UMB earnings rise 22%

Kansas City-based UMB Financial Corp. (Nasdaq: UMBF) boosted first-quarter earnings 22 percent to $44.2 million.

The holding company that operates two UMB Bank branches reported diluted share earnings of 89 cents for the first three months of 2017, a 15-cent uptick from first-quarter 2016, according to a news release.

Tony Mayfield, chairman and CEO of UMB Bank’s greater Missouri region, said the area contributed a 10.4 percent increase in average loans to the company’s first-quarter total.

“We are committed to providing outstanding support to our clients and communities in the areas of private wealth management, agribusiness, commercial real estate and traditional (commercial and industrial) lending and look forward to continued growth in greater Missouri,” Mayfield said in a provided statement.

First-quarter financial notes:
    •    Revenue increased 9 percent to $255.1 million.
    •    Total loans were $10.6 billion at the end of the quarter, a 10.6 percent increase from a year earlier.
    •    Salaries and employee benefits moved up 6.5 percent to $113.8 million.

As of March 31, UMB held $20.6 billion in assets and $15.6 billion in deposits, according to the release.

UMBF shares were trading at $77.74 as of 10:10 a.m., compared with a 52-week range of $48.87 to $81.55.

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