PR Newswire
HOUSTON and TUPELO, Miss., April 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. The common stock dividend is payable on July 1, 2024, to shareholders of record at the close of business on June 14, 2024.
The board of directors also declared a quarterly cash dividend of $0.34375 per share of Series A Preferred Stock. The preferred stock dividend is payable on May 20, 2024, to shareholders of record at the close of business on May 3, 2024.
HOUSTON and TUPELO, Miss., April 22, 2024 /PRNewswire/ -- Cadence Bank (NYSE: CADE) (the Company), today announced financial results for the quarter ended March 31, 2024.
Highlights for the first quarter of 2024 included:
Achieved quarterly net income available to common shareholders of $114.6 million, or $0.62 per diluted common share, and adjusted net income from continuing operations available to common shareholders,(1) which excludes non-routine income and expenses,(2) of $114.4 million, which is also $0.62 per diluted common share.Generated net organic loan growth of $385.6 million, or 4.8% on an annualized basis, for the first quarter of 2024. Core customer deposits, defined as total deposits excluding public funds and brokered deposits, reflected organic growth of approximately $400.0 million, or 5.0% on an annualized basis, in the first quarter of 2024.Net interest margin improved 18 basis points to 3.22% from 3.04% for the fourth quarter of 2023, benefiting from the fourth quarter 2023 securities portfolio repositioning as well as net loan growth in the first quarter of 2024.Total adjusted revenue(1) of $437.7 million increased $30.0 million, or 7.4%, from prior quarter.Improvement in operating efficiency included a $6.2 million decline in adjusted noninterest expense(1) compared to the fourth quarter of 2023 and an improvement in the adjusted efficiency ratio(1) of 589 basis points to 60.1% for the first quarter of 2024.Continued to maintain strong balance sheet liquidity, with a loan-to-deposit ratio of 86.3% at March 31, 2024.Repurchased 657,593 shares of common stock at a weighted average price of $25.65 per share; regulatory capital remained strong with Common Equity Tier 1 Capital of 11.7% and Total Capital of 14.5%.The information provided here is not subject to any editorial processing. It is prepared fully automatically and enriched with additional information and further research options. The aim of the content is to provide information seekers with the relevant information quickly and easily. A link back to the information provider and owner ensures that the data prepared here can be compared with the source information if required. The newsboard does not show information in real time. Please contact the exchange operator for this information if required. There is no claim to completeness. High availability cannot be guaranteed. If you notice any errors in the functionality, please let us know using the "Report a Bug" form below.
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