Company: UMBFO
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-028420
Chunk: 311

Company: UMB FINANCIAL CORP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 311
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 the State and political subdivision portfolio, the majority of the Company’s holdings are in general obligation bonds, which have a very low historical default rate due to issuers generally having unlimited taxing authority to service the debt.  For the State and political, Corporates, and Collateralized loan obligations portfolios, the Company has a robust process for monitoring credit risk, including both pre-purchase and ongoing post-purchase credit reviews and analysis.  The Company monitors credit ratings of all bond issuers in these segments and reviews available financial data, including market and sector trends.

104

During the year ended December 31, 2023, the Company recorded a $4.9 million impairment on one Corporate available-for-sale security.As of both December 31, 2024 and 2023, there was no ACL related to the Company’s available-for-sale securities as the decline in fair value did not result from credit issues.Securities Held to MaturityThe following table provides detailed information about securities held to maturity at December 31, 2024 and 2023, respectively (in thousands): 

        2024
         
        Amortized Cost

        Gross Unrealized Gains

        Gross Unrealized Losses

        Fair Value

        Allowance for Credit Losses

        Net Carrying Amount

        U.S. Agency
         
        $
        116,331

        $
        —

        $
        (581
        )
         
        $
        115,750

        $
        —

        $
        116,331

        Mortgage-backed

        2,523,134

        —

        (418,482
        )

        2,104,652

        —

        2,523,134

        State and political subdivisions

        2,739,447

        12,035

        (222,946
        )

        2,528,536

        (2,645
        )

        2,736,802

        Total
         
        $
        5,378,912

        $
        12,035

        $
        (642,009
        )
         
        $
        4,748,938

        $
        (2,645
        )
         
        $
        5,376,267

        2023
         
        Amortized Cost

        Gross Unrealized Gains

        Gross Unrealized Losses

        Fair Value

        Allowance for Credit Loss