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Cadence Bank Announces Fourth Quarter 2024 and Annual Financial Results; Announces Increase in Quarterly Common Dividend

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Cadence Bank (NYSE: CADE) reported strong financial results for Q4 and full-year 2024. Annual net income available to common shareholders reached $514.1 million ($2.77 per diluted share), with adjusted net income from continuing operations of $507.9 million ($2.74 per diluted share), marking a 24.5% increase per share from 2023.

Key 2024 highlights include: $1.2 billion net organic loan growth (3.8%), core customer deposits increase of $2.2 billion (6.9%), improved net interest margin to 3.30%, and enhanced efficiency ratio from 63.3% to 58.4%. The bank maintained stable credit quality with net charge-offs at 0.24% of average loans.

Q4 2024 performance showed net income of $130.3 million ($0.70 per share), with net organic loan growth of $437.8 million and core customer deposits growth of $259.6 million. The Board approved a 10% increase in quarterly common dividend to $0.275 per share.

Cadence Bank (NYSE: CADE) ha riportato risultati finanziari solidi per il quarto trimestre e per l'intero anno 2024. Il reddito netto annuale disponibile per gli azionisti comuni ha raggiunto 514,1 milioni di dollari (2,77 dollari per azione diluita), con un reddito netto rettificato dalle operazioni continuative di 507,9 milioni di dollari (2,74 dollari per azione diluita), segnando un aumento del 24,5% per azione rispetto al 2023.

I punti salienti del 2024 includono: una crescita netta organica dei prestiti di 1,2 miliardi di dollari (3,8%), un aumento dei depositi dei clienti core di 2,2 miliardi di dollari (6,9%), un miglioramento del margine d'interesse netto al 3,30% e un rapporto di efficienza migliorato dal 63,3% al 58,4%. La banca ha mantenuto una qualità del credito stabile, con perdite nette a 0,24% dei prestiti medi.

Le prestazioni del quarto trimestre 2024 hanno mostrato un reddito netto di 130,3 milioni di dollari (0,70 dollari per azione), con una crescita netta organica dei prestiti di 437,8 milioni di dollari e una crescita dei depositi dei clienti core di 259,6 milioni di dollari. Il Consiglio ha approvato un aumento del 10% nel dividendo trimestrale comune, portandolo a 0,275 dollari per azione.

Cadence Bank (NYSE: CADE) reportó resultados financieros sólidos para el cuarto trimestre y para todo el año 2024. El ingreso neto anual disponible para los accionistas comunes alcanzó 514.1 millones de dólares (2.77 dólares por acción diluida), con un ingreso neto ajustado de operaciones continuas de 507.9 millones de dólares (2.74 dólares por acción diluida), marcando un aumento del 24.5% por acción en comparación con 2023.

Los aspectos destacados de 2024 incluyen: un crecimiento neto orgánico de préstamos de 1.2 mil millones de dólares (3.8%), un aumento de depósitos de clientes clave de 2.2 mil millones de dólares (6.9%), una mejora en el margen de interés neto al 3.30%, y un aumento en la eficiencia del 63.3% al 58.4%. El banco mantuvo una calidad crediticia estable con bajas netas del 0.24% de los préstamos promedio.

El desempeño del cuarto trimestre de 2024 mostró un ingreso neto de 130.3 millones de dólares (0.70 dólares por acción), con un crecimiento neto orgánico de préstamos de 437.8 millones de dólares y un crecimiento en depósitos de clientes clave de 259.6 millones de dólares. La Junta aprobó un aumento del 10% en el dividendo trimestral común a 0.275 dólares por acción.

카덴스 뱅크 (NYSE: CADE)는 2024년 4분기 및 전체 연도에 대한 강력한 재무 결과를 발표했습니다. 일반 주주에게 배당 가능한 연간 순이익은 5억 1천 4백 10만 달러 (희석주당 2.77달러)에 도달했으며, 지속 운영에서 조정된 순이익은 5억 7백 90만 달러 (희석주당 2.74달러)로, 2023년 대비 주당 24.5% 증가했습니다.

2024년의 주요 사항으로는: 12억 달러의 순 유기 대출 증가(3.8%), 핵심 고객 예금 증가 22억 달러(6.9%), 순이자 마진 개선 3.30%, 효율성 비율 개선 63.3%에서 58.4%로 등이 있습니다. 은행은 평균 대출의 0.24%의 순 대손상각으로 신용 품질을 안정적으로 유지했습니다.

2024년 4분기 성과는 1억 3천 3백만 달러의 순이익(주당 0.70달러)을 보여주었으며, 4억 3천 7백 80만 달러의 순 유기 대출 증가와 2억 5천 9백 60만 달러의 핵심 고객 예금 성장을 기록했습니다. 이사회는 분기별 일반 배당금을 10% 인상하여 주당 0.275달러로 결정했습니다.

Cadence Bank (NYSE: CADE) a annoncé des résultats financiers solides pour le quatrième trimestre et l'année entière 2024. Le bénéfice net annuel disponible pour les actionnaires ordinaires a atteint 514.1 millions de dollars (2.77 dollars par action diluée), avec un bénéfice net ajusté des opérations continues de 507.9 millions de dollars (2.74 dollars par action diluée), marquant une augmentation de 24.5% par action par rapport à 2023.

Les faits saillants de 2024 incluent : une croissance nette organique de prêts de 1,2 milliard de dollars (3,8%), une augmentation des dépôts des clients principaux de 2,2 milliards de dollars (6,9%), une amélioration de la marge d'intérêt nette à 3,30% et un ratio d'efficacité amélioré de 63,3% à 58,4%. La banque a maintenu une qualité de crédit stable avec des pertes nettes à 0,24% des prêts moyens.

La performance du quatrième trimestre 2024 a montré un bénéfice net de 130,3 millions de dollars (0,70 dollar par action), avec une croissance nette organique des prêts de 437,8 millions de dollars et une croissance des dépôts des clients principaux de 259,6 millions de dollars. Le Conseil a approuvé une augmentation de 10% du dividende trimestriel ordinaire à 0,275 dollar par action.

Cadence Bank (NYSE: CADE) hat starke Finanzergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet. Das jährliche Nettoergebnis, das den Stammaktionären zur Verfügung steht, erreichte 514,1 Millionen Dollar (2,77 Dollar pro verwässerter Aktie), mit einem angepassten Nettoergebnis aus fortgeführten Aktivitäten von 507,9 Millionen Dollar (2,74 Dollar pro verwässerter Aktie), was einem Anstieg von 24,5% pro Aktie im Vergleich zu 2023 entspricht.

