Yadkin Financial Corporation Announces Third Quarter 2013 Results; Strong EPS Continues in Back Half of the Year

Marketwired

ELKIN, NC--(Marketwired - Oct 24, 2013) - Yadkin Financial Corporation (NASDAQ: YDKN)

Third Quarter Highlights:

  • Net income available to common shareholders for the third quarter of 2013 was $4.3 million, or $0.30 per diluted share.
  • The average net interest margin for the quarter was 3.93%, an increase of 3 basis points compared to the prior quarter.
  • Total loan balances increased $18.7 million compared to the prior quarter, our second consecutive quarter of loan growth.
  • Nonperforming assets decreased for the fourth consecutive quarter, ending the quarter at 1.15% of total assets.
  • The Company continues to demonstrate a strong capital position, as evidenced by our Tier 1 leverage, Tier 1 risk-based, and total risk-based capital levels at the Bank. These ratios were 10.9%, 12.9%, and 14.2%, respectively, at September 30, 2013

Yadkin Financial Corporation (NASDAQ: YDKN), the holding company for Yadkin Bank, announced today financial results for the third quarter ended September 30, 2013. Net income available to common shareholders for the quarter was $4.3 million, or $0.30 per diluted share, compared to net income of $4.2 million, or $0.30 per diluted share, in the second quarter of 2013, and net loss of $81,000, or $0.01 per diluted share, in the third quarter of 2012.

Joe Towell, President and CEO of Yadkin Financial, commented, "We continue to demonstrate that 2013 is about solid profitability at Yadkin. I'm proud of our team for driving results as we work in a very competitive banking environment in the Carolinas. 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.

"Clearly, we have shown that our Board, management team, and employees are laser-focused on our success. We are looking forward to finishing the year strong and moving into 2014 with momentum and opportunity ahead of us. Our core bank continues to show its strengths in terms of quality loan growth and core deposit acquisition. Our mortgage and wealth management divisions continue to drive our non-interest income with their strong performances during 2013, and our focus on enhancing the customer experience has allowed us to better serve our existing customers and attract new customers.

"While our industry and our economy continue to improve, we are pleased with our results through three quarters of 2013."

Third Quarter 2013 Financial Highlights

Asset Quality

The Bank's key asset quality metrics continue to be strong as we maintain a clean credit profile. First, our adversely classified items to Tier 1 capital and loan loss reserve ratio has continued to decrease, down to 22.02% at the end of the third quarter. Our nonperforming loans decreased $1.8 million compared to the prior quarter, to $17.9 million at September 30, 2013. In addition, the nonperforming loans to total loans ratio decreased to 1.33% at September 30, 2013, compared to 1.47% at June 30, 2013. 

                     
    Nonperforming Loan Analysis  
    (Dollars in thousands)  
                     
    September 30, 2013     June 30, 2013  
        % of         % of  
    Outstanding   Total     Outstanding   Total  
Loan Type   Balance   Loans     Balance   Loans  
Construction/land development   $ 2,917   0.22 %   $ 3,545   0.27 %
Residential construction     548   0.04 %     553   0.04 %
HELOC     1,373   0.10 %     2,003   0.15 %
1-4 Family residential     3,312   0.25 %     2,749   0.21 %
Commercial real estate     7,831   0.58 %     7,739   0.58 %
Commercial & industrial     1,622   0.12 %     2,743   0.21 %
Consumer & other     271   0.02 %     366   0.03 %
Total   $ 17,874   1.33 %   $ 19,698   1.47 %
                         

Other real estate owned (OREO) totaled $3.0 million at September 30, 2013, a decrease of $823,000 compared to $3.8 million at June 30, 2013. Total nonperforming assets at September 30, 2013 were $20.9 million, or 1.15% of total assets, a decrease of $2.6 million from June 30, 2013.

