Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the UMB Financial Corporation fourth quarter conference call. During today’s presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be opened for questions. (Operator instructions). As a reminder, this conference is being recorded today, Wednesday, January 28, 2009. I would now like to turn the conference over to Abby Mayer, Senior Vice President, Investor Relations. Please go ahead, ma’am.

Thank you. Good morning, everyone, and thank you for joining us for our conference call and webcast regarding our 2008 fourth quarter and year to date financial results. Before we begin, let me remind you that our comments in this conference call contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements rely on a number of assumptions concerning future events and are subject to risks and uncertainties, which could cause actual results to differ materially from those indicated in our statements made during this call. While management of UMB believes our assumptions are reasonable, UMB cautions that material changes in interest rates, the equity markets, general economic conditions as they relate to the company’s loan and fee based customers, competition in the financial services industry, the ability to integrate acquisitions and other risks and uncertainties, which are detailed in our filings with the Securities and Exchange Commission, may cause actual results to differ materially from those discussed in this call. UMB has no duty to update such statements and undertakes no obligation to update or supplement forward-looking statements that become untrue because of new information, future events or otherwise. Our earnings release includes both our GAAP based income statement and reconciliation to the non-GAAP measures discussed in the release, which includes certain pre-tax adjustments to non-interest income and non-interest expense, the tax effect of those adjustments, and adjusted net income. These adjustments comprise a gain on the sale of our securities transfer product, the majority of which was recognized in the third quarter of 2007, with the remainder recognized during the third quarter of 2008, as well as Visa related transactions in 2007 and 2008. The reconciliation for these items can also be found on our website at umb.com. The non-GAAP results are a supplement to the financial statements based upon Generally Accepted Accounting Principles. UMB believes this non-GAAP presentation and the elimination of these items is useful in order to focus on what we deem to be a more reliable indicator of ongoing operating performance. By now, we hope most of you on the call or listening to the webcast have had a chance to review our earnings release dated January 27. If not, you will find it on our website at umb.com. On the call today are Mariner Kemper, Chairman and Chief Executive Officer, Peter deSilva, President and Chief Operating Officer, and Mike Hagedorn, our Chief Financial Officer. The agenda for today’s call is as follows. First, Mariner will highlight our results and strategies. Then Mike will review the details of our fourth quarter and full year results. Peter will follow with a discussion of operating performance against our strategies. Finally, we’ll be happy to answer your questions. Now I’ll turn the call over to Mariner Kemper.

Thank you, Abby. Welcome everyone and thank you for joining us today. In 2008, UMB delivered strong net income growth. These results reflect our continued focus on executing our business strategies despite the turmoil in the banking system. We achieved another year of record net income of $98.1 million, or $2.38 per diluted share, an increase of 32% from the $74.2 million a year ago, or $1.77 per diluted share reported in 2007. Fourth quarter net income totaled $20.2 million or $0.49 per diluted share, also a 32% increase from $15.3 million or $0.37 per diluted share for the fourth quarter of 2007. These results reflect the sale of our securities transfer product and transactions related to Visa. Excluding the impact of these non-recurring items for both 2007 and 2008, UMB reported net income of $17.8 million or growth of 13.7% for the fourth quarter of 2008, and net income of $89.1 million or growth of 22.8% for the year. Our strong performance for the year was driven by double-digit growth in net interest income as well as higher fee income. Net interest income for the year was $275 million or 18.2% higher than 2007. This growth was due primarily to higher average earning assets, including strong loan growth while maintaining our credit quality standards. We also achieved record non-interest income of $313 million, which is 8.3% higher than 2007. 2008 was an unprecedented year for the industry, and we are especially proud of our results in this environment. Our dedicated employees and management team continued to deliver and exceed the high standards we set for ourselves. We are confident that our business model demonstrates a commitment to our customers and shareholders by protecting deposits and maintaining a high quality balance sheet and strong capital ratios. As previously announced on…

Thanks, Mariner, and also thank you to everyone joining us on the call this morning. First I will provide a recap of the fourth quarter and then turn to a few brief remarks regarding the full-year. As Mariner indicated, we reported diluted EPS of $0.49 for the fourth quarter, up from $0.37 in the same period in 2007. Net income of $20.2 million increased 32.2% quarter over quarter. Higher revenue was largely driven by a $17.5 million or 29% increase in net interest income. This increase is primarily due to the strong loan growth that Mariner mentioned earlier as well as increased liquidity. Net interest margin increased to 3.6% from 3.44% at the end of last year and from 3.57% on a linked quarter basis. Despite overall declining interest rates, we have been able to decrease total interest expense at a rate faster than declining earning asset income. We ended the year with more than $738 million in public fund deposits. Public funds create higher deposits and repo balances and are negotiated products subject to market based pricing. Core investment portfolio re-pricing also had an impact on margin during the fourth quarter. $157 million rolled off with an average yield of 4.59%. Also during the quarter, we repurchased $440 million of securities with an average yield of 3.57%. As we expected interest rates to decline combined with higher funding balances, we pre-bought core investment portfolio securities. At year-end, the average life of the core investment portfolio was 25.3 months compared to 37.1 months at the end of 2007. As Mariner mentioned, we will continue to monitor the investment portfolio given the low re-investment rates in the marketplace. We will refine our approach as market conditions change. The combination of higher roll off balances and lower re-investment rates will continue to…

