From the Vault: Local banks' 1Q results

Earnings totaled $32.4 million, or 78 cents per diluted share, compared to $17.3 million or 41 cents per diluted share.

Net income for the quarter increased 39.1 percent to $24.1 million, excluding the effects of the initial public offering of Visa Inc.

UMB Financial realized a pretax gain of $8.9 million from the mandatory redemption of a portion of its Class B shares in Visa.

“This quarter was a record quarter on its own merit,” Chairman and CEO Mariner Kemper said in the report. “We achieved record quarterly earnings and revenue, with or without the impact of Visa Inc.’s initial public offering. Our solid foundation together with disciplined execution of our strategies has led to strong financial performance.”

Net interest income for the first quarter increased 13 percent to $64.4 million, due primarily to higher average earning assets and increasing net interest margin. Noninterest income increased 26 percent to $85 million.

Shares of UMB Financial (Nasdaq: UMBF) closed April 23 at $44.61 compared to a 52-week range of $34.95 to $47.06.

BancorpSouth modestly grows net interest income

Tupelo, Miss.-based BancorpSouth experienced modest net income growth in the first quarter, according to its quarterly earnings report released April 21.

Quarterly net income totaled $35.1 million, up 4.7 percent compared to the same period in 2007. Net income per diluted share for the quarter was 43 cents, up from 42 cents a year earlier.

“BancorpSouth performed well for the first quarter in a challenging economic environment,” Chairman and CEO Aubrey Patterson said in the report. “We produced double-digit growth in both net interest revenue and noninterest revenue, while achieving further improvement in operating efficiency.”

Net interest income increased 11.6 percent to $110.1 million, marking the third consecutive quarter of double-digit percentage growth.

Total assets as of March 31 increased 1.5 percent from a year earlier, to $13.2 billion. Total deposits as of March 31 declined 5.4 percent to $10.1 billion.

Shares of BancorpSouth (NYSE: BXS) closed April 23 at $23.43 compared to a 52-week range of $19.01 to $26.50.

Commerce quarterly net interest income hits $140M

Commerce Bancshares, the Kansas City-based holding company for Commerce Bank, experienced a 27 percent increase in first-quarter earnings per share compared to the same period in 2007, according to an April 15 announcement.

Earnings per share for the quarter totaled 89 cents, up 27 percent from the 70 cents per share recorded in first-quarter 2007. Net income for the quarter totaled $64.2 million, up from $51.5 million last year.

“Despite a difficult economic environment, we were pleased to report revenue growth of 8 percent this quarter,” Chairman and CEO David W. Kemper said in a news release. “These higher revenues were the result of a 7 percent increase in our net interest income, coupled with continued solid growth in noninterest income.”

Net interest income for the quarter was $140 million, up from $131.5 million in first-quarter 2007, while noninterest income was $92.2 million, up from $84.3 million the year before.

Shares of Commerce Bancshares (Nasdaq: CBSH) closed April 23 at $41.97, compared to a 52-week range of $38 to $46.32.

Great Southern net income up 3.5 percent

Springfield-based Great Southern Bancorp Inc. on April 17 reported first-quarter net income up 3.5 percent from the same quarter a year ago.

Preliminary earnings were 57 cents per diluted share, or net income of $7.6 million, compared to 53 cents per share, or net income of $7.3 million, in first-quarter 2007.

Net interest income was $17.8 million, up from $17.2 million a year ago. Noninterest income was $10.2 million, compared to $6.97 million in first-quarter 2007.

Net loans increased $50 million, or 2.8 percent, since Dec. 31. Total deposits grew $105 million, or 10.1 percent, from the end of 2007, while assets climbed nearly $1 million to $2.5 billion.

Highlights of the quarter include the opening of Great Southern’s 39th branch, its third in the Branson market.

The company also received regulatory approval to build a branch in the St. Louis metropolitan market; construction will begin soon on a center in Creve Coeur and be complete at the end of the year or early 2009.

Shares (Nasdaq: GSBC) closed April 23 at $15.15 compared to a 52-week range of $14.52 to $28.48.