UMB Bank bumps bottom line by 29%

Kansas City-based UMB Financial Corp. (Nasdaq: UMBF) reported higher net income on loan volume growth during the third quarter.

The company, which operates two UMB Bank branches in Springfield, posted a 29% increase in profits to $94.5 million, or $1.94 per diluted share, according to a news release. That's up from $73.1 million, or $1.52 per diluted share, a year earlier.

“Our market share gains continue to differentiate us from our peers,” said Mariner Kemper, chair, president and CEO, in the release, noting loan growth was "driven by solid performance in commercial and industrial lending, as well as in both commercial and residential real estate."

Third-quarter financial notes for UMB Bank:
• Net interest income was $209.8 million, a nearly 14% increase from a year earlier.
• Salaries and employee benefits were roughly flat at $125 million.
• Total loans rose by 6.5% to $16.8 billion at the end of the quarter.

As of Sept. 30, UMB Bank's assets were $37.6 billion and deposits were $31.2 billion, according to the release.

UMBF shares were trading at $99.91 as of 11:41 a.m., compared with a 52-week range of $61.03 to $104.98 per share.