Kansas City-based UMB Financial Corp. posted a 21 percent jump in first quarter earnings that the banking company tied to continued loan growth.
UMB Bank’s parent firm said it earned $44.18 million, or 89 cents a share, in January, February and March. A year earlier it had earned $36.4 million, or 74 cents a share.
“We continue to post double-digit, year-over-year loan growth, with average loans increasing 10.6 percent,” CEO Mariner Kemper said in the announcement.
UMB ended March with $10.76 billion in loans, up 11.1 percent from a year earlier, among its $20.58 billion in total assets. The quarterly profit equaled a 0.89 percent return on assets, up from a 0.76 percent return a year ago.
Income from interest earned on loans and securities reached $134.3 million, after covering interest payments on deposits, which was greater than the $120.8 million UMB Financial earned in fees and other income.
Last week, UMB said it had agreed to sell its Scout mutual funds operations after more than 30 years in the business. The fund family had struggled recently to attract and retain investors.