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UMB Bank improves earnings on revenue rise

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Citing higher revenue and loan growth, Kansas City-based UMB Financial Corp. (Nasdaq: UMBF) reported a roughly 8% increase in third quarter net income to $62.4 million, up from $57.8 million a year earlier.

The company, which operates two UMB Bank branches in Springfield, posted diluted share earnings of $1.27 for the quarter ended Sept. 30, an 11-cent increase from third quarter 2018, according to a news release.

“For the third quarter, revenues increased 8.2% over the prior year period, driven by an 11.8% increase in net interest income,” said Mariner Kemper, chairman, president and CEO of UMB Bank, in the release. “We are pleased with our reported average loan growth of 10% over the same period, which is more than double the 4.7% growth estimated for the industry as a whole, as reported by the Federal Reserve.”

Third quarter financial notes for UMB Bank:
• Revenue was $271.9 million, up from $251.4 million a year earlier.
• Salaries and employee benefits rose 7% to $110.2 million.
• Provision for loan losses was $7.5 million, up around 30% from $5.8 million a year earlier.

As of Sept. 30, UMB’s assets were $24 billion, deposits were $19.3 billion and loans were $13 billion, according to the release.

UMBF shares were trading at $66.12 as of 9:08 a.m., compared with a 52-week range of $57.90 to $71.97.

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