This Management’s Discussion and Analysis of Financial Condition and Results of Operations highlights the material changes in the results of operations and changes in financial condition of the Company for the three and six months ended June 30, 2026. It should be read in conjunction with the accompanying Consolidated Financial Statements, Notes to Consolidated Financial Statements and other financial information appearing elsewhere in this Form 10-Q and the 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 Form 10-Q, including any information incorporated by reference in this Form 10-Q, contains forward-looking statements. The Company also may make forward-looking statements in other documents that are filed or furnished with the Securities and Exchange Commission. 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: •local, regional, national, or international business, economic, or political conditions or events; •changes in laws or the regulatory environment, including as a result of financial-services legislation or regulation; •changes in monetary, fiscal, or trade laws or policies, including as a result of actions by central banks or supranational authorities; •the pace and magnitude of interest rate movements; •changes in accounting standards or policies; •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; •changes in spending, borrowing, or saving by businesses or households; •the Company’s ability to effectively manage capital or liquidity or to effectively attract or deploy deposits; •changes in any credit rating assigned to the Company or its affiliates; •adverse publicity or other reputational harm to the Company; •changes in the Company’s corporate strategies, the composition of its assets, or the way in which it funds those assets; 67 •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; •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; •changes in the credit, liquidity, or other condition of the Company’s customers, counterparties, or competitors; •the Company’s ability to effectively deal with economic, business, or market slowdowns or disruptions; •judicial, regulatory, or administrative investigations, proceedings, disputes, or rulings that create uncertainty for, or are adverse to, the Company or the financial-services industry; •the Company’s ability to address changing or stricter regulatory or other governmental supervision or requirements; •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; •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; •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; •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 respect to digital assets; •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; •mergers, acquisitions, or dispositions, including the Company’s ability to integrate acquisitions and divest assets; •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; •the benefits from the merger with HTLF may not be fully realized or may take longer to realize than expected; •the Company’s ability to promptly and effectively integrate the merger of HTLF; •the adequacy of the Company’s succession planning for key executives or other personnel; •the Company’s ability to grow revenue, control expenses, or attract and retain qualified employees; •natural disasters, war, terrorist activities, including instability in the Middle East and Russia's military action in Ukraine and developments in Latin America, pandemics, and their effects on economic and business environments in which the Company operates; •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 •other assumptions, risks, or uncertainties described in the Notes to Consolidated Financial Statements (Item 1) and Management’s Discussion and Analysis of Financial Condition and Results of Operations (Item 2) in this Form 10-Q, in the Risk Factors (Item 1A) in the Form 10-K, or in any of the Company’s 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 68 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. 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 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 our organizational and reporting structures, streamline back-office functions, and take advantage of synergies and newer technologies among various platforms and distribution networks. 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. During the second quarter of 2026, total revenue increased $88.8 million, or 12.9%, as compared to the second quarter of 2025, while noninterest expense increased $6.5 million, or 1.6%, for the same period. Included in noninterest expense for the second quarter of 2025 is $13.5 million in acquisition-related expense compared to $1.7 million in the second quarter of 2026. Revenue is also impacted by accretion and amortization of the fair value adjustments discussed in Note 13, “Acquisition” above. As part of the initiative to improve operating efficiencies, 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. During the second quarter of 2026, the Company had an increase in net interest income of $65.5 million, or 14.0%, from the same period in 2025. The change in net interest income was primarily driven by favorable repricing of deposits in conjunction with lower short-term interest rates, and increases of $4.2 billion, or 11.6%, in average loans and $2.2 billion, or 12.6%, in average securities. These increases were partially offset by a decrease of $2.9 billion, or 44.3%, in average interest-bearing due from banks and $6.3 million in lower purchase accounting accretion income. The funding for these assets was driven by an increase in average interest-bearing deposits of 3.9%, and an increase in noninterest-bearing demand deposit balances of 2.1% compared to the second quarter of 2025. Net interest margin, on a tax-equivalent basis, increased 22 basis points compared to the same period in 2025, primarily driven by favorable repricing of deposits in conjunction with lower short-term interest rates. Net interest spread increased 34 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 the conflict in Iran and tariffs. These changing conditions could have impacts on the balance sheet and income statement of the Company for the remainder of the year. 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 $23.3 million, or 10.5%, to $245.5 million for the three months ended June 30, 2026, compared to the same period in 2025. See greater detail below under Noninterest Income. The Company continues to emphasize its asset management, brokerage, bankcard services, healthcare services, and treasury management businesses. For the three months ended June 30, 2026, noninterest income represented 31.6% of total revenue, compared to 32.2% for the same period in 2025. 