During the third quarter of 2013, the provision for loan losses was $40,000, a decrease of $15,000 from the second quarter of 2013. This decrease is due to the continued clean credit profile of the Company and the reduction in loans moving to nonperforming and classified status. Total net charge-offs for the third quarter of 2013 were $2.0 million, or 0.58% of average loans on an annualized basis.

At September 30, 2013, the allowance for loan losses was $21.0 million, compared to $22.9 million at June 30, 2013. As a percentage of total loans held-for-investment, the allowance for loan losses was 1.58% in the third quarter of 2013, down from 1.74% in the second quarter of 2013. While credit quality has improved, the reserve remains at a robust level due to continued economic uncertainty and other external factors in our markets. Out of the $21.0 million in total allowance for loan losses at September 30, 2013, the specific allowance for impaired loans accounted for $400,000, down from $2.0 million in the second quarter. The remaining general allowance of $20.6 million attributed to unimpaired loans was down from $20.9 million at the end of the second quarter.

Net Interest Income and Net Interest Margin

Net interest income was essentially flat at $16.1 million compared to the prior quarter. Our net interest margin continued to expand with the quarterly average margin increasing 3 basis points to 3.93%, up from 3.90% at June 30, 2013. This increase in margin is due to our continued loan growth, consistent yield on loans, lower cost of deposits, and slower prepayment speeds in our securities portfolio.

In the third quarter of 2013, we continued to strategically shift our deposit mix and lower our cost of deposits. Core deposits now represent 63.3% of total deposits, our highest percentage in the last eight quarters, as we focus on core deposit growth. As a result of this strategy, our cost of deposits decreased to 0.51% for the quarter as compared to 0.55% in the second quarter of 2013.

Non-Interest Income

Non-interest income decreased $803,000 to $5.4 million in the third quarter compared to $6.2 million in the second quarter of 2013. This decrease is due primarily to a slowdown in the velocity of rate increases during the quarter, which impacts our mortgage income. This was offset by $310,000 in gains as a result of the branch sale executed during July 2013. While our mortgage portfolio is strong, income from this portfolio could moderate over the coming quarters due to anticipated trends in rate movement.

Non-Interest Expense

Non-interest expense decreased $693,000 during the third quarter, down to $14.2 million as compared to $14.8 million in the second quarter. The second quarter of 2013 included expenses related to our rebranding initiative, as well as additional fees incurred as a result of the Company's 1-for-3 reverse stock split, which caused the increase in expense during the prior quarter.

Balance Sheet and Capital

Total assets increased $11.6 million during the third quarter of 2013 as we begin to expand our loan portfolio due to our focus on quality loan growth. Total loans increased $18.7 million as compared to the prior quarter, marking our second consecutive quarter of loan growth. The decrease in total deposits of $31.8 million consisted primarily of a reduction in higher cost time deposits. Core deposits increased $4.4 million compared to the prior quarter, representing our fifth consecutive quarter of core deposit increase.

The Company's capital ratios have strengthened and continue to exceed all regulatory requirements. As of September 30, 2013, the Bank's leverage ratio, Tier 1 risk-based capital ratio, and total risk-based capital ratio were 10.9%, 12.9%, and 14.2%, respectively. Leverage ratio, Tier 1 risk-based capital ratio, and total risk-based capital ratio were 11.1%, 13.2%, and 14.4% respectively, for the holding company as of September 30, 2013. In addition, the Company's tangible common equity to total tangible assets ratio was 8.2% at the end of the third quarter, compared to 8.0% at June 30, 2013. For capital adequacy purposes, leverage ratio, Tier 1 risk-based capital ratio, and total risk-based capital ratio must be in excess of 5.0%, 6.0%, and 10.0%, respectively, to be considered well-capitalized.

