remains onthe lookout for an M&A deal as it also estimates it will beat cost-savingtargets on its most recent transaction.
Duringthe Kansas City, Mo.-based company's April 27 earnings call, UMB President, CEOand Chairman Mariner Kemper told analysts and investors that UMB is undertakingan "active effort" to find attractive transactions."We have been talking about it for some time and so we have a concertedeffort around it and we will keep looking," the chief executive said.
MikeHagedorn, the company's vice chair and interim CFO, said the company has"learned a lot" as it closed and integrated its $182.5 milliondeal forMinneapolis-based MarquetteFinancial Cos. Hagedorn said UMB is focused on deals for wholebanks and specialty lending companies.
Hagedornsaid during the call that the company expects total transactions costs of about$20.2 million from the Marquette deal, which is below the $23 million estimatethe company initially projected. He also said the company expectsto beat its cost-save targets. It had initially anticipated about $14 millionof phased-in costs, but has already seen $14.8 million cost-saves and expects afull $15.9 million in costs-saves.
UMB reported net income of $36.2 million, or 74 cents pershare, for the first quarter, compared to $33.8 million, or 74 cents per share,during the year-ago quarter.