Earnings fell 22.3 percent in the fourth quarter at Kansas City-based UMB Financial Corp., the banking company said Tuesday.
It earned $26.9 million, or 59 cents a share, in October, November and December, compared with $34.7 million, or 77 cents a share, a year earlier.
The company’s announcement said the difference mostly reflected unrealized losses on Prairie Capital Management’s equity method investments contrasted with unrealized gains reported a year ago.
Chief executive Mariner Kemper said in the announcement that the Prairie Capital effect and others had masked the strength of UMB’s operations. He cited double-digit loan growth from a year ago, multiple sources of revenue and strong customer relationships.
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“Expectations for continuing headwinds in 2015 only reinforce the value of our differentiated business model, which is time tested, and we believe our long-term performance will continue to set us apart from our peers,” Kemper said.
For all of 2014, UMB earned $120.7 million, down 9.9 percent from $133.9 million in 2013.
The company ended 2014 with $17.5 billion in assets, including $7.5 billion in loans and $7.3 billion in investment securities.