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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Talmer Bancorp, Inc. | NASDAQ:TLMR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 23.26 | 23.50 | 23.99 | 0 | 01:00:00 |
Michigan (State or other jurisdiction of incorporation) | 001-36308 (Commission File Number) | 61-1511150 (IRS Employer Identification No.) |
2301 West Big Beaver Rd., Suite 525 Troy, Michigan (Address of principal executive offices) | 48084 (Zip Code) |
Dated: July 30, 2015 | By: /s/ David T. Provost | |
David T. Provost | ||
Chief Executive Officer |
(Dollars in thousands, except per share data) | 2nd Qtr 2015 | 1st Qtr 2015 | 2nd Qtr 2014 | |||||||||
Earnings Summary | ||||||||||||
Net interest income | $ | 49,609 | $ | 51,032 | $ | 52,378 | ||||||
Total provision (benefit) for loan losses | (7,313 | ) | 1,993 | (4,102 | ) | |||||||
Noninterest income | 22,098 | 21,430 | 13,951 | |||||||||
Noninterest expense | 53,293 | 56,595 | 54,071 | |||||||||
Income before income taxes | 25,727 | 13,874 | 16,360 | |||||||||
Income tax provision (benefit) | 8,179 | 4,441 | (4,246 | ) | ||||||||
Net income | 17,548 | 9,433 | 20,606 | |||||||||
Per Share Data | ||||||||||||
Diluted earnings per common share | $ | 0.23 | $ | 0.12 | $ | 0.27 | ||||||
Tangible book value per share (1) | 10.53 | 10.37 | 10.11 | |||||||||
Average diluted common shares (in thousands) | 74,900 | 75,103 | 75,659 | |||||||||
Performance and Capital Ratios | ||||||||||||
Return on average assets (annualized) | 1.11 | % | 0.62 | % | 1.51 | % | ||||||
Return on average equity (annualized) | 9.26 | 4.97 | 11.61 | |||||||||
Net interest margin (fully taxable equivalent) (2) | 3.50 | 3.80 | 4.34 | |||||||||
Core efficiency ratio (1) | 68.54 | 68.61 | 71.97 | |||||||||
Tangible average equity to tangible average assets (1) | 11.79 | 12.31 | 12.78 | |||||||||
Common equity tier 1 capital (3) | 13.90 | 13.87 | N/A | |||||||||
Tier 1 leverage ratio (3) | 11.50 | 11.65 | 11.71 | |||||||||
Tier 1 risk-based capital (3) | 13.90 | 13.87 | 16.16 | |||||||||
Total risk-based capital (3) | 14.98 | 14.97 | 17.31 |
(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) | First and second quarter 2015 are estimated. First and second quarter 2015 are under Basel III transitional and second quarter 2014 is under Basel I. |
• | Net income was $17.5 million, or $0.23 per diluted average common share, in the second quarter of 2015, compared to $9.4 million, or $0.12 per diluted average common share, for the first quarter of 2015. The increase in net income in the second quarter of 2015 was primarily due to strong credit performance from both the covered and uncovered loan portfolios, an increase in mortgage banking and other loan fees, and reductions in non-interest operating expenses. |
• | Net total loans increased during the second quarter of 2015 by $51.5 million. During the second quarter of 2015, Talmer Bank and Trust’s net total loans grew by $86.6 million, as a result of $121.7 million of net uncovered loan growth, inclusive of $49.9 million of residential real estate loan sales during the quarter, partially offset by $35.1 million of net covered loan run-off (loans covered by loss share agreements with the FDIC). Talmer West Bank experienced net loan run-off of $35.1 million in the second quarter of 2015. |
• | Total deposits increased $129.5 million, to $4.9 billion as of June 30, 2015, compared to March 31, 2015. Total deposit growth included increases in time deposits of $114.1 million, demand deposits of $75.5 million, and money market and savings deposits of $18.8 million. These increases were partially offset by a substantial decline in other brokered funds of $78.9 million. The strong growth in core deposit balances and the decrease in non-core deposit balances were reflective of management’s efforts to increase core deposit growth achieved through programs initiated in early 2015. |
• | Net interest income decreased to $49.6 million in the second quarter of 2015, compared to $51.0 million in the first quarter of 2015, as the benefits provided by the $122.1 million of average loan increase and the $702 thousand reduction in negative accretion on the FDIC indemnification asset were more than offset by both a decline in the yield earned on our loan portfolios and an increase of $715 thousand in total interest expense associated with an increase in on balance sheet liquidity. Our net interest margin declined 30 basis points to 3.50% in the second quarter of 2015, compared to 3.80% in the first quarter of 2015, due in large part to the decline in yield earned on our loan portfolios driven by the run-off of loans with higher yields (which were primarily acquired loans) being replaced with new loans with lower, current market-competitive rates. 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 second quarter of 2015 was 3.41% compared to 3.76% in first quarter of 2015. |
