UMB Financial Corp. in Kansas City, Mo., said Tuesday that its first-quarter earnings jumped 82% from a year earlier, to a record $32.4 million.
Earnings per share increased 90%, to 78 cents.
The results include an $8.9 million gain from Visa Inc.'s initial public offering, along with a $4 million reduction in UMB's liability for litigation involving Visa.
Mariner Kemper, the chairman and chief executive at the $8.7 billion-asset UMB, said in a press release that it would have set earnings and revenue records "with or without" the Visa IPO.
First-quarter net interest income increased 13%, to $61.4 million, and noninterest income rose 26%, to $84.9 million.
Also, some of UMB's credit metrics improved. Nonperforming loans decreased by nearly a third, to $5.1 million, or 0.12% of loans. The allowance for loan losses climbed 6%, to $47.5 million.
UMB also said Tuesday that it would increase its quarterly dvidend by 10%, to 16.5 cents. By late Tuesday, its shares had climbed 6.5% from Monday's close, to $44.25.
