<PAGE>
- -------------------------------------------------------------------------------
UMB Profit Sharing and 401(k) Savings Plan
Financial Statements as of and for the Years
Ended December 31, 1998 and 1997,
Supplemental Schedules as of and for the Year Ended December 31, 1998, and
Independent Auditors' Report
<PAGE>
UMB PROFIT SHARING AND 401(k) SAVINGS PLAN
TABLE OF CONTENTS
- --------------------------------------------------------------------------------
Page
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED
DECEMBER 31, 1998 AND 1997:
Statements of Net Assets Available for Benefits 2-3
Statements of Changes in Net Assets Available for Benefits 4
Notes to Financial Statements 5-9
SUPPLEMENTAL SCHEDULES AS OF AND FOR THE
YEAR ENDED DECEMBER 31, 1998:
Item 27a - Schedule of Assets Held for Investment Purposes 10
Item 27d - Schedule of Reportable Transactions 11-12
Note: Certain supplemental schedules required by the rules and regulations of
the Department of Labor are omitted because of the absence of conditions under
which they are required.
<PAGE>
INDEPENDENT AUDITORS' REPORT
Administrative Committee
UMB Profit Sharing and 401(k) Savings Plan
Kansas City, Missouri
We have audited the accompanying statements of net assets available for benefits
of UMB Profit Sharing and 401(k) Savings Plan (the "Plan") as of December 31,
1998 and 1997, and the related statements of changes in net assets available for
benefits for the years then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan as of
December 31, 1998 and 1997, and the changes in net assets available for benefits
for the years then ended in conformity with generally accepted accounting
principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of Assets Held
for Investment Purposes and Reportable Transactions are presented for the
purpose of additional analysis and are not a required part of the basic
financial statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The supplemental
information by fund in the statements of net assets available for benefits and
the statements of changes in net assets available for benefits is presented for
the purpose of additional analysis rather than to present the net assets
available for benefits and changes in net assets available for benefits of the
individual funds. The supplemental schedules and supplemental information by
fund is the responsibility of the Plan's management. Such supplemental schedules
and supplemental information by fund have been subjected to the auditing
procedures applied in our audits of the basic financial statements and, in our
opinion, are fairly stated in all material respects when considered in relation
to the basic financial statements taken as a whole.
June 4, 1999
<PAGE>
UMB PROFIT SHARING AND 401(k) SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Non-
Participant Directed Participant
Directed
_______________________________________________________________________________________________________
Fund F: Fund G: Fund H:
Fund B: Fund C: Fund D: Fund E: UMB UMB UMB
Fund A: Pooled Pooled Pooled UMB Scout Scout Scout Capital Financial
Balanced Income Equity Debt Regional Worldwide Preservation Corporation
Fund Fund Fund Fund Fund Fund Fund Stock Administ-
---- ---- ---- ---- ---- ---- ---- ----- ---------
ASSETS: rative
Investments, at fair value:
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Pooled Income Fund $ 10,589,329
Pooled Debt Fund $ 10,188,190 $ 6,372,336
Pooled Equity Fund 12,530,727 $ 34,116,453
Scout Regional Fund $ 7,383,316
Scout Worldwide Fund $ 14,176,210
Scout Preservation Fund $ 630,729
Short Term Money Market 128,987 87,200 154,040 14,959 $ 24 $116,395
UMB Financial Corporation
Stock 1,045,170
Participant loans 2,593,529
Other assets - real estate 100,000
---------- ---------- ---------- --------- --------- ---------- ------- --------- -------
Total investments 25,441,433 10,676,529 34,370,493 6,387,295 7,383,316 14,176,210 630,729 1,045,194 116,395
