UMB FINANCIAL CORP MANAGEMENT REPORT OF FINANCIAL POSITION AND RESULTS OF OPERATIONS (Form 10-Q)

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-month period ended
March 31, 2022. 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.

CAUTION REGARDING 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 laws or regulations;

• changes in monetary, tax or trade laws or policies, including as a

          result of actions by central banks or supranational authorities;


  • changes in accounting standards or policies;

• changes in investor sentiment or behavior towards the securities, capital or

          other financial markets, including changes in market liquidity or
          volatility or changes in interest or currency rates;

• changes in corporate or household spending, borrowing or saving;

• the Company’s ability to effectively manage its capital or liquidity or to

effectively attracting or deploying deposits;

• changes to 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;


     •    the Company's ability to develop, maintain, or market products or

services or to absorb unforeseen costs or liabilities associated with

such products or services;

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• the Company’s ability to innovate to anticipate the needs of current markets or

future customers, to compete successfully in their chosen professions,

increase or maintain market share in changing competitive environments,

or to address price or other competitive pressures;

• changes in the credit, liquidity or any other condition of the assets of the Company

customers, counterparties or competitors;

• the Company’s ability to deal effectively with economic, commercial or

market slowdowns or disruptions;

• investigations, legal, regulatory or administrative proceedings,

          disputes, or rulings that create uncertainty for, or are adverse to, the
          Company or the financial-services industry;

• the Company’s ability to cope with the evolution or strengthening of regulations or

other governmental oversight or requirements;

• the Company’s ability to maintain secure and functional finances,

accounting, technology, data processing or other operating systems or

its facilities, including its ability to withstand cyberattacks;

• the adequacy of 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;

     •    mergers, acquisitions, or dispositions, including the Company's ability
          to integrate acquisitions and divest assets;

• the adequacy of the Company’s succession plan for the main executives or

other staff;

• the Company’s ability to increase its revenues, control its expenses or attract and

          retain qualified employees;


     •    natural disasters, war, terrorist activities, pandemics, or the outbreak
          of COVID-19 or similar outbreaks, and their effects on economic and
          business environments in which the Company operates;

• adverse effects due to COVID-19 on the Company and its customers,

          counterparties, employees, and third-party service providers, and the
          adverse impacts to the Company's business, financial position, results
          of operations, and prospects;


     •    impacts related to or resulting from Russia's military action in
          Ukraine, such as the broader impacts to financial markets and the global
          macroeconomic and geopolitical environments; or


     •    other assumptions, risks, or uncertainties described in the Notes to

Consolidated financial statements (heading 1) and management report

and analysis of financial position and results of operations (element 2)

in this Form 10-Q, in the risk factors (item 1A) in Form 10-K, or in

one 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 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.

Insight

Over the past two years, the Company has experienced the impacts of the global COVID-19 pandemic (the COVID-19 pandemic, or the pandemic). These impacts have included significant volatility in the global stock and

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fixed income markets, reductions in the target federal funds rate, the enactment
of the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the
American Rescue Plan Act of 2021, both including the Paycheck Protection Program
(PPP) administered by the Small Business Administration, and a variety of
rulings from the Company's banking regulators.

The Company continues to actively monitor developments related to COVID-19 and
its impact to its business, customers, employees, counterparties, vendors, and
service providers. During the first quarter of 2022, the Company's results of
operations included continued maintenance of the ACL at a level appropriate
given the state of key macroeconomic variables utilized in the econometric
models at March 31, 2022. Additionally, the Company continued to see impacts of
the volatile equity and debt markets and low interest rate environment in its
fee-based businesses.

The COVID-19 pandemic has necessitated certain actions related to the way the
Company operates its business. The Company is carefully monitoring the
activities of its vendors and other third-party service providers to mitigate
the risks associated with any potential service disruptions. The length of time
it may be required to operate under such circumstances and future degrees of
disruption remain uncertain. While the Company has not experienced material
adverse disruptions to its internal operations due to the pandemic, it continues
to review evolving risks and developments.

