UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
(Amendment No. 1)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2014
or
o TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number: 001-36308
TALMER BANCORP, INC.
(Exact name of registrant as specified in its charter)
Michigan |
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61-1511150 |
(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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2301 West Big Beaver Rd, Suite 525 Troy, Michigan |
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48084 |
(Address of principal executive offices) |
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(Zip Code) |
(248) 498-2802
(Registrants telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.
Large accelerated filer o |
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Accelerated filer o |
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Non-accelerated filer x |
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Smaller reporting company o |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
The number of shares outstanding of the issuers Class A common stock, as of May 14, 2014 was 69,991,613.
EXPLANATORY NOTE
This Form 10Q/A amends the Quarterly Report on Form 10-Q of Talmer Bancorp, Inc. for the quarterly period ended March 31, 2014 (the Form 10-Q), as filed with the Securities and Exchange Commission on May 15, 2014, for the sole purpose of furnishing the Interactive Data Files as Exhibit 101 in accordance with Rule 405 of Regulation S-T. Exhibit 101 provides the financial statements and related notes from the Form 10-Q formatted in eXtensible Business Reporting Language (XBRL).
No other changes have been made to the Form 10-Q other than furnishing the exhibit described above. This Form 10-Q/A speaks as of the original filing date of the Form 10-Q, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the Form 10-Q.
Item 6. Exhibits.
Exhibit No. |
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Description of Exhibit |
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10.1 |
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Third Amendment to Equity Incentive Plan dated March 26, 2014(1) |
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31.1 |
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Rule 13a-14(a) Certification of the Chief Executive Officer(1) |
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31.2 |
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Rule 13a-14(a) Certification of the Chief Financial Officer(1) |
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32.1 |
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Section 1350 Certifications(1) |
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101 |
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The following materials from the Companys Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, formatted in eXtensible Business Reporting Language (XBRL); (i) Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013, (ii) Consolidated Statements of Income for the three months ended March 31, 2014 and 2013, (iii) Consolidated Statements of Comprehensive Income for the three months ended March 31, 2014 and 2013, (iv) Consolidated Statement of Changes in Shareholders Equity for the three months ended March 31, 2014 and 2013, (v) Consolidated Statements of Cash Flows for the three months ended March 31, 2014 and 2013, and (vi) Notes to Consolidate Financial Statements.(2) |
(1) Previously filed as an exhibit to our Quarterly Report on Form 10-Q filed on May 15, 2014.
(2) Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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TALMER BANCORP, INC. | |
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June 10, 2014 |
By: |
/s/ David T. Provost |
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David T. Provost |
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Chief Executive Officer |
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(Principal Executive Officer) |
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June 10, 2014 |
By: |
/s/ Dennis Klaeser |
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Dennis Klaeser |
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Chief Financial Officer |
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(Principal Financial Officer and Principal Accounting Officer) |
Exhibit List
Exhibit No. |
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Description of Exhibit |
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10.1 |
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Third Amendment to Equity Incentive Plan dated March 26, 2014(1) |
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31.1 |
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Rule 13a-14(a) Certification of the Chief Executive Officer(1) |
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31.2 |
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Rule 13a-14(a) Certification of the Chief Financial Officer(1) |
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32.1 |
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Section 1350 Certifications(1) |
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101 |
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The following materials from the Companys Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, formatted in eXtensible Business Reporting Language (XBRL); (i) Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013, (ii) Consolidated Statements of Income for the three months ended March 31, 2014 and 2013, (iii) Consolidated Statements of Comprehensive Income for the three months ended March 31, 2014 and 2013, (iv) Consolidated Statement of Changes in Shareholders Equity for the three months ended March 31, 2014 and 2013, (v) Consolidated Statements of Cash Flows for the three months ended March 31, 2014 and 2013, and (vi) Notes to Consolidate Financial Statements.(2) |
(1) Previously filed as an exhibit to our Quarterly Report on Form 10-Q filed on May 15, 2014.
