UMB Financial Corp. (UMBF.N): 2Q26 Review - Solid Growth, Healthy Fee Income Drive EPS Trends

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UMB Financial Corp. (UMBF.N): 2Q26 Review - Solid Growth, Healthy Fee Income Drive EPS Trends

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30 Jul 2026 05:00:00 ET │ 14 pages

UMB Financial Corp. (UMBF.N)

2Q26 Review - Solid Growth, Healthy Fee Income Drive EPS Trends

CITI'S TAKE

Neutral UMBF’s 2Q results were better than expected, highlighting healthy loan

growth and core NII/fee income trends. However, guidance of a relatively Price (29 Jul 26 16:00) US$147.92

flat core NIM, limits the relative upside in NII trends, although deposit Target price US$162.00↑

seasonality in 4Q should support regained momentum. The loan and from US$144.00

deposit pipeline remain strong and we got the sense that a similar Expected share price return 9.5%

performance on the core fee income should be expected. Credit continues Expected dividend yield 1.2%

to appear healthy and the limited LLP expense outlook supports a

Expected total return 10.7% modestly stronger EPS outlook. While the outlook and pace of growth has

Market Cap US$11,234M surpassed our expectations, we find the valuation to today to be leaving

little margin of error at roughly 2x TBV. We maintain our Neutral rating, but

increase our TP to $162 (+$18).

Benjamin GerlingerAC

Estimate Changes — We refreshed our model for the quarter’s results and updated +1-212-816-3538

guidance. We tweaked both our 2026E EPS (from $12.72 to $13.39) and 2027E EPS benjamin.gerlinger@citi.com

(from $13.56 to $13.94). We increased our NIM expansion trend, largely due to the

Kaili Wang, CFA2Q upside (limited NIM lift, higher rebase) and fee income based on recent quarter

performance and management commentary. We also tweaked our operating +1-716-730-7408

expense estimates based on recent quarter performance and management’s kaili.wang@citi.com

guidance.