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 first quarter of 2022, total revenue increased $31.0
million, or 10.2%, as compared to the first quarter of 2021, while noninterest
expense increased $13.8 million, or 6.9%, for the same period. 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 first quarter of 2022, the Company had an increase in net
interest income of $16.2 million, or 8.4%, from the same period in 2021. The
Company has shown increased net interest income through the effects of increased
volume and mix of average earning assets, partially offset by a decrease in
rates compared to the first quarter of 2021. The increase in interest income was
driven by an increase of $2.3 billion in average non-PPP loans. This increase
was offset by reduced interest rates and decreased income from the PPP for the
three months ended March 31, 2022, as compared to the same period in 2021. Loan
interest income related to loans recorded under the PPP decreased $11.5 million
in the first quarter of 2022 as compared to the prior year, primarily due to a
decline in average PPP balances of $1.2 billion. Average loan balances increased
$1.1 billion, or 6.9%, for the first quarter of 2022, compared to the same
period in 2021. The funding for these assets was driven primarily by a 9.8%
increase in average interest-bearing liabilities and a 43.8% increase in
noninterest-bearing deposits. Net interest margin, on a tax-equivalent basis,
decreased 24 basis points compared to the same period in 2021, in large part due
to excess liquidity buildup, and repricing of earning assets in the low interest
rate environment. These declines were partially offset by a three-basis-point
decrease in cost of interest-bearing deposits. Net interest spread contracted by
24 basis points during the same period. The Company expects to see continued
volatility in the economic markets and governmental responses to the COVID-19
pandemic. 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

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benefit in periods of economic growth. Noninterest income increased $14.8
million, or 13.6%, to $123.7 million for the three months ended March 31, 2022,
compared to the same period in 2021. This change is primarily due to an increase
in the value of the company's investment in Tattooed Chef, Inc. (TTCF), trust
and securities processing, and service charges on deposits, offset by a decrease
in trading and investment banking income. See greater detail below under
Noninterest Income. The Company continues to emphasize its asset management,
brokerage, bankcard services, healthcare services, and treasury management
businesses. At March 31, 2022, noninterest income represented 37.0% of total
revenues, compared to 35.9% at March 31, 2021. 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 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 March 31, 2022, the Company had $2.7 billion in total shareholders'
equity. This is a decrease of $209.8 million, or 7.1%, compared to total
shareholders' equity at March 31, 2021. At March 31, 2022, the Company had a
total risk-based capital ratio of 13.55%. The Company repurchased 226,706 shares
of common stock at an average price of $99.19 per share during the first quarter
of 2022.

Earnings Summary

The following is a summary regarding the Company's earnings for the first
quarter of 2022. The changes identified in the summary are explained in greater
detail below. The Company recorded net income of $106.0 million for the
three-month period ended March 31, 2022, compared to net income of $92.6 million
for the same period a year earlier. Basic earnings per share for the first
quarter of 2022 was $2.19 per share ($2.17 per share fully-diluted) compared to
basic earnings per share of $1.93 per share ($1.91 per share fully-diluted) for
the first quarter of 2021. Return on average assets and return on average common
shareholders' equity for the three-month period ended March 31, 2022 were 1.10%
and 14.65%, respectively, compared to 1.14% and 12.56%, respectively, for the
three-month period ended March 31, 2021.

Net interest income for the three-month period ended March 31, 2022 increased
$16.2 million, or 8.4%, compared to the same period in 2021. For the three-month
period ended March 31, 2022, average earning assets increased by $6.0 billion,
or 19.2%, compared to the same period in 2021. Net interest margin, on a
tax-equivalent basis, decreased to 2.35% for the three-month period ended March
31, 2022, compared to 2.59% for the same period in 2021.

The provision for credit losses increased by $1.0 million for the three-month
period ended March 31, 2022, as compared to the same period in 2021. Provision
expense for both periods represents a release of ACL for each period based on
positive macro-economic data and portfolio credit metrics. The Company's
nonperforming loans increased $33.7 million to $110.4 million at March 31, 2022,
compared to March 31, 2021. The ACL on loans as a percentage of total loans
decreased to 1.01% as of March 31, 2022, compared to 1.23% at March 31,
2021. 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 $14.8 million, or 13.6%, for the three-month
period ended March 31, 2022, compared to the same period in 2021. These changes
are discussed in greater detail below under Noninterest Income.

Noninterest expense increased by $13.8 million, or 6.9%, for the three-month
period ended March 31, 2022, compared to the same period in 2021. These changes
are discussed in greater detail below under Noninterest Expense.

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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-month period ended March 31, 2022 increased $16.2 million, or 8.4%,
compared to the same period in 2021.

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 March 31, 2022 decreased 24 basis
points as compared to the same period in 2021. Net interest margin for the three
months ended March 31, 2022 decreased 24 basis points compared to the same
period in 2021. The changes are primarily due to unfavorable rate variances on
loans, partially offset by favorable volume variance on loans and securities and
favorable rate variances on interest-bearing deposits. These variances have led
to an increase in the Company's net interest income during 2022, as compared to
results for the same period in 2021. The changes compared to last year have been
impacted by loan growth and increased liquidity, offset by lower loan rates. 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 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 SHEET/RETURNS AND RATES (tax equivalent basis) (unaudited, in thousands of dollars)

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 2.40% for the three-month period
ended March 31, 2022, and 2.66% for the same period in 2021.

