UMB Financial Corp. in Kansas City, Mo. reported earnings of $30.9 million in the first quarter, up 17.9% from a year ago, as noninterest income soared following the acquisition of two advisory firms last year.
The $13.3 billion-asset company reported Tuesday that its noninterest income increased 24.7% to, $107.7 million, from a year earlier largely because of increases in trust and securities processing income. In 2010, UMB advisor units acquired the assets of Reams Asset Management Company, LLC and Prairie Capital Management LLC.
Bankcard fees increased 20.1% from a year earlier to $14.4 million.
This was the second consecutive quarter where past acquisitions had a major effect on earnings. In the fourth quarter, the company reported earnings of $19 million, down 20.2% from a year earlier, because of higher personnel cost tied to past acquisitions.