The top executive of Yadkin Valley Financial Corp. received a 14 percent raise in salary but had an overall decline in total compensation in 2009.
The bank said in a regulatory filing yesterday that it paid William Long, its president and chief executive, $370,853 in salary.
The bank said that the raise was not merit-based but considered a "market adjustment" in comparison with salaries paid to executives at peer community banks.
None of the bank's top five executives received a bonus in 2009. Long was paid a $150,000 bonus in 2008.
Long also received $62,374 in all other compensation, up 16 percent. He was paid $18,804 for a country-club membership and dues, $16,976 for an automobile provision, $16,748 for medical insurance, $7,350 in an employer 401(k) match, and $2,495 for life-insurance costs.
Yadkin, like most community banks serving the Triad, struggled last year with delinquent and nonperforming loans by borrowers, individual and corporate.
Yadkin lowered its loan-loss provision to $3.1 million from $18.3 million in the third quarter and $7.6 million in the fourth quarter of 2008.
Although its nonperforming assets were up nearly threefold in the past year -- $50.6 million on Dec. 31, compared with $17.7 million on Dec. 31, 2008 -- the total was down from $55 million on Sept. 30.
For the full year, Yadkin had a loss of $77.5 million, compared with net income of $3.9 million.
In the third quarter, the bank took a $61.6 million goodwill impairment charge. Goodwill is the difference between the cost of a financial transaction and the fair-market value of the company that is bought. Eliminating most or all of goodwill typically does not affect a business's cash flow and liquidity.
Edwin Laws, the bank's chief financial officer for the majority of 2009, received a 15 percent raise in salary to $165,205.
Laws was shifted to a senior leadership position in September and remained in that position until Feb. 12.
Jan Hollar was named as the chief financial officer Sept. 14. She received $58,227 in salary.
Stephen Robinson, its chief operating officer, received a 7 percent increase to $205,888.
Joseph Towell, its chief credit officer, received a 33 percent raise to $189,792.
rcraver@wsjournal.com
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