Company: UMBFO
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-028420
Chunk: 319

Company: UMB FINANCIAL CORP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 319
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        Subordinated notes 3.70% due 2030, net of issuance costs

        199,681

        199,232

        Subordinated notes 6.25% due 2032, net of issuance costs

        108,829

        108,403

        Total long-term debt

        385,292

        383,247

        Total borrowed funds
         
        $
        385,292

        $
        2,183,247

       The aggregate contractual repayment of long-term debt of $413.1 million is due after December 31, 2029. The Company assumed long-term debt obligations from the acquisition of Marquette consisting of debt obligations payable to four unconsolidated trusts (Marquette Capital Trust I, Marquette Capital Trust II, Marquette Capital Trust III, and Marquette Capital Trust IV) that previously issued trust preferred securities.  These long-term debt obligations had an aggregate contractual balance of $103.1 million and had a carrying value of $76.8 million and $75.6 million as of December 31, 2024 and 2023, respectively. Interest rates on trust preferred securities are tied to the three-month Term SOFR rate with spreads ranging from 133 basis points to 160 basis points and reset quarterly. The trust preferred securities have maturity dates ranging from January 2036 to September 2036.In September 2020, the Company issued $200.0 million of 3.70% fixed-to-fixed rate subordinated notes that mature on September 17, 2030.  The notes bear interest at the rate of 3.70% per annum, payable semi-annually on each March 17 and September 17.  The Company may redeem the notes, in whole or in part, on September 17, 2025, or on any interest payment date thereafter.  Unamortized debt issuance costs related to these notes totaled $0.3 million and $0.8 million as of December 31, 2024 and 2023, respectively.  Proceeds from the issuance of the notes were used for general corporate purposes, including contributing Tier 1 capital into the Bank.In September 2022, the Company issued $110.0 million of 6.25% fixed-to-fixed rate subordinated notes that mature on September 28, 2032.  The notes bear interest at the rate of 6.25% per