Wichtige Highlights für 2024 umfassen: 1,2 Milliarden Dollar netto organisches Kreditwachstum (3,8%), einen Anstieg der Kernkundeneinlagen um 2,2 Milliarden Dollar (6,9%), eine Verbesserung der Nettozinsspanne auf 3,30% und eine Verbesserung der Effizienzquote von 63,3% auf 58,4%. Die Bank hat eine stabile Kreditqualität mit Nettoausfällen von 0,24% der durchschnittlichen Kredite aufrechterhalten.

Die Leistung im vierten Quartal 2024 zeigte ein Nettoergebnis von 130,3 Millionen Dollar (0,70 Dollar pro Aktie) mit einem netto organischen Kreditwachstum von 437,8 Millionen Dollar und einem Wachstum der Kernkundeneinlagen von 259,6 Millionen Dollar. Der Vorstand genehmigte eine Erhöhung der vierteljährlichen Stammdividende um 10% auf 0,275 Dollar pro Aktie.

Positive
  • Net income increased 24.5% per share to $2.74 (adjusted) in 2024
  • Net organic loan growth of $1.2 billion (3.8%) in 2024
  • Core customer deposits increased $2.2 billion (6.9%) in 2024
  • Net interest margin improved to 3.30% (up 22 basis points)
  • Efficiency ratio improved from 63.3% to 58.4%
  • 10% increase in quarterly dividend to $0.275 per share
  • Strong capital position with 12.4% Common Equity Tier 1 Capital
Negative
  • Q4 adjusted PPNR declined $5.9 million (3.1%) from Q3 2024
  • Noninterest bearing deposits declined to 21.2% of total deposits from 23.8% in Q3
  • Nonperforming assets increased to 0.58% from 0.45% year-over-year

Insights

The Q4 2024 results demonstrate Cadence Bank's successful execution of its efficiency and growth strategy, with several noteworthy achievements that position the bank well for 2025:

The standout metric is the improvement in operating efficiency, with the adjusted efficiency ratio dropping from 63.3% to 58.4% year-over-year. This 4.9% improvement translates to approximately $126.7M in additional pre-tax pre-provision revenue, showcasing the bank's ability to generate higher returns from its asset base.

The net interest margin expansion to 3.38% in Q4 is particularly impressive given the challenging rate environment. This was achieved through strategic balance sheet management, including:

  • Optimization of the deposit mix despite competitive pressures
  • Reduction in funding costs with the retirement of $215.2M in higher-cost subordinated debt
  • Improved earning asset mix with continued loan growth at 5.2% annualized in Q4

Credit quality metrics remain robust, with criticized loans decreasing to 2.35% of total loans, down from 2.64% in Q3. The allowance for credit losses at 1.37% of loans provides adequate coverage while nonperforming assets remain manageable at 0.58% of total assets.

The strategic divestitures of Cadence Insurance and Business Solutions have strengthened the bank's capital position, with CET1 at 12.4% providing ample capacity for continued organic growth and potential capital returns to shareholders. The 10% increase in quarterly dividend to $0.275 per share reflects management's confidence in sustained profitability.

HOUSTON and TUPELO, Miss., Jan. 22, 2025 /PRNewswire/ -- Cadence Bank (NYSE: CADE) (the Company), today announced financial results for the quarter and year ended December 31, 2024.

Annual highlights for 2024 included:

  • Achieved net income available to common shareholders of $514.1 million, or $2.77 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 $507.9 million, or $2.74 per diluted common share, an increase of 24.5% on a per share basis compared to 2023.
  • Reported annual adjusted pre-tax pre-provision net revenue (PPNR) from continuing operations(1) of $739.0 million, or 1.54% of average assets, an increase of $126.7 million, or 20.7%, compared to 2023.
  • Generated net organic loan growth of $1.2 billion, or 3.8% for the year while core customer deposits, which exclude brokered deposits and public funds, increased $2.2 billion, or 6.9%.
  • Increased net interest margin for the year by 22 basis points to 3.30%.
  • Achieved continued improvement in operating leverage reflected in a decline in the adjusted efficiency ratio(1) from 63.3% in 2023 to 58.4% in 2024.
  • Realized stable net charge-offs as a percent of average loans in 2024 of 0.24%, and criticized loans improved 5.9% to $794.5 million at December 31, 2024.
  • Repurchased 1,237,021 shares of Company common stock at a weighted average price of $26.74; tangible book value per common share(1) increased to $21.54 per share at December 31, 2024, up $2.22 per share, or 11.5%, compared to December 31, 2023 while tangible common shareholders' equity to tangible assets(1) increased from 7.44% to 8.67% over the same time period.

Highlights for the fourth quarter of 2024 included:

  • Reported quarterly net income available to common shareholders of $130.3 million, or $0.70 per diluted common share, and adjusted net income from continuing operations available to common shareholders(1) of $130.0 million, or $0.70 per diluted common share.
  • Achieved quarterly adjusted PPNR from continuing operations(1) of $184.0 million, which is down $5.9 million compared to the third quarter of 2024 and up $46.1 million from the fourth quarter of 2023.
  • Generated net organic loan growth of $437.8 million for the fourth quarter of 2024, or 5.2% on an annualized basis.
  • Grew core customer deposits by $259.6 million in the fourth quarter, or 3.0% annualized, excluding the $435.0 million in temporary overnight sweep activity included in the September 30, 2024 deposit totals.
  • Continued to improve net interest margin, increasing 7 basis points compared to the third quarter of 2024 to 3.38%.
  • Realized 0.17% in annualized net charge-offs as a percent of average loans, improved 9 basis points from the linked quarter, and a $15.0 million provision for credit losses resulting in a 1.37% allowance for credit losses as a percent of loans. Additionally, criticized and classified loan levels as well as total nonperforming loans improved compared to the linked quarter.
  • Maintained strong regulatory capital with Common Equity Tier 1 Capital of 12.4% and Total Capital of 14.0%.

Quarterly dividend increase and approval:

  • At its regular quarterly meeting today, the Board of Directors of the Company declared quarterly cash dividends of $0.275 per common share of stock and $0.34375 per share of Series A Preferred Stock. The common stock dividend represents an increase of $0.025, or 10.0%, per share compared to the previous quarterly dividend of $0.25 per common share and is payable on April 1, 2025 to shareholders of record at the close of business on March 14, 2025. The preferred stock dividend is payable on February 20, 2025 to shareholders of record at the close of business on February 5, 2025.

