PR Newswire
HOUSTON and TUPELO, Miss., July 22, 2024 /PRNewswire/ -- Cadence Bank (NYSE: CADE) (the Company), today announced financial results for the quarter ended June 30, 2024.
Highlights for the second quarter of 2024 included:
Reported quarterly net income available to common shareholders of $135.1 million, or $0.73 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 $127.9 million, or $0.69 per diluted common share, which represents an increase of $0.07 per share, or 11.3%, compared to the first quarter of 2024 adjusted net income from continuing operations available to common shareholders.(1)Achieved record adjusted pre-tax pre-provision net revenue from continuing operations (PPNR)(1) of $190.9 million, up $16.7 million from the prior quarter, and up $31.4 million from the same quarter one year ago. Year-to-date, adjusted PPNR(1) is $365.1 million, up $35.9 million or 11.0%, from the same period in 2023.Generated net organic loan growth of $430.2 million, or 5.3% on an annualized basis, for the second quarter of 2024. Year-to-date, net loan growth was $815.8 million or 5.0% annualized.Grew core customer deposits, which exclude brokered deposits and public funds, by $237.4 million, or 2.9% on an annualized basis. Year-to-date, core customer deposits have grown $637.2 or 4.0% annualized.Continued improvement in net interest margin by 5 basis points to 3.27%, benefiting from continued loan growth, stabilized funding costs, and upward repricing of earning assets.Experienced stable credit quality reflected by a flat linked quarter provision for credit losses and relatively stable net charge-offs as well as slight reductions in both nonperforming and criticized/classified loan levels.Materially enhanced operating efficiency reflected in an improvement in the adjusted efficiency ratio(1) of 339 basis points to 56.7%.Repurchased 256,033 shares of Company common stock during the second quarter at a weighted average price of $26.97 per share; regulatory capital remained strong with Common Equity Tier 1 Capital of 11.9% and Total Capital of 14.2%.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.
RAW DATA PROCESSING means that raw data is processed without changing the content. The data is supplemented to improve the interpretation of the information in terms of usability.
Note: The newswire cross-link panel at the top allows you to quickly and easily access additional sources of information. In the terminal view, the news is filtered at company level and enables targeted searches.
On behalf of the trading community, we would like to thank the operators of the trading venues for providing information services.