Driven by loan growth, Kansas City-based UMB Financial Corp. (Nasdaq: UMBF) improved its first-quarter net income by 7.3 percent to $36.2 million from $33.8 million a year earlier.
The holding company of two UMB Bank branches in Springfield posted diluted share earnings of 74 cents for the three-month period ended March 31, which was flat from first-quarter 2015, according to a news release.
“UMB began the year by posting another quarter of double-digit year-over-year loan growth and making good progress against our expense initiatives implemented in 2015,” Chairman and CEO Mariner Kemper said in the release, noting loan balances increased 29.4 percent to $9.7 billion.
First-quarter financial notes:
• Interest income grew 32 percent to $124.1 million, and interest expenses rose 72 percent to $6.2 million.
• Salaries and employee benefits totaled $107.2 million, a nearly 9 percent increase from a year earlier.
• Last year, UMB announced a cost-cutting plan to save $32.9 million starting in 2017 through layoffs, elimination of vacant jobs, and a reduction in overtime and hours worked. In the first quarter, the company saved $4.9 million, and it expects to save another $15.9 million throughout the year.
UMB’s assets as of March 31 were $19.3 billion, and its deposits were $15.4 billion, according to the release.
UMBF shares were trading at $55.16 as of 9:37 a.m., compared to a 52-week range of $39.55 to $58.84.
Moseley’s Discount Office Products was purchased; Side Chick opened in Branson; and the Springfield franchise store of NoBaked Cookie Dough changed ownership.
