UMB Financial Corporation, a Kansas City-based multi-bank holding company, announced quarterly earnings of $17.3 million or $0.41 per share for the three-month period ended March 31. This is an increase of $4.1 million, or 30.8 percent, compared to the first quarter 2006 earnings of $13.2 million, or $0.31 per share.
Revenue was higher due to a 9.0 percent increase in net interest income and a 12.7 percent increase in noninterest income. These revenue increases were partially offset by a 7.8 percent increase in noninterest expense.
Net interest income for the first quarter of 2007 increased $4.7 million, or 9.0 percent, compared to the same period in 2006 due primarily to higher average earning assets and rates. Average earning assets increased by $407.7 million, or 5.9 percent, as compared to the first quarter of 2006. Most of this increase was due to a $464.1 million, or 13.6 percent, increase in average loans.
Average total assets for the three months ended March 31, 2007 were $8.2 billion compared to $7.7 billion for the same period in 2006, an increase of $427.8 million, or 5.5 percent. Average earning assets increased by $407.7 million, or 5.9 percent.