Company: UMBFO
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-028420
Chunk: 240

Company: UMB FINANCIAL CORP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 240
---
 31,904

    77,010

    15,378

    (45,106
    )

    61,632

    (58.6
    )

    400.8

    Other

    30,564

    34,258

    43,188

    (3,694
    )

    (8,930
    )

    (10.8
    )

    (20.7
    )

    Total noninterest expense
     
    $
    1,026,686

    $
    999,140

    $
    898,119

    $
    27,546

    $
    101,021

    2.8
    %

    11.2
    %

Salaries and employee benefits expense increased $40.5 million, or 7.3%, in 2024 compared to 2023 and $29.0 million, or 5.5%, in 2023 compared to 2022.  In 2024, bonus and commission expense increased $22.4 million, or 19.5%, salaries and wage expense increased $14.0 million, or 4.1% and employee benefits expense increased $4.1 million, or 4.1%.  In 2023, salaries and wage expense increased $23.8 million, or 7.5% and employee benefits expense increased $20.5 million, or 26.0%.  These increases were offset by a decrease in bonus and commission expense of $15.3 million, or 11.8%.

Equipment expense decreased $5.3 million, or 7.7%, in 2024 compared to 2023, and decreased $5.5 million, or 7.5%, from 2022 to 2023.  The decreases in both years were driven by lower software expense related to a transition to cloud-based computing solutions.

Marketing and business development expense increased $2.7 million, or 10.4%, in 2024 compared to 2023, and was flat in 2023 compared to 2022.  The increase in 2024 was driven by the timing of advertising and business development projects and higher travel expenses as compared to the prior year.

Processing fees expense increased $14.8 million, or 14.4%, in 2024 compared to 2023, and increased $20.9 million,