• | Noninterest income increased $668 thousand to $22.1 million in the second quarter of 2015, compared to the first quarter of 2015. Noninterest income was impacted by a benefit to earnings of $3.1 million due to the change in the fair value of loan servicing rights, which is a key component of the $4.7 million of income from mortgage banking and other loan fees. The benefit provided by the increase in mortgage banking and other loan fees was partially offset by a $4.9 million decrease in FDIC loss sharing income, driven primarily by the increase in amounts due to the FDIC in accordance with our loss sharing agreements related to the significant credit recoveries on covered loans in the second quarter of 2015. |
• | Noninterest expense decreased $3.3 million, to $53.3 million in the second quarter of 2015, compared to the first quarter of 2015. The decrease in noninterest expense includes decreases in transaction and integration related expenses of $2.9 million primarily related to costs associated with the acquisition of First of Huron Corp. in the first quarter of 2015, other expenses of $1.7 million and FDIC loss sharing expense of $816 thousand. These decreases were partially offset by $1.8 million of net expense recognized in the second quarter of 2015 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 recognized due to current appraisals on owned properties under review for potential upcoming sales. |
• | Total shareholder’s equity of $766.4 million as of June 30, 2015, increased $12.6 million compared to March 31, 2015. The increase is primarily the result of second quarter of 2015 net income of $17.5 million, partially offset by a decrease in accumulated other comprehensive income due to a decline in the fair value of our investment securities portfolio. |
(Dollars in thousands, except per share data) | June 30, 2015 | March 31, 2015 (1) | December 31, 2014 | June 30, 2014 | |||||||||||
Assets | |||||||||||||||
Cash and due from banks | $ | 79,357 | $ | 77,957 | $ | 86,185 | $ | 107,292 | |||||||
Interest-bearing deposits with other banks | 161,201 | 303,926 | 96,551 | 218,309 | |||||||||||
Federal funds sold and other short-term investments | 170,000 | 104,000 | 71,000 | 77,000 | |||||||||||
Total cash and cash equivalents | 410,558 | 485,883 | 253,736 | 402,601 | |||||||||||
Securities available-for-sale | 845,319 | 730,393 | 740,819 | 731,700 | |||||||||||
Federal Home Loan Bank stock | 25,418 | 20,744 | 20,212 | 16,541 | |||||||||||
Loans held for sale, at fair value | 117,042 | 66,556 | 93,453 | 136,089 | |||||||||||
Loans: | |||||||||||||||
Residential real estate (includes $20.9 million, $21.7 million, $18.3 million and $18.5 million, respectively, measured at fair value) (1) | 1,434,678 | 1,474,025 | 1,426,012 | 1,362,869 | |||||||||||
Commercial real estate | 1,395,783 | 1,404,662 | 1,310,938 | 1,131,348 | |||||||||||
Commercial and industrial | 1,066,353 | 948,303 | 869,477 | 647,090 | |||||||||||
Real estate construction (includes $0, $431 thousand, $1.2 million, and $0, respectively, respectively, measured at fair value) (1) | 175,192 | 140,705 | 131,686 | 112,866 | |||||||||||
Consumer | 172,120 | 187,698 | 164,524 | 42,034 | |||||||||||
Total loans, excluding covered loans | 4,244,126 | 4,155,393 | 3,902,637 | 3,296,207 | |||||||||||
Less: Allowance for loan losses - uncovered | (36,566 | ) | (34,477 | ) | (33,819 | ) | (24,360 | ) | |||||||
Net loans - excluding covered loans | 4,207,560 | 4,120,916 | 3,868,818 | 3,271,847 | |||||||||||
Covered loans | 280,847 | 317,593 | 346,490 | 459,280 | |||||||||||
Less: Allowance for loan losses - covered | (16,340 | ) | (17,988 | ) | (21,353 | ) | (32,743 | ) | |||||||
Net loans - covered | 264,507 | 299,605 | 325,137 | 426,537 | |||||||||||
Net total loans | 4,472,067 | 4,420,521 | 4,193,955 | 3,698,384 | |||||||||||
Premises and equipment | 44,857 | 48,150 | 48,389 | 58,798 | |||||||||||
FDIC indemnification asset | 36,997 | 50,702 | 67,026 | 102,694 | |||||||||||
Other real estate owned and repossessed assets | 46,373 | 42,921 | 48,743 | 52,365 | |||||||||||
Loan servicing rights | 58,894 | 54,409 | 70,598 | 74,104 | |||||||||||
Core deposit intangible | 14,131 | 14,796 | 13,035 | 15,378 | |||||||||||
Goodwill | 3,524 | 3,524 | — | — | |||||||||||
FDIC receivable | 5,543 | 7,839 | 6,062 | 7,198 | |||||||||||
Company-owned life insurance | 104,972 | 103,924 | 97,782 | 95,580 | |||||||||||
