Thursday, October 24, 2013

Yadkin Financial Corp. reports $4.3M in 3Q profit

Yadkin Financial Corp. said Thursday it had profit of $4.3 million, or 30 cents a share, compared with a loss of $81,000, or 1 cent a share, a year ago.

The Elkin-based bank has branches in the Charlotte region. 

“We continue to demonstrate that 2013 is about solid profitability at Yadkin," Joe Towell, president and CEO, said in a statement. "We continued our trends in growing loans, reducing nonperforming assets and increasing our net interest margin. We are pleased to maintain attractive credit metrics while growing our loan portfolio, primarily in our desired categories of commercial and industrial, owner occupied real estate, and consumer."

Last year, Yadkin reported a significant loss in the fourth quarter as the bank used new capital to get millions of bad loans off its books, a move executives called a "success" that will position the bank for growth. Since then, the bank has returned to profitability. It had income of $4.2 million, or 30 cents a share, in the second quarter of this year.