Wednesday, November 05, 2014TROY, Mich. -- Talmer Bancorp Inc., holding company of Talmer Bank and Trust, Tuesday reported third-quarter net income of $19.52 million, or 28 cents per basic share, 26 cents per diluted share.
This compares to $20.61 million net income the second quarter, or 29 cents per basic share, 27 cents per diluted share, and $10.54 million the third quarter of 2013, or 16 cents per basic share, 15 cents per diluted share.
Talmer also announced its directors declared a cash dividend of a penny per share on its Class A common stock payable Nov. 28 to shareholders of record Nov. 17. At Sept. 30, Talmer reported just over 75.75 million average diluted common shares.
In a prepared statement, the president and CEO, David Provost, said, “The third quarter was a busy quarter as we completed the sales of our Wisconsin and New Mexico branches, completed the consolidation of our Las Vegas branches, and continued to execute our plan of improving overall operating efficiency. I am particularly pleased with our robust organic loan growth, which was driven in part by commercial and industrial lending. While loan growth should moderate in the fourth quarter, our pipeline remains strong and I believe we should be able to continue our organic loan growth. In addition, we made key hires during the quarter to bolster our asset-based lending team, which is particularly well-suited to be responsive growing commercial lending opportunities within our footprint and enhance our ability to drive earning-asset and fee-income growth. On the merger and acquisition front, the First Huron [in Michigan] we announced in April is on schedule to close the first quarter of 2015, and we continue to be very active in looking at additional acquisition opportunities.”
Key performance and capital ratios for the quarters ended Sept. 30, June 30 and Sept. 30, 2013:
Net total loans grew to $3.979 billion during the quarter from $3.698 billion at June 30 “as a result of $352.16 million net uncovered loan growth and $48.5 million of net covered loan growth runoff (loans covered by loss share agreement with the Federal Deposit Insurance Corp.),” the company said.
Noninterest expense (includes salaries and benefits, rent, data processing, marketing and FDIC premiums) fell to $29.75 million from $30.39 million the preceding quarter. It was $29.77 million the third quarter a year ago. “The decline primarily reflects decreases in FDIC loss sharing, salary and employee benefits, data processing fees and marketing expense,” the company said. It “reflects our continued efforts to improve operating efficiencies as we move to fully integrate and rationalize the operations of our acquired banks.”
Asset quality remains strong. Total nonperforming assets (includes loans 90 and more days past due) were $24.15 million at Sept. 30, up slightly from $24 million at June 30, but below the $34.32 million at Sept. 30, 2013.
Total covered impaired assets were $44.15 million, down from $45.99 million the previous quarter and $58.07 million at Sept. 30, 2013.
Total assets at Sept. 30 were $5.744 billion, up from $5.609 billion at June 30, and $4.742 billion at Sept. 30, 2013.
Nonperforming assets as a percentage of total assets were 1.73% compared to 1.60% the previous quarter and 1.53% a year ago. Nonperforming loans as a percent of total loans, respectively, were 1.38%, 1.04% and 1.43%.
Source: Talmer Bancorp Inc.
Published by The Business Journal, Youngstown, Ohio.
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