YADKIN FINANCIAL Corp 8-K 2008
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: November 7, 2008
Yadkin Valley Financial Corporation
Issuers telephone number: (336) 526-6300
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
This document contains 2 pages, plus exhibit
Item 2.02. Disclosure of Results of Operations and Financial Condition
Elkin, NC November 7, 2008 Yadkin Valley Financial Corporation (NASDAQ: YAVY), the holding company for Yadkin Valley Bank and Trust Company, announced financial results for the third quarter ending September 30, 2008. Net income was $1.8 million or $0.15 per diluted share, compared to net income of $3.9 million or $0.37 per diluted share in the third quarter of 2007. Included in the third quarter 2008 results was a $972,800 pretax other than temporary impairment charge on investments in Federal Home Loan Mortgage (Freddie Mac) perpetual preferred securities. Excluding this charge, diluted earnings per share were $0.21.
Item 9.01(d): Exhibits
Pursuant to the requirements of the Securities Exchange Act of 1934, the Bank has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.