Talmer Reports Net Income of $19.68 Million
TROY, Mich. – Talmer Bancorp Inc., parent of Talmer Bank and Trust, Wednesday reported first-quarter net income of $19.68 million, or diluted earnings of 28 cents a share.
This compares to fourth-quarter net income of $13.11 million, or 19 cents a share, and year-ago quarter net income of $9.43 million, or 12 cents a share.
At March 31, total assets had risen to $6.714 billion from $6.596 billion at Dec. 31 and $6.280 billion at March 31, 2015.
Key performance ratios for the quarters ended March 31 and Dec. 31 and March 31, 2015:
• Return on average assets (annualized), 1.19%, 0.80%, 0.62%.
• Return on average equity (annualized), 10.69%, 7.25%, 4.97%.
• Net interest margin, 3.73%, 3.89%, 3.80%.
• Core efficiency ratio, 59.46%, 59.51%, 68.61%.
Total loans rose to $4.924 billion from $4.807 billion the previous quarter and $4.473 billion the year ago quarter.
Net interest income was $56.10 million compared to $58.38 million the preceding quarter and $51.03 million the quarter ended March 31, 2015.
Noninterest income was $13.62 million compared to $23.58 million the year-end quarter and $21.43 million the year-ago quarter.
Total noninterest expense (includes salaries and benefits, rents, data processing, merger and acquisition, marketing and Federal Deposit Insurance Corp. premiums) was $48.27 million, down from $56.60 million the year-ago quarter. First-quarter salaries and employee benefits were $25.81 million, a drop from the $29.21 million reported a year ago.
Credit quality remained strong as reflected by the asset quality ratios for the quarters ended March 31 and Dec. 31 and March 31, 2015:
• Net charge-offs (recoveries) to average loans (annualized), 0.04%, (0.23%), 0.43%.
• Nonperforming assets as a percentage of total assets, 1.18%, 1.30%, 1.55%.
• Nonperforming loans as a percentage of total loans, 1.08%, 1.20%, 1.25%.
• Allowance for loan losses as a percentage of period-end loans, 1.06%, 1.12%, 1.17%.
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