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                                                               Three Months Ended March 31,
                                                         2022                                2021
                                               Average          Average            Average          Average
                                               Balance         Yield/Rate          Balance         Yield/Rate
ASSETS
Loans, net of unearned interest              $ 17,361,077             3.49 %     $ 16,246,093             3.75 %
Securities:
Taxable                                         9,461,567             1.86          6,398,188             1.72
Tax-exempt                                      4,039,739             3.03          4,301,256             2.98
Total securities                               13,501,306             2.21         10,699,444             2.23
Federal funds and resell agreements             1,265,776             0.78          1,643,894             0.70
Interest-bearing due from banks                 5,320,360             0.19          2,823,771             0.10
Other earning assets                               20,836             4.38             17,540             4.30
Total earning assets                           37,469,355             2.47         31,430,742             2.74
Allowance for credit losses                      (198,217 )                          (219,672 )
Other assets                                    1,882,376                           1,841,224
Total assets                                 $ 39,153,514                        $ 33,052,294
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits                    $ 18,554,694             0.13 %     $ 17,072,344             0.16 %
Federal funds and repurchase agreements         2,973,785             0.29          2,519,373             0.30
Borrowed funds                                    271,731             4.66            269,576             4.78
Total interest-bearing liabilities             21,800,210             0.21         19,861,293             0.24
Noninterest-bearing demand deposits            14,025,585                           9,753,680
Other liabilities                                 394,714                             445,777
Shareholders' equity                            2,933,005                           2,991,544
Total liabilities and shareholders' equity   $ 39,153,514                        $ 33,052,294
Net interest spread                                                   2.26 %                              2.50 %
Net interest margin                                                   2.35                                2.59





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 $4.1 billion
for the three-month period ended March 31, 2022, compared to the same period in
2021. The benefit from interest-free funds remained flat compared to the same
period in 2021.

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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
                                                          March 31, 2022 and 2021
                                                     Volume        Rate         Total
Change in interest earned on:
Loans                                               $  9,954     $ (10,654 )   $   (700 )
Securities:
Taxable                                               13,897         2,323       16,220
Tax-exempt                                            (1,722 )         613       (1,109 )
Federal funds sold and resell agreements                (702 )         331         (371 )
Interest-bearing due from banks                          892           862        1,754
Trading                                                   24             2           26
Interest income                                       22,343        (6,523 )     15,820
Change in interest incurred on:
Interest-bearing deposits                                556        (1,181 )       (625 )
Federal funds purchased and repurchase agreements        330           (68 )        262
Other borrowed funds                                      25           (82 )        (57 )
Interest expense                                         911        (1,331 )       (420 )
Net interest income                                 $ 21,432     $  (5,192 )   $ 16,240




                        ANALYSIS OF NET INTEREST MARGIN

                                                             Three Months Ended March 31,
                                                         2022             2021           Change
Average earning assets                               $ 37,469,355     $ 31,430,742     $ 6,038,613
Interest-bearing liabilities                           21,800,210       19,861,293       1,938,917
Interest-free funds                                  $ 15,669,145     $ 11,569,449     $ 4,099,696
Free funds ratio (interest free funds to average
earning assets)                                             41.82 %          36.81 %          5.01 %
Tax-equivalent yield on earning assets                       2.47             2.74           (0.27 )
Cost of interest-bearing liabilities                         0.21             0.24           (0.03 )
Net interest spread                                          2.26             2.50           (0.24 )
Benefit of interest-free funds                               0.09             0.09               -
Net interest margin                                          2.35 %           2.59 %         (0.24 )%



Allowance and Provision 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.

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 Topic 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.


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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 a reduction of
$6.5 million as provision for credit losses for the three-month period ended
March 31, 2022, compared to a reduction of $7.5 million for the same period in
2021. This change is the result of applying the methodology for computing the
allowance for credit losses, coupled with the impacts of the current and
forecasted economic environment. As illustrated in Table 3 below, the ACL on
loans decreased to 1.01% of total loans as of March 31, 2022, compared to 1.23%
of total loans as of March 31, 2021.

Table 3 presents a summary of the Company's ACL for the three-month periods
ended March 31, 2022 and 2021, and for the year ended December 31, 2021. Net
charge-offs were $8.4 million for the three-month period ended March 31, 2022,
compared to $5.3 million for the same period in 2021. 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.

