UMB’s earnings rise 29%

Kansas City-based UMB Financial Corp. (Nasdaq: UMBF) reported a nearly 29 percent first-quarter earnings increase to $56.8 million from $44.2 million a year earlier.

The operator of two UMB Bank branches in Springfield reported diluted share earnings of $1.14, a 25-cent increase from the same period ended March 31, 2017, according to a news release.

“This year, UMB is 105 years old, and I am proud of the sound company we have built and am pleased with the positive start to our 106th year,” said Mariner Kemper, chairman and CEO of UMB Bank, in the release. “The interest rate environment and optimizing our earning asset mix drove a 10.1 percent year-over-year increase in net interest income which, when combined with steady fee-based income, resulted in a 37.1 percent increase in income from continuing operations compared with the first quarter of 2017.”

First-quarter financial notes:
    •    Revenue rose nearly 7 percent to $253.5 million compared with the same quarter of 2017.
    •    Salaries and employee benefits increased by 4.2 percent to $108 million.
    •    Provision for loan losses totaled $10 million, up 11 percent.

As of March 31, UMB’s assets were $21 billion and deposits were $17.2 billion. UMB operates banking and wealth management centers in Missouri and seven other states, according to the release.

UMBF shares were trading at $76.79 as of 8:36 a.m., compared with a 52-week range of $62.27 to $78.27.