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Share Name | Share Symbol | Market | Type |
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Yadkin Financial Corporation (MM) | NASDAQ:YAVY | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 4.25 | 0 | 01:00:00 |
First Quarter Highlights:
Yadkin Valley Financial Corporation (NASDAQ: YAVY), the holding company for Yadkin Valley Bank and Trust Company, announced today financial results for the first quarter ended March 31, 2013. Net income available to common shareholders for the quarter was $4.2 million, or $0.10 per diluted share, compared to a net loss of $25.3 million, or $1.21 per diluted share, in the fourth quarter of 2012, and net income of $2.7 million, or $0.14 per diluted share, in the first quarter of 2012.
Joe Towell, President and CEO of Yadkin Valley Financial Corporation, commented, "We are very pleased with our results in the first quarter, and we are also excited to be able to announce our rebranding initiative in conjunction with our financial results. With strong core net income, a significant decrease in non-interest expense, increased loan production, and continued strong results from our mortgage division, we believe that we are getting back to the basics of banking and providing superior financial solutions and service to our customers throughout the Carolinas.
Our rebranding initiative is a project we have been developing for some time. While there was benefit to retaining the names of our five community banks, our mortgage division, and our brokerage subsidiary over the years, we believe that now is the time to harness the synergy of our organization by bringing the values of our Company together under one strong brand. We will officially begin doing business as Yadkin Financial Corporation and Yadkin Bank on May 28, 2013. Our mortgage division will operate under the name Yadkin Mortgage, and our brokerage subsidiary will be Yadkin Wealth. At that time, we will also change our trading symbol to YDKN to align with the new brand. We will continue to trade on the NASDAQ exchange.
Additionally, we have announced our intention to effect a reverse stock split, pending shareholder approval at our Annual Meeting of Shareholders to be held on May 23, 2013. As we have evaluated our options, we believe that effecting this reverse stock split will be in the best interest of our shareholders as we continue to build value in our franchise in 2013 and beyond."
First Quarter 2013 Financial Highlights
Asset Quality
The Bank's key asset quality metrics continue to be strong following the completion of the accelerated asset disposition plan. First, our adversely classified items to Tier 1 capital and loan loss reserve ratio has continued to decrease, down to 26.85% at the end of the first quarter. In addition, while our nonperforming loans did increase slightly compared to the prior quarter due to two individual loans, they have decreased $42.4 million compared to the first quarter of 2012.
Nonperforming Loan Analysis (Dollars in thousands) -------------------------------------- March 31, 2013 December 31, 2012 ------------------ ------------------ % of % of Outstanding Total Outstanding Total Loan Type Balance Loans Balance Loans ----------- ------ ----------- ------ Construction/land development $ 5,290 0.40% $ 4,636 0.35% Residential construction 2,284 0.17% 2,749 0.21% HELOC 2,005 0.15% 1,041 0.08% 1-4 Family residential 3,027 0.23% 3,123 0.23% Commercial real estate 8,040 0.61% 8,023 0.60% Commercial & industrial 2,756 0.21% 2,790 0.21% Consumer & other 310 0.02% 455 0.03% ----------- ------ ----------- ------ Total $ 23,712 1.79% $ 22,817 1.71% ----------- ------ ----------- ------
Other real estate owned (OREO) totaled $5.4 million at March 31, 2013, a decrease of $3.3 million compared to $8.7 million at December 31, 2012. As we announced last quarter, we completed a public auction of approximately 59 OREO properties during the first quarter of 2013. We did not experience further loss on those properties as a result of the auction. Total nonperforming assets at March 31, 2013 were $29.2 million, or 1.58% of total assets, a decrease of $2.4 million from December 31, 2012.
During the first quarter of 2013, the provision for loan losses was $237,000, a decrease of $31.3 million from the fourth quarter of 2012. This significant decrease is due to the significantly improved credit profile of the Company following the completion of the accelerated asset disposition plan. Total net charge-offs for the first quarter of 2013 were $1.0 million, or 0.27% of average loans on an annualized basis.