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Table 3
ANALYSIS OF ALLOWANCE FOR CREDIT LOSSES (unaudited, dollars in thousands)

                                                     Three Months Ended            Year Ended
                                                          March 31,               December 31,
                                                    2022             2021             2021
Allowance - January 1                           $    196,711     $    218,583     $     218,583
Provision for credit losses                           (7,000 )         (7,500 )          23,000
Charge-offs:
Commercial and industrial                             (8,202 )         (4,717 )         (13,981 )
Specialty lending                                          -                -           (31,945 )
Commercial real estate                                     -                -            (1,198 )
Consumer real estate                                     (32 )            (76 )             (96 )
Consumer                                                (158 )           (109 )          (2,424 )
Credit cards                                          (1,465 )         (1,692 )          (6,011 )
Leases and other                                           -               (8 )              (8 )
Total charge-offs                                     (9,857 )         (6,602 )         (55,663 )
Recoveries:
Commercial and industrial                                661              126             6,694
Specialty lending                                          -              115               187
Commercial real estate                                   362              509             1,560
Consumer real estate                                      28               59               142
Consumer                                                  29               23               223
Credit cards                                             399              442             1,967
Leases and other                                           -               18                18
Total recoveries                                       1,479            1,292            10,791
Net charge-offs                                       (8,378 )         (5,310 )         (44,872 )
Allowance for credit losses - end of period     $    181,333     $    205,773     $     196,711
Allowance for credit losses on loans            $    179,288     $    202,814     $     194,771
Allowance for credit losses on
held-to-maturity securities                            2,045            2,959             1,940
Loans at end of period, net of unearned
interest                                          17,731,700       16,497,385        17,170,871
Held-to-maturity securities at end of period       4,602,232        1,042,670         1,480,416
Total assets at amortized cost                    22,333,932       17,540,055        18,651,287
Average loans, net of unearned interest           17,360,071       16,230,886        16,618,350
Allowance for credit losses on loans to loans
at end of period                                        1.01 %           1.23 %            1.13 %
Allowance for credit losses - end of period
to total assets at amortized cost                       0.81 %           1.17 %            1.05 %
Allowance as a multiple of net charge-offs             5.34x            9.56x             4.38x
Net charge-offs to average loans                        0.20 %           0.13 %            0.27 %




Noninterest Income

One of the main objectives of the Company is the growth of non-interest income in order to provide a diversified source of income not directly linked to interest rates. Fee-based services are generally not tied to credit and are generally unaffected by interest rate fluctuations.

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.

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Table 4
SUMMARY OF NONINTEREST INCOME (unaudited, dollars in thousands)

                                      Three Months Ended         Dollar      Percent
                                           March 31,             Change       Change
                                      2022          2021         22-21        22-21

Treatment of Trusts and Securities $59,528 $54,834 $4,694

       8.6 %
Trading and investment banking          5,440         9,356       (3,916 )      (41.9 )
Service charges on deposits            24,642        21,976        2,666    

12.1

Insurance fees and commissions            259           420         (161 )      (38.3 )
Brokerage fees                          3,456         3,334          122          3.7
Bankcard fees                          16,635        14,673        1,962         13.4

Investment securities losses, net (522 ) (8,336 ) 7,814

    (93.7 )
Other                                  14,240        12,640        1,600         12.7
Total noninterest income            $ 123,678     $ 108,897     $ 14,781         13.6 %




Noninterest income increased by $14.8 million, or 13.6%, during the three-month
period ended March 31, 2022, compared to the same period in 2021. 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-month period ended March 31,
2022, compared to the same period in 2021, was primarily due to an increase in
fund services and corporate trust revenues. For the three-month period ended
March 31, 2022, fund services revenue increased $6.4 million, or 23.8%,
corporate trust revenue increased $1.7 million, or 17.2%, offset by a decrease
in trust services revenue of $3.4 million, or 19.2%. 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.

Trading and investment banking fees for the three-month period ended March 31,
2022 decreased $3.9 million, or 41.9%, compared to the same period in 2021. This
decrease was primarily driven by decreased trading volume. The income in this
category is market driven and impacted by general increases or decreases in
trading volume.

Service charges on deposit accounts for the three-month period ended March 31,
2022 increased by $2.7 million, or 12.1%, compared to the same period last year,
driven by higher healthcare income related to customer termination fees.

Bankcard fees for the three-month period ended March 31, 2022 increased $2.0
million, or 13.4%, compared to the same period in 2021. This increase was driven
by higher interchange income.

