Cadence Bk - CADE STOCK NEWS

Cadence Bank (NYSE: CADE) has appointed two new independent directors to its board, effective January 17, 2025. Fernando Araujo, current CEO of Berry , brings over 30 years of oil and gas upstream operations experience, having previously worked with industry leaders like Schlumberger, Apache , Repsol S.A., and Shell Oil.

Alice Rodriguez, with over 35 years of experience at JPMorgan Chase & Co., joins the board after serving as head of JPMorgan's community impact organization. She is also co-owner of Kendall Milagro, a Dallas-based boutique home builder, and previously served as chair of the U.S. Hispanic Chamber of Commerce from 2020-2022.

Both appointments aim to strengthen Cadence Bank's leadership with diverse expertise in regulated industries, banking operations, and community development.

Cadence Bank (NYSE: CADE) has scheduled its fourth quarter and year-end 2024 earnings release for Wednesday, January 22, 2025, after market close. The company will host an earnings webcast the following day, Thursday, January 23, 2025, at 10:00 AM CT.

The webcast will feature management's conference call with analysts and will be accessible through the company's investor relations website. While the interactive session will primarily focus on management-analyst discussions, the general public can listen to the live broadcast. An archived version of the conference call will also be made available on the same platform.

Cadence Bank (NYSE: CADE) has announced the adjournment of its special meeting of shareholders to January 27, 2025. The adjournment aims to allow additional time to solicit proxies from preferred shareholders for Proposal 2, which would authorize the board to implement stock repurchases under Regulation H.

The meeting includes four proposals: amendments to Articles of Incorporation (Proposal 1), stock repurchase authorization (Proposal 2), a new long-term incentive plan (Proposal 3), and meeting adjournment if needed (Proposal 4). Common shareholders have already approved all proposals, while preferred shareholders have only approved Proposal 4.

The record date remains November 8, 2024. Previously submitted proxies will remain valid for the reconvened meeting. Preferred shareholders can contact Okapi Partners to provide voting instructions.

Cadence Bank (NYSE: CADE) has appointed Brad Silcox as executive vice president and president of asset management and trust. Silcox brings 20 years of experience from Wilmington Trust, where he served in executive leadership roles including president of the Southeast region and chief administrative officer of wealth markets. Based in Atlanta, Georgia, he will oversee advisors across the Southeast and Texas, focusing on developing high-performing teams and building client relationships. Valerie Toalson, chief financial officer and president of banking services, highlighted Silcox's integrity and ability to drive growth-oriented change.

Cadence Bank (NYSE: CADE) has announced its quarterly dividend declarations. The board approved a $0.25 per share cash dividend for common stockholders, payable on January 2, 2025, to shareholders of record as of December 13, 2024. Additionally, Series A Preferred Stock holders will receive a quarterly cash dividend of $0.34375 per share, payable on November 20, 2024, to shareholders of record as of November 5, 2024.

Cadence Bank (NYSE: CADE) reported financial results for Q3 2024, with net income available to common shareholders of $134.1 million, or $0.72 per diluted share. Adjusted net income from continuing operations was $135.6 million, or $0.73 per diluted share, a 5.8% increase from Q2 2024. Key highlights include:

- Flat period-end loans at $33.3 billion
- Total deposits grew by $985.7 million (10.4% annualized)
- Net interest margin improved by 4 basis points to 3.31%
- Credit metrics showed 0.26% annualized net charge-offs
- Common Equity Tier 1 Capital remained strong at 12.3%

The bank reported strong deposit growth, improved net interest margin, and disciplined expense management. Adjusted pre-tax pre-provision net revenue (PPNR) was $189.9 million, flat compared to Q2 2024 but up $44.7 million from Q3 2023.

Cadence Bank (NYSE: CADE) has announced its schedule for the third quarter 2024 earnings release and webcast. The bank will release its earnings on Monday, October 21, 2024, after the financial markets close. The earnings webcast is scheduled for Tuesday, October 22, 2024, at 10:00 a.m. CT.

The webcast will feature a live coverage of management's conference call with analysts and can be accessed at https://ir.cadencebank.com/events. This interactive session will allow analysts to engage with management directly, while others can listen to the live broadcast. For those unable to attend the live event, an archived version of the conference call will be made available at the same web address.

Cadence Bank (NYSE: CADE) has declared quarterly dividends for both common and preferred stockholders. The board of directors announced a $0.25 per share cash dividend for common stock, payable on October 1, 2024, to shareholders of record as of September 13, 2024. Additionally, a $0.34375 per share cash dividend was declared for Series A Preferred Stock, payable on August 20, 2024, to shareholders of record as of August 5, 2024. These dividend declarations demonstrate Cadence Bank's commitment to providing regular returns to its investors.

Cadence Bank (NYSE: CADE) announced strong Q2 2024 financial results, with net income available to common shareholders of $135.1 million, or $0.73 per diluted share. Adjusted net income from continuing operations was $127.9 million, or $0.69 per diluted share, up 11.3% from Q1 2024. The bank achieved record adjusted pre-tax pre-provision net revenue of $190.9 million, up 19.7% year-over-year. Key highlights include:

- Net organic loan growth of $430.2 million (5.3% annualized)
- Core customer deposit growth of $237.4 million (2.9% annualized)
- Net interest margin improvement to 3.27%
- Stable credit quality with flat provision for credit losses
- Improved efficiency ratio to 56.7%
- Strong capital position with Common Equity Tier 1 Capital of 11.9%

The bank's performance reflects steady loan and deposit growth, stable funding costs, and improved operating efficiency.