---------- ---------- ---------- --------- --------- ---------- ------- --------- -------
Receivables:
Employer contributions 361,804 102,517 603,953 83,238 177,698 317,504 13,897 10,843
Interest and dividends 13,061 220 1,025 217 5,557 449
---------- ---------- ---------- --------- --------- ---------- ------- --------- -------
Total receivables 374,865 102,737 604,978 83,455 177,698 317,504 13,897 16,400 449
---------- ---------- ---------- --------- --------- ---------- ------- --------- -------
Cash 101,429 19,598 103,483 19,855 13,983 376
---------- ---------- ---------- --------- --------- ---------- ------- --------- -------
Total assets 25,917,727 10,798,864 35,078,954 6,490,605 7,574,997 14,494,090 644,626 1,061,594 116,844
LIABILITIES -
Refundable excess
contributions 2,148 2,658 7,865 779 1,971 6,486 91 139
---------- ---------- ---------- --------- --------- ---------- ------- --------- -------
NET ASSETS AVAILABLE
FOR BENEFITS $ 25,915,579 $ 10,796,206$ 35,071,089$ 6,489,826$ 7,573,026$ 14,487,604 $ 644,535$1,061,455 $116,844
============ ========================================================== =================== ========
</TABLE>
<PAGE>
Total all
Funds
-----
ASSETS:
Investments, at fair value:
Pooled Income Fund $ 10,589,329
Pooled Debt Fund 16,560,526
Pooled Equity Fund 46,647,180
Scout Regional Fund 7,383,316
Scout Worldwide Fund 14,176,210
Scout Preservation Fund 630,729
Short Term Money Market 501,605
UMB Financial Corporation
Stock 1,045,170
Participant loans 2,593,529
Other assets - real estate 100,000
-------
Total investments 100,227,594
-----------
Receivables:
Employer contributions 1,671,454
Interest and dividends 20,529
------
Total receivables 1,691,983
---------
Cash 258,724
-------
Total assets 102,178,301
LIABILITIES -
Refundable excess
contributions 22,137
------
NET ASSETS AVAILABLE
FOR BENEFITS $ 102,156,164
=============
<PAGE>
UMB PROFIT SHARING AND 401(k) SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1997
<TABLE>
<CAPTION>
Non-Participant
Participant Directed Directed
Fund F:
Fund B: Fund C: Fund D: Fund E: UMB
Fund A: Pooled Pooled Pooled UMB Scout Scout
Balanced Income Equity Debt Regional Worldwide
Fund Fund Fund Fund Fund Fund Administrative Total
---- ---- ---- ---- ---- ---- -------------- -----
ASSETS:
Investments, at fair value:
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Pooled Income Fund $ 3,929,264 $ 3,929,264
Pooled Debt Fund $7,903,723 $ 4,005,805 11,909,528
Pooled Equity Fund 10,404,456 $27,172,232 37,576,688
Scout Regional Fund $6,266,693 6,266,693
Scout Worldwide Fund $8,929,127 8,929,127
Short Term Money Market 162,911 23,089 144,361 17,280 4,521 $ 87,657 439,819
Participant loans 2,278,258 2,278,258
Other assets - real estate 100,000 100,000
---------- --------- ---------- --------- --------- --------- ------ ----------
Total investments 20,749,348 3,952,353 27,416,593 4,023,085 6,271,214 8,929,127 87,657 71,429,377
---------- --------- ---------- --------- --------- --------- ------ ----------
Receivables:
Employer contributions 76,560 17,766 173,425 19,940 60,082 100,160 447,933
Interest and dividends 10,484 113 319 115 344 11,375
---------- --------- ---------- --------- --------- --------- ------ ----------
Total receivables 87,044 17,879 173,744 20,055 60,082 100,160 344 459,308
---------- --------- ---------- --------- --------- --------- ------ ----------
Total assets 20,836,392 3,970,232 27,590,337 4,043,140 6,331,296 9,029,287 88,001 71,888,685
LIABILITIES -
Refundable excess contributions 4,561 3,324 14,727 1,958 3,866 7,889 36,325
---------- --------- ---------- --------- --------- --------- ------ ----------
NET ASSETS AVAILABLE FOR
BENEFITS $20,831,831 $ 3,966,908$27,575,610 $4,041,182$6,327,430 $9,021,398 $ 88,001 $ 71,852,360
=========== ====================== ==================== ========== ======== ============
See notes to financial statements.
