UMB Financial Corporation (UMBF) second quarter profits rose 10.8 percent as a result of increased lending.
The banking company said net income rose to 72 cents per diluted share up from 65 cents per share in the year-earlier quarter. Earnings rose to $29.2 million, up from $26.3 million in the 2011 quarter.
“We are very pleased with our second quarter operating results as they demonstrate growth, discipline and quality,” said Mariner Kemper, Chairman and Chief Executive Officer.
The company’s loan revenues increased 10.4 percent and investment securities increased 13 percent from the year-earlier quarter.
The bank’s stock declined nearly 2 percent Wednesday to $49.57 down from Tuesday’s close of $50.51.