Company: UMBFO
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-028420
Chunk: 188

Company: UMB FINANCIAL CORP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1B
Chunk 188
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 the beneficiary and the applicant.  These obligations might be the performance of a service or delivery of a product.  If the obligations are not met, it gives the beneficiary the right to draw on the letter of credit.The ACL for off-balance sheet credit exposures was $4.1 million and $5.1 million as of December 31, 2024 and 2023, respectively, and was recorded in the Accrued expenses and taxes line of the Company’s Consolidated Balance Sheets.  A reduction of $950 thousand of provision for off-balance sheet credit exposures was recorded for the year ended December 31, 2024. Provision of $2.0 million and $500 thousand were recorded for off-balance sheet credit exposures for the years ended December 31, 2023 and 2022, respectively.  Provision for off-balance sheet credit exposures is recorded in the Provision for credit losses line of the Company’s Consolidated Statements of Income.

16. INCOME TAXESIncome taxes as set forth below produce effective income tax rates of 18.5% in 2024, 17.0% in 2023, and 18.9% in 2022.  These percentages are computed by dividing Income tax expense by Income before income taxes.

124

Income tax expense includes the following components (in thousands): 

        Year Ended December 31,

        2024

        2023

        2022

        Current tax

        Federal
         
        $
        107,697

        $
        81,565

        $
        92,673

        State

        8,507

        10,452

        13,964

        Total current tax expense

        116,204

        92,017

        106,637

        Deferred tax

        Federal

        (20,072
        )

        (19,438
        )

        (3,998
        )

        State

        3,898

        (1,001
        )

        (2,310
        )

        Total deferred tax benefit

        (16,174
        )

        (20,439
        )

        (6,308
        )

        Total tax expense
         
        $
        100,030

        $
        71,578

        $
        100,329

       The reconciliation between the income tax expense and the amount computed by applying the statutory federal