future date to a customer. During 2025, contracts to purchase and to sell foreign currency averaged approximately $78.3 million compared to $46.8 million during 2024. The net gains on these foreign exchange contracts for the years ended December 31, 2025, 2024 and 2023 were $7.4 million, $6.1 million and $4.2 million, respectively.

With respect to group concentrations of credit risk, most of the Company's business activity is with customers in the states of Missouri, Kansas, Colorado, Arizona, Texas, and Utah. At December 31, 2025, the Company did not have any significant credit concentrations in any particular industry.

*The following table summarizes the Company's off-balance sheet financial instruments as described above (in thousands):*

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| | | |
|:---|:---|:---|
|  | **Contract or Notional Amount December 31,** | **Contract or Notional Amount December 31,** |
|  | **2025** | **2024** |
| Commitments to extend credit for loans (excluding credit card loans) | $17819711 | $12904749 |
| Commitments to extend credit under credit card loans | 5994640 | 5474758 |
| Commercial letters of credit | 217 | 311 |
| Standby letters of credit | 468384 | 404697 |
| Forward contracts | 119978 | 55174 |
| Spot foreign exchange contracts | 34233 | 50006 |
| Commitments to extend credit for securities purchased under agreements to resell | 191000 | 96000 |

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**Allowance for Credit Losses on Off-Balance Sheet Credit Exposure**

The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancelable by the Company. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The estimate is based on expected utilization rates by portfolio segment. Utilization rates are influenced by historical trends and current conditions. The expected utilization rates are applied to the total commitment to determine the expected amount to be funded. The allowance for off-balance sheet credit exposure is calculated by applying portfolio segment expected credit loss rates to the expected amount to be funded.

The following categories of off-balance sheet credit exposures have been identified:

Revolving Lines of Credit: includes commercial, construction, agricultural, personal, and home-equity. Risk inherent to revolving lines of credit often are related to the susceptibility of an individual or business experiencing unpredictable cash flow or financial troubles, thus leading to payment default. During these financial troubles, the borrower could have less than desirable assets collateralizing the revolving line of credit. The financial strain the borrower is experiencing could lead to drawing against the line without the ability to pay the line down.

Non-Revolving Lines of Credit: include commercial and personal. Lines that do not carry a revolving feature are generally associated with a specific expenditure or project, such as to purchase equipment or the construction of real estate. The predominate risk associated with non-revolving lines is the diversion of funds for other expenditures. If the funds get diverted, the contributory value to collateral suffers.

Letters of Credit: includes standby letters of credit. Generally, a standby letter of credit is established to provide assurance to the beneficiary that the applicant will perform certain obligations arising out of a separate transaction between the beneficiary and the applicant. These obligations might be the performance of a service or delivery of a product. If the obligations are not met, it gives the beneficiary the right to draw on the letter of credit.

The ACL for off-balance sheet credit exposures was $5.7 million and $4.1 million as of December 31, 2025 and 2024, respectively, and was recorded in the Accrued expenses and taxes line of the Company's Consolidated Balance Sheets. Reductions of $2.0 million and $950 thousand of provision for off-balance sheet credit exposures were recorded for the years ended December 31, 2025 and December 31, 2024, respectively. Provision of $2.0 million was recorded for off-balance sheet credit exposures for the year ended December 31, 2023. Provision for off-balance sheet credit exposures is recorded in the Provision for credit losses line of the Company's Consolidated Statements of Income.

**16. *INCOME TAXES***

Income taxes as set forth below produce effective income tax rates of 19.7% in 2025, 18.5% in 2024, and 17.0% in 2023. These percentages are computed by dividing Income tax expense by Income before income taxes.

------

*Income tax expense includes the following components (in thousands):*

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Current tax** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal | $72805 | $107697 | $81565 |
| &nbsp;&nbsp;&nbsp;&nbsp;State | 16927 | 8507 | 10452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current tax expense | 89732 | 116204 | 92017 |
| **Deferred tax** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal | 84417 | (20072) | (19438) |
| &nbsp;&nbsp;&nbsp;&nbsp;State | (1592) | 3898 | (1001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax expense (benefit) | 82825 | (16174) | (20439) |
| **Total tax expense** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal | 157222 | 87625 | 62127 |
| &nbsp;&nbsp;&nbsp;&nbsp;State | 15335 | 12405 | 9451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total tax expense | $172557 | $100030 | $71578 |

---

*The reconciliation between the income tax expense and the amount computed by applying the statutory federal tax rate of 21% for income before income taxes is as follows (in thousands):*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
|  | **Amount** | **Percent** | **Amount** | **Percent** | **Amount** | **Percent** |
| U.S federal statutory income tax rate | $183741 | 21.0% | $113667 | 21.0% | $88536 | 21.0% |
| Domestic federal: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal tax credits, net of amortization (as applicable) | (7280) | (0.8) | (8252) | (1.5) | (5049) | (1.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Nontaxable and nondeductible items: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt interest income | (25916) | (3.0) | (20487) | (3.8) | (20614) | (4.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 11174 | 1.3 | 5235 | 1.0 | 1168 | 0.3 |
| Domestic state and local income taxes, net of federal income tax effect <sup>(1)</sup> | 10697 | 1.2 | 11887 | 2.2 | 6233 | 1.5 |
| Changes in unrecognized tax benefits | 39 | 0.0 | (2087) | (0.4) | 1233 | 0.3 |
| Other reconciling items | 102 | 0.0 | 67 | 0.0 | 71 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total tax expense | $172557 | 19.7% | $100030 | 18.5% | $71578 | 17.0% |

---

(1) In general, state and local taxes in California, Colorado, Illinois, Minnesota and New York City made up the majority (greater than 50%) of the tax effect in this category.

*The income taxes paid, net of refunds, is as follows (in thousands):*

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| U.S. federal | $49000 | $65500 | $69000 |
| U.S. state and local: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois | 3674 | \* | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 10568 | 11430 | 10334 |
| Foreign | \* | \* | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income taxes paid, net of refunds | $63242 | $76930 | $79334 |

---

\*The amount of income taxes paid, net of refunds received, during the year does not meet the 5% disaggregation threshold.

In preparing its tax returns, the Company is required to interpret tax laws and regulations to determine its taxable income. Periodically, the Company is subject to examinations by various taxing authorities that may give rise to differing interpretations of these laws. Upon examination, agreement of tax liabilities between the Company and the multiple tax jurisdictions in which the Company files tax returns may ultimately be different. The Company is in the examination process with two state tax authorities for various years between tax years 2021 and 2023. The

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Company believes the aggregate amount of any additional liabilities that may result from these examinations, if any, will not have a material adverse effect on the financial condition, results of operations, or cash flows of the Company.

Deferred income taxes result from differences between the carrying value of assets and liabilities measured for financial reporting and the tax basis of assets and liabilities for income tax return purposes.

*The significant components of deferred tax assets and liabilities are reflected in the following table (in thousands):* 

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| **Deferred tax assets:** |  |  |
| Net unrealized loss on securities available for sale | $107222 | $196594 |
| Net unrealized loss on cash flow hedges |  | 5035 |
| Loans, principally due to allowance for credit losses | 184805 | 57553 |
| Securities | 119343 |  |
| Equity-based compensation | 9631 | 7067 |
| Accrued expenses | 46886 | 39008 |
| Deferred compensation | 27088 | 19981 |
| Net operating loss carryovers | 43502 | 2507 |
| Miscellaneous | 2217 | 3541 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax assets before valuation allowance | 540694 | 331286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valuation allowance | (39021) | (11106) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax assets | 501673 | 320180 |
| **Deferred tax liabilities:** |  |  |
| Net unrealized gain on fair value hedges | (15549) | (16395) |
| Net unrealized gain on cash flow hedges | (6186) |  |
| Securities |  | (83) |
| Land, buildings and equipment | (38434) | (24859) |
| Prepaid expenses | (8885) | (7245) |
| Partnership investments | (4098) | (4190) |
| Trust preferred securities | (11051) | (6439) |
| Intangibles | (132335) | (13776) |
| Miscellaneous | (5999) | (3149) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax liabilities | (222537) | (76136) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net deferred tax asset | $279136 | $244044 |

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As of December 31, 2025, the Company's gross federal net operating loss carryovers, acquired through the HTLF acquisition and subject to annual utilization limitations under Section 382 of the Internal Revenue Code, totaled $93.7 million. The deferred tax asset associated with these federal net operating loss carryovers was $19.7 million at December 31, 2025, and the Company established a valuation allowance of $2.1 million to reflect expected net operating loss expirations. A majority of these federal net operating losses have an indefinite carryforward period, while others expire at various times between 2026 and 2035. The Company also had gross state net operating loss carryovers of $531.5 million, for which a deferred tax asset of $23.8 million was recorded at December 31, 2025. A majority of these state net operating loss carryovers were acquired through the HTLF acquisition and are subject to annual utilization limitations. Most of these state net operating losses expire at various times between 2026 and 2045 and some have an indefinite carryforward. As of December 31, 2025 and 2024, the Company had a valuation allowance of $15.2 million and $2.5 million, respectively, for certain state net operating losses as they are not expected to be realized. In addition, as of December 31, 2025 and 2024, the Company had a valuation allowance of $21.7 million and $8.6 million, respectively, to reduce certain other state deferred tax assets to the amount management believes will be more likely than not realized.

The net deferred tax asset at December 31, 2025 and December 31, 2024 are included in the Other assets line of the Company's Consolidated Balance Sheets.

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The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for tax years prior to 2020 in the jurisdictions in which it files.

**Liabilities Associated With Unrecognized Tax Benefits**

The gross amount of unrecognized tax benefits totaled $8.9 million and $8.3 million at December 31, 2025 and 2024, respectively. The total amount of unrecognized tax benefits, net of associated deferred tax benefit, that would impact the effective tax rate, if recognized, would be $7.1 million and $6.5 million at December 31, 2025 and December 31, 2024, respectively. The unrecognized tax benefits relate to state tax positions that have a corresponding federal tax benefit.

*A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):*

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Unrecognized tax benefits - opening balance | $8279 | $10921 |
| Gross increases - tax positions in prior period | 10 |  |
| Gross decreases - tax positions in prior period |  | (3051) |
| Gross increases - current-period tax positions | 1536 | 1915 |
| Gross increases - acquisitions | 616 |  |
| Lapse of statute of limitations | (1497) | (1506) |
| Unrecognized tax benefits - ending balance | $8944 | $8279 |

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**Investments in Affordable Housing and Renewable Energy**

The Company has invested in affordable housing and renewable energy projects sponsored by third parties, commonly referred to as tax equity investments. The primary return on these investments is derived from the realization of federal tax credits and deductions. Tax equity investments are recorded net of accumulated amortization using the proportional amortization method. These investments are included in Other securities on the Consolidated Balance Sheets and totaled $290.3 million and $251.0 million as of December 31, 2025 and 2024, respectively. Unfunded tax equity obligations are included in Other liabilities on the Consolidated Balance Sheets, and totaled $124.9 million and $116.5 million as of December 31, 2025 and 2024, respectively.

*The following table summarizes the amortization expense and tax benefit recognized for the Company's affordable housing projects and other tax credit investments (in thousands):*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
|  | **Amortization Expense** <sup>(1)</sup> | **Tax Benefit Recognized** <sup>(2)</sup> | **Amortization Expense** <sup>(1)</sup> | **Tax Benefit Recognized** <sup>(2)</sup> | **Amortization Expense** <sup>(1)</sup> | **Tax Benefit Recognized** <sup>(2)</sup> |
| Low-income housing tax credit | $22284 | $(28938) | $16930 | $(21277) | $12709 | $(15482) |
| Historic tax credit | 1481 | (1776) | 1471 | (1493) | 1464 | (1714) |
| New markets tax credit | 303 | (360) |  |  |  |  |
| Renewable energy | 192 | (13) | 20750 | (22318) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $24260 | $(31087) | $39151 | $(45088) | $14173 | $(17196) |

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(1)The credit programs disclosed above met the conditions to apply the proportional amortization method. The amortization expense is included in Income tax expense in the Consolidated Statements of Income and Amortization of securities premiums, net of discount accretion in the Consolidated Statements of Cash Flows. There were no credit programs that were not eligible for the proportional amortization method.

(2)The tax benefit recognized primarily reflects the Federal tax credits generated from the investment, which are included in Income tax expense in the Consolidated Statements of Income.

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**17. *DERIVATIVES AND HEDGING ACTIVITIES***

**Risk Management Objective of Using Derivatives**

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company's known or expected cash receipts and its known or expected cash payments principally related to the Company's loans and borrowings. The Company also has interest rate derivatives that result from a service provided to certain qualifying customers and, therefore, are not used to manage interest rate risk of the Company's assets or liabilities. The Company has entered into an offsetting position for each of these derivative instruments with a matching instrument from another financial institution in order to minimize its net risk exposure resulting from such transactions.

**Fair Values of Derivative Instruments on the Consolidated Balance Sheets** 

The table below presents the fair value of the Company's derivative financial instruments as of December 31, 2025 and 2024. The Company's derivative assets and derivative liabilities are located within Other assets and Other liabilities, respectively, on the Company's Consolidated Balance Sheets.

Derivative fair values are determined using valuation techniques including discounted cash flow analysis on the expected cash flows from each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.