Conference Call

Yadkin Financial Corporation will host a conference call at 10:00 a.m. EDT on Thursday, October 24, 2013 to discuss financial results, business highlights, and outlook. The call may be accessed by dialing 877-312-5527 at least 10 minutes prior to the call. A webcast of the call audio may be accessed at http://www.media-server.com/m/p/9y7f997f. A replay of the call will be available until October 30, 2013 by dialing 855-859-2056 or 404-537-3406 and entering Conference ID 87522497.

About Yadkin Financial Corporation
Yadkin Financial Corporation is the holding company for Yadkin Bank, a full-service community bank with 33 branches throughout its two regions in North Carolina and South Carolina. The Western Region serves Avery, Watauga, Ashe, Surry, Wilkes, Yadkin, Durham, and Orange Counties. The Southern Region serves Iredell, 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 Mortgage, headquartered in Greensboro, NC. Securities brokerage services are provided by Yadkin Wealth, Inc., a Bank subsidiary with offices located throughout the branch network. Yadkin Financial Corporation's website is www.yadkinbank.com. Yadkin shares are traded on NASDAQ under the symbol YDKN.

SAFE HARBOR

This news release contains forward-looking statements, as defined by Federal Securities Laws, including statements about financial outlook and business environment. 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 44-45 of Yadkin Financial Corporation's quarterly report filed on Form 10-Q with the SEC for the quarter ended September 30, 2013 and in the sections entitled "Forward Looking Statements" in quarterly reports filed on Form 10-Q for the quarters ended June 30, 2013, March 31, 2013, and September 30, 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 Financial Corporation  
Consolidated Balance Sheets (Unaudited)  
   
    (Amounts in thousands except share and per share data)  
    September 30, 2013   June 30,
2013
  March 31,
2013
  December 31, 2012 (a)   September 30, 2012  
Assets:                                
Cash and due from banks   $ 32,417   $ 28,104   $ 22,210   $ 36,125   $ 26,048  
Federal funds sold     15     50     50     50     50  
Interest-earning deposits with banks     6,695     4,654     20,447     102,221     97,124  
                                 
U.S. government agencies     16,536     16,625     17,232     27,527     32,869  
Mortgage-backed securities     199,492     203,173     248,030     230,894     221,806  
State and municipal securities     109,626     110,410     115,435     84,567     54,769  
Common and preferred stocks     3,036     137     149     132     1,112  
    Total investment securities     328,690     330,345     380,846     343,120     310,556  
                                 
Construction loans     128,951     127,564     133,200     131,981     147,408  
Commercial, financial and other loans     191,874     186,965     182,268     193,810     190,294  
Residential mortgages     171,747     167,784     166,565     140,931     174,728  
Commercial real estate loans     616,116     604,667     596,790     617,468     615,733  
Installment loans     31,450     32,133     32,037     33,426     34,216  
Revolving 1-4 family loans     193,299     195,648     193,404     191,888     196,489  
    Total loans     1,333,437     1,314,761     1,304,264     1,309,504     1,358,868  
Allowance for loan losses     (21,014 )   (22,924 )   (24,492 )   (25,149 )   (27,231 )
    Net loans     1,312,423     1,291,837     1,279,772     1,284,355     1,331,637  
Loans held for sale     12,632     22,545     18,461     27,679     24,766  
Accrued interest receivable     6,339     6,546     6,502     6,376     6,229  
Bank premises and equipment     41,050     42,410     42,454     41,849     41,460  
Foreclosed real estate     2,989     3,812     5,449     8,738     22,294  
Non-marketable equity securities at cost     5,273     3,473     3,474     4,154     4,155  
Investment in bank-owned life insurance     26,888     26,736     26,587     26,433     26,274  
Core deposit intangible     2,133     2,301     2,475     2,653     2,914  
Other assets     35,973     39,102     37,865     39,685     26,871  
                                 
    Total assets   $ 1,813,517   $ 1,801,915   $ 1,846,592   $ 1,923,438   $ 1,920,378  
                                 