</TABLE>
<PAGE>
UMB PROFIT SHARING AND 401(k) SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEARS ENDED DECEMBER 31, 1998 AND 1997
<TABLE>
<CAPTION>
Participant-Directed
Fund G: Fund H:
Fund B: Fund C: Fund D: Fund E: Fund F: UMB Scout UMB
Fund A: Pooled Pooled Pooled UMB Scout UMB Scout Capital Financial
Balanced Income Equity Debt Regional Worldwide Preservation Corp.
Fund Fund Fund Fund Fund Fund Fund Stock
ADDITIONS:
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net appreciation (depreciation)
in fair value of investments $ 1,463,591 $ 273,243 $ 2,143,243 $ 385,210 $ (801,489)$ 1,479,479 $ (54,972)$(44,142)
Interest and dividends 223,576 8,249 16,545 2,429 600,537 211,211 8,613 6,347
Employer contributions 361,804 102,517 603,953 83,238 177,699 317,503 13,897 10,843
Employee contributions 1,514,437 397,058 2,689,449 315,181 806,871 1,321,718 51,574 (139)
Transfers from The ESOP
of UMB 216,380 8,998 9,243 6,609 6,609
Transfers from the Retirement
Plan of UMB 6,375,611 5,517,326 5,353,244 1,613,359 1,115,884 2,493,354 221,202 1,088,546
--------- --------- --------- --------- --------- --------- ------- ---------
Total additions 9,939,019 6,514,773 10,815,432 2,408,660 1,906,111 5,829,874 240,314 1,061,455
DEDUCTIONS:
Benefit payments
Other expenses 1,884
--------- --------- --------- --------- --------- --------- ------- ---------
Total deductions 1,884
--------- --------- --------- --------- --------- --------- ------- ---------
Net increase (decrease) prior
to interfund transfers 9,939,019 6,514,773 10,813,548 2,408,660 1,906,111 5,829,874 240,314 1,061,455
Interfund transfers, net (4,855,271) 314,525 (3,318,069) 39,984 (660,515) (363,668) 404,221
--------- --------- --------- --------- --------- --------- ------- ---------
Net increase 5,083,748 6,829,298 7,495,479 2,448,644 1,245,596 5,466,206 644,535 1,061,455
--------- --------- --------- --------- --------- --------- ------- ---------
Net assets available for benefits,
beginning of year 20,831,831 3,966,908 27,575,610 4,041,182 6,327,430 9,021,398
--------- --------- --------- --------- --------- --------- ------- ---------
Net assets available for benefits,
end of year $ 25,915,579 $10,796,206 $35,071,089 $6,489,826 $7,573,026 $14,487,604 $ 644,535$1,061,455
============ =========== =========== ========== ========== =========== ===================
See notes to fininacial statements.
</TABLE>
<PAGE>
UMB PROFIT SHARING AND 401(k) SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEARS ENDED DECEMBER 31, 1998 AND 1997
<TABLE>
<CAPTION>
Non-Participant
Directed
1998 1997
Administrative Total Total
ADDITIONS:
Net appreciation (depreciation)
<S> <C> <C>
in fair value of investments $ 4,844,163 $ 9,651,110
Interest and dividends $ 3,157 1,080,664 874,800
Employer contributions 1,671,454 447,933
Employee contributions 7,096,149 5,018,501
Transfers from The ESOP
of UMB 247,839 33,334
Transfers from the Retirement
Plan of UMB 23,778,526
----- ---------- ----------
Total additions 3,157 38,718,795 16,025,678
DEDUCTIONS:
Benefit payments 8,413,107 8,413,107 5,959,679
Other expenses 1,884 1,990
--------- --------- ---------
Total deductions 8,413,107 8,414,991 5,961,669
--------- --------- ---------
Net increase (decrease) prior
to interfund transfers (8,409,950) 30,303,804 10,064,009
Interfund transfers, net 8,438,793
--------- --------- ---------
Net increase 28,843 30,303,804 10,064,009
--------- --------- ---------
Net assets available for benefits,
beginning of year 88,001 71,852,360 61,788,351
--------- --------- ---------
Net assets available for benefits,
end of year $ 116,844 $102,156,164 $ 71,852,360
========= ============ ============
See notes to fininacial statements.
