UMB Financial Corp. posted a 10 percent increase in earnings in the third quarter compared to 2008, according to a UMB release Tuesday.
Kansas City-based UMB earned $24 million, or 59 cents per diluted share, in the quarter, compared to $21.8 million, or 53 cents per share last year. Year-to-date earnings decreased 16 percent to $65.6 million, or $1.62 per share.
The bank also made a $1.1 million pre-tax gain in third-quarter 2008 as a result of a final payment on the sale of a securities transfer product. Excluding those one-time gains, earnings increased 13.9 percent from third-quarter 2008 to third-quarter 2009.
"We are pleased to report double-digit earnings growth given the challenging economic environment and considering what continues to happen in the industry," Chairman and CEO Mariner Kemper said in the release. "Economic cycles change and customer needs shift, and we adapt to these changing conditions without altering our core principles."
Net interest income increased 14.5 percent to $75.6 million, due to a higher volume of average-earning assets, while noninterest income increased 1.8 percent to $80.5 million.
UMB's nonperforming loans increased to 0.52 percent of total loans on Sept. 30, 2009, compared to 0.16 percent on Sept. 30, 2008. As of June 30, the figure is still well below the industry average, however, of 2.8 percent.
Total assets increased 9.7 percent to $10.2 billion, while deposits increased 11.4 percent to $7.9 billion.
Shares of UMB Financial Corp. (Nasdaq: UMBF) closed Tuesday at $40.95, compared to a 52-week range of $33.65 to $49.96.
