UMB increases earnings by 14%

Kansas City-based UMB Financial Corp. (Nasdaq: UMBF), which operates two UMB Bank branches in Springfield, reported second-quarter net income of $26.3 million, a 14.4 percent increase compared to $23 million earned in the same quarter of fiscal 2010.

Earnings per diluted share were 65 cents for the quarter ended June 30, an 8-cent increase from the second quarter of the previous year, according to a news release.

Revenue for the quarter bumped up 12.6 percent to $187.8 million, a company record.

“Our second-quarter earnings demonstrated strong performance across most of our businesses and in many of our key metrics,” Chairman and CEO Mariner Kemper said in the release. “We posted industry-leading revenue and net income improvement through increased noninterest income and steady growth in our balance sheet from both deposit and loan growth."

Second-quarter financial highlights:

• Average total loans increased by 6.4 percent to $4.7 billion in the second quarter, compared to $4.4 billion in the same quarter of the previous fiscal year. The figure was driven by a $140.3 million increase in commercial loans and a $94.2 million increase in commercial real estate loans.
• Deposits increased by 14.9 percent to $9.5 billion compared to the same quarter of fiscal 2010.
• Noninterest income rose 21.1 percent in $107.9 million.

As of June 30, the company's assets were $12.4 billion.

UMB Financial Corp. shares were trading at $41.41 as of 10:52 a.m., compared to a 52-week range of $31.77 to $45.81.[[In-content Ad]]