Ladies and gentlemen, thank you for standing by and welcome to the UMB Financial Corporation first quarter conference call. At this time all participants are in a listen-only mode. Later we’ll conduct a question-and-answer session and instructions will be given at that time. (Operator Instructions) Now I’d like to turn the conference over to Ms. Abby Mayer, Director of Investor Relations, UMB Financial. Please go ahead ma’am.

Thank you. Good morning everyone and thank you for joining us for our conference call and webcast regarding our 2009 first quarter 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. By now, we hope most of you on the call who are listening to webcast, have had a chance to review our earnings release dated April 21. If not, you will find it on our website at www.umb.com. Our earnings release includes both our GAAP based income statement and a 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 mandatory redemption of these shares and a reversal of the liability accrual related to Visa’s covered litigation escrow. The reconciliation for these items can also be found on our website at www.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 more reliable indicators of ongoing operating performance. 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 with a particular focus on lending activities and capital management. Then Mike will review the details of our first quarter results, and Peter will follow with a discussion of operating performance against our strategies, focusing primarily on non-interest income in fee-based businesses. At the conclusion of this call, 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. UMB’s results for the first quarter of 2009 demonstrate our continued commitment to stable, strong performance. Our net income for the quarter was $22.6 million or $0.55 on a fully diluted basis. While this is a decrease from the same period last year, we increased average earning assets by $1.7 billion and improved net interest income by $10.8 million; all while maintaining a tangible equity ratio of 8.52%. We are pleased with these positive results. We continuously evaluate our strategies to ensure and realign ourselves internally to achieve our goals, especially as we face an uncertain external environment. At UMB our mission is clear; we will continue to accelerate fee business growth, maximize efficiencies, grow loans and deposits, deploy capital prudently and appropriately and deliver the unparalleled customer experience. Our first strategy is to continue accelerating our fee-based business growth. Refining our capabilities to capitalize on diverse revenue streams will help us achieve this goal. Although we faced challenging equity markets, non-interest income generated nearly half of our total revenue during the first quarter. Overall, non-interest income was down 9.5% in the quarter, excluding the mandatory redemption of visa shares in the first quarter of last year. Later in the call, Peter will discuss our non-interest income in greater detail and we’ll include a discussion regarding our operational performance of these businesses. Our second strategy is to maximize efficiencies. While our expenses were up slightly over the same period last year, we remained laser focused on controlling expenses and fully maximizing efficiencies throughout the company. There are several examples of this that will be highlighted later in the call. Our third strategy is to grow loans and deposits. True to our plan to grow both sides of our…

Thanks Mariner and good morning everyone. Before getting into specifics about the financials, I think it is important, in light of the current environment to emphasize the quality of our balance sheet. Our earning assets and loan growth are key strengths and we are growing these categories without compromising out credit standards. We have maintained the high quality of our investment portfolio, which is a result of our continued practice of not buying securities outside of our quality standards in duration timeline for the sake of short term yield improvements. Secondly, the diversity of our deposit sources provides another key advantage. With the high level of free funds we can maintain high levels of liquidity, better manage our funding costs and reduce the need to borrow from other short term funding sources. Turning to the results for the quarter, net interest margin decreased 11 basis points to 3.39%. The yield on average earning assets declined to 4.02% from 5.50% and the cost of interest bearing liabilities fell to 2.87% from 2.67%. While spread increased, free funds contributed 24 basis points to margin, which was a decline of 43 basis points compared to the same period last year. During the last several calls, we have emphasized our belief that margin would contract. So far the compression has not been as significant as anticipated. We continue to closely monitor net interest margin in this challenging yield environment and fortunately continue to add loans and investments with positive spread. Return on average assets and return on average equity were 0.89% and 9.23% respectively, down from 1.5% and 14.12% in the first quarter last year. The absences of last years Visa items and this year’s larger balance sheet were the primary drivers of this decline. Another strength of our business model is our healthy…

Thanks Mike and good morning everyone from downtown Kansas City. As Mariner discussed, we continuously examine the operating environment and refine our strategies accordingly. We also gauge our operating performance against these strategies to measure our progress. I’d like to highlight our operating growth strategies and our progress against each of them. I will focus primarily on our fee businesses and non-interest income. We continue to focus on accelerating the growth of our fee businesses. In this environment, the equity markets represent a short term headwind. The current market environment has negatively impacted our non-interest income, which decreased to 9.5% excluding the impact of the Visa redemption in the first quarter of 2008. This decline was primarily due to trust and securities processing income, which fell $6.3 million to $24.9 million. One of the key drivers in the fee-based category continues to be our asset management business, which consist of personal trust services, institutional money management including the Scout Funds, private banking, correspondent services, corporate trust and brokerage services. Non-interest income from this segment decreased 15.8% to $19.3 million. Total assets under management fell 16.5% to $9.1 billion, from $10.9 billion on March 31, 2008. Our Scout Funds hit balances of $4.5 billion at the end of the quarter, down 22.4% from March 31, 2008. In comparison, the industry’s assets under management declined 33.4%. For the quarter, Scout Fund net equity and bond fund flows where a positive $247.1 million. The money market funds experienced $309.6 million in net redemptions during the quarter. While this quarter proved challenging for the investment management business, we continue to invest in this business line and we are positioned well to benefit as markets improve and investors return to the equity and fixed income market. Another driver in trust and securities processing income is…

