Talmer Bancorp Inc. posts robust first quarter

YOUNGSTOWN — 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 has also 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.

For the complete story, read Thursday's Vindicator and Vindy.com