Income tax benefit | 188,755 | 182,554 | 177,472 | 189,667 | |||||||||||
Other assets | 43,173 | 47,273 | 40,982 | 30,550 | |||||||||||
Total assets | $ | 6,417,623 | $ | 6,280,189 | $ | 5,872,264 | $ | 5,611,649 | |||||||
Liabilities | |||||||||||||||
Deposits: | |||||||||||||||
Noninterest-bearing demand deposits | $ | 1,002,053 | $ | 964,163 | $ | 887,567 | $ | 958,278 | |||||||
Interest-bearing demand deposits | 821,557 | 784,001 | 660,697 | 697,031 | |||||||||||
Money market and savings deposits | 1,276,726 | 1,257,919 | 1,170,236 | 1,330,036 | |||||||||||
Time deposits | 1,427,126 | 1,312,992 | 1,188,178 | 1,187,661 | |||||||||||
Other brokered funds | 380,611 | 459,499 | 642,185 | 123,528 | |||||||||||
Total deposits | 4,908,073 | 4,778,574 | 4,548,863 | 4,296,534 | |||||||||||
FDIC clawback liability | 28,588 | 27,881 | 26,905 | 26,309 | |||||||||||
FDIC warrants payable | 4,441 | 4,472 | 4,633 | 4,493 | |||||||||||
Short-term borrowings | 253,945 | 216,747 | 135,743 | 238,826 | |||||||||||
Long-term debt | 414,947 | 462,493 | 353,972 | 266,407 | |||||||||||
Other liabilities | 41,223 | 36,173 | 40,541 | 51,135 | |||||||||||
Total liabilities | 5,651,217 | 5,526,340 | 5,110,657 | 4,883,704 | |||||||||||
Shareholders’ equity | |||||||||||||||
Preferred stock - $1.00 par value | |||||||||||||||
Authorized - 20,000,000 shares at 6/30/2015, 3/31/2015, 12/31/2014 and 6/30/2014 | |||||||||||||||
Issued and outstanding - 0 shares at 6/30/2015, 3/31/2015, 12/31/2014 and 6/30/2014 | — | — | — | — | |||||||||||
Common stock: | |||||||||||||||
Class A Voting Common Stock - $1.00 par value | |||||||||||||||
Authorized - 198,000,000 shares at 6/30/2015, 3/31/2015, 12/31/2014 and 6/30/2014 | |||||||||||||||
Issued and outstanding -71,128,894 shares at 6/30/2015, 70,938,113 shares at 3/31/2015, 70,532,122 shares at 12/31/2014 and 70,451,057 shares at 6/30/2014 | 71,129 | 70,938 | 70,532 | 70,451 | |||||||||||
Class B Non-Voting Common Stock - $1.00 par value | |||||||||||||||
Authorized - 2,000,000 shares at 6/30/2015, 3/31/2015, 12/31/2014 and 6/30/2014 | |||||||||||||||
Issued and outstanding - 0 shares at 6/30/2015, 3/31/2015, 12/31/2014 and 6/30/2014 | — | — | — | — | |||||||||||
Additional paid-in-capital | 385,686 | 385,755 | 405,436 | 404,079 | |||||||||||
Retained earnings | 307,355 | 290,516 | 281,789 | 251,182 | |||||||||||
Accumulated other comprehensive income, net of tax | 2,236 | 6,640 | 3,850 | 2,233 | |||||||||||
Total shareholders’ equity | 766,406 | 753,849 | 761,607 | 727,945 | |||||||||||
Total liabilities and shareholders’ equity | $ | 6,417,623 | $ | 6,280,189 | $ | 5,872,264 | $ | 5,611,649 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
(Dollars in thousands, except per share data) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Interest income | ||||||||||||||||
Interest and fees on loans | $ | 58,319 | $ | 56,774 | $ | 118,257 | $ | 110,275 | ||||||||
Interest on investments | ||||||||||||||||
Taxable | 2,375 | 2,139 | 4,698 | 4,005 | ||||||||||||
Tax-exempt | 1,658 | 1,213 | 3,273 | 3,178 | ||||||||||||
Total interest on securities | 4,033 | 3,352 | 7,971 | 7,183 | ||||||||||||
Interest on interest-earning cash balances | 117 | 171 | 203 | 387 | ||||||||||||
Interest on federal funds and other short-term investments | 269 | 131 | 434 | 271 | ||||||||||||
Dividends on FHLB stock | 224 | 291 | 469 | 513 | ||||||||||||
FDIC indemnification asset | (8,548 | ) | (5,506 | ) | (17,798 | ) | (12,224 | ) | ||||||||
Total interest income | 54,414 | 55,213 | 109,536 | 106,405 | ||||||||||||
Interest Expense | ||||||||||||||||
Interest-bearing demand deposits | 382 | 216 | 672 | 440 | ||||||||||||
Money market and savings deposits | 562 | 492 | 1,033 | 986 | ||||||||||||
Time deposits | 2,131 | 1,432 | 3,958 | 2,923 | ||||||||||||
Other brokered funds | 607 | 35 | 1,230 | 64 | ||||||||||||
Interest on short-term borrowings | 209 | 33 | 288 | 208 | ||||||||||||
Interest on long-term debt | 914 | 627 | 1,714 | 1,201 | ||||||||||||
Total interest expense | 4,805 | 2,835 | 8,895 | 5,822 | ||||||||||||
Net interest income | 49,609 | 52,378 | 100,641 | 100,583 | ||||||||||||
Provision for loan losses - uncovered | 1,069 | 3,219 | 4,481 | 9,643 | ||||||||||||
Benefit for loan losses - covered | (8,382 | ) | (7,321 | ) | (9,801 | ) | (9,819 | ) | ||||||||
Net interest income after provision for loan losses | 56,922 | 56,480 | 105,961 | 100,759 | ||||||||||||
Noninterest income | ||||||||||||||||
Deposit fee income | 2,561 | 3,188 | 4,881 | 6,486 | ||||||||||||
Mortgage banking and other loan fees | 4,698 | (1,122 | ) | 3,437 | (37 | ) | ||||||||||