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 69 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 June 30, 2026, the Company had $8.0 billion in total shareholders’ equity. This is an increase of $745.0 million, or 10.2%, compared to total shareholders’ equity at June 30, 2025. At June 30, 2026, the Company had a total risk-based capital ratio of 13.80%. The Company repurchased 38,158 shares of common stock during the second quarter of 2026 at an average price of $132.10. The Company also acquired shares pursuant to the Company's share-based incentive programs. Earnings Summary The following is a summary regarding the Company’s earnings for the second quarter of 2026. The changes identified in the summary are explained in greater detail below. The Company recorded net income available to common shareholders of $271.8 million for the three-month period ended June 30, 2026, compared to net income available to common shareholders of $215.4 million for the same period a year earlier. Basic earnings per common share for the second quarter of 2026 were $3.58 per share ($3.56 per share fully-diluted) compared to $2.84 per common share ($2.82 per share fully-diluted) for the second quarter of 2025. Return on average assets and return on average common shareholders’ equity for the three-month period ended June 30, 2026 were 1.55% and 14.16%, respectively, compared to 1.29% and 12.72%, respectively, for the three-month period ended June 30, 2025. The Company recorded net income available to common shareholders of $527.4 million for the six-month period ended June 30, 2026, compared to net income available to common shareholders of $294.7 million for the same period a year earlier. Basic earnings per common share for the six-month period ended June 30, 2026 were $6.94 per share ($6.90 per share fully-diluted) compared to $4.18 per share ($4.16 per share fully-diluted) for the same period in 2025. Return on average assets and return on average common shareholders’ equity for the six-month period ended June 30, 2026 were 1.51% and 13.93%, respectively, compared to 0.94% and 9.67%, respectively, for the six-month period ended June 30, 2025. Net interest income for the three and six-month periods ended June 30, 2026 increased $65.5 million, or 14.0%, and increased $202.2 million, or 23.4%, respectively, compared to the same periods in 2025. For the three-month period ended June 30, 2026, average earning assets increased by $3.9 billion, or 6.3%, and for the six-month period ended June 30, 2026, they increased by $6.7 billion, or 11.5%, compared to the same periods in 2025. Net interest margin, on a tax-equivalent basis, increased to 3.32% and 3.35%, respectively, for the three and six-month periods ended June 30, 2026, compared to 3.10% and 3.04%, respectively, for the same periods in 2025. The provision for credit losses increased by $7.0 million for the three-month period ended June 30, 2026 and decreased by $52.0 million for the six-month period ended June 30, 2026, as compared to the same periods in 2025. Provision expense for the six-month period 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 13, “Acquisition” above. The remainder of the increase in provision was driven by loan growth, portfolio credit metric changes, and ongoing recalibrations of economic loss models in the current period as compared to the prior periods. The Company’s nonperforming loans increased $30.5 million to $127.5 million at June 30, 2026, compared to June 30, 2025. The ACL on loans as a percentage of total loans remained flat at 1.06% as of June 30, 2026, compared to June 30, 2025. For a description of the Company’s methodology for computing the ACL, please see the summary discussion in the “Provision and Allowance for Credit Losses” section included below. Noninterest income increased by $23.3 million, or 10.5%, for the three-month period ended June 30, 2026, and increased by $61.9 million, or 15.9%, for the six-month period ended June 30, 2026, compared to the same periods in 2025. These changes are discussed in greater detail below under Noninterest Income. Noninterest expense increased by $6.5 million, or 1.6%, for the three-month period ended June 30, 2026, and increased by $2.6 million, or 0.3%, for the six-month period ended June 30, 2026, compared to the same periods in 2025. These changes are discussed in greater detail below under Noninterest Expense. 70 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 rates paid on each affect net interest income. Net interest income for the three and six-month periods ended June 30, 2026 increased $65.5 million, or 14.0%, and increased $202.2 million, or 23.4%, compared to the same periods in 2025. The change in net interest income was primarily driven by favorable repricing of deposits in conjunction with lower short-term interest rates, and increases in average loans and average securities. These increases were partially offset by decreases in average interest-bearing due from banks and purchase accounting accretion income. Table 1 shows the impact of earning asset rate changes compared to changes in the cost of interest-bearing liabilities. As illustrated in this table, net interest spread for the three months ended June 30, 2026 increased 34 basis points as compared to the same period in 2025. Net interest margin for the three months ended June 30, 2026 increased 22 basis points compared to the same period in 2025. Net interest spread for the six-month period ended June 30, 2026 increased by 44 basis points as compared to the same period in 2025. Net interest margin for the six-month period ended June 30, 2026 increased by 31 basis points compared to the same period in 2025. The change is driven by favorable repricing of deposits in conjunction with lower short-term interest rates. The cost of interest-bearing liabilities decreased 54 basis points from the second quarter of 2025 while the yield on earning assets decreased 20 basis points compared to the same period. The cost of interest-bearing liabilities decreased 54 basis points for the six-month period ended June 30, 2026 as compared to the same period in 2025 while the yield on earning assets decreased 10 basis points compared to the same period. Earning asset balance increases have been primarily driven by higher average loans and increased securities balances, partially offset by decreased interest-bearing due from banks balances. These variances have led to an increase in the Company’s net interest income during 2026, as compared to results for the same periods in 2025. The Company expects to see continued volatility in the economic markets and governmental responses to changes in the economy. These changing conditions could have impacts on the balance sheet and income statement of the Company for the remainder of the year. For the impact of the contribution from free funds, see the Analysis of Net Interest Margin within Table 2 below. Table 2 also illustrates how the changes in volume and interest rates have resulted in an increase in net interest income. Table 1 AVERAGE BALANCE SHEETS/YIELDS AND RATES (tax-equivalent basis) (unaudited, dollars in thousands) 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. All average balances are daily average balances. The average yield on earning assets without the tax-equivalent basis adjustment would have been 5.35% for the three-month period ended June 30, 2026, and 5.55% for the same period in 2025. The average yield on earning assets without the tax-equivalent basis adjustment would have been 5.37% for the six-month period ended June 30, 2026, and 5.48% for the same period in 2025. 