At March 31, 2013, the allowance for loan losses was $24.5 million, compared to $25.1 million at December 31, 2012. As a percentage of total loans held-for-investment, the allowance for loan losses was 1.88% in the first quarter of 2013, down from 1.92% in the fourth quarter of 2012. While credit quality has improved, the reserve remains at a conservative level due to continued economic uncertainty and other external factors in our markets. Out of the $24.5 million in total allowance for loan losses at March 31, 2013, the specific allowance for impaired loans accounted for $2.1 million, up from $1.4 million in the fourth quarter. The remaining general allowance of $22.4 million attributed to unimpaired loans was down slightly from $23.7 million at the end of the fourth quarter given improvement in several credit metrics.
Net Interest Income and Net Interest Margin
Net interest income was up quarter over quarter, totaling $15.1 million for the first quarter of 2013. We also experienced a significant increase in our net interest margin. The quarterly average margin increased 29 basis points to 3.57%, up from 3.28% at December 31, 2012. This increase in margin is due primarily to the continued repricing of our time deposits, the reduction in non-earning assets, the reinvestment of cash from the accelerated asset disposition, and the shift in deposit mix.
In the first quarter of 2013, we continued to strategically shift our deposit mix and lower our cost of deposits. Core deposits now represent 58.5% of total deposits, our highest percentage over the past five years, as we focus on core deposit growth. As a result of this strategy, our cost of deposits decreased to 0.71% for the first quarter of 2013 as compared to 0.84% in the fourth quarter of 2012.
Non-Interest Income
Non-interest income increased $4.7 million to $5.7 million in the first quarter of 2013 compared to $986,000 in the fourth quarter of 2012. The previous quarter included several losses related to the asset disposition plan and the sale of our reinsurance line of business, which impacted our non-interest income last quarter. Our mortgage division delivered $2.0 million in mortgage banking income during the first quarter of 2013 before recording negative provisions for reserves on mortgage loans sold of $1.3 million. Negative provisions resulted during the quarter due to the previously announced dissolution of our mortgage subsidiary.
Non-Interest Expense
Non-interest expense decreased in the first quarter of 2013 to $13.2 million as compared to $22.7 million in the fourth quarter of 2012. Last quarter, our non-interest expense was impacted by the asset disposition plan. With that plan behind us and continued reduction in OREO, our non-interest expense decreased as a result. The salary and benefits line item increased approximately $400,000 compared to the prior quarter. While our core salary expense remained flat, we began accruing for performance-based incentives in the first quarter. Also, like many other companies, we experienced higher payroll taxes beginning January 1, 2013.
Balance Sheet and Capital
Total assets decreased $76.8 million during the first quarter of 2013, and gross loans held-for-investment decreased only slightly compared to the fourth quarter as we begin to modestly grow our loan portfolio. Total deposits decreased $70.0 million, which primarily consists of higher-cost time deposits, as our core deposits increased $15.6 million compared to the prior quarter.
The Company's capital ratios have strengthened and continue to exceed all regulatory requirements. As of March 31, 2013, the Bank's leverage ratio, Tier 1 risk-based capital ratio, and total risk-based capital ratio were 9.7%, 12.2%, and 13.5%, respectively. Leverage ratio, Tier 1 risk-based capital ratio, and total risk-based capital ratio were 10.0%, 12.6%, and 13.8% respectively, for the holding company as of March 31, 2013. In addition, the Company's tangible common equity to total tangible assets ratio was 7.83% at the end of the first quarter, compared to 7.30% at December 31, 2012. For capital adequacy purposes, leverage ratio, Tier 1 risk-based capital ratio, and total risk-based capital ratio must be in excess of 5.00%, 6.00%, and 10.00%, respectively, to be considered well-capitalized.
Conference Call
Yadkin Valley Financial Corporation will host a conference call at 10:00 a.m. EST on Thursday, April 25, 2013 to discuss financial results, business highlights, and outlook. The call may be accessed by dialing 877-359-3650 at least 10 minutes prior to the call. A webcast of the call audio may be accessed at http://investor.shareholder.com/media/eventdetail.cfm?eventid=128673&CompanyID=YAVY&e=1&mediaKey=C0BD0B7D7BA30A3E46A5C745FA0F7F34. A replay of the call will be available until May 1, 2013 by dialing 855-859-2056 or 404-537-3406 and entering Conference ID 46253205.
