Yadkin Valley Financial Corp. in Elkin, N.C., said Monday that its second-quarter net income fell 44% from a year earlier, to $2.1 million, or 19 cents a share.
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The $1.4 billion-asset company said its loan-loss provision jumped 339%, to $1.1 million, due to loan growth from its Cardinal State Bank acquisition and higher nonperforming loans.
Its ratio of nonperforming loans to total loans rose 12 basis points from a year earlier but was down five basis points from the previous quarter, at 0.43%. Residential construction and land development loans were half of the nonperformers.