71 Three Months Ended June 30, 2026 2025 Average Average Average Average Balance Yield/Rate Balance Yield/Rate ASSETS Loans, net of unearned interest $ 40,623,950 6.36 % $ 36,406,753 6.75 % Securities: Taxable 15,580,537 3.77 13,409,940 3.66 Tax-exempt 4,337,660 4.06 4,273,494 3.87 Total securities 19,918,197 3.84 17,683,434 3.71 Federal funds and resell agreements 1,033,826 4.37 684,747 5.12 Interest-bearing due from banks 3,712,165 3.67 6,660,111 4.45 Other earning assets 26,734 6.12 16,693 6.54 Total earning assets 65,314,872 5.41 61,451,738 5.61 Allowance for credit losses (418,985 ) (367,919 ) Other assets 5,511,562 5,787,982 Total assets $ 70,407,449 $ 66,871,801 LIABILITIES AND SHAREHOLDERS' EQUITY Interest-bearing deposits $ 42,872,466 2.80 % $ 41,246,157 3.34 % Federal funds and repurchase agreements 3,512,241 3.31 2,767,216 3.97 Borrowed funds 478,555 9.19 655,575 7.92 Total interest-bearing liabilities 46,863,262 2.90 44,668,948 3.44 Noninterest-bearing demand deposits 14,712,647 14,403,211 Other liabilities 843,604 839,134 Shareholders' equity 7,987,936 6,960,508 Total liabilities and shareholders' equity $ 70,407,449 $ 66,871,801 Net interest spread 2.51 % 2.17 % Net interest margin 3.32 3.10 72 Six Months Ended June 30, 2026 2025 Average Average Average Average Balance Yield/Rate Balance Yield/Rate ASSETS Loans, net of unearned interest $ 40,007,008 6.44 % $ 34,369,543 6.69 % Securities: Taxable 15,617,174 3.77 12,557,618 3.54 Tax-exempt 4,345,604 4.04 4,197,951 3.78 Total securities 19,962,778 3.83 16,755,569 3.60 Federal funds and resell agreements 1,285,452 4.29 620,632 5.10 Interest-bearing due from banks 3,951,163 3.67 6,733,977 4.46 Other earning assets 22,070 6.30 18,767 7.10 Total earning assets 65,228,471 5.43 58,498,488 5.53 Allowance for credit losses (418,380 ) (344,276 ) Other assets 5,605,959 5,285,676 Total assets $ 70,416,050 $ 63,439,888 LIABILITIES AND SHAREHOLDERS' EQUITY Interest-bearing deposits $ 42,672,728 2.79 % $ 39,063,362 3.34 % Federal funds and repurchase agreements 3,567,518 3.32 2,730,267 3.93 Borrowed funds 477,045 9.13 613,236 7.92 Total interest-bearing liabilities 46,717,291 2.90 42,406,865 3.44 Noninterest-bearing demand deposits 14,906,914 13,918,401 Other liabilities 867,597 846,697 Shareholders' equity 7,924,248 6,267,925 Total liabilities and shareholders' equity $ 70,416,050 $ 63,439,888 Net interest spread 2.53 % 2.09 % Net interest margin 3.35 3.04 Table 2 presents the dollar amount of change in net interest income and margin due to volume and rate. Table 2 also reflects the effect that interest-free funds have on net interest margin. The average balance of interest-free funds (total earning assets less interest-bearing liabilities) increased $1.7 billion and increased $2.4 billion for the three and six-month periods ended June 30, 2026, respectively, compared to the same periods in 2025. The benefit from interest-free funds decreased 12 basis points and 13 points, respectively, in the three and six-month periods ended June 30, 2026, respectively, compared to the same periods in 2025. 73 Table 2 ANALYSIS OF CHANGES IN NET INTEREST INCOME AND MARGIN (unaudited, dollars in thousands) ANALYSIS OF CHANGES IN NET INTEREST INCOME Three Months Ended Six Months Ended June 30, 2026 vs. 2025 June 30, 2026 vs. 2025 Volume Rate Total Volume Rate Total Change in interest earned on: Loans $ 68,227 $ (36,646 ) $ 31,581 $ 181,288 $ (44,033 ) $ 137,255 Securities: Taxable 20,317 4,039 24,356 56,463 14,896 71,359 Tax-exempt 498 1,659 2,157 2,234 4,414 6,648 Federal funds sold and resell agreements 3,947 (1,421 ) 2,526 14,476 (2,839 ) 11,637 Interest-bearing due from banks (28,590 ) (11,334 ) (39,924 ) (53,882 ) (23,125 ) (77,007 ) Trading 151 (18 ) 133 112 (78 ) 34 Interest income 64,550 (43,721 ) 20,829 200,691 (50,765 ) 149,926 Change in interest incurred on: Interest-bearing deposits 13,101 (57,327 ) (44,226 ) 56,219 (111,478 ) (55,259 ) Federal funds purchased and repurchase agreements 6,619 (5,089 ) 1,530 14,628 (9,190 ) 5,438 Other borrowed funds (3,845 ) 1,869 (1,976 ) (5,830 ) 3,349 (2,481 ) Interest expense 15,875 (60,547 ) (44,672 ) 65,017 (117,319 ) (52,302 ) Net interest income $ 48,675 $ 16,826 $ 65,501 $ 135,674 $ 66,554 $ 202,228 ANALYSIS OF NET INTEREST MARGIN Three Months Ended June 30, Six Months Ended June 30, 2026 2025 Change 2026 2025 Change Average earning assets $ 65,314,872 $ 61,451,738 $ 3,863,134 $ 65,228,471 $ 58,498,488 $ 6,729,983 Interest-bearing liabilities 46,863,262 44,668,948 2,194,314 46,717,291 42,406,865 4,310,426 Interest-free funds $ 18,451,610 $ 16,782,790 $ 1,668,820 $ 18,511,180 $ 16,091,623 $ 2,419,557 Free funds ratio (interest-free funds to average earning assets) 28.25 % 27.31 % 0.94 % 28.38 % 27.51 % 0.87 % Tax-equivalent yield on earning assets 5.41 5.61 (0.20 ) 5.43 5.53 (0.10 ) Cost of interest-bearing liabilities 2.90 3.44 (0.54 ) 2.90 3.44 (0.54 ) Net interest spread 2.51 2.17 0.34 2.53 2.09 0.44 Benefit of interest-free funds 0.81 0.93 (0.12 ) 0.82 0.95 (0.13 ) Net interest margin 3.32 % 3.10 % 0.22 % 3.35 % 3.04 % 0.31 % Provision and Allowance for Credit Losses The ACL represents management’s judgment of the 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. 74 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 326, Financial Instruments – Credit Losses. 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. 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. Based on the factors above, management of the Company recorded $28.0 million as provision for credit losses for the three-month period ended June 30, 2026, as compared to $21.0 million for the same period in 2025. For the six-month period ended June 30, 2026, management of the Company recorded $55.0 million as provision for credit losses, as compared to $107.0 million for the same period in 2025. 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 in the first quarter of 2025. See Note 13, “Acquisition” above. The increase in the three-month period and the remaining $10.0 million increase in provision in the six-month period is the result of applying the methodology for computing the ACL, coupled with the impacts of the current and forecasted economic environment. As illustrated in Table 3 below, the ACL on loans remained flat at 1.06% of total loans as of June 30, 2026, compared to June 30, 2025. Table 3 presents a summary of the Company’s ACL for the six-month periods ended June 30, 2026 and 2025, and for the year ended December 31, 2025. Net charge-offs were $34.8 million for the six-month period ended June 30, 2026, compared to $51.3 million for the same period in 2025. See “Credit Risk Management” under “Item 3. Quantitative and Qualitative Disclosures About Market Risk” in this report for information relating to nonaccrual loans, past due loans, restructured loans and other credit risk matters. 