UMB Bank produces record profits

Photo courtesy UMB Bank

UMB Bank’s 2019 earnings rise 25%.

Kansas City-based UMB Financial Corp. (Nasdaq: UMBF) announced record earnings of $243.6 million in 2019.

The profit figure represented 25% growth from $195.5 million in 2018. Diluted share earnings in 2019 were $4.96, up from $3.93 per share a year earlier, according to a news release.

“I am particularly pleased with our fourth quarter 2019 results, with income from continuing operations of $66.5 million, an increase of 6.6% compared to the third quarter,” said Mariner Kemper, chairman, president and CEO, in the release.

The $66.5 million in fourth quarter earnings also were up roughly 161% from the same three-month period of 2018. In fourth quarter 2018, the company took a one-time loss of $48 million from a single credit relationship, according to past reporting.

2019 financial notes for UMB Bank:
• Interest income rose 14% to $637.8 million.
• Salaries and employee benefits grew 10% to $461.4 million.
• Provision for loan losses was down roughly 54% to nearly $33 million.

As of Dec. 31, UMB Bank held assets of $26.6 billion and deposits of $21.6 billion, according to the release. The company operates two branches in Springfield.

UMBF shares were trading at $68.14 as of 11:06 a.m., compared with a 52-week range of $60.18 to $71.97.