"Our fourth quarter results reflect the culmination of a successful year of improved operating performance achieved through steady balance sheet growth, reduction of debt, stable credit quality, and improved net interest margin and operating efficiency," remarked Dan Rollins, Chairman and Chief Executive Officer of Cadence Bank. "This has been an exciting year for Cadence. We could feel the momentum in our business throughout the year, and the benefits of our footprint, business diversification and talented teammates shined through. This momentum was evidenced by strong capital generation, supporting both our future growth as well as a 10% increase in the quarterly dividend to common shareholders. Importantly, this momentum also fueled the 25% increase in our adjusted earnings from continuing operations per common share(1) for the year."

Earnings Summary

All adjusted financial results discussed herein are adjusted results from continuing operations.(3)

For the year ended December 31, 2024, the Company reported net income available to common shareholders of $514.1 million, or $2.77 per diluted common share, compared with $532.8 million, or $2.92 per diluted common share, for the year ended December 31, 2023. The Company reported adjusted net income from continuing operations available to common shareholders(1) of $507.9 million, or $2.74 per diluted common share, for the year ended December 31, 2024 compared with $401.2 million, or $2.20 per diluted common share, for the year ended December 31, 2023. Additionally, the Company reported adjusted PPNR from continuing operations(1) of $739.0 million, or 1.54% of average assets, for the year ended December 31, 2024 compared with $612.3 million, or 1.26% of average assets, for the year ended December 31, 2023.

For the fourth quarter of 2024, the Company reported net income available to common shareholders of $130.3 million, or $0.70 per diluted common share, compared to $256.7 million, or $1.41 per diluted common share, for the fourth quarter of 2023 and $134.1 million, or $0.72 per diluted common share, for the third quarter of 2024. Adjusted net income available to common shareholders from continuing operations(1) was $130.0 million, or $0.70 per diluted common share, for the fourth quarter of 2024, compared with $72.7 million, or $0.40 per diluted common share, for the fourth quarter of 2023 and $135.6 million, or $0.73 per diluted common share, for the third quarter of 2024. Additionally, the Company reported adjusted PPNR from continuing operations(1) of $184.0 million, or 1.55% of average assets on an annualized basis, for the fourth quarter of 2024, which represents a decline of $5.9 million or 3.1% compared to the third quarter of 2024, and an increase of $46.1 million or 33.4% compared to the same quarter of 2023.

Net Interest Revenue

Net interest revenue increased to $364.5 million for the fourth quarter of 2024, compared to $334.6 million for the fourth quarter of 2023 and $361.5 million for the third quarter of 2024. The net interest margin (fully taxable equivalent) improved to 3.38% for the fourth quarter of 2024, compared with 3.04% for the fourth quarter of 2023 and 3.31% for the third quarter of 2024.

Net interest revenue increased $3.1 million, or 0.9%, compared to the third quarter of 2024 as the Company continues to benefit from an improved average earning asset mix, continued upward repricing of fixed rate and certain variable rate loans that soften the impact of declining interest rates on the portfolio, declining deposit costs and paydowns of borrowings. Purchase accounting accretion revenue was $2.4 million for the fourth quarter of 2024 compared with $3.0 million for the third quarter of 2024. Average earning assets declined slightly to $42.9 billion, as growth in average loans of $182.1 million was offset by lower excess cash and securities as the Company paid off the Bank Term Funding Program balances and called a sub-debt issuance in the fourth quarter.

Yield on net loans, loans held for sale and leases, excluding accretion, was 6.40% for the fourth quarter of 2024, down 21 basis points from 6.61% for the third quarter of 2024. Investment securities yielded 3.04% in the fourth quarter of 2024, which is flat compared to the third quarter of 2024. The yield on total interest earning assets was 5.76% for the fourth quarter of 2024 compared with 5.92% for the third quarter of 2024.

The average cost of total deposits declined to 2.44% for the fourth quarter of 2024, compared to 2.55% for the third quarter of 2024. The 18 basis point linked quarter decline in the cost of interest-bearing deposits was partially offset by product mix shift with quarterly growth in interest-bearing demand and time deposits and declines in noninterest bearing deposits. Total interest-bearing liabilities cost declined 30 basis points to 3.17% for the fourth quarter of 2024 compared to 3.47% for the third quarter of 2024.

Balance Sheet Activity

Loans and leases, net of unearned income, increased to $33.7 billion at December 31, 2024 compared to $33.3 billion at September 30, 2024. Net loan growth of $437.8 million, or 5.2% annualized, for the fourth quarter was driven primarily by growth in residential mortgages, owner occupied C&I credits and  income producing CRE. 

Total deposits were $40.5 billion as of December 31, 2024, an increase of $1.7 billion from $38.8 billion at the end of the third quarter of 2024. The fourth quarter's increase included a seasonal increase of $360.0 million in public funds to $4.1 billion, and a $1.5 billion increase in brokered deposits to $2.1 billion at December 31, 2024. Brokered deposits were added during the fourth quarter primarily to facilitate the pay off of the $3.5 billion Bank Term Funding Program balance at rates the Company viewed as favorable compared to other alternative funding sources. Core customer deposits, which exclude brokered deposits and public funds, declined approximately $175.4 million compared to September 30, 2024. However, excluding approximately $435.0 million in temporary overnight customer sweep activity in core customer balances at the end of the third quarter, total core customer deposits increased $259.6 million during the fourth quarter, or 3.0% on an annualized basis. 

The December 31, 2024 loan to deposit ratio was 83.3%. Noninterest bearing deposits declined to 21.2% of total deposits at the end of the fourth quarter of 2024 from 23.8% at September 30, 2024. 

Total investment securities declined $0.5 billion during the fourth quarter of 2024 to $7.3 billion at December 31, 2024, representing 15.5% of total assets. Cash, due from balances and deposits at the Federal Reserve declined $2.3 billion to $1.7 billion at December 31, 2024 as the Company utilized excess liquidity to reduce reliance on higher cost funding, including the pay off of the Bank Term Funding Program borrowings and call of subordinated debt.

In November 2024, the Company called $215.2 million in fixed-to-floating subordinated debt at par. This debt was yielding 4.125% and was set to reprice at SOFR+2.73% after the November call date. This call was in addition to the June 2024 call of $138.9 million in fixed-to-floating subordinated debt at par, yielding 5.65% and set to reprice to a weighted-average rate of SOFR+3.76% after the June call date.