75 Table 3 ANALYSIS OF ALLOWANCE FOR CREDIT LOSSES (unaudited, dollars in thousands) Six Months Ended Year Ended June 30, December 31, 2026 2025 2025 Allowance – January 1 $ 421,162 $ 261,734 $ 261,734 PCD allowance for credit loss at acquisition — 77,293 85,299 Provision for credit losses 55,000 106,500 156,500 Charge-offs: Commercial and industrial (12,272 ) (32,108 ) (44,645 ) Specialty lending — — — Commercial real estate (11,937 ) (6,502 ) (11,792 ) Consumer real estate (899 ) (1,629 ) (2,041 ) Consumer (2,057 ) (1,423 ) (3,538 ) Credit cards (12,202 ) (12,200 ) (25,676 ) Leases and other — — (27 ) Total charge-offs (39,367 ) (53,862 ) (87,719 ) Recoveries: Commercial and industrial 1,512 189 507 Specialty lending — — — Commercial real estate 29 184 196 Consumer real estate 41 163 275 Consumer 453 245 845 Credit cards 2,522 1,747 3,519 Leases and other 20 — 6 Total recoveries 4,577 2,528 5,348 Net charge-offs (34,790 ) (51,334 ) (82,371 ) Allowance for credit losses – end of period $ 441,372 $ 394,193 $ 421,162 Allowance for credit losses on loans $ 437,376 $ 389,918 $ 419,478 Allowance for credit losses on held-to-maturity securities 3,996 4,275 1,684 Loans at end of period, net of unearned interest 41,149,726 36,807,933 38,779,408 Held-to-maturity securities at end of period 5,716,426 5,499,457 5,724,227 Total assets at amortized cost 46,866,152 42,307,390 44,503,635 Average loans, net of unearned interest 40,003,513 34,366,980 36,065,953 Allowance for credit losses on loans to loans at end of period 1.06 % 1.06 % 1.08 % Allowance for credit losses – end of period to total assets at amortized cost 0.94 % 0.93 % 0.95 % Allowance as a multiple of net charge-offs 6.29x 3.81x 5.11x Net charge-offs to average loans 0.18 % 0.30 % 0.23 % 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. The Company offers multiple fee-based products and services, which management believes will more closely align with customer demands. The Company is currently emphasizing fee-based products and 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. 76 Table 4 SUMMARY OF NONINTEREST INCOME (unaudited, dollars in thousands) Three Months Ended Dollar Percent June 30, Change Change 2026 2025 26-25 26-25 Trust and securities processing $ 98,295 $ 83,263 $ 15,032 18.1 % Trading and investment banking 5,314 6,170 (856 ) (13.9 ) Service charges on deposits 29,588 28,865 723 2.5 Insurance fees and commissions 207 189 18 9.5 Brokerage fees 25,400 20,525 4,875 23.8 Bankcard fees 29,954 29,018 936 3.2 Investment securities gains, net 27,087 37,685 (10,598 ) (28.1 ) Other 29,660 16,470 13,190 80.1 Total noninterest income $ 245,505 $ 222,185 $ 23,320 10.5 % Six Months Ended Dollar Percent June 30, Change Change 2026 2025 26-25 26-25 Trust and securities processing $ 192,962 $ 163,044 $ 29,918 18.3 % Trading and investment banking 13,054 12,081 973 8.1 Service charges on deposits 59,062 56,322 2,740 4.9 Insurance fees and commissions 462 367 95 25.9 Brokerage fees 46,489 38,627 7,862 20.4 Bankcard fees 58,832 55,311 3,521 6.4 Investment securities gains, net 30,133 32,903 (2,770 ) (8.4 ) Other 49,304 29,728 19,576 65.9 Total noninterest income $ 450,298 $ 388,383 $ 61,915 15.9 % Noninterest income increased by $23.3 million, or 10.5%, during the three-month period ended June 30, 2026, and increased $61.9 million, or 15.9%, during the six-month period ended June 30, 2026, compared to the same periods in 2025. Table 4 above summarizes the components of noninterest income and the respective year-over-year comparison for each category. 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, mutual fund assets, and alternative asset servicing. The increase in these fees for the three and six-month periods ended June 30, 2026, compared to the same periods in 2025, was primarily due to an increase in trust services income, fund services revenue, and corporate trust revenue. For the three-month period ended June 30, 2026, fund services revenue increased $9.1 million, or 20.2%, corporate trust revenue increased $3.9 million, or 21.7%, and trust income increased $2.0 million, or 10.0%, compared to the same period in 2025. For the six-month period ended June 30, 2026, fund services revenue increased $18.0 million, or 20.3%, corporate trust revenue increased $7.3 million, or 20.6%, and trust services revenue increased $4.7 million, or 11.9%, compared to the same period in 2025. 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 for the remainder of the year 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. Brokerage fees for the three-month period ended June 30, 2026 increased $4.9 million, or 23.8%, and increased $7.9 million, or 20.4%, for the six-month period ended June 30, 2026, compared to the same periods in 2025. The changes in the three-month and six-month periods were driven by 12b-1 fees and money market share revenue. Bankcard fees for the three and six-month periods ended June 30, 2026 increased $0.9 million, or 3.2%, and increased $3.5 million, or 6.4%, respectively, as compared to the same periods in 2025. The increase for the 77 three-month period ended June 30, 2026, was driven by higher interchange income, increased merchant revenue share, and lower rebate costs. The increase for the six-month period was driven by higher interchange income, partially offset by higher reward costs. Investment securities gains, net for the three and six-month periods ended June 30, 2026 decreased $10.6 million, or 28.1%, and decreased $2.8 million, or 8.4%, respectively, compared to the same periods in 2025. The decrease for the three-month period ended June 30, 2026, was primarily driven by the pre-tax gain of $29.4 million on the company's investment in Voyager Technologies, Inc., which completed its initial public offering in June 2025, and pre-tax gains of $8.2 million on the sale of two non-marketable investments, all recognized in the second quarter of 2025. This is compared to a $17.9 million gain on the sale of a non-marketable security and increases of $9.1 million in valuation of the company's non-marketable securities in the second quarter of 2026. The decrease for the six-month period ended June 30, 2026 was further impacted by a gain of $3.0 million on the sale of a non-marketable security in the first quarter of 2026, coupled with declines of $5.4 million in valuation of the Company’s non-marketable securities in the six-month period ended June 30, 2025. The income in this category is highly correlated to the change in market value of the assets, and the related income for the remainder of the year will be affected by changes in the securities markets. The Company’s investment portfolio