UMB income drops slightly from last year

UMB Financial Corp. (Nasdaq: UMBF), which operates three UMB Bank branches in Springfield, reported $22.8 million in third-quarter net income, a 5.1 percent decrease from the same quarter last year. The financial services holding company reported $24 million in net income in third-quarter 2009.

The company's price per diluted share was 57 cents this quarter, compared to 60 cents in the same quarter of fiscal 2009, according to a company news release.

"Our strong results for the third quarter demonstrate continued successful execution on our business model, which is built on quality, revenue diversity, and stability," CEO Mariner Kemper said in the release.

Highlights of the quarterly results:

• Average total assets for the third quarter increased 12 percent to $11 billion, compared to $9.8 billion in the same quarter last year.
• Loan amounts during the third quarter were $56.6 million, compared to $54.5 million in 3Q 2009.
• Year-to-date deposits increased 9 percent to $8.6 billion, compared to $7.9 billion at the same time last year.

UMB Financial Corp. shares were trading at $36.09 as of 10:30 a.m. today, compared to a 52-week range of $31.77 to $44.68.[[In-content Ad]]