Profits jumped 32 percent at UMB Financial Corp. during the third quarter, the Kansas City-based banking company said Tuesday.
By MARK DAVIS
The Kansas City Star
The parent company of UMB Bank said it earned $34.4 million, or 83 cents a share, in the three months that ended Sept. 30. A year earlier, it reported $26.1 million in profits, or 64 cents a share.
Profits rose partly from an increase in the company’s assets that earn interest, including $1.1 billion more in loans than a year ago that came from growth in commercial loans and commercial real estate loans.
Total loans, at $6.5 billion at the end of September, were up 21 percent from a year earlier.
Income from fees and other sources besides interest grew by 14.4 percent from a year ago.
UMB’s announcement mentioned the company’s early September disclosure that a large depositor plans to remove more than $1 billion in deposits to another bank over four months. The announcement said that money still was on UMB’s books.
The client, whom UMB has identified only as an “asset servicing client,” had $870.2 million on deposit at UMB at the time, which represented 7.4 percent of the bank’s total deposits.
Management plans to discuss the third quarter report during a conference call today. To listen, dial 877-941-8609 before the 8:30 a.m. call.
UMB shares fell 20 cents and closed at $58.70 before the earnings report.
To reach Mark Davis, call 816-234-4372 or send email to firstname.lastname@example.org.