UMB posts increased fourth-quarter earnings

Kansas City-based UMB Financial Corp. (Nasdaq: UMBF) posted fourth-quarter earnings that were up 18 percent from the same quarter in 2008. The company earned 59 cents per diluted share for the quarter ended Dec. 31, up from 49 cents per diluted share a year earlier. For the year, earnings totaled $2.20 per diluted share, down from $2.38 per share for 2008. However, the 2008 annual earnings include UMB's earnings from a one-time public offering made by Visa. "In what proved to be another very challenging year for the industry, UMB remained focused, executed against our proven business model and delivered sound results," Chairman and CEO Mariner Kemper said in the earnings release. He pointed to the recent Forbes magazine ranking of the 100 largest U.S. banks, where UMB ranked No. 2. "This recognition is validation that our business model is the right one in these times and in all times," Kemper said. Net interest income for the quarter was $66.2 million, down from $72.9 million a year before, while noninterest income was $83.4 million, up from $69.7 million in 2008. Total assets as of Dec. 31 were $10.3 billion, up from $9.7 billion a year earlier, and Tier I capital ratio was 13.1 percent. Shares of UMB Financial Corp. closed Wednesday at $40.90, compared to a 52-week range of $33.65-$48.72.