Kansas City-based banking company UMB Financial Corp. posted a 44.8 percent jump in fourth-quarter earnings, boosted in part by a larger loan portfolio.
The company said Tuesday it earned $42.9 million, or 87 cents a share, during October, November and December, compared with $29.6 million, or 60 cents a share, a year earlier.
Profits equaled a 0.86 percent return on assets during the quarter, up from a 0.63 percent return in the fourth quarter of 2015.
For all of 2016, UMB earnings increased 36.8 percent to $158.8 million, or $3.22 a share. In 2015, it earned $116.1 million, or $2.44 a share.
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UMB said its profits for the year benefited from a cost-cutting effort and an increase in its lending.
“During the year, we fully integrated our acquisition of Marquette Financial Companies, executed on our expense initiative, and continued our history of solid loan growth,” chief executive Mariner Kemper said in the announcement.
Assets ended December at $20.68 billion, including $10.54 billion in loans compared with $9.43 billion in loans at the end of 2015. Deposits were $16.57 billion.
UMB executives plan to discuss the results and their outlook for 2017 Wednesday during a conference call. To listen, visit the company’s webcast or call 877-267-8760 and ask for UMB’s call shortly before the 8:30 a.m. start. Replays also will be available.