Company: UMBFO
Filing Date: 2025-06-25
Form Type: 11-K
Source: 0000950170-25-089908
Chunk: 4

Company: UMB FINANCIAL CORP
Filing Date: 2025-06-25
Form: 11-K
Chunk 4
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 payroll period and is funded during the year. The Company may make an additional discretionary matching contribution equal to the true-up contribution that would be required as if the matching contribution was based on the participant’s eligible annual compensation. After satisfying eligibility requirements, the Company matched 50 percent of the first 9 percent of a participant's contributions for both Plan years 2024 and 2023. For the 2024 Plan year, the Company contributed $15,045,793, of which $815,955 was included in employer contributions receivable at December 31, 2024. For the 2023 Plan year, the Company contributed $15,072,731, of which $718,336 was included in employer contributions receivable at December 31, 2023.

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Employer Profit Sharing Contributions:

The Plan allows for profit sharing contributions by the Company to be determined annually by the Chairman of the Board of Directors of the Company at his discretion. The Company made total profit sharing contributions of $2,000,000 related to both the 2024 and 2023 Plan years. Employer profit sharing contributions, as determined above, are divided between the Plan and The ESOP of UMB (the ESOP), at the discretion of the Board of Directors of the Company. Profit sharing contributions to the Plan amounted to $1,000,000 for both Plan years 2024 and 2023. As of both December 31, 2024 and 2023, $1,000,000 was included in employer contributions receivable.

Participant Accounts

A separate account is maintained for each participant in the Plan. Each participant’s account is credited with the participant’s contributions and allocations of (1) the Company’s contributions, (2) forfeitures of terminated participants’ nonvested accounts, and (3) Plan earnings, and charged with an allocation of Plan losses and administrative expenses. Allocations are based on participant earnings, participant elective deferrals or account balances, as defined and subject to certain limits. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account. Qualified participants are able to transfer a portion of their account balances from the ESOP to the Plan.

Notes Receivable from Participants

Participants may borrow from their accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50 percent of their vested account balance. The loans are secured by the balance in the participant’s account