*This table provides a summary of the fair value of the Company's derivative assets and liabilities as of December 31, 2025 and December 31, 2024 (in thousands)*:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Derivative Assets** | **Derivative Assets** | **Derivative Liabilities** | **Derivative Liabilities** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| **Fair Value** | **2025** | **2024** | **2025** | **2024** |
| Interest Rate Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives not designated as hedging instruments | $126423 | $102118 | $130122 | $107386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives designated as hedging instruments | 148550 | 132325 | 36 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest rate derivatives | 274973 | 234443 | 130158 | 107442 |
| Commodity Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives not designated as hedging instruments | 6356 |  | 6294 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commodity derivatives | 6356 |  | 6294 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $281329 | $234443 | $136452 | $107442 |

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**Fair Value Hedges of Interest Rate Risk**

The Company is exposed to changes in the fair value of certain of its fixed-rate assets and liabilities due to changes in interest rates. Interest rate swaps designated as fair value hedges involve making fixed rate payments to a counterparty in exchange for the Company receiving variable rate payments over the life of the agreements without the exchange of the underlying notional amount. As of both December 31, 2025 and December 31, 2024, the Company did not have any interest rate swaps that were designated as fair value hedges of interest rate risk.

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During 2022 and 2023, the Company terminated 10 fair value hedges of interest rate risk associated with the Company's municipal bond securities. For the years ended December 31, 2025 and 2024 the Company reclassified $4.8 million and $6.1 million, respectively, from AOCI to Interest income in connection with these terminated hedges. The unrealized gain on the terminated fair value hedges remaining in AOCI was $46.7 million net of tax, and $50.4 million net of tax, as of December 31, 2025 and 2024, respectively. The hedging adjustments will be amortized through the contractual maturity date of each respective hedged item.

For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in Interest income in the Consolidated Statements of Income.

**Cash Flow Hedges of Interest Rate Risk**

The Company's objective in using interest rate derivatives is to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps, floors, and floor spreads as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. As of December 31, 2025 and 2024, the Company had two interest rate swaps that were designated as cash flow hedges of interest rate risk associated with the Company's variable-rate subordinated debentures issued by Marquette Capital Trusts III and IV. These swaps had an aggregate notional amount of $51.5 million at both December 31, 2025 and 2024.

Interest rate floors designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates fall below the strike rate on the contract in exchange for an upfront premium. Interest rate floor spreads designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates fall below the purchased floor rate on the contract in exchange for an upfront premium, and involve payment of variable-rate amounts to the counterparty if interest rates fall below the sold floor rate on the contract. As of December 31, 2025 and 2024, the Company had 13 interest rate floors and floor spreads with an aggregate notional amount of $3.0 billion that were designated as cash flow hedges of interest rate risk.

For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in AOCI and is subsequently reclassified into interest expense and interest income in the period during which the hedged forecasted transaction affects earnings. Amounts reported in AOCI related to interest rate swap derivatives will be reclassified to Interest expense as interest payments are received or paid on the Company's hedged items. Amounts reported in AOCI related to interest rate floor and floor spread derivatives will be reclassified to Interest income as interest payments are received or paid on the Company's items. The Company expects to reclassify $0.5 million from AOCI as a reduction to Interest expense and $3.8 million from AOCI as an increase to Interest income during the next 12 months. As of December 31, 2025, the Company is hedging its exposure to the variability in future cash flows for forecasted transactions over a maximum period of 10.7 years.

**Non-designated Hedges** 

The remainder of the Company's derivatives are not designated in qualifying hedging relationships. Derivatives not designated as hedges are not speculative and result from a service the Company provides to certain customers.

*Interest Rate Derivatives* 

The Company executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously offset by interest rate swaps that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. As the interest rate swaps associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. The changes in the fair value of both the customer swaps and the offsetting swaps are recognized in Other noninterest expense in the Consolidated Statements of Income. As of December 31, 2025, the Company had 830 interest rate swaps with an aggregate notional amount of $11.7 billion related to this program. The acquisition of HTLF included 478 interest rate swaps with an aggregate notional amount of $4.2 billion as of the Acquisition Date. As of December 31, 2024, the Company had 298 interest rate swaps with an aggregate notional amount of $5.5 billion.

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*Commodity Derivatives*

The Company executes commodity swap and option contracts with commercial banking customers to facilitate their respective risk management strategies. The Company simultaneously enters into an offsetting contract with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. As the commodity swaps and option contracts associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. The changes in the fair value of both the customer swaps and the offsetting swaps are recognized in Other noninterest expense in the Consolidated Statements of Income. As of December 31, 2025, the Company had 26 commodity swaps and option contracts with an aggregate remaining volume of 2.1 million oil barrels and 3.6 million British Thermal Units related to this program.

**Effect of Derivative Instruments on the Consolidated Statements of Income and Accumulated Other Comprehensive Income**

*This table provides a summary of the amount of gain or loss recognized in Interest income and Other noninterest expense in the Consolidated Statements of Income for the years ended December 31, 2025, 2024, and 2023 related to the Company's derivative assets and liabilities (in thousands):*

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| | | | |
|:---|:---|:---|:---|
|  | **Amount of Gain (Loss) Recognized** | **Amount of Gain (Loss) Recognized** | **Amount of Gain (Loss) Recognized** |
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Interest Rate Derivatives** |  |  |  |
| Derivatives not designated as hedging instruments | $(45) | $74 | $(69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $(45) | $74 | $(69) |
| **Interest Rate Derivatives** |  |  |  |
| Derivatives designated as hedging instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value adjustments on derivatives | $— | $— | $904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value adjustments on hedged items |  |  | (902) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $— | $— | $2 |
| **Commodity Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives not designated as hedging instruments | $84 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $84 | $— | $— |

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*These tables provide a summary of the effect of hedges on AOCI in the Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024, and 2023 related to the Company's derivative assets and liabilities (in thousands):*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
| **Derivatives in Cash Flow Hedging Relationships** | **Gain (Loss) Recognized in OCI on Derivative** | **Gain (Loss) Recognized in OCI Included Component** | **Loss Recognized in OCI Excluded Component** | **(Loss) Gain Reclassified from AOCI into Earnings** | **(Loss) Gain Reclassified from AOCI into Earnings Included Component** | **Loss Reclassified from AOCI into Earnings Excluded Component** |
| Interest rate floors and floor spreads | $33517 | $61785 | $(28268) | $(13071) | $(10727) | $(2344) |
| Interest rate swaps | (544) | (544) |  | 937 | 937 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $32973 | $61241 | $(28268) | $(12134) | $(9790) | $(2344) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
| **Derivatives in Cash Flow Hedging Relationships** | **(Loss) Gain Recognized in OCI on Derivative** | **(Loss) Gain Recognized in OCI Included Component** | **Gain Recognized in OCI Excluded Component** | **Gain Reclassified from AOCI into Earnings** | **Gain Reclassified from AOCI into Earnings Included Component** | **Loss Reclassified from AOCI into Earnings Excluded Component** |
| Interest rate floors and floor spreads | $(44268) | $(70323) | $26055 | $539 | $3857 | $(3318) |
| Interest rate swaps | 3738 | 3738 |  | 1417 | 1417 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $(40530) | $(66585) | $26055 | $1956 | $5274 | $(3318) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** |
| **Derivatives in Cash Flow Hedging Relationships** | **Gain Recognized in OCI on Derivative** | **Gain Recognized in OCI Included Component** | **Loss Recognized in OCI Excluded Component** | **Gain Reclassified from AOCI into Earnings** | **Gain Reclassified from AOCI into Earnings Included Component** | **Loss Reclassified from AOCI into Earnings Excluded Component** |
| Interest rate floors and floor spreads | $14123 | $24826 | $(10703) | $4605 | $6948 | $(2343) |
| Interest rate swaps | 892 | 892 |  | 1312 | 1312 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $15015 | $25718 | $(10703) | $5917 | $8260 | $(2343) |

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**Credit-risk-related Contingent Features** 

The Company has agreements with certain of its derivative counterparties that contain a provision that if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations.

As of December 31, 2025, the termination value of derivatives in a net liability position, which includes accrued interest, related to these agreements was $3.7 million. The Company has minimum collateral posting thresholds with certain of its derivative counterparties. As of December 31, 2025, the Company had posted $4.5 million of collateral. If the Company had breached any of these provisions at December 31, 2025, it could have been required to settle its obligations under the agreements at the termination value.

**18. *DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS***

The following table presents information about the Company's assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value.

Fair values determined by Level 1 inputs utilize quoted prices in active markets for identical assets and liabilities that the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the hierarchy. In such cases, the fair value is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

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*Assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024 (in thousands):* 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Measurement at December 31, 2025 Using** | **Fair Value Measurement at December 31, 2025 Using** | **Fair Value Measurement at December 31, 2025 Using** | **Fair Value Measurement at December 31, 2025 Using** |
| **Description** | **December 31,<br>2025** | **Quoted Prices in Active Markets for Identical Assets (Level 1)** | **Significant Other Observable Inputs (Level 2)** | **Significant Unobservable Inputs (Level 3)** |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury | $2636 | $2636 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Agencies | 13489 |  | 13489 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State and political subdivisions | 3697 |  | 3697 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporates | 2192 | 2192 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading – other | 317 | 317 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading securities | 22331 | 5145 | 17186 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury | 2320815 | 2320815 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Agencies | 62370 |  | 62370 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed | 8167873 |  | 8167873 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State and political subdivisions | 2446588 |  | 2446588 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporates | 177115 | 177115 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateralized loan obligations | 534380 |  | 534380 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities available for sale | 13709141 | 2497930 | 11211211 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities with readily determinable fair values | 14690 | 14690 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives | 281329 |  | 281329 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $14027491 | $2517765 | $11509726 | $— |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives | $136452 | $— | $136452 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities sold not yet purchased | 4052 |  | 4052 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $140504 | $— | $140504 | $— |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Measurement at December 31, 2024 Using** | **Fair Value Measurement at December 31, 2024 Using** | **Fair Value Measurement at December 31, 2024 Using** | **Fair Value Measurement at December 31, 2024 Using** |
| **Description** | **December 31,<br>2024** | **Quoted Prices in Active Markets for Identical Assets (Level 1)** | **Significant Other Observable Inputs (Level 2)** | **Significant Unobservable Inputs (Level 3)** |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury | $1620 | $1620 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Agencies | 8369 |  | 8369 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State and political subdivisions | 11469 |  | 11469 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporates | 6935 | 6935 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading – other | 140 | 140 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading securities | 28533 | 8695 | 19838 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury | 1326073 | 1326073 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Agencies | 129047 |  | 129047 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed | 4420930 |  | 4420930 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State and political subdivisions | 1218569 |  | 1218569 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporates | 317170 | 317170 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateralized loan obligations | 362545 |  | 362545 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities available for sale | 7774334 | 1643243 | 6131091 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities with readily determinable fair values | 11596 | 11596 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives | 234443 |  | 234443 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $8048906 | $1663534 | $6385372 | $— |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives | $107442 | $— | $107442 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities sold not yet purchased | 7100 |  | 7100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $114542 | $— | $114542 | $— |

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**Valuation methods for instruments measured at fair value on a recurring basis**

The following methods and assumptions were used to estimate the fair value of each class of financial instruments measured on a recurring basis:

**Trading Securities** Fair values for trading securities (including financial futures), are based on quoted market prices where available. If quoted market prices are not available, fair values are based on quoted market prices for similar securities.

**Securities Available for Sale** Fair values are based on quoted market prices or dealer quotes, if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities. Prices are provided by third-party pricing services and are based on observable market inputs. On an annual basis, the Company compares a sample of these prices to other independent sources for the same securities. Additionally, throughout the year, if securities are sold, comparisons are made between the pricing services prices and the market prices at which the securities were sold. Variances are analyzed, and, if appropriate, additional research is conducted with the third-party pricing services. Based on this research, the pricing services may affirm or revise their quoted price. No significant adjustments have been made to the prices provided by the pricing services. The pricing services also provide documentation on an ongoing basis that includes reference data, inputs and methodology by asset class, which is reviewed to ensure that security placement within the fair value hierarchy is appropriate.

**Equity securities with readily determinable fair values** Fair values are based on quoted market prices.

**Derivatives** Fair values are determined using valuation techniques including discounted cash flow analysis on the expected cash flows from each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the

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Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.

**Securities sold not yet purchased** Fair values are based on quoted market prices or dealer quotes, if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities. Prices are provided by third-party pricing services and are based on observable market inputs.

*Assets measured at fair value on a non-recurring basis as of December 31, 2025 and 2024 (in thousands):* 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Fair Value Measurement at December 31, 2025 Using** | **Fair Value Measurement at December 31, 2025 Using** | **Fair Value Measurement at December 31, 2025 Using** | **Fair Value Measurement at December 31, 2025 Using** |
| **Description** | **December 31,<br>2025** | **Quoted Prices in Active Markets for Identical Assets (Level 1)** | **Significant Other Observable Inputs (Level 2)** | **Significant Unobservable Inputs (Level 3)** | **Total (Losses) Gains Recognized During the Twelve Months Ended December 31** |
| Collateral dependent assets | $70012 | $— | $— | $70012 | $(29420) |
| Other real estate owned | 3009 |  |  | 3009 | 178 |
| Other repossessed assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $73021 | $— | $— | $73021 | $(29242) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Fair Value Measurement at December 31, 2024 Using** | **Fair Value Measurement at December 31, 2024 Using** | **Fair Value Measurement at December 31, 2024 Using** | **Fair Value Measurement at December 31, 2024 Using** |
| **Description** | **December 31,<br>2024** | **Quoted Prices in Active Markets for Identical Assets (Level 1)** | **Significant Other Observable Inputs (Level 2)** | **Significant Unobservable Inputs (Level 3)** | **Total Losses Recognized During the Twelve Months Ended December 31** |
| Collateral dependent assets | $2405 | $— | $— | $2405 | $(256) |
| Other real estate owned |  |  |  |  |  |
| Other repossessed assets | 26779 |  |  | 26779 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $29184 | $— | $— | $29184 | $(256) |

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**Valuation methods for instruments measured at fair value on a non-recurring basis** 

The following methods and assumptions were used to estimate the fair value of each class of financial instruments measured on a non-recurring basis:

**Collateral Dependent Assets** Collateral dependent assets are assets evaluated as part of the ACL on an individual basis. Those assets for which there is an associated allowance are considered financial assets measured at fair value on a non-recurring basis. Adjustments are recorded on certain assets to reflect write-downs that are based on the external appraised value of the underlying collateral. The external appraisals are generally based on recent sales of comparable properties which are then adjusted for the unique characteristics of the property being valued. In the case of non-real estate collateral, reliance is placed on a variety of sources, including external estimates of value and judgments based on the experience and expertise of internal specialists within the Company's property management group and the Company's credit department. The valuation of collateral dependent assets are reviewed on a quarterly basis. Because many of these inputs are not observable, the measurements are classified as Level 3.

