ced regulatory scrutiny and capital standards as a Domestic SIFIl and an announcement of a large expensive deal that could weigh on the stock price. UMB Financial Corporation (UMBF) We use a three-factor valuation framework (P/TBV, P/E, DCF) to arrive at our $78 price objective and assign a 1.8x multiple to our 2Q17E TBY,

Ebrahim H. Poonawala Texas Capital Bancshares Inc. TCBI TCBI US Ebrahim H. Poonawala The PNC Financial Services Group, Inc. PNC PNC US Erika Najarian UMB Financial Corporation UMBF UMBF US Ebrahim H. Poonawala Wells Fargo & Company WEC WEC US Erika Najarian NEUTRAL Associated Banc-Corp ASB ASB US Ebrahim H. Poonawala Banc o