Investment securities losses, net for the three-month period ended March 31,
2022 increased by $7.8 million, or 93.7%, compared to the same period in 2021.
This increase was driven by the $13.9 million increased valuation on the
company's investment in TTCF, during the first quarter of 2022, partially offset
by decreased gains on sales of available-for-sale securities and equity earnings
on alternative investments. 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.

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Other non-interest income for the three-month period ended March 31, 2022increased $1.6 millioni.e. 12.7%, driven by an increase of $5.0 million derivative income, offset by a decrease in gains on the sale of other assets of $2.1 million and a decrease of $1.3 million in mortgage gains.

Table 5
SUMMARY OF NONINTEREST EXPENSE (unaudited, dollars in thousands)

                                            Three Months Ended         Dollar      Percent
                                                 March 31,             Change       Change
                                            2022          2021         22-21        22-21
Salaries and employee benefits            $ 130,634     $ 127,681     $  2,953          2.3 %
Occupancy, net                               12,232        11,935          297          2.5
Equipment                                    18,164        19,615       (1,451 )       (7.4 )
Supplies and services                         3,262         3,492         (230 )       (6.6 )
Marketing and business development            4,932         2,345        2,587        110.3
Processing fees                              18,443        15,417        3,026         19.6
Legal and consulting                          6,911         5,755        1,156         20.1
Bankcard                                      6,567         4,956        1,611         32.5
Amortization of other intangible assets       1,071         1,380         (309 )      (22.4 )
Regulatory fees                               3,482         2,546          936         36.8
Other                                         9,080         5,824        3,256         55.9
Total noninterest expense                 $ 214,778     $ 200,946     $ 13,832          6.9 %




Noninterest expense increased by $13.8 million, or 6.9%, for the three-month
period ended March 31, 2022, compared to the same period in 2021. Table 5 above
summarizes the components of noninterest expense and the respective
year-over-year comparison for each category.

Salaries and employee benefits increased by $3.0 million, or 2.3%, for the
three-month period ended March 31, 2022, compared to the same period in
2021. Bonus and commission expense increased $1.5 million, or 5.5%, for the
three-month period ended March 31, 2022, compared to the same period in 2021.
Salaries and wages expense increased $0.8 million, or 1.2%, for the three-month
period ended March 31, 2022, compared to the same period in 2021. Employee
benefits expense increased $0.6 million, or 2.2%, for the three-month period
ended March 31, 2022, compared to the same period in 2021.

Equipment spending fell $1.5 millionor 7.4%, for the three-month period ended March 31, 2022compared to the same period in 2021, mainly due to lower maintenance expenses for software and equipment.

Marketing and business development expense increased $2.6 million, or 110.3%,
for the three-month period ended March 31, 2022, compared to the same period in
2021, primarily due to higher advertising expense and travel and entertainment
expense.

Processing fees have increased $3.0 millionor 19.6%, for the three-month period ended March 31, 2022compared to the same period in 2021, mainly due to the increase in the cost of software subscriptions.

Credit card fees have increased $1.6 millionor 32.5%, for the three-month period ended March 31, 2022compared to the same period in 2021, mainly due to higher administrative expenses and losses due to fraud.

Other expense increased $3.3 million, or 55.9%, for the three-month period ended
March 31, 2022, compared to the same period in 2021, primarily due to increased
operational losses and derivative-related expense.

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income tax expense

The Company’s effective tax rate was 15.7% for the three months ended March 31, 2022compared to 15.4% for the same period in 2021.

Strategic business sectors

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 March 31, 2022.  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
                                     March 31,             Change       Change
                                2022          2021         22-21        22-21
Net interest income           $ 145,002     $ 136,410     $  8,592          6.3 %
Provision for credit losses      (7,040 )      (8,178 )      1,138         13.9
Noninterest income               26,707         8,176       18,531        226.7
Noninterest expense              79,596        69,725        9,871         14.2
Income before taxes              99,153        83,039       16,114         19.4
Income tax expense               15,606        12,826        2,780         21.7
Net income                    $  83,547     $  70,213     $ 13,334         19.0 %




