Talmer Bank reports second quarter earnings of $17.5 million
Talmer Bancorp Inc. reported second quarter 2015 net income of $17.5 million in the second quarter of 2015 compared with $20.6 million in the second quarter of 2014.
Earnings per diluted common share were $0.23 in the second quarter compared with $0.27 in the same quarter last year.
The second quarter net income is up from first quarter 2015 earnings of $9.4 million, and the diluted common share of $0.12 for the first quarter of 2015.
The board of directors of Talmer declared a cash dividend on its Class A common stock of $0.01 per share on Wednesday. The dividend will be paid Aug. 21 to Class A common shareholders of record as of Aug. 10.
Talmer President David Provost said the company saw strong core deposit growth, improved operating expense trends, quality loan growth and solid revenue trends from fee business during the second quarter.
“Core deposit trends benefited from the continued focus of our retail sales force to drive growth in key markets in order to fund our strong lending pipelines,” he said in a statement.
Talmer, headquartered in Troy, Mich., operates in Michigan, Ohio, Illinois, Maryland and Nevada, and has more than a dozen locations in the Mahoning Valley.
The bank reported net interest income at $49.6 million in the second quarter of 2015 compared with about $52.4 million in the second quarter of 2014 and $51 million in the first quarter of 2014.
Non-interest income in the second quarter of 2015 was $22.1 million compared with about $14 million in the second quarter of 2014 and $21.4 million in the first quarter of 2015.
Non-interest expense in the second quarter was $53.3 million compared with $54 million in the second quarter of 2014 and $56.6 million in the first quarter this year.
The earnings reported were impacted by a $3.1 million benefit to earnings due to the change in fair value of loan servicing rights, $419,000 in bank acquisition and due diligence fees, and $1.8 million of net expense related to the rationalization of corporate real estate including sales, impairments and lease terminations.
“We expect to see an incremental improvement in our core operating efficiency in the third quarter reflecting the impact of continuing expense management, improving net interest income trends and additional savings related to the charter consolidation of Talmer West Bank, which will be completed in August,” Provost said in a statement.