UMB Financial Corp. of Kansas City, Mo., said first-quarter earnings rose 31% from a year earlier, to $17.3 million.
Diluted earnings per share rose 32%, to 41 cents, in line with the average of analysts' expectations according to Thomson Financial.
The $8 billion-asset company, which reported its results Tuesday, attributed the earnings gains to strong loan growth and increased fee income from its asset management, corporate trust, and card divisions. Loans grew 14%, to $3.9 billion. Noninterest income rose 13%, to $67.4 million, and noninterest expenses grew 8%, to $98.2 million.
UMB's interest expenses rose 39%, to $47.7 million, driven by a 39% increase in deposit expenses, to $28.8 million. Expenses from federal funds and repurchase agreements grew 43%, to $18.4 million.
The provision for loan losses shrank 53%, to $1.5 million.