**Other real estate owned and Other repossessed assets** Other real estate owned and other repossessed assets consist of loan collateral which has been repossessed through foreclosure. This collateral is comprised of commercial and residential real estate and other non-real estate property, including auto, recreational and marine vehicles. Other real estate owned and other repossessed assets are recorded as held for sale initially at the fair value of the collateral less estimated selling costs. The initial valuation of the foreclosed property is obtained through an appraisal process similar to the process described in the collateral dependent assets paragraph above. Subsequent to foreclosure, valuations are reviewed quarterly and updated periodically, and the assets may be marked down further,

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reflecting a new cost basis. Fair value measurements may be based upon appraisals, third-party price opinions, or internally developed pricing methods and those measurements are classified as Level 3.

Fair value disclosures require disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis.

*The estimated fair value of the Company's financial instruments at December 31, 2025 and 2024 are as follows (in thousands):*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value Measurement at December 31, 2025 Using** | **Fair Value Measurement at December 31, 2025 Using** | **Fair Value Measurement at December 31, 2025 Using** | **Fair Value Measurement at December 31, 2025 Using** | **Fair Value Measurement at December 31, 2025 Using** |
|  | **Carrying Amount** | **Quoted Prices in Active Markets for Identical Assets (Level 1)** | **Significant Other Observable Inputs (Level 2)** | **Significant Unobservable Inputs (Level 3)** | **Total Estimated Fair Value** |
| **FINANCIAL ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and short-term investments | $9441175 | $7893082 | $1548093 | $— | $9441175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities available for sale | 13709141 | 2497930 | 11211211 |  | 13709141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities held to maturity (exclusive of allowance for credit losses) | 5724227 |  | 5250465 |  | 5250465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading securities | 22331 | 5145 | 17186 |  | 22331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other securities | 676300 | 14690 | 661610 |  | 676300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans (exclusive of allowance for credit losses) | 38781438 |  | 39041201 |  | 39041201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives | 281329 |  | 281329 |  | 281329 |
| **FINANCIAL LIABILITIES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Time deposits | 3760862 |  | 3760862 |  | 3760862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other borrowings | 3324938 | 32133 | 3292805 |  | 3324938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 474229 |  | 523545 |  | 523545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives | 136452 |  | 136452 |  | 136452 |
| **OFF-BALANCE SHEET ARRANGEMENTS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commitments to extend credit for loans |  |  |  |  | 14972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commitments to extend resell agreements |  |  |  |  | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial letters of credit |  |  |  |  | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Standby letters of credit |  |  |  |  | 4483 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value Measurement at December 31, 2024 Using** | **Fair Value Measurement at December 31, 2024 Using** | **Fair Value Measurement at December 31, 2024 Using** | **Fair Value Measurement at December 31, 2024 Using** | **Fair Value Measurement at December 31, 2024 Using** |
|  | **Carrying Amount** | **Quoted Prices in Active Markets for Identical Assets (Level 1)** | **Significant Other Observable Inputs (Level 2)** | **Significant Unobservable Inputs (Level 3)** | **Total Estimated Fair Value** |
| **FINANCIAL ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and short-term investments | $9104445 | $8559445 | $545000 | $— | $9104445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities available for sale | 7774334 | 1643243 | 6131091 |  | 7774334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities held to maturity (exclusive of allowance for credit losses) | 5378912 |  | 4748938 |  | 4748938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading securities | 28533 | 8695 | 19838 |  | 28533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other securities | 471018 | 11596 | 459422 |  | 471018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans (exclusive of allowance for credit losses) | 25645057 |  | 25665211 |  | 25665211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives | 234443 |  | 234443 |  | 234443 |
| **FINANCIAL LIABILITIES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Time deposits | 2127667 |  | 2127667 |  | 2127667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other borrowings | 2609715 | 70405 | 2539310 |  | 2609715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 385292 |  | 417217 |  | 417217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives | 107442 |  | 107442 |  | 107442 |
| **OFF-BALANCE SHEET ARRANGEMENTS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commitments to extend credit for loans |  |  |  |  | 12515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commitments to extend resell agreements |  |  |  |  | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial letters of credit |  |  |  |  | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Standby letters of credit |  |  |  |  | 4375 |

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**Cash and short-term investments** The carrying amounts of cash and due from banks, federal funds sold and resell agreements are reasonable estimates of their fair values.

**Securities held to maturity** For U.S. Agency and mortgage-backed securities, as well as general obligation bonds in the State and political subdivision portfolio, fair values are based on quoted market prices or dealer quotes, if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities. Prices are provided by third-party pricing services and are based on observable market inputs. On an annual basis, the Company compares a sample of these prices to other independent sources for the same securities. Variances are analyzed, and, if appropriate, additional research is conducted with the third-party pricing services. Based on this research, the pricing services may affirm or revise their quoted price. No significant adjustments have been made to the prices provided by the pricing services. The pricing services also provide documentation on an ongoing basis that includes reference data, inputs and methodology by asset class, which is reviewed to ensure that security placement within the fair value hierarchy is appropriate. For private placement bonds in the State and political subdivision portfolio, fair values are estimated by discounting the future cash flows using current market rates.

**Other securities** Amount consists of FRB and FHLB stock held by the Company, equity securities with readily determinable fair values, and equity securities without readily determinable fair values, including equity-method investments and other miscellaneous investments. The carrying amount of the FRB and FHLB stock equals its fair value because the shares can only be redeemed by the FRB and FHLB at their carrying amount. Equity securities with readily determinable fair values are measured at fair value using quoted market prices. Equity securities without readily determinable fair values are carried at cost, which approximates fair value.

**Loans** Fair values are estimated for portfolios with similar financial characteristics. Loans are segregated by type, such as commercial, real estate, consumer, and credit card. Each loan category is further segmented into fixed and variable interest rate categories. The fair value of loans is estimated by discounting the future cash flows. The discount rates used are estimated using comparable market rates for similar types of instruments adjusted to be commensurate with the credit risk, overhead costs, and optionality of such instruments.

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**Time deposits** The fair value of fixed-maturity certificates of deposit is estimated by discounting the future cash flows using the rates that are currently offered for deposits of similar remaining maturities.

**Other borrowings** The carrying amounts of federal funds purchased, repurchase agreements and other short-term debt are reasonable estimates of their fair value because of the short-term nature of their maturities. Federal funds purchased are classified as Level 1 based on availability of quoted market prices and repurchase agreements and other short-term debt are classified as Level 2.

**Long-term debt** Rates currently available to the Company for debt with similar terms and remaining maturities are used to estimate fair value of existing debt.

**Other off-balance sheet instruments** The fair value of loan commitments and letters of credit are determined based on the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreement and the present creditworthiness of the counterparties. Neither the fees earned during the year on these instruments nor their fair value at period-end are significant to the Company's consolidated financial position.

**19. *PARENT COMPANY FINANCIAL INFORMATION***

**UMB FINANCIAL CORPORATION**

**BALANCE SHEETS *(in thousands)***

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| **ASSETS** |  |  |
| Investment in subsidiaries: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks | $7527586 | $3462767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-banks | 209109 | 188605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment in subsidiaries | 7736695 | 3651372 |
| Goodwill on purchased affiliates | 5011 | 5011 |
| Cash | 305672 | 123091 |
| Investment securities and other | 223891 | 151094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $8271269 | $3930568 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| Long-term debt | $474229 | $385292 |
| Accrued expenses and other | 103472 | 78735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 577701 | 464027 |
| Shareholders' equity | 7693568 | 3466541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $8271269 | $3930568 |

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**STATEMENTS OF INCOME AND COMPREHENSIVE INCOME *(in thousands)***

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **INCOME** |  |  |  |
| Dividends and income received from subsidiaries | $108000 | $108500 | $88500 |
| Service fees from subsidiaries | 203018 | 77906 | 66450 |
| Other | 27656 | 9928 | 13268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income | 338674 | 196334 | 168218 |
| **EXPENSE** |  |  |  |
| Salaries and employee benefits | 127795 | 75433 | 67015 |
| Other | 99802 | 59974 | 43418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expense | 227597 | 135407 | 110433 |
| Income before income taxes and equity in undistributed earnings of subsidiaries | 111077 | 60927 | 57785 |
| Income tax expense (benefit) | 3541 | (8179) | (9165) |
| Income before equity in undistributed earnings of subsidiaries | 107536 | 69106 | 66950 |
| Equity in undistributed earnings of subsidiaries: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks | 589408 | 357257 | 291473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Banks | 5454 | 14880 | (8399) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $702398 | $441243 | $350024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) | 311530 | (16115) | 145800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income | $1013928 | $425128 | $495824 |

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**STATEMENTS OF CASH FLOWS *(in thousands)***

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **OPERATING ACTIVITIES** |  |  |  |
| Net income | $702398 | $441243 | $350024 |
| Adjustments to reconcile net income to cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings of subsidiaries | (702862) | (480637) | (371574) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends received from subsidiaries | 108000 | 108500 | 88500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 105 | 14 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 745 | 876 | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity based compensation | 37745 | 22579 | 18694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in other assets and liabilities, net | 31527 | 471 | (32493) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 177658 | 93046 | 54045 |
| **INVESTING ACTIVITIES** |  |  |  |
| Net capital investment in subsidiaries | (220287) | 2319 | (3570) |
| Net cash activity from acquisitions and divestitures | 170052 |  |  |
| Net increase in investment securities | (6585) | (33) | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by investing activities | (56820) | 2286 | (3600) |
| **FINANCING ACTIVITIES** |  |  |  |
| Cash dividends paid | (135620) | (77127) | (74245) |
| Repayment from long-term debt | (200000) |  |  |
| Common stock issuance | 235141 |  |  |
| Payment of common stock issuance costs | (524) | (1413) |  |
| Proceeds from exercise of stock options and sales of treasury stock | 1308 | 4685 | 2461 |
| Purchases of treasury stock | (17628) | (7738) | (8367) |
| Preferred stock issuance | 294066 |  |  |
| Preferred stock redemption | (115000) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) by financing activities | 61743 | (81593) | (80151) |
| Net increase (decrease) in cash | 182581 | 13739 | (29706) |
| Cash and cash equivalents at beginning of period | 123091 | 109352 | 139058 |
| Cash and cash equivalents at end of period | $305672 | $123091 | $109352 |

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**20. Acquisition** 

On January 31, 2025 (Acquisition Date), the Company acquired all of the outstanding stock of Heartland Financial USA, Inc., a Delaware corporation (HTLF), in an all-stock transaction, issuing a total of 23.6 million shares of the Company's common stock and 4.6 million depositary shares, each representing a 1/400th interest in a share of the Company's 7.00% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A (the Series A preferred stock). Pursuant to the Agreement and Plan of Merger, dated as of April 28, 2024, (i) HTLF merged with and into the Company, with the Company continuing as the surviving corporation and (ii) one day after the closing date of the acquisition of HTLF by the Company, HTLF's wholly owned bank subsidiary, a Colorado-chartered bank (HTLF Bank), merged with and into UMB Bank, National Association, the Company's national bank subsidiary (the Bank), with the Bank continuing as the surviving bank.

Total consideration for the acquisition was $2.9 billion, consisting of the Company's common stock valued at $2.8 billion (based on the Company's common stock price of $117.90) and the Company's Series A preferred stock valued at $115.2 million (based on the Company's Series A preferred stock price of $25.05) as of close of business on the Acquisition Date. Each HTLF common stock share was converted into 0.55 shares of the Company's common stock. Each HTLF preferred stock share was converted into a share of the Company's Series A preferred stock.

The acquisition of HTLF was accounted for as a business combination using the purchase method of accounting in accordance with FASB ASC Topic 805, *Business Combinations.* Accordingly, the purchase price was

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allocated based on the estimated fair market values of the assets and liabilities acquired.

