UMB Financial (UMBF) in Kansas City, Mo., reported lower quarterly results that largely reflected merger-related expenses.

The $16 billion-asset company's first-quarter earnings fell 33% from a year earlier, to $23.4 million. Earnings per share of 52 cents were 19 cents lower than the average estimate of analysts polled by Bloomberg.

UMB's noninterest expenses rose 15%, to $172 million. The company set aside $15 million "based on the probability we will resolve objections to our calculation of an earn-out amount owed to the sellers of Prairie Capital Management, and a related incentive bonus calculation," Chairman and Chief Executive Mariner Kemper said in a Tuesday press release. UMB bought Prairie Capital, a wealth and asset management firm, in 2010.

UMB also recognized $4.5 million in contingent consideration liabilities on acquisitions during the first quarter, compared to $3.3 million a year earlier. "Notwithstanding the volatility in earnings related to acquisitions, our ongoing operations are performing well," Kemper said.

UMB's net interest income climbed 7.5%, to $85.4 million. Its loan portfolio increased by 15%, to $6.7 billion. The net interest margin narrowed by 12 basis points, to 2.39%.

Noninterest income rose 1.6%, to $123 million, largely because of gains in trust and securities processing revenue.

The loan-loss provision more than doubled, to $4.5 million, even though net chargeoffs fell 6%, to $3.7 million.

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