Market Overview

Talmer Bancorp, Inc. reports third quarter 2015 net income of $20.0 million, representing $0.27 of earnings per diluted average common share

Share:

Third quarter deposit growth of $217.4 million, or 17.7% on an annualized basis

Talmer Bancorp, Inc. declares cash dividend on common stock of $0.01 per share

TROY, Mich., Oct. 28, 2015 /PRNewswire/ -- Talmer Bancorp, Inc. (NASDAQ: TLMR) ("Talmer") today reported third quarter 2015 net income of $20.0 million, compared to $17.5 million for the second quarter of 2015 and $19.5 million for the third quarter of 2014.  Earnings per diluted common share were $0.27 for the third quarter of 2015, compared to $0.23 for the second quarter of 2015 and $0.26 for the third quarter of 2014.  In addition, the Board of Directors of Talmer declared a cash dividend on its Class A common stock of $0.01 per share on October 28, 2015.  The dividend will be paid on November 20, 2015, to our Class A common shareholders of record as of November 9, 2015.

Talmer Bancorp, Inc. logo.

Talmer Bancorp President and CEO David Provost commented, "We are pleased with underlying trends this quarter including strong core deposit growth, declines in operating expenses and solid revenue trends.  Core deposit growth benefited from the continued focus of our retail sales force to drive growth in key markets in order to fund our lending pipelines.  Our reported earnings were impacted by two key non-core items:  a $3.8 million detriment to earnings, or an after-tax amount equal to approximately $0.034 per diluted share, due to the change in fair value of our loan servicing rights, and an approximate $0.032 benefit to diluted earnings per share as a result of approximately $2.3 million in lower than normal income tax expense for the quarter.  We also accomplished a number of significant strategic initiatives during the quarter including the charter consolidation of Talmer West Bank into Talmer Bank and Trust, the repurchase of $75.0 million of our Class A common stock and the final divestiture of our former lead investor, WL Ross and Co.  Going forward, we continue to be keenly focused on driving healthy organic franchise growth and being well-prepared for potential acquisition opportunities."

Quarterly Results Summary

(Dollars in thousands, except per share data)


3rd Qtr 2015


2nd Qtr 2015


3rd Qtr 2014

Earnings Summary







Net interest income


$

55,647



$

49,609



$

52,217


Total provision (benefit) for loan losses


700



(7,313)



1,509


Noninterest income


19,342



22,098



29,974


Noninterest expense


47,829



53,293



51,263


Income before income taxes


26,460



25,727



29,419


Income tax provision


6,425



8,179



9,904


Net income


20,035



17,548



19,515


Per Share Data







Diluted earnings per common share


$

0.27



$

0.23



$

0.26


Tangible book value per share (1)


10.55



10.53



10.40


Average diluted common shares (in thousands)


73,222



74,900



75,752


Performance and Capital Ratios







Return on average assets (annualized)


1.23

%


1.11

%


1.36

%

Return on average equity (annualized)


10.96



9.26



10.56


Net interest margin (fully taxable equivalent) (2)


3.76



3.50



4.05


Core efficiency ratio (1)


58.54



68.54



70.81


Tangible average equity to tangible average assets (1)


11.02



11.79



12.64


Common equity tier 1 capital (3)


12.12



13.90



N/A


Tier 1 leverage ratio (3)


10.21



11.50



11.45


Tier 1 risk-based capital (3)


12.12



13.90



15.56


Total risk-based capital (3)


13.20



14.97



16.76


Asset Quality Ratios







Net charge-offs to average loans, excluding covered loans (annualized)


(0.12)

%


(0.10)

%


0.26

%

Nonperforming assets as a percentage of total assets


1.33



1.64



1.73


Nonperforming loans as a percent of total loans


1.14



1.32



1.38


Nonperforming loans as a percent of total loans, excluding covered loans


1.02



0.94



1.19


Allowance for loan losses-uncovered as a percentage of period-end uncovered loans


1.00



0.86



0.82


(1) See section entitled "Reconciliation of Non-GAAP Financial Measures."
(2) Presented on a tax equivalent basis using a 35% tax rate for all periods presented.
(3) Third quarter 2015 is estimated. Second and third quarter 2015 are under Basel III transitional and third quarter 2014 is under Basel I.

Third Quarter 2015 Compared to Second Quarter 2015

  • Net income was $20.0 million, or $0.27 per diluted average common share, in the third quarter of 2015, compared to $17.5 million, or $0.23 per diluted average common share, for the second quarter of 2015. The increase in net income in the third quarter of 2015 was primarily due to reductions in operating expenses and an increase in interest income.
  • Net total loans increased during the third quarter of 2015 by $173.7 million, driven by strong growth in both commercial and industrial and commercial real estate lending.
  • Total deposits increased $217.4 million, to $5.1 billion as of September 30, 2015, compared to June 30, 2015. Total deposit growth included increases in time deposits of $184.2 million, demand deposits of $40.4 million, and money market and savings deposits of $38.1 million. These increases were partially offset by a decline in brokered deposits of $45.3 million.
  • Net interest income increased to $55.6 million in the third quarter of 2015, compared to $49.6 million in the second quarter of 2015. Net interest income growth was primarily due to the benefit provided by a $4.2 million reduction in negative accretion on the FDIC indemnification asset and a $1.8 million increase in interest on loans due to strong loan growth. Our net interest margin increased 26 basis points to 3.76% in the third quarter of 2015, compared to 3.50% in the second quarter of 2015, due in large part to the decline in the negative yield on the FDIC indemnification asset as we continue to reduce the outstanding amount of this asset. Exclusive of the benefit of excess accretable yield and negative yield on the FDIC indemnification asset, discussed in detail below, our core net interest margin in the third quarter of 2015 was 3.46% compared to 3.41% in the second quarter of 2015.
  • Noninterest income decreased $2.8 million to $19.3 million in the third quarter of 2015, compared to the second quarter of 2015. Noninterest income was impacted by a detriment to earnings of $3.8 million due to the change in the fair value of loan servicing rights, which is a key component of the negative $1.7 million of income from mortgage banking and other loan fees. The total decrease in mortgage banking and other loan fees of $6.4 million was partially offset by a $3.2 million increase in FDIC loss sharing income and a $2.0 million increase in accelerated discount on acquired loans.
  • Noninterest expense decreased $5.5 million, to $47.8 million in the third quarter of 2015, compared to the second quarter of 2015. The decrease in noninterest expense includes decreases in occupancy and equipment expense of $1.9 million, other expenses of $1.8 million and salary and employee benefits of $1.0 million.
  • Total shareholder's equity of $714.8 million as of September 30, 2015, decreased $51.6 million compared to June 30, 2015. The decrease is primarily the result of our repurchase and retirement of 5.0 million shares of our Class A common stock for $75.0 million, partially offset by third quarter of 2015 net income of $20.0 million and an increase in accumulated other comprehensive income due to an increase in the fair value of our investment securities portfolio.
  • The income tax provision for the third quarter of 2015 was $6.4 million resulting in an effective tax rate of 24.3%, which is approximately $2.3 million lower than an assumed 33% normalized tax rate. The low effective tax rate in the third quarter of 2015, compared to previous quarters, is due primarily to the finalization of the 2014 Capital Bancorp, Ltd's consolidated federal income tax return (Talmer West Bank's former parent), which resulted in a larger amount of pre-ownership change carryforwards allocated to Talmer West Bank than originally estimated.

