Company: UMBFO
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-028420
Chunk: 171

Company: UMB FINANCIAL CORP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1B
Chunk 171
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 Moines and through this relationship, the Company owns FHLB stock and has access to additional liquidity and funding sources through FHLB advances.  The Company’s borrowing capacity is dependent upon the amount of collateral the Company places at the FHLB.  As of December 31, 2024 and December 31, 2023 the Company owned $10.2 million and $55.2 million of FHLB stock, respectively.  The Company had no outstanding advances at the FHLB of Des Moines as of December 31, 2024.  The Company had one short-term advance of $1.0 billion outstanding at FHLB of Des Moines as of December 31, 2023.  Additionally, in both 2024 and 2023, the FHLB of Des Moines issued a letter of credit for $150.0 million on behalf of the Company to secure deposits.  The letter of credit outstanding as of December 31, 2024 expired in January 2025 and was subsequently renewed with an expiration date in March 2025.  The Company’s borrowing capacity with the FHLB was $1.8 billion as of December 31, 2024. 

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The Company had no short-term borrowings outstanding with the Federal Reserve Bank's BTFP as of December 31, 2024. As of December 31, 2023, the Company had an $800.0 million short-term borrowing outstanding with the BTFP. The FRB terminated the BTFP during 2024. The Company's remaining borrowing capacity with the Federal Reserve Discount Window was $12.5 billion as of December 31, 2024.The Company enters into sales of securities with simultaneous agreements to repurchase (repurchase agreements).  The Company utilizes repurchase agreements to facilitate the needs of customers and to facilitate secured short-term funding needs. Repurchase agreements are stated at the amount of cash received in connection with the transaction. The Company monitors collateral levels on a continuous basis and may be required to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with the Company’s safekeeping agents.  The amounts received under these agreements represent short-term borrowings.  The amount outstanding at December 31, 2024, was $2.5 billion, with accrued interest payable of $1.7 million.  The amount outstanding at December 31, 2023, was $2.