Shares of UMB Financial (UMBF) hit a 52-week high Tuesday after the Kansas City, Mo., company reported a record $46.4 million profit in the first quarter, a 50% increase from the same period last year.

Earnings per share at totaled $1.15, more than doubling the estimates of analysts polled by Thomson Reuters.

The $13.3 billion-asset company attributed the jump to a 23% increase in noninterest income, to $132.3 million. Fees accounted for 62% of UMB's revenues during the quarter, partially due to an $8.2 million adjustment in contingent consideration liabilities on acquisitions, which came from the adoption of new accounting guidance.

Additionally, trust and securities processing income increased almost 6%, to $54.7 million, and gains from securities available for sale more than doubled to $16.5 million from a year earlier.

UMB also had its eighth consecutive quarter of loan growth, Mariner Kemper, UMB's chairman and chief executive, said in a news release. Average loan balances totaled $5.1 billion, a 9% increase from a year earlier. The bank's provision for loans losses fell more than 36%, to $4.5 million as its net chargeoffs dropped 63% to $3 million.

UMB's shares were trading at $46.64 midday Tuesday, up 5.4% from Monday's closing price.

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