UMB Financial Corp. started its centennial year with first-quarter profits of $34.9 million, a 25 percent decrease compared to $46.4 million in the same quarter a year ago.
The Kansas City-based holding company (Nasdaq: UMBF) recorded diluted earnings per share of 87 cents during the quarter, down from $1.15 in first-quarter 2012, according to a news release.
The company, which operates two UMB Bank branches in Springfield, attributed the first-quarter earnings decrease largely to two line items.
"We recognized $5.9 million in gains on the sale of securities available for sale this quarter, compared to $16.5 million in first-quarter 2012. Also in the first quarter of 2012, we recognized an $8.2 million adjustment in contingent consideration liabilities due to adoption of new accounting guidance," UMB Chairman and CEO Mariner Kemper said in the release. "With these items in mind, we have started the year with positive overall results, led by strong performance in our fee businesses."
First-quarter financial notes:
- UMB reported a fifth consecutive quarter of growth in trust and securities processing revenues, which increased 13.9 percent during the latest quarter to a record $62.3 million.
- Average loans rose 15.1 percent, marking a 12th consecutive quarter of loan growth.
- Noninterest income decreased by 8.5 percent to $121 million from $132.3 million, while noninterest expense rose 6 percent to $150.4 million from $141.9 million.
As of March 31, UMB's assets were $15.7 billion and its deposits were $12.6 billion, according to the release.
UMBF shares were trading at $48.63 as of 9:30 a.m., compared to a 52-week range of $40.27 to $52.61.[[In-content Ad]]