Liabilities and shareholders' equity:                                
Deposits:                                
Non-interest bearing   $ 266,951   $ 252,618   $ 257,388   $ 273,896   $ 256,402  
NOW, savings and money market accounts     676,502     686,438     656,524     624,460     606,220  
Time certificates:                                
  $100 or more     236,787     251,168     281,652     316,146     342,356  
  Other     311,096     332,873     366,095     417,160     446,482  
    Total deposits     1,491,336     1,523,097     1,561,659     1,631,662     1,651,460  
                                 
Borrowings     131,080     91,896     99,160     105,136     102,299  
Accrued expenses and other liabilities     12,229     12,306     10,922     15,846     11,383  
    Total liabilities     1,634,645     1,627,299     1,671,741     1,752,644     1,765,142  
                                 
Total shareholders' equity     178,872     174,616     174,851     170,794     155,236  
                                 
Total liabilities and shareholders' equity   $ 1,813,517   $ 1,801,915   $ 1,846,592   $ 1,923,438   $ 1,920,378  
                                 
Period end shares outstanding     14,383,986     14,383,986     14,383,884     14,383,882     6,667,896  
                                 
                                 
(a) Derived from audited consolidated financial statements.               
     
     
     
Yadkin Financial Corporation  
Consolidated Income Statements (Unaudited)  
   
  Three Months Ended  
  (Amounts in thousands except share and per share data)  
  September 30, 2013   June 30,
2013
  March 31,
2013
  December 31, 2012   September 30, 2012  
                               
Interest and fees on loans $ 16,849   $ 16,950   $ 16,679   $ 17,338   $ 17,735  
Interest on securities   1,616     1,686     1,548     1,381     1,674  
Interest on federal funds sold   -     2     6     8     9  
Interest-bearing deposits   5     13     42     66     28  
  Total interest income   18,470     18,651     18,275     18,793     19,446  
                               
Time deposits of $100 or more   877     1,009     1,352     1,346     1,762  
Other deposits   1,034     1,112     1,432     2,132     2,018  
Borrowed funds   423     409     439     570     477  
  Total interest expense   2,334     2,530     3,223     4,048     4,257  
                               
    Net interest income   16,136     16,121     15,052     14,745     15,189  
Provision for loan losses   40     55     237     31,554     4,251  
Net interest income after provision for loan losses   16,096     16,066     14,815     (16,809 )   10,938  
                               
Non-interest income                              
  Service charges on deposit accounts   1,336     1,317     1,269     1,398     1,319  
  Other service fees   1,259     1,401     927     986     857  
  Income on investment in bank-owned life insurance   152     150     153     159     159  
  Mortgage banking activities   1,713     2,546     3,288     1,448     1,599  
  Gains on sale of securities   253     272     4     96     1,348  
  Other than temporary impairment of investments   -     -     (39 )   (50 )   -  
  Loss on sale of subsidiary   -     -     (1 )   (1,019 )   -  
  Loss on sale of loans   -     -     -     (2,132 )   (900 )
  Gain on sale of branch   310     -     -     -     -  
  Other   358     498     56     100     283  
    Total non-interest income   5,381     6,184     5,657     986     4,665  
                               
Non-interest expense                              
  Salaries and employee benefits   7,780     7,953     7,389     6,935     6,914  
  Occupancy and equipment   2,001     1,951     1,815     1,562     1,794  
  Printing and supplies   159     150     163     157     168  
  Data processing   374     350     395     447     456  
  Communication expense   350     338     332     354     314  
  Advertising and marketing   348     433     256     77     103  
  Amortization of core deposit intangible   166     175     178     260     266  
  FDIC assessment expense   363     642     592     664     650  
  Attorney fees   90     178     90     263     311  
  Other professional fees   237     497     476     736     491  
  Loan collection expense   203     201     217     569     69  
  (Gain) loss on fixed assets   154     -     -     153     -  
  Net cost of operation of other real estate owned   93     (174 )   (822 )   8,136     1,322  
  Other   1,832     2,149     2,134     2,395     1,934  
    Total non-interest expense   14,150     14,843     13,215     22,708     14,792  
                               
