Company: UMBFO
Filing Date: 2025-06-25
Form Type: 11-K
Source: 0000950170-25-089908
Chunk: 5

Company: UMB FINANCIAL CORP
Filing Date: 2025-06-25
Form: 11-K
Chunk 5
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. Additionally, all loans are made for a period not to exceed five years unless proceeds of such loan are exclusively used for the acquisition of a dwelling unit to be used as the principal residence of the participant. Interest rates for all loans are prime rate plus 2 percent. Principal and interest is paid ratably through payroll deductions. The loans bear interest ranging from 2.25 percent to 10.50 percent, with maturity dates through June 2041.

Vesting and Forfeitures

Participants are vested immediately in their contributions and the Company matching contribution plus actual earnings thereon. For profit sharing contributions participants are 50 percent vested after two years of service and 100 percent vested after three years of service.

The Company, at its discretion, determines how forfeited nonvested accounts will be used in accordance with the Plan.At December 31, 2024 and 2023, available forfeited nonvested accounts totaled $27,090 and $149,966, respectively. Forfeited nonvested amounts of $120,520 were used to reduce Company contributions in Plan year 2024. The Plan did not allocate any forfeited balances during 2023.

Benefits

A participant’s account balance, to the extent it is vested, will be paid upon request to participants who have become disabled, retired or otherwise left the Company. Employees are not allowed to withdraw any portion of the Employer contributions prior to age 59½; however, subject to the Plan’s restrictions, participants may withdraw all or a portion of their account balances from certain sources while remaining employed.

Terminated participants with a vested account balance not exceeding $5,000, excluding amounts attributable to any rollovers, will receive a lump sum distribution. If the deferred vested account balance is less than $1,000, the balance will be distributed to the participant in cash. If the deferred vested account balance is between $1,000 and $5,000, the participant’s balance will be rolled over to an IRA account with Fidelity Investments, if the participant does not make a distribution election.

Participant Hardship Withdrawals

A participant may withdraw all or a portion of their contributions subject to hardship withdrawal provisions.

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#### 2.
Summary of Significant Accounting Policies

Basis of Accounting and Use of Estimates

The financial statements of the Plan are prepared using the accrual method of accounting. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates that affect the financial statements