About Yadkin Valley Financial Corporation
Yadkin Valley Financial Corporation is the holding company for Yadkin Valley Bank and Trust Company, a full-service community bank providing services in 34 branches throughout its two regions in North Carolina and South Carolina. The Western Region serves Avery, Watauga, Ashe, Surry, Wilkes, Yadkin, and Iredell Counties. The Southern Region serves Durham, Orange, Granville, Mecklenburg, and Union Counties in North Carolina, and Cherokee and York Counties in South Carolina. The Bank provides mortgage lending services through its mortgage division, Yadkin Valley Mortgage, headquartered in Greensboro, NC. Securities brokerage services are provided by Main Street Investment Services, Inc., a Bank subsidiary with four offices located in the branch network. Yadkin Valley Financial Corporation's website is www.yadkinvalleybank.com. Yadkin Valley shares are traded on NASDAQ under the symbol YAVY.
SAFE HARBOR
This news release contains forward-looking statements, as defined by Federal Securities Laws, including statements about financial outlook, business environment, and potential implementation of the reverse stock split. Forward looking statements generally include words such as "expects," "projects," "anticipates," "believes," "intends," "estimates," "strategy," "plan," "potential," "possible" and other similar expressions. These statements are provided to assist in the understanding of future financial performance and such performance involves risks and uncertainties that may cause actual results to differ materially from those anticipated in such statements. Any such statements are based on current expectations and involve a number of risks and uncertainties. For a discussion of some factors that may cause such forward-looking statements to differ materially from actual results, please refer to the section entitled "Forward-Looking Statements" on pages 1-2 of Yadkin Valley Financial Corporation's annual report filed on Form 10-K with the SEC for the year ended December 31, 2012 and in the section entitled "Risk Factors" in the annual report filed on Form 10-K for the year ended December 31, 2012. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise forward-looking statements.
Yadkin Valley Financial Corporation Consolidated Balance Sheets (Unaudited) (Amounts in thousands except share and per share data) March 31, December September June 30, March 31, 31, 2012 2013 (a) 30, 2012 2012 2012 ----------- ----------- ----------- ----------- ----------- Assets: Cash and due from banks $ 22,210 $ 36,125 $ 26,048 $ 25,642 $ 36,478 Federal funds sold 50 50 50 50 50 Interest- earning deposits with banks 20,447 102,221 97,124 75,895 67,443 U.S. government agencies 17,232 27,527 32,869 23,058 23,433 Mortgage-backed securities 248,030 230,894 221,806 248,674 263,230 State and municipal securities 115,435 84,567 54,769 66,607 72,751 Common and preferred stocks 149 132 1,112 1,133 1,111 ----------- ----------- ----------- ----------- ----------- Total investment securities 380,846 343,120 310,556 339,472 360,525 Construction loans 133,200 131,981 147,408 189,840 196,991 Commercial, financial and other loans 182,268 193,810 190,294 189,245 187,037 Residential mortgages 166,565 140,931 174,728 167,774 166,563 Commercial real estate loans 596,790 617,468 615,733 594,798 605,539 Installment loans 32,037 33,426 34,216 34,177 34,926 Revolving 1-4 family loans 193,404 191,888 196,489 196,547 196,818 ----------- ----------- ----------- ----------- ----------- Total loans 1,304,264 1,309,504 1,358,868 1,372,381 1,387,874 Allowance for loan losses (24,492) (25,149) (27,231) (28,797) (30,062) ----------- ----------- ----------- ----------- ----------- Net loans 1,279,772 1,284,355 1,331,637 1,343,584 1,357,812 Loans held for sale 18,461 27,679 24,766 24,867 20,548 Accrued interest receivable 6,502 6,376 6,229 6,512 6,932 Bank premises and equipment 42,454 41,849 41,460 41,547 41,861 Foreclosed real estate 5,449 8,738 22,294 25,573 28,751 Non-marketable equity securities at cost 3,474 4,154 4,155 4,630 6,130 Investment in bank-owned life insurance 26,587 26,433 26,274 26,114 26,091 Core