The corporate parent of the new Yadkin Bank reported $319,000 in net income in the third quarter — results that were dragged down by costs stemming from the recent merger that created the largest community bank based in North Carolina.
The quarterly results for Raleigh-based Yadkin, which was formed in July by the merger of VantageSouth and Yadkin banks, included $17.3 million in merger and system conversion costs.
Net operating earnings excluding those costs plus restructuring charges, securities gains and losses, and the sale of a branch totaled $11.4 million in the third quarter.
"We are very happy with the results," said Terry Earley, the bank's chief financial officer. "We feel like we are positioned well as we go through (the fourth quarter) and beyond."
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Because of accounting rules governing the merger, the latest results aren't comparable to the bank's year-ago results.
Yadkin has 74 branches in North Carolina and South Carolina.
Yadkin reported its third-quarter results last week. On Monday its shares closed at $18.91, down 2 cents. Its shares have risen 11 percent this year.