UMB Financial Corp. (UMBF) in Kansas City, Mo., posted its 14th consecutive quarter of loan growth for the period ending Sept. 30.
The $14.9 billion-asset company earned $34.4 million in the third quarter, up 32% from the same quarter in 2012. Net interest income rose 6.4% to $5.2 million, buoyed by a 21% increase in loans and a 7% increase in securities. The company's net interest margin decreased 19 basis points, to 2.61%.
UMB's noninterest income climbed 14% to $15.3 million, primarily because of a 22% increase in trust and securities processing revenue. Noninterest expenses increased 5% to $7.2 million, driven largely by higher salary and benefits costs.
UMB's loan-loss provision climbed 44% to $6.5 million. However, net loan chargeoffs fell 45% to $3.2 million.