Income Statement

Net Interest Income and Net Interest Margin

Net interest income for the third quarter of 2015 was $55.6 million, compared to $49.6 million in the prior quarter.  Our net interest margin was 3.76% in the third quarter of 2015, an increase of 26 basis points from 3.50% in the second quarter of 2015.  The increase in our net interest margin in the third quarter was due in large part to the decline in the negative yield on the FDIC indemnification asset.

Our net interest margin benefits from discount accretion on our purchased credit impaired loan portfolio, a component of the accretable yield.  The accretable yield for purchased credit impaired loans includes both the expected coupon of the loan and the discount accretion, and is recognized as interest income over the expected remaining life of the loans.  For the third and second quarters of 2015, the yield on uncovered loans was 4.74% and 4.62%, respectively, while the yield generated using only the expected coupon would have been 4.21% and 4.14%, respectively.  For the third and second quarters of 2015, the yield on covered loans was 13.34% and 12.48%, respectively, while the yield generated using only the expected coupon would have been 7.50% and 6.17%, respectively.  The difference between the actual yield earned on total loans and the yield generated based on the contractual coupon (not including any interest income for loans in nonaccrual status) represents excess accretable yield.  Our net interest margin is also adversely impacted by the negative yield on the FDIC indemnification asset.  Because our quarterly cash flow re-estimations have continued to result in improvements in the overall expected cash flows on covered loans, our expected payment from the FDIC under our loss share agreements has declined, resulting in a negative yield on the FDIC indemnification asset. This negative yield on the FDIC indemnification asset partially offsets the benefits provided by the excess accretable yield.  This negative yield was 49.20%, representing $4.4 million, for the third quarter of 2015 compared to a negative yield of 73.00%, representing $8.5 million, for the second quarter of 2015.  The combination of the excess accretable yield on both covered and uncovered loans, offset by the negative yield on the FDIC indemnification asset, benefitted net interest margin by 30 basis points in the third quarter of 2015 compared to nine basis points in the second quarter of 2015.  Therefore, excluding the benefit of excess accretable yield and negative yield on the FDIC indemnification asset, our net interest margin in the third quarter of 2015 was 3.46% compared to 3.41% in the second quarter of 2015.

Noninterest Income

Noninterest income decreased $2.8 million to $19.3 million in the third quarter of 2015, compared to the second quarter of 2015.  The decrease is primarily the result of a decrease in mortgage banking and other loan fees of $6.4 million, partially offset by a $3.2 million decrease in the net amounts due to the FDIC resulting from higher recoveries on covered loans, recognized within "FDIC loss sharing income," and an increase in accelerated discount on acquired loans of $2.0 million. Accelerated discount on acquired loans results from the accelerated recognition of a portion of the loan discount that would have been recognized over the expected life of the loan and occurs when a loan is paid in full or otherwise settled.  The decrease in mortgage banking and other loan fees was impacted by a detriment to earnings of $3.8 million due to the change in the fair value of loan servicing rights.  In the second quarter of 2015, the change in the fair value of loan servicing rights was a benefit of $3.1 million. The change in the fair value of loan servicing rights in the third quarter was due mainly to downward movements in market interest rates during the period. 

As we have noted in prior quarters, we have chosen not to hedge our investment in loan servicing rights.  Since our loan servicing rights are accounted for under the fair value measurement method, decreases in interest rates generally result in a detriment to earnings due to an anticipated increase in prepayments speeds, whereas increases in interest rates generally result in a benefit to earnings due to the opposite effect.  The large majority of our servicing rights were acquired on January 1, 2013 in our acquisition of First Place Bank.  While there has been meaningful reported earnings volatility due to our decision not to hedge our loan servicing rights, the cumulative acquisition-to-date detriment to pre-tax earnings due to the changes in fair value has been only $788 thousand since the acquisition of First Place Bank on January 1, 2013.

Noninterest Expense

Noninterest expense in the third quarter of 2015 decreased $5.5 million, to $47.8 million, compared to the second quarter of 2015.  The decrease in noninterest expense includes decreases in occupancy and equipment expense of $1.9 million, other expenses of $1.8 million and salary and employee benefits of $1.0 million, in addition to spending cuts made within other noninterest expense categories.  The second quarter of 2015 included $1.8 million of net expense recognized related to our targeted analysis of property efficiency which included a review of certain lease contracts resulting in lease buyouts, final sales of unused properties and impairments taken on owned properties under review for potential upcoming sales.

Our core efficiency ratio was 58.54% and 68.54%, for the third and second quarters of 2015, respectively.  The improvement in our efficiency ratio is primarily the result of the combination of an increase in interest income and a reduction in operating expenses.  The efficiency ratio is a measure of noninterest expense as a percent of net interest income and noninterest income.  The core efficiency ratio begins with the efficiency ratio and then excludes certain items deemed by management to not be related to regular operations.  The third quarter of 2015 core efficiency ratio excludes the detriment received from the fair value adjustment to our loan servicing rights of $3.8 million, transaction and integration related costs of $113 thousand, and the FDIC loss sharing income, which was a detriment of $2.7 million.  The second quarter of 2015 core efficiency ratio excludes the benefit provided by the fair value adjustment to our loan servicing rights of $3.1 million, transaction and integration related costs of $419 thousand, property efficiency review expenses of $1.8 million and the FDIC loss sharing income, which was a detriment of $5.9 million.  Over the next few quarters, the core efficiency ratio is expected to be in the lower 60% range given that overall operating expenses are expected to be modestly higher and accelerated discount on acquired loans is expected to be lower as compared to the level achieved in the third quarter of 2015.

