UMB Financial, a multi-bank holding company, has reported net income of $32.4 million or $0.79 per share for the first quarter of 2008, an 86.8% increase compared to the earnings of $17.3 million or $0.41 per share for the same period of 2007.
The net interest income for the first quarter of 2008 increased $7.4 million, or 13%, compared to the same period in 2007 due primarily to higher average earning assets and increasing net interest margin in a declining rate environment.
The noninterest income increased $17.6 million, or 26% for the three months ended March 31, 2008 compared to the same period in 2007. Noninterest expense increased $1.1 million, or 1.1% for the three months ended March 31, 2008 compared to the same period in 2007.
Mariner Kemper, chairman and CEO of UMB Financial, said: We achieved record quarterly earnings and revenue, with or without the impact of Visa, initial public offering. These times of unprecedented pressure in the financial services industry have validated our time-tested business model based on a proven risk profile and uncompromised underwriting standards.