*The following table summarizes the net assets acquired (at fair value) and consideration transferred for HTLF as of January 31, 2025 (in thousands, except for per share data):*

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| | |
|:---|:---|
|  | **Fair Value<br>January 31, 2025** |
| <u>Assets</u> |  |
| Loans, net of allowance for credit losses on loans | $9734711 |
| Investment securities | 3648445 |
| Interest-bearing due from banks | 965003 |
| Cash and due from banks | 174985 |
| Premises and equipment, net | 174579 |
| Identifiable intangible assets | 511021 |
| Other assets | 904481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets acquired | $16113225 |
| <u>Liabilities</u> |  |
| Noninterest-bearing deposits | $3761997 |
| Interest-bearing deposits | 10586989 |
| Long-term debt | 278018 |
| Other liabilities | 199532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities assumed | $14826536 |
| Net identifiable assets acquired | $1286689 |
| Preliminary goodwill | 1632440 |
| Net assets acquired | $2919129 |
| <u>Consideration</u> |  |
| Common stock consideration: |  |
| &nbsp;&nbsp;Company's common shares issued | 23609 |
| &nbsp;&nbsp;Purchase price per share of the Company's common stock | $117.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value of common stock consideration | $2783510 |
| Preferred stock consideration | 115230 |
| Stock-based compensation consideration | 20389 |
| Fair value of total consideration transferred | $2919129 |

---

The fair value of the acquired assets and liabilities noted in the table above is preliminary as of December 31, 2025, pending a final adjustment to the valuation allowance against certain state deferred tax assets, as described below. During the preliminary period (Measurement Period), which may last up to twelve months subsequent to the Acquisition Date, the Company will continue to review information relating to events and circumstances existing as of the Acquisition Date that could impact the preliminary fair value estimates of the acquired assets and liabilities. In the table of acquired net assets above, the amount of net assets acquired reflect Measurement Period adjustments made since Acquisition Date that resulted in a net decrease in net assets acquired of $41.4 million. This decrease was primarily driven by a decrease in the value of various investment securities of $29.7 million, based on indicative market pricing determined to be in existence as of the Acquisition Date and increases of $23.1 million in the ACL for PCD loans based on credit factors that were determined to be in existence as of the Acquisition Date, partially offset by an increase of $10.2 million in the related deferred tax assets. The Company has been completing a comprehensive review of the fair value of the acquired assets and liabilities, including an evaluation of all facts and circumstances that existed as of the Acquisition Date. As of the date of this report, this process is complete and the Company has finalized its analysis. After December 31, 2025, but before the end of the Measurement Period, the Company recorded an adjustment of $2.2 million to the valuation allowance against certain state deferred tax assets.

The amount of goodwill arising from the acquisition reflects the Company's increased market share and related synergies that are expected to result from combining the operations of UMB and HTLF. In accordance with ASC 350, *Intangibles-Goodwill and Other*, goodwill will not be amortized, but will be subject to at least an annual

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impairment test. The Company has approximately $44.0 million of tax-deductible goodwill that arose in previous transactions completed by HTLF which carries over. The remaining goodwill related to the acquisition is not expected to be deductible for tax purposes. Of the $1.6 billion in goodwill arising from the acquisition, $979.5 million was assigned to the Commercial Banking segment and $653.0 million was assigned to the Personal Banking segment. The fair value of the acquired identifiable intangible assets of $511.0 million is comprised of a core deposit intangible of $474.1 million, a customer list of $26.0 million and purchased credit card relationships of $10.9 million.

The following is a description of the methods used to determine the fair values of significant assets and liabilities presented above.

**Loans** A valuation of the loans was performed by a third party as of the Acquisition Date to assess the fair value. The fair value of loans was based on a discounted cash flow method that considered the loans' underlying characteristics including account type, remaining terms of loan, annual interest rates or coupon, fixed or variable interest rate, past delinquencies, risk rating, timing of principal and interest payments, current market rates, loan to value ratios, loss exposure, more specifically the probability of default and loss given default, and remaining balance. Loans were aggregated according to similar characteristics when applying the valuation method.

The Company's accounting methods for acquired Non-PCD and PCD loans are discussed in Note 1, "Summary of Significant Accounting Policies". At the Acquisition Date, the fair value of Non-PCD loans was $6.7 billion, compared to the unpaid principal balance of $7.1 billion.

*The following table presents the unpaid principal balance and fair value of the loans acquired in the HTLF acquisition as of the Acquisition Date (in thousands):*

---

| | | |
|:---|:---|:---|
|  | **Unpaid Principal Balance** | **Fair Value** |
| Non-PCD loans | $7067238 | $6688190 |
| PCD loans | 3237332 | 3046521 |
| Total loans | $10304570 | $9734711 |

---

At the Acquisition Date, of the $9.7 billion of loans acquired from HTLF, $3.0 billion were accounted for as PCD loans.

*The following table provides a summary of PCD loans purchased as part of the HTLF acquisition as of the Acquisition Date (in thousands)*:

---

| | |
|:---|:---|
|  | **January 31, 2025** |
| Principal of PCD loans acquired | $3237332 |
| PCD ACL at acquisition | (85299) |
| Non-credit discount on PCD loans | (105512) |
| Fair value of PCD Loans | $3046521 |

---

**Investment securities** The portion of the investment securities portfolio that was classified as available-for-sale was valued utilizing third-party pricing services for those securities retained and valued using the actual sales prices for those securities that were sold shortly after the close of the acquisition. The portion of the investment securities portfolio that was classified as held-to-maturity as of the Acquisition Date were priced by a third party using a discounted cash flow methodology similar to the methodology described above for the valuation of loans.

**Interest-bearing due from banks and Cash and due from banks** The carrying amount of these assets is a reasonable estimate of fair value based on the short-term nature of these assets.

**Core deposit intangible** Core deposit intangibles represent the value of relationships with deposit clients and the cost savings derived from available core deposits relative to an alternative funding source. The fair value of the core deposit intangible was estimated using a net cost savings method, a variation of the income approach. This approach considers expected client attrition rates, average life and balance inflation, alternative cost of funds, the interest cost and net maintenance cost associated with the client deposit base, and a discount rate used to discount the future economic benefits of the core deposit intangible asset to present value.

------

**Deposits** The fair value for demand and savings deposits is the amount payable on demand at the Acquisition Date. The fair value for time deposits was valued by a third party using a discounted cash flow calculation that applied interest rates currently being offered to the contractual interest rates on such time deposits.

**Long-term debt** The fair value of long-term debt instruments was valued by a third party based on quoted market prices for the instrument if available, or for similar instruments if not available, or by using discounted cash flow analyses, based on current incremental borrowing rates for similar types of instruments.

The Company assumed long-term debt obligations with an aggregate balance of $159.8 million and an aggregate fair value of $139.3 million as of the Acquisition Date payable to fifteen unconsolidated trusts that have issued trust preferred securities. The interest rates on the acquired trust preferred securities ranged from 5.89% to 8.21% as of the Acquisition Date and reset quarterly. The acquired trust preferred securities have maturity dates ranging from September 2032 to September 2037.

The Company assumed $150.0 million in aggregate subordinated notes due September 2031. The subordinated notes have a fixed interest rate of 2.75% until September 2026, at which time the interest rate will reset quarterly. The subordinated notes had an acquired fair value of $138.8 million as of January 31, 2025.

The results of HTLF are included in the results of the Company subsequent to the Acquisition Date. Transaction costs incurred after the Acquisition Date totaled $140.1 million, primarily in Salaries and employee benefits and Legal and consulting in the Consolidated Statements of Income, as well as $62.0 million in Provision expense to establish an ACL on the HTLF loans designated as non-PCD as of the Acquisition Date (Day 1 Provision expense). Additional transaction and integration costs will be expensed in future periods as incurred.

The following unaudited pro forma information combines the historical results of HTLF and the Company. The unaudited pro forma financial information does not include the potential impacts of possible business model changes, current market conditions, revenue enhancements, expense efficiencies, or other factors. If the HTLF acquisition had been completed on January 1, 2024, total revenue would have been approximately $2.7 billion and $2.5 billion for the year ended December 31, 2025 and December 31, 2024, respectively. Net income available to common shareholders would have been approximately $843.3 million and $504.0 million, respectively, for the same periods. Basic earnings per share would have been $11.20 and $6.96 for the same periods, respectively.

The unaudited pro forma information above reflects adjustments made to exclude the impact of acquisition-related expenses of $142.0 million for the year ended December 31, 2025 and include such expenses in the year ended December 31, 2024. Day 1 provision expense of $62.0 million was included in 2024 to reflect the assumption of the acquisition timing noted above. Adjustments also included adjusting net interest income by the estimated net accretion of fair value marks on acquired loans, HTM securities, time deposits and long-term debt of $12.8 million and $153.1 million for the years ended December 31, 2025 and December 31, 2024, respectively, and adjusting noninterest expense for the estimated net amortization of intangibles and fair value marks on premises and equipment of $8.0 million and $96.0 million for the years ended December 31, 2025 and December 31, 2024, respectively.

The unaudited pro forma information is theoretical in nature and not necessarily indicative of future consolidated results of operations of the Company or the consolidated results of operations which would have resulted had the Company acquired HTLF during the periods presented.

The Company has determined that it is impractical to report the amounts of revenue and earnings of legacy HTLF since the Acquisition Date due to the integration of operations shortly after the Acquisition Date. Accordingly, reliable and separate complete revenue and earnings information is no longer available. In addition, such amounts would require significant estimates related to the proper allocation of merger cost savings that cannot be objectively made.

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## ITEM 9. *CHANGES IN AND DISAGREEMENTS WITH ACCO UNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE* 
None.

## ITEM 9A. *CONTROL S AND PROCEDURES* 
**Disclosure Controls and Procedures** At the end of the period covered by this Annual Report on Form 10-K, the Company's Chief Executive Officer and Chief Financial Officer have each evaluated the effectiveness of the Company's "Disclosure Controls and Procedures" (as defined in Rule 13a-15(e) of the Exchange Act) and have concluded that the Company's Disclosure Controls and Procedures were effective as of the end of the period covered by this Annual Report on Form 10-K.

**Management's Report on Internal Control Over Financial Reporting** Management of the Company is responsible for establishing and maintaining adequate "internal control over financial reporting," as such term is defined in Rule 13a-15(f) promulgated under the Exchange Act. Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer of the Company, and effected by the Board, management and other personnel, an evaluation of the effectiveness of internal control over financial reporting was conducted based on the criteria established by the Committee of Sponsoring Organizations of the Treadway Commission's *Internal Control - Integrated Framework (2013)*.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect all misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate. In addition, given the Company's size, operations and footprint, lapses or deficiencies in internal controls may occur from time to time.

Based on the evaluation under the framework in Internal Control - Integrated Framework (2013), management (with the participation of the Company's Chief Executive Officer and Chief Financial Officer) under the oversight of the Board of Directors, has concluded that internal control over financial reporting was effective at the end of the period covered by this Annual Report on Form 10-K.

The Company acquired HTLF on January 31, 2025. As permitted by guidance issued by the SEC, companies are allowed to exclude an acquired business from management's report on internal control over financial reporting for the first year subsequent to the acquisition while integrating the acquired operations. Accordingly, management has elected to exclude HTLF from its assessment of the effectiveness on internal control over financial reporting as of December 31, 2025. Total assets of HTLF represent approximately 22.0% of the consolidated financial statement amounts as of December 31, 2025 and net interest income and noninterest income of HTLF represent approximately 19.2% of the consolidated financial statement amounts for the year ended December 31, 2025.

KPMG LLP, Kansas City, Missouri, (U.S. PCAOB Auditor Firm ID: 185), the independent registered public accounting firm that audited the financial statements included within this report, has issued an attestation report on the effectiveness of internal control over financial reporting at the end of the period covered by this report. KPMG LLP's attestation report is set forth below.

**Changes in Internal Control Over Financial Reporting** During the first quarter of 2025, as a result of the HTLF acquisition, management commenced the evaluation of the acquired entities controls, and begun designing and implementing new controls as needed. The evaluation of the changes to processes, information technology systems, and other components of internal control over financial reporting related to the operations of HTLF is ongoing. Otherwise, no change in the Company's internal control over financial reporting occurred during the last quarter of the period covered by this Annual Report on Form 10-K that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Directors

UMB Financial Corporation:

*Opinion on Internal Control Over Financial Reporting*

We have audited UMB Financial Corporation and subsidiaries' (the Company) internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, changes in shareholders' equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements), and our report dated February 26, 2026 expressed an unqualified opinion on those consolidated financial statements.

The Company acquired Heartland Financial USA, Inc. during 2025, and management excluded from its assessment of the effectiveness of the Company's internal control over financial reporting as of December 31, 2025, Heartland Financial USA, Inc.'s internal control over financial reporting associated with 22.0% of total assets and 19.2% of total net interest income and noninterest income included in the consolidated financial statements of the Company as of and for the year ended December 31, 2025. Our audit of internal control over financial reporting of the Company also excluded an evaluation of the internal control over financial reporting of Heartland Financial USA, Inc..

*Basis for Opinion*

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

*Definition and Limitations of Internal Control Over Financial Reporting*

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become

------

inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

*/s/* KPMG LLP

Kansas City, Missouri

February 26, 2026

**ITEM 9B. *OTHER INFORMATION***

None.

**ITEM 9C. *DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS***

None.

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# PART III

## ITEM 10. *DIRECTORS, EXECUTIVE OF FICERS AND CORPORATE GOVERNANCE* 
The information required by this item relating to executive officers is included in Part I of this Annual Report on Form 10-K under the caption "Executive Officers of the Registrant."

The information required by this item regarding Directors is incorporated herein by reference to information to be included under the caption "Proposal #1: Election of Directors" of the Company's Proxy Statement for the Annual Meeting of Shareholders to be held on April 28, 2026 (the 2026 Annual Meeting of Shareholders), which will be provided to shareholders within 120 days after December 31, 2025.

The information required by this item regarding the Audit Committee and the Audit Committee financial experts is incorporated herein by reference to information to be included under the caption "Corporate Governance – Committees of the Board of Directors – Audit Committee" of the Company's Proxy Statement for the 2026 Annual Meeting of Shareholders, which will be provided to shareholders within 120 days after December 31, 2025.