Credit Quality

The third quarter of 2015 resulted in a total net provision for loan losses of $700 thousand, compared to a net benefit of $7.3 million in the second quarter of 2015.  The increase in the net provision for loan losses was primarily due to an increase in impairment resulting from our quarterly re-estimation of cash flows for our purchased credit impaired loans in the third quarter of 2015, compared to the second quarter of 2015, and the unanticipated payments received in the second quarter on loans previously charged-off.

The provision for loan losses on uncovered loans in the third quarter of 2015 increased $2.6 million to $3.7 million, compared to the second quarter of 2015.  At September 30, 2015, the allowance for loan losses on uncovered loans was $45.1 million, or 1.00% of total uncovered loans, compared to $36.6 million, or 0.86% of total uncovered loans, at June 30, 2015.  The increase in allowance for loan losses on uncovered loans for the quarter was primarily due to impairment resulting from our quarterly re-estimation of cash flows for our uncovered purchased credit impaired loans, previous covered loan allowance transferred to uncovered effective July 1, 2015 due to the expiration of our first and largest non-single family FDIC loss share agreement, and the impact of organic loan growth.

The net benefit for loan losses on covered loans in the third quarter of 2015 decreased $5.4 million to a benefit of $3.0 million, compared to the second quarter of 2015.  The net benefit for loan losses on covered loans in the third quarter of 2015 was largely driven by the benefit received from recoveries on loans previously charged-off.  The majority of these recoveries are offset by amounts owed to the FDIC related to the associated charge-offs previously claimed with the FDIC and recognized as a reduction to FDIC loss sharing income.  At September 30, 2015, the allowance for loan losses on covered loans was $10.8 million, or 5.76% of total covered loans, compared to $16.3 million, or 5.82% of total covered loans at June 30, 2015.  The decrease in allowance for loan losses on covered loans primarily reflects previous covered loan allowance transferred to uncovered due to the expiration of our first and largest non-single family FDIC loss share agreement, and the relief of allowance resulting from payments received on covered loans previously carrying an allowance for loan loss.

During the third quarter of 2015, we completed re-estimations of cash flow expectations for purchased credit impaired loans acquired in each of our acquisitions.  For the re-estimations, loans with changes in cash flow expectations resulted in net additional loan loss provisions of $3.4 million ($3.4 million uncovered and $24 thousand covered).  The re-estimations also resulted in a $16.1 million improvement in the gross cash flow expectations for purchased credit impaired loans, which will be recognized prospectively as an increase in the accretable yield.

All of our acquired loan portfolios are continuing to perform significantly better than initially anticipated.  We believe improvements in performance are primarily due to the strengthening economy and the efforts made by our Special Assets team that manages our acquired loan portfolios.  Similar to the third quarter of 2015 re-estimations, the prior re-estimations of cash flows have indicated better overall expected performance in our acquired loan portfolios than originally anticipated at acquisition.

Balance Sheet and Capital Management

Total assets increased $86.4 million to $6.5 billion at September 30, 2015 compared to $6.4 billion at June 30, 2015.  The primary drivers of the increase in assets in the quarter ended September 30, 2015 were increases in net total loans of $173.7 million and securities available-for-sale of $35.4 million, partially offset by decreases in cash and cash equivalents of $81.0 million, loans held for sale of $16.8 million and other real estate owned and repossessed assets of $12.8 million.  The increase in securities available-for-sale reflects management's decision to invest liquid assets while retaining accessibility to the funds for potential liquidity needs. The decrease in loans held for sale primarily reflects a reduction in the overall volume of residential loan originations as a result of seasonal trends and changes in the interest rate environment. The decrease in other real estate owned and repossessed assets primarily reflects our successful disposition of a number of properties during the period.  The decrease in cash and cash equivalents reflects the items discussed previously in addition to the $75.0 million paid to repurchase 5.0 million shares of our Class A common stock.

Net total loans at September 30, 2015 increased $173.7 million to $4.6 billion, compared to June 30, 2015, as a result of $262.3 million of net uncovered loan growth, inclusive of $77.0 million of loans transferred from covered to uncovered effective July 1, 2015 due to the expiration of our first and largest non-single family loss share agreement, partially offset by $88.6 million of net covered loan run-off, also inclusive of the $77.0 million of loans transferred to uncovered due to the expiration of the loss share agreement previously discussed. As in most prior quarters, uncovered loan growth was primarily driven by growth in commercial and industrial loans. We continue to be focused on sourcing quality loan growth to overcome the run-off of higher-yielding acquired loans.  Acquired loans, which total $1.5 billion, or 32.9% of total loans, at September 30, 2015 are reported on the balance sheet at the contractual balance, net of remaining discount resulting from acquisition accounting and charge-offs taken since acquisition. 

The FDIC indemnification asset balance was $30.6 million at September 30, 2015. Of this amount, we expect approximately $16.5 million to be collected from the FDIC and the remaining $14.1 million to be amortized prior to the end of the associated loss share agreements, as a result of expected improvements in cash flow expectations on covered loans.

Total liabilities were $5.8 billion at September 30, 2015 compared to $5.7 billion at June 30, 2015.  The $138.1 million increase in liabilities in the quarter ended September 30, 2015 was primarily due to an increase in total deposits of $217.4 million and an increase in long-term debt of $70.0 million, partially offset by a decrease in short-term borrowings of $151.9 million.  Total deposit growth included time deposits of $184.2 million, noninterest-bearing demand deposits of $48.3 million and money market and savings deposits of $38.1 million, partially offset by decreases in brokered deposits of $45.3 million and interest-bearing demand deposits of $7.9 million.

