UMB earnings rise 23% on loan volume

Officials of Kansas City-based UMB Financial Corp. (Nasdaq: UMBF) cited increased loan growth as the primary driver of a 23.4 percent bump in second-quarter net income.

Earnings for the holding company of two UMB Bank branches in Springfield came to $37.3 million, or 74 cents per diluted share, compared with $30.2 million, or 65 cents per diluted share, a year earlier, according to a news release.

“Second-quarter results were driven by increased loan volume and balance sheet growth, improved net interest margin and continued progress toward our efficiency initiative,” Chairman and CEO Mariner Kemper said in the release. “We have a history of solid, top-tier loan growth and this quarter was no exception, with loans surpassing $10 billion for the first time in the company’s history.”

Second-quarter financial notes:
    •    Revenue improved nearly 12 percent to $242.7 million from $216.9 million a year earlier.
    •    Salaries and employee benefits increased more than 9 percent to $108.9 million from $99.6 million.
    •    Noninterest expense was up 7.7 percent to $185.2 million from $172 million.

UMB’s assets as of June 30 were $19.7 billion and deposits totaled $15.6 billion, according to the release.

UMBF shares were trading at $55.89 as of 10:06 a.m., compared with a 52-week range of $39.55 to $58.89.