For the three-month period ended March 31, 2022, Commercial Banking net income
increased $13.3 million to $83.5 million, as compared to the same period in
2021. Net interest income increased $8.6 million, or 6.3%, for the three-month
period ended March 31, 2022, compared to the same period in 2021, primarily
driven by strong loan growth and earning asset mix changes.  Provision for
credit losses increased by $1.1 million for the period. Provision expense for
both periods represents a release of ACL based on positive macro-economic data
and portfolio credit metrics. Noninterest income increased $18.5 million, or
226.7%, over the same period in 2021 primarily due to an increase of $15.0
million in investment securities gains and $5.0 million in derivative income.
Noninterest expense increased $9.9 million, or 14.2%, to $79.6 million for the
three-month period ended March 31, 2022, compared to the same period in 2021.
This increase was driven by a $3.2 million increase in technology, service, and
overhead expenses, an increase of $2.6 million in other noninterest expense
driven by higher operational losses, derivative expense and loan expense in the
first quarter of 2022, an increase of $1.1 million in marketing and business
development expense due to increased travel and entertainment expense and
advertising expense, and an increase of $1.3 million in salary and employee
benefits expense driven by increased company performance during the first
quarter of 2022.

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Table 7
Institutional Banking Operating Results (unaudited, dollars in thousands)

                                Three Months Ended        Dollar      Percent
                                     March 31,            Change       Change
                                 2022          2021        22-21       22-21
Net interest income           $   26,253     $ 22,138     $ 4,115         18.6 %
Provision for credit losses          151          220         (69 )      (31.4 )
Noninterest income                73,262       68,421       4,841          7.1
Noninterest expense               75,592       71,282       4,310          6.0
Income before taxes               23,772       19,057       4,715         24.7
Income tax expense                 3,741        2,943         798         27.1
Net income                    $   20,031     $ 16,114     $ 3,917         24.3 %




For the three-month period ended March 31, 2022, Institutional Banking net
income increased $3.9 million, or 24.3%, compared to the same period last year.
Net interest income increased $4.1 million, or 18.6%, compared to the same
period last year, driven by an increase in funds transfer pricing due to an
increase in deposit balances. Noninterest income increased $4.8 million, or
7.1%, primarily due to increases of $6.4 million in fund services income and
$1.7 million in corporate trust income, both recorded in trust and securities
processing revenue, and $1.3 million in service charges on deposit accounts due
to healthcare customer transfer and conversion fees. These increases were
partially offset by a decrease of $3.9 million in bond trading income driven by
lower trading volume. Noninterest expense increased $4.3 million, or 6.0%,
primarily driven by an increase of $3.3 million in salary and employee benefits
expense, an increase of $0.7 million in bankcard expense and an increase of $0.7
million in marketing and business development expense.



Table 8

Retail Banking Operating Results (unaudited, in thousands of dollars)

                                Three Months Ended         Dollar      Percent
                                     March 31,             Change       Change
                                 2022          2021        22-21        22-21
Net interest income           $   39,100     $ 35,567     $  3,533          9.9 %
Provision for credit losses          389          458          (69 )      (15.1 )
Noninterest income                23,709       32,300       (8,591 )      (26.6 )
Noninterest expense               59,590       59,939         (349 )       (0.6 )
Income before taxes                2,830        7,470       (4,640 )      (62.1 )
Income tax expense                   445        1,154         (709 )      (61.4 )
Net income                    $    2,385     $  6,316     $ (3,931 )      (62.2 )%




For the three-month period ended March 31, 2022, Personal Banking net income
decreased by $3.9 million to $2.4 million, as compared to the same period in
2021.  Net interest income increased $3.5 million, or 9.9%, compared to the same
period last year due to increased loan balances. Noninterest income decreased
$8.6 million, or 26.6%, for the same period driven by a decrease of $3.4 million
in trust and securities processing income, a decrease of $2.3 million in equity
earnings on alternative investments, and a decrease of $1.3 million in gains on
sale of mortgage originations. Noninterest expense decreased $0.3 million, or
0.6%, primarily due to a decrease of $4.1 million in salaries and employee
benefits expense, partially offset by increases of $1.8 million in technology,
service, and overhead expenses and $1.3 million in processing fees expense.

Balance sheet analysis

Total assets of the Company decreased by $2.1 billion, or 4.9%, as of March 31,
2022, compared to December 31, 2021, primarily due to a decrease of $2.5
billion, or 28.1% in interest-bearing due from banks, partially offset by an
increase of $560.8 million, or 3.3%, in loan balances.

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Total assets of the Company increased $5.9 billion, or 17.1%, as of March 31,
2022, compared to March 31, 2021, primarily due to an increase in
interest-bearing due from banks of $2.5 billion, or 64.6%, an increase in
investment securities of $2.4 billion, or 21.4%, and an increase in loan
balances of $1.2 billion, or 7.5%. Total assets, including interest-bearing due
from banks, are being impacted by excess liquidity in the market due to PPP.