Total shareholders' equity of $714.8 million as of September 30, 2015, decreased $51.6 million compared to June 30, 2015.  The decrease is primarily the result of our repurchase of 5.0 million shares of our common stock for $75.0 million in the third quarter of 2015 , offset by net income of $20.0 million and an increase in accumulated other comprehensive income primarily due to an increase in the fair value of our investment securities portfolio.  Our Tier 1 leverage ratio was 10.21% at September 30, 2015, compared to 11.50% at June 30, 2015. 

Key Performance Goals

Our near-term focus continues to be on driving quality loan and core deposit growth. Continuing merger activity in our market area offers the potential for additional growth opportunities; however, we will remain disciplined in our evaluation of the risks and challenges in each and every deal.  Recent trends in operating expenses and ongoing investment in growth provide momentum in our pursuit of delivering a sustainable earnings growth over the longer term.

Conference Call and Webcast

Talmer Bancorp, Inc. will host a live conference webcast to review third quarter 2015 financial results at 10:00 a.m. ET on Thursday, October 29, 2015. The webcast may be accessed through Talmer's Investor Relations page at www.talmerbank.com where a link will be provided. Interested parties may also access the conference call by calling (888) 317-6003 (event ID No. 4967473) or internationally at (412) 317-6061.  A replay of the webcast will be available for approximately 90 days after the event on Talmer's Investor Relations page at www.talmerbank.com.

About Talmer Bancorp, Inc.

Headquartered in Troy, Michigan, Talmer Bancorp, Inc. is the holding company for Talmer Bank and Trust.  Talmer Bank and Trust operates branches and lending offices in Michigan, Ohio, Illinois, Indiana, Maryland and Nevada and offers a full suite of commercial and retail banking, mortgage banking, wealth management and trust services to small and medium-sized businesses and individuals.

This press release contains both financial measures based on accounting principles generally accepted in the United States (GAAP) and non-GAAP based financial measures, which are used where management believes it to be helpful in understanding Talmer Bancorp Inc.'s results of operations or financial position.  Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

Forward-looking Statements

Some of the statements in this press release and our conference call are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements can be identified by words such as:  "intend," "plan," "seek," "believe," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods.  Examples of forward-looking statements, including, among others, statements related to our future expectations, including all statements under the heading entitled "Key Performance Goals," statements regarding our focus on driving healthy organic franchise growth and being well prepared for potential acquisition opportunities, our expectations that our core efficiency ratio will be in the lower 60% range over the next few quarters, including our expectation that operating expenses will be modestly higher and accelerated discount on acquired loans will be lower, our expected future collections from the FDIC under our loss share agreements and the remaining amortization of the indemnification asset, and statements regarding growth opportunities in our markets. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions.  Because forward-looking statements relate to the future, they are subject to risks, uncertainties and other factors, such as a downturn in the economy, unanticipated losses related to the integration of, and accounting for, our acquisition transactions, access to funding sources, greater than expected noninterest expenses, volatile credit and financial markets both domestic and foreign, potential deterioration in real estate values, regulatory changes, excessive loan losses, as well as additional risks and uncertainties contained in the "Risk Factors" and the forward-looking statement disclosure contained in our Annual Report on Form 10-K for the most recently ended fiscal year, any of which could cause actual results to differ materially from future results expressed or implied by those forward-looking statements.  All forward-looking statements speak only as of the date on which it is made.  We undertake no obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise.

Talmer Bancorp, Inc.
Consolidated Balance Sheets
(Unaudited)

(Dollars in thousands, except per share data)

September 30,
 2015


June 30,
 2015


December 31,
 2014


September 30,
 2014

Assets








Cash and due from banks

$

82,822



$

79,357



$

86,185



$

91,214


Interest-bearing deposits with other banks

106,740



161,201



96,551



121,952


Federal funds sold and other short-term investments

140,000



170,000



71,000



85,500


Total cash and cash equivalents

329,562



410,558



253,736



298,666


Securities available-for-sale

880,705



845,319



740,819



734,489


Federal Home Loan Bank stock

25,416



25,418



20,212



17,426


Loans held for sale, at fair value

100,255



117,042



93,453



122,599


Loans:








Residential real estate (includes $20.9 million, $20.9 million, $18.3 million and $17.9 million, respectively, measured at fair value) (1)

1,452,290



1,434,678



1,426,012



1,430,939


Commercial real estate

1,484,421



1,395,783



1,310,938



1,213,361


Commercial and industrial

1,196,717



1,066,353



869,477



790,867


Real estate construction (includes $0, $0, $1.2 million, and $0, respectively, respectively, measured at fair value) (1)

217,035



175,192



131,686



102,920


Consumer

164,496



172,120



164,524



93,246


Total loans, excluding covered loans

4,514,959



4,244,126



3,902,637



3,631,333


Less: Allowance for loan losses - uncovered

(45,080)



(36,566)



(33,819)



(29,892)


Net loans - excluding covered loans

4,469,879



4,207,560



3,868,818



3,601,441


Covered loans

186,629



280,847



346,490



403,792


Less: Allowance for loan losses - covered

(10,757)



(16,340)



(21,353)



(25,768)


Net loans - covered

175,872



264,507



325,137



378,024


Net total loans

4,645,751



4,472,067



4,193,955



3,979,465


Premises and equipment

44,133



44,857



48,389



51,059


FDIC indemnification asset

30,551



36,997



67,026



82,441


Other real estate owned and repossessed assets

33,553



46,373



48,743



45,032


Loan servicing rights

55,786



58,894



70,598



74,380


Core deposit intangible

13,470



14,131



13,035



13,696


Goodwill

3,524



3,524






FDIC receivable

2,618



5,543



6,062



12,873


Company-owned life insurance

105,975



104,972



97,782



96,605


Income tax benefit

180,719



188,755



177,472



181,318


Other assets

52,017



43,173



40,982



35,718


Total assets

$

6,504,035



$

6,417,623



$

5,872,264



$

5,745,767


Liabilities








Deposits:








