Cadence Bank(US:CADE)2025-04-22 21:47Financial Performance - The company reported net income available to common shareholders of $130.9 million, or $0.70 per diluted common share[5] - Adjusted net income available to common shareholders was $131.4 million, or $0.71 per diluted common share[3, 5] - Quarterly adjusted pre-tax pre-provision net revenue (PPNR) reached $189.9 million, a $5.9 million increase from Q4 2024[5] - Net interest margin expanded by 8bps from the previous quarter to 3.46%[3, 5] - The adjusted efficiency ratio improved to 57.6%, a +151bps change compared to Q4 2024[3] Loan and Deposit Portfolio - Period end loans totaled $34.1 billion, reflecting a 3.7% annualized growth in Q1 2025[3] - Net organic loan growth was $309.9 million for 1Q25, or 3.7% on an annualized basis[5] - Total deposits were $40.3 billion as of March 31, 2025, a decline of $0.2 billion from $40.5 billion at the end of Q4 2024[6, 8] - Noninterest bearing deposits accounted for 21% of total deposits at the end of Q1 2025[6] Credit Quality - Net charge-offs for 1Q25 were $23.0 million, or 0.27% of average net loans and leases on an annualized basis[24, 27] - Total nonaccrual loans and leases improved to $236 million, or 0.69% of total loans[28, 29] - Allowance for credit losses was 1.34% of net loans and leases at March 31, 2025[27] Capital and Merger - Total shareholders' equity was $5.7 billion at March 31, 2025[51, 53] - Tangible book value per common share increased to $22.30 per share at March 31, 2025, up $2.82 per share, or 14.5%, compared to March 31, 2024[53] - The company received approvals to complete merger with FCB Financial Corp, expected to close May 1, 2025[5]