UMB Financial Corp. saw its 2014 earnings drop 9.9 percent to $120.66 million, compared with $133.97 million the previous year, even though interest and non-interest income rose.
Expenses were the culprit: UMB's (Nasdaq: UMBF) non-interest expenses increased 6.9 percent to $666.9 million for the year.
Mariner Kemper, chairman and CEO of the Kansas City-based company, said a decline in equity earnings at subsidiary Prairie Capital Management played a big role, causing a drop of $19.6 million alone.
"Part…
UMB Financial Corp. saw its 2014 earnings drop 9.9 percent to $120.66 million, compared with $133.97 million the previous year, even though interest and non-interest income rose.
Expenses were the culprit: UMB's (Nasdaq: UMBF) non-interest expenses increased 6.9 percent to $666.9 million for the year.
Mariner Kemper, chairman and CEO of the Kansas City-based company, said a decline in equity earnings at subsidiary Prairie Capital Management played a big role, causing a drop of $19.6 million alone.
"Part…