Company: UMBFO
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-028420
Chunk: 346

Company: UMB FINANCIAL CORP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 346
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 are not observable, the measurements are classified as Level 3.  Other real estate owned and Other repossessed assets Other real estate owned and other repossessed assets consist of loan collateral which has been repossessed through foreclosure. This collateral is comprised of commercial and residential real estate and other non-real estate property, including auto, recreational and marine 

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vehicles. Other real estate owned and other repossessed assets are recorded as held for sale initially at the fair value of the collateral less estimated selling costs.  The initial valuation of the foreclosed property is obtained through an appraisal process similar to the process described in the collateral dependent/impaired loans paragraph above. Subsequent to foreclosure, valuations are reviewed quarterly and updated periodically, and the assets may be marked down further, reflecting a new cost basis. Fair value measurements may be based upon appraisals, third-party price opinions, or internally developed pricing methods and those measurements are classified as Level 3.Fair value disclosures require disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis.The estimated fair value of the Company’s financial instruments at December 31, 2024 and 2023 are as follows (in thousands): 

        Fair Value Measurement at December 31, 2024 Using

        Carrying Amount

        Quoted Prices in Active Markets for Identical Assets (Level 1)

        Significant Other Observable Inputs (Level 2)

        Significant Unobservable Inputs (Level 3)

        Total Estimated Fair Value

        FINANCIAL ASSETS

        Cash and short-term investments
         
        $
        9,104,445

        $
        8,559,445

        $
        545,000

        $
        —

        $
        9,104,445

        Securities available for sale

        7,774,334

        1,643,243

        6,131,091

        —

        7,774,334

        Securities held to maturity (exclusive of allowance for credit losses)

        5,378,912

        —

        4,748,938

        —

        4,748,938

        Trading securities

        28,533

        8,695

        19,838

        —

        28,533

        Other securities

        471,018

        11,596