Welcome to our dedicated page for Cadence news (Ticker: CADE), a resource for investors and traders seeking the latest updates and insights on Cadence stock.
Cadence Bank (NYSE: CADE) is a regional commercial bank with a multi-state footprint across Texas and the South, and its news flow reflects activity across banking, wealth management and community initiatives. Company announcements describe a franchise with more than 390 locations and a focus on serving individuals, businesses and corporations through banking, investment, trust and mortgage products and services.
News related to CADE often includes financial results, such as quarterly earnings releases that discuss net income, loan and deposit growth, net interest margin, credit quality metrics and the impact of acquisitions on the balance sheet. These releases also highlight developments in corporate and community banking, mortgage banking and wealth management revenue.
Another recurring theme in Cadence Bank news is strategic transactions. The company has reported acquisitions of other banking organizations, and Huntington Bancshares Incorporated has announced a definitive agreement to acquire Cadence Bank. Subsequent releases note regulatory approvals and shareholder approvals for the proposed merger of Cadence Bank with and into The Huntington National Bank, with closing subject to remaining customary conditions.
CADE news items also cover community and philanthropic programs, including the Cadence Cares Holiday Program, which channels donations through the Cadence Bank Foundation to nonprofits serving low- to moderate-income communities, and collaborations supporting affordable housing projects. In addition, Cadence-related news includes updates from Linscomb Wealth, a wholly owned subsidiary that forms part of Cadence Bank’s wealth services platform and reports on milestones and industry recognitions.
Investors and observers can use the CADE news page to follow developments in earnings, capital actions such as dividend declarations, merger progress, community engagement and wealth management activities associated with Cadence Bank.
Cadence Bancorporation (NYSE: CADE) reported a net income of $84.0 million or $0.67 per share for Q3 2021, down from $101.3 million or $0.80 per share in Q2 2021 and up from $49.3 million or $0.39 per share a year earlier. The adjusted net income was $83.4 million. The bank is poised for growth after its merger with BancorpSouth, expected to close on October 29, 2021. Key financial metrics included a Common Equity Tier 1 ratio of 14.5%, and a decrease in criticized loans by 29% from the previous quarter, indicating improved credit quality.
Cadence Bancorporation (NYSE: CADE) has announced a one-time special cash dividend of $1.25 per share for all common stockholders recorded by the close of business on October 25, 2021. This dividend, amounting to approximately $153 million, is payable on October 28, 2021, and is linked to the merger with BancorpSouth Bank. This payment is separate from the company's regular quarterly dividends, reflecting a strong financial position post-merger.
Cadence Bancorporation (NYSE: CADE) announced a one-time, special cash dividend of $1.25 per share for Class A Common Stockholders. The dividend is payable on or about October 29, 2021 to stockholders of record by the close of business on October 25, 2021. This special dividend, totaling approximately $153 million, is part of the merger agreement with BancorpSouth Bank, set to close on October 31, 2021. The merger aims to enhance long-term value for shareholders.
Cadence Bancorporation (NYSE: CADE) announced a quarterly cash dividend of $0.158 per share, equating to an annualized rate of $0.632 per share. This dividend will be disbursed on or about October 22, 2021, to stockholders on record as of October 18, 2021. Cadence Bank, with assets totaling $18.7 billion as of June 30, 2021, operates 99 branches across six states and offers a comprehensive range of financial services, ensuring clients have access to advanced banking solutions.
The First Bancshares, Inc. (NASDAQ: FBMS) has signed an agreement to acquire seven Cadence Bank branches in Northeast Mississippi. This acquisition is part of a divestiture due to the merger between BancorpSouth (NYSE: BXS) and Cadence Bancorporation (NYSE: CADE), which was prompted by a DOJ Antitrust review. The First will assume approximately $450 million in deposits for a $1 million premium, and acquire about $42 million in loans at par value. The deal is expected to close in Q4 2021, subject to regulatory approvals.
Cadence Bancorporation (NYSE: CADE) has reached settlements with the U.S. Department of Justice (DOJ) and the Office of the Comptroller of the Currency (OCC) over historical allegations of fair lending law violations in Houston, Texas. The Bank will pay a $3 million penalty to the Treasury and invest $4.17 million in a loan subsidy fund. Additionally, a full-service branch will be opened in a majority-Black and Hispanic neighborhood. The Bank aims to strengthen its community outreach and continue its commitment to compliance and diversity.
Cadence Bancorporation (NYSE: CADE) announced that its shareholders have overwhelmingly approved the merger with BancorpSouth Bank (NYSE: BXS), creating a combined entity valued at over $6 billion. More than 99% of the 104 million shares voted in favor of the merger during the special meeting. This transaction is pending regulatory approvals and is expected to be completed in Q4 2021. Post-merger, the new company will operate as Cadence Bank and continue trading under the ticker symbol 'CADE'.
BancorpSouth Bank (NYSE: BXS) shareholders have approved the merger with Cadence Bancorporation (NYSE: CADE) during a special meeting. This all-stock merger aims to create a regional banking powerhouse valued over $6 billion, with operations across Texas and the Southeast. The transaction is expected to finalize in the fourth quarter of 2021, with full integration by the second half of 2022. Following the merger, the combined entity will operate as Cadence Bank under ticker CADE.
Cadence Bancorporation (NYSE: CADE) reported net income of $101.3 million or $0.80 per share for Q2 2021, down from $106.4 million or $0.84 per share in Q1 2021, but significantly up from a loss of ($56.1) million in Q2 2020. Adjusted net income rose to $106.1 million from $104.7 million quarter-over-quarter. Key metrics included a net interest margin of 3.10% and a robust capital ratio of 14.7%. Total assets decreased to $18.7 billion, with a notable drop in loans to $11.6 billion, down 5.9% from Q1 2021.
BancorpSouth Bank (NYSE: BXS) reported solid financial results for Q2 2021, with net income of $73.2 million ($0.69/share), and record net operating income of $90.6 million ($0.86/share). The company's pre-tax pre-provision net revenue reached $119.9 million, while total non-performing assets declined by 8.1%. Organic growth was evident with deposits up by $224.4 million (4.1% annualized) and net loans increasing by $65 million. The bank is on track to merge with Cadence Bancorporation, creating a $46 billion institution, and remains well-capitalized with a total risk-based capital ratio of 14.57%.