UMB Bank boosts quarterly bottom line by 57%

Kansas City-based UMB Financial Corp. (Nasdaq: UMBF) reported a net income increase of 57% in the second quarter.

The company, which operates two UMB Bank branches in Springfield, posted profits of $137.6 million, or $2.83 per diluted share, according to a news release. That's up from $87.4 million, or $1.79 per diluted share, a year earlier.

Mariner Kemper, the company's chair, president and CEO, cited "strong loan growth, coupled with the benefits from higher short- and long-term interest rates."

Second-quarter financial notes for UMB Bank:
• Interest income grew by nearly 17% to $248.6 million.
• Salaries and employee benefits inched up to $121.4 million from $120.4 million a year earlier.
• Noninterest expenses climbed 6.5% to $214.1 million.

As of June 30, UMB Bank's assets were $37.5 billion and deposits were $31.5 billion, according to the release.

UMBF shares were trading at $90.20 as of 11:04 a.m., compared with a 52-week range of $81.57 to $112.24 per share.