</TABLE>
<PAGE>
UMB PROFIT SHARING AND 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1998 AND 1997
- --------------------------------------------------------------------------------
1. PLAN DESCRIPTION
The following description of the UMB Profit Sharing and 401(k) Savings Plan (the
"Plan") provides only general information. Participants should refer to the Plan
agreement for a more complete description of the Plan's provisions.
General - The Plan is a defined contribution plan covering substantially all
employees and provides for retirement, disability and death benefits. The
employers (UMB Financial Corporation and affiliates) (collectively the
"Company") have agreed to voluntarily contribute an amount equal to the lesser
of 8% of consolidated net income or the maximum amount which could be
contributed without reducing consolidated net income below 8% of shareholders'
equity. Employer contributions as computed above (profit sharing contributions)
are divided between the UMB Profit Sharing and 401(k) Savings Plan and The ESOP
of UMB, at the discretion of the Board of Directors of UMB Financial
Corporation. All such employer profit sharing contributions were allocated to
The ESOP of UMB in 1998 and 1997.
Eligibility and Participation - The Plan provides that employees with one full
year of continuous service become eligible to participate in the Plan.
Contributions - Under the Plan, participants can elect to make contributions on
a pre-tax basis, equal to not less than 1% or more than 10% of their
compensation. Employees that are regularly scheduled to perform twenty or more
hours of service for the employer are eligible to make contributions. Elective
deferral contributions are fully vested and nonforfeitable. The Plan allows for
matching contributions by the employer to be determined annually by the Board of
Directors of UMB Financial Corporation at its discretion. Employer matching
401(k) contributions of $1,671,454 and $447,933, respectively, were made to the
Plan in 1998 and 1997.
Transfer from Retirement Plan of UMB - During the Plan year ended December 31,
1998, the Retirement Plan of UMB ("Terminated Plan") was terminated.
Participants in the Terminated Plan could elect to transfer their balance from
the Terminated Plan to this Plan. During the year ended December 31, 1998,
$23,778,526 was transferred into this Plan from the Terminated Plan.
Participant Accounts - Each participant's account is credited with the
participant's contribution and an allocation of (a) the Employer's contribution
and (b) forfeitures of terminated participants' nonvested accounts. Allocations
are based on participant earnings, subject to certain limits. The benefit to
which a participant is entitled is the benefit that can be provided from the
participant's vested account.
Vesting - Participants are immediately vested in their voluntary contributions
plus actual earnings thereon. A participant is fully vested after five years of
completed service.
Payment of Benefits - A participant may withdraw all or a portion of voluntary
contributions subject to Administrative Committee approval. Employees are not
allowed to withdraw any portion of the employer contributions. Participants are
also able to transfer their account balances from The ESOP of UMB to the Plan if
the participant is between the ages of 55 and 59.
Participant Loans - The Plan provides for interest-bearing, secured loans to be
made to participants not to exceed the lesser of 50% of the participant's
portion of their accumulated benefit or $50,000. Additionally, all loans are
made for a period of less than five years unless proceeds of such loan are
exclusively used for the acquisition of a dwelling unit to be used as the
principal residence of the participant. Interest rates are fixed at one percent
above the prime rate for commercial loans at the date of issue.
<PAGE>
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation - The accompanying financial statements are presented on
the accrual basis of accounting.