deposit intangible 2,475 2,653 2,914 3,180 3,455 Other assets 37,865 39,685 26,871 28,273 20,530 ----------- ----------- ----------- ----------- ----------- Total assets $ 1,846,592 $ 1,923,438 $ 1,920,378 $ 1,945,339 $ 1,976,606 =========== =========== =========== =========== =========== Liabilities and shareholders' equity: Deposits: Non-interest bearing $ 257,388 $ 273,896 $ 256,402 $ 244,191 $ 235,417 NOW, savings and money market accounts 656,524 624,460 606,220 613,051 626,538 Time certificates: $100 or more 281,652 316,146 342,356 348,072 356,793 Other 366,095 417,160 446,482 468,049 492,072 ----------- ----------- ----------- ----------- ----------- Total deposits 1,561,659 1,631,662 1,651,460 1,673,363 1,710,820 Borrowings 99,160 105,136 102,299 99,310 105,723 Accrued expenses and other liabilities 10,922 15,846 11,383 18,087 16,571 ----------- ----------- ----------- ----------- ----------- Total liabilities 1,671,741 1,752,644 1,765,142 1,790,760 1,833,114 Total shareholders' equity 174,851 170,794 155,236 154,579 143,492 ----------- ----------- ----------- ----------- ----------- Total liabilities and shareholders' equity $ 1,846,592 $ 1,923,438 $ 1,920,378 $ 1,945,339 $ 1,976,606 =========== =========== =========== =========== =========== Period end shares outstanding 43,151,652 43,151,646 20,003,688 20,003,688 19,506,188 (a) Derived from audited consolidated financial statements Yadkin Valley Financial Corporation Consolidated Income Statements (Unaudited) Three Months Ended (Amounts in thousands except share and per share data) March 31, December September June 30, March 31, 2013 31 2012 (a) 30, 2012 2012 2012 ----------- ----------- ----------- ----------- ----------- Interest and fees on loans (b) $ 16,679 $ 17,338 $ 17,735 $ 17,944 $ 18,939 Interest on securities 1,548 1,381 1,674 1,754 2,006 Interest on federal funds sold 6 8 9 8 7 Interest- bearing deposits 42 66 28 38 37 ----------- ----------- ----------- ----------- ----------- Total interest income 18,275 18,793 19,446 19,744 20,989 ----------- ----------- ----------- ----------- ----------- Time deposits of $100 or more 1,352 1,346 1,762 1,913 1,992 Other deposits 1,432 2,132 2,018 2,193 2,370 Borrowed funds (b) 439 570 477 480 735 ----------- ----------- ----------- ----------- ----------- Total interest expense 3,223 4,048 4,257 4,586 5,097 ----------- ----------- ----------- ----------- ----------- Net interest income 15,052 14,745 15,189 15,158 15,892 Provision for loan losses 237 31,554 4,251 2,218 2,351 ----------- ----------- ----------- ----------- ----------- Net interest income after provision for loan losses 14,815 (16,809) 10,938 12,940 13,541 ----------- ----------- ----------- ----------- ----------- Non-interest income Service charges on deposit accounts (b) 1,269 1,398 1,319 1,325 1,243 Other service fees (b) 927 986 857 893 895 Income on investment in bank- owned life insurance 153 159 159 157 157 Mortgage banking activities (b) 3,288 1,448 1,599 1,674 1,139 Gains on sale of securities 4 96 1,348 300 - Other than temporary impairment of investments (39) (50) - - - Loss on sale of subsidiary (1) (1,019) - - - Loss on sale of loans - (2,132) (900) - - Other 56 100 283 57 75 ----------- ----------- ----------- ----------- ----------- Total non- interest income 5,657 986 4,665 4,406 3,509 ----------- ----------- ----------- ----------- ----------- Non-interest expense Salaries and employee benefits (b) 7,389 6,935 6,914 6,354 6,110 Occupancy and equipment 1,815 1,562 1,794 1,790 1,851 Printing and supplies 163 157 168 151 145 Data processing 395 447 456 453 387 Communication expense 332 354 314 354 351 Advertising and marketing 256 77 103 100 76 Amortization of core deposit intangible 178 260 266 275 279 FDIC assessment expense 592 664 650 659 695 Attorney fees 90 263 311 150 216 Other professional fees 476 736 491 479 306 Loan collection expense (b) 217 569 69 192 249 (Gain) loss on fixed assets - 153 - (1) (21) Net cost of operation of other real estate owned (822) 8,136 1,322 2,745 1,228 Other (b) 2,134 2,395 1,934 2,031 1,707 ----------- ----------- ----------- ----------- ----------- Total non- interest