St. Louis loans help UMB boost profits

Kansas City-based UMB Financial Corp. reports that loan growth in the St. Louis area heavily contributed to the company's quarterly and annual profit increases.

On Tuesday, UMB released financial reporting on the quarter ended Dec. 31, showing a 64.6 increase year-over-year and $134 million for the full year, which is a 9.2 percent increase.

UMB in St. Louis shows year-over-year loan growth of 40 percent. "St. Louis continues to produce some of the largest commercial loan volumes in the company," Tom Chulick, St. Louis chairman of UMB, told the St. Louis Business Journal.

Net loans at year end totaled $6.4 billion, a 14.8 percent increase year-over-year. Deposits totaled $13.6 billion, a 17.1 percent increase, and fee-based revenue made up 61.2 percent of total revenue.

Read more from the St. Louis Business Journal.