UMB Financial Corporation (Nasdaq: UMBF), a diversified financial holding company, announced earnings for the three months ended December 31, 2012 of $21.1 million or $0.53 per share ($0.52 diluted). This is a decrease of $2.2 million, or 9.5 percent, compared to fourth quarter 2011 earnings of $23.3 million or $0.58 per share ($0.58 diluted). Earnings for the year ended December 31, 2012 were $122.7 million or $3.07 per share ($3.04 diluted). This is an increase of $16.2 million, or 15.3 percent, compared to the prior year-to-date earnings of $106.5 million or $2.66 per share ($2.64 diluted).
“Earnings grew 15.3 percent to $122.7 million in 2012, making it our third record year in the last five for UMB as we close out our first century in business,” said Mariner Kemper, Chairman and Chief Executive Officer. “2013 marks our 100 th anniversary and we believe our diverse business model will continue to serve us well for the next century. I am pleased to report the eleventh consecutive quarter of loan growth, with average loan balances reaching $5.4 billion, or an increase of 11.6 percent over the same period a year ago. Compared to the industry, the nearly 1,000 regulated depositories that had announced fourth quarter results as of January 21 reported a median increase in loan balances of just 1.5 percent. Noninterest income increased $11.5 million or 11.8 percent during the fourth quarter. Negatively impacting our expenses for the quarter was a non-cash accounting entry of $4.2 million, compared to an entry of $1.8 million in the fourth quarter of 2011, related to the contingent consideration liabilities on acquisitions.”
Net Interest Income and Margin
Net interest income for the fourth quarter of 2012 increased $0.7 million, or 0.9 percent, compared to the same period in 2011. Average earning assets increased by $1.3 billion, or 11.4 percent, compared to the fourth quarter of 2011. This increase was due to a $915.7 million, or 15.3 percent, increase in average total securities, including trading securities and a $565.1 million, or 11.6 percent, increase in average loans offset by a $156.5 million decrease in average interest bearing due from banks. Net interest margin decreased 27 basis points to 2.64 percent for the three months ended December 31, 2012 compared to the same quarter in 2011.
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