is continually evaluated for opportunities to improve its performance and risk profile relative to market conditions and the Company’s interest rate expectations. This can result in differences from quarter to quarter in the amount of realized gains or losses on this portfolio. Other noninterest income for the three-month period ended June 30, 2026, increased $13.2 million, or 80.1%, compared to the same period in 2025, primarily driven by a $8.8 million increase in company-owned life insurance income, $2.5 million increase in bank-owned life insurance income, and a $1.0 million increase in derivative income. For the six-month period, other noninterest income increased $19.6 million, or 65.9%, compared to the same period in 2025. This increase is driven by increases of $7.6 million in company-owned life insurance income, $4.2 million in bank-owned life insurance income, $2.3 million in derivative income, and $1.8 million in syndication income. Table 5 SUMMARY OF NONINTEREST EXPENSE (unaudited, dollars in thousands) Three Months Ended Dollar Percent June 30, Change Change 2026 2025 26-25 26-25 Salaries and employee benefits $ 227,162 $ 213,551 $ 13,611 6.4 % Occupancy, net 19,277 18,571 706 3.8 Equipment 13,942 16,426 (2,484 ) (15.1 ) Supplies and services 5,504 6,383 (879 ) (13.8 ) Marketing and business development 13,916 11,344 2,572 22.7 Processing fees 43,073 43,638 (565 ) (1.3 ) Legal and consulting 14,415 18,468 (4,053 ) (21.9 ) Bankcard 11,873 12,363 (490 ) (4.0 ) Amortization of other intangible assets 23,460 25,268 (1,808 ) (7.2 ) Regulatory fees 9,097 9,259 (162 ) (1.7 ) Other 17,914 17,897 17 0.1 Total noninterest expense $ 399,633 $ 393,168 $ 6,465 1.6 % 78 Six Months Ended Dollar Percent June 30, Change Change 2026 2025 26-25 26-25 Salaries and employee benefits $ 446,843 $ 434,949 $ 11,894 2.7 % Occupancy, net 38,352 34,640 3,712 10.7 Equipment 27,262 33,374 (6,112 ) (18.3 ) Supplies and services 11,108 11,168 (60 ) (0.5 ) Marketing and business development 27,708 19,342 8,366 43.3 Processing fees 85,132 84,488 644 0.8 Legal and consulting 23,502 47,074 (23,572 ) (50.1 ) Bankcard 23,714 25,158 (1,444 ) (5.7 ) Amortization of other intangible assets 46,920 42,750 4,170 9.8 Regulatory fees 17,367 17,496 (129 ) (0.7 ) Other 32,608 27,516 5,092 18.5 Total noninterest expense $ 780,516 $ 777,955 $ 2,561 0.3 % Noninterest expense increased $6.5 million, or 1.6%, and increased $2.6 million, or 0.3%, for the three and six-month periods ended June 30, 2026, respectively, compared to the same periods in 2025. Table 5 above summarizes the components of noninterest expense and the respective year-over-year comparison for each category. For the first six months of 2026, noninterest expense included $6.0 million in total acquisition-related and other nonrecurring costs, compared to $66.7 million in the same period in 2025. Salaries and employee benefits increased by $13.6 million, or 6.4%, and increased $11.9 million, or 2.7%, for the three and six-month periods ended June 30, 2026, respectively, compared to the same periods in 2025. Salaries and wages expense increased $0.9 million, or 0.7%, and increased $14.5 million, or 6.1%, for the three and six-month periods ended June 30, 2026, respectively, compared to the same periods in 2025. Bonus and commission expense increased $0.1 million, or 0.3%, and decreased $21.2 million, or 16.8%, for the three and six-month periods ended June 30, 2026, respectively, compared to the same periods in 2025. Employee benefits expense increased $12.5 million, or 38.4%, and increased $18.6 million, or 26.3%, for the three and six-month periods ended June 30, 2026, respectively, compared to the same periods in 2025. The variances in salaries and employee benefits are primarily driven by higher deferred compensation expense, coupled with increased bonus and commission expense due to higher company performance, partially offset by severance, retention bonuses, and change in control payments made to HTLF associates in 2025. Occupancy expense increased $0.7 million, or 3.8%, and $3.7 million, or 10.7%, for the three and six-month periods ended June 30, 2026, respectively, compared to the same periods in 2025, primarily due to increased depreciation expense related to assets acquired from the HTLF acquisition and higher building repair expense. Equipment expense decreased $2.5 million, or 15.1%, and $6.1 million, or 18.3%, for the three and six-month periods ended June 30, 2026, respectively, compared to the same periods in 2025, primarily due to lower software maintenance and amortization expense. Marketing and business development expense increased $2.6 million, or 22.7%, and $8.4 million, or 43.3%, for the three and six-month periods ended June 30, 2026, respectively, compared to the same periods in 2025, primarily due to the timing of advertising campaigns and higher travel and entertainment expense. Legal and consulting expense decreased $4.1 million, or 21.9%, and $23.6 million, or 50.1%, for the three and six-month periods ended June 30, 2026, respectively, compared to the same periods in 2025. The decrease in both periods is primarily due to decreases in non-recurring transaction costs associated with the acquisition in 2025. Amortization of other intangible assets decreased $1.8 million, or 7.2%, and increased $4.2 million, or 9.8%, for the three and six-month periods ended June 30, 2026, respectively, compared to the same periods in 2025. The decrease in the three-month period ended June 30, 2026 is primarily due to a decrease of amortization related to the 79 core deposit intangible recognized from the HTLF acquisition. The increase in the six-month period ended June 30, 2026 is related to the timing of the HTLF acquisition in the first quarter of 2025. Income Tax Expense The Company’s effective tax rate was 20.9% for the six months ended June 30, 2026, compared to 18.8% for the same period in 2025. The increase in the effective tax rate in 2026 is mainly due to 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. Additionally, a smaller proportion of pre-tax income in 2026 was earned from tax-exempt municipal securities. Strategic Lines of Business The Company has strategically aligned its operations into the following three reportable Business Segments: Commercial Banking, Institutional Banking, and Personal Banking. The Company’s 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. For comparability purposes, amounts in all periods are based on methodologies in effect at June 30, 2026. Previously reported results have been reclassified in this Form 10-Q to conform to the Company’s current organizational structure. Table 6 Commercial Banking Operating Results (unaudited, dollars in thousands) Three Months Ended Dollar Percent June 30, Change Change 2026 2025 26-25 26-25 Net interest income $ 362,575 $ 322,619 $ 39,956 12.4 % Provision for credit losses 24,733 18,334 6,399 34.9 Noninterest income 51,939 43,219 8,720 20.2 Noninterest