UMB Financial Corporation Reports Year-Over-Year Earnings Growth on Record Revenue of $472 Million.

Loan Balances Also Reach Record Levels at $3.8 Billion

KANSAS CITY, Mo. -- UMB Financial Corporation (NASDAQ: UMBF):

Full-year selected financial highlights

* Net interest income increased 15.4 percent

* Net interest margin increased 22 basis points

* Average loans increased 14.3 percent

* Assets under management increased 23 percent and surpass $10 billion

UMB Financial Corporation (NASDAQ: UMBF), a Kansas City-based multi-bank holding company, announced earnings of $59.8 million or $1.40 per share ($1.40 diluted) for the year ended December 31, 2006. This is an increase of $3.4 million, or 6.1 percent, compared to 2005 earnings of $56.3 million, or $1.31 per share ($1.30 diluted). Revenue was higher due to a 15.4 percent increase in net interest income and a 1.2 percent increase in noninterest income. These revenue increases were partially offset by a 6.5 percent increase in noninterest expense.

Adjusted net income in 2006 would have increased approximately 16.4 percent over 2005, excluding certain adjustments (net gains and losses related to the sales and closures of banking facilities, the sale of employee benefit accounts and charges related to the voluntary separation plan) in both years. A table reconciling GAAP net income for these items for the quarter and year-to-date is included with this release.

"2006 has once again been a year of solid growth and improved financial performance. Loans grew 14.3 percent on an average basis and both our net interest income and margin expanded in a very challenging rate environment," said Mariner Kemper, Chairman and CEO, UMB Financial Corporation. "Our strong finish to 2006 gives us a great deal of momentum heading into 2007. We believe the disciplined implementation of our growth strategies will continue to yield positive results, and should lead to further margin improvement as well as balance sheet and fee income growth in 2007."

"Trust and card services continue to be the big drivers of growth in fee income," said Peter deSilva, President and Chief Operating Officer. "We are pleased with the performance of our Asset Management Division as we passed $10 billion in assets under management. Our UMB Scout Funds performed well adding $684 million in net flows during the year. Our Retail Division grew home equity lines of credit 48 percent year-over-year thanks to a strong product offering. Finally, our healthcare services business grew deposits and assets 76 percent year-over-year. We remain committed to maintaining our leadership position in the healthcare services industry."

Net Interest Income

Net interest income increased $28.9 million, or 15.4 percent, for the year ended December 31, 2006, compared to 2005, due primarily to higher average earning assets and greater net interest margin.

For the year ended December 31, 2006, there was a $477.4 million, or 7.6 percent increase in average earning assets mostly from average loan growth of $448.9 million, or 14.3 percent. The contribution from noninterest-bearing demand deposits, which made up 33.5 percent of average total deposits, increased in 2006 as compared to 2005. This benefit from free funds improved net interest margin by 29 basis points. This benefit was partially offset by a 7 basis point decrease in net interest spread as the cost of interest-bearing liabilities increased by a greater amount than the yield on earning assets. Overall, net interest margin increased by 22 basis points for the year ended December 31, 2006, as compared to 2005.

Noninterest Income and Expense

Noninterest income increased by $3.1 million, or 1.2 percent, for the year ended December 31, 2006 compared to 2005. The increase was primarily attributable to increases in trust and securities processing income and bankcard fees. Trust and securities processing income increased by $15.8 million, or 19.2 percent, in 2006 as compared to 2005 primarily from higher advisory fee income related to increases in assets under management within the UMB Scout Funds. Assets under management, including the UMB Scout Funds, increased to $10.1 billion in 2006, or 23.1 percent, primarily due to net flows into the UMB Scout Funds and increases in market values. Bankcard fees were $5.4 million or 16.2 percent higher in 2006 than in 2005 from increased interchange fee income due to greater card activity. Offsetting these 2006 revenue increases were net gains recognized in 2005, but not in 2006. In 2005, there were $9.2 million of net gains recognized related to the sale and closure of banking facilities. Additionally, there was a net gain of $3.6 million recognized on the sale of employee benefit accounts in 2005.

