Officials of Kansas City-based UMB Financial Corp. (Nasdaq: UMBF) cited increased loan growth and higher interest rates as the primary drivers of a 23 percent bump in second-quarter net income.
Earnings for the holding company of two UMB Bank branches in Springfield came to $44.8 million, or 90 cents per diluted share, compared with $36.5 million, or 74 cents per diluted share, a year earlier, according to a news release.
“Overall, I’m pleased with our results for the first half of the year, as we continue to focus on improved operating leverage across the company,” said Chairman and CEO Mariner Kemper, in the release. “Net interest margin improved three basis points on a linked quarter basis, driven primarily by the favorable change in our earning asset mix, combined with higher interest rates and increased loan volumes.”
Second-quarter financial notes:
• Revenue improved nearly 12 percent to $247.7 million from $223.9 million a year earlier.
• Noninterest income increased $7.4 million, or 7.2 percent, largely due to a $1 million increase in fund servicing revenue from new business growth and a $900,000 increase in wealth management revenue.
• Average earning assets stand at $18.9 billion, flat when compared to the previous quarter and an increase of 4.7 percent over second-quarter 2016.
UMB’s assets as of June 30 were $20.3 billion and deposits totaled $15.6 billion, according to the release.
Results exclude the impact of previously announced divestiture of Scout Investments Inc., the company’s institutional investment management subsidiary, according to the release.
UMBF shares were trading at $70.04 as of 9:44 a.m., compared with a 52-week range of $54.12 to $81.25.
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