expense 169,253 170,648 (1,395 ) (0.8 ) Income before taxes 220,528 176,856 43,672 24.7 Income tax expense 45,835 37,068 8,767 23.7 Net income $ 174,693 $ 139,788 $ 34,905 25.0 % Six Months Ended Dollar Percent June 30, Change Change 2026 2025 26-25 26-25 Net interest income $ 727,917 $ 596,536 $ 131,381 22.0 % Provision for credit losses 48,510 85,085 (36,575 ) (43.0 ) Noninterest income 98,228 80,438 17,790 22.1 Noninterest expense 334,705 343,660 (8,955 ) (2.6 ) Income before taxes 442,930 248,229 194,701 78.4 Income tax expense 92,699 46,777 45,922 98.2 Net income $ 350,231 $ 201,452 $ 148,779 73.9 % For the six-month period ended June 30, 2026, Commercial Banking net income increased $148.8 million, or 73.9%, to $350.2 million, compared to the same period in 2025. Net interest income increased $131.4 million, or 22.0%, for the six-month period ended June 30, 2026, compared to the same period in 2025, primarily driven by organic loan growth, an additional month of activity from the acquisition of HTLF, and earning asset mix changes. Provision for credit losses decreased $36.6 million for the period, driven by the acquisition of HTLF as well as portfolio metric changes and ongoing recalibrations of economic loss models in 2026 as compared to 2025. Noninterest income increased $17.8 million, or 22.1%, compared to the same period in 2025, primarily due to 80 increases of $12.8 million in other income driven by increases in gains recorded for recoveries of loans previously charged off by HTLF and increased derivative income, syndication income, and life insurance income, coupled with increases of $2.6 million in bankcard fees and $1.9 million in deposit service charges. Noninterest expense decreased $9.0 million, or 2.6%, to $334.7 million for the six-month period ended June 30, 2026, compared to the same period in 2025. This decrease was driven by a decrease of $17.5 million in technology, service, and overhead expenses, partially offset by increases of $3.9 million in marketing and business development, $3.1 million in salaries and employee benefits, and $2.1 million in other noninterest expense. Table 7 Institutional Banking Operating Results (unaudited, dollars in thousands) Three Months Ended Dollar Percent June 30, Change Change 2026 2025 26-25 26-25 Net interest income $ 79,048 $ 66,331 $ 12,717 19.2 % Provision for credit losses 627 430 197 45.8 Noninterest income 129,191 107,998 21,193 19.6 Noninterest expense 122,527 105,137 17,390 16.5 Income before taxes 85,085 68,762 16,323 23.7 Income tax expense 17,684 14,412 3,272 22.7 Net income $ 67,401 $ 54,350 $ 13,051 24.0 % Six Months Ended Dollar Percent June 30, Change Change 2026 2025 26-25 26-25 Net interest income $ 156,336 $ 127,489 $ 28,847 22.6 % Provision for credit losses 1,125 865 260 30.1 Noninterest income 251,020 211,792 39,228 18.5 Noninterest expense 235,458 212,402 23,056 10.9 Income before taxes 170,773 126,014 44,759 35.5 Income tax expense 35,741 23,746 11,995 50.5 Net income $ 135,032 $ 102,268 $ 32,764 32.0 % For the six-month period ended June 30, 2026, Institutional Banking net income increased $32.8 million, or 32.0%, to $135.0 million, compared to the same period last year. Net interest income increased $28.8 million, or 22.6%, 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 $0.3 million for the period, driven by portfolio metric changes and ongoing recalibrations of economic loss models in 2026 compared to 2025. Noninterest income increased $39.2 million, or 18.5%, to $251.0 million for the six-month period June 30, 2026, compared to the same period in 2025. This increase was due to increases of $25.3 million in trust and securities processing income driven by higher fund services and corporate trust revenue, $8.2 million in brokerage income due to increased 12b-1 and money market revenue, $2.9 million in other income due to increased foreign currency valuation changes, $1.3 million in bankcard fees, and $1.0 million in bond trading income. Noninterest expense increased $23.1 million, or 10.9%, primarily driven by increases of $9.5 million in salaries and employee benefits expense, $8.5 million increase in technology, service, and overhead expense, $1.4 million in bankcard expense, $1.2 million in other noninterest expense, $0.9 million in legal and consulting expense, and $0.9 million in marketing and business development. 81 Table 8 Personal Banking Operating Results (unaudited, dollars in thousands) Three Months Ended Dollar Percent June 30, Change Change 2026 2025 26-25 26-25 Net interest income $ 90,902 $ 78,074 $ 12,828 16.4 % Provision for credit losses 2,640 2,236 404 18.1 Noninterest income 64,375 70,968 (6,593 ) (9.3 ) Noninterest expense 107,853 117,383 (9,530 ) (8.1 ) Income before taxes 44,784 29,423 15,361 52.2 Income tax expense 9,308 6,167 3,141 50.9 Net income $ 35,476 $ 23,256 $ 12,220 52.5 % Six Months Ended Dollar Percent June 30, Change Change 2026 2025 26-25 26-25 Net interest income $ 182,638 $ 140,638 $ 42,000 29.9 % Provision for credit losses 5,365 21,050 (15,685 ) (74.5 ) Noninterest income 101,050 96,153 4,897 5.1 Noninterest expense 210,353 221,893 (11,540 ) (5.2 ) Income (loss) before taxes 67,970 (6,152 ) 74,122 1,204.8 Income tax expense (benefit) 14,225 (1,159 ) 15,384 1,327.4 Net income (loss) $ 53,745 $ (4,993 ) $ 58,738 1,176.4 % For the six-month period ended June 30, 2026, Personal Banking net income improved $58.7 million, or 1,176.4%, to net income of $53.7 million, as compared to a net loss of $5.0 million in the same period in 2025. Net interest income increased $42.0 million, or 29.9%, compared to the same period last year driven by organic loan growth, an additional month of activity from the acquisition of HTLF, and earning asset mix changes. Provision for credit losses decreased $15.7 million for the period, driven by the acquisition of HTLF as well as by portfolio metric changes and ongoing recalibrations of economic loss models in 2026 as compared to 2025. Noninterest income increased $4.9 million, or 5.1%, for the same period primarily driven by increases of $4.1 million in trust and securities processing income and $2.6 million in other income driven by increases in gains recorded for recoveries of loans previously charged off by HTLF and increased life insurance income, partially offset by a $2.2 million decline in investment securities gains. Noninterest expense decreased $11.5 million, or 5.2%, primarily due to decreases of $12.1 million in technology, service, and overhead expenses, $3.6 million in other noninterest expense driven by reduced charitable contributions, and $1.7 million in bankcard expenses, partially offset by increases of $2.9 million in salaries and employee benefits expense and $2.8 million in marketing and business development. Balance Sheet Analysis Total assets of the Company decreased $838.5 million, or 1.1%, as of June 30, 2026, compared to December 31, 2025, primarily due to decreases of $2.0 billion, or 28.7%, and $172.7 million, or 18.1%, in interest-bearing due from banks and cash and due from banks, respectively, coupled with decreases of $619.7 million, or 40.0%, in securities purchased under agreements to resell and $221.0 million, or 1.6%, in securities available for sale. These decreases were partially offset by an increase of $2.4 billion, or 6.1%, in loans balances. Total assets of the Company increased $495.4 million, or 0.7%, as of June 30, 2026, compared to June 30, 2025, primarily due to increases of $4.3 billion, or 11.8%, in loan balances and $1.3 billion, or 10.9%, in securities available for sale, partially offset by a decrease of $5.1 billion, or 50.6%, in interest-bearing due from banks. 