The information required by this item concerning Section 16(a) beneficial ownership reporting compliance is incorporated herein by reference to information to be included under the caption "Stock Ownership – Section 16(a) Beneficial Ownership Reporting Compliance" of the Company's Proxy Statement for the 2026 Annual Meeting of Shareholders, which will be provided to shareholders within 120 days after December 31, 2025.

The Company has adopted a code of ethics that applies to all directors, officers and employees, including its chief executive officer, chief financial officer and chief accounting officer. You can find the Company's code of ethics on its website by going to the following address: http://investorrelations.umb.com. Information on the Company's website is not incorporated by reference into this report and should not be considered part of this document. The Company will post on its website any amendments or waivers to its code of ethics that are required to be disclosed under the rules of either the SEC or NASDAQ. A copy of the code of ethics will be provided, at no charge, to any person requesting the same, by written notice sent to the Company's Corporate Secretary, 6<sup>th</sup> floor, 1010 Grand Blvd., Kansas City, Missouri 64106.

The Company has adopted an insider trading policy (the Insider Trading Policy) applicable to our officers, directors, employees, certain other persons and entities, as well as activities of the Company, that the Company believes is reasonably designed to promote compliance with insider trading laws, rules, and regulations, and the Nasdaq listing standards. The foregoing summary of the Insider Trading Policy is not complete and is qualified in its entirety by reference to the Insider Trading Policy attached hereto as Exhibit 19.1.

## ITEM 11. *EXECUTI VE COMPENSATION* 
The information required by this item is incorporated herein by reference to information to be included under the Executive Compensation sections of the Company's Proxy Statement for the 2026 Annual Meeting of Shareholders, which will be provided to shareholders within 120 days after December 31, 2025.

## ITEM 12. *SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OW NERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS* 
*Security Ownership of Certain Beneficial Owners*

The information required by this item is incorporated herein by reference to the Company's Proxy Statement for the 2026 Annual Meeting of Shareholders to information to be included under the caption "Stock Ownership - Principal Shareholders," which will be provided to shareholders within 120 days after December 31, 2025.

*Security Ownership of Management*

The information required by this item is incorporated herein by reference to the Company's Proxy Statement for the 2026 Annual Meeting of Shareholders, which will be provided to shareholders within 120 days after December 31, 2025, under the caption "Stock Ownership – Stock Owned by Directors, Nominees, and Executive Officers."

------

*The following table summarizes shares authorized for issuance under the Company's equity compensation plans as of December 31, 2025:*

---

| | | | |
|:---|:---|:---|:---|
| **Plan Category** | **Number of securities to be issued upon exercise of outstanding options, warrants and rights <br>(a) (ii)** | **Weighted average exercise price of outstanding options, warrants and rights<br>(b) (iii)** | **Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))<br>(c)** |
| Equity compensation plans approved by security holders |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2005 Long Term Incentive Plan | 19308 | $67.16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2018 Omnibus Incentive Compensation Plan |  |  | 1808357 |
| &nbsp;&nbsp;&nbsp;&nbsp;HTLF Compensation Plans (i) | 60051 | 88.80 | 1148188 |
| Equity compensation plans not approved by security holders |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 79359 | $83.53 | 2956545 |

---

(i) Includes the Heartland Financial USA, Inc. 2020 Long-Term Incentive Plan and the Heartland Financial USA, Inc. 2024 Long-Term Incentive Plan.

(ii) For HTLF Plans, includes 55,089 RSUs and 4,962 stock options that were outstanding at December 31, 2025.

(iii) Weighted average exercise price of stock options only.

## For additional information concerning the Company's equity compensation plans, see Note 11, "Employee Benefits," in the Notes to the Consolidated Financial Statements provided in Item 8 of this report.

## ITEM 13. *CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE* 
The information required by this item is incorporated herein by reference to the information to be provided under the captions "Corporate Governance – Transactions with Related Persons", "Corporate Governance – The Board of Directors – Independent Directors" and "Corporate Governance – Committees of the Board of Directors" of the Company's Proxy Statement for the 2026 Annual Meeting of Shareholders, which will be provided to shareholders within 120 days after December 31, 2025.

## ITEM 14. *PRINCIPAL ACCOU NTANT FEES AND SERVICES* 
The information required by this item is incorporated herein by reference to the information to be provided under the caption "Proposal #3: Ratification of the Corporate Audit Committee's Engagement of KPMG LLP as UMB's Independent Public Accounting Firm for 2025" of the Company's Proxy Statement for the 2026 Annual Meeting of Shareholders, which will be provided to shareholders within 120 days after December 31, 2025.

------

# PART IV

## ITEM 15. *EXHIBITS AND FINAN CIAL STATEMENT SCHEDULES* 
**Consolidated Financial Statements and Financial Statement Schedules**

The following Consolidated Financial Statements of the Company are included in Item 8 of this Annual Report on Form 10-K.

Consolidated Balance Sheets as of December 31, 2025 and 2024

Consolidated Statements of Income for the Three Years Ended December 31, 2025

Consolidated Statements of Comprehensive Income for the Three Years Ended December 31, 2025

Consolidated Statements of Changes in Shareholders' Equity for the Three Years Ended December 31, 2025

Consolidated Statements of Cash Flows for the Three Years Ended December 31, 2025

Notes to Consolidated Financial Statements

Report of Independent Registered Public Accounting Firm

Condensed Consolidated Financial Statements for the parent company only may be found in Item 8 above. All other schedules have been omitted because the required information is presented in the Consolidated Financial Statements or in the notes thereto, the amounts involved are not significant or the required subject matter is not applicable.

**Exhibits**

The following Exhibit Index lists the Exhibits to Form 10-K:

2.1 [<u>Agreement and Plan of Merger, dated as of April 28, 2024, by and among Heartland Financial USA, Inc., UMB Financial Corporation and Blue Sky Merger Sub Inc. (incorporated by reference to Annex A to the joint proxy statement/prospectus forming a part of the registration statement on Form S-4 and filed with the Commission on July 2, 2024).</u>](https://www.sec.gov/Archives/edgar/data/101382/000119312524174327/d771152ds4a.htm#rom771152_120)

3.1 [<u>Restated Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2006 and filed with the Commission on May 9, 2006).</u>](https://www.sec.gov/Archives/edgar/data/101382/000119312506104922/dex31.htm)

3.2 [<u>Amendment of Articles of Incorporation, dated as of January 31, 2025 (incorporated by reference to Exhibit 3.1 of the Company's Current Report on Form 8-K dated January 31, 2025 and filed with the Commission on February 3, 2025).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/101382/000119312525018885/d827883d8k.htm)

3.3 [<u>Bylaws, amended as of April 13, 2023 (incorporated by reference to Exhibit 3.1 of the Company's Current Report on Form 8-K dated April 13, 2023 and filed with the Commission on April 13, 2023).</u>](https://www.sec.gov/Archives/edgar/data/101382/000119312523100715/d497145dex301.htm)

3.4 [<u>Certificate of Designation for the UMB Preferred Stock, dated as of June 12, 2025 (incorporated by reference to Exhibit 3.1 of the Company's Current Report on Form 8-K dated June 12, 2025 and filed with the Commission on June 12, 2025).</u>](https://www.sec.gov/Archives/edgar/data/101382/000119312525139927/d37089dex31.htm)

4.1 [<u>Description of the capital stock included in the Registration Statement on Form 8-A (incorporated by reference to the Registration Statement on Form 8-A dated May 1, 2018 and filed with the Commission on May 1, 2018).</u>](https://www.sec.gov/Archives/edgar/data/101382/000119312518146823/d579624d8a12b.htm)

4.2 [<u>Description of the capital stock included in the Registration Statement on Form S-3 (incorporated by reference to the Registration Statement on Form S-3 ASR dated August 17, 2022 and filed with the Commission on August 17, 2022).</u>](https://www.sec.gov/Archives/edgar/data/101382/000119312522223333/d388083ds3asr.htm)

4.3 [<u>Description of UMB Financial Corporation's Securities filed herewith.</u>](umbf-ex4_3.htm)

4.4 [<u>Second Supplemental Indenture, dated as of September 28, 2022, by and between UMB Financial Corporation and Wells Fargo, National Association, as Trustee, with respect to the 6.250% Fixed-to-Fixed Rate Subordinated Notes due 2032 (incorporated by reference to Exhibit 4.2 of the Company's Current Report on Form 8-K dated September 28, 2022 and filed with the Commission on September 28, 2022).</u>](https://www.sec.gov/Archives/edgar/data/101382/000119312522253287/d375037dex42.htm)

------

4.5 [<u>Form of 6.250% Fixed-to-Fixed Rate Subordinated Notes due 2032 (incorporated by reference to Exhibit 4.2 of the Company's Current Report on Form 8-K dated September 28, 2022 and filed with the Commission on September 28, 2022).</u>](https://www.sec.gov/Archives/edgar/data/101382/000119312522253287/d375037dex42.htm)

4.6 [<u>Form of 7.750% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B, par value $0.01 per share (incorporated by reference to Exhibit 4.3 of the Company's Current Report on Form 8-K dated June 12, 2025 and filed with the Commission on June 12, 2025).</u>](https://www.sec.gov/Archives/edgar/data/101382/000119312525139927/d37089dex43.htm)

4.7 [<u>Deposit Agreement among UMB Financial Corporation, Computershare Trust Company, N.A., Computershare, Inc. and the holders from time to time of the depositary receipts described therein (incorporated by reference to Exhibit 4.1 of the Company's Current Report on Form 8-K dated June 12, 2025 and filed with the Commission on June 12, 2025).</u>](https://www.sec.gov/Archives/edgar/data/101382/000119312525139927/d37089dex41.htm)

4.8 <u>Form of Depositary Receipt representing Depositary Shares (included in Exhibit 4.7 hereto).</u> 

10.1 [<u>UMB Financial Corporation Long-Term Incentive Compensation Plan amended and restated as of April 23, 2013 (incorporated by reference to Appendix A of the Company's Proxy Statement for the Company's April 23, 2013 Annual Meeting filed with the Commission on March 13, 2013).</u>](https://www.sec.gov/Archives/edgar/data/101382/000119312513104645/d478234ddef14a.htm)

10.2 [<u>Deferred Compensation Plan, dated as of December 1, 2008 (incorporated by reference to Exhibit 10.3 to the Company's Form 10-K for December 31, 2017 and filed with the Commission on February 22, 2018).</u>](https://www.sec.gov/Archives/edgar/data/101382/000156459018002843/umbf-ex103_113.htm)

10.3 [<u>UMBF 2005 Short-Term Incentive Plan (incorporated by reference to Exhibit 10.7 to the Company's Form 10-K for December 31, 2004 and filed with the Commission on March 14, 2005).</u>](https://www.sec.gov/Archives/edgar/data/101382/000119312505049048/dex107.htm)

10.4 [<u>Performance Share Unit Award Agreement for the UMB Financial Corporation Omnibus Incentive Compensation Plan (incorporated by reference to Exhibit 10.2 of the Company's Current Report on Form 8-K dated June 8, 2018 and filed with the Commission on June 14, 2018).</u>](https://www.sec.gov/Archives/edgar/data/101382/000119312518192238/d580052dex102.htm)

10.5 [<u>Restricted Share Unit Award Agreement for the UMB Financial Corporation Omnibus Incentive Compensation Plan (incorporated by reference to Exhibit 10.5 to the Company's Form 10-K for December 31, 2022 and filed with the Commission on February 23, 2023).</u>](https://www.sec.gov/Archives/edgar/data/101382/000156459023002256/umbf-ex105_168.htm)

10.6 [<u>Form of 2016 Stock Option Award Agreement for the UMB Financial Corporation Long-Term Incentive Compensation Plan (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q filed with the Commission on August 2, 2016).</u>](https://www.sec.gov/Archives/edgar/data/101382/000119312516667721/d202578dex103.htm)

10.7 [<u>UMBF Omnibus Incentive Compensation Plan (incorporated by reference to Appendix A of the Company's Proxy Statement for the Company's April 30, 2024 Annual Meeting filed with the Commission on March 13, 2024).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/101382/000119312524066457/d706079ddef14a.htm)

10.8 [<u>Heartland Financial USA, Inc. 2020 Long-Term Incentive Plan (incorporated by reference to Exhibit 99.1 of the Company's Registration Statement on Form S-8 filed with the Commission on February 3, 2025).</u>](https://www.sec.gov/Archives/edgar/data/101382/000095010325001331/dp224032_ex9901.htm)

10.9 [<u>Heartland Financial USA, Inc. 2024 Long-Term Incentive Plan (incorporated by reference to Exhibit 99.2 of the Company's Registration Statement on Form S-8 filed with the Commission on February 3, 2025).</u>](https://www.sec.gov/Archives/edgar/data/101382/000095010325001331/dp224032_ex9902.htm)

19.1 [<u>Insider Trading Policy (incorporated by reference to Exhibit 19.1 to the Company's Form 10-K for December 31, 2024 and filed with the Commission on February 27, 2025).</u>](https://www.sec.gov/Archives/edgar/data/101382/000095017025028420/umbf-ex19_1.htm)

21.1 [<u>Subsidiaries of the Registrant filed herewith.</u>](umbf-ex21_1.htm)

23.1 [<u>Consent of Independent Registered Public Accounting Firm – KPMG LLP filed herewith.</u>](umbf-ex23_1.htm)

24.1 [<u>Power of Attorney filed herewith.</u>](umbf-ex24_1.htm)

31.1 [<u>CEO Certification pursuant to Section 302 of the Sarbanes-Oxley Act filed herewith.</u>](umbf-ex31_1.htm)

31.2 [<u>CFO Certification pursuant to Section 302 of the Sarbanes-Oxley Act filed herewith.</u>](umbf-ex31_2.htm)

32.1 [<u>CEO Certification pursuant to Section 906 of the Sarbanes-Oxley Act filed herewith.</u>](umbf-ex32_1.htm)

32.2 [<u>CFO Certification pursuant to Section 906 of the Sarbanes-Oxley Act filed herewith.</u>](umbf-ex32_2.htm)

97.1 [<u>Compensation Recovery Policy filed herewith.</u>](umbf-ex97_1.htm)

------

---

| | |
|:---|:---|
| 101.INS | XBRL Instance Document – The instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbases Document filed herewith. |
| 104 | The cover page of our Form 10-K for the year ended December 31, 2025, formatted in iXBRL. |

---

In accordance with Item 601(b)(4)(iii)(A) of Regulation S-K, copies of certain instruments defining the rights of holders of long-term debt of the Company or its subsidiaries are not filed herewith. We hereby agree to furnish a copy of any such instrument to the Commission upon request.

