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Group buys former Armour meatpacking site in Stockyards

The 16.8-acre site of the historic, former Armour meatpacking plant in Fort Worth’s Stockyards has changed hands, and its new owners aren’t saying anything about their plans. Chesapeake Land Development Co., which bought the site

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Fresh Ebola fears hit airline stocks

DALLAS (AP) — News that a nurse diagnosed with Ebola flew on a plane full of passengers raised fear among airline investors that the scare over the virus could cause travelers to avoid flying.

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Social House Fort Worth plans to open mid-November

Social House has leased 5,045 square feet at 2801-2873 W Seventh St. in Fort Worth, according to Xceligent Inc.

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Ski Grand Prairie? TCU, UTA grad helping bring snow to Metroplex

For Levi Davis last week may have been a career peak, in more ways than one.

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GE rises most in year with equipment order increases, including at Fort Worth locomotive unit

NEW YORK — General Electric Co. beat analysts' profit estimates in the third quarter as Chief Executive Officer Jeffrey Immelt squeezed more costs from the manufacturing units.

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UMB second-quarter earnings rise 15.8 percent

Kansas City, Mo.-based UMB Financial Corp., the parent company of UMB Bank, said July 23 earnings for the three months ended June 30, 2014, were $34.7 million, or 76 cents per diluted share. This is an increase of $4.7 million, or 15.8 percent, compared with second quarter 2013 earnings of $29.9 million, or 74 cents per diluted share.
Earnings for the six months ended June 30 were $58.1 million or $1.30 per share, a decrease of $6.8 million, or 10.5 percent, compared with the prior year-to-date earnings of $64.9 million or $1.62 per share.
Average total deposits increased $0.7 billion, or 6 percent, to $12.3 billion for the three months ended June 30, compared with the same period in 2013. Average noninterest-bearing demand deposits increased $516.7 million, or 11.2 percent, compared to 2013. Average interest-bearing deposits increased by $183.2 million, or 2.6 percent, in 2014 as compared to 2013. Total deposits as of June 30 were $12.2 billion, compared to $11.7 billion as of June 30, 2013, a 3.8 percent increase. Also, as of June 30, noninterest-bearing demand deposits were 44.4 percent of total deposits.
“As our second quarter results demonstrate, the strength of our business model relies on diverse revenue sources, high quality credit, a strong balance sheet and low-cost funding,” said Mariner
Kemper, chairman and chief executive officer.


Kemper said loan growth continues to be a driving force behind the company’s success, with average net loans increasing 12 percent to $6.9 billion during the second quarter of 2014, and marking the 17th consecutive quarter of loan growth.
For the quarter, noninterest income increased 18 percent to $134 million, compared with the second quarter 2013, led by revenue growth in the investment management and asset servicing businesses. Noninterest income represents 60.9 percent of total revenue.
Total company assets under management stood at a record $43.7 billion, an increase of
21.9 percent compared with the second quarter of 2013. Tier 1 capital ratio remains strong at 13.81 percent.
As of June 30, UMB had total shareholders’ equity of $1.6 billion, an increase of 30.6 percent as compared with the same period in 2013. This increase is primarily attributable to the common stock issuance the company completed in September 2013.
“Diverse revenue, loan growth, total cost of funds at 10 basis points, and excellent credit quality demonstrate that our business model continues to serve us well,” Kemper said.


UMB Bank recently expanded to Fort Worth with the opening of a branch downtown.
The bank began an expansion to the Lone Star State in January 2013 with its first location in Dallas.
“This is an exciting time for UMB in Texas as we continue to grow our book of business and expand our presence throughout the region, including recently in Fort Worth,” said Zach Fee, president of UMB Bank’s Texas region. “We have grown our loan balances to more than $88.5 million at the end of second quarter 2014. Along with rising optimism from our clients, we see growth potential in several industries, including commercial real estate, energy, manufacturing and transportation.”
UMB currently operates banking centers in eight states and specializes in commercial banking, private wealth management and personal banking.
UMB Financial Corp. trades on the Nasdaq under the symbol UMBF.

Betty Dillard
 

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