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    John Arfstrom

    Managing Director and Senior Equity Analyst at RBC Capital Markets

    Jon Arfstrom is a Managing Director and Senior Equity Analyst at RBC Capital Markets, specializing in the financial services sector with a focus on U.S. regional banks and financial institutions. He actively covers companies including Cadence Bank, First Financial Bancorp, BankUnited, and Bread Financial, among others, and has issued over 676 ratings on 36 stocks, achieving a price target met ratio of 77% and an average transaction return of 12.3%. Arfstrom began his analyst career prior to 2016, previously holding roles including Associate Director of US Research at RBC since 2021 and prior experience at Graco. He holds professional credentials consistent with senior Wall Street analysts, including FINRA registration and securities licenses, and has been recognized with a 4.75-star rating by TipRanks for his analyst performance.

    John Arfstrom's questions to UMB FINANCIAL (UMBF) leadership

    John Arfstrom's questions to UMB FINANCIAL (UMBF) leadership • Q1 2025

    Question

    John Arfstrom asked for an outlook on noninterest income, particularly the card business, the timeline for Heartland's full integration, and whether the current environment makes bank M&A more attractive to UMB.

    Answer

    CEO J. Kemper and President James Rine highlighted strong underlying fee income trends and significant synergy opportunities in the card business. Kemper stated that cultural integration is immediate, while systems conversion is set for October. Regarding M&A, he said the focus is 100% on executing the Heartland integration, though relationship-building for future deals continues.

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