## ITEM 16. *FORM 10-K SUMMARY* 
None.

------

## SIGNAT URES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, as of February 26, 2026.

---

| |
|:---|
| UMB FINANCIAL CORPORATION |
| /s/ J. Mariner Kemper |
| J. Mariner Kemper |
| Chairman of the Board, |
| Chief Executive Officer |
| /s/ Ram Shankar |
| Ram Shankar |
| Chief Financial Officer |
| /s/ David C. Odgers |
| David C. Odgers |
| Chief Accounting Officer |

---

Date: February 26, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities on the date indicated.

---

| | | | |
|:---|:---|:---|:---|
| /s/ Robin C. Beery | &nbsp;&nbsp;&nbsp;&nbsp;Director | /s/ Janine A. Davidson | &nbsp;&nbsp;&nbsp;&nbsp;Director |
| Robin C. Beery | &nbsp;&nbsp;&nbsp;&nbsp;Director | Janine A. Davidson | &nbsp;&nbsp;&nbsp;&nbsp;Director |
| /s/ Kevin C. Gallagher | &nbsp;&nbsp;&nbsp;&nbsp;Director | /s/ Greg M. Graves | &nbsp;&nbsp;&nbsp;&nbsp;Director |
| Kevin C. Gallagher |  | Greg M. Graves |  |
| /s/ Bradley J. Henderson | &nbsp;&nbsp;&nbsp;&nbsp;Director | /s/ Jennifer K. Hopkins | &nbsp;&nbsp;&nbsp;&nbsp;Director |
| Bradley J. Henderson | &nbsp;&nbsp;&nbsp;&nbsp;Director | Jennifer K. Hopkins | &nbsp;&nbsp;&nbsp;&nbsp;Director |
| /s/ Gordon E. Lansford III | &nbsp;&nbsp;&nbsp;&nbsp;Director | /s/ Margaret Lazo | &nbsp;&nbsp;&nbsp;&nbsp;Director |
| Gordon E. Lansford III | &nbsp;&nbsp;&nbsp;&nbsp;Director | Margaret Lazo | &nbsp;&nbsp;&nbsp;&nbsp;Director |
| /s/ Susan G. Murphy | &nbsp;&nbsp;&nbsp;&nbsp;Director | /s/ Timothy R. Murphy | &nbsp;&nbsp;&nbsp;&nbsp;Director |
| Susan G. Murphy | &nbsp;&nbsp;&nbsp;&nbsp;Director | Timothy R. Murphy | &nbsp;&nbsp;&nbsp;&nbsp;Director |
| /s/ Tamara M. Peterman | &nbsp;&nbsp;&nbsp;&nbsp;Director | /s/ Kris A. Robbins | &nbsp;&nbsp;&nbsp;&nbsp;Director |
| Tamara M. Peterman | &nbsp;&nbsp;&nbsp;&nbsp;Director | Kris A. Robbins | &nbsp;&nbsp;&nbsp;&nbsp;Director |
| /s/ John K. Schmidt | &nbsp;&nbsp;&nbsp;&nbsp;Director | /s/ L. Joshua Sosland | &nbsp;&nbsp;&nbsp;&nbsp;Director |
| John K. Schmidt | &nbsp;&nbsp;&nbsp;&nbsp;Director | L. Joshua Sosland | &nbsp;&nbsp;&nbsp;&nbsp;Director |
| /s/ Leroy J. Williams | &nbsp;&nbsp;&nbsp;&nbsp;Director | /s/ J. Mariner Kemper | &nbsp;&nbsp;&nbsp;&nbsp;Director, Chairman of the Board, Chief Executive Officer |
| Leroy J. Williams | &nbsp;&nbsp;&nbsp;&nbsp;Director | J. Mariner Kemper<br>Attorney-in-Fact for each director | &nbsp;&nbsp;&nbsp;&nbsp;Director, Chairman of the Board, Chief Executive Officer |

---

------

## Exhibit 4.3

**Exhibit 4.3‎**

**DESCRIPTION OF REGISTRANT'S ‎SECURITIES <br>REGISTERED PURSUANT TO ‎SECTION 12 OF THE <br>SECURITIES EXCHANGE ‎ACT OF 1934‎**

The following description of the common stock and depositary shares (the "Depositary Shares"), each representing a 1/400th interest in a share of 7.750% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B (the "Series B Preferred Stock") of UMB Financial Corporation, Inc. (the "Company," "we," or "our") is a ‎summary and does not purport to be complete. It is subject to, and qualified in its entirety by reference to, our Restated Articles of ‎Incorporation (the "Articles of Incorporation") and our Bylaws, as amended (the "Bylaws") and the Certificate of Designation of the Series B Preferred Stock (the "Series B Certificate of Designation"), each of which are incorporated by reference as ‎an exhibit to the Annual Report on Form 10-K of which this Exhibit is a part. We encourage you to read our Articles of Incorporation, our ‎Bylaws, the Series B Certificate of Designation and the applicable provisions of the General and Business Corporation Law of Missouri, for additional information.‎

**COMMON STOCK**

***Authorized Capital Shares***

Our authorized capital shares consist of 160,000,000 shares of common stock, $1.00 par value per share ("Common Stock"), and ‎‎1,000,000 shares of preferred stock, $0.01 par value per share ("Preferred Stock").‎

***Voting Rights***

Except in the election of directors, each share of Common Stock is entitled to one vote on all matters submitted to a vote of the ‎stockholders. In any matter other than the election of directors, every decision of a majority of the shares of Common Stock cast at a meeting ‎at which a quorum is present is valid as an act of the shareholders, unless a larger vote is required by applicable law or our Articles of ‎Incorporation or Bylaws.‎

In the election of directors, except as otherwise provided by applicable law, each holder of Common Stock has the right to cast a ‎total number of votes equal to such holder's number of shares of Common Stock as of the record date multiplied by the number of directors ‎to be elected, and the votes may be cast for one director candidate or distributed among two or more director candidates. Directors are ‎elected by a majority of the votes of the shares of Common Stock entitled to vote on the election of the directors and represented in person ‎or by proxy at a meeting at which a quorum is present; except that, in a contested election (that is, where the number of properly nominated director candidates exceeds the number of directors to be elected), directors will be elected by a plurality of the votes of the shares of Common Stock entitled to vote.

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***Dividend Rights***

The holders of Common Stock are entitled to receive ratably such dividends, if any, as may be declared from time to time by the Board ‎of Directors in its discretion out of funds legally available for the payment of dividends.‎

***Liquidation Rights***

Upon the liquidation, dissolution or winding up of the Company, the holders of Common Stock are entitled to receive ratably the ‎net assets of the Company legally available for distribution after we have paid or provided for all of our liabilities and all of the preferential ‎amounts to which any preferred shareholders may be entitled.‎

***Other Rights and Preferences***

The holders of our Common Stock do not have any preemptive or preferential rights to subscribe for or purchase any part of any ‎new or additional issue of stock or securities convertible into stock. Our Common Stock does not contain any redemption or sinking fund ‎provisions or conversion rights. The holders of Common Stock may act by unanimous written consent.‎

***Listing***

Our Common Stock is traded on the NASDAQ under the trading symbol "UMBF."‎

**DEPOSITARY SHARES, EACH REPRESENTING A 1/400TH INTEREST IN A SHARE OF 7.750% FIXED-RATE RESET NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES B**

***General***

The Depositary Shares represent proportional fractional interests in our Series B Preferred Stock. Each Depositary Share represents a 1/400th interest in a share of the Series B Preferred Stock, and are evidenced by depositary receipts. We deposited the underlying shares of Series B Preferred Stock with the Computershare Trust Company, N.A. and Computershare Inc., acting jointly as depositary (the "Depositary") pursuant to a deposit agreement, dated June 12, 2025, among us, the Depositary and the holders from time to time of the depositary receipts described therein (the "Deposit Agreement"). Holders of the Depositary Shares are entitled to all proportional rights and preferences of the Series B Preferred Stock (including dividend, voting, redemption and liquidation rights). The Depositary's principal executive office is located at 150 Royall Street, Canton, Massachusetts 02021.

***Series B Preferred Stock***

Shares of the Series B Preferred Stock: (i) rank senior to our Common Stock and any other class or series of capital stock we may issue unless the terms of that class or series

------

provide that such class or series ranks senior to, or on a parity with, the Series B Preferred Stock; (ii) rank on parity with any other class or series of capital stock we may issue if provided for in the terms of such class or series; and (iii) rank junior to any other class or series of capital stock we may issue if provided for in the terms of such class or series, in each case with respect to the payments of dividends and distributions of assets upon liquidation, dissolution or winding up.

The Series B Preferred Stock is not convertible into, or exchangeable for, shares of any other class or series of stock or other securities of the Company.

Shares of the Series B Preferred Stock are fully paid and nonassessable. The Depositary is the sole holder of shares of the Series B Preferred Stock. The holders of Depositary Shares are required to exercise their proportional rights in the Series B Preferred Stock through the Depositary, as described below.

***Dividends and Other Distributions***

Holders of Series B Preferred Stock are entitled to receive, when, as, and if declared by the board of directors of the Company or a duly authorized committee of the board of directors of the Company, non-cumulative cash dividends quarterly in arrears, on January 15, April 15, July 15 and October 15 of each year based on the liquidation preference of $10,000 per share of the Series B Preferred Stock (i) at a fixed rate of 7.750% per annum from June 12, 2025 to, but excluding, July 15, 2030 and (ii) from, and including, July 15, 2030, during each Reset Period (as defined below), at a rate per annum equal to the Five-Year Treasury Rate (as defined below) as of the most recent Reset Dividend Determination Date (as defined below), plus 3.743%.

"Reset Date" means July 15, 2030 and each date falling on the fifth anniversary of the preceding Reset Date, which in each case, shall not be adjusted for business days.

"Reset Dividend Determination Date" means, in respect of any Reset Period, the day falling three business days prior to the beginning of such Reset Period, subject to any adjustments made by the calculation agent as provided for in the Series B Certificate of Designation.

"Reset Period" means the period from, and including, July 15, 2030 to, but excluding, the next following Reset Date and thereafter each the period from, and including, each Reset Date to, but excluding, the next following Reset Date.

Each dividend payable on a Depositary Share will be in an amount equal to 1/400th of the dividend declared and payable on the related share of the Series B Preferred Stock.

The Depositary will distribute any cash dividends or other cash distributions received in respect of the deposited Series B Preferred Stock to the record holders of Depositary Shares relating to the underlying Series B Preferred Stock in proportion to the number of Depositary Shares held by the holders. If we make a distribution other than in cash, the

------

Depositary will distribute any property received by it to the record holders of Depositary Shares entitled to those distributions, unless it determines that the distribution cannot be made proportionally among those holders or that it is not feasible to make a distribution. In that event, the Depositary may, with our approval, sell the property and distribute the net proceeds from the sale to the holders of the Depositary Shares.

Record dates for the payment of dividends and other matters relating to the Depositary Shares will be the same as the corresponding record dates for the Series B Preferred Stock.

The amounts distributed to holders of Depositary Shares will be reduced by the amounts required to be withheld by the Depositary or by us on account of taxes or other governmental charges. The Depositary may refuse to make any payment or distribution, or any transfer, exchange, or withdrawal of any Depositary Shares or the shares of the Series B Preferred Stock until such taxes or governmental charges are paid.

***Redemption of Series B Preferred Stock and Depositary Shares***

Series B Preferred Stock has no stated maturity and is not be subject to any mandatory redemption, sinking fund or similar provision. Series B Preferred Stock is not redeemable prior to July 15, 2030, other than as set forth below. On that date, and on any dividend payment date thereafter, Series B Preferred Stock will be redeemable at the option of the Company, in whole or in part, on any dividend payment date, at a redemption price equal to $10,000 per share, plus any accrued and unpaid dividends. Holders of Series B Preferred Stock have no right to require the redemption or repurchase of Series B Preferred Stock.

Notwithstanding the foregoing, at any time following the occurrence of a Regulatory Capital Treatment Event (as defined below), including prior to July 15, 2030, the Series B Preferred Stock will be redeemable at the option of the Company, in whole but not in part, at a redemption price equal to $10,000 per share, plus any declared and unpaid dividends.

"Applicable Federal Banking Agency" means the "appropriate Federal banking agency" with respect to the Company as defined in Section 3(q) of the Federal Deposit Insurance Act (12 U.S.C. Section 1813(q)), or any successor provision.