Table 9
SELECTED FINANCIAL INFORMATION (unaudited, dollars in thousands)

                                            March 31,               December 31,
                                      2022             2021             2021
Total assets                      $ 40,605,742     $ 34,669,389     $  42,693,484

Loans, net of unearned interest 17,732,084 16,507,660 17,172,148 Total securities

                    13,501,507       11,123,370        

13,815,903

Interest-bearing due from banks      6,355,941        3,860,763         8,841,906
Total earning assets                38,728,008       32,915,833        40,849,603
Total deposits                      34,362,565       28,280,792        35,599,927
Total borrowed funds                 3,112,571        3,029,892         3,509,979




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 $17.7 billion as of March 31, 2022, and increased
$560.8 million, or 3.3%, compared to December 31, 2021, and increased $1.2
billion, or 7.5%, compared to March 31, 2021. Compared to December 31, 2021,
commercial and industrial loans increased $355.8 million, or 4.9%, commercial
real estate loans increased $152.0 million, or 2.4%, and consumer real estate
loans increased $73.3 million, or 3.2%. Compared to March 31, 2021, commercial
and industrial loans increased $444.5 million, or 6.2%, consumer real estate
loans increased $393.6 million, or 19.7%, commercial real estate loans increased
$269.2 million, or 4.4%, and leases and other loans increased $89.1 million, or
49.5%. During the first quarter of 2022, the Company sold its factoring loan
portfolio to an alternative financing company. These loans had actual balances
of $107.2 million and $152.4 million as of December 31, 2021 and March 31, 2021,
respectively, and had been included in the specialty lending loan segment. See
further information in Note 4, "Loans and Allowance for Credit Losses" in the
Notes to Consolidated Financial Statements.

Unaccrued, past due and restructured loans are discussed under “Credit risk management” in “Item 3. Quantitative and qualitative information on market risk” in this report.

Investment security

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 $13.5 billion as of March 31, 2022, and $13.8 billion as of
December 31, 2021, and comprised 34.9% and 33.8% of the Company's earning
assets, respectively, as of those dates.

During the first quarter of 2022, securities with an amortized cost of $3.0 billion and a fair value of $2.9 billion were transferred from the available-for-sale classification to the held-to-maturity classification, as the Company has the clear intention and ability to hold these securities until their maturity. The transfer of securities was made at fair value at the time of transfer. See more information in note 5, “Securities” of the notes to the consolidated financial statements.

The Company's AFS securities portfolio comprised 63.3% of the Company's
investment securities portfolio at March 31, 2022 and 86.7% at December 31,
2021. 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 74.1 months at
March 31, 2022, compared to 67.6 months at December 31, 2021, and 83.9 months at
March 31,

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2021. In addition to providing a potential source of liquidity, the AFS securities portfolio can be used as a tool for managing interest rate sensitivity. The Company’s objective in managing its portfolio of AFS securities is to maximize return within the Company’s parameters of liquidity, interest rate risk and credit risk objectives.

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 $9.3 billion and $10.2 billion of securities
pledged to secure U.S. Government deposits, other public deposits, certain trust
deposits, derivative transactions, and repurchase agreements at March 31, 2022
and December 31, 2021, respectively. Of these amounts, $148.7 million and $171.2
million of securities at March 31, 2022 and December 31, 2021, respectively,
were pledged at the Federal Reserve Discount Window but were unencumbered as of
those dates.

The Company's HTM securities portfolio consists of U.S. agency-backed
securities, mortgage-backed securities, and private placement bonds, which are
issued primarily to refinance existing revenue bonds in the healthcare and
education sectors. The HTM portfolio, net of the ACL, totaled $4.6 billion at
March 31, 2022 and $1.5 billion at December 31, 2021. The average life of the
HTM portfolio was 8.6 years at March 31, 2022, compared to 5.2 years at December
31, 2021, and 6.1 years at March 31, 2021.

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 2.21% for the three-month period ended March 31, 2022,
compared to 2.23% for the same period in 2021.

Deposits and borrowed funds

Deposits decreased $1.2 billion, or 3.5%, from December 31, 2021 to March 31,
2022 and increased $6.1 billion, or 21.5%, from March 31, 2021 to March 31,
2022. Total interest-bearing deposits decreased $841.5 million and total
noninterest-bearing deposits decreased $395.9 million from December 31, 2021 to
March 31, 2022. Total noninterest-bearing deposits increased $4.3 billion, and
interest-bearing deposits increased $1.7 billion from March 31, 2021 to March
31, 2022. The increase in deposits as compared to prior periods is related to
the excess liquidity in the market created by the PPP and customer behavior
changes related to the COVID-19 pandemic.