Credit Results, Provision for Credit Losses and Allowance for Credit Losses

Credit metrics for the fourth quarter of 2024 reflected overall stability in credit quality. Net charge-offs for the fourth quarter of 2024 were $14.1 million, or 0.17% of average net loans and leases on an annualized basis, compared with net charge-offs of $23.8 million, or 0.29% of average net loans and leases on an annualized basis, for the fourth quarter of 2023 and net charge-offs of $22.2 million, or 0.26% of average net loans and leases on an annualized basis, for the third quarter of 2024. The provision for credit losses for the fourth quarter of 2024 was $15.0 million, compared with $38.0 million for the fourth quarter of 2023 and $12.0 million for the third quarter of 2024. The allowance for credit losses of $460.8 million at December 31, 2024 was stable at 1.37% of total loans and leases compared to 1.38% of total loans and leases at September 30, 2024 and down slightly from 1.44% of total loans and leases at December 31, 2023.

Total nonperforming assets as a percent of total assets were 0.58% at December 31, 2024 compared to 0.45% at December 31, 2023 and 0.57% at September 30, 2024. Total nonperforming loans and leases as a percent of loans and leases, net were 0.78% at December 31, 2024, compared to 0.67% at December 31, 2023 and 0.82% at September 30, 2024. Other real estate owned and other repossessed assets was $5.8 million at December 31, 2024 compared to the December 31, 2023 balance of $6.2 million and the September 30, 2024 balance of $5.4 million. Criticized loans represented 2.35% of loans at December 31, 2024 compared to 2.60% at December 31, 2023 and 2.64% at September 30, 2024, while classified loans were 2.02% at December 31, 2024 compared to 2.09% at December 31, 2023 and 2.09% at September 30, 2024. 

Noninterest Revenue

Noninterest revenue was $86.2 million for the fourth quarter of 2024 compared with negative $311.5 million for the fourth quarter of 2023 and $85.9 million for the third quarter of 2024.  Noninterest revenue for the fourth quarter of 2023 included a securities portfolio restructuring loss of $384.5 million. Adjusted noninterest revenue(1) for the fourth quarter of 2024 was $86.2 million, compared with $73.1 million for the fourth quarter of 2023 and $88.8 million for the third quarter of 2024. Adjusted noninterest revenue(1) for the fourth quarter of 2024 has no significant adjustments while adjusted noninterest revenue(1) for the fourth quarter of 2023 excludes $384.5 million securities portfolio restructuring loss and adjusted noninterest revenue(1) for the third quarter of 2024 excludes $2.9 million in securities losses.

Adjusted noninterest revenue was relatively consistent with the third quarter of 2024, with improvements in mortgage banking revenue offset by a decline in other noninterest revenue. Wealth management revenue was $24.0 million for the fourth quarter of 2024, consistent with $24.1 million for the third quarter of 2024. Credit card, debit card and merchant fee revenue was $12.7 million for the fourth quarter of 2024, compared with $12.6 million for the third quarter of 2024. Deposit service charge revenue was $18.7 million for the fourth quarter of 2024, compared to $18.8 million for the third quarter of 2024.

Mortgage banking revenue totaled $3.6 million for the fourth quarter of 2024, compared to negative $1.1 million for the fourth quarter of 2023 and $1.1 million for the third quarter of 2024. The $2.5 million improvement during the linked quarter was due to improvement in the MSR net valuation adjustment of $4.3 million, partially offset by $1.8 million in seasonally lower mortgage production and servicing revenue.

Other noninterest revenue was $27.3 million for the fourth quarter of 2024, down from $32.1 million for the third quarter of 2024, with the $4.8 million decline impacted by lower quarterly fair valuations of limited partnerships and equity securities, as well as the impact of the prior quarter's gain on debt redemption. These declines were partially offset by increases in credit related fees, SBA income and BOLI proceeds.

Noninterest Expense

Noninterest expense for the fourth quarter of 2024 was $266.2 million, compared with $329.4 million for the fourth quarter of 2023 and $259.4 million for the third quarter of 2024. Adjusted noninterest expense(1) for the fourth quarter of 2024 was $266.7 million, compared with $269.8 million for the fourth quarter of 2023 and $260.4 million for the third quarter of 2024. Adjusted noninterest expense for the fourth quarter of 2024 excludes a benefit of $0.5 million associated with an adjustment to the estimated FDIC special assessment. The adjusted efficiency ratio(1) was 59.1% for the fourth quarter of 2024, compared to 57.7% for the third quarter of 2024 and 66.0% for the fourth quarter of 2023.

The $6.3 million, or 2.4%, linked quarter increase in adjusted noninterest expense(1) was driven primarily by increases in data processing and software expense as well as other noninterest expense. Data processing and software expense increased $4.1 million compared to the third quarter of 2024, primarily as a result of the fourth quarter system upgrade of the Company's treasury management platform, with a majority of those expenses not ongoing in nature. Other noninterest expense increased $3.4 million compared to the third quarter of 2024 driven by increases in various items including professional services, advertising and public relations, and operational losses.

Capital Management

Total shareholders' equity was $5.6 billion at December 31, 2024 compared with $5.2 billion at December 31, 2023 and $5.6 billion at September 30, 2024. Estimated regulatory capital ratios at December 31, 2024 included Common Equity Tier 1 capital of 12.4%, Tier 1 capital of 12.8%, Total risk-based capital of 14.0%, and Tier 1 leverage capital of 10.4%. During the fourth quarter of 2024, the Company did not repurchase any shares of Company common stock.  For the full year 2024, the Company repurchased 1,237,021 shares at a weighted average price of $26.74. Outstanding common shares were 183.5 million as of December 31, 2024.

Summary

Rollins concluded, "As we enter 2025, our team is excited about the opportunity to build on our accomplishments and momentum from 2024. Our focus on growth in loans, deposits and fee revenues, combined with net interest margin expansion, stable credit quality and improved operating efficiency, has contributed to continued improvement in our profitability and financial performance. We look forward to building on this success in 2025 and beyond as we focus on our company's vision of helping people, companies and communities prosper."

Key Transactions

Effective May 17, 2024, the Company completed the sale of Cadence Business Solutions, its payroll processing business unit, resulting in a net gain on sale of approximately $12 million. The impact on both revenues and expenses is not material. The payroll processing unit had previously been part of Cadence Insurance, Inc., prior to its sale in November 2023.

Effective November 30, 2023, the Company completed the sale of its insurance subsidiary, Cadence Insurance, to Arthur J. Gallagher & Co. for approximately $904 million. The Transaction resulted in net capital creation of approximately $625 million, including a net gain on sale of approximately $525 million. The gain along with Cadence Insurance's historical financial results for periods prior to the divestiture have been reflected in the consolidated financial statements as discontinued operations. Additionally, current and prior period adjusted earnings exclude the impact of discontinued operations. 

