Wednesday, January 29, 2014

Yadkin Financial reports 'strong' end to 2013

Just days after announcing a merger that will transform its future, Yadkin Financial said it ended 2013 in a position of greater strength.

The bank reported earning $4.2 million for shareholders in the fourth quarter, another quarter of profit after taking a significant $25.3 million loss in the same time period last year to write down bad loans. Yadkin Financial had raised $45 million in capital that quarter to help absorb the losses.

In the months since then, the bank has grown its loan book in three straight quarters and slashed its nonperforming and delinquent loans by 30 to 40 percent.

"We returned to stability and strength following the execution of our accelerated asset disposition plan at the end of 2012, and we haven't looked back," CEO Joe Towell said in a statement. "Every business unit in the bank worked toward making 2013 a year of consistent and meaningful profitability, and we have accomplished that goal."

Wednesday's report will be one of the last for Yadkin Financial as an independent bank. Earlier this week, it announced it will combine with Raleigh's VantageSouth Bancshares in what was billed as a merger of equals. It will create a $4 billion statewide franchise that will rank as North Carolina's largest community bank.

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