YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
The annual and fourth-quarter financial results reported yesterday by Kansas City-based UMB Financial Corp. (Nasdaq: UMBF) were "muted" by expenses related to the Federal Deposit Insurance Corp., its CEO says.
The company, which operates two UMB Bank branches in Springfield, recorded 2023 net income of roughly $350 million, a nearly 19% decrease from $431.7 million in 2022, according to a news release. Diluted share earnings for 2023 decreased to $7.18 from $8.86 per share a year earlier.
UMB Bank ended 2023 with fourth-quarter profits of $70.9 million, a 29% drop from $100.2 million in the same quarter of 2022.
"Our strong business performance and financial results were unfortunately muted by our share of the FDIC special assessment levied on banks to recoup the losses related to two of the bank failures in March 2023," said Mariner Kemper, UMB Bank chair and CEO, in the release. "I am incredibly proud of our associates who drove this performance, and deeply grateful for our loyal client base that grew with us through the much-exaggerated industry noise following the bank failures. While this was a challenging time for the industry, it was extremely rewarding to see how our company and customers came together to support each other, and the resulting positive growth and performance."
UMB Bank's assets were $44 billion and deposits were $35.8 billion as of Dec. 31.
UMBF shares were trading at $85.40 as of 11:32 a.m., compared with a 52-week range of $50.68 to $92.68 per share.
Moseley’s Discount Office Products was purchased; Side Chick opened in Branson; and the Springfield franchise store of NoBaked Cookie Dough changed ownership.