Conference Call and Webcast

The Company will conduct a conference call to discuss its fourth quarter and annual 2024 financial results on January 23, 2025, at 10:00 a.m. (Central Time). This conference call will be an interactive session between management and analysts. Interested parties may listen to this live conference call via Internet webcast by accessing http://ir.cadencebank.com/events. The webcast will also be available in archived format at the same address.

About Cadence Bank

Cadence Bank (NYSE: CADE) is a leading regional banking franchise with approximately $50 billion in assets and more than 350 branch locations across the South and Texas. Cadence provides consumers, businesses and corporations with a full range of innovative banking and financial solutions. Services and products include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, specialized lending, asset-based lending, commercial real estate, equipment financing, correspondent banking, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, and retirement plan management. Cadence is committed to a culture of respect, diversity and inclusion in both its workplace and communities. Cadence Bank, Member FDIC. Equal Housing Lender.

(1) Considered a non-GAAP financial measure. A discussion regarding these non-GAAP measures and ratios, including reconciliations of non-GAAP measures to the most directly comparable GAAP measures and definitions for non-GAAP ratios, appears in Table 14 "Reconciliation of Non-GAAP Measures and Other Non-GAAP Ratio Definitions" beginning on page 22 of this news release.


(2) See Table 14 for detail on non-routine income and expenses.


(3) Given the sale of Cadence Insurance, Inc. ("Cadence Insurance") in the fourth quarter of 2023, the financial results presented consist of both continuing operations and discontinued operations. The discontinued operations include the financial results of Cadence Insurance prior to the sale, as well as the associated gain on sale in the fourth quarter of 2023. The discontinued operations are presented as a single line item below income from continuing operations and as separate lines in the balance sheet in the accompanying tables for all periods presented.

 

Forward-Looking Statements

Certain statements made in this news release constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor under the Private Securities Litigation Reform Act of 1995 as well as the "bespeaks caution" doctrine. These statements are often, but not exclusively, made through the use of words or phrases like "assume," "believe," "budget," "contemplate," "continue," "could," "foresee," "indicate," "may," "might," "outlook," "prospect," "potential," "roadmap," "should," "target," "will," "would," the negative versions of such words, or comparable words of a future or forward-looking nature. These forward-looking statements may include, without limitation, discussions regarding general economic, interest rate, real estate market, competitive, employment, and credit market conditions, or any of the Company's comments related to topics in its risk disclosures or results of operations as well as the impact of the Cadence Insurance sale on the Company's financial condition and future net income and earnings per share, and the Company's ability to deploy capital into strategic and growth initiatives. Forward-looking statements are based upon management's expectations as well as certain assumptions and estimates made by, and information available to, the Company's management at the time such statements were made. Forward-looking statements are not guarantees of future results or performance and are subject to certain known and unknown risks, uncertainties and other factors that are beyond the Company's control and that may cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements.

Risks, uncertainties and other factors the Company may face include, without limitation: general economic, unemployment, credit market and real estate market conditions, including inflation, and the effect of such conditions on customers, potential customers, assets, investments and liquidity; risks arising from market and consumer reactions to the general banking environment, or to conditions or situations at specific banks; risks arising from media coverage of the banking industry; risks arising from perceived instability in the banking sector; the risks of changes in interest rates and their effects on the level, cost, and composition of, and competition for, deposits, loan demand and timing of payments, the values of loan collateral, securities, and interest sensitive assets and liabilities; the ability to attract new or retain existing deposits, to retain or grow loans or additional interest and fee income, or to control noninterest expense; the effect of pricing pressures on the Company's net interest margin; the failure of assumptions underlying the establishment of reserves for possible credit losses, fair value for loans and other real estate owned; changes in real estate values; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, or uncertainties surrounding the debt ceiling and the federal budget; uncertainties surrounding the functionality of the federal government; potential delays or other problems in implementing and executing the Company's growth, expansion, acquisition, or divestment strategies, including delays in obtaining regulatory or other necessary approvals, or the failure to realize any anticipated benefits or synergies from any acquisitions, growth, or divestment strategies; the ability to pay dividends on the Company's 5.5% Series A Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share; possible downgrades in the Company's credit ratings or outlook which could increase the costs or availability of funding from capital markets; changes in legal, financial, accounting, and/or regulatory requirements (including those related to stock repurchases); the costs and expenses to comply with such changes; the enforcement efforts of federal and state bank regulators; the ability to keep pace with technological changes, including changes regarding maintaining cybersecurity and the impact of generative artificial intelligence; increased competition in the financial services industry, particularly from regional and national institutions; the impact of a failure in, or breach of, the Company's operational or security systems or infrastructure, or those of third parties with whom the Company does business, including as a result of cyber-attacks or an increase in the incidence or severity of fraud, illegal payments, security breaches or other illegal acts impacting the Company or the Company's customers. The Company also faces risks from natural disasters or acts of war or terrorism; international or political instability, including the impacts related to or resulting from Russia's military action in Ukraine, the escalating conflicts in the Middle East, and additional sanctions and export controls, as well as the broader impacts to financial markets and the global macroeconomic and geopolitical environments.

The Company also faces risks from: possible adverse rulings, judgments, settlements or other outcomes of pending, ongoing and future litigation, as well as governmental, administrative and investigatory matters; the impairment of the Company's goodwill or other intangible assets; losses of key employees and personnel; the diversion of management's attention from ongoing business operations and opportunities; and the Company's success in executing its business plans and strategies, and managing the risks involved in all of the foregoing.

The foregoing factors should not be construed as exhaustive and should be read in conjunction with those factors that are set forth from time to time in the Company's periodic and current reports filed with its primary federal regulator, including those factors included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, particularly those under the heading "Item 1A. Risk Factors," in the Company's Quarterly Reports on Form 10-Q under the heading "Part II-Item 1A. Risk Factors," and in the Company's Current Reports on Form 8-K.

Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date of this news release, if one or more events related to these or other risks or uncertainties materialize, or if the Company's underlying assumptions prove to be incorrect, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Accordingly, undue reliance should not be placed on any forward-looking statements. The forward-looking statements speak only as of the date of this news release, and the Company does not undertake any obligation to publicly update or review any forward-looking statement, except as required by applicable law. All written or oral forward-looking statements attributable to the Company are expressly qualified in their entirety by this section.