A "Regulatory Capital Treatment Event" means the good faith determination by the Company that, as a result of (i) any amendment to, or change (including any announced prospective change) in, the laws or regulations of the United States or policies with respect thereto (including, for the avoidance of doubt, any agency or instrumentality of the United States, including the Federal Reserve and other federal banking agencies) or any political subdivision of or in the United States that is enacted or becomes effective (or will become effective) after the initial issuance of any share of the Series B Preferred Stock; (ii) any proposed change in those laws or regulations or policies with respect thereto that is announced or becomes effective (or will become effective) after the initial

------

issuance of any share of the Series B Preferred Stock; or (iii) any official administrative decision or judicial decision or administrative action or other official pronouncement interpreting or applying those laws or regulations that is announced after the initial issuance of any share of the Series B Preferred Stock, there is more than an insubstantial risk that the Company will not be entitled to treat the full liquidation value of $10,000 per share of the Series B Preferred Stock then outstanding as "Tier 1 Capital" (or its equivalent) for purposes of the capital adequacy rules of the Board of Governors of the Federal Reserve System and its delegates (or, as and if applicable, the capital adequacy rules or regulations of any successor Appropriate Federal Banking Agency), as then in effect and applicable, for as long as any share of the Series B Preferred Stock is outstanding.

If we redeem the Series B Preferred Stock represented by the Depositary Shares, the Depositary Shares will be redeemed from the proceeds received by the Depositary resulting from the redemption of the Series B Preferred Stock held by the Depositary. The redemption price per Depositary Share is expected to be equal to 1/400th of the redemption price per share payable with respect to the Series B Preferred Stock (or $25 per Depositary Share), plus any declared and unpaid dividends.

Whenever we redeem shares of Series B Preferred Stock held by the Depositary, the Depositary will redeem, as of the same redemption date, the number of Depositary Shares representing shares of the Series B Preferred Stock so redeemed. If fewer than all of the outstanding Depositary Shares are redeemed, the Depositary will select the Depositary Shares to be redeemed pro rata or by lot or in such other manner determined by us to be fair and equitable. The Depositary will send notice of redemption to record holders of the depositary receipts not less than 30 and not more than 60 days prior to the date fixed for redemption of the Series B Preferred Stock and the related Depositary Shares.

***Voting the Series B Preferred Stock***

The affirmative vote or consent of the holders of at least two-thirds of all the shares of Series B Preferred Stock at the time outstanding, voting separately as a single class, is required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•authorize or increase the authorized amount of, or issue, shares of any class or series of capital stock ranking senior to the Series B Preferred Stock with respect to payment of dividends or the distribution of assets upon liquidation, dissolution or winding up of the Company, or issue any obligation or security convertible into or exchangeable for, or evidencing the right to purchase, any such class or series of capital stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•amend the provisions of the Articles of Incorporation (including the Series B Certificate of Designation) so as to adversely affect the powers, preferences, privileges or rights of the Series B Preferred Stock, taken as a whole; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•consummate a binding share-exchange or reclassification involving the Series B Preferred Stock, or a merger or consolidation of the Company with or into another entity unless the shares of the Series B Preferred Stock (i) remain outstanding or (ii) are converted into or exchange for the preference securities of the new surviving entity or any entity controlling such surviving entity and such new preferred securities have terms that are not materially less favorable than the Series B Preferred Stock.

If the Company fails to pay or declare dividends on outstanding shares of the Series B Preferred Stock for six or more quarterly dividend periods, whether or not consecutive, the authorized number of directors on the board of directors of the Company will be increased by two and holders of shares of Series B Preferred Stock will have the right, voting as a class, to elect such two additional members of the board of directors of the Company to hold office for a term of one year at any annual or special meeting of stockholder at which directors are to be elected or any special meeting of the holders of shares of Series B Preferred Stock, and at each subsequent annual meeting, until continuous non-cumulative dividends for at least one year on all outstanding shares of the Series B Preferred Stock entitled thereto have been paid, in full.

Because each Depositary Share represents a 1/400th interest in a share of the Series B Preferred Stock, holders of depositary receipts are entitled to 1/400th of a vote per Depositary Share under those limited circumstances in which holders of the Series B Preferred Stock are entitled to a vote.

When the Depositary receives notice of any meeting at which the holders of the Series B Preferred Stock are entitled to vote, the Depositary will send the information contained in the notice to the record holders of the Depositary Shares relating to the Series B Preferred Stock. Each record holder of the Depositary Shares on the record date, which will be the same date as the record date for the Series B Preferred Stock, may instruct the Depositary to vote the amount of the Series B Preferred Stock represented by the holder's Depositary Shares. To the extent possible, the Depositary will vote the amount of the Series B Preferred Stock represented by Depositary Shares in accordance with the instructions it receives. We have agreed to take all reasonable actions that the Depositary determines are necessary to enable the Depositary to vote as instructed. If the Depositary does not receive specific instructions from the holders of any Depositary Shares representing the Series B Preferred Stock, it will not vote the amount of the Series B Preferred Stock represented by such Depositary Shares.

***Restrictions upon the Right to Deposit or Withdraw the Series B Preferred Stock***

The deposit of the Series B Preferred Stock may be refused, the delivery of receipts against Series B Preferred Stock may be suspended, the registration of transfer of receipts may be refused and the registration of transfer, surrender or exchange of outstanding receipts may be suspended (i) during any period when the register of stockholders of the Company is closed or (ii) if any such action is deemed necessary or advisable by the Depositary, any of the Depositary's agents or the Company at any time or from time to

------

time because of any requirement of law or of any government or governmental body or commission or under any provision of the Deposit Agreement.

Upon surrender of a receipt or receipts at the Depositary's office or at such other offices as it may designate for the purpose of effecting a split-up or combination of such receipt or receipts, and subject to the terms and conditions of the Deposit Agreement, the Depositary shall execute a new receipt or receipts in the authorized denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the receipt or receipts surrendered, and shall deliver such new receipt or receipts to or upon the order of the holder of the receipt or receipts so surrendered. If the depositary receipts delivered by the holder evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of the Series B Preferred Stock to be withdrawn, the Depositary will deliver to the holder at the same time a new depositary receipt evidencing such excess number of Depositary Shares.

In no event will fractional shares of the Series B Preferred Stock (or any cash payment in lieu thereof) be delivered by the Depositary. Delivery of the Series B Preferred Stock and money and other property, if any, being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the Depositary may deem appropriate.

***Amendment and Termination of the Depositary Agreement***

We and the Depositary at any time may amend the form of depositary receipt evidencing the Depositary Shares and any provision of the Deposit Agreement. However, any amendment which materially and adversely alters the rights of the holders of Depositary Shares will not be effective unless such amendment has been approved by the holders of at least a two-thirds majority of the Depositary Shares then outstanding. We or the Depositary may terminate the Deposit Agreement only if all outstanding Depositary Shares have been redeemed, there has been a final distribution in respect of the Series B Preferred Stock in connection with any liquidation, dissolution or winding up of the Company and such distribution has been distributed to the holders of depositary receipts, or upon the consent of the holders of receipts representing not less than two-thirds of the Depositary Shares outstanding.

***Charges of the Depositary***

We will pay all transfer and other taxes and governmental charges arising solely from the existence of the depositary arrangements. We paid charges of the Depositary in connection with the initial deposit of the Series B Preferred Stock and will pay charges of any redemption of the Series B Preferred Stock. Holders of depositary receipts will pay other transfer and other taxes and governmental charges and such other charges as are expressly provided in the Deposit Agreement to be for their accounts.

***Rights of Holders of Receipts to Inspect the Transfer Books of the Depositary***

------

The Depositary will keep a receipt register at the Depositary's office for the registration of depositary receipts and transfers of depositary receipts during business hours at the office of the Depositary's agents for inspection by the holders.

***Miscellaneous***

The Depositary shall furnish to holders of receipts any reports and communications received from us which is received by the Depositary and which we are required to furnish to the holders of the Series B Preferred Stock.

Under the terms of the Deposit Agreement, the Depositary will treat the persons in whose names the Depositary Shares, including the depositary receipts, are registered as the owners of such securities for the purpose of receiving payments and for all other purposes. Consequently, neither we, nor any depositary, nor any agent of us or any such depositary will have any responsibility or liability for any aspect of the records relating to, or payments made on account of, beneficial ownership interests in the depositary receipts, for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. Neither the Depositary nor any Depositary's agent, nor any registrar, transfer agent, redemption agent or dividend disbursing agent nor the Company shall be liable for any action or any failure to act by it in reliance upon the written advice of legal counsel or accountants, or information from any person presenting the Series B Preferred Stock for deposit, any holder of a receipt or any other person believed by it in good faith to be competent to give such information. The Depositary, any Depositary's agent, registrar, transfer agent, redemption agent or dividend disbursing agent and the Company may each rely and shall each be protected in acting upon or omitting to act upon any written notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties.

***Listing***

Our Depositary Shares representing a 1/400th interest in a share of our Series B Preferred Stock are traded on the NASDAQ under the trading symbol "UMBFO."‎

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## Exhibit 21.1

**Exhibit 21.1**

SUBSIDIARIES OF UMB FINANCIAL CORPORATION

December 31, 2025

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| | | |
|:---|:---|:---|
| **Name of Entity Organization** | **Incorporation or Jurisdiction of** | **Parent Ownership Percentage** |
| UMB Financial Corporation (Registrant and Parent Company) | Missouri |  |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Bank, n.a. | United States | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UMB Bank & Trust, n.a. | Missouri | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UMB Capital Corporation | Missouri | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UMB Banc Leasing Corp. | Missouri | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UMB Trust Company of South Dakota | South Dakota | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UMB Insurance, Inc. | Missouri | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kansas City Realty Company | Kansas | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UMB Realty Company LLC | Delaware | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kansas City Financial Corporation | Kansas | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UMB Colorado Property, LLC | Colorado | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conifer Properties LLC | Missouri | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UMB Foreign LLC | Delaware | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UMBF Trust and Agency Services (Ireland) Limited | Dublin, Ireland | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UMB Delaware Inc. | Delaware | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268 South Jones Spring Lane, LLC | Missouri | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB&T Community Development Corp. | Iowa | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Financial USA, Inc. Insurance Services | Delaware | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;UMBCDC, Inc. | Missouri | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Fund Services, Inc. | Wisconsin | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Financial Services, Inc. | Missouri | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Asset Management, LLC | Delaware | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Management Equity Holdings, Inc. | Delaware | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Merchant LLC | Delaware | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UMB Family Wealth - KS Halite LLC | Delaware | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KS Halite LLC | Delaware | UMB Family Wealth - KS Halite LLC is the managing member |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UMB Family Wealth - FW Tessera Horizon LLC | Delaware | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FW Tessera Horizon LLC | Delaware | UMB Family Wealth - FW Tessera Horizon LLC is the managing member |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UMB Family Wealth - FW Tessera LLC | Delaware | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FW Tessera LLC | Delaware | UMB Family Wealth - FW Tessera LLC is the managing member |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UMB Family Wealth - FW Tessera Royale LLC | Delaware | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FW Tessera Royale LLC | Delaware | UMB Family Wealth - FW Tessera Royale LLC is the managing member |

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## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the registration statements (Nos. 333-266941 and 333-286487) on Form S-3 and (Nos. 333-65807, 333-125067, 333-161398, 333-181111, 333-188100, 333-224585, 333-283713, and 333-284660) on Form S-8 of our reports dated February 26, 2026, with respect to the consolidated financial statements of UMB Financial Corporation and the effectiveness of internal control over financial reporting.

/s/ KPMG LLP

Kansas City, Missouri<br>February 26, 2026

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## Exhibit 24.1

**Exhibit 24.1**

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

UMB FINANCIAL CORPORATION

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| | |
|:---|:---|
|  | &nbsp;&nbsp;By /s/ J. Mariner Kemper |
| &nbsp;&nbsp;Date February 26, 2026 | &nbsp;&nbsp;J. Mariner Kemper<br>Chairman of the Board |

---

POWER OF ATTORNEY

Each person whose signature appears below hereby constitutes and appoints J. Mariner Kemper and Ram Shankar his true and lawful attorneys-in-fact and agents, each acting alone, with full power of substitution and resubstitution, for and in his name, place and stead, in any and all capacities, to file this report the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto such attorneys-in-fact and agents, each acting alone, full power and authority to do and perform each and every act and thing required and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that such attorneys-in-fact and agents, each acting alone, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <u>Signature and Name</u> | &nbsp;&nbsp;<u>Capacity</u> | &nbsp;&nbsp;<u>Date</u> |
| &nbsp;&nbsp;/s/ Robin C. Beery | &nbsp;&nbsp;Director | &nbsp;&nbsp;1/27/2026 |
| &nbsp;&nbsp;Robin C. Beery |  |  |
| &nbsp;&nbsp;/s/ Janine A. Davidson | &nbsp;&nbsp;Director | &nbsp;&nbsp;1/27/2026 |
| &nbsp;&nbsp;Janine A. Davidson |  |  |
| &nbsp;&nbsp;/s/ Kevin C. Gallagher | &nbsp;&nbsp;Director | &nbsp;&nbsp;1/27/2026 |
| &nbsp;&nbsp;Kevin C. Gallagher |  |  |

