Kansas City-based UMB Financial Corp. (Nasdaq: UMBF) reported 2012 earnings of $122.7 million, a record year for the company that celebrates its 100th anniversary this year. Profits jumped 15.3 percent compared to a 2011 net income of $106.5 million.
Chairman and CEO Mariner Kemper said the earnings figure is the third company record set in the last five years for UMB. He attributed the positive profits to an 11th consecutive quarter of loan growth - with average loan balances reaching $5.4 billion as of Dec. 31, according to a news release.
Still, the holding company that operates two UMB Bank branches in Springfield recorded decreased fourth-quarter earnings of $21.1 million, compared to a $23.3 million net income in the same quarter of 2011.
"Negatively impacting our expenses for the quarter was a noncash accounting entry of $4.2 million, compared to an entry of $1.8 million in the fourth quarter of 2011, related to the contingent consideration liabilities on acquisitions," Kemper said in the release.
Fourth-quarter financial notes:
- UMB's noninterest income rose 11.8 percent to $109.3 million from $97.8 million, while noninterest expense increased by 11 percent to $158 million from $142.2 million.
- The company posted earnings per diluted share of 52 cents, a 6-cent decrease.
- Average net loan increased 11.6 percent to $5.4 billion.
As of Dec. 31, UMB's assets were $15 billion and its deposits were $11.7 billion, according to the release. The company operates more than 600 branches and ATMs in Missouri and six other states.
The company's shares were trading at $43.82 as of 10:50 a.m., compared to a 52-week range of $39.77 to $52.61.[[In-content Ad]]