Table 1

Selected Financial Data

(Unaudited)



Quarter Ended


Year-to-date

(In thousands)

Dec 2024

Sep 2024

Jun 2024

Mar 2024

Dec 2023


Dec 2024

Dec 2023

Earnings Summary:









Interest revenue

$       620,321

$       647,713

$       642,210

$       637,113

$       615,187


$    2,547,357

$ 2,310,167

Interest expense

255,790

286,255

285,892

283,205

280,582


1,111,142

958,811

Net interest revenue

364,531

361,458

356,318

353,908

334,605


1,436,215

1,351,356

Provision for credit losses

15,000

12,000

22,000

22,000

38,000


71,000

80,000

Net interest revenue, after provision for credit losses

349,531

349,458

334,318

331,908

296,605


1,365,215

1,271,356

Noninterest revenue

86,165

85,901

100,658

83,786

(311,460)


356,510

(116,343)

Noninterest expense

266,186

259,438

256,697

263,207

329,367


1,045,528

1,155,923

Income (loss) from continuing operations before income taxes

169,510

175,921

178,279

152,487

(344,222)


676,197

(910)

Income tax expense (benefit)

36,795

39,482

40,807

35,509

(80,485)


152,593

(4,594)

Income (loss) from continuing operations

132,715

136,439

137,472

116,978

(263,737)


523,604

3,684

Income from discontinued operations, net of taxes

—

—

—

—

522,801


—

538,620

Net income

132,715

136,439

137,472

116,978

259,064


523,604

542,304

Less: Preferred dividends

2,372

2,372

2,372

2,372

2,372


9,488

9,488

Net income available to common shareholders

$       130,343

$       134,067

$       135,100

$       114,606

$       256,692


$       514,116

$   532,816










Balance Sheet - Period End Balances








Total assets

$  47,019,190

$  49,204,933

$  47,984,078

$  48,313,863

$  48,934,510


$  47,019,190

$  48,934,510

Total earning assets

42,386,627

44,834,897

43,525,688

43,968,692

44,192,887


42,386,627

44,192,887

Available for sale securities

7,293,988

7,841,685

7,921,422

8,306,589

8,075,476


7,293,988

8,075,476

Loans and leases, net of unearned income

33,741,755

33,303,972

33,312,773

32,882,616

32,497,022


33,741,755

32,497,022

Allowance for credit losses (ACL)

460,793

460,859

470,022

472,575

468,034


460,793

468,034

Net book value of acquired loans

4,783,206

5,521,000

5,543,419

6,011,007

6,353,344


4,783,206

6,353,344

Unamortized net discount on acquired loans

15,611

17,988

20,874

23,715

26,928


15,611

26,928

Total deposits

40,496,201

38,844,360

37,858,659

38,120,226

38,497,137


40,496,201

38,497,137

Total deposits and repurchase agreements

40,519,817

38,861,324

37,913,693

38,214,616

38,948,653


40,519,817

38,948,653

Other short-term borrowings

—

3,500,000

3,500,000

3,500,000

3,500,000


—

3,500,000

Subordinated and long-term debt

10,706

225,823

269,353

430,123

438,460


10,706

438,460

Total shareholders' equity

5,569,683

5,572,863

5,287,758

5,189,932

5,167,843


5,569,683

5,167,843

Total shareholders' equity, excluding AOCI (1)

6,264,178

6,163,205

6,070,220

5,981,265

5,929,672


6,264,178

5,929,672

Common shareholders' equity

5,402,690

5,405,870

5,120,765

5,022,939

5,000,850


5,402,690

5,000,850

Common shareholders' equity, excluding AOCI (1)

$    6,097,185

$    5,996,212

$    5,903,227

$    5,814,272

$    5,762,679


$    6,097,185

$ 5,762,679










Balance Sheet - Average Balances








Total assets

$  47,263,538

$  47,803,977

$  48,192,719

$  48,642,540

$  48,444,176


$  47,973,279

$  48,703,953

Total earning assets

42,920,125

43,540,045

43,851,822

44,226,077

43,754,664


43,632,307

43,951,257

Available for sale securities

7,636,683

7,915,636

8,033,552

8,269,708

9,300,714


7,962,869

10,322,335

Loans and leases, net of unearned income

33,461,931

33,279,819

32,945,526

32,737,574

32,529,030


33,107,659

31,913,925

Total deposits

39,743,224

37,634,453

38,100,087

38,421,272

38,215,379


38,475,929

38,628,453

Total deposits and repurchase agreements

39,761,277

37,666,828

38,165,908

38,630,620

38,968,397


38,557,021

39,399,230

Other short-term borrowings

905,815

3,512,218

3,500,000

3,500,000

3,503,320


2,850,981

3,471,207

Subordinated and long-term debt

123,442

265,790

404,231

434,579

443,251


306,396

452,645

Total shareholders' equity

5,589,361

5,420,826

5,207,254

5,194,048

4,507,343


5,353,705

4,487,433

Common shareholders' equity

$    5,422,368

$    5,253,833

$    5,040,261

$    5,027,055

$    4,340,350


$    5,186,712

$ 4,320,440










Nonperforming Assets:









Nonperforming loans and leases (NPL) (2) (3)

264,692

272,954

216,746

241,007

216,141


264,692

216,141

Other real estate owned and other assets

5,754

5,354

4,793

5,280

6,246


5,754

6,246

Nonperforming assets (NPA)

$       270,446

$       278,308

$       221,539

$       246,287

$       222,387


$       270,446

$   222,387



(1)

Denotes non-GAAP financial measure. Refer to related disclosure and reconciliation on pages 23 - 27.

(2)

At December 31, 2024, $89.9 million of NPL is covered by government guarantees from the SBA, FHA, VA or USDA. Refer to Table 7 on page 13 for related information.

(3)

At June 30, 2024, NPL does not include nonperforming loans held for sale of $2.7 million.

