UMB Bank starts 2019 up slightly in earnings

Kansas City-based UMB Financial Corp. (Nasdaq: UMBF) posted a small increase in net income during the first three months of the year.

Profits for the company — which operates two UMB Bank branches in Springfield — were up 1.7% to $57.7 million in the first quarter compared with $56.8 million a year earlier. Diluted share earnings moved up by 4 cents to $1.18, according to a news release.

“2019 is off to a good start, and I’m pleased with the first quarter’s results,” said Mariner Kemper, chairman, president and CEO of UMB Bank, in the release. “We posted strong balance sheet growth, with average loan balances increasing 2.8%, or 11.2% on a linked-quarter annualized basis, and average deposits growing by 3%.”

First-quarter financial notes:
• Revenue rose 7% to $271.3 million compared with the same quarter of 2018.
• Interest expense jumped 140% to $47.4 million. Noninterest expense moved up 8.4% to $190.6 million.
• Salaries and employee benefits were up 7.5% to $116 million.

UMB Bank’s assets were $23.6 billion and deposits were $19.4 billion as of March 31, according to the release.

UMBF shares were trading at $67.85 as of 8:45 a.m., compared with a 52-week range of $57 to $82.14.