UMB nearly doubles earnings

Kansas City-based UMB Financial Corp. (Nasdaq: UMBF) came close to doubling its net income in the third quarter.

The holding company that operates two UMB Bank branches in Springfield posted earnings of $41.9 million, an 86.8 percent increase compared with $22.5 million a year earlier. Diluted share earnings rose 39 cents to 85 cents per share.

“Our strong results reflect double-digit revenue growth, driven by continued loan growth, higher loan yields and improved noninterest income,” UMB Chairman and CEO Mariner Kemper said in the release. “During the same period, operating expenses declined approximately 1 percent as we continued to execute on efficiency initiatives, as evidenced by our improved performance metrics.”

Third-quarter financial notes:
    •    Revenue jumped 12.7 percent to $246.7 million.
    •    Noninterest expense moved up 3 percent to $179.8 million.
    •    Salaries and employee benefits increased by 4.4 percent to $109.4 million.

UMB held assets of $19.7 billion and deposits of $15.4 billion as of Sept. 30, according to the release.

UMBF shares were trading at $61.92 as of 8:44 a.m., near a 52-week high of $62.56 set Oct. 26. The company’s 52-week low is $39.55.