Use of Estimates - The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of additions and deductions during the
reporting period. Actual results could differ from those estimates.
Investments - Investments are stated at aggregate fair value. The fair value of
the investments owned by the Plan in the pooled funds is based on quoted
redemption values on the last business day of the Plan year. Investments in
mutual funds and in the common stock of the Company are valued at quoted market
prices. For participant loans which do not have an established fair value,
management estimates that the outstanding principal amount of the participant
loans approximates fair value. Investments in other assets are valued at
estimated fair value.
The change in the difference between fair value at the end of the year and
beginning fair value or, for those investments purchased during the year, the
cost of investments, is reflected in the statements of changes in net assets
available for benefits as net appreciation (depreciation) in fair value of
investments.
Substantially all of the Plan assets are in funds offered by UMB Bank, n.a., the
plan administrator. The credit worthiness of those funds is monitored
periodically by Plan management.
Benefits Payable - As of December 31, 1998 and 1997, net assets available for
benefits included benefits that were approved but not yet processed of
$1,510,978 and $196,126, respectively, due to participants who have withdrawn
from participation in the Plan.
Costs and Expenses - All costs and expenses incurred with regard to the
purchase, sale or transfer of investments and other assets in connection with
the operations of the Plan are borne by the Plan. Administrative expenses are
paid by the Company. During 1998 and 1997, the Plan incurred $1,884 and $1,990,
respectively, of other expenses related to property taxes and insurance paid for
an investment in real estate and other administrative expenses.
<PAGE>
3. FUND INVESTMENTS
The Plan has been designed to permit each participant to choose the type of
investment which best satisfies the participant's requirements among the eight
available funds as follows:
The prospectus for Fund A: Balanced Fund states that its assets are intended to
be invested in a diversified portfolio of approximately 50% equity investments
and approximately 50% debt securities (including participant loans).
The prospectus for Fund B: Pooled Income Fund states that its assets are
intended to be invested entirely in short-term debt securities.
The prospectus for Fund C: Pooled Equity Fund states that its assets are
intended to be invested entirely in a diversified portfolio of equity securities
and real estate.
The prospectus for Fund D: Pooled Debt Fund states that its assets are intended
to be invested in long-term fixed income securities.
The prospectus for Fund E: UMB Scout Regional Fund states that its assets are
intended to be invested primarily in common stocks of midwestern regional
companies selected for their promise of long-term growth of both capital and
dividend income.
The prospectus for Fund F: UMB Scout Worldwide Fund states that its assets are
intended to be invested in a diversified portfolio of equity securities of
established companies either located outside the U.S. or whose primary business
is carried on outside the country.
The prospectus for Fund G: UMB Scout Capital Preservation Fund states that its
assets are intended to be invested primarily in equity securities (common stocks
and convertible securities).
The prospectus for Fund H: UMB Financial Corporation Fund states that its assets
are intended to be invested primarily in common stock of UMB Financial
Corporation.
Additionally, each fund contains money market funds to facilitate the transfer
of assets. Plan participants may direct their interests in the Plan be invested
in any of the eight designated investment funds, except that no more than 25% of
a participants' account may be allocated to Fund E or Fund F. Additionally,
participants are allowed to change their designated investment fund or funds
throughout the year as they desire.
<PAGE>
4. INVESTMENTS
The Plan's investments are held by UMB Bank, n.a.. Investments that represent 5%
or more of the Plan's net assets are separately identified.
