UMB Financial Corp. in Kansas City, Mo., reported earnings of $26.3 million, up 14.4%, as credit costs fell and noninterest income jumped.
In a press release issued late Tuesday, the $12.7 billion-asset company said its noninterest income totaled $107.8 million, up 21% from a year earlier, with the increase largely due to trust and securities processing fees. Such fees brought in $53.6 million, up 38% from a year earlier, and benefited from acquisitions the company made last year to boost that business.
The results were tempered by the creation of a $7.8 million escrow fund that it agreed to create as part of a class-action lawsuit involving overdraft fees that was settled in May.