Net gain on sales of loans | 8,748 | 5,681 | 17,366 | 8,725 | ||||||||||||
Bargain purchase gain | — | — | — | 41,977 | ||||||||||||
FDIC loss sharing income | (5,928 | ) | (3,434 | ) | (6,996 | ) | (3,547 | ) | ||||||||
Accelerated discount on acquired loans | 7,444 | 4,326 | 15,642 | 10,792 | ||||||||||||
Net gain (loss) on sales of securities | 6 | — | (101 | ) | (2,310 | ) | ||||||||||
Other income | 4,569 | 5,312 | 9,299 | 9,605 | ||||||||||||
Total noninterest income | 22,098 | 13,951 | 43,528 | 71,691 | ||||||||||||
Noninterest expense | ||||||||||||||||
Salary and employee benefits | 28,685 | 30,466 | 57,897 | 66,317 | ||||||||||||
Occupancy and equipment expense | 8,415 | 7,871 | 16,081 | 16,914 | ||||||||||||
Data processing fees | 1,805 | 2,260 | 3,659 | 4,000 | ||||||||||||
Professional service fees | 3,275 | 2,628 | 6,818 | 6,665 | ||||||||||||
FDIC loss sharing expense | 133 | 983 | 1,082 | 1,507 | ||||||||||||
Bank acquisition and due diligence fees | 419 | 268 | 1,831 | 3,197 | ||||||||||||
Marketing expense | 1,483 | 1,605 | 2,578 | 2,696 | ||||||||||||
Other employee expense | 826 | 752 | 1,760 | 1,395 | ||||||||||||
Insurance expense | 1,527 | 868 | 3,057 | 2,699 | ||||||||||||
Other expense | 6,725 | 6,370 | 15,125 | 14,129 | ||||||||||||
Total noninterest expense | 53,293 | 54,071 | 109,888 | 119,519 | ||||||||||||
Income before income taxes | 25,727 | 16,360 | 39,601 | 52,931 | ||||||||||||
Income tax provision (benefit) | 8,179 | (4,246 | ) | 12,620 | (5,902 | ) | ||||||||||
Net income | $ | 17,548 | $ | 20,606 | $ | 26,981 | $ | 58,833 | ||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 0.25 | $ | 0.29 | $ | 0.38 | $ | 0.85 | ||||||||
Diluted | $ | 0.23 | $ | 0.27 | $ | 0.36 | $ | 0.79 | ||||||||
Average common shares outstanding - basic | 70,301 | 70,021 | 70,259 | 69,071 | ||||||||||||
Average common shares outstanding - diluted | 74,900 | 75,659 | 75,046 | 74,531 | ||||||||||||
Total comprehensive income | $ | 13,144 | $ | 25,254 | $ | 25,367 | $ | 69,062 |
2015 | 2014 | |||||||||||||||||||
(Dollars in thousands, except per share data) | 2nd Qtr | 1st Qtr (1) | 4th Qtr | 3rd Qtr | 2nd Qtr | |||||||||||||||
Interest income | ||||||||||||||||||||
Interest and fees on loans | $ | 58,319 | $ | 59,938 | $ | 58,271 | $ | 58,128 | $ | 56,774 | ||||||||||
Interest on investments | ||||||||||||||||||||
Taxable | 2,375 | 2,323 | 2,263 | 2,241 | 2,139 | |||||||||||||||
Tax-exempt | 1,658 | 1,615 | 1,610 | 1,444 | 1,213 | |||||||||||||||
Total interest on securities | 4,033 | 3,938 | 3,873 | 3,685 | 3,352 | |||||||||||||||
Interest on interest-earning cash balances | 117 | 86 | 94 | 159 | 171 | |||||||||||||||
Interest on federal funds and other short-term investments | 269 | 165 | 126 | 130 | 131 | |||||||||||||||
Dividends on FHLB stock | 224 | 245 | 177 | 177 | 291 | |||||||||||||||
FDIC indemnification asset | (8,548 | ) | (9,250 | ) | (7,539 | ) | (6,663 | ) | (5,506 | ) | ||||||||||
Total interest income | 54,414 | 55,122 | 55,002 | 55,616 | 55,213 | |||||||||||||||
Interest Expense | ||||||||||||||||||||
Interest-bearing demand deposits | 382 | 290 | 194 | 190 | 216 | |||||||||||||||
Money market and savings deposits | 562 | 471 | 457 | 487 | 492 | |||||||||||||||
Time deposits | 2,131 | 1,827 | 1,546 | 1,611 | 1,432 | |||||||||||||||
Other brokered funds | 607 | 623 | 527 | 288 | 35 | |||||||||||||||
Interest on short-term borrowings | 209 | 79 | 90 | 122 | 33 | |||||||||||||||
Interest on long-term debt | 914 | 800 | 725 | 701 | 627 | |||||||||||||||
Total interest expense | 4,805 | 4,090 | 3,539 | 3,399 | 2,835 | |||||||||||||||
Net interest income | 49,609 | 51,032 | 51,463 | 52,217 | 52,378 | |||||||||||||||
Provision for loan losses - uncovered | 1,069 | 3,412 | 5,655 | 7,784 | 3,219 | |||||||||||||||
Benefit for loan losses - covered | (8,382 | ) | (1,419 | ) | (2,661 | ) | (6,275 | ) | (7,321 | ) | ||||||||||
Net interest income after provision for loan losses | 56,922 | 49,039 | 48,469 | 50,708 | 56,480 | |||||||||||||||
Noninterest income | ||||||||||||||||||||
Deposit fee income | 2,561 | 2,320 | 2,692 | 3,047 | 3,188 | |||||||||||||||
Mortgage banking and other loan fees | 4,698 | (1,261 | ) | (865 | ) | 2,065 | (1,122 | ) | ||||||||||||
Net gain on sales of loans | 8,748 | 8,618 | 4,939 | 4,083 | 5,681 | |||||||||||||||
Net gain on sale of branches | — | — | — | 14,410 | — | |||||||||||||||
FDIC loss sharing income | (5,928 | ) | (1,068 | ) | (244 | ) | (2,420 | ) | (3,434 | ) | ||||||||||
Accelerated discount on acquired loans | 7,444 | 8,198 | 3,742 | 3,663 | 4,326 | |||||||||||||||
Net gain (loss) on sales of securities | 6 | (107 | ) | — | 244 | — | ||||||||||||||