Noninterest expense increased $23.3 million, or 6.5 percent, for the year ended December 31, 2006 compared to 2005. Categories of noninterest expense with the most significant increases were equipment, processing fees, salaries and employee benefits, bankcard, marketing and business development.

Equipment expense increased mostly due to expenses related to significant investments in computer hardware and software including Web Exchange(SM), an online banking service for businesses, ClientLink, a customer relationship management software tool and an enhanced umb.com website. Processing fees increased primarily due to shareholder servicing and other administrative fees paid to investment advisors which directly correlate with the increase in net assets under management in the UMB Scout Funds. Salaries and employee benefits increased primarily due to increases in equity-based compensation as a result of new accounting rules adopted in 2006, an increase in the company match for 401(k) and profit sharing and an increase in the cost of benefits. These increases were partially offset by a reduction in salary expense from the prior year as a result of a $4.4 million charge in 2005 for the voluntary separation plan. Bankcard expenses were higher mostly due to an enhanced consumer rebate program which corresponds to the increased usage of the consumer bankcard product.

Balance Sheet

Average total assets for the year ended December 31, 2006 were $7.6 billion compared to $7.1 billion for 2005, an increase of $488.9 million, or 6.9 percent. Average earning assets increased by $477.4 million, or 7.6 percent. In addition to the increase in earning assets, the mix of higher yielding loans to overall earning assets was favorable. Average loans comprised 53.0 percent of the company's earning asset base for 2006 as compared to 49.9 percent for 2005.

For the twelve months ended December 31, 2006, average loans were $3.6 billion compared to $3.1 billion for 2005, an increase of 14.3 percent. Actual loan balances on December 31, 2006 were $3.8 billion, compared to $3.4 billion on December 31, 2005. Loan balances by category are as follows:

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Nonperforming loans at December 31, 2006 totaled $6.6 million compared to $5.4 million a year earlier. As a percentage of total loans, nonperforming loans were 0.17 percent of loans as of December 31, 2006 compared to 0.16 percent at December 31, 2005. Nonperforming loans are defined as nonaccrual loans and restructured loans. The company's allowance for loan losses totaled $44.9 million, or 1.20 percent of total loans as of December 31, 2006, compared to $40.8 million, or 1.21 percent of total loans as of December 31, 2005.

Average securities were $2.7 billion for 2006 compared to $2.9 billion for 2005, a decrease of $117.8 million, or 4.1 percent. This decrease was primarily a result of the utilization of securities purchased under agreement to resell in lieu of short-term discount notes related to public funds and customer repurchase agreements. The average balance of securities purchased under agreement to resell increased by $99.1 million in 2006 compared to 2005.

Average total deposits increased $352.8 million, or 6.9 percent, to $5.5 billion for the twelve months ended December 31, 2006, compared to the same period in 2005. The increase in deposits came primarily from time deposits and money market accounts as a result of targeted marketing campaigns during 2006. Average time deposit accounts increased by $247.0 million, or 26.1 percent, for the twelve months ended December 31, 2006 as compared to 2005. Average money market accounts increased by $186.2 million, or 22.3 percent, in 2006 as compared to 2005. Total deposits as of December 31, 2006 were $6.3 billion, compared to $5.9 billion at December 31, 2005.

As of December 31, 2006, UMB had total shareholders' equity of $848.9 million, a 1.9 percent increase from the prior year.

Fourth Quarter Results

Earnings for the three months ended December 31, 2006 were $15.8 million, or $0.37 per share ($0.37 diluted). This was an increase of $0.8 million, or 5.7 percent compared to the fourth quarter of 2005 earnings of $15.0 million, or $0.35 per share ($0.35 diluted).

Net interest income for the three months ended December 31, 2006 increased $8.5 million, or 17.6 percent, compared to the same period in 2005 due primarily to higher average earning assets and an increase in net interest margin. Average earning assets increased by $445.1 million, or 6.9 percent, to $6.9 billion for the three months ended December 31, 2006 as compared to the same period in 2005. Net interest margin was 3.41 percent for the quarter ended December 31, 2006 compared to 3.12 percent for the same quarter in 2005.