expense 13,215 22,708 14,792 15,732 13,579 ----------- ----------- ----------- ----------- ----------- Income (loss) before income taxes 7,257 (38,531) 811 1,614 3,471 Provision for income taxes (benefit) 2,608 (14,632) 54 (9,383) - ----------- ----------- ----------- ----------- ----------- Net income (loss) 4,649 (23,899) 757 10,997 3,471 ----------- ----------- ----------- ----------- ----------- Preferred stock dividend and amortization of preferred stock discount 445 1,419 838 833 821 ----------- ----------- ----------- ----------- ----------- Net income (loss) available to common shareholders $ 4,204 $ (25,318)$ (81)$ 10,164 $ 2,650 =========== =========== =========== =========== =========== Basic $ 0.10 $ (1.21)$ (0.00)$ 0.52 $ 0.14 Diluted $ 0.10 $ (1.21)$ (0.00)$ 0.52 $ 0.14 Weighted average number of shares outstanding Basic 42,595,147 20,917,579 19,389,251 19,386,519 19,378,198 Diluted 42,601,273 20,917,579 19,390,253 19,386,519 19,378,198 (a) Derived from audited consolidated financial statements (b) Certain income and expense amounts have been reclassified based on a change in our mortgage reporting segment to conform to 2012 presentation. Yadkin Valley Financial Corporation (unaudited) At or For the Three Months Ended ----------------------------------------------------- March 31, December September June 30, March 31, 2013 31, 2012 30, 2012 2012 2012 --------- --------- --------- --------- --------- Per Share Data: Basic Earnings per Share $ 0.10 $ (1.21) $ 0.00 $ 0.52 $ 0.14 Diluted Earnings per Share 0.10 (1.21) 0.00 0.52 0.14 Book Value per Share 3.40 3.31 5.36 5.34 4.92 Selected Performance Ratios: Return on Average Assets (annualized) 0.91% -5.15% -0.02% 2.08% 0.54% Return on Average Equity (annualized) 9.94% -53.53% -0.21% 26.93% 6.48% Net Interest Margin (annualized)(7) 3.57% 3.28% 3.37% 3.39% 3.55% Net Interest Spread (annualized)(7) 3.40% 3.08% 3.19% 3.21% 3.36% Non-interest Income as a % of Revenue(6)(7) 27.63% -6.23% 29.90% 25.40% 20.58% Non-interest Income as a % of Average Assets (7) 0.30% 0.05% 0.24% 0.23% 0.18% Non-interest Expense as a % of Average Assets (7) 0.70% 1.17% 0.76% 0.80% 0.69% Asset Quality: Loans 30-89 days past due (000's) (4) $ 6,060 $ 14,000 $ 13,354 $ 10,321 $ 10,245 Loans over 90 days past due still accruing (000's) - - - - - Nonperforming Loans (000's) 23,712 22,817 57,053 63,305 66,088 Other Real Estate Owned (000's) 5,449 8,738 22,294 25,573 28,751 Nonperforming Assets (000's)(5) 29,161 31,555 79,347 88,878 94,839 Accruing/Performing troubled debt restructurings (000's) 8,579 17,667 13,929 12,596 15,259 Nonperforming Loans to Total Loans 1.79% 1.71% 4.12% 4.53% 4.69% Nonperforming Assets to Total Assets 1.58% 1.64% 4.13% 4.57% 4.80% Allowance for Loan Losses to Total Loans 1.85% 1.88% 1.97% 2.06% 2.13% Allowance for Loan Losses to Total Loans Held for Investment 1.88% 1.92% 2.00% 2.10% 2.17% Allowance for Loan Losses to Nonperforming Loans 103.29% 110.22% 47.73% 45.49% 45.49% Net Charge- offs/Recoveries to Average Loans (annualized) 0.27% 9.74% 1.66% 0.99% 1.44% Capital Ratios: Equity to Total Assets 9.47% 8.88% 8.08% 7.95% 7.26% Tier 1 leverage ratio(1) 9.72% 8.92% 8.73% 8.55% 8.30% Tier 1 risk-based ratio(1) 12.23% 11.73% 11.18% 10.89% 10.61% Total risk-based capital ratio(1) 13.49% 12.99% 12.44% 12.15% 11.87% Non-GAAP disclosures(2): Tangible Book Value per Share $ 3.34 $ 3.25 $ 5.21 $ 5.18 $ 4.74 Return on Tangible Equity (annualized) (3) 10.09% -54.34% -0.21% 27.54% 6.63% Tangible Common Equity to Tangible Assets (3) 7.83% 7.30% 5.44% 5.33% 4.69% Efficiency Ratio (7) 66.40% 88.62% 66.46% 65.63% 63.51% Notes: (1) Tier 1 leverage, Tier 1 risk-based, and Total risk-based ratios are ratios for the bank, Yadkin Valley Bank and Trust Company as reported on Consolidated Reports of Condition and Income for a Bank With Domestic Offices Only - FFIEC 041. (2) Management uses these non-GAAP financial measures because it believes they are useful for evaluating our operations and performance over periods of time, as well as in managing and evaluating our business and in discussions about our operations and performance. Management believes these non-GAAP financial