Core Points - Cadence Bank has adjourned its special meeting of shareholders to April 25, 2025, to solicit proxies for a stock repurchase proposal [1] - A special cash dividend of $0.34375 per share of Series A Preferred Stock will be declared if the stock repurchase proposal receives a two-thirds affirmative vote [2] - The record date for eligible shareholders to vote remains November 8, 2024, and valid proxies will continue to be valid for the reconvened meeting [4] Proposal Details - Proposal 2 involves authorizing the Board of Directors to implement stock repurchases in accordance with Regulation H [1][3] - Common shareholders approved several proposals at the initial special meeting, while preferred shareholders approved Proposal 4 prior to adjournment [3] Meeting Logistics - The reconvened special meeting will be held virtually on April 25, 2025, at 9:00 a.m. Central Time [6] - Preferred shareholders can participate by visiting a specified web address and entering a control number [7] Company Overview - Cadence Bank is a $50 billion regional financial services company with over 350 locations [8] - The bank offers a range of banking, investment, trust, and mortgage products and services [8]

Core Viewpoint - Cadence Bank is set to release its first quarter 2025 earnings on April 21, 2025, followed by a management conference call on April 22, 2025, indicating ongoing transparency and engagement with analysts and investors [1][2]. Company Overview - Cadence Bank is a regional financial services company with assets totaling $50 billion, providing a range of banking, investment, trust, and mortgage services [3]. - The bank operates over 350 locations across the South and Texas, demonstrating a significant regional presence [3]. - Cadence Bank has received accolades for its workplace environment, being recognized as one of the nation's best employers by Forbes and U.S. News & World Report, as well as being named one of America's Best Banks by Forbes in 2025 [3]. - The company has a long-standing history of nearly 150 years in serving its customers, with dual headquarters located in Houston, Texas, and Tupelo, Mississippi [3].

Core Viewpoint - Cadence Bank has received all necessary regulatory approvals to proceed with its merger with FCB Financial Corp, which is expected to be finalized on May 1, 2025, pending customary closing conditions [1][2]. Group 1: Merger Details - The merger will integrate First Chatham Bank, which reported total assets of $589 million, total loans of $326 million, and total deposits of $507 million as of December 30, 2024 [2]. - Cadence Bank's Chairman and CEO, Dan Rollins, expressed satisfaction with the regulatory approval and highlighted the alignment of values between Cadence Bank and First Chatham Bank [3]. Group 2: Company Overview - Cadence Bank is a regional financial services company with approximately $50 billion in assets and over 350 locations across the South and Texas, offering a range of banking and investment services [4]. - The bank has been recognized as one of the best employers and banks in the nation, reflecting its commitment to customer service and community support [4].

Company Overview - Cadence (CADE) is headquartered in Tupelo and operates in the Finance sector. The stock has experienced a price decline of 13.35% since the beginning of the year [3]. - The company currently pays a dividend of $0.28 per share, resulting in a dividend yield of 3.69%, which is higher than the Banks - Southeast industry's yield of 2.33% and the S&P 500's yield of 1.61% [3]. Dividend Performance - Cadence's annualized dividend of $1.10 has increased by 10% compared to the previous year. Over the last five years, the company has raised its dividend five times, averaging an annual increase of 7.84% [4]. - The current payout ratio for Cadence is 36%, indicating that the company distributes 36% of its trailing 12-month earnings per share as dividends [4]. Earnings Growth - The Zacks Consensus Estimate for Cadence's earnings in 2025 is projected at $2.93 per share, reflecting a year-over-year earnings growth rate of 6.93% [5]. Investment Considerations - Cadence is considered a compelling investment opportunity due to its strong dividend profile and current Zacks Rank of 3 (Hold). The company is positioned well in the context of rising interest rates, which can impact high-yielding stocks [7].

Core Viewpoint - Investors in Cadence Bank (CADE) should closely monitor stock movements due to significant implied volatility in the options market, particularly for the Mar 21, 2025 $22.50 Put option [1] Company Analysis - Cadence Bank currently holds a Zacks Rank 2 (Buy) in the Banks - Southeast industry, which is positioned in the top 7% of the Zacks Industry Rank [3] - Over the past 60 days, two analysts have raised their earnings estimates for the current quarter, while one has lowered theirs, resulting in a slight decrease in the Zacks Consensus Estimate from 65 cents to 64 cents per share [3] Options Market Insights - The high implied volatility suggests that options traders anticipate a significant price movement for Cadence Bank shares, indicating potential trading opportunities [4] - Seasoned options traders often seek high implied volatility options to sell premium, aiming for the underlying stock to not move as much as expected by expiration [4]

Financial Data and Key Metrics - The company has not provided specific financial data or key metrics in the provided content [1][2][3][4][5] Business Line Data and Key Metrics - No specific data or metrics related to individual business lines were mentioned in the provided content [1][2][3][4][5] Market Data and Key Metrics - No specific market data or key metrics were discussed in the provided content [1][2][3][4][5] Company Strategy and Industry Competition - The company has not disclosed any strategic updates or comments on industry competition in the provided content [1][2][3][4][5] Management Commentary on Operating Environment and Future Outlook - No comments from management regarding the operating environment or future outlook were included in the provided content [1][2][3][4][5] Other Important Information - The company has made its earnings presentation slides available on its Investor Relations website and through the 8-K filing [4] - The presentation and earnings release contain forward-looking statements and non-GAAP metrics, with disclosures applying to the current presentation [5] Q&A Session Summary - No Q&A session details were provided in the content [1][2][3][4][5]

Earnings Presentation Q4 2024 | January 22, 2025 2024 Financial Highlights 2024 Highlights | Balance Sheet Growth | | | --- | --- | | +3.8% | +6.9% | | Period Ending Loans | Core Customer Deposits(2) | | Improved Efficiency | | | 58.4% | 63.3% | | 2024 Adjusted Efficiency Ratio(1) | 2023 Adjusted Efficiency Ratio(1) | | Strong Capital Position | | | 12.4% | 14.0% | | CET1 Ratio | Total Capital Ratio | | Increased Tangible Book Value (1) | | | $21.54 | +$2.22 | | Tangible book value per common share(1) | Inc ...

