UMB profits pass $100M mark for first time in company history

Kansas City-based UMB Financial Corp. (Nasdaq: UMBF), which operates two UMB Bank branches in Springfield, recorded $106.5 million in year-end profits, the first time the company's net income has surpassed $100 million.

"2011 was a very good year for UMB," company Chairman and CEO Mariner Kemper said in a news release. "During the past three years, we have consistently grown UMB without sacrificing credit quality or capital, and made acquisitions in what has arguably been one of the worst financial crises this country has seen in generations.

"Investments we’ve made in the company are paying off, and we believe these results validate our unique position as a diversified financial services company.”

UMB's fourth-quarter earnings were up 22.3 percent to $23.3 million from $19 million in the same quarter of 2010. Earnings per diluted share were 58 cents in the quarter, an 11-cent uptick.

Fourth-quarter highlights:

• Average loans increased 5.8 percent to $4.9 billion.
• Noninterest income, which increased 3.2 percent to $97.8 million, was 55.1 percent of total revenue.
• Salaries and employee benefits totaled $74 million, compared to $72.4 million in the same quarter last year.

As of Dec. 31, the company's assets were $13.5 billion, and its deposits were $12.4 billion.

UMB, which was founded in 1913, operates 128 banking centers in seven states: Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona, according to its Web site.

As of 11:13 a.m., UMB Financial Corp. shares were trading at $38.98, compared to a 52-week range of $30.49 to $45.81.[[In-content Ad]]