<SEC-DOCUMENT>0001193125-24-100797.txt : 20240517
<SEC-HEADER>0001193125-24-100797.hdr.sgml : 20240517
<ACCEPTANCE-DATETIME>20240418161557
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-24-100797
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20240418

FILER:

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

	FILING VALUES:
		FORM TYPE:		CORRESP

	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
</SEC-HEADER>
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<TYPE>CORRESP
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:Times New Roman" ALIGN="center">April 18, 2024 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:Times New Roman" ALIGN="justify">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:Times New Roman" ALIGN="justify">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:Times New Roman" ALIGN="justify">Office of Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:Times New Roman" ALIGN="justify">100 F
Street N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:Times New Roman" ALIGN="justify">Washington, DC 20549 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:Times New Roman" ALIGN="justify">Attn:&#8195;&#8196;Shannon Davis </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:11.5pt; font-family:Times New Roman">John Spitz </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#8195;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Re:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>UMB Financial Corporation</B></P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;31, 2023</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-38481</FONT></B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:Times New Roman" ALIGN="justify">Dear Ms. Davis and Mr. Spitz: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:11.5pt; font-family:Times New Roman" ALIGN="justify">Set forth below are the responses of UMB Financial Corporation (the <B><I></I></B>&#147;<B><I>Company</I></B>&#148;)<B><I>
</I></B>to the comments received from the staff (the <B><I></I></B>&#147;<B><I>Staff</I></B>&#148;)<B><I> </I></B>of the Securities and Exchange Commission (the <B><I>&#147;Commission</I></B>&#148;)<B><I> </I></B>by letter dated April&nbsp;10, 2024
regarding the above-referenced Form <FONT STYLE="white-space:nowrap">10-K</FONT> (the <B><I></I></B>&#147;<B><I>2023 Form <FONT STYLE="white-space:nowrap">10-K</FONT></I></B>&#148;)<B><I>. </I></B>For your convenience, the Company has set forth
below each Staff comment followed by the Company&#146;s response. Capitalized terms used but not otherwise defined in this letter have the meanings ascribed to such terms in the 2023 Form 10<B></B>-K. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:Times New Roman" ALIGN="justify"><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;31, 2023 </U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:Times New Roman" ALIGN="justify"><U>General</U> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11.5pt; font-family:Times New Roman; " ALIGN="justify"><I>We note your presentation of average</I><I> </I><I>total tangible shareholder&#146;s equity excluding
AOCI and operating return on average tangible equity excluding AOCI as <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures presented in Exhibit 99.1 to your Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed
January</I><I></I><I>&nbsp;30, 2024. These measures represent individually tailored accounting measures given that the adjustment to exclude AOCI has the effect of changing the recognition and measurement principles required to be applied in
accordance with GAAP. Therefore, please remove the presentation of these <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures from your future filings. Refer to Question 100.04 of the</I><I> </I><I>Division of Corporation</I><I>
</I><I>Finance&#146;s Compliance</I><I></I><I>&nbsp;&amp; Disclosure Interpretations on <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures and Rule 100(b) of Regulation</I><I> </I><I>G</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:11.5pt; font-family:Times New Roman" ALIGN="justify">The Company respectfully acknowledges the Staff&#146;s comment and will remove the presentation of such <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> measures from future filings with the Commission, unless the Commission would allow such continued disclosure for the following reasons, which the Company believes are important to investors. Similar to
many other banks, the Company began disclosing Return on Tangible Common Equity (ROTCE) excluding the impacts of Accumulated Other Comprehensive Income (AOCI) and reconciling this <FONT STYLE="white-space:nowrap">non-GAAP</FONT> metric in its
presentation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Arial Narrow"><B>&#8195;UMB Financial Corporation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:7pt; font-family:Arial Narrow" ALIGN="justify">&#8195;1010 Grand Boulevard </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Arial Narrow" ALIGN="justify">&#8195;Kansas City, Missouri, 64106 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:7pt; font-family:Arial Narrow" ALIGN="justify">&#8195;816.860.7000 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Arial Narrow" ALIGN="justify">&#8195;816.860.4997