measures provide users of our financial information with a meaningful measure for assessing our financial results and credit trends, as well as comparison to financial results for prior periods. These non-GAAP financial measures should not be considered as a substitute for operating results determined in accordance with GAAP and may not be comparable to other similarly titled financial measures used by other companies. (3) Tangible Common Equity is the difference of shareholders' equity less preferred shares and core deposit intangibles. Tangible Assets are the difference of total assets less core deposit intangibles. (4) Past due numbers exclude loans classified as nonperforming. (5) Nonperforming assets exclude accruing troubled debt restructured loans. (6) Ratio is calculated by taking non-interest income as a percentage of net interest income after provision for loan losses plus total non- interest income. (7) Certain income and expense amounts in the current and prior periods have been reclassified based on a change in our mortgage reporting segment. Yadkin Valley Financial Corporation Average Balance Sheets and Net Interest Income Analysis (Unaudited) Three Months Ended March 31, 2013 2012 -------------------------- -------------------------- (Dollars in Thousands) Average Yield/ Average Yield/ Balance Interest Rate Balance Interest Rate ---------- -------- ------ ---------- -------- ------ INTEREST EARNING ASSETS Total loans (1,2) $1,321,253 $ 16,708 5.13% (8) $1,433,311 $ 18,976 5.32% (8) Investment securities 364,453 1,838 2.05% 349,550 2,261 2.60% Interest- bearing deposits & federal funds sold 62,707 48 0.31% 50,358 44 0.35% ---------- -------- ---------- -------- Total average earning assets (1) 1,748,413 18,594 4.31% (6) 1,833,219 21,281 4.67% (6) -------- -------- Non-interest earning assets 128,610 135,972 ---------- ---------- Total average assets $1,877,023 $1,969,191 ========== ========== INTEREST BEARING LIABILITIES Time deposits $ 693,150 2,510 1.47% $ 843,764 3,858 1.84% Other deposits 638,378 274 0.17% 616,823 505 0.33% Borrowed funds 101,762 439 1.75% 104,187 735 2.84% ---------- -------- ---------- -------- Total interest bearing liabilities 1,433,290 3,223 0.91% (7) 1,564,774 5,098 1.31% (7) Non-interest bearing deposits 259,883 224,427 Other liabilities 12,307 16,100 ---------- ---------- Total average liabilities 1,705,480 1,805,301 ---------- ---------- Shareholders' equity 171,543 163,890 Total average liabilities and ---------- ---------- shareholders' equity $1,877,023 $1,969,191 ========== ========== -------- -------- NET INTEREST INCOME/ YIELD (3,4) $ 15,371 3.57% (8) $ 16,183 3.55% (8) ======== ======== INTEREST SPREAD (5) 3.40% (8) 3.36% (8) (1) Yields related to securities and loans exempt from Federal income taxes are stated on a fully tax-equivalent basis, assuming a Federal income tax rate of 35%, reduced by the nondeductible portion of interest expense. (2) The loan average includes loans on which accrual of interest has been discontinued. (3) Net interest income is the difference between income from earning assets and interest expense. (4) Net interest yield is net interest income divided by total average earning assets. (5) Interest spread is the difference between the average interest rate received on earning assets and the average rate paid on interest bearing liabilities. (6) Interest income for 2013 and 2012 includes $45,000 and $41,000, respectively, of accretion for purchase accounting adjustments related to loans acquired in the merger with American Community. (7) Interest expense for 2013 and 2012 includes $9,000 and $(135,000), respectively, of accretion for purchase accounting adjustments related to deposits and borrowings acquired in the merger with American Community. (8) Certain income and expense amounts have been reclassified based on a change in our mortgage reporting segment.
For additional information contact: Joseph H. Towell President and Chief Executive Officer (704) 768-1133 Email Contact Jan H. Hollar Executive Vice President and Chief Financial Officer (704) 768-1161 Email Contact
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