Yadkin Valley Financial Corporation (NASDAQ: YAVY)
First Quarter Highlights:
- Net income available to common shareholders for the first
quarter of 2013 was $4.2 million, or $0.10 per diluted share.
- The Company executed the remaining portion of its problem asset
disposition plan by substantially completing the auction of Other
Real Estate Owned (OREO) during the first quarter, which resulted
in a $1.1 million net gain on sale.
- The Bank's key credit quality metrics continue to improve, with
the ratio of adversely classified items to Tier 1 capital and loan
loss reserve at 26.85% at the end of the first quarter.
- Net interest margin for the quarter was 3.57%, an increase of
29 basis points compared to the prior quarter.
- The Company announced a rebranding initiative to be completed
over the next 30 days. We will begin doing business as Yadkin
Financial Corporation and Yadkin Bank on May 28, 2013.
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
Yadkin Financial Corporation (MM) (NASDAQ:YAVY)
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