Kansas City-based UMB Financial Corp. (Nasdaq: UMBF), which operates two UMB Bank branches in Springfield, posted third-quarter profits of $26 million, a 14.2 percent increase compared to the same quarter last year.
Earnings per diluted share were 64 cents, up 7 cents from third-quarter 2010, according to a news release.
“The company’s total revenue increased in the third quarter due to the continued growth in our fee businesses, driven primarily by our recent acquisitions which are performing well,” President and CEO Peter deSilva said in the release, referring to acquisitions made by its subsidiary Scout Investment Advisors.
He also pointed to a 12.1 percent increase in noninterest income, which was $101 million.
Third-quarter financial highlights:
- Net loans increased 4.3 percent to $4.7 billion from $4.5 billion in the same quarter of the previous year. The company has experienced six consecutive quarters of loan growth.
- Revenue increased 6.9 percent to $180 million.
- Allowance for loan losses was $72.9 million, roughly flat from the same quarter last year.
As of Sept. 30, the company's assets were $12.1 billion, while its deposits were $9.4 billion.
In the five-county Springfield metropolitan statistical area, UMB recently ranked No. 21 in deposit market share. As of June 30, UMB held 1.3 percent of the market share with $96.7 million in deposits across three branches in the MSA. The Federal Deposit Insurance Corp. released the updated market share rankings Oct. 4.
As of 11:20 a.m., UMB Financial Corp. shares were trading at $36.62, compared to a 52-week range of $30.49 to $45.81.[[In-content Ad]]