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UMB announces earnings increase

UMB Financial Corporation, a diversified financial holding company, announced earnings for the three months ended June 30, 2011 of $26.3 million or $0.66 per share ($0.65 diluted).

This is an increase of $3.3 million, or 14.4 percent, compared with second quarter 2010 earnings of $23 million or $0.57 per share ($0.57 diluted). Earnings for the six months ending June 30, 2011, were $57.2 million or $1.43 per share ($1.42 diluted). This is an increase of $8 million, or 16.2 percent, compared with the prior year-to-date earnings of $49.2 million or $1.23 per share ($1.22 diluted).

Net interest income for the second quarter of 2011 increased $2.3 million, or 2.9 percent, compared with the same period in 2010. Average earning assets increased by $1.4 billion, or 14 percent, compared with the second quarter of 2010. This increase was due to a $791 million, or 16.1 percent, increase in average total securities, including trading securities and a $305.2 million, or 6.9 percent, increase in average loans.

Net interest margin decreased 31 basis points to 2.98 percent for the three months ending June 30, 2011, compared with the same quarter in 2010. Noninterest income increased $18.8 million, or 21.1 percent, for the three months ending June 30, 2011, compared with the same period in 2010. Noninterest expense increased $19.5 million, or 15.4 percent, for the three months ending June 30, 2011, compared with the same period in 2010.

Average total assets for the three months ending June 30, 2011, were $12.4 billion compared with $10.9 billion for the same period in 2010, an increase of $1.5 billion, or 13.9 percent. Average earning assets increased by $1.4 billion for the period, or 14 percent.

As of June 30, 2011, UMB had total shareholders’ equity of $1.1 billion, an increase of 6 percent as compared with the same period in 2010. The company declared its regular quarterly cash dividend of $0.195 cents per share to be paid on Oct. 3, 2011, to shareholders of record at the close of business on Sept. 9, 2011.

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