Kansas City-based UMB Financial Corp. (Nasdaq: UMBF) reported net income of $120.7 million for 2014, a 9.9 percent drop compared to earnings of $134 million a year earlier.
For the year ended Dec. 31, diluted share earnings for the holding company of two UMB Bank branches in Springfield were $2.65, a 55-cent decrease compared to 2013, according to a news release.
UMB laid blame for the decreases at the feet of Prairie Capital Management LLC, an investment consulting firm the company bought in
2010.
“A decrease in equity earnings related to Prairie Capital Management coupled with the associated contingency reserve in 2014 was a primary cause of the change in net income year-over-year, masking the strength in our results,” UMB Chairman and CEO Mariner Kemper said in the release.
2014 financial notes:
- UMB’s fourth-quarter net income dropped 22.3 percent to $26.9 million from $34.7 million a year earlier. Diluted share earnings moved down to 59 cents from 77 cents in fourth-quarter 2013.
- In December, UMB signed an agreement to purchase Marquette Financial Cos. in an all stock transaction worth about $182.5 million, a deal that would give Marquette Financial's ownership family a 7 percent stake in the banking company. The purchase, expected to close in mid-2015, adds 13 branches in Arizona and Texas.
- Assets under management were $42.8 million as of Dec. 31, a 3.4 percent increase compared to the end of 2013.
As of Dec. 31, UMB’s assets were $17.5 billion, deposits were $13.6 billion and net loans were $7.4 billion, according to the release.
UMBF shares were trading at $47.96 as of 9:31 a.m., compared to a 52-week range of $47.84 to $68.22.[[In-content Ad]]
