Yadkin Financial Corp. said Thursday that it earned $3.3 million for shareholders in the first quarter, down 21 percent from the year before as the bank spends money to carry out an upcoming merger.
Yadkin announced in January that it planned to merge with Raleigh-based VantageSouth Bancshares in a deal that would create North Carolina's largest community bank.
The bank said merger-related expenses totaled $1.4 million in the quarter. The merger is still expected to close in the third quarter.
Yadkin is based in Elkin but has the largest concentration of branches in the Charlotte area and north along the Interstate 77 corridor.
CEO Joe Towell said in a statement that loan demand is increasing in its markets. He said the bank is "excited" about its new small business loan program that cuts out paperwork and financial statement requirements to speed the process. Yadkin's loan book increased for the fourth consecutive quarter, up about 2 percent from the quarter before to $1.4 billion.