Other income | 4,569 | 4,730 | 5,570 | 4,882 | 5,312 | |||||||||||||||
Total noninterest income | 22,098 | 21,430 | 15,834 | 29,974 | 13,951 | |||||||||||||||
Noninterest expense | ||||||||||||||||||||
Salary and employee benefits | 28,685 | 29,212 | 25,632 | 29,795 | 30,466 | |||||||||||||||
Occupancy and equipment expense | 8,415 | 7,666 | 6,911 | 7,981 | 7,871 | |||||||||||||||
Data processing fees | 1,805 | 1,854 | 789 | 1,610 | 2,260 | |||||||||||||||
Professional service fees | 3,275 | 3,543 | 3,323 | 2,964 | 2,628 | |||||||||||||||
FDIC loss sharing expense | 133 | 949 | 406 | 245 | 983 | |||||||||||||||
Bank acquisition and due diligence fees | 419 | 1,412 | 329 | 239 | 268 | |||||||||||||||
Marketing expense | 1,483 | 1,095 | 1,226 | 1,001 | 1,605 | |||||||||||||||
Other employee expense | 826 | 934 | 658 | 621 | 752 | |||||||||||||||
Insurance expense | 1,527 | 1,530 | 1,615 | 1,383 | 868 | |||||||||||||||
Other expense | 6,725 | 8,400 | 7,209 | 5,424 | 6,370 | |||||||||||||||
Total noninterest expense | 53,293 | 56,595 | 48,098 | 51,263 | 54,071 | |||||||||||||||
Income before income taxes | 25,727 | 13,874 | 16,205 | 29,419 | 16,360 | |||||||||||||||
Income tax provision (benefit) | 8,179 | 4,441 | 3,703 | 9,904 | (4,246 | ) | ||||||||||||||
Net income | $ | 17,548 | $ | 9,433 | $ | 12,502 | $ | 19,515 | $ | 20,606 | ||||||||||
Earnings per common share: | ||||||||||||||||||||
Basic | $ | 0.25 | $ | 0.13 | $ | 0.18 | $ | 0.28 | $ | 0.29 | ||||||||||
Diluted | $ | 0.23 | $ | 0.12 | $ | 0.16 | $ | 0.26 | $ | 0.27 | ||||||||||
Average common shares outstanding - basic | 70,301 | 70,216 | 70,136 | 70,092 | 70,021 | |||||||||||||||
Average common shares outstanding - diluted | 74,900 | 75,103 | 75,759 | 75,752 | 75,659 | |||||||||||||||
Total comprehensive income | $ | 13,144 | $ | 12,227 | $ | 14,265 | $ | 19,369 | $ | 25,254 |
(Dollars in thousands) | June 30, 2015 | March 31, 2015 (1) | December 31, 2014 | September 30, 2014 | June 30, 2014 | ||||||||||||||
Uncovered loans | |||||||||||||||||||
Residential real estate | $ | 1,434,678 | $ | 1,474,025 | $ | 1,426,012 | $ | 1,430,939 | $ | 1,362,869 | |||||||||
Commercial real estate | |||||||||||||||||||
Non-owner occupied | 924,174 | 919,043 | 888,650 | 814,179 | 731,743 | ||||||||||||||
Owner-occupied | 445,927 | 459,002 | 417,843 | 379,964 | 371,406 | ||||||||||||||
Farmland | 25,682 | 26,617 | 4,445 | 19,218 | 28,199 | ||||||||||||||
Total commercial real estate | 1,395,783 | 1,404,662 | 1,310,938 | 1,213,361 | 1,131,348 | ||||||||||||||
Commercial and industrial | 1,066,353 | 948,303 | 869,477 | 790,867 | 647,090 | ||||||||||||||
Real estate construction | 175,192 | 140,705 | 131,686 | 102,920 | 112,866 | ||||||||||||||
Consumer | 172,120 | 187,698 | 164,524 | 93,246 | 42,034 | ||||||||||||||
Total uncovered loans | 4,244,126 | 4,155,393 | 3,902,637 | 3,631,333 | 3,296,207 | ||||||||||||||
Covered loans | |||||||||||||||||||
Residential real estate | 96,371 | 103,429 | 108,226 | 113,228 | 117,507 | ||||||||||||||
Commercial real estate | |||||||||||||||||||
Non-owner occupied | 85,889 | 97,661 | 108,692 | 121,491 | 142,846 | ||||||||||||||
Owner-occupied | 53,614 | 63,031 | 70,492 | 80,990 | 91,829 | ||||||||||||||
Farmland | 4,395 | 6,684 | 7,478 | 17,015 | 21,541 | ||||||||||||||
Total commercial real estate | 143,898 | 167,376 | 186,662 | 219,496 | 256,216 | ||||||||||||||
Commercial and industrial | 24,794 | 29,384 | 32,648 | 47,252 | 60,497 | ||||||||||||||
Real estate construction | 7,426 | 8,443 | 9,389 | 13,734 | 14,391 | ||||||||||||||
Consumer | 8,358 | 8,961 | 9,565 | 10,082 | 10,669 | ||||||||||||||
Total covered loans | 280,847 | 317,593 | 346,490 | 403,792 | 459,280 | ||||||||||||||
Total loans | $ | 4,524,973 | $ | 4,472,986 | $ | 4,249,127 | $ | 4,035,125 | $ | 3,755,487 |
2015 | 2014 | ||||||||||||||||||
(Dollars in thousands) | 2nd Qtr | 1st Qtr | 4th Qtr | 3rd Qtr | 2nd Qtr | ||||||||||||||
Uncovered | |||||||||||||||||||
Nonperforming troubled debt restructurings | |||||||||||||||||||
Residential real estate | $ | 4,364 | $ | 4,418 | $ | 3,984 | $ | 2,284 | $ | 1,920 | |||||||||
Commercial real estate | 4,652 | 4,031 | 2,644 | 3,122 | 2,842 | ||||||||||||||
Commercial and industrial | 414 | 43 | 180 | 135 | 541 | ||||||||||||||
Real estate construction | 202 | 147 | — | — | — | ||||||||||||||
Consumer | 91 | 89 | 83 | 84 | 90 | ||||||||||||||
Total nonperforming troubled debt restructurings | 9,723 | 8,728 | 6,891 | 5,625 | 5,393 | ||||||||||||||
Nonaccrual loans other than nonperforming troubled debt restructurings | |||||||||||||||||||
Residential real estate | 15,769 | 13,683 | 13,390 | 13,449 | 11,708 | ||||||||||||||
