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UMB Financial earns $23M in second quarter

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Kansas City-based financial services holding company UMB Financial Corp. (Nasdaq: UMBF) today reported a 21 percent increase in earnings in its second quarter results.

The company's net income for the quarter was $23 million, or 57 cents per diluted share, compared to second-quarter 2009 results of $19 million or 47 cents per diluted share, according to a news release.

At the end of the second quarter, UMB held assets of $10.9 billion - including about $4.5 billion in loans - compared to approximately $10 billion held in the same quarter of 2009, the release said.

President and CEO Peter deSilva attributed quarterly results to the company's managed assets and a definitive agreement signed June 30 to acquire Kansas City-based Prairie Capital Management LLC.

“During the second quarter, we continued to achieve greater scale in the overall diversity of our revenue mix,” he said in the release. "Assets under management in our Scout Funds (mutual funds) grew from $5.2 billion at June 30, 2009 to $7.0 billion at June 30, 2010. Fee income from our fund services business and advisory fee income from the Scout funds made strong contributions as well this quarter, with a 38.3 and 59.1 percent increase, respectively, compared to last year."

CFO Mike Hagedorn also noted securities totaling $4.9 billion.

UMB has 135 banking centers in Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona, according to its Web site. The company has three UMB Bank branches in Springfield.

As of late morning July 28, the UMB stock quote was $39.73, compared to a 52-week range of $34.57 to $45.80.

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