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 mutual fund 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.

Long-term debt totaled $272.0 million at March 31, 2022, compared to $271.5
million as of December 31, 2021, and $270.1 million as of March 31, 2021. In
September 2020, the Company issued $200.0 million in aggregate subordinated
notes due in September 2030. The Company received $197.7 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, contributing Tier 1 capital into the Bank. The subordinated notes
were issued with a fixed-to-fixed rate of 3.70% and an effective rate of 3.93%,
due to issuance costs, with an interest rate reset date of September 2025. The
remainder of the Company's long-term debt was assumed from the acquisition of
Marquette Financial Companies (Marquette) and consists of debt obligations
payable to four unconsolidated trusts (Marquette Capital Trust I, Marquette
Capital Trust II, Marquette Capital Trust III, and Marquette Capital Trust IV)
that previously issued trust preferred securities. These long-term debt
obligations have an aggregate contractual balance of $103.1 million. Interest
rates on trust preferred securities are tied to the three-month LIBOR rate with
spreads ranging from 133 basis points to 160 basis points, and reset quarterly.
The trust preferred securities have maturity dates ranging from January 2036 to
September 2036.

The Company has a revolving line of credit with Wells Fargo Bank, N.A. which
allows the Company to borrow up to $30.0 million for general working capital
purposes. The interest rate applied to borrowed balances will be at the
Company's option either 1.25% above LIBOR or 1.75% below the prime rate on the
date of an advance. The Company pays a 0.4% unused commitment fee for unused
portions of the revolving line of credit. As of March 31, 2022, the Company had
no advances outstanding on this revolving line of credit. This borrowing is
included in the Short-term debt line on the Company's Consolidated Balance
Sheets.

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Federal funds purchased and securities sold under agreements to repurchase
totaled $2.8 billion as of March 31, 2022, $3.2 billion at December 31, 2021,
and $2.8 billion at March 31, 2021. 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. The level of borrowings could be impacted by earning
asset mix changes in the Company's balance sheet from the impacts of the
COVID-19 pandemic.

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 $2.7 billion at March 31, 2022, a $397.0 million
decrease compared to December 31, 2021, and a $209.8 million decrease compared
to March 31, 2021.

The Company's Board of Directors authorized, at its April 26, 2022, April 27,
2021, and April 28, 2020 meetings, 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). During the three-month periods ended March 31, 2022
and 2021, the Company acquired 226,706 shares and 52,658 shares, respectively,
of its common stock pursuant to the applicable Repurchase Authorization.

At the quarterly meeting of the Board of Directors of the Company, the Board of Directors declared a
$0.37 per share quarterly cash dividend payable on July 1, 2022to shareholders of record at the close of business on June 10, 2022.

Through the Company's relationship with the FHLB of Des Moines, the Company owns
$10.0 million of 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. The Company's
borrowing capacity with the FHLB was $1.6 billion as of March 31, 2022. The
Company had no outstanding FHLB advances at FHLB of Des Moines as of March 31,
2022.

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.

U.S. banking agencies in December 2018 approved a final rule to address the
impact of CECL on regulatory capital by allowing banking organizations the
option to phase in the day-one impact of CECL until the first quarter of 2023.
In March 2020, the U.S. banking agencies issued an interim final rule that
provides banking organizations with an alternative option to delay for two years
an estimate of CECL's effect on regulatory capital, relative to the incurred
loss methodology's effect on regulatory capital, followed by a three-year
transition period. The Company is electing this alternative option instead of
the one described in the December 2018 rule.

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The situation of the capital of the Company at March 31, 2022 is summarized in the table below and exceeds regulatory requirements.

Table 10

                                       Three Months Ended
                                            March 31,
RATIOS                                  2022          2021

Common Equity Tier 1 capital ratio 11.81% 12.25% Risk-based Tier 1 capital ratio

           11.81        12.25
Total risk-based capital ratio            13.55        14.28
Leverage ratio                             7.53         8.08
Return on average assets                   1.10         1.14
Return on average equity                  14.65        12.56
Average equity to assets                   7.49         9.05




The Company’s per share data is summarized in the table below.

                          Three Months Ended
                               March 31,
Per Share Data             2022          2021
Earnings - basic        $     2.19      $  1.93
Earnings - diluted            2.17         1.91
Cash dividends                0.37         0.32
Dividend payout ratio         16.9 %       16.6 %
Book value              $    56.78      $ 61.24



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 will be impacted by financial impacts related to
the COVID-19 pandemic.

Significant 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 Form 10-K.

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