Noninterest-bearing demand deposits

$

1,050,375



$

1,002,053



$

887,567



$

908,343


Interest-bearing demand deposits

813,609



821,557



660,697



673,336


Money market and savings deposits

1,314,798



1,276,726



1,170,236



1,173,697


Time deposits

1,611,315



1,427,126



1,188,178



1,256,981


Other brokered funds

335,354



380,611



642,185



473,240


Total deposits

5,125,451



4,908,073



4,548,863



4,485,597


FDIC clawback liability

27,269



28,588



26,905



25,723


FDIC warrants payable

4,513



4,441



4,633



4,563


Short-term borrowings

102,090



253,945



135,743



150,573


Long-term debt

484,981



414,947



353,972



285,009


Other liabilities

44,963



41,223



40,541



47,650


Total liabilities

5,789,267



5,651,217



5,110,657



4,999,115


Shareholders' equity








Preferred stock - $1.00 par value








Authorized - 20,000,000 shares at 9/30/2015, 6/30/2015, 12/31/2014 and 9/30/2014








Issued and outstanding - 0 shares at 9/30/2015, 6/30/2015, 12/31/2014 and 9/30/2014








Common stock:








Class A Voting Common Stock - $1.00 par value








Authorized - 198,000,000 shares at 9/30/2015, 6/30/2015, 12/31/2014 and 9/30/2014








Issued and outstanding -66,127,598 shares at 9/30/2015, 71,128,894 shares at 6/30/2015, 70,532,122 shares at 12/31/2014 and 70,503,920 shares at 9/30/2014

66,128



71,129



70,532



70,504


Class B Non-Voting Common Stock - $1.00 par value








Authorized - 2,000,000 shares at 9/30/2015, 6/30/2015, 12/31/2014 and 9/30/2014








Issued and outstanding - 0 shares at 9/30/2015, 6/30/2015, 12/31/2014 and 9/30/2014








Additional paid-in-capital

316,160



385,686



405,436



404,068


Retained earnings

326,678



307,355



281,789



269,993


Accumulated other comprehensive income, net of tax

5,802



2,236



3,850



2,087


Total shareholders' equity

714,768



766,406



761,607



746,652


Total liabilities and shareholders' equity

$

6,504,035



$

6,417,623



$

5,872,264



$

5,745,767


(1)  Amounts represent loans for which the Company has elected the fair value option.

 

Talmer Bancorp, Inc.
Consolidated Statements of Income
(Unaudited)



Three months ended September 30,


Nine months ended September 30,

(Dollars in thousands, except per share data)


2015


2014


2015


2014

Interest income









Interest and fees on loans


$

60,078



$

58,128



$

178,335



$

168,403


Interest on investments









Taxable


2,731



2,241



7,429



6,246


Tax-exempt


1,873



1,444



5,146



4,622


Total interest on securities


4,604



3,685



12,575



10,868


Interest on interest-earning cash balances


107



159



310



546


Interest on federal funds and other short-term investments


342



130



776



401


Dividends on FHLB stock


285



177



754



690


FDIC indemnification asset


(4,366)



(6,663)



(22,164)



(18,887)


Total interest income


61,050



55,616



170,586



162,021


Interest Expense









Interest-bearing demand deposits


401



190



1,073



630


Money market and savings deposits


620



487



1,653



1,473


Time deposits


2,582



1,611



6,540



4,534


Other brokered funds


541



288



1,771



352


Interest on short-term borrowings


350



122



638



330


Interest on long-term debt


909



701



2,623



1,902


Total interest expense


5,403



3,399



14,298



9,221


Net interest income


55,647



52,217



156,288



152,800


Provision for loan losses - uncovered


3,666



7,784



8,147



17,427


Benefit for loan losses - covered


(2,966)



(6,275)



(12,767)



(16,094)


Net interest income after provision for loan losses


54,947



50,708



160,908



151,467


Noninterest income









Deposit fee income


2,494



3,047



7,375



9,533


Mortgage banking and other loan fees


(1,721)



2,065



1,716



2,028


Net gain on sales of loans


6,815



4,083



24,181



12,808


Net gain on sale of branches




14,410





14,410


Bargain purchase gain








41,977


FDIC loss sharing income


(2,696)



(2,420)



(9,692)



(5,967)


Accelerated discount on acquired loans


9,491



3,663



25,133



14,455


Net gain (loss) on sales of securities


202



244



101



(2,066)


Other income


4,757



4,882



14,056



14,487


Total noninterest income


19,342



29,974



62,870



101,665


Noninterest expense









Salary and employee benefits


27,665



29,795



85,562



96,112


Occupancy and equipment expense


6,472



7,981



22,553



24,895


Data processing fees


1,356



1,610



5,015



5,610


Professional service fees


3,197



2,964



10,015



9,629


FDIC loss sharing expense


292



245



1,374



1,752


Bank acquisition and due diligence fees


113



239



1,944



3,436


Marketing expense


1,748



1,001



4,326



3,697


Other employee expense


722



621



2,482



2,016


Insurance expense


1,305



1,383



4,362



4,082


Other expense


4,959



5,424



20,084



19,553


Total noninterest expense


47,829



51,263



157,717



170,782


Income before income taxes


26,460



29,419



66,061



82,350


Income tax provision


6,425



9,904



19,045



4,002


Net income


$

20,035



$

19,515



$

47,016



$

78,348


Earnings per common share:









Basic


$

0.29



$

0.28



$

0.67



$

1.13


Diluted


$

0.27



$

0.26



$

0.63



$

1.04


Average common shares outstanding - basic


68,731



70,092



69,744



69,414


Average common shares outstanding - diluted


73,222



75,752



74,447



74,948


Total comprehensive income


$

23,601



$

19,369



$

48,968



$

88,431


 

 

Talmer Bancorp, Inc.
Consolidated Statements of Income
(Unaudited)



2015


2014

(Dollars in thousands, except per share data)


3rd Qtr


2nd Qtr


1st Qtr


4th Qtr


3rd Qtr

Interest income











Interest and fees on loans


$

60,078



$

58,319



$

59,938



$

58,271



$

58,128


Interest on investments











Taxable


2,731



2,375



2,323



2,263



2,241


Tax-exempt


1,873



1,658



1,615



1,610



1,444


Total interest on securities


4,604



4,033



3,938



3,873



3,685


Interest on interest-earning cash balances


107



117



86



94



159


Interest on federal funds and other short-term investments


342



269



165



126



130


Dividends on FHLB stock


285



224



245



177



177


FDIC indemnification asset


(4,366)



(8,548)



