UMB earnings rise 9.2% in second quarter

Earnings for the quarter ended June 30 were $14.9 million, up 9.2 percent from the same quarter last year. Per-share earnings were 35 cents, up 3 cents from last year.

Net interest income also increased, showing a 13.6 percent jump to $53.5 million. Company officials attribute the growth to a 14.6 percent rise in average loan growth and increases in equipment, processing fees and overdraft fees.

Total assets as of June 30 were $7.6 billion, compared to $7 billion at the same time last year. Earnings for the first six months of the year were $28.1 million, or 66 cents per share, up 11.5 percent from last year.

Overall improvement in company financials was fueled by UMB’s announcement of its acquisition of Mountain State Bank in Denver, growth in fee business and several newly launched online platforms, officials said in a news release.

Shares of UMB Financial (Nasdaq: UMBF) closed July 25 at $34.24, compared to a 52-week range of $29.58 to $35.45.[[In-content Ad]]