However, the company's performance should be seen as impressive, given the performance of UMB's financial services model. For the foreseeable future, prospects continue to look bright, according to CEO Mike Hagedorn.
It helps that UMB Financial, a Midwest bank with a market cap of $2.7 billion, can keep its cost of funds as low as many of today's mega banks. This helps level the competitive playing field, he explained.
Hagedorn added that the lending environment remains "very strong" for the company. UMB Financial has reported 18 consecutive quarters of loan growth, as well as 9% loan growth in the third quarter. The industry average for the previous quarter stood at just 5%.
We remain confident in our ability to lend, he said.
TheStreet's Gregg Greenberg asked Hagedorn where he sees interest rates going. His response? Higher.
But not until the second half of 2015, when he expects to see rates climb 25 basis points on two separate occasions. To prove that belief, Hagedorn says two-thirds of the company's loan book is scheduled to reprice in 12 months or less and half of the company's $7 billion investment portfolio is scheduled to reprice in 36 months or less.