UMB Bank's Q3 profits falter

Kansas City-based UMB Financial Corp. (Nasdaq: UMBF) reported lower net income in the third quarter.

The company, which operates two UMB Bank branches in Springfield, posted profits of roughly $88 million, a nearly 7% drop compared with $94.5 million a year earlier, according to a news release. Diluted share earnings declined to $1.81 from $1.94 per share in third-quarter 2021.

Among increased expenses in the third quarter was a $22 million provision for credit losses and a 9.2% increase in salaries and employee benefits to $136.5 million.

As of Sept. 30, UMB Bank's assets were $37.6 billion and deposits were $31.8 billion, according to the release.

UMBF shares were trading at $81.01 as of 10:51 a.m., compared with a 52-week range of $78.07 to $112.24 per share.