UMB Financial reports Q3 EPS $2.23, consensus $2.20

Reports Q3 revenue $406.1M, consensus $389.93M. “We are pleased with another quarter of solid financial performance across the board,” said Mariner Kemper, UMB Financial (UMBF) Corporation chairman and chief executive officer. “Strong institutional banking activity contributed to the 9.5% increase in fee income compared to the linked quarter, and near-double digit annualized loan growth drove net interest income higher. Net interest margin decreased five basis points sequentially due largely to the decline in average noninterest-bearing deposit balances driven by net client disbursements within our asset servicing and corporate trust lines of business, which can be episodic in nature. Asset quality remains strong as evidenced by only eight basis points of net charge-offs to average loans on a year-to-date basis; the higher provision expense in the quarter largely reflects the impact of $793.3 million in net loan growth that was driven by record top-line loan production of $1.4 billion.”