Wednesday, July 23, 2014

Yadkin Financial profit narrows in 2nd quarter

Raleigh-based Yadkin Financial Corp. on Wednesday reported lower second-quarter profit from a year ago as it recorded merger-related expenses and its mortgage business slumped.

The parent company of Yadkin Bank posted profit of $3.8 million, down from $4.2 million in the same period last year.

Expenses connected to its merger with Raleigh-based VantageSouth Bancshares weighed on earnings. The merger was completed earlier this month, making Yadkin the largest community bank headquartered in the state.

During the quarter, Yadkin reported its mortgage banking income fell 69.8 percent from a year ago to $769,000. The drop came as demand to refinance home loans nationwide has waned since interest rates began rising last year.

"2014 has been an eventful year for the company," Scott Custer, Yadkin president, said in a statement.

"The combination of two of North Carolina's largest community banks provides Yadkin with the growth opportunities, scale and footprint to continue to deliver a best-in-class customer experience, offer competitive financial services and solutions, provide a rewarding experience for our teammates and generate top-tier financial performance for our shareholders."

Yadkin Bank has 74 branches across the Carolinas, including in the Charlotte region.