The holding company of UMB Bank saw its profit fall in the first quarter of 2014.
UMB Financial Corp. said in a news release Tuesday that its earnings for the three-month period ended March 31 were $23.4 million. That’s a 33 percent decline from first quarter 2013 earnings of $34.9 million.
Mariner Kemper, UMB Financial’s chairman and CEO, said in the release that expenses related to acquisitions made by the company, including of Prairie Capital Management in 2010, contributed to the drop in quarterly net income.
“Notwithstanding the volatility in earnings related to acquisitions, our ongoing operations are performing well,” Kemper said in the release, adding that the company saw double-digit growth in its commercial and industrial and commercial real estate portfolios between first quarter 2013 and first quarter 2014.