Income (loss) before income taxes   7,327     7,407     7,257     (38,531 )   811  
Provision for income taxes (benefit)   2,616     2,598     2,608     (14,632 )   54  
                               
Net income (loss)   4,711     4,809     4,649     (23,899 )   757  
Preferred stock dividend and amortization of preferred stock discount   421     590     445     1,419     838  
Net income (loss) available to common shareholders $ 4,290   $ 4,219   $ 4,204   $ (25,318 ) $ (81 )
Net income (loss) per common share (a)                              
    Basic $ 0.30   $ 0.30   $ 0.30   $ (3.63 ) $ (0.01 )
    Diluted $ 0.30   $ 0.30   $ 0.30   $ (3.63 ) $ (0.01 )
                               
Weighted average number of common shares outstanding                              
    Basic   14,205,705     14,205,223     14,198,382     6,972,526     6,463,084  
    Diluted   14,249,152     14,223,604     14,200,424     6,972,526     6,463,084  
                               
                               
(a) Net income (loss) per share for prior periods has been adjusted to reflect the 1-for-3 reverse stock split.  
   
   
   
Yadkin Financial Corporation  
(unaudited)  
   
    At or For the Three Months Ended  
    September 30, 2013     June 30,
2013
    March 31,
2013
    December 31, 2012     September 30, 2012  
                                         
Per Share Data:                                        
Basic Earnings per Share (8)   $ 0.30     $ 0.30     $ 0.30     $ (3.63 )   $ (0.01 )
Diluted Earnings per Share (8)     0.30       0.30       0.30       (3.63 )     (0.01 )
Book Value per Share (8)     10.47       10.17       10.21       9.93       16.08  
                                         
Selected Performance Ratios:                                        
Return on Average Assets (annualized)     0.95 %     0.93 %     0.91 %     -5.15 %     -0.02 %
Return on Average Equity (annualized)     9.74 %     9.63 %     9.94 %     -53.53 %     -0.21 %
Net Interest Margin (annualized)     3.93 %     3.90 %     3.57 %     3.28 %     3.37 %
Net Interest Spread (annualized)     3.80 %     3.76 %     3.40 %     3.08 %     3.19 %
Non-interest Income as a % of Revenue (6)     25.05 %     27.79 %     27.63 %     -6.23 %     29.90 %
Non-interest Income as a % of Average Assets     0.30 %     0.34 %     0.30 %     0.05 %     0.24 %
Non-interest Expense as a % of Average Assets     0.79 %     0.82 %     0.70 %     1.17 %     0.76 %
                                         
Asset Quality:                                        
Loans 30-89 days past due (000's) (4)   $ 4,412     $ 6,493     $ 6,060     $ 14,000     $ 13,354  
Loans over 90 days past due still accruing (000's)     -       -       -       -       -  
Nonperforming Loans (000's)     17,874       19,698       23,712       22,817       57,053  
Other Real Estate Owned (000's)     2,989       3,812       5,449       8,738       22,294  
Nonperforming Assets (000's)(5)     20,864       22,687       29,161       31,555       79,347  
Accruing/Performing troubled debt restructurings (000's)     5,599       9,162       8,579       17,667       13,929  
Nonperforming Loans to Total Loans     1.33 %     1.47 %     1.79 %     1.71 %     4.12 %
Nonperforming Assets to Total Assets     1.15 %     1.30 %     1.58 %     1.64 %     4.13 %
Allowance for Loan Losses to Total Loans     1.56 %     1.71 %     1.85 %     1.88 %     1.97 %
Allowance for Loan Losses to Total Loans Held for Investment     1.58 %     1.74 %     1.88 %     1.92 %     2.00 %
Allowance for Loan Losses to Nonperforming Loans     117.57 %     116.38 %     103.29 %     110.22 %     47.73 %
Net Charge-offs/Recoveries to Average Loans (annualized)     0.58 %     0.49 %     0.27 %     9.74 %     1.66 %
                                         