<TABLE>
<CAPTION>
1998
-------------------------------------------------
Unit
Number Value Fair
of Units (rounded) Value
Investments in common collective trust funds and
mutual funds administered by UMB Bank, n.a.,
at fair value as determined by quoted market price
and aggregate fair value:
<S> <C> <C> <C>
Pooled Debt Fund 225,954 $ 73.29 $ 16,560,526
Pooled Equity Fund 466,496 99.95 46,647,180
Pooled Income Fund 187,369 56.52 10,589,239
Scout Regional Fund 705,862 10.46 7,383,316
Scout Worldwide Fund 763,804 18.56 14,176,210
1997
-------------------------------------------------
Unit
Number Value Fair
of Units (rounded) Value
Pooled Debt Fund 177,168 $ 67.22 $ 11,909,528
Pooled Equity Fund 404,795 92.83 37,576,688
Pooled Income Fund 73,554 53.42 3,929,264
Scout Regional Fund 527,056 11.89 6,266,693
Scout Worldwide Fund 557,374 16.02 8,929,127
</TABLE>
5. PLAN TERMINATION
Although it has not expressed any intent to do so, the Board of Directors of UMB
Financial Corporation, (the "Plan Sponsor"), has the right under the Plan to
increase or decrease the amount calculated by the formula described in Note 1,
and has the right to terminate the Plan at any time, subject to the provisions
of ERISA. In the event of Plan termination, the Plan provides that its net
assets be used to pay all expenses and benefits due and to distribute the
remaining assets among the Plan participants based upon the individual
percentage of fund dollars to the total fund dollars.
6. INCOME TAX STATUS
The Plan has obtained a determination letter, dated September 21, 1995, in which
the Internal Revenue Service stated that the Plan, as then designed, was in
compliance with the applicable requirements of the Internal Revenue Code (the
"Code"). The Plan has been amended since receiving the determination letter. The
plan administrator believes that the Plan is being operated in compliance with
the applicable requirements of the Code.
<PAGE>
7. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of net assets available for benefits per the
financial statements to the Form 5500:
December 31,
1998 1997
Net assets available for benefits per
the financial statements $102,156,164 $ 71,852,360
Amounts allocated to withdrawing participants (1,510,978) (196,126)
Net assets available for benefits per
the Form 5500 $100,645,186 $ 71,656,234
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500:
Year Ended
December 31, 1998
------------------------
Benefits paid to participants per the financial
statements $ 8,413,107
Add: Amounts allocated to withdrawing participants
at December 31, 1998 1,510,978
Less: Amounts allocated to withdrawing participants
at December 31, 1997 (196,126)
Benefits paid to participants per the Form 5500 $ 9,727,959
8. RELATED PARTIES
Certain Plan investments are units of mutual funds and pooled funds managed by
UMB Bank, n.a. and shares of Company stock. UMB Bank, n.a. is the trustee as
defined by the Plan and, therefore, these transactions qualify as
party-in-interest.
9. SUBSEQUENT EVENTS
Effective May 31, 1999, the Company has added two investment funds to the Plan.
These funds are the UMB Scout Stock Select Fund and the UMB Scout Worldwide
Select Fund.
******
<PAGE>
UMB PROFIT SHARING AND 401(k) SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
YEAR ENDED DECEMBER 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
(a) (b) (c) (d) (e)
Description of investment
including maturity date, rate of
Identity of issue, borrower, interest, collateral, par or Current
lessor or similar party maturity value Cost Value
Fund A: Balanced Fund
<S> <S> <C> <C>
* Pooled Debt Fund Pooled Fund (139,009 units) $ 7,073,146 $ 10,188,190
* Pooled Equity Fund Pooled Fund (125,314 units) 5,454,375 12,530,727
* Short Term Money Market Money Market Fund (128,987 units) 128,987 128,987
* Participant Loans Loans, ranging form 1 month to
60 months maturity, with interest
rates of 6.00% to 9.50% 2,593,529 2,593,529
Fund B: Pooled Income Fund
* Pooled Income Fund Pooled Fund (187,369 units) 9,402,269 10,589,329
* Short Term Money Market Money Market Fund (87,200 units) 87,200 87,200
Fund C: Pooled Equity Fund
* Pooled Equity Fund Pooled Fund (341,182 units) 18,538,178 34,116,453
* Short Term Money Market Money Market Fund (154,040 units) 154,040 154,040
Other Assets - Real Estate Land - Shawnee County, Kansas 100,000 100,000
Fund D: Pooled Debt Fund
* Pooled Debt Fund Pooled Fund (86,945 units) 4,562,395 6,372,336
* Short Term Money Market Money Market Fund (14,959 units) 14,959 14,959
* Fund E: UMB Scout Regional Fund Mutual Fund (705,862 units) 7,574,374 7,383,316
* Fund F: UMB Scout Worldwide Fund Mutual Fund (763,804 units) 11,582,848 14,176,210
* Fund G: UMB Scout Capital Preservation Mutual Fund (70,789 units) 679,836 630,729
Fund H: UMB Financial Corporation Stock
* UMB Financial Corporation Stock Common Stock (22,783 units) 1,089,312 1,045,170
* Short Term Money Market Money Market Fund (24 units) 24 24
Administrative
* Short Term Money Market Money Market Fund (116,395 units) 116,395 116,395
Total investments $ 69,151,867 $ 100,227,594
* Represents a party-in-interest to the Plan.