Fax </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Arial Narrow" ALIGN="justify">&#8195;800.821.2171 Toll Free </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:7pt; font-family:Arial Narrow" ALIGN="justify">&#8195;umb.com </P>
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<IMG SRC="g806966g76m34.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6%; font-size:11.5pt; font-family:Times New Roman" ALIGN="justify">The Company introduced this metric as management believes that, due to
rapid increases in interest rates and the resulting material <FONT STYLE="white-space:nowrap">de-valuations</FONT> of bond portfolio <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-sale</FONT></FONT> that was captured in
AOCI (similarly reducing equity and tangible common equity), the ROTCE metric was exaggerated and would not give investors a true picture of the Company&#146;s profitability. ROTCE excluding AOCI has become a widely accepted metric referenced by
Wall Street investors and sell-side analysts, and management believes that this <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure may be useful to investors. Prior comparative period return metrics were also reported to give investors a
clearer picture on such trends. We also note that excluding <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> valuations is not a new concept, as evidenced in how life insurance companies that have large
bond portfolios and market volatility report returns and book value excluding AOCI. </P> <P STYLE="margin-top:13pt; margin-bottom:0pt; font-size:11.5pt; font-family:Times New Roman" ALIGN="justify"><U>Item 7. Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operations</U> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:Times New Roman" ALIGN="justify"><U>Loans and Loans Held for Sale, page 40</U> </P>
<P STYLE="font-size:13pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11.5pt; font-family:Times New Roman; " ALIGN="justify"><I>We note disclosure that your commercial real estate (&#147;CRE&#148;) loan portfolio has increased
$1.3&nbsp;billion, or 16.8%, during fiscal year ended December 31, 2023 and that this portfolio, in general, may be more adversely impacted by conditions in the real estate market or the economy. We also note disclosure in Exhibit 99.2 of your Form <FONT
STYLE="white-space:nowrap">8-K</FONT> filed on January&nbsp;30, 2024 that provides detailed disclosures of your CRE loan portfolio. Please revise your future periodic filings, beginning with your Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for
the fiscal quarter ended March&nbsp;31, 2024, to further disaggregate the composition of your CRE loan portfolio to address material geographic and other concentrations to the extent material to an investor&#146;s understanding of your CRE loan
portfolio. In this regard, provide quantitative and qualitative disclosure regarding current weighted average and/or range of <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">loan-to-value</FONT></FONT> ratios and occupancy rates
and disclose the extent of your exposure by borrower type, such as office, retail, hotel and multifamily. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:13pt; margin-bottom:0pt; margin-left:6%; font-size:11.5pt; font-family:Times New Roman" ALIGN="justify">The Company respectfully acknowledges the Staff&#146;s comment, and will provide in its future filings with the Commission,
quantitative and qualitative disclosure regarding its weighted average and/or range of <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">loan-to-value</FONT></FONT> ratios and occupancy rates and disclose the extent of its exposure
by borrower type, such as office, retail, hotel and multifamily. </P> <P STYLE="font-size:13pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><I>3.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11.5pt; font-family:Times New Roman; " ALIGN="justify"><I>In addition, we note your disclosure on page 13 that failures in your risk management policies,
procedures, and controls could adversely affect your ability to manage your CRE loan portfolio going forward and could result in an increased rate of delinquencies in, and increased losses from, this portfolio. Please revise your future filings to
describe the specific details of any risk management policies, procedures or other actions undertaken by management in response to the current environment. </I></P></TD></TR></TABLE>
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 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6%; font-size:11.5pt; font-family:Times New Roman" ALIGN="justify">The Company respectfully acknowledges the Staff&#146;s comment and will
revise its future filings with the Commission to add specific details regarding risk management policies, procedures or other actions undertaken by management in response to the current environment. </P>
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<TD VALIGN="top">Sincerely,</TD></TR>
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<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Ram Shankar</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11.5pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:Times New Roman">Ram Shankar</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:Times New Roman">Chief Financial Officer</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11.5pt; font-family:Times New Roman">of UMB Financial Corporation</P></TD></TR>
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