UMB earnings rise by 18%

Kansas City-based UMB Financial Corp. (Nasdaq: UMBF), which operates two UMB Bank branches in Springfield, earned $30.9 million during the first quarter, a 17.9 percent increase compared to net income of $26.2 million in first-quarter 2010.

The company's earnings per diluted share were 77 cents for the quarter, a 7-cent uptick from the same quarter in 2010, according to a news release.

“Our first-quarter results demonstrate our businesses are off to a sound start in 2011, achieving another quarter of double-digit growth in revenue,” UMB Chairman and CEO Mariner Kemper said in the release, referring to the company's first-quarter revenue of $186.2 million. "Our 17.9 percent increase in net income is the result of strong revenue growth and consistent operating results, hallmarks of our business strategy.”

First-quarter 2011 highlights:

• Assets were $13.4 billion, up from $10.7 billion in first-quarter 2010.
• Salaries and employee benefits were $72.9 million, compared to $62.3 million in the same quarter last year.
• Noninterest income increased 24.7 percent to $107.8 million, up from the first-quarter 2010 figure of $86.4 million.

During the quarter, UMB investment subsidiary Scout Investments Inc., also of Kansas City, acquired Milwaukee, Wis.-based Frontegra Asset Management's Columbus Core Fund and its Columbus Core Plus Fund, which manage mutual funds.

Noninterest expense increased 15.5 percent to $18.1 million, compared to the same period in 2010.

About $3.5 million of the increases in salaries and benefits resulted from the acquisitions. UMB President and Chief Operating Officer Peter deSilva noted in the release that acquisitions equated to roughly 30 percent of the company's total expense increase.

UMB Financial Corp. shares were trading at $40.14 as of 9:20 a.m. today, compared to a 52-week range of $31.77 to $44.40.[[In-content Ad]]