Company: UMBFO
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-028420
Chunk: 191

Company: UMB FINANCIAL CORP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1B
Chunk 191
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        $
        10,921

        $
        9,360

        Gross increases - tax positions in prior period

        —

        64

        Gross decreases - tax positions in prior period

        (3,051
        )

        —

        Gross increases - current-period tax positions

        1,915

        2,807

        Lapse of statute of limitations

        (1,506
        )

        (1,310
        )

        Unrecognized tax benefits - ending balance
         
        $
        8,279

        $
        10,921

      Investments in Affordable Housing and Renewable EnergyThe Company has invested in affordable housing and renewable energy projects sponsored by third parties, commonly referred to as tax equity investments.  The primary return on these investments is derived from the realization of federal tax credits and deductions.  Tax equity investments are recorded net of accumulated amortization using the proportional amortization method.  These investments are included in Other securities on the Consolidated Balance Sheets and totaled $251.0 million and $227.2 million as of December 31, 2024 and 2023, respectively. Unfunded tax equity obligations are included in Other liabilities on the Consolidated Balance Sheets, and totaled $116.5 million and $124.8 million as of December 31, 2024 and 2023, respectively.The following table summarizes the amortization expense and tax benefit recognized for the Company’s affordable housing projects and other tax credit investments (in thousands): 

        Year Ended December 31,

        2024

        2023

        2022

        Amortization Expense (1)

        Tax Benefit Recognized (2)

        Amortization Expense (1)

        Tax Benefit Recognized (2)

        Amortization Expense (1)

        Tax Benefit Recognized (2)

        Low-income housing tax credit
         
        $
        16,930

        $
        (21,277
        )
         
        $
        12,709

        $
        (15,482
        )
         
        $
        9,933

        $
        (12,427
        )

        Historic tax credit

        1,471

        (1,493
        )

        1,464

        (1,714
        )

        1,464

        (1,462
        )

        Renewable energy

        20,750

        (22,