Core Insights - Cadence's stock has outperformed the S&P 500 composite, returning +15.3% over the past month compared to the index's +0.4% change [1] - The stock currently holds a Zacks Rank 4 (Sell), suggesting potential underperformance in the near term [1] Financial Performance - Cadence reported revenue of $456.98 million for the quarter ended June 2024, exceeding the Zacks Consensus Estimate of $439.63 million by +3.95% [2] - The company experienced a year-over-year revenue decline of 1.9% [2] - Earnings per share (EPS) for the quarter was $0.69, surpassing the consensus estimate of $0.60 by +15.00% [2] Key Financial Metrics - Net Interest Margin was reported at 3.3%, slightly above the six-analyst average estimate of 3.2% [4] - Average Balance of Total Interest Earning Assets was $43.85 billion, below the estimated $44.23 billion [4] - Efficiency Ratio (fully tax equivalent) was 56.1%, better than the average estimate of 59.5% [4] - Net charge-offs to average loans remained at 0.3%, matching the average estimate [4] - Non-Performing Assets totaled $221.54 million, significantly lower than the average estimate of $290.93 million [4] - Tier 1 capital was reported at 12.3%, exceeding the average estimate of 12.1% [4] - Total capital was 14.2%, below the average estimate of 14.6% [4] - Non-Performing Loans amounted to $216.75 million, compared to the average estimate of $283.27 million [4] - Total noninterest income reached $100.66 million, surpassing the average estimate of $85.40 million [4] - Net Interest Income (FTE) was $356.96 million, slightly above the average estimate of $355.13 million [4] - Net Interest Income was reported at $356.32 million, exceeding the average estimate of $353.96 million [4] - Credit card, debit card, and merchant fees were $12.77 million, below the average estimate of $13.72 million [4]

Cadence (CADE) came out with quarterly earnings of $0.69 per share, beating the Zacks Consensus Estimate of $0.60 per share. This compares to earnings of $0.64 per share a year ago. These figures are adjusted for nonrecurring items. Cadence, which belongs to the Zacks Banks - Southeast industry, posted revenues of $456.98 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 3.95%. This compares to year-ago revenues of $465.84 million. The company has topped consensus revenue e ...

HOUSTON and TUPELO, Miss., July 22, 2024 /PRNewswire/ -- Cadence Bank (NYSE: CADE) (the Company), today announced financial results for the quarter ended June 30, 2024. Highlights for the second quarter of 2024 included: Reported quarterly net income available to common shareholders of $135.1 million, or $0.73 per diluted common share, and adjusted net income from continuing operations available to common shareholders,(1) which excludes non-routine income and expenses,(2) of $127.9 million, or $0.69 per dil ...

Cadence (CADE) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended June 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The earnings report, which is expected to be released on July 22, 2024, might help the stock move higher if these key numbers are better than expectatio ...

The webcast will be live coverage of management's conference call with analysts and can be found by visiting: https://ir.cadencebank.com/events. This will be an interactive session between management and analysts; others may listen to the live broadcast as it happens. The conference call will also be available in archived format at the same web address. HOUSTON and TUPELO, Miss., June 26, 2024 /PRNewswire/ -- Cadence Bank (NYSE: CADE) will release its second quarter 2024 earnings on Monday, July 22, 2024, a ...

HOUSTON and TUPELO, Miss., April 24, 2024 /PRNewswire/ -- At its meeting today, the board of directors of Cadence Bank (NYSE: CADE) (Cadence) declared a quarterly cash dividend of $0.25 per share of common stock. The common stock dividend is payable on July 1, 2024, to shareholders of record at the close of business on June 14, 2024. The board of directors also declared a quarterly cash dividend of $0.34375 per share of Series A Preferred Stock. The preferred stock dividend is payable on May 20, 2024, to sh ...