82 Table 9 SELECTED FINANCIAL INFORMATION (unaudited, dollars in thousands) June 30, December 31, 2026 2025 2025 Total assets $ 72,255,560 $ 71,760,153 $ 73,094,090 Loans, net of unearned interest 41,156,526 36,813,671 38,781,438 Total securities 19,943,926 18,405,658 20,131,999 Interest-bearing due from banks 4,951,010 10,026,186 6,940,535 Total earning assets 66,979,900 65,982,706 67,402,065 Total deposits 59,766,682 59,987,009 60,656,790 Total borrowed funds 3,563,726 3,589,930 3,799,167 Loans represent the Company’s largest source of interest income. In addition to growing the commercial loan portfolio, management believes its middle market commercial business and its consumer business, including home equity and credit card loan products, are the market niches that represent its best opportunity to cross-sell fee-related services and generate additional noninterest income for the Company. Actual loan balances totaled $41.1 billion as of June 30, 2026, and increased $2.4 billion, or 6.1%, compared to December 31, 2025, and increased $4.3 billion, or 11.8%, compared to June 30, 2025. Compared to December 31, 2025, commercial and industrial loans increased $1.7 billion, or 10.3%, leases and other loans increased $261.8 million, or 109.8%, and commercial real estate loans increased $191.1 million, or 1.2%. Compared to June 30, 2025, commercial and industrial loans increased $3.3 billion, or 22.5%, leases and other loans increased $398.4 million, or 391.2%, commercial real estate loans increased $382.4 million, or 2.4%, and consumer real estate loans increased $221.0 million, or 5.1%. As of June 30, 2026 and December 31, 2025, commercial real estate loans comprised approximately 40.3% and 42.2%, respectively, of the Company's loan portfolio. 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 and 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. 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 25.7% and 27.5% of total Company loans as of June 30, 2026 and December 31, 2025, respectively. The average investment CRE loan was approximately $4.0 million and $3.6 million, as of June 30, 2026 and December 31, 2025, 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.” 83 Table 10 Investment CRE loans by industry as a percentage of total Company Loans June 30, 2026 December 31, 2025 Industrial 7.9 % 8.1 % Multifamily 6.5 6.7 Office building 2.9 3.6 Retail 2.1 2.3 Hotel 1.8 2.0 Other 4.5 4.8 Total Investment CRE 25.7 % 27.5 % 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 11 Investment CRE loans by State June 30, 2026 December 31, 2025 Texas 12.0 % 12.0 % Missouri 12.0 12.5 Arizona 11.9 12.2 Colorado 11.5 11.7 California 5.3 5.1 Utah 5.0 4.9 All others 42.3 41.6 Total Investment CRE 100.0 % 100.0 % Nonaccrual, past due and restructured loans are discussed under “Credit Risk Management” within “Item 3. Quantitative and Qualitative Disclosures About Market Risk” in this report. Investment Securities The Company’s investment portfolio contains trading, AFS, and HTM securities, as well as FRB stock, FHLB stock, and other miscellaneous investments. Investment securities totaled $19.9 billion as of June 30, 2026, and $20.1 billion as of December 31, 2025, and comprised 29.8% and 29.9% of the Company’s earning assets, respectively, as of those dates. The Company’s AFS securities portfolio comprised 67.6% of the Company’s total securities portfolio at June 30, 2026 and 68.1% at December 31, 2025. 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 was 69.6 months at June 30, 2026, compared to 74.8 months at December 31, 2025, and 72.4 months at June 30, 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 $13.2 billion and $13.4 billion of securities pledged to secure U.S. Government deposits, other public deposits, certain trust deposits, derivative transactions, and repurchase agreements at June 30, 2026 and December 31, 2025, respectively. 84 The Company’s HTM securities portfolio consists of U.S. agency-backed securities, mortgage-backed securities, general obligation bonds, and private placement bonds. The HTM portfolio, net of the ACL, totaled $5.7 billion at both June 30, 2026 and December 31, 2025, respectively. The average life of the HTM portfolio was 8.6 years at June 30, 2026, compared to 8.5 years at December 31, 2025, and 8.8 years at June 30, 2025. The securities portfolio generates the Company’s second largest component of interest income. The securities portfolio achieved an average yield on a tax-equivalent basis of 3.83% for the six-month period ended June 30, 2026, compared to 3.60% for the same period in 2025. At June 30, 2026, the unrealized pre-tax net loss on the AFS securities portfolio was $415.2 million, or 3.0% of the $13.9 billion amortized cost value, compared to $290.8 million at December 31, 2025. At June 30, 2026, the unrealized pre-tax net loss on the securities designated as HTM was $477.0 million, or 8.3% of the $5.7 billion amortized cost value, compared to $473.8 million at December 31, 2025. 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 $124.9 million as of June 30, 2026, and $139.2 million as of December 31, 2025, and was included in the amortized cost balance of HTM securities. See further information in Note 5, “Securities” in the Notes to Consolidated Financial Statements. Deposits and Borrowed Funds Deposits decreased $890.1 million, or 1.5%, from December 31, 2025 to June 30, 2026 and decreased $220.3 million, or 0.4%, from June 30, 2025 to June 30, 2026. Total interest-bearing balances increased $76.0 million and noninterest-bearing deposits decreased $966.1 million from December 31, 2025 to June 30, 2026. Total interest-bearing deposits increased $2.1 billion and noninterest-bearing deposits decreased $2.3 billion from June 30, 2025 to June 30, 2026. Noninterest-bearing deposits were 27.1%, 28.3%, and 30.8% of total deposits at June 30, 2026, December 31, 2025, and June 30, 2025, respectively. 