Cadence Bk Stock Price, News & Analysis

Cadence Bank (NYSE: CADE) reported its financial performance for the first quarter of 2023, achieving a net income of $74.3 million ($0.40 per diluted share) compared to $112.6 million ($0.60) in Q1 2022. Adjusted net income increased slightly to $124.4 million ($0.68 per diluted share). The bank witnessed deposit growth of $449.8 million (4.7% annualized) and organic loan growth of $933.3 million (12.5% annualized). However, net interest revenue declined to $354.3 million, down 1.42% from the last quarter. Noninterest revenue dropped to $74.1 million, primarily due to a $51.3 million loss on securities sales. The bank announced plans to consolidate 35 branches, projecting annual cost savings of $15-20 million.

Cadence Bank (NYSE: CADE) is set to announce its first-quarter 2023 earnings on April 24, 2023, after market close. A subsequent earnings webcast will occur on April 25, 2023, at 10:00 a.m. CT, allowing analysts and the public to engage in a Q&A session. Cadence Bank operates approximately $50 billion in assets and serves customers through around 400 branch locations across the South and Texas, offering a broad range of financial services, including consumer banking, commercial banking, and wealth management. The bank emphasizes a culture of respect, diversity, and inclusion.

Cadence Bank (NYSE: CADE) reported strong financial results for 2022, achieving a net income of $453.7 million, or $2.46 per diluted share. Adjusted net income reached $542.3 million, or $2.94 per diluted share. The bank generated organic loan growth of $3.5 billion, reflecting a 12.9% increase, and improved its net interest margin to 3.15%. For Q4 2022, net income stood at $95.6 million, with adjusted net income of $142.9 million. The bank maintained stable credit quality metrics, with non-performing loans down to 0.36% of total loans. Cadence also completed its merger integration, enhancing operational efficiency.

Cadence Bank (NYSE: CADE) announced an increase in its quarterly cash dividend to $0.235 per share, up 6.8% from $0.22. This dividend is payable on April 3, 2023, to shareholders of record by March 15, 2023. Additionally, a dividend of $0.34375 per share of Series A Preferred Stock will be paid on February 21, 2023, to shareholders of record by February 3, 2023. Cadence Bank will release its fourth-quarter financial results on January 30, 2023.

Cadence Bank (NYSE: CADE) is set to release its fourth-quarter 2022 earnings on January 30, 2023, after market close. A webcast for analysts will occur on January 31, 2023, at 10:00 a.m. CT. With approximately $50 billion in assets and nearly 400 branches across the South and Texas, Cadence offers a broad range of financial services. The bank emphasizes its commitment to diversity and inclusion in its operations and community engagement.

Cadence Bank (NYSE: CADE) announced a new share repurchase program authorizing the buyback of up to 10 million shares, effective January 3, 2023, and expiring December 29, 2023. Previously, Cadence repurchased 6.1 million shares under an expiring program. Purchases will occur at prevailing market prices and may vary based on the company's financial performance, liquidity, and market conditions. This initiative aims to enhance shareholder value and reflects the bank's solid capital position.

Cadence Bank (NYSE: CADE) announced a $16,000 funding award from the Federal Home Loan Bank of Dallas to Turning Point of South Arkansas through its Partnership Grant Program. This grant, celebrated in El Dorado, Arkansas, will help the nonprofit continue its crucial services aimed at preventing and addressing domestic violence, including operating expenses for its shelter and 24/7 crisis intervention. In 2022, Cadence and FHLB Dallas provided over $99,000 in grants to various nonprofits across Arkansas and neighboring states.

Cadence Bank (NYSE: CADE), Citizens National Bank, and FHLB Dallas have jointly awarded $18,000 to Twin Forks Rising Community Development Corp. to support housing and community services in Ward 2, Hattiesburg, Mississippi. The grant is part of the Partnership Grant Program, which strengthens ties between community organizations and banks. FHLB Dallas matches contributions at a 3:1 ratio, enhancing the resources available for community development projects. In 2022, FHLB Dallas provided nearly $559,000 to 38 organizations across five states.

Cadence Bank and the Federal Home Loan Bank of Dallas awarded a $10,000 Partnership Grant to Sacred Heart Southern Missions Housing Corp. in Walls, Mississippi. The funding aims to support low-income residents through economic assistance and homeownership education. FHLB Dallas enhances its matching-fund program, enabling organizations like Sacred Heart to maximize their impact. In total, Cadence Bank and FHLB Dallas allocated $99,379 to nine nonprofits across several states this year, emphasizing community support during challenging economic times.