---

------

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <u>Signature and Name</u> | &nbsp;&nbsp;<u>Capacity</u> | &nbsp;&nbsp;<u>Date</u> |
| &nbsp;&nbsp;/s/ Greg M. Graves | &nbsp;&nbsp;Director | &nbsp;&nbsp;1/27/2026 |
| &nbsp;&nbsp;Greg M. Graves |  |  |
| &nbsp;&nbsp;/s/ Bradley J. Henderson | &nbsp;&nbsp;Director | &nbsp;&nbsp;1/28/2026 |
| &nbsp;&nbsp;Bradley J. Henderson |  |  |
| &nbsp;&nbsp;/s/ Jennifer K. Hopkins | &nbsp;&nbsp;Director | &nbsp;&nbsp;1/27/2026 |
| &nbsp;&nbsp;Jennifer K. Hopkins |  |  |
| &nbsp;&nbsp;/s/ J. Mariner Kemper | &nbsp;&nbsp;Director, Chief Executive Officer | &nbsp;&nbsp;1/28/2026 |
| &nbsp;&nbsp;J. Mariner Kemper | &nbsp;&nbsp;Chairman of the Board |  |
| &nbsp;&nbsp;/s/ Gordon E. Lansford III | &nbsp;&nbsp;Director | &nbsp;&nbsp;1/27/2026 |
| &nbsp;&nbsp;Gordon E. Lansford III |  |  |
| &nbsp;&nbsp;/s/ Margaret Lazo | &nbsp;&nbsp;Director | &nbsp;&nbsp;2/01/2026 |
| &nbsp;&nbsp;Margaret Lazo |  |  |
| &nbsp;&nbsp;/s/ Susan G. Murphy | &nbsp;&nbsp;Director | &nbsp;&nbsp;1/27/2026 |
| &nbsp;&nbsp;Susan G. Murphy |  |  |
| &nbsp;&nbsp;/s/ Timothy R. Murphy | &nbsp;&nbsp;Director | &nbsp;&nbsp;1/27/2026 |
| &nbsp;&nbsp;Timothy R. Murphy |  |  |
| &nbsp;&nbsp;/s/ Tamara M. Peterman | &nbsp;&nbsp;Director | &nbsp;&nbsp;1/27/2026 |
| &nbsp;&nbsp;Tamara M. Peterman |  |  |
| &nbsp;&nbsp;/s/ Kris A. Robbins | &nbsp;&nbsp;Director | &nbsp;&nbsp;1/29/2026 |
| &nbsp;&nbsp;Kris A. Robbins |  |  |
| &nbsp;&nbsp;/s/ John K. Schmidt | &nbsp;&nbsp;Director | &nbsp;&nbsp;1/27/2026 |
| &nbsp;&nbsp;John K. Schmidt |  |  |
| &nbsp;&nbsp;/s/ Ram Shankar | &nbsp;&nbsp;Chief Financial Officer | &nbsp;&nbsp;1/27/2026 |
| &nbsp;&nbsp;Ram Shankar |  |  |
| &nbsp;&nbsp;/s/ L. Joshua Sosland | &nbsp;&nbsp;Director | &nbsp;&nbsp;1/27/2026 |
| &nbsp;&nbsp;L. Joshua Sosland |  |  |
| &nbsp;&nbsp;/s/ Leroy J. Williams | &nbsp;&nbsp;Director | &nbsp;&nbsp;1/27/2026 |
| &nbsp;&nbsp;Leroy J. Williams |  |  |

---

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## Exhibit 31.1

## Exhibit 31.1

## CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT
I, J. Mariner Kemper, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Annual Report on Form 10-K of UMB Financial Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: February 26, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;/s/ J. Mariner Kemper |
| J. Mariner Kemper |
| Chief Executive Officer |

---

------

## Exhibit 31.2

## Exhibit 31.2

## CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT
I, Ram Shankar, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Annual Report on Form 10-K of UMB Financial Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: February 26, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;/s/ Ram Shankar |
| Ram Shankar |
| Chief Financial Officer |

---

------

## Exhibit 32.1

## Exhibit 32.1

## CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Annual Report on Form 10-K of UMB Financial Corporation (the Company) for the year ended December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the Report), I, J. Mariner Kemper, Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| Dated: February 26, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;/s/ J. Mariner Kemper |
| J. Mariner Kemper |
| Chief Executive Officer |

---

A signed original of this written statement required by Section 906 has been provided to UMB Financial Corporation and will be retained by UMB Financial Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

------

## Exhibit 32.2

## Exhibit 32.2

## CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Annual Report on Form 10-K of UMB Financial Corporation (the Company) for the year ended December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the Report), I, Ram Shankar, Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| Dated: February 26, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;/s/ Ram Shankar |
| Ram Shankar |
| Chief Financial Officer |

---

A signed original of this written statement required by Section 906 has been provided to UMB Financial Corporation and will be retained by UMB Financial Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

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## Exhibit 97.1

**Exhibit 97.1**

**COMPENSATION RECOVERY POLICY**

**1.** **Policy Overview**

The Board of Directors (the "**Board**") of UMB Financial Corporation (the "**Company**") believes that it is in the best interest of the Company and its shareholders to create and maintain a culture that emphasizes integrity and accountability and reinforces the Company's pay-for-performance compensation philosophy. This Compensation Recovery Policy (this "**Policy**") provides for the mandatory recoupment of "**erroneously awarded**" (defined below) Incentive-Based Compensation (defined below) to Executive Officers (defined below) in the event that the Company is required to prepare an "**accounting restatement**" due to the material noncompliance of the Company with any financial reporting requirement under applicable securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period. This Policy also provides for the discretionary recoupment of Incentive-Based Compensation from employees who engaged in misconduct that led to a material error in a Financial Reporting Measure (defined below) leading to erroneously awarded Incentive-Based Compensation.

**2.** **Scope**

The Board of the Company adopts this Policy to address the mandatory recoupment of certain Incentive-Based Compensation (defined below) in the event of an accounting restatement. The Policy is designed to comply with Section 10D-1 of the Securities and Exchange Act of 1934, as amended (the "**Exchange Act**"), and Rule 5608 of the NASDAQ listing standards and is made in accordance with the provisions of the Compensation Committee's charter. This Policy also addresses the discretionary recoupment of Incentive-Based Compensation from employees who engage in any illegal, dishonest, fraudulent, or intentional misconduct that materially contributes to the Company erroneously awarding Incentive-Based Compensation. The Policy supersedes and replaces in its entirety any prior or existing policies adopted by the Company with respect to the clawback of incentive-based compensation payable to an individual covered by this Policy. Any determinations made by the Compensation Committee of the Board (the "**Compensation Committee**") relating to this Policy shall be binding on all individuals.

**3.** **Definitions**

The term "**Executive Officer**" means any individual identified as an officer of the Company pursuant to Rule 16a-1 of the Exchange Act during the relevant recovery period.

The term "**Incentive-Based Compensation**" means any compensation that is granted, earned, or vested based wholly or in part upon the attainment of a Financial Reporting Measure. For the Company, Incentive-Based Competition may include, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Bonuses under any Company Short-Term Incentive Compensation Program (or any equivalent successor plan or program)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Performance Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Performance Units

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Stock Options

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cash Incentive Awards under the UMB Financial Corporation Omnibus Incentive Compensation Plan

Incentive-Based Compensation is deemed "**Received**" in the Company's fiscal period during which the Financial Reporting Measure specified in the Incentive-Based Compensation award is attained, even if the payment or grant of the Incentive-Based Compensation occurs after the end of that period.

The term "**Financial Reporting Measures**" refers to measures that are determined and presented in accordance with the accounting principles used in preparing the Company's financial statements, and any measures that are derived in whole or in part from such measures. A Financial Reporting Measure need not be presented within the financial statements of the Company or included in a filing made by the Company with the Securities and Exchange

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Commission. Financial Reporting Measures include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Company stock price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total shareholder return (TSR)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Pre-provision net revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Return measures such as return on assets (ROA), return on equity (ROE), and return on average tangible common equity (ROTCE)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Earnings measures such as earnings per share

**4.** **Policy Requirements**

**Mandatory Recoupment of Erroneously Awarded Incentive-Based Compensation**

In the event the Company is required to prepare an accounting restatement, the Company will require reimbursement or forfeiture of any erroneously awarded Incentive-Based Compensation Received by any Executive Officer during the three completed fiscal years immediately preceding the date on which the Company is required to prepare an accounting restatement.

The compensation that is subject to mandatory recoupment under this Policy is erroneously awarded Incentive-Based Compensation that is Received by an Executive Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.after such person began service as an Executive Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.who served as an Executive Officer at any time during the performance period for such Incentive-Based Compensation (for the avoidance of doubt, this includes both current and former Executive Officers);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.while the Company has a class of securities listed on Nasdaq (or such other national securities exchange on which the Company's securities are then listed); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.during the three completed fiscal years immediately preceding the date that the Company is required to prepare an accounting restatement.

The Company's obligation to recover erroneously awarded Incentive-Based Compensation is not dependent on if or when the restated financial statements are filed.

**Discretionary Recoupment** 

The Compensation Committee may, in its discretion, require reimbursement or forfeiture of any or all Incentive-Based Compensation from any individual who is identified by the Compensation Committee to have engaged in any illegal, dishonest, fraudulent, or intentional misconduct that materially contributed to the Company erroneously awarding Incentive-Based Compensation during any portion of the three completed fiscal years immediately preceding the discovery of the illegal, dishonest, fraudulent, or intentional misconduct irrespective of whether an accounting restatement is required.

**Determination of Recovery Period**

For purposes of determining the relevant recovery period for any mandatory recoupment, the date that the Company is required to prepare an accounting restatement shall be the earlier to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The date the Board, a committee of the Board, or the officer or officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare an accounting restatement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The date a court, regulator, or other legally authorized body directs the Company to prepare the accounting restatement.

**Amount Subject to Mandatory Recoupment**

The amount to be recovered ("**erroneously awarded Incentive-Based Compensation**") will be the amount of

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Incentive-Based Compensation Received by the Executive Officer that exceeds the amount of Incentive-Based Compensation that otherwise would have been Received had it been determined based on the restated amounts computed without regard to any taxes paid, as determined by the Compensation Committee. If the erroneously awarded Incentive-Based Compensation is based on a measurement that is not subject to a mathematical recalculation directly from the information in the accounting restatement (i.e., stock price or total shareholder return), the amount must be based on a reasonable estimate of the effect of the accounting restatement on the stock price or total shareholder return upon which the Incentive-Based Compensation was Received, and the Company must maintain documentation of the determination of the reasonable estimate and provide such documentation to Nasdaq.

**Amount Subject to Discretionary Recoupment**

The Compensation Committee shall determine the amount of discretionary recoupment up to the full amount of any Incentive-Based Compensation received by an individual during a period where the individual was found to have engaged in any illegal, dishonest, fraudulent, or intentional misconduct that had a material impact on causing the Company to erroneously award Incentive-Based Compensation.

**Method of Recoupment; Reasonably Promptly**

The Company shall in the case of mandatory recoupment, or may in the case of discretionary recoupment, recover "**reasonably promptly**" any erroneously awarded Incentive-Based Compensation in accordance with this Policy in a method determined by the Compensation Committee which may include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Requiring reimbursement of cash Incentive-Based Compensation previously paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Seeking recovery of any gain realized on the vesting, exercise, settlement, sale, transfer, or other distribution of equity awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Offsetting the recouped amount from any compensation otherwise owed by the Company to the individual(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Cancelling outstanding vested or unvested equity awards; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Taking any other remedial and recovery action permitted by law, as determined by the Compensation Committee.

The Compensation Committee shall determine the repayment schedule for each amount of erroneously awarded Incentive-Based Compensation in a manner that complies with the "reasonably promptly" requirement. Such determination shall be made consistent with any applicable legal guidance, by the SEC, Nasdaq, judicial opinion, or otherwise. The determination of what constitutes "reasonably promptly" may vary from case to case and will depend on the particular facts and circumstances applicable to the Company, the accounting restatement and the erroneously awarded Incentive-Based Compensation, among other factors. The Compensation Committee is authorized to adopt additional rules to further describe what repayment schedules satisfy this requirement.

In the case of mandatory recoupment, the Compensation Committee may determine that the recovery of erroneously awarded compensation would be impracticable if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The direct expense paid to a third party to assist in enforcing this Policy would exceed the amount to be recovered. Before concluding that it would be impracticable to recover erroneously awarded Incentive-Based Compensation based on expense of enforcement, the Company shall make a reasonable attempt to recover such erroneously awarded Incentive-Based Compensation, document such reasonable attempt(s) to recover, and provide documentation to Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of 26 U.S.C. 401(a)(13) or 26 U.S.C. 411(a) and regulations thereunder.

Notwithstanding the foregoing, in the event that a court, regulator, or other legally authorized body directs the Company to prepare an accounting restatement, the Committee may direct the Company to postpone the recovery of any Incentive-Based Compensation: (a) if the Company undertakes any legal challenge to such direction to prepare an accounting restatement; and (b) for only such time as it takes for the process to complete such legal challenge is

------

underway.

**No Indemnification**

Notwithstanding anything to the contrary in any other policy or governing document of the Company or any agreement between the Company and an Executive Officer or an employee, the Company shall not indemnify or reimburse any Executive Officer or employee against the loss of any erroneously awarded Incentive-Based Compensation.

**Agreement to the Policy by Executive Officers**

The Compensation Committee will take reasonable steps to inform Executive Officers and employees of this Policy. Executive Officers should read this Policy carefully and ask questions of the Company's Chief Legal Officer.

**5.** **Roles and Responsibilities**

The Compensation Committee shall administer and interpret this Policy, make any required determinations under this Policy and amend this Policy as it deems appropriate at any time. The Compensation Committee shall also consider any guidelines, directives and authorizations provided to the Compensation Committee by the Board from time to time in the course of administering this Policy. Decisions of the Compensation Committee with respect to this Policy shall be final, conclusive, and binding on all individuals subject to this Policy, unless determined to be an abuse of discretion or determined to be unenforceable by the SEC or NASDAQ.

**6.** **Exceptions**

There shall be no exceptions to this Policy.

**7.** **Legal Authority and References**

Rule 10D-1 of the Exchange Act

Rule 5608 of the NASDAQ listing standards

Charter of the Compensation Committee

------