UMB Posts Rare Quarterly Loss

UMB Financial Corp. reported a loss of $3.4 million during its first quarter, a sharp contrast from its other recent financial periods.

During last year’s fourth quarter, the bank’s earnings were $66.5 million, and it brought it $57.7 million over the first quarter of 2019.

Said a company statement: “The results for 2020 include significantly higher provision expense related to the implementation of the current expected credit losses (CECL) methodology for estimating allowance for credit losses, including the current and forecasted economic downturn related to the COVID-19 (coronavirus) pandemic.”

Total average assets during the quarter were $26 billion, up from $25.1 billion in the prior quarter. Total deposits rose from just under $20.4 billion to $20.8 billion.