UMB’s 3Q profits fall 37%

Kansas City-based UMB Financial Corp. (Nasdaq: UMBF) posted net income of $22.5 million for the third quarter, a 37 percent drop from $35.6 million a year earlier.

The operator of two UMB Bank branches in Springfield reported a 32-cent quarterly decrease in diluted share earnings to 46 cents, down from 78 cents in the same three-month period of 2014, according to a news release.

During the quarter, the bottom line was adversely affected by noninterest expenses, including $1.9 million in consulting costs and $1.4 million in severance payments related to acquisitions.

Third-quarter financial notes:
    •    Interest income rose 27 percent to $115.2 million from $90.8 million last year.
    •    Interest expense moved up 62 percent to $5.3 million from $3.3 million.
    •    Loans were $9 billion at the end of the quarter, a 27.4 percent increase compared to third-quarter 2014.

As of Sept. 30, UMB’s assets totaled $18.6 billion and deposits were $15.1 billion, according to the release.

In the Federal Deposit Insurance Corp.’s recently released list of the area deposit market share leaders, UMB ranked 18th. As of June 30, the company held 1.8 percent of the Springfield metropolitan statistical area’s market share with its $126.3 million in area deposits.

UMBF shares were trading at $50.50 as of 10:25 a.m., compared to a 52-week range of $47.03 to $61.