Commercial real estate | 11,075 | 11,120 | 11,112 | 9,456 | 6,590 | ||||||||||||||
Commercial and industrial | 2,705 | 1,892 | 3,370 | 14,339 | 2,074 | ||||||||||||||
Real estate construction | 236 | — | 174 | 253 | 158 | ||||||||||||||
Consumer | 217 | 254 | 174 | 161 | 76 | ||||||||||||||
Total nonaccrual loans other than nonperforming troubled debt restructurings | 30,002 | 26,949 | 28,220 | 37,658 | 20,606 | ||||||||||||||
Total nonaccrual loans | 39,725 | 35,677 | 35,111 | 43,283 | 25,999 | ||||||||||||||
Other real estate owned and repossessed assets (1) | 37,612 | 30,761 | 36,872 | 32,046 | 39,848 | ||||||||||||||
Total nonperforming assets | 77,337 | 66,438 | 71,983 | 75,329 | 65,847 | ||||||||||||||
Performing troubled debt restructurings | |||||||||||||||||||
Residential real estate | 2,392 | 1,875 | 1,368 | 1,802 | 1,628 | ||||||||||||||
Commercial real estate | 3,741 | 2,625 | 3,785 | 2,961 | 2,588 | ||||||||||||||
Commercial and industrial | 2,597 | 2,171 | 840 | 652 | 995 | ||||||||||||||
Real estate construction | 131 | 89 | 90 | 92 | 94 | ||||||||||||||
Consumer | 233 | 220 | 234 | 56 | 29 | ||||||||||||||
Total performing troubled debt restructurings | 9,094 | 6,980 | 6,317 | 5,563 | 5,334 | ||||||||||||||
Total uncovered impaired assets | $ | 86,431 | $ | 73,418 | $ | 78,300 | $ | 80,892 | $ | 71,181 | |||||||||
Loans 90 days or more past due and still accruing, excluding loans accounted for under ASC 310-30 | $ | 340 | $ | 72 | $ | 53 | $ | 595 | $ | 305 | |||||||||
Covered | |||||||||||||||||||
Nonperforming troubled debt restructurings | |||||||||||||||||||
Residential real estate | $ | 1,606 | $ | 1,623 | $ | 1,363 | $ | 1,304 | $ | 1,408 | |||||||||
Commercial real estate | 14,717 | 13,617 | 14,343 | 4,144 | 4,861 | ||||||||||||||
Commercial and industrial | 1,652 | 1,476 | 2,043 | 2,438 | 2,089 | ||||||||||||||
Real estate construction | 336 | 267 | 272 | 614 | 595 | ||||||||||||||
Consumer | 20 | 28 | 13 | 42 | 15 | ||||||||||||||
Total nonperforming troubled debt restructurings | 18,331 | 17,011 | 18,034 | 8,542 | 8,968 | ||||||||||||||
Nonaccrual loans other than nonperforming troubled debt restructurings | |||||||||||||||||||
Residential real estate | 465 | 441 | 485 | 433 | 426 | ||||||||||||||
Commercial real estate | 251 | 1,180 | 1,380 | 1,313 | 1,489 | ||||||||||||||
Commercial and industrial | 717 | 1,233 | 1,517 | 1,653 | 1,751 | ||||||||||||||
Real estate construction | 29 | 451 | 441 | 441 | 439 | ||||||||||||||
Consumer | — | — | — | — | 1 | ||||||||||||||
Total nonaccrual loans other than nonperforming troubled debt restructurings | 1,462 | 3,305 | 3,823 | 3,840 | 4,106 | ||||||||||||||
Total nonaccrual loans | 19,793 | 20,316 | 21,857 | 12,382 | 13,074 | ||||||||||||||
Other real estate owned and repossessed assets | 8,261 | 10,709 | 10,719 | 11,835 | 10,975 | ||||||||||||||
Total nonperforming assets | 28,054 | 31,025 | 32,576 | 24,217 | 24,049 | ||||||||||||||
Performing troubled debt restructurings | |||||||||||||||||||
Residential real estate | 3,584 | 3,069 | 3,046 | 2,860 | 2,821 | ||||||||||||||
Commercial real estate | 3,055 | 8,923 | 9,017 | 14,915 | 16,102 | ||||||||||||||
Commercial and industrial | 569 | 993 | 1,137 | 2,119 | 2,962 | ||||||||||||||
Real estate construction | 300 | 256 | 264 | 108 | 109 | ||||||||||||||
Consumer | 7 | — | — | — | — | ||||||||||||||
Total performing troubled debt restructurings | 7,515 | 13,241 | 13,464 | 20,002 | 21,994 | ||||||||||||||
Total covered impaired assets | $ | 35,569 | $ | 44,266 | $ | 46,040 | $ | 44,219 | $ | 46,043 | |||||||||
Loans 90 days or more past due and still accruing, excluding loans accounted for under ASC 310-30 | $ | — | $ | — | $ | — | $ | — | $ | 49 |
For the three months ended | ||||||||||||||||||||||||||
June 30, 2015 | March 31, 2015 (1) | June 30, 2014 | ||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest (2) | Average Rate (3) | Average Balance | Interest (2) | Average Rate (3) | Average Balance | Interest (2) | Average Rate (3) | |||||||||||||||||
Earning assets: | ||||||||||||||||||||||||||
Interest-earning balances | $ | 195,874 | $ | 117 | 0.24 | % | $ | 156,828 | $ | 86 | 0.22 | % | $ | 250,239 | $ | 171 | 0.28 | % | ||||||||
Federal funds sold and other short-term investments | 152,593 | 269 | 0.71 | 97,419 | 165 | 0.69 | 76,474 | 131 | 0.69 | |||||||||||||||||
Investment securities (4): | ||||||||||||||||||||||||||
Taxable | 527,632 | 2,375 | 1.81 | 494,079 | 2,323 | 1.91 | 512,692 | 2,139 | 1.67 | |||||||||||||||||
Tax-exempt | 250,765 | 1,658 | 3.52 | 236,469 | 1,615 | 3.69 | 176,075 | 1,213 | 3.73 | |||||||||||||||||
Federal Home Loan Bank stock | 20,380 | 224 | 4.40 | 20,681 | 245 | 4.81 | 12,980 | 291 | 9.01 | |||||||||||||||||
