Kansas City-based UMB Financial Corp. (Nasdaq: UMBF) posted higher second quarter earnings and revenue.
The operator of two UMB Bank branches in Springfield improved net income by 6.3% to $60.5 million, compared with roughly $57 million in second quarter 2019. Diluted share earnings increased to $1.26 from $1.16 per share, according to a news release.
Revenue for the quarter was up nearly 10% to $298.7 million on higher loan volumes.
“As the country continues to navigate its way through an uncertain economic environment, our second quarter results highlight the strength of our fortress balance sheet and the quality of our underwriting practices," UMB Chairman, President and CEO Mariner Kemper said in the release.
Second quarter financial notes for UMB Bank:
• The company added $1.5 billion in loans under the Paycheck Protection Program.
• Salaries and employee benefits rose 14.4% to roughly $131 million.
• Provision for credit losses was up more than 95% to $21.5 million compared with a year earlier.
As of June 30, UMB Bank held assets of $29.8 billion and deposits of $24.5 billion, according to the release.
UMBF shares were trading at $50.13 as of 11 a.m., compared with a 52-week range of $39.47 to $70.26.
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