Company: UMBFO
Filing Date: 2025-06-25
Form Type: 11-K
Source: 0000950170-25-089908
Chunk: 7

Company: UMB FINANCIAL CORP
Filing Date: 2025-06-25
Form: 11-K
Chunk 7
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 principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Related fees are recorded as administrative expenses and are expensed when they are incurred. If a participant ceases to make loan repayments and the Plan Administrator deems the participant loan to be in default, the participant loan balance is reduced and a benefit payment is recorded.

Payment of Benefits

Benefit payments to participants are recorded when paid.

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Costs and Expenses Fees related to certain terminated participant accounts, administration of notes receivable from participants and distributions are charged directly to the participant’s account and are included in administrative expenses. Investment-related expenses are included in investment income. The Plan used $345,924 and $271,581 of proceeds from a revenue sharing arrangement to pay administrative fees in 2024 and 2023, respectively. Any proceeds remaining from the revenue sharing arrangement at the end of the year are allocated on a pro-rata basis to participant accounts in the Plan. The proceeds from the revenue sharing arrangement are held in a Vanguard Cash Reserves Federal Money Market Fund. 3. UMB Retirement Master Trust The assets of the Plan and the ESOP are combined into the UMB Retirement Master Trust (the Master Trust), a master trust established by the Company. Use of the Master Trust permits the commingling of Plan assets with the assets of the ESOP for investment and administrative purposes. At December 31, 2024 and 2023, the Plan’s assets relate to its share of the allocated net assets of the Master Trust. Although assets of both plans are commingled in the Master Trust, the Trustee maintains supporting records for the purpose of allocating investment income or loss to the participating plans. The net investment income or loss of the investment assets is allocated by the Trustee to each participating plan on a basis proportionate to the Plan’s share of net assets. All other activity is recorded in the Plan based on the elections of the individual participants in the Plan. The following table presents the net assets of the Master Trust and the Plan’s interest in the net assets of the Master Trust at December 31, 2024 and 2023:

| Investments, at fair value: |     | 2024         
 Master Trust |             |     | Plan's Interest in Master Trust |             |     | 2023         
 Master Trust |             |     | Plan's Interest in Master Trust |             |
|:----------------------------|:----|:-------------|------------:|:----|