UMB earnings increase 11% in 2Q

Kansas City-based UMB Financial Corp. (Nasdaq: UMBF) posted second-quarter net income of $29.2 million, a 10.8 percent increase from earnings of $26.3 million in the same quarter of 2011.

The company's earnings per diluted share were 72 cents in the latest quarter, a 7-cent increase from second-quarter 2011, according to a news release.

UMB Chairman and CEO Mariner Kemper pointed to the company's 10.4 percent growth in average loans, which reached $5.2 billion during the quarter.

"This is our ninth consecutive quarter growing loans, and [it]compares favorably to the industry, which, through July 20, had reported an average increase in loan balances of just 1.7 percent for the second quarter," Kemper said in the release.

Second-quarter financial notes:

• Noninterest income, which represented 57.8 percent of total revenue, increased 2.2 percent to $110.2 million from $107.9 million in second-quarter 2011. Noninterest expense dropped to $144.7 million from $145.6 million.
• Credit and debit card purchase volume increased 29.8 percent during the quarter to $1.8 billion.
• During the company's quarterly bond meeting, the board of directors declared a 21-cent cash dividend payable Oct. 1 to shareholders of record at the close of business Sept. 10.

UMB Financial Corp. operates two UMB Bank branches in Springfield. As of June 30, its assets were $13.2 billion, its deposits were $10.3 billion and its liabilities were $11.9 billion, according to the release.

As of 11:15 a.m. the company's shares were trading at $49.48, compared to a 52-week range of $30.49 to $52.61.