Talmer Bancorp Inc., the parent company of Talmer Bank, reported a net income of $32.7 million — up from $12.6 million in the fourth quarter — in its first earning report since its initial public offering in February.
The $20 million gain was driven primarily by Talmer’s bargain acquisition of Michigan Commerce Bank, now Talmer West Bank, the company said in a news release. Talmer also has acquired First Place Bank.
Talmer reported a 23.6 percent rise in noninterest expenses was related to both acquisitions, but net interest income jumped 22.5 percent to $48.1 million in the quarter, the result, mostly, of the company’s Talmer West Bank purchase.
“In the first quarter, we completed the charter integration of First Place Bank into Talmer Bank and Trust, a significant final step in a long and costly process to deal with problem assets and build an effective control environment,” David Provost, Talmer Bancorp president and CEO, said in statement.
“Work and opportunity remain to continue to centralize back-office functions and realize synergies in the near term, but I am proud of the efforts of our team in combining two very different institutions in such a short period of time,” Provost added.
Total assets increased $869.8 million to $5.4 billion last quarter, compared with $4.5 billion at the end of 2013, and Talmer boasted a 2.36 percent return on average assets.