</TABLE>
<PAGE>
UMB PROFIT SHARING AND 401(k) SAVINGS PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
(a) (b) (c) (d) (e) (f) (g)
Current Value
Description Purchase Selling Cost of Asset on
Identity of Party Involved of Asset Price Price of Asset Transaction Date Net Gain
SINGLE TRANSACTIONS
<S> <S> <C> <C> <C> <C>
Income Fund Pooled Fund $5,800,000 $5,800,000 $5,800,000
Equity Fund Pooled Fund 5,200,000 5,200,000 5,200,000
Short Term Money Market Money Market Fund 6,396,540 6,396,540 6,396,540
Short Term Money Market Money Market Fund $5,948,653 5,948,653 5,948,653
Short Term Money Market Money Market Fund 5,515,928 5,515,928 5,515,928
Short Term Money Market Money Market Fund 5,550,390 5,550,390 5,550,390
Short Term Money Market Money Market Fund 5,350,560 5,350,560 5,350,560
Short Term Money Market Money Market Fund 5,204,497 5,204,497 5,204,497
(Continued)
</TABLE>
<PAGE>
UMB PROFIT SHARING AND 401(k) SAVINGS PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
(a) (b) (c) (d) (e) (f) (g)
Current Value
Description Purchase Selling Cost of Asset on
Identity of Party Involved of Asset Price Price of Asset Transaction Date Net Gain
SERIES TRANSACTIONS
<S> <S> <C> <C> <C> <C> <C>
Debt Fund Pooled Fund
(5 purchases) $ 2,250,700 $ 2,250,700 $ 2,250,700
(13 sales) $ 2,248,791 1,276,386 2,248,791 $ 972,405
Equity Fund Pooled Fund
(10 purchases) 9,606,761 9,606,761 9,606,761
(5 sales) 3,519,904 1,326,248 3,519,904 2,193,656
Income Fund Pooled Fund
(12 purchases) 10,849,578 10,849,578 10,849,578
(2 sales) 821,978 614,474 821,978 207,504
Short Term Money Market Money Market Fund
(294 purchases) 33,838,899 33,838,899 33,838,899
(254 sales) 33,789,427 33,789,427 33,789,427
UMB Scout Regional Fund Mutual Fund
(62 purchases) 3,875,442 3,875,442 3,875,442
(41 sales) 1,957,329 1,668,147 1,957,330 289,183
UMB Scout Worldwide Fund Mutual Fund
(63 purchases) 6,021,435 6,021,435 6,021,435
(42 sales) 2,253,830 1,643,581 2,253,830 610,249
(Concluded)
<PAGE>
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in Registration Statement No.
333-65807 of UMB Financial Corporation on Form S-8 of our report dated June 4,
1999, appearing in this Annual Report on Form 11-K of UMB Profit Sharing and
401(k) Savings Plan for the year ended December 31, 1998.
June 29, 1999
Kansas City, Missouri
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