(9,250)



(7,539)



(6,663)


Total interest income


61,050



54,414



55,122



55,002



55,616


Interest Expense











Interest-bearing demand deposits


401



382



290



194



190


Money market and savings deposits


620



562



471



457



487


Time deposits


2,582



2,131



1,827



1,546



1,611


Other brokered funds


541



607



623



527



288


Interest on short-term borrowings


350



209



79



90



122


Interest on long-term debt


909



914



800



725



701


Total interest expense


5,403



4,805



4,090



3,539



3,399


Net interest income


55,647



49,609



51,032



51,463



52,217


Provision for loan losses - uncovered


3,666



1,069



3,412



5,655



7,784


Benefit for loan losses - covered


(2,966)



(8,382)



(1,419)



(2,661)



(6,275)


Net interest income after provision for loan losses


54,947



56,922



49,039



48,469



50,708


Noninterest income











Deposit fee income


2,494



2,561



2,320



2,692



3,047


Mortgage banking and other loan fees


(1,721)



4,698



(1,261)



(865)



2,065


Net gain on sales of loans


6,815



8,748



8,618



4,939



4,083


Net gain on sale of branches










14,410


FDIC loss sharing income


(2,696)



(5,928)



(1,068)



(244)



(2,420)


Accelerated discount on acquired loans


9,491



7,444



8,198



3,742



3,663


Net gain (loss) on sales of securities


202



6



(107)





244


Other income


4,757



4,569



4,730



5,570



4,882


Total noninterest income


19,342



22,098



21,430



15,834



29,974


Noninterest expense











Salary and employee benefits


27,665



28,685



29,212



25,632



29,795


Occupancy and equipment expense


6,472



8,415



7,666



6,911



7,981


Data processing fees


1,356



1,805



1,854



789



1,610


Professional service fees


3,197



3,275



3,543



3,323



2,964


FDIC loss sharing expense


292



133



949



406



245


Bank acquisition and due diligence fees


113



419



1,412



329



239


Marketing expense


1,748



1,483



1,095



1,226



1,001


Other employee expense


722



826



934



658



621


Insurance expense


1,305



1,527



1,530



1,615



1,383


Other expense


4,959



6,725



8,400



7,209



5,424


Total noninterest expense


47,829



53,293



56,595



48,098



51,263


Income before income taxes


26,460



25,727



13,874



16,205



29,419


Income tax provision


6,425



8,179



4,441



3,703



9,904


Net income


$

20,035



$

17,548



$

9,433



$

12,502



$

19,515


Earnings per common share:











Basic


$

0.29



$

0.25



$

0.13



$

0.18



$

0.28


Diluted


$

0.27



$

0.23



$

0.12



$

0.16



$

0.26


Average common shares outstanding - basic


68,731



70,301



70,216



70,136



70,092


Average common shares outstanding - diluted


73,222



74,900



75,103



75,759



75,752


Total comprehensive income


$

23,601



$

13,144



$

12,227



$

14,265



$

19,369


 

 

Talmer Bancorp, Inc.
Loan Data
(Unaudited)


(Dollars in thousands)

September 30,
2015


June 30,        2015


March 31,
2015


December 31,

2014


September 30,
2014

Uncovered loans










Residential real estate

$

1,452,290



$

1,434,678



$

1,474,025



$

1,426,012



$

1,430,939


Commercial real estate










Non-owner occupied

988,635



924,174



919,043



888,650



814,179


Owner-occupied

472,269



445,927



459,002



417,843



379,964


Farmland

23,517



25,682



26,617



4,445



19,218


Total commercial real estate

1,484,421



1,395,783



1,404,662



1,310,938



1,213,361


Commercial and industrial

1,196,717



1,066,353



948,303



869,477



790,867


Real estate construction

217,035



175,192



140,705



131,686



102,920


Consumer

164,496



172,120



187,698



164,524



93,246


Total uncovered loans

4,514,959



4,244,126



4,155,393



3,902,637



3,631,333


Covered loans










Residential real estate

90,371



96,371



103,429



108,226



113,228


Commercial real estate










Non-owner occupied

40,777



85,889



97,661



108,692



121,491


Owner-occupied

32,009



53,614



63,031



70,492



80,990


Farmland

4,322



4,395



6,684



7,478



17,015


Total commercial real estate

77,108



143,898



167,376



186,662



219,496


Commercial and industrial

13,896



24,794



29,384



32,648



47,252


Real estate construction

5,149



7,426



8,443



9,389



13,734


Consumer

105



8,358



8,961



9,565



10,082


Total covered loans

186,629



280,847



317,593



346,490



403,792


Total loans

$

4,701,588



$

4,524,973



$

4,472,986



$

4,249,127



$

4,035,125


 

 

Talmer Bancorp, Inc.
Impaired Assets
(Unaudited)


2015


2014

(Dollars in thousands)

3rd Qtr


2nd Qtr


1st Qtr


4th Qtr


3rd Qtr

Uncovered










Nonperforming troubled debt restructurings










Residential real estate

$

4,600



$

4,364



$

4,418



$

3,984



$

2,284


Commercial real estate

5,519



4,652



4,031



2,644



3,122


Commercial and industrial

705



414



43



180



135


Real estate construction

135



202



147






Consumer

115



91



89



83



84


Total nonperforming troubled debt restructurings

11,074



9,723



8,728



6,891



5,625


Nonaccrual loans other than nonperforming troubled debt restructurings










Residential real estate

12,962



15,769



13,683



13,390



13,449


Commercial real estate

12,421



11,075



11,120



11,112



9,456


Commercial and industrial

9,236



2,705



1,892



3,370



14,339


Real estate construction

198



236





174



253


Consumer

149



217



254



174



161


Total nonaccrual loans other than nonperforming troubled debt restructurings

34,966



30,002



26,949



28,220



37,658


Total nonaccrual loans

46,040



39,725



35,677



35,111



43,283


Other real estate owned and repossessed assets (1)