(2) Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
INCOME TAXES (Tables)
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2014
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INCOME TAXES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of current and deferred components of the provision for income taxes |
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Schedule of reconciliation of expected income tax expense (benefit) at the federal statutory rate to the Company's provision for income taxes and effective tax rate |
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Schedule of significant components of the deferred tax assets and liabilities |
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FAIR VALUE (Details 8) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2014
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Dec. 31, 2013
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Mar. 31, 2013
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Dec. 31, 2012
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Financial assets: | ||||||||||
Net loans, excluding covered loans | $ 3,123,018 | $ 2,456,170 | ||||||||
Net covered loans | 459,920 | 489,687 | ||||||||
FDIC indemnification asset | 119,045 | 131,861 | 202,202 | 226,356 | ||||||
FDIC receivable | 8,130 | 7,783 | 15,090 | 17,999 | ||||||
Company-owned life insurance | 39,814 | 39,500 | ||||||||
Deposits: | ||||||||||
Time deposits | 1,270,927 | 927,313 | ||||||||
Total deposits | 4,386,332 | 3,600,837 | ||||||||
FDIC clawback liability | 25,593 | 24,887 | ||||||||
Short-term borrowings | 89,562 | 71,876 | ||||||||
Long-term debt | 177,483 | 199,037 | ||||||||
FDIC warrants payable | 4,423 | 4,118 | ||||||||
Uncovered
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Deposits: | ||||||||||
Impaired loans | 23,240 | 21,876 | ||||||||
Covered
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Deposits: | ||||||||||
Impaired loans | 26,649 | 27,024 | ||||||||
Recurring basis | Covered
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Deposits: | ||||||||||
Impaired loans | 17,900 | 17,700 | ||||||||
Non-recurring basis | Uncovered
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Deposits: | ||||||||||
Impaired loans | 6,600 | 2,300 | ||||||||
Non-recurring basis | Covered
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Deposits: | ||||||||||
Impaired loans | 3,200 | 644 | ||||||||
Total | Recurring basis
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Financial assets: | ||||||||||
Cash and cash equivalents | 530,538 | 375,356 | ||||||||
Net loans, excluding covered loans | 3,193,719 | [1] | 2,574,109 | [1] | ||||||
Net covered loans | 533,149 | [2] | 534,857 | [2] | ||||||
Accrued interest receivable | 9,955 | 7,968 | ||||||||
FDIC indemnification asset | 77,063 | 84,010 | ||||||||
FDIC receivable | 8,130 | 7,783 | ||||||||
Company-owned life insurance | 39,814 | 39,500 | ||||||||
Deposits: | ||||||||||
Savings and demand deposits | 3,115,405 | 2,673,524 | ||||||||
Time deposits | 1,274,210 | 928,128 | ||||||||
Total deposits | 4,389,615 | 3,601,652 | ||||||||
FDIC clawback liability | 25,593 | 24,887 | ||||||||
Short-term borrowings | 89,562 | 71,876 | ||||||||
Long-term debt | 170,053 | 190,420 | ||||||||
FDIC warrants payable | 4,423 | 4,118 | ||||||||
Accrued interest payable | 598 | 626 | ||||||||
Total | Non-recurring basis
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Deposits: | ||||||||||
Impaired loans | 9,763 | 2,975 | ||||||||
Level 1 | Recurring basis
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Financial assets: | ||||||||||
Cash and cash equivalents | 107,170 | 97,167 | ||||||||
Level 2 | Recurring basis
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Financial assets: | ||||||||||
Cash and cash equivalents | 423,368 | 278,189 | ||||||||
Accrued interest receivable | 9,955 | 7,968 | ||||||||
FDIC receivable | 8,130 | 7,783 | ||||||||
Company-owned life insurance | 39,814 | 39,500 | ||||||||
Deposits: | ||||||||||
Savings and demand deposits | 3,115,405 | 2,673,524 | ||||||||
Time deposits | 1,274,210 | 928,128 | ||||||||
Total deposits | 4,389,615 | 3,601,652 | ||||||||
Short-term borrowings | 89,562 | 71,876 | ||||||||
Long-term debt | 170,053 | 190,420 | ||||||||
Accrued interest payable | 598 | 626 | ||||||||
Level 3 | Recurring basis
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Financial assets: | ||||||||||
Net loans, excluding covered loans | 3,193,719 | 2,574,109 | ||||||||
Net covered loans | 533,149 | 534,857 | ||||||||
FDIC indemnification asset | 77,063 | 84,010 | ||||||||
Deposits: | ||||||||||
FDIC clawback liability | 25,593 | 24,887 | ||||||||
FDIC warrants payable | 4,423 | 4,118 | ||||||||
Level 3 | Non-recurring basis
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Deposits: | ||||||||||
Impaired loans | 9,763 | 2,975 | ||||||||
Carrying Value | Recurring basis
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Financial assets: | ||||||||||
Cash and cash equivalents | 530,538 | 375,356 | ||||||||
Federal Home Loan Bank stock | 12,335 | 16,303 | ||||||||
Net loans, excluding covered loans | 3,123,018 | [1] | 2,456,170 | [1] | ||||||
Net covered loans | 459,920 | [2] | 489,687 | [2] | ||||||
Accrued interest receivable | 9,955 | 7,968 | ||||||||
FDIC indemnification asset | 119,045 | 131,861 | ||||||||
FDIC receivable | 8,130 | 7,783 | ||||||||
Company-owned life insurance | 39,814 | 39,500 | ||||||||
Deposits: | ||||||||||
Savings and demand deposits | 3,115,405 | 2,673,524 | ||||||||
Time deposits | 1,270,927 | 927,313 | ||||||||
Total deposits | 4,386,332 | 3,600,837 | ||||||||
FDIC clawback liability | 25,593 | 24,887 | ||||||||
Short-term borrowings | 89,562 | 71,876 | ||||||||
Long-term debt | 177,483 | 199,037 | ||||||||
FDIC warrants payable | 4,423 | 4,118 | ||||||||
Accrued interest payable | $ 598 | $ 626 | ||||||||
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