Financial Data and Key Metrics Changes - The company reported adjusted net income from continuing operations for Q4 2023 of $72.7 million, or $0.40 per common share, bringing annual adjusted net income to $401.2 million, or $2.20 per common share [11][132] - Net interest income for Q4 was $335 million, an increase of $5.6 million compared to the prior quarter, with a net interest margin of 3.04%, up 6 basis points [123][133] - Total criticized loans remained stable at 2.09% of net loans and leases, with an increase in credit provision to $38 million for the quarter [12][26] Business Line Data and Key Metrics Changes - The company completed the closure of 35 branches in Q3 and reduced headcount by almost 500 from the beginning of the year [10] - Noninterest revenue on an adjusted basis was $73.1 million, down from $80.6 million in Q3, primarily due to a negative variance in mortgage servicing rights valuation and a reduction in service charge fee income [46] Market Data and Key Metrics Changes - Total deposits increased by over $160 million, with core customer deposit growth contributing significantly [121] - The total cost of deposits increased at the slowest pace of the year, up 18 basis points to 2.32% [25] Company Strategy and Development Direction - The company aims to build upon its accomplishments in 2023 and improve performance in 2024, focusing on loan growth and capital management [21][43] - The restructuring of the securities portfolio is expected to enhance operating performance and net interest margin [120][133] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the stability of the macroeconomic environment and expects net charge-offs in 2024 to be comparable to 2023 [16][70] - The company anticipates additional positive impacts on net interest margin from the securities repositioning in Q1 2024 [133] Other Important Information - The company completed the sale of its insurance business, enhancing capital by $620 million, and used part of the proceeds to restructure its securities portfolio [24][120] - The CET1 ratio improved to 11.6% at year-end, providing flexibility for capital management in 2024 [43] Q&A Session Summary Question: What is the outlook for loan growth and deposit growth? - Management indicated that loan growth is expected to be broad-based across various sectors, with a focus on community banking [100][101] Question: How does the company view the impact of potential rate cuts? - Management prefers stability in rates, as it allows for better repricing of loans and overall positive impacts on net interest income [235] Question: What are the expectations for credit quality in 2024? - Management expects credit quality to remain stable, with net charge-offs anticipated to be manageable [72][74] Question: How does the company plan to utilize the remaining capital from the insurance sale? - The company plans to reinvest part of the capital into securities and reduce reliance on brokered deposits [92][135] Question: What is the company's strategy regarding M&A? - The company aims to grow market share within its existing footprint rather than pursuing acquisitions outside its current markets [289]

Cadence Bank (CADE) reported fourth-quarter 2023 adjusted earnings per share from continuing operations of 40 cents, missing the Zacks Consensus Estimate of 53 cents. Also, the bottom line declined 48.7% year over year.CADE sold Cadence Insurance, Inc. in the fourth quarter of 2023. The fourth-quarter results presented both continuing and discontinued operations. The company's results were positively impacted by a rise in deposit balances and an improvement in capital position. However, notable increase in ...

Presented January 30, 2024 As a result of the previously announced sale of Cadence Insurance, Inc. ("Cadence Insurance") in the fourth quarter of 2023, the reported financial results include both continuing operations and discontinued operations. | --- | --- | |-----------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

For the quarter ended December 2023, Cadence (CADE) reported revenue of $23.15 million, down 95.1% over the same period last year. EPS came in at $0.40, compared to $0.78 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $433.99 million, representing a surprise of -94.67%. The company delivered an EPS surprise of -24.53%, with the consensus EPS estimate being $0.53.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Str ...

HOUSTON and TUPELO, Miss., Jan. 29, 2024 /PRNewswire/ -- Cadence Bank (NYSE: CADE) (the Company), today announced financial results for the quarter and year ended December 31, 2023.  Given the sale of Cadence Insurance, Inc. ("Cadence Insurance") in the fourth quarter of 2023, the financial results presented consist of both continuing operations and discontinued operations.  The discontinued operations include the financial results of Cadence Insurance prior to the sale, as well as the associated gain on sa ...

TUPELO, Miss. and HOUSTON, Jan. 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, which represents an increase of $0.015, or 6.4%, per share compared to the previous quarterly dividend of $0.235 per common share. The common stock dividend is payable on April 1, 2024, to shareholders of record at the close of business on March 15, 2024. The board of directors also declared a quart ...

Analysts on Wall Street project that Cadence (CADE) will announce quarterly earnings of $0.53 per share in its forthcoming report, representing a decline of 32.1% year over year. Revenues are projected to reach $433.99 million, declining 8.5% from the same quarter last year.The consensus EPS estimate for the quarter has undergone a downward revision of 0.3% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates du ...

The market expects Cadence (CADE) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended December 2023. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on January 29, 2024, might help the stock move higher if these key numbers are be ...

Bank customers, teammates and community members come together to award donations to 10 community-focused nonprofit organizations. HOUSTON and TUPELO, Miss., Jan. 17, 2024 /PRNewswire/ -- In the spirit of holiday giving, Cadence Bank (NYSE: CADE), through the Cadence Bank Foundation, proudly donated a total of $150,000 to 10 nonprofit organizations who participated in the annual Cadence Cares Holiday Program. Bank customers, teammates and community members voted for their nonprofit of choice with the organiz ...

Key PointsBank OZK is a 3.25% yielding stock trading below 9x earnings with growth forecasted for 2024. Valley National Bancorp has a 4.3% yield and should return to top- and bottom-line growth by the end of the year. Cadence Bank is fairly valued relative to the sector and pays a 3.3% yield, with dividend growth expected in Q1 2024. 5 stocks we like better than Bank OZKResults from the big banks have the financial sector on the cusp of a correction. The news isn't bad, but strengths were priced into the ma ...