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UMB Financial (UMBF) in Kansas City, Mo., will settle a dispute over an asset purchase agreement.
July 3 -
UMB Financial (UMBF) in Kansas City, Mo., has agreed to buy the corporate trust business of RCB Bank in Claremore, Okla.
May 6 -
UMB Financial (UMBF) Kansas City, Mo., has a new chief financial officer.
February 3
UMB Financial in Kansas City, Mo., relied on strong investment-services and other fees to boost earnings last quarter.
The $15.6 billion-asset company reported a profit of $34.7 million in the second quarter, up 15.8% from a year earlier. Earnings per share of 76 cents met the estimates of analysts polled by Bloomberg.
Noninterest income increased 18%, to $134 million, led by growth in the company's investment management and asset-servicing businesses. Trust and securities-processing income rose 15.6%, to $73.4 million, because of higher fees related to institutional and personal investment management services as well as expansion in fund-administration and custody services.
A $3.5 million rise in equity earnings on alternative investments thanks to unrealized gains from the July 2010
Noninterest expenses rose 10.8%, to $166.5 million, after salary and benefits increased 7.1%, to $89.5 million. Additionally, UMB recorded a $5.3 million contingency-reserve expense to cover incentive bonuses for employees as well as a settlement with the sellers of Prairie Capital over disagreements about the amount owed them.
Net interest income increased 4.7%, to $86.2 million. Net interest margin narrowed three basis points, to 2.53%.