Thanks Peter. As our results show, our time-tested business model continues to perform well, even in these uncertain times. This is a model that works. Mid-sized regional banks are among the best performers in the financial services industry. It is important to me that not all banks are painting it negatively with the same broad brush. I’ve been speaking publicly and with our elected officials in Washington D.C. with a message that most banks continue to lend and that it is necessary to differentiate between organizations like UMB and financial services companies that contributed to the situation we face today. More often than not, these are actually non-bank entities. We are proud to provide leadership in our industry in a time when it is most needed, banks like ours that operate from a position of strength built upon sound business practices and be a voice of reason during these challenging times. We believe, we can help restore confidence in the industry. At UMB our purposes is clear. We are a strong, well diversified financial services company and our results stand the test of time. For more than 96 years, we have followed prudent business practices and have reaped the benefits of our commitment to quality. With that I’ll turn it back to the conference call operator to open the session for your questions. Thank you.

(Operator Instructions) Our first question comes from the line of Chris McGratty from KBW. Please go ahead.

Hi, good morning guys.

Good morning.

Just a quick question on the expenses; the expense run rate was a lot lower than spent in the last couple of quarters. I wondering if there (a) was anything thinking unusual, any reversals and then I guess secondarily, how should I think about a run rate going forward.

Hi Chris; Mike Hagedorn. There are no one-time reversals in the first quarter of 2009. As we mentioned in the call, advertising cost being diverted if you will to the commercial campaign contributed to that at some level. Another thing I think you have to think about is, when you compare it to the fourth quarter there is some seasonality as well. For instance there are true-ups at the end of the year, because we had a record year in 2008 and so there were some true ups in there for commissions and other bonuses.

Okay, so is the second and third quarter of ‘08 kind of the 106 to110, it’s kind of…

I think it’s more indicative of the run rate, yes, than the fourth quarter.

Okay, that’s helpful. I guess my second question is on the balance sheet. You indicated that you plan to grow both sides of the balance sheet this year. So I’m wondering if you could differentiate between whether that’s going to come from increased securities or from the loan portfolio.

This is Mariner. That’s specifically related to adding loans on that side of the balance sheet obviously.

Okay and then I guess, how are you guys thinking about the overall size, the investment portfolio and obviously you’ll see some seasonality with the quarter-to-quarter, but how should I think about it over the next couple of quarters versus the first quarter?

One of the things that we’ve done in the past is bifurcate our portfolio into a core and non-core portion and that non-core portion is still very significant right now on our balance sheet. That’s not typical compared to the last several years, where we’ve had public funds run-off the balance sheet, roughly around this time. There are more deposits hanging around with us and so I think if you’re comparing it back to prior periods, you will see a larger investment portfolio go forward.

Again that’s going to have to do with our ability, some level, how much we can put to work on the loan side and we do see good progress there.

Yes, let me make that a little more clear. I don’t mean that it’s going to increase necessarily from what it is today, it will be larger than it has been historically on the balance sheet.

As a percentage of earnings assets?

You’ve got it

Okay, but second and third quarters. How are you thinking about the absolute size of the next couple of quarters to be, down slightly but…

I think that’s were Mariner’s comment comes in. If we get loan growth, clearly we’d rather put it to work in loans. The yields are better there than the investment portfolio.

Okay, thanks guys.

Also keep in mind, we still are running up the indirect auto loans, which obviously is a negative against our loan growth on an absolute basis and we’ve got about $300 million left to go in that portfolio.

(Operator Instructions) Our next question comes from the line of Charles Ernst from Sandler O’Neill Asset Management. Please go ahead. Charles Ernst - Sandler O’Neill Asset Management: Good morning.

Good morning. Charles Ernst - Sandler O’Neill Asset Management:

I don’t think that’s something we’re able to comment on. The IRR isn’t necessarily the main driver of our decision. Obviously EPS accretion is and we know that buying back shares up to very high price is still accretive to shareholders and so we’ll do that from time-to-time. It depends upon the availability of other things that we talked about on the calls well, acquisition, opportunities, investments in the core business. Charles Ernst - Sandler O’Neill Asset Management: But if you’re not exceeding your cost to capital, then it doesn’t really make sense?

We are trying to exceed our cost to capital. Without being specific about the number we are clearly trying to exceed the cost to capital. Charles Ernst - Sandler O’Neill Asset Management: Then I apologize if I missed this earlier, but can you just make a comment about what you’re seeing in terms of fund flows in and out of the Scout Funds?

They were very strong in the first quarter; $247 million in positive net inflows into our equity and bond funds and a little over $300 million net outflows in our money market products.

On a relative basis performance is still very good and we suffer from market action mostly. Charles Ernst - Sandler O’Neill Asset Management: Thanks a lot.

(Operator Instructions) I’m showing that we have no further questions at this time. Ms. Mayer, I’ll go ahead and hand it back to you.

Thank you. Thank you very much for your interest in UMB. The call can be accessed via a replay at our website beginning in about two hours and it will run through May 6 and as always, you can contact UMB Investor Relations with any follow-up questions by calling 816-860-1685. Again, we appreciate your interest and time.

Ladies and gentlemen that does conclude our conference for today. Thank you for your participation and you may now disconnect.