Capital Ratios:                                        
Equity to Total Assets     9.86 %     9.69 %     9.47 %     8.88 %     8.08 %
Tier 1 leverage ratio(1)     10.88 %     10.30 %     9.72 %     8.92 %     8.73 %
Tier 1 risk-based ratio(1)     12.92 %     12.49 %     12.23 %     11.73 %     11.18 %
Total risk-based capital ratio(1)     14.17 %     13.74 %     13.49 %     12.99 %     12.44 %
                                         
Non-GAAP disclosures(2):                                        
Tangible Book Value per Share   $ 10.32     $ 10.01     $ 10.03     $ 9.75     $ 15.64  
Return on Tangible Equity (annualized) (3)     9.87 %     9.76 %     10.09 %     -54.34 %     -0.21 %
Tangible Common Equity to Tangible Assets (3)     8.19 %     8.00 %     7.83 %     7.30 %     5.44 %
Efficiency Ratio (7)     63.47 %     66.55 %     66.40 %     88.62 %     66.46 %
                                         
Notes:
(1)
Tier 1 leverage, Tier 1 risk-based, and Total risk-based ratios are ratios for the bank, Yadkin Bank 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)

Efficiency ratio is calculated by taking noninterest expense less the amortization of intangibles and gains on sale of OREO, as a percentage of total taxable equivalent net interest income and noninterest income less gains on sale of securities, gains (losses) on sale of loans, gains on sale of branch and other than temporary impairment of investments.
(8) Prior period per share amounts have been adjusted to reflect the 1-for-3 reverse stock split.
   
   
   
Yadkin Financial Corporation
Average Balance Sheets and Net Interest Income Analysis (Unaudited)
                                 
  Three Months Ended September 30,      
  2013       2012      
  (Dollars in Thousands)      
                                 
  Average       Yield/       Average       Yield/      
  Balance   Interest   Rate       Balance   Interest   Rate      
INTEREST EARNING ASSETS                                        
Total loans (1,2) $ 1,334,620   $ 16,878   5.02 %     $ 1,393,717   $ 17,770   5.07 %    
Investment securities   326,990     1,969   2.39 %       355,133     1,901   2.13 %    
Interest-bearing deposits & federal funds sold   6,655     5   0.29 %       74,243     37   0.20 %    
Total average earning assets (1)   1,668,265     18,852   4.48 %   (6)   1,823,093     19,708   4.30 %   (6)
Non-interest earning assets   125,801                   129,713                
Total average assets $ 1,794,066                 $ 1,952,806                
                                         
INTEREST BEARING LIABILITIES                                        
Time deposits $ 561,882     1,622   1.15 %     $ 796,695     3,449   1.72 %    
Other deposits   678,071     289   0.17 %       610,286     331   0.22 %    
Borrowed funds   110,205     423   1.52 %       113,048     477   1.68 %    
Total interest bearing liabilities   1,350,158     2,334   0.69 %   (7)   1,520,029     4,257   1.11 %   (7)
                                         
Non-interest bearing deposits   257,357                   249,054                
Other liabilities   11,840                   28,542                
Total average liabilities   1,619,355                   1,797,625                
                                         
Shareholders' equity   174,711                   155,181                
                                         
Total average liabilities and shareholders' equity $ 1,794,066                 $ 1,952,806                
                                         
NET INTEREST INCOME/ YIELD (3,4)       $ 16,518   3.93 %           $ 15,451   3.37 %    
                                         
INTEREST SPREAD (5)             3.80 %                 3.19 %    
                                         
(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 $64,000 and $55,000, 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 $67,000, respectively, of accretion for purchase accounting adjustments related to deposits and borrowings acquired in the merger with American Community.
   
Contact:
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

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