Company: UMBFO
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-028420
Chunk: 169

Company: UMB FINANCIAL CORP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1B
Chunk 169
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 not reasonably certain that the Company will exercise these options. No leases include options to purchase the leased property.  The lease agreements do not contain any material residual value guarantees or material restrictive covenants.  An insignificant number of leases include variable lease payments that are based on the Consumer Price Index (CPI).  For the calculation of the lease liability and right of use asset for these leases, the Company has included lease payments based on CPI as of the effective date of ASC 842 or the date a new lease or amendment was entered into, whichever is later.  The Company has made the election not to separate lease and non-lease components for existing real estate leases when determining consideration within the lease contract. All of the Company’s lease agreements are classified as operating leases under ASC 842.As of December 31, 2024 and 2023, right-of-use assets of $47.6 million and $50.0 million, respectively, were included as part of Other assets on the Company’s Consolidated Balance Sheets. In addition, lease liabilities of $55.1 million and $58.9 million were included as part of Other liabilities on the Company’s Consolidated Balance Sheets as of December 31, 2024 and 2023, respectively.  For the years ended December 31, 2024, 2023, and 2022, lease expense of $10.5 million, $11.1 million, and $11.9 million, respectively, was recognized as part of Occupancy expense on the Company’s Consolidated Statements of Income.  For the years ended December 31, 2024, 2023, and 2022, cash payments of $12.2 million, $12.2 million, and $12.9 million, respectively, were made for leases included in the measurement of lease liabilities and are classified as cash flows from operating activities in the Company’s Consolidated Statements of Cash Flows.  For the years ended December 31, 2024 and 2023, leased assets obtained in exchange for new operating lease liabilities were $4.8 million and $5.7 million, respectively.  As of December 31, 2024 and 2023, the weighted average remaining lease terms of the Company’s leases were 6.1 years and 6.5 years, respectively, and the weighted average discount rates were 3.36% and 3.17%, respectively.As of December 31, 2024, future minimum lease