Noninterest income increased $4.1 million, or 6.7 percent, for the three months ended December 31, 2006 compared to the same period in 2005. Trust and securities processing income increased by $4.2 million, or 19.5 percent, primarily from higher advisory fee income related to increases in assets under management within the UMB Scout Funds. Bankcard income was $1.4 million, or 15.6 percent higher than the three months ended December 31, 2005 due to increased interchange fee income. These increases were partially offset by decreases in service charges on deposits and other income. The decrease in deposit service charge income is mostly attributable to increases in earnings credits on compensating balances.

Noninterest expense increased $11.8 million, or 13.6 percent, for the quarter ending December 31, 2006 compared to the same period in 2005. The increase was primarily a result of an increase in salaries and employee benefits, as well as increases in equipment expense and processing fees. The significant increase in salary expense was primarily related to a 6.8 percent increase in base salaries for the fourth quarter of 2006 as compared to 2005, primarily related to the addition of Mountain States Bank, acquired in the third quarter of 2006. Other increases are attributable to a higher equity-based compensation expense, a higher company match and contribution to the 401(k) and profit sharing plan and an increase in the costs associated with the self-funded health insurance plan. Equipment expense increased primarily due to hardware and software costs associated with major projects placed in service during 2006. Processing fees increased primarily due to shareholder servicing and other administrative fees paid to investment advisors which directly correlate with higher trust fee income due to the increase in net assets under management in the UMB Scout Funds.

The company plans to host a conference call to discuss its year-end and fourth quarter results on January 24, 2007, at 8:30 a.m. (CST). Interested parties may access the call by dialing U.S. (toll-free) 800-218-0713, or access the following Web link to the live call: http://w.on24.com/r.htm?e=34909&s=1&k= 4CA8D115B67167B3178D9F436B441A67 (Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.), or visit www.umb.com.

Forward-Looking Statements:

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements rely on a number of assumptions concerning future events and are subject to risks and uncertainties, which could cause actual results to differ materially from those contemplated by the forward-looking statements in this Current Report on Form 8-K, any exhibits to this Current Report and other public statements the company may make. While management of UMB believes their assumptions are reasonable, UMB cautions that changes in general economic conditions, changes in interest rates, changes in the securities markets, changes in operations, changes in competition, technology changes, legislative or regulatory changes, the ability of customers to repay loans, changes in loan demand, the ability to integrate acquisitions and increases in employee costs, and other risks and uncertainties detailed in UMB's filings with the Securities and Exchange Commission, may cause actual results to differ materially from those discussed in this release. Any forward-looking statements should be read in conjunction with information about risks and uncertainties set forth in the company's Securities and Exchange Commission reports, including its annual report and Form 10-K for the year ended December 31, 2005. UMB has no duty to update such statements, and undertakes no obligation to update or supplement forward-looking statements that become untrue because of new information, future events or otherwise.

Non-GAAP Financial Measures:

Certain financial measures contained in this press release exclude significant gains and losses relating to the sales and closures of banking facilities, the sale of employee benefits accounts and the voluntary separation plan. Financial measures which exclude those items have not been determined in accordance with generally accepted accounting principles and are therefore "non-GAAP" financial measures. Management of UMB believes that investors' understanding of the company's performance is enhanced by disclosing these non-GAAP financial measures as a reasonable basis for comparison of the company's ongoing results of operations. These non-GAAP measures should not be considered a substitute for GAAP-basis measures and results. Our non-GAAP measures may not be comparable to non-GAAP measures of other companies. The attached Non-GAAP Reconciliation Schedule provides a reconciliation of these non-GAAP financial measures to the most closely analogous measure determined in accordance with GAAP.

About UMB:

UMB Financial Corporation is a multi-bank holding company headquartered in Kansas City, Mo., offering complete banking, asset management and related financial services to both individual and business customers nationwide. Its banking subsidiaries own and operate 139 banking centers throughout Missouri, Kansas, Illinois, Colorado, Oklahoma, Nebraska and Arizona. Subsidiaries of the holding company and the lead bank, UMB Bank, n.a., include an investment services group based in Milwaukee, Wisconsin, a trust management company in South Dakota and single-purpose companies that deal with brokerage services, consulting services and insurance.

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