UMB Bank's profits double in Q2

Kansas City-based UMB Financial Corp. (Nasdaq: UMBF) more than doubled its profits in the second quarter.

The company, which operates two UMB Bank branches in Springfield, reported net income available to common shareholders of $215.4 million, up from $101.3 million a year earlier, according to a news release. Year-over-year diluted share earnings were up 75 cents to $2.82 per share.

Impacting the results was UMB Bank's acquisition of Heartland Financial USA Inc. (Nasdaq: HTLF), which closed Jan. 31.

"Our strong second-quarter financial results were once again facilitated by strong growth on both sides of our balance sheet, outsized fee income gains, improved asset quality metrics and improved operating leverage,” said Mariner Kemper, UMB chair and CEO, in the release. "Total revenues of $689.2 million in the second quarter represented a 22.2% increase from the prior quarter, driven both by organic growth from legacy UMB operations as well as the continued benefits of the acquired Heartland franchise."

As of June 30, UMB Bank's assets were $71.8 billion and deposits were roughly $60 billion.

UMBF shares were trading at $110.64 as of 12:02 p.m., compared with a 52-week range of $82 to $129.94 per share.