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UMB Financial (UMBF) in Kansas City, Mo., reported a big jump in profits as the company benefited from loan growth and a rise in fee income.
January 29 -
UMB Financial (UMBF) Kansas City, Mo., has a new chief financial officer.
February 3 -
UMB Financial Corp. (UMBF) in Kansas City, Mo., posted its 14th consecutive quarter of loan growth for the period ending Sept. 30.
October 22
UMB Financial (UMBF) in Kansas City, Mo., reported lower quarterly results that largely reflected merger-related expenses.
The $16 billion-asset company's first-quarter earnings fell 33% from a year earlier, to $23.4 million. Earnings per share of 52 cents were 19 cents lower than the average estimate of analysts polled by Bloomberg.
UMB's noninterest expenses rose 15%, to $172 million. The company set aside $15 million "based on the probability we will resolve objections to our calculation of an earn-out amount owed to the sellers of Prairie Capital Management, and a related incentive bonus calculation," Chairman and Chief Executive Mariner Kemper said in a Tuesday press release. UMB bought Prairie Capital, a wealth and asset management firm, in 2010.
UMB also recognized $4.5 million in contingent consideration liabilities on acquisitions during the first quarter, compared to $3.3 million a year earlier. "Notwithstanding the volatility in earnings related to acquisitions, our ongoing operations are performing well," Kemper said.
UMB's net interest income climbed 7.5%, to $85.4 million. Its loan portfolio increased by 15%, to $6.7 billion. The net interest margin narrowed by 12 basis points, to 2.39%.
Noninterest income rose 1.6%, to $123 million, largely because of gains in trust and securities processing revenue.
The loan-loss provision more than doubled, to $4.5 million, even though net chargeoffs fell 6%, to $3.7 million.
