UMB reports 35% growth in second quarter

The increase, according to a company news release, is due to a 6.3 percent, or $3.3 million, increase in net interest income and a 10.1 percent, or $6.6 million, increase in noninterest income.

“This strong quarterly performance was driven by solid noninterest income and loan growth, while we effectively managed expenses and remained focused on asset quality,” Chairman and CEO Mariner Kemper said in the release. “Return on average equity is the highest level since the first quarter of 2002, and at 1.02 percent, return on average assets improved significantly.”

Average loans for the quarter were $3.9 billion, compared to $3.5 billion in the second quarter of 2006.

For the year-to-date, earnings totaled $37.4 million, or 89 cents per share. That’s a 33.1 percent increase from the first six months of 2006.

Shares of UMB Financial Corp. (Nasdaq: UMBF) closed Tuesday at $38.51, compared to a 52-week range of $33.04 to $41.70. Shares were up 70 cents to $39.21 as of 8:50 a.m. Central time today.