Gross uncovered loans (5) | 4,250,403 | 48,919 | 4.62 | 4,100,575 | 49,505 | 4.90 | 3,254,119 | 41,198 | 5.08 | |||||||||||||||||
Gross covered loans (5) | 302,078 | 9,400 | 12.48 | 329,767 | 10,433 | 12.83 | 477,238 | 15,576 | 13.09 | |||||||||||||||||
FDIC indemnification asset | 46,971 | (8,548 | ) | (73.00 | ) | 62,485 | (9,250 | ) | (60.03 | ) | 115,565 | (5,506 | ) | (19.11 | ) | |||||||||||
Total earning assets | 5,746,696 | 54,414 | 3.84 | % | 5,498,303 | 55,122 | 4.11 | % | 4,875,382 | 55,213 | 4.58 | % | ||||||||||||||
Non-earning assets: | ||||||||||||||||||||||||||
Cash and due from banks | 86,290 | 91,194 | 111,501 | |||||||||||||||||||||||
Allowance for loan losses | (51,033 | ) | (53,268 | ) | (58,562 | ) | ||||||||||||||||||||
Premises and equipment | 47,775 | 48,376 | 57,661 | |||||||||||||||||||||||
Core deposit intangible | 14,465 | 14,201 | 15,740 | |||||||||||||||||||||||
Goodwill | 3,524 | 2,075 | — | |||||||||||||||||||||||
Other real estate owned and repossessed assets | 44,888 | 48,562 | 56,155 | |||||||||||||||||||||||
Loan servicing rights | 55,986 | 60,185 | 76,431 | |||||||||||||||||||||||
FDIC receivable | 6,830 | 5,473 | 6,380 | |||||||||||||||||||||||
Company-owned life insurance | 104,327 | 100,923 | 90,228 | |||||||||||||||||||||||
Other non-earning assets | 236,881 | 234,697 | 215,431 | |||||||||||||||||||||||
Total assets | $ | 6,296,629 | $ | 6,050,721 | $ | 5,446,347 | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 828,482 | $ | 382 | 0.19 | % | $ | 772,181 | $ | 290 | 0.15 | % | $ | 714,231 | $ | 216 | 0.12 | % | ||||||||
Money market and savings deposits | 1,267,347 | 562 | 0.18 | 1,211,958 | 471 | 0.16 | 1,352,163 | 492 | 0.15 | |||||||||||||||||
Time deposits | 1,353,226 | 2,131 | 0.63 | 1,264,103 | 1,827 | 0.59 | 1,215,585 | 1,432 | 0.47 | |||||||||||||||||
Other brokered funds | 483,716 | 607 | 0.50 | 589,239 | 623 | 0.43 | 80,478 | 35 | 0.17 | |||||||||||||||||
Short-term borrowings | 75,819 | 209 | 1.10 | 49,839 | 79 | 0.65 | 126,382 | 33 | 0.11 | |||||||||||||||||
Long-term debt | 463,210 | 914 | 0.79 | 402,023 | 800 | 0.81 | 209,721 | 627 | 1.20 | |||||||||||||||||
Total interest-bearing liabilities | 4,471,800 | 4,805 | 0.43 | % | 4,289,343 | 4,090 | 0.39 | % | 3,698,560 | 2,835 | 0.31 | % | ||||||||||||||
Noninterest-bearing liabilities and shareholders' equity: | ||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 976,044 | 921,359 | 965,966 | |||||||||||||||||||||||
FDIC clawback liability | 28,087 | 27,107 | 25,787 | |||||||||||||||||||||||
Other liabilities | 62,414 | 53,547 | 46,052 | |||||||||||||||||||||||
Shareholders' equity | 758,284 | 759,365 | 709,982 | |||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 6,296,629 | $ | 6,050,721 | $ | 5,446,347 | ||||||||||||||||||||
Net interest income | $ | 49,609 | $ | 51,032 | $ | 52,378 | ||||||||||||||||||||
Interest spread | 3.41 | % | 3.72 | % | 4.27 | % | ||||||||||||||||||||
Net interest margin as a percentage of interest-earning assets | 3.46 | % | 3.76 | % | 4.31 | % | ||||||||||||||||||||
Tax equivalent effect | 0.04 | % | 0.04 | % | 0.03 | % | ||||||||||||||||||||
Net interest margin as a percentage of interest-earning assets (FTE) | 3.50 | % | 3.80 | % | 4.34 | % |
For the six months ended | |||||||||||||||||
June 30, 2015 | June 30, 2014 | ||||||||||||||||
(Dollars in thousands) | Average Balance | Interest (1) | Average Rate (2) | Average Balance | Interest (1) | Average Rate (2) | |||||||||||
Earning assets: | |||||||||||||||||
Interest-earning balances | $ | 176,459 | $ | 203 | 0.23 | % | $ | 324,900 | $ | 387 | 0.24 | % | |||||
Federal funds sold and other short-term investments | 125,159 | 434 | 0.70 | 73,597 | 271 | 0.74 | |||||||||||
Investment securities (3): | |||||||||||||||||
Taxable | 510,948 | 4,698 | 1.85 | 500,586 | 4,005 | 1.61 | |||||||||||
Tax-exempt | 243,657 | 3,273 | 3.54 | 174,161 | 3,178 | 4.97 | |||||||||||
Federal Home Loan Bank stock | 20,529 | 469 | 4.61 | 17,677 | 513 | 5.86 | |||||||||||
Gross uncovered loans (4) | 4,175,903 | 98,424 | 4.75 | 3,236,360 | 80,890 | 5.04 | |||||||||||
Gross covered loans (4) | 315,846 | 19,833 | 12.66 | 495,323 | 29,385 | 11.96 | |||||||||||
FDIC indemnification asset | 54,685 | (17,798 | ) | (65.63 | ) | 121,740 | (12,224 | ) | (20.25 | ) | |||||||
Total earning assets | 5,623,186 | 109,536 | 3.96 | % | 4,944,344 | 106,405 | 4.39 | % | |||||||||
Non-earning assets: | |||||||||||||||||
Cash and due from banks | 88,729 | 100,634 | |||||||||||||||
Allowance for loan losses | (52,145 | ) | (58,027 | ) | |||||||||||||
Premises and equipment | 48,074 | 56,694 | |||||||||||||||
