Company: UMBFO
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-028420
Chunk: 189

Company: UMB FINANCIAL CORP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1B
Chunk 189
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 tax rate of 21% for income before income taxes is as follows (in thousands): 

        Year Ended December 31,

        2024

        2023

        2022

        Statutory federal income tax expense
         
        $
        113,667

        $
        88,536

        $
        111,722

        Tax-exempt interest income

        (20,487
        )

        (20,614
        )

        (20,206
        )

        Tax-exempt life insurance related income

        (5,492
        )

        (4,961
        )

        (723
        )

        Meals, entertainment and related expenses

        1,703

        1,582

        854

        State and local income taxes, net of federal tax benefits

        9,800

        7,466

        9,207

        Equity-based compensation

        (505
        )

        (1,377
        )

        (1,921
        )

        Federal tax credits, net of amortization (as applicable)

        (8,252
        )

        (5,049
        )

        (3,748
        )

        Other

        9,596

        5,995

        5,144

        Total tax expense
         
        $
        100,030

        $
        71,578

        $
        100,329

       In preparing its tax returns, the Company is required to interpret tax laws and regulations to determine its taxable income.  Periodically, the Company is subject to examinations by various taxing authorities that may give rise to differing interpretations of these laws.  Upon examination, agreement of tax liabilities between the Company and the multiple tax jurisdictions in which the Company files tax returns may ultimately be different.  The Company is in the examination process with four state tax authorities for various years between tax years 2020 and 2022.  The Company believes the aggregate amount of any additional liabilities that may result from these examinations, if any, will not have a material adverse effect on the financial condition, results of operations, or cash flows of the Company.Deferred income taxes result from differences between the carrying value of assets and liabilities measured for financial reporting and the tax basis of assets and liabilities for income tax return purposes.

125

The significant components of deferred tax assets and liabilities are reflected in the following table (in thousands):