UMB earnings up 10 percent in fourth quarter, down for the year

UMB Financial Corp. reported a 10 percent increase in profits during the final three months of 2015, bolstered in part by loan growth.

The Kansas City-based banking company earned $29.6 million, or 60 cents a share, compared with $26.9 million, or 59 cents a share, a year ago.

Earnings gained a boost from higher interest income on the $9.4 billion in loans it held at the end of December. The total grew in part from UMB’s acquisition of Marquette Financial, but loans also increased independent of that purchase, the company said.

Higher interest income offset a decline in fees and other non-interest sources of income, as well as an increase in non-interest expenses such as salaries and equipment.

“2015 was a year of change for UMB, with an increased focus on maximizing efficiencies,” chief executive officer Mariner Kemper said in the announcement. “During the year, we implemented several organizational changes, and while we have faced some headwinds, we have a lot to be excited about.”

The company previously said it had identified more than $30 million in cost savings and laid off some employees. Earnings early in the year suffered from a decline in fees from its Scout Funds.

UMB finished the year with $116.1 million in profits, down from $120.7 million in 2014.

This story was originally published January 26, 2016 at 5:07 PM with the headline "UMB earnings up 10 percent in fourth quarter, down for the year."