Core deposit intangible | 14,334 | 12,264 | |||||||||||||||
Goodwill | 2,803 | — | |||||||||||||||
Other real estate owned and repossessed assets | 46,715 | 57,847 | |||||||||||||||
Loan servicing rights | 58,074 | 78,238 | |||||||||||||||
FDIC receivable | 6,155 | 6,722 | |||||||||||||||
Company-owned life insurance | 102,634 | 65,732 | |||||||||||||||
Other non-earning assets | 235,798 | 215,133 | |||||||||||||||
Total assets | $ | 6,174,357 | $ | 5,479,581 | |||||||||||||
Interest-bearing liabilities: | |||||||||||||||||
Deposits: | |||||||||||||||||
Interest-bearing demand deposits | $ | 800,487 | $ | 672 | 0.17 | % | $ | 711,766 | $ | 440 | 0.12 | % | |||||
Money market and savings deposits | 1,239,805 | 1,033 | 0.17 | 1,374,101 | 986 | 0.14 | |||||||||||
Time deposits | 1,308,911 | 3,958 | 0.61 | 1,268,122 | 2,923 | 0.46 | |||||||||||
Other brokered funds | 536,186 | 1,230 | 0.46 | 80,240 | 64 | 0.16 | |||||||||||
Short-term borrowings | 62,900 | 288 | 0.92 | 114,577 | 208 | 0.37 | |||||||||||
Long-term debt | 432,786 | 1,714 | 0.80 | 210,722 | 1,201 | 1.15 | |||||||||||
Total interest-bearing liabilities | 4,381,075 | 8,895 | 0.41 | % | 3,759,528 | 5,822 | 0.31 | % | |||||||||
Noninterest-bearing liabilities and shareholders' equity: | |||||||||||||||||
Noninterest-bearing demand deposits | 948,856 | 951,432 | |||||||||||||||
FDIC clawback liability | 27,600 | 25,433 | |||||||||||||||
Other liabilities | 58,004 | 43,078 | |||||||||||||||
Shareholders' equity | 758,822 | 704,110 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 6,174,357 | $ | 5,483,581 | |||||||||||||
Net interest income | $ | 100,641 | $ | 100,583 | |||||||||||||
Interest spread | 3.55 | % | 4.08 | % | |||||||||||||
Net interest margin as a percentage of interest-earning assets | 3.61 | % | 4.10 | % | |||||||||||||
Tax equivalent effect | 0.03 | % | 0.04 | % | |||||||||||||
Net interest margin as a percentage of interest-earning assets (FTE) | 3.64 | % | 4.14 | % |
2015 | 2014 | ||||||||||||||||||
(Dollars in thousands, except per share data) | 2nd Quarter | 1st Quarter (2) | 4th Quarter | 3rd Quarter | 2nd Quarter | ||||||||||||||
Tangible shareholders' equity: | |||||||||||||||||||
Total shareholders' equity | $ | 766,406 | $ | 753,849 | $ | 761,607 | $ | 746,652 | $ | 727,945 | |||||||||
Less: | |||||||||||||||||||
Core deposit intangibles | 14,131 | 14,796 | 13,035 | 13,696 | 15,378 | ||||||||||||||
Goodwill | 3,524 | 3,524 | — | — | — | ||||||||||||||
Tangible shareholders' equity | $ | 748,751 | $ | 735,529 | $ | 748,572 | $ | 732,956 | $ | 712,567 | |||||||||
Tangible book value per share: | |||||||||||||||||||
Shares outstanding | 71,129 | 70,938 | 70,532 | 70,504 | 70,451 | ||||||||||||||
Tangible book value per share | $ | 10.53 | $ | 10.37 | $ | 10.61 | $ | 10.40 | $ | 10.11 | |||||||||
Tangible average equity to tangible average assets: | |||||||||||||||||||
Average assets | $ | 6,296,629 | $ | 6,050,721 | $ | 5,865,624 | $ | 5,747,108 | $ | 5,446,347 | |||||||||
Average equity | 758,284 | 759,365 | 754,722 | 738,870 | 709,982 | ||||||||||||||
Average core deposit intangibles | 14,465 | 14,201 | 13,334 | 14,398 | 15,740 | ||||||||||||||
Average goodwill | 3,524 | 2,075 | — | — | — | ||||||||||||||
Tangible average equity to tangible average assets | 11.79 | % | 12.31 | % | 12.67 | % | 12.64 | % | 12.78 | % | |||||||||
Core efficiency ratio: | |||||||||||||||||||
Net interest income | $ | 49,609 | $ | 51,032 | $ | 51,463 | $ | 52,217 | $ | 52,378 | |||||||||
Noninterest income | 22,098 | 21,430 | 15,834 | 29,974 | 13,951 | ||||||||||||||
Total revenue | 71,707 | 72,462 | 67,297 | 82,191 | 66,329 | ||||||||||||||
Less: | |||||||||||||||||||
(Expense)/benefit due to change in the fair value of loan servicing rights | 3,146 | (4,084 | ) | (3,656 | ) | (176 | ) | (4,200 | ) | ||||||||||
FDIC loss sharing income | (5,928 | ) | (1,068 | ) | (244 | ) | (2,420 | ) | (3,434 | ) | |||||||||
Net gains on sales of branches | — | — | — | 14,410 | — | ||||||||||||||
Total core revenue | 74,489 | 77,614 | 71,197 | 70,377 | 73,963 | ||||||||||||||
Total noninterest expense | 53,293 | 56,595 | 48,098 | 51,263 | 54,071 | ||||||||||||||
Less: | |||||||||||||||||||
Transaction and integration related costs | 419 | 3,347 | 329 | 1,428 | 837 | ||||||||||||||
Property efficiency review | 1,820 | — | — | — | — | ||||||||||||||
Total core noninterest expense | 51,054 | 53,248 | 47,769 | 49,835 | 53,234 | ||||||||||||||
Core efficiency ratio | 68.54 | % | 68.61 | % | 67.09 | % | 70.81 | % | 71.97 | % |
1 Year Talmer Bancorp, Inc. Chart |
1 Month Talmer Bancorp, Inc. Chart |
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