UMB reports record full-year earnings

The Kansas City-based financial corporation reported record year-end earnings of $74.2 million or $1.77 per diluted share, up 24.2 percent from $59.8 million or $1.40 per diluted share posted in 2006.

Net interest income for 2007 was $232.7 million, up 7.1 percent from the $217.2 million posted in 2006.

For fourth-quarter 2007, earnings were $15.3 million or 37 cents per diluted share, down 3.2 percent from the $15.8 million posted in fourth-quarter 2006. Net interest income for the fourth quarter was $60.9 million, up 7.4 percent from the $56.6 million posted in the same period a year earlier.

“This quarter we watched the industry weather some challenging conditions,” said Mariner Kemper, UMB Financial Corp. chairman and CEO, in a news release. “Our results continued to be fueled by double-digit fee income growth and an increase in net interest income. In addition, we grew average loans 9 percent while not wavering from our historically strong underwriting standards.”

Total assets for UMB Financial were $9.3 billion as of Dec. 31, while total deposits totaled $6.6 billion.

Shares of UMB Financial Corp. (Nasdaq: UMBF) closed Tuesday at $38.21, compared to a 52-week range of $34.95 to $47.06.