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 trust and investment company servicing businesses, in order to attract and retain additional deposits. Management believes a strong core deposit composition is one of the Company’s key strengths given its competitive product mix. As of June 30, 2026, there were an estimated $38.2 billion of uninsured deposits, a decrease of $1.5 billion as compared to December 31, 2025, and a decrease of $2.6 billion as compared to June 30, 2025. Estimated uninsured deposits comprised approximately 64.0%, 65.4%, and 68.1% of total deposits as of June 30, 2026, December 31, 2025, and June 30, 2025, 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 UMB Bank, n.a. 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 $2.7 billion and collateralized deposits of $6.6 billion, the adjusted estimated uninsured deposits were $28.9 billion as of June 30, 2026. The adjusted ratio of estimated uninsured deposits, excluding affiliate and collateralized deposits, as a percentage of total deposits was approximately 48.4% as of June 30, 2026. The adjusted ratio of estimated uninsured deposits, excluding affiliate and collateralized deposits, as a percentage of total deposits was approximately 48.1% as of December 31, 2025, and 51.5% as of June 30, 2025. 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. The Company had $4.2 billion, $3.5 billion, and $3.2 billion of deposits in the program as of June 30, 2026, December 31, 2025, and June 30, 2025, respectively. Long-term debt totaled $480.1 million as of June 30, 2026, compared to $474.2 million as of December 31, 2025, and $657.3 million as of June 30, 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, 85 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. 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 have an aggregate contractual balance of $262.9 million and a carrying value of $222.3 million as of June 30, 2026 and $220.0 million at December 31, 2025. Interest rates on trust preferred securities are tied to the three-month term SOFR rate 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. Federal funds purchased and securities sold under agreements to repurchase totaled $3.1 billion as of June 30, 2026, $3.3 billion at December 31, 2025, and $2.9 billion at June 30, 2025. 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 or similar issues at an agreed-upon price and date. Capital and Liquidity The Company places a significant emphasis on the maintenance of a strong capital position, which 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 was $8.0 billion at June 30, 2026, a $337.2 million increase as compared to December 31, 2025, and a $745.0 million increase compared to June 30, 2025. Total common shareholders’ equity was $7.7 billion as of June 30, 2026, compared to $7.4 billion at December 31, 2025 and $6.9 billion at June 30, 2025. Total accumulated other comprehensive loss was $371.5 million at June 30, 2026. This is a decline of $110.0 million as compared to December 31, 2025, and an improvement of $70.5 million as compared to June 30, 2025. The Company’s Board of Directors authorized, at its April 28, 2026 meeting, the repurchase of up to two million shares of the Company's common stock during the twelve months following each meeting (each a Repurchase Authorization). On April 29, 2025 and April 30, 2024, the Board authorized the repurchase of up to one million shares during the twelve months following each meeting. During the six-month period ended June 30, 2026, the Company repurchased 178,429 shares pursuant to the 2025 Repurchase Authorization and 38,158 shares pursuant to the 2026 Repurchase Authorization, and also acquired shares pursuant to the Company's share-based incentive programs. During the six-month period ended June 30, 2025, 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. At the Company’s quarterly board meeting, the Board of Directors declared a $0.50 per common share quarterly cash dividend payable on October 1, 2026, to common shareholders of record at the close of business on September 10, 2026. Additionally, the Board of Directors 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 October 15, 2026 to stockholders of record of the Series B Preferred Stock as of the close of business on September 30, 2026. The Company is a member bank of the FHLB 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 both June 30, 2026 and 86 December 31, 2025, the Company owned $10.3 million of FHLB stock. As of June 30, 2026, 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 $218.0 million and have various maturity dates through September 15, 2026. The Company’s remaining borrowing capacity with the FHLB was $2.5 billion as of June 30, 2026. The Company had no outstanding FHLB advances with the FHLB of Des Moines as of June 30, 2026. In addition to the borrowing capacity with the FHLB as described above, the Company had additional liquidity of $35.9 billion available via cash, unpledged bond collateral, the federal funds market, the Federal Reserve Discount Window, and the IntraFi Cash Service program as of June 30, 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 calculated as the ratio of tier 1 core capital to total average assets, less goodwill and intangibles. The Company's capital position as of June 30, 2026 is summarized in the table below and exceeded regulatory requirements. Table 12 Three Months Ended Six Months Ended June 30, June 30, RATIOS 2026 2025 2026 2025 Common equity tier 1 capital ratio 11.45 % 10.39 % 11.45 % 10.39 % Tier 1 risk-based capital ratio 12.02 11.24 12.02 11.24 Total risk-based capital ratio 13.80 13.46 13.80 13.46 Leverage ratio 9.11 8.34 9.11 8.34 Return on average assets 1.55 1.29 1.51 0.94 Return on average common equity 14.16 12.72 13.93 9.67 Average common equity to assets 10.94 10.15 10.84 9.69 The Company's per common share data is summarized in the table below. Three Months Ended Six Months Ended June 30, June 30, Per Share Data 2026 2025 2026 2025 Earnings per common share – basic $ 3.58 $ 2.84 $ 6.94 $ 4.18 Earnings per common share – diluted 3.56 2.82 6.90 4.16 Cash dividends per common share 0.43 0.40 0.86 0.80 Dividend payout ratio 12.0 % 14.1 % 12.4 % 19.1 % Book value per common share $ 102.02 $ 90.68 $ 102.02 $ 90.68 Off-balance Sheet Arrangements The Company’s main off-balance sheet arrangements are loan commitments, commercial and standby letters of credit, futures contracts and forward exchange contracts, which have maturity dates rather than payment due dates. See Note 10, “Commitments, Contingencies and Guarantees” in the Notes to Consolidated Financial Statements for detailed information on these arrangements. The level of the outstanding commitments could be 87 impacted by volatility in the economic markets and governmental responses to inflation, geopolitical tensions, and supply chain constraints. These changing conditions could have impacts on the consolidated balance sheets of the Company for the remainder of the year. Critical Accounting Policies and Estimates 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 ongoing 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. A summary of critical accounting policies is listed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of the Form 10-K.