UMB Financial Corp. in Kansas City, Mo., on Wednesday reported $23.3 million in fourth-quarter profits, up 22% from a year earlier but falling short of expectations.
The $12.5 billion-asset company also reported on Tuesday that its 2011 profits rose 17% from a year earlier, to $106.5 million.
Peter deSilva, the company's president and chief operating officer, said in a press release that UMB's fee business continued to be a primary driver of the results. UMB's fourth-quarter noninterest income rose 3.2% from a year earlier, to $97.8 million, due to a 10% increase in trust and securities processing income. For 2011, noninterest income rose 15% from 2010, to $414.3 million.
The company's fourth-quarter noninterest expense increased 2.7% from a year earlier, to $142.2 million. This was driven by a 2.3% rise in salaries and employee benefits.