UMB Bank posts slight gain in Q2 profits

Kansas City-based UMB Financial Corp. (Nasdaq: UMBF) concluded the second quarter with net income of nearly $57 million, a 2.8% increase compared with $55.4 million a year earlier.

The company, which operates two UMB Bank branches in Springfield, improved diluted share earnings by 5 cents to $1.16, according to a news release.

“Our results in the second quarter were driven by fee income and balance sheet expansion, which included average loan growth of 10.3% on an annualized basis,” said Mariner Kemper, chairman, president and CEO of UMB, in the release.

Second-quarter financial notes:
• Revenue rose 8.5% to $271.8 million.
• Salaries and employee benefits increased nearly 10% to $114.5 million.
• Total loans grew 11% to $12.9 billion.

UMB Bank’s assets were $24 billion and deposits were $19.4 billion as of June 30, according to the release.

UMBF shares this morning were trading as much as 2% higher on the earnings report. Shares were trading at $68.93 as of 10:38 a.m., compared with a 52-week range of $57 to $77.43.