On higher loan balances, Kansas City-based UMB Financial Corp. (Nasdaq: UMBF) improved its earnings and revenue in the third quarter.
The holding company of UMB Bank, including two branches in Springfield, reported net income of $48.1 million, a 15 percent increase from a year earlier, on revenue of $245.1 million, representing a 7 percent increase. Diluted share earnings rose 12 cents to 97 cents per share, according to a news release.
The company posted a 7.2 percent increase in average loans. The bank’s Greater Missouri region reflected that growth to a lesser degree.
“After a year of progress and change, we are excited to report a 2.1 percent increase in average loan balances for the third quarter compared to the same period last year,” said Tony Mayfield, chairman and CEO of UMB Bank in Greater Missouri, in the release. “Our team is focused on building relationships in the commercial and industrial sector along with the private wealth management and business banking industries.”
Third-quarter financial notes:
• Salaries and employee benefits were slightly higher at $99.8 million.
• Net interest income grew 13 percent to $140.9 million.
• Noninterest income was up 7.4 percent to $104.3 million.
As of Sept. 30, UMB reported assets of $20.3 billion, deposits of $16 billion and total loans of $10.9 billion. The company’s branches are in Missouri and seven other states, according to the release.
UMBF shares were trading at $73.65 as of 8:49 a.m., compared with a 52-week range of $59.81 to $81.55.
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