27,329



37,612



30,761



36,872



32,046


Total nonperforming assets

73,369



77,337



66,438



71,983



75,329


Performing troubled debt restructurings










Residential real estate

2,402



2,392



1,875



1,368



1,802


Commercial real estate

13,973



3,741



2,625



3,785



2,961


Commercial and industrial

3,433



2,597



2,171



840



652


Real estate construction

197



131



89



90



92


Consumer

235



233



220



234



56


Total performing troubled debt restructurings

20,240



9,094



6,980



6,317



5,563


Total uncovered impaired assets

$

93,609



$

86,431



$

73,418



$

78,300



$

80,892


Loans 90 days or more past due and still accruing, excluding loans accounted for under ASC 310-30

$

196



$

340



$

72



$

53



$

595


Covered










Nonperforming troubled debt restructurings










Residential real estate

$

1,618



$

1,606



$

1,623



$

1,363



$

1,304


Commercial real estate

3,590



14,717



13,617



14,343



4,144


Commercial and industrial

1,045



1,652



1,476



2,043



2,438


Real estate construction

210



336



267



272



614


Consumer

2



20



28



13



42


Total nonperforming troubled debt restructurings

6,465



18,331



17,011



18,034



8,542


Nonaccrual loans other than nonperforming troubled debt restructurings










Residential real estate

392



465



441



485



433


Commercial real estate

190



251



1,180



1,380



1,313


Commercial and industrial

633



717



1,233



1,517



1,653


Real estate construction

26



29



451



441



441


Total nonaccrual loans other than nonperforming troubled debt restructurings

1,241



1,462



3,305



3,823



3,840


Total nonaccrual loans

7,706



19,793



20,316



21,857



12,382


Other real estate owned and repossessed assets

5,621



8,261



10,709



10,719



11,835


Total nonperforming assets

13,327



28,054



31,025



32,576



24,217


Performing troubled debt restructurings










Residential real estate

3,185



3,584



3,069



3,046



2,860


Commercial real estate

1,709



3,055



8,923



9,017



14,915


Commercial and industrial

204



569



993



1,137



2,119


Real estate construction

298



300



256



264



108


Consumer



7








Total performing troubled debt restructurings

5,396



7,515



13,241



13,464



20,002


Total covered impaired assets

$

18,723



$

35,569



$

44,266



$

46,040



$

44,219


Loans 90 days or more past due and still accruing, excluding loans accounted for under ASC 310-30

$



$



$



$



$


(1) Excludes closed branches and operating facilities.

 

Talmer Bancorp, Inc.
Net Interest Income and Net Interest Margin
(Unaudited)


For the three months ended


September 30, 2015


June 30, 2015


September 30, 2014

(Dollars in thousands)

Average Balance

Interest (1)

Average Rate (2)


Average Balance

Interest (1)

Average Rate (2)


Average Balance

Interest (1)

Average Rate (2)

Earning assets:












Interest-earning balances

$

172,781


$

107


0.24

%


$

195,874


$

117


0.24

%


$

264,158


$

159


0.24

%

Federal funds sold and other short-term investments

182,826


342


0.74



152,593


269


0.71



76,724


130


0.67


Investment securities (3):












Taxable

575,071


2,731


1.88



527,632


2,375


1.81



515,388


2,241


1.73


Tax-exempt

266,357


1,873


3.69



250,765


1,658


3.52



205,329


1,444


3.77


Federal Home Loan Bank stock

25,416


285


4.46



20,380


224


4.40



17,333


177


4.04


Gross uncovered loans (4)

4,494,551


53,749


4.74



4,250,403


48,919


4.62



3,548,152


44,443


4.97


Gross covered loans (4)

188,158


6,329


13.34



302,078


9,400


12.48



439,366


13,685


12.36


FDIC indemnification asset

35,211


(4,366)


(49.20)



46,971


(8,548)


(73.00)



99,335


(6,663)


(26.61)


Total earning assets

5,940,371


61,050


4.12

%


5,746,696


54,414


3.84

%


5,165,785


55,616


4.31

%

Non-earning assets:












Cash and due from banks

91,225





86,290





114,156




Allowance for loan losses

(53,900)





(51,033)





(55,579)




Premises and equipment

44,552





47,775





52,141




Core deposit intangible

13,802





14,465





14,398




Goodwill

3,524





3,524








Other real estate owned and repossessed assets

43,420





44,888





49,440




Loan servicing rights

58,038





55,986





73,996




FDIC receivable

3,878





6,830





5,886




Company-owned life insurance

105,377





104,327





95,930




Other non-earning assets

241,922





236,881





230,955




Total assets

$

6,492,209





$

6,296,629





$

5,747,108




Interest-bearing liabilities:












Deposits:












Interest-bearing demand deposits

$

823,741


$

401


0.19

%


$

828,482


$

382


0.19

%


$

657,107


$

190


0.11

%

Money market and savings deposits

1,293,737


620


0.19



1,267,347


562


0.18



1,237,984


487


0.16


Time deposits

1,523,096


2,582


0.67



1,353,226


2,131


0.63



1,236,286


1,611


0.52


Other brokered funds

365,825


541


0.59



483,716


607


0.50



361,929


288


0.32


Short-term borrowings

219,663


350


0.63



75,819


209


1.10



219,859


122


0.22


Long-term debt

407,154


909


0.89



463,210


914


0.79



280,054


701


0.99


Total interest-bearing liabilities

4,633,216


5,403


0.46

%


4,471,800


4,805


0.43

%


3,993,219


3,399


0.34

%

Noninterest-bearing liabilities and shareholders' equity:











Noninterest-bearing demand deposits

1,051,400





976,044





961,558




FDIC clawback liability

28,774





28,087





26,493




Other liabilities

47,779





62,414





26,968




Shareholders' equity

731,040





758,284





738,870




Total liabilities and shareholders' equity

$

6,492,209





$

6,296,629





$

5,747,108




Net interest income


$

55,647





$

49,609





$

52,217



Interest spread



3.66

%




3.41

%




3.97

%

Net interest margin as a percentage of interest-earning assets


3.72

%




3.46

%




4.01

%

Tax equivalent effect



0.04

%




0.04

%




0.04

%

Net interest margin as a percentage of interest-earning assets (FTE)

3.76

%




3.50

%




4.05

%

(1) Interest income is shown on actual basis and does not include taxable equivalent adjustments.
(2) Average rates are presented on an annual basis and include a taxable equivalent adjustment to interest income of $604 thousand, $540 thousand, and $505 thousand on tax-exempt securities for the three months ended September 30, 2015, June 30, 2015, and September 30, 2014, respectively, using the statutory tax rate of 35%.
(3) For presentation in this table, average balances and the corresponding average rates for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts.
(4) Includes nonaccrual loans.

