UMB posts record first-quarter earnings

Earnings totaled $32.4 million, or 78 cents per diluted share, compared to $17.3 million or 41 cents per diluted share.

Net income for the quarter increased 39.1 percent to $24.1 million, excluding the effects of the initial public offering of Visa Inc. UMB Financial realized a pretax gain of $8.9 million from the mandatory redemption of a portion of its Class B shares in Visa.

“Simply stated, this quarter was a record quarter on its own merit,” Chairman and CEO Mariner Kemper said in the report. “We achieved record quarterly earnings and revenue, with or without the impact of Visa Inc.’s initial public offering. Our solid foundation together with disciplined execution of our strategies has led to strong financial performance.”

Net interest income for the first quarter increased 13 percent to $64.4 million, due primarily to higher average earning assets and increasing net interest margin. Noninterest income increased 26 percent to $85 million.

The financial corporation had total assets of $8.94 billion as of March 31, with deposits totaling $6.54 billion.

Shares of UMB Financial (Nasdaq: UMBF) closed Tuesday at $44.29 and were up to $44.96 as of 10 a.m. The 52-week range is $34.95 to $47.06.