Thanks Mike. Good morning everyone. Following up on Mariner’s comments, let me begin by reviewing some details on our core operating strategies. First, some comments regarding our goal to expand our fee businesses. We faced strong equity market related headwinds during the quarter. Total trust and mutual fund assets fell $1.3 billion or 11.8% compared to 2007 and ended the year at $9.7 billion. On a linked quarter basis, assets fell 9.3%. This decline includes both assets in our equity funds and our trust customer balances. This reduction however compares favorably to a drop of nearly 29% in the S&P 500 during the period. This reduction in assets under management was the primary contributor in our non-interest income decline of 4.4%. For the year, UMB reported strong net flows of $1.1 billion in the Scout Fund complex. For the quarter, assets in the Scout Funds decreased from $5.7 billion in the fourth quarter of 2007 to $4.9 billion in the fourth quarter of 2008. We remain focused on our strategy to grow our Scout Fund family of mutual funds, and indeed our entire money management businesses regardless of volatility in the equity markets. As evidence of this commitment, on the December 31, we launched our new global equity core product, targeted to large institutional investors with an investment minimum of $3 million. UMB Fund Services reported a $1.2 million decline in non-interest income for the quarter, based upon lower asset levels due to equity market declines, and resulting asset-based fee income. Despite the recent developments in the hedge fund and mutual fund industry, we’re optimistic that we continue to have the right strategy and the right team in place for the long-term success of this business. One positive trend is the increasing of pressure on money managers to utilize independent…

Thanks Peter. The recent financial distress has raised the level of awareness among the public that where you bank is very important. Our reputation as a strong financial institution is serving us as well today as in any other time in our history. Each day, our associates and management team are working hard to serve our customers and execute against our strategies. We are pleased with the strength of our business, especially our banks, and we have strong revenue streams from fee-based business that don’t entirely rely on bank customers to grow. Not only will we continue to make investments in the bank, but also in our fee-based businesses. We believe there will be a continued opportunity for us with our strong liquidity and capital position to take advantage of strategic acquisitions and enhance our position. In the coming quarters, we will talk in depth about these opportunities, and we will talk further about our overall strategy of operating as a financial-services company. Thank you very much and we look forward to your questions.

Thank you very much for your interest in UMB. The call can be accessed via replay at our website beginning in about two hours and it will run through February 11. And as always, you can contact UMB Investor Relations with any follow questions by calling 816-860-1685. Again we appreciate your interest and time.

Thank you. Ladies and gentlemen, we will now begin the question and answer session. (Operator instructions). And our first question comes from Chris McGratty with KBW. Go ahead please. Chris McGratty – KBW: Good morning.

Good morning. Chris McGratty – KBW: You indicated in your prepared remarks that you pre-bought some securities in the quarter. I guess how should I think about the size of the balance sheet, I guess, in the first and second quarter? Was fourth quarter the peak in size of the investment portfolio, and will the public funds run out of the bank I guess typically as they do in the first half of the year, and just trying to get a sense of the size of the balance sheet going forward?

Sure. This is Mike. I'll take a stab at that one. You should expect the normal public fund accounts to leave the bank as they do in the first quarter of any following year. It is no different right now, at least from an expectation standpoint that that won't happen again. The portfolio holdings and the pre-buy that we’re talking about, those are core portfolio holdings. So we do separate our portfolio between core and non-core, and clearly we don't buy core portfolio holdings with public funds. So the assets that we do buy with those non-core funds or public funds are very short term in nature. Chris McGratty – KBW: Okay.

I might add that our balance sheet has grown related to both the inflow of public funds as well as the flight to safety and quality through our deposit growth in general. Chris McGratty – KBW: Okay. So the $700 million that you alluded to, that will run out in the first quarter. You added about a little over a $1 billion in the fourth quarter, so I should assume that you’ve put on a little bit of securities leverage and that is a sustainable piece of portfolio going forward, or you grow that core piece?

I think that is a fair estimate right now. There has been some – there has been some uptick in our deposits that are not related to public funds, and those are core holdings that are funding the core portfolio, yes. Chris McGratty – KBW: Okay. So I guess going forward and the bigger picture, what is your comfort size with the core portfolio? Did I sense that over time given where rates are today that the size may come down?

It's a function of whether or not loan demand man is there. So that will be the first answer. It is a function of what happens with deposits, so it's awfully hard to answer that because you’ve got a lot of moving parts in the balance sheet on both sides that could impact the holding. We don't have a stated that we say, okay, that's the limit, we don't want any more investment securities. Chris McGratty – KBW: Okay. And my other question is on the loan portfolio, what percentage re-prices, what is floating?

On the loan portfolio? Chris McGratty – KBW: Right.

Yes, about 50% in a year, and of that 50%, roughly 85% is tied to prime, 14% is tied to fed funds, and the rest very small amount is made up mostly of treasuries. Chris McGratty – KBW: Okay. And what portion of that re-prices I guess in the first half of the year? Or will we see additional impact I guess? You alluded to some pressure on earnings asset yields.

Well, I think – the comment about earning asset yields was both loans and the security portfolio. I think it is more the security portfolio, just because of the large amount that comes due in 2009. And obviously the ability to re-invest that at rates that would even come close to equaling the roll off which is not possible right now. Chris McGratty – KBW: Right, thank you.

Okay, thank you. (Operator instructions). And we have no further audio questions, I would like to turn the conference back over to management for any closing comments.

Thank you again for your interest and time. If you have any further questions, please feel free to contact UMB Investor Relations at 816-860-1685.

Ladies and gentlemen, this concludes the UMB Financial Corporation fourth quarter conference call. If you would like to listen to a replay of today's conference, please dial 800-405-2236 or 303-590-3000 with the pass code 11123985. ACP would like to thank you for your participation, and you may now disconnect.