UMB Bank posts net income bump, share earnings dip

Kansas City-based UMB Financial Corp. (Nasdaq: UMBF) recorded third-quarter earnings of $35.6 million, bumping its bottom line 3.5 percent compared to the same quarter a year earlier.

The holding company of two UMB Bank branches in Springfield posted diluted earnings per share of 78 cents, down 5 cents from third-quarter 2013, according to a news release.

UMB spokeswoman Kay Gregory said the diluted share earning decrease is due to the number of weighted average shares outstanding, which were 44.9 billion as of Sept. 30, up from 40.7 billion a year earlier.

“The denominator is now larger, so the net income is spread among a greater number of shares,” Gregory said via email.

Third-quarter financial notes:

• Net loans increased 9.2 percent to $7 billion.
• Nonperforming loans fell to 0.46 percent of all loans as of Sept. 30, compared to 0.48 percent a year earlier.
• UMB’s noninterest income rose 4 percent to $126.5 million, while noninterest expense jumped 5.5 percent to $161.5 million. “Noninterest income growth was diversified across our lines of business, allowing us to remain well-positioned in the existing low-interest rate environment,” UMB Chairman and CEO Mariner Kemper said in the release.

As of Sept. 30, UMB’s assets were $16.3 billion and deposits were $12.8 billion, according to the release.

UMB Bank ranked 20th this year in deposit market share in the five-county Springfield metropolitan statistical area. According to Federal Deposit Insurance Corp. data as of June 30, the company held $113.2 million in deposits, representing 1.4 percent of the market area.

UMBF shares were trading at $57.35 as of 9:24 a.m., up from the company’s 52-week low of $51.87 set Oct. 16. Its 52-week high is $68.27.