Core Insights - Cadence (CADE) reported a revenue of $450.7 million for the quarter ended December 2024, marking a significant year-over-year increase of 1846.9% and an EPS of $0.70 compared to $0.40 a year ago [1] - The reported revenue was slightly below the Zacks Consensus Estimate of $457.2 million, resulting in a revenue surprise of -1.42%, while the EPS exceeded expectations with a surprise of +2.94% against a consensus estimate of $0.68 [1] Financial Performance Metrics - Adjusted Efficiency Ratio fully tax equivalent was reported at 59.1%, surpassing the four-analyst average estimate of 58.1% [4] - Net Interest Margin stood at 3.4%, slightly above the estimated 3.3% by four analysts [4] - Average Balance of Total interest-earning assets was $42.92 billion, below the three-analyst average estimate of $43.73 billion [4] - Net charge-offs to average loans were 0.2%, better than the estimated 0.3% by three analysts [4] - Non-Performing Loans totaled $264.69 million, lower than the average estimate of $274.95 million based on two analysts [4] - Non-Performing Assets were reported at $270.45 million, compared to the two-analyst average estimate of $281.09 million [4] - Total noninterest income was $86.17 million, below the average estimate of $88.81 million from four analysts [4] - Net Interest Income (FTE) was $364.53 million, compared to the average estimate of $368.35 million based on three analysts [4] - Net Interest Income was reported at $365.18 million, slightly below the three-analyst average estimate of $367.98 million [4] - Mortgage banking income was $3.55 million, significantly lower than the two-analyst average estimate of $5.75 million [4] - Credit card, debit card, and merchant fees were $12.66 million, compared to the average estimate of $12.90 million based on two analysts [4] - Deposit Service charges were reported at $18.69 million, slightly above the average estimate of $18.30 million based on two analysts [4] Stock Performance - Shares of Cadence have returned +3.3% over the past month, outperforming the Zacks S&P 500 composite's +2.1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Viewpoint - Cadence (CADE) reported quarterly earnings of $0.70 per share, exceeding the Zacks Consensus Estimate of $0.68, and showing significant growth from $0.40 per share a year ago, indicating a positive earnings surprise of 2.94% [1] Group 1: Earnings Performance - The company has consistently surpassed consensus EPS estimates over the last four quarters, achieving this four times [2] - Cadence's revenues for the quarter ended December 2024 were $450.7 million, which fell short of the Zacks Consensus Estimate by 1.42%, compared to revenues of $23.15 million in the same quarter last year [2] Group 2: Stock Performance and Outlook - Cadence shares have increased approximately 4.3% since the beginning of the year, outperforming the S&P 500's gain of 2.9% [3] - The future performance of Cadence's stock will largely depend on management's commentary during the earnings call and the company's earnings outlook [4][6] Group 3: Earnings Estimates and Industry Context - The current consensus EPS estimate for the upcoming quarter is $0.65, with projected revenues of $454.9 million, and for the current fiscal year, the estimate is $2.87 on $1.88 billion in revenues [7] - The Zacks Industry Rank places the Banks - Southeast sector in the top 24% of over 250 Zacks industries, suggesting a favorable outlook for stocks within this industry [8]

Merger Details - Cadence Bank has signed a definitive merger agreement with FCB Financial Corp, the bank holding company for First Chatham Bank, a Savannah-based community bank [1] - The merger will expand Cadence Bank's presence in the rapidly growing Savannah, Georgia market and coastal Georgia communities [2] - As of September 30, 2024, First Chatham Bank reported total assets of $590 million, total loans of $329 million, and total deposits of $510 million [2] - Cadence Bank will issue 2,300,000 shares of common stock plus $23.1 million in cash for all outstanding shares of FCB Financial Corp stock [3] - Based on Cadence's 10-day moving average price of $34.98 on January 21, 2025, the transaction is valued at approximately $103.6 million [3] Strategic Rationale - The merger aligns with Cadence Bank's culture as a relationship-driven regional bank and strengthens its ability to support individuals, families, and businesses in the region [4] - The partnership will enable First Chatham Bank to deepen its commitment to serving customers and communities in Savannah and Coastal Georgia with expanded capabilities and broader expertise [4] - Upon completion, First Chatham Bank President & CEO Ken Farrell will serve as Cadence Bank Division President - Southeast Georgia [4] Transaction Process - The merger has been unanimously approved by the boards of directors of both companies [5] - The transaction is anticipated to close during the third quarter of 2025, pending regulatory approval, FCB Financial Corp shareholder approval, and satisfaction of other customary closing conditions [5] - FCB Financial Corp was advised by Janney Montgomery Scott LLC as financial advisor and Alston & Bird, LLP as legal counsel [5] Company Overview - Cadence Bank is a leading regional banking franchise with approximately $50 billion in assets and over 350 branch locations across the South and Texas [7] - The bank provides a full range of innovative banking and financial solutions including consumer banking, commercial banking, wealth management, and specialized lending services [7] Additional Information - An investor presentation regarding the merger has been posted on Cadence's Investor Relations site and furnished as an exhibit to a Current Report on Form 8-K filed with the Federal Reserve [6] - Cadence Bank and FCB Financial Corp will deliver a proxy statement and related offering materials to FCB Financial Corp shareholders seeking approval of the merger [11]