UMB Financial Corp., which operates two bank branches in Monett, reported record earnings for the quarter ending on March 31.
UMB had earnings of $46.4 million, a $15.5 million or 50.2 percent increase over the first quarter of 2011.
"The year is off to a very good start with strong performance by our businesses and industry-leading credit quality," said Mariner Kemper, chairman and chief executive officer. "While net interest income was flat for the quarter when compared to the first quarter of 2011, non-interest income was up 22.8 percent, providing 62.6 percent of total revenue for the quarter, another record for the company.
"This marks the eighth consecutive quarter of loan growth for the company," Kemper continued. "End-of-period loans grew 10.4 percent, compared to the same period last year."
Net interest income for the first quarter of 2012 increased by $600,000. Non-interest income increased by $24.6 million.
"The growth in non-interest income was propelled by strong growth in numerous key drivers," said Peter deSilva, president and chief operating officer. "Our institutional investment management segment experienced record net flows in excess of $1.5 billion. Assets under administration grew by 11.7 percent, buoyed by new sales and positive equity market performance."
Non-interest expenses increased by $6.4 million or nearly 5 percent, driven mostly by higher salaries and benefits.
Average loan balances for the quarter increased by 9.1 percent over the same quarter a year ago. Actual loan balances were up 10.2 percent.
As of March 31, UMB had total shareholders' equity of $1.2 billion, an increase of 12.4 percent as compared to the same period in 2011.