 

Talmer Bancorp, Inc.
Net Interest Income and Net Interest Margin
(Unaudited)


For the nine months ended


September 30, 2015


September 30, 2014

(Dollars in thousands)

Average Balance

Interest (1)

Average Rate (2)


Average Balance

Interest (1)

Average Rate (2)

Earning assets:








Interest-earning balances

$

179,234


$

310


0.23

%


$

304,413


$

546


0.24

%

Federal funds sold and other short-term investments

144,592


776


0.72



74,651


401


0.72


Investment securities (3):








Taxable

532,701


7,429


1.86



501,122


6,246


1.67


Tax-exempt

251,629


5,146


3.60



189,117


4,622


4.41


Federal Home Loan Bank stock

22,176


754


4.55



17,561


690


5.25


Gross uncovered loans (4)

4,284,378


152,174


4.75



3,341,423


125,333


5.01


Gross covered loans (4)

272,819


26,161


12.82



476,465


43,070


12.09


FDIC indemnification asset

48,122


(22,164)


(61.58)



114,190


(18,887)


(22.11)


Total earning assets

5,735,651


170,586


4.01

%


5,018,942


162,021


4.36

%

Non-earning assets:








Cash and due from banks

89,787





99,858




Allowance for loan losses

(52,682)





(57,202)




Premises and equipment

46,886





55,160




Core deposit intangible

14,157





15,635




Goodwill

3,046








Other real estate owned and repossessed assets

45,699





55,014




Loan servicing rights

58,062





76,809




FDIC receivable

5,388





6,440




Company-owned life insurance

103,559





75,908




Other non-earning assets

237,514





222,889




Total assets

$

6,287,067





$

5,569,453




Interest-bearing liabilities:








Deposits:








Interest-bearing demand deposits

$

808,473


$

1,073


0.18

%


$

693,346


$

630


0.12

%

Money market and savings deposits

1,258,174


1,653


0.18



1,328,229


1,473


0.15


Time deposits

1,381,282


6,540


0.63



1,257,393


4,534


0.48


Other brokered funds

478,775


1,771


0.49



175,169


352


0.27


Short-term borrowings

114,168


638


0.75



150,057


330


0.29


Long-term debt

424,148


2,623


0.83



234,087


1,902


1.09


Total interest-bearing liabilities

4,465,020


14,298


0.43

%


3,838,281


9,221


0.32

%

Noninterest-bearing liabilities and shareholders' equity:







Noninterest-bearing demand deposits

983,677





949,516




FDIC clawback liability

27,995





25,790




Other liabilities

54,574





37,723




Shareholders' equity

755,801





718,143




Total liabilities and shareholders' equity

$

6,287,067





$

5,569,453




Net interest income


$

156,288





$

152,800



Interest spread



3.58

%




4.04

%

Net interest margin as a percentage of interest-earning assets


3.64

%




4.07

%

Tax equivalent effect



0.03

%




0.03

%

Net interest margin as a percentage of interest-earning assets (FTE)

3.67

%




4.10

%

(1) Interest income is shown on actual basis and does not include taxable equivalent adjustments.
(2) Average rates are presented on an annual basis and include a taxable equivalent adjustment to interest income of $1.6 million and $1.6 million on tax-exempt securities for the nine months ended September 30, 2015 and 2014, respectively, using the statutory tax rate of 35%.
(3) For presentation in this table, average balances and the corresponding average rates for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts.
(4) Includes nonaccrual loans.

 

Talmer Bancorp, Inc.
Reconciliation of Non-GAAP Financial Measures (1)
(Unaudited)


2015


2014

(Dollars in thousands, except per share data)

3rd Quarter


2nd Quarter


1st Quarter


4th Quarter


3rd Quarter











Tangible shareholders' equity:










Total shareholders' equity

$

714,768



$

766,406



$

753,849



$

761,607



$

746,652


Less:










Core deposit intangibles

13,470



14,131



14,796



13,035



13,696


Goodwill

3,524



3,524



3,524






Tangible shareholders' equity

$

697,774



$

748,751



$

735,529



$

748,572



$

732,956


Tangible book value per share:










Shares outstanding

66,128



71,129



70,938



70,532



70,504


Tangible book value per share

$

10.55



$

10.53



$

10.37



$

10.61



$

10.40


Tangible average equity to tangible average assets:










Average assets

$

6,492,209



$

6,296,629



$

6,050,721



$

5,865,624



$

5,747,108


Average equity

731,040



758,284



759,365



754,722



738,870


Average core deposit intangibles

13,802



14,465



14,201



13,334



14,398


Average goodwill

3,524



3,524



2,075






Tangible average equity to tangible average assets

11.02

%


11.79

%


12.31

%


12.67

%


12.64

%

Core efficiency ratio:










Net interest income

$

55,647



$

49,609



$

51,032



$

51,463



$

52,217


Noninterest income

19,342



22,098



21,430



15,834



29,974


Total revenue

74,989



71,707



72,462



67,297



82,191


Less:










(Expense)/benefit due to change in the fair value of loan servicing rights

(3,831)



3,146



(4,084)



(3,656)



(176)


FDIC loss sharing income

(2,696)



(5,928)



(1,068)



(244)



(2,420)


Net gains on sales of branches









14,410


Total core revenue

81,516



74,489



77,614



71,197



70,377


Total noninterest expense

47,829



53,293



56,595



48,098



51,263


Less:










Transaction and integration related costs

113



419



3,347



329



1,428


Property efficiency review



1,820








Total core noninterest expense

$

47,716



$

51,054



$

53,248



$

47,769



$

49,835


Core efficiency ratio

58.54

%


68.54

%


68.61

%


67.09

%


70.81

%

(1) Management believes these non-GAAP financial measures provide useful information to both management and investors that is supplementary to our financial condition and results of operations in accordance with GAAP; however, we do acknowledge that our non-GAAP financial measures have a number of limitations.  As such, you should not view these disclosures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP financial measures that other companies use.

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SOURCE Talmer Bancorp, Inc.

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