Financial Data and Key Metrics Changes - The company reported GAAP net income of $114.6 million or $0.62 per common share, with adjusted net income from continuing operations also at $114.4 million, reflecting significant improvement over previous quarters [135][131] - Net interest income increased by $19 million or 5.8% compared to the fourth quarter of 2023, totaling $354 million [140] - The net interest margin improved by 18 basis points to 3.22%, driven by a restructuring of the securities portfolio [137][19] - Adjusted expenses declined by over $6 million compared to the fourth quarter, contributing to a reduction in the adjusted efficiency ratio to 60.1% [128][145] Business Line Data and Key Metrics Changes - Service charge revenue increased by $7.2 million, primarily due to changes in deposit service charge fees [20] - Mortgage banking revenue saw notable increases in both production and servicing revenue, alongside a stable MSR asset valuation [20][144] - The company experienced a 4.8% annualized growth in loan balances, amounting to over $385 million, with significant growth in non-real estate and owner-occupied C&I portfolios [126] Market Data and Key Metrics Changes - Non-interest-bearing deposit balances ended the quarter at 23.1% of total deposits, slightly down from 24% in the previous quarter [142] - The total cost of deposits increased by 13 basis points to 2.45%, marking the slowest pace of increase since the onset of the current rate cycle [141] - The company strategically reduced brokered and certain thinly priced public fund balances, which collectively declined by over $1 billion linked-quarter [136] Company Strategy and Development Direction - The company continues to focus on improving operating efficiency and driving business development, as evidenced by the strategic initiatives completed in 2023 [125] - There is an ongoing effort to grow core customer deposits, with approximately $400 million in organic growth during the quarter [136] - The management expressed confidence in maintaining a stable credit quality while pursuing loan growth in high-growth markets such as Texas, Florida, and Georgia [172][173] Management's Comments on Operating Environment and Future Outlook - Management noted that the current operating environment remains competitive, particularly in the community banking sector [27] - The company anticipates further improvements in net interest income and margin stability, with expectations of continued loan growth [44][30] - Management highlighted the importance of ongoing investments in technology and personnel to support future growth [62][86] Other Important Information - The company repurchased over 650,000 shares at a weighted average price of $25.65 during the quarter [8][129] - The provision for credit losses was recorded at $22 million, with net charge-offs totaling $19.5 million, both in line with expectations [138] Q&A Session Summary Question: Can you discuss asset repricing and expected lifts in asset yields? - Management indicated that the most significant lift occurred from the fourth to the first quarter due to securities repositioning, with expectations for natural price lifts from balance sheet repricing [13] Question: What is the outlook for loan growth and pipeline? - Management reported a solid pipeline filling in February and March, with growth primarily in higher growth markets, particularly in corporate banking [37][172] Question: How are non-interest-bearing deposits trending? - The company expects a gradual decline in non-interest-bearing deposits to about 20% of total deposits by year-end, reflecting normal customer behavior [68][100] Question: What are the expectations for mortgage banking? - Management noted that while they are not focusing on refinancing, they are selling more loans than they are portfolioing, indicating a balanced approach [108] Question: Are there any sectors showing weakness in credit quality? - Management identified some stress in the senior assisted-living sector and noted migration in the SBA loan portfolio, but overall credit quality remains manageable [170][171]

For the quarter ended March 2024, Cadence (CADE) reported revenue of $437.69 million, up 2.2% over the same period last year. EPS came in at $0.62, compared to $0.68 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $426.84 million, representing a surprise of +2.54%. The company delivered an EPS surprise of +14.81%, with the consensus EPS estimate being $0.54.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how the ...

Cadence (CADE) came out with quarterly earnings of $0.62 per share, beating the Zacks Consensus Estimate of $0.54 per share. This compares to earnings of $0.68 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 14.81%. A quarter ago, it was expected that this bank would post earnings of $0.53 per share when it actually produced earnings of $0.40, delivering a surprise of -24.53%.Over the last four quarters, the company has surpas ...

Analysts on Wall Street project that Cadence (CADE) will announce quarterly earnings of $0.54 per share in its forthcoming report, representing a decline of 20.6% year over year. Revenues are projected to reach $426.84 million, declining 0.4% from the same quarter last year.The consensus EPS estimate for the quarter has been revised 1.1% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timefr ...