Talmer Bancorp, Inc. (TLMR)

[Enterprising Investor]

Talmer Bancorp, Inc. reports first quarter 2014 net income of $32.7 million, representing $0.45 of earnings per diluted average share (5/06/14)

Completed acquisition of Michigan Commerce Bank (Talmer West Bank) Successful completion of initial public offering resulting in net proceeds of $42.1 million

TROY, Mich., May 6, 2014 /PRNewswire/ -- Talmer Bancorp, Inc. (NASDAQ: TLMR) ("Talmer") today reported first quarter 2014 net income of $32.7 million, compared to $12.6 million for the fourth quarter 2013 and $60.5 million for the first quarter 2013. Earnings per diluted share were $0.45 for the first quarter 2014, compared to $0.18 for the fourth quarter 2013 and $0.89 for the first quarter 2013.

Talmer Bancorp President and CEO David Provost commented, "We continue to execute on our strategic plans to build a leading Midwest community bank. Success in our priorities of building scale, delivering solid earning asset growth and effectively integrating acquired institutions is evident in our financial results. In early 2014, we completed the acquisition of Talmer West Bank, consolidated from four former banking subsidiaries of Capitol Bancorp. This acquisition expanded our presence into additional markets including Western Michigan and Northern Indiana. We are excited to welcome these employees and customers and look forward to further expansion of our presence in a number of these markets."

"We have invested significantly over the last few years to build the necessary infrastructure for a larger and more complex institution. These enhancements have resulted in financial controls and risk management practices that have proven scalable and allowed us to strategically focus on our growth initiatives in a highly competitive banking environment. 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. 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."

"Although the era of distressed bank acquisitions is winding down, we are pleased with how we have been able to combine formerly struggling institutions into a larger, community focused and profitable enterprise. We have utilized the financial flexibility provided by successful acquisitions to build a bank capable of delivering sustained growth. While attractive acquisition opportunities remain in our sights, we are also prepared to drive the next chapter of our story based on both a greater emphasis on organic growth and the continuing realization of operating synergies from previous acquisitions."

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