 

Table 2

Selected Financial Ratios



Quarter Ended


Year-to-date


Dec 2024

Sep 2024

Jun 2024

Mar 2024

Dec 2023


Dec 2024

Dec 2023

Financial Ratios and Other Data:









Return on average assets from continuing operations (2)

1.12 %

1.14 %

1.15 %

0.97 %

(2.16) %


1.09 %

0.01 %

Return on average assets (2)

1.12

1.14

1.15

0.97

2.12


1.09

1.11

Adjusted return on average assets from continuing operations (1)(2)

1.11

1.15

1.09

0.97

0.62


1.08

0.84

Return on average common shareholders' equity from continuing operations (2)

9.56

10.15

10.78

9.17

(24.32)


9.91

(0.13)

Return on average common shareholders' equity (2)

9.56

10.15

10.78

9.17

23.46


9.91

12.33

Adjusted return on average common shareholders' equity from continuing operations (1)(2)

9.53

10.27

10.21

9.15

6.65


9.79

9.29

Return on average tangible common equity from continuing operations (1)(2)

13.06

14.04

15.18

12.94

(36.79)


13.79

(0.20)

Return on average tangible common equity (1)(2)

13.06

14.04

15.18

12.94

35.49


13.79

18.74

Adjusted return on average tangible common equity from continuing operations (1)(2)

13.02

14.21

14.37

12.92

10.06


13.62

14.11

Pre-tax pre-provision net revenue from continuing operation to total average assets (1)(2)

1.55

1.56

1.67

1.44

(2.51)


1.56

0.16

Adjusted pre-tax pre-provision net revenue from continuing operations to total average assets (1)(2)

1.55

1.58

1.59

1.44

1.13


1.54

1.26

Net interest margin-fully taxable equivalent

3.38

3.31

3.27

3.22

3.04


3.30

3.08

Net interest rate spread-fully taxable equivalent

2.59

2.45

2.45

2.40

2.25


2.47

2.33

Efficiency ratio fully tax equivalent (1)

58.98

57.90

56.09

60.05

NM


58.24

93.28

Adjusted efficiency ratio fully tax equivalent (1)

59.09

57.73

56.73

60.12

66.01


58.41

63.34

Loan/deposit ratio

83.32 %

85.74 %

87.99 %

86.26 %

84.41 %


83.32 %

84.41 %

Full time equivalent employees

5,335

5,327

5,290

5,322

5,333


5,335

5,333










Credit Quality Ratios:









Net charge-offs to average loans and leases (2)

0.17 %

0.26 %

0.28 %

0.24 %

0.29 %


0.24 %

0.23 %

Provision for credit losses to average loans and leases (2)

0.18

0.14

0.27

0.27

0.46


0.21

0.25

ACL to loans and leases, net

1.37

1.38

1.41

1.44

1.44


1.37

1.44

ACL to NPL

174.09

168.84

216.85

196.08

216.54


174.09

216.54

NPL to loans and leases, net

0.78

0.82

0.65

0.73

0.67


0.78

0.67

NPA to total assets

0.58

0.57

0.46

0.51

0.45


0.58

0.45










Equity Ratios:









Total shareholders' equity to total assets

11.85 %

11.33 %

11.02 %

10.74 %

10.56 %


11.85 %

10.56 %

Total common shareholders' equity to total assets

11.49

10.99

10.67

10.40

10.22


11.49

10.22

Tangible common shareholders' equity to tangible assets (1)

8.67

8.28

7.87

7.60

7.44


8.67

7.44

Tangible common shareholders' equity, excluding AOCI, to
tangible assets, excluding AOCI (1)

10.04

9.40

9.40

9.13

8.90


10.04

8.90










Capital Adequacy (3):









Common Equity Tier 1 capital

12.4 %

12.3 %

11.9 %

11.7 %

11.6 %


12.4 %

11.6 %

Tier 1 capital

12.8

12.7

12.3

12.2

12.1


12.8

12.1

Total capital

14.0

14.5

14.2

14.5

14.3


14.0

14.3

Tier 1 leverage capital

10.4

10.1

9.7

9.5

9.3


10.4

9.3



(1)

Denotes non-GAAP financial measure. Refer to related disclosure and reconciliation on pages 23 - 27.

(2)

Annualized.

(3)

Current quarter regulatory capital ratios are estimated.

NM - Not meaningful

 

Table 3

Selected Financial Information



Quarter Ended


Year-to-date


Dec 2024

Sep 2024

Jun 2024

Mar 2024

Dec 2023


Dec 2024

Dec 2023

Common Share Data:









Diluted earnings (losses) per share from continuing operations

$         0.70

$         0.72

$         0.73

$         0.62

$       (1.46)


$      2.77

$     (0.03)

Adjusted earnings per share from continuing operations (1)

0.70

0.73

0.69

0.62

0.40


2.74

2.20

Diluted earnings per share

0.70

0.72

0.73

0.62

1.41


2.77

2.92

Cash dividends per share

0.250

0.250

0.250

0.250

0.235


1.00

0.94

Book value per share

29.44

29.65

28.07

27.50

27.35


29.44

27.35

Tangible book value per share (1)

21.54

21.68

20.08

19.48

19.32


21.54

19.32

Market value per share (last)

34.45

31.85

28.28

29.00

29.59


34.45

29.59

Market value per share (high)

40.20

34.13

29.95

30.03

31.45


40.20

31.45

Market value per share (low)

30.21

27.46

26.16

24.99

19.67


24.99

16.95

Market value per share (average)

35.17

30.96

28.14

27.80

24.40


30.56

22.90

Dividend payout ratio from continuing operations

35.71 %

34.72 %

34.25 %

40.48 %

(16.13) %


36.10 %

NM

Adjusted dividend payout ratio from continuing operations (1)

35.71 %

34.25 %

36.23 %

40.32 %

58.75 %


36.50 %

42.73 %

Total shares outstanding

183,527,575

182,315,142

182,430,427

182,681,325

182,871,775


183,527,575

182,871,775

Average shares outstanding - diluted

186,038,243

185,496,110

185,260,963

185,574,130

182,688,190


185,592,759

182,608,713










Yield/Rate:









(Taxable equivalent basis)









Loans, loans held for sale, and leases

6.42 %

6.64 %

6.59 %

6.50 %

6.48 %


6.54 %

6.28 %

Loans, loans held for sale, and leases excluding net
accretion on acquired loans and leases

6.40

6.61

6.56

6.46

6.43


6.50

6.20

Available for sale securities:









Taxable

3.03

3.03

3.18

3.11

2.45


3.09

2.09

Tax-exempt

3.93

3.97

4.12

4.25

3.78


4.07

3.32

Other investments

4.77

5.37

5.45

5.48

5.41


5.33

5.13

Total interest earning assets and revenue

5.76

5.92

5.90

5.80

5.59


5.84

5.27

Deposits

2.44

2.55

2.53

2.45

2.32


2.49

1.90

Interest bearing demand and money market

2.87

3.13

3.13

3.11

3.02


3.06

2.58

Savings

0.57

0.57

0.57

0.57

0.56


0.57

0.49

Time

4.28

4.50

4.53

4.42

4.22


4.42

3.69

Total interest bearing deposits

3.12

3.30

3.28

3.21

3.10


3.22

2.62

Fed funds purchased, securities sold under
agreement to repurchase and other

4.58

5.10

4.47

4.86

4.33


4.79

4.07

Short-term FHLB borrowings

—

—

—

—

—


—

4.91

Short-term BTFP borrowings

4.77

4.77

4.77

4.84

5.04


4.79

5.10

Total interest bearing deposits and short-term borrowings

3.16

3.46

3.44

3.39

3.33


3.36

2.91

Subordinated and long-term borrowings

4.14

4.30

4.41

4.35

4.18


4.34

4.23

Total interest bearing liabilities

3.17

3.47

3.45

3.40

3.34


3.37

2.93

Interest bearing liabilities to interest earning assets

74.82 %

75.40 %

75.97 %

75.73 %

76.08 %


75.48 %

74.43 %

Net interest income tax equivalent adjustment (in thousands)

$          648

$          694

$          644

$          636

$          987


$     2,623

$     4,184



(1)

Denotes non-GAAP financial measure. Refer to related disclosure and reconciliation on pages 23 - 27.

 

Table 4

Consolidated Balance Sheets

(Unaudited)



As of

(In thousands)

Dec 2024

Sep 2024

Jun 2024

Mar 2024

Dec 2023

ASSETS






Cash and due from banks

$         624,884

$         504,827

$         516,715

$         427,543

$         798,177

Interest bearing deposits with other banks and Federal funds sold

1,106,692

3,483,299

2,093,820

2,609,931

3,434,088

Available for sale securities, at fair value

7,293,988

7,841,685

7,921,422

8,306,589

8,075,476

Loans and leases, net of unearned income

33,741,755

33,303,972

33,312,773

32,882,616

32,497,022

Allowance for credit losses

460,793

460,859

470,022

472,575

468,034

Net loans and leases

33,280,962

32,843,113

32,842,751

32,410,041

32,028,988

Loans held for sale, at fair value

244,192

205,941

197,673

169,556

186,301

Premises and equipment, net

783,456

797,556

808,705

822,666

802,133

Goodwill

1,366,923

1,366,923

1,366,923

1,367,785

1,367,785

Other intangible assets, net

83,190

87,094

91,027

96,126

100,191

Bank-owned life insurance

651,838

652,057

648,970

645,167

642,840

Other assets

1,583,065

1,422,438

1,496,072

1,458,459

1,498,531

Total Assets

$    47,019,190

$    49,204,933

$    47,984,078

$    48,313,863

$    48,934,510

LIABILITIES






Deposits:






Demand: Noninterest bearing

$      8,591,805

$      9,242,693

$      8,586,265

$      8,820,468

$      9,232,068

Interest bearing

19,345,114

18,125,553

18,514,015

18,945,982

19,276,596

 Savings

2,588,406

2,560,803

2,613,950

2,694,777

2,720,913

 Time deposits

9,970,876

8,915,311

8,144,429

7,658,999

7,267,560

Total deposits

40,496,201

38,844,360

37,858,659

38,120,226

38,497,137

Securities sold under agreement to repurchase

23,616

16,964

55,034

94,390

451,516

Other short-term borrowings

—

3,500,000

3,500,000

3,500,000

3,500,000

Subordinated and long-term debt

10,706

225,823

269,353

430,123

438,460

Other liabilities

918,984

1,044,923

1,013,274

979,192

879,554

Total Liabilities

41,449,507

43,632,070

42,696,320

43,123,931

43,766,667

SHAREHOLDERS' EQUITY






Preferred stock

166,993

166,993

166,993

166,993

166,993

Common stock

458,819

455,788

456,076

456,703

457,179

Capital surplus

2,742,913

2,729,440

2,724,656

2,724,587

2,743,066

Accumulated other comprehensive loss

(694,495)

(590,342)

(782,462)

(791,333)

(761,829)

Retained earnings

2,895,453

2,810,984

2,722,495

2,632,982

2,562,434

Total Shareholders' Equity

5,569,683

5,572,863

5,287,758

5,189,932

5,167,843

Total Liabilities & Shareholders' Equity

$    47,019,190

$    49,204,933

$    47,984,078

$    48,313,863

$    48,934,510

 

Table 5

Consolidated Quarterly Average Balance Sheets

(Unaudited)

 


(In thousands)

Dec 2024

Sep 2024

Jun 2024

Mar 2024

Dec 2023

ASSETS






Cash and due from banks

$         490,161

$         435,569

$         456,938

$         557,009

$         443,504

Interest bearing deposits with other banks and Federal funds sold

1,698,300

2,210,277

2,758,385

3,146,439

1,811,686

Available for sale securities, at fair value

7,636,683

7,915,636

8,033,552

8,269,708

9,300,714

Loans and leases, net of unearned income

33,461,931

33,279,819

32,945,526

32,737,574

32,529,030

Allowance for credit losses

465,971

469,919

475,181

473,849

447,879

Net loans and leases

32,995,960

32,809,900

32,470,345

32,263,725

32,081,151

Loans held for sale, at fair value

123,211

134,313

114,359

72,356

113,234

Premises and equipment, net

796,394

807,353

815,920

808,473

795,164

Goodwill

1,366,923

1,366,923

1,367,358

1,367,785

1,367,916

Other intangible assets, net

85,323

89,262

93,743

98,350

102,765

Bank-owned life insurance

651,166

650,307

646,124

643,189

640,439

Other assets

1,419,417

1,384,437

1,435,995

1,415,506

1,787,603

Total Assets

$    47,263,538

$    47,803,977

$    48,192,719

$    48,642,540

$    48,444,176

LIABILITIES






Deposits:






Demand: Noninterest bearing

$      8,676,765

$      8,616,534

$      8,757,029

$      9,072,619

$      9,625,912

Interest bearing

18,845,689

18,043,686

18,770,093

19,303,845

18,292,826

 Savings

2,573,961

2,584,761

2,652,019

2,696,452

2,758,977

 Time deposits

9,646,809

8,389,472

7,920,946

7,348,356

7,537,664

Total deposits

39,743,224

37,634,453

38,100,087

38,421,272

38,215,379

Securities sold under agreement to repurchase

18,053

32,375

65,821

209,348

753,018

Other short-term borrowings

905,815

3,512,218

3,500,000

3,500,000

3,503,320

Subordinated and long-term debt

123,442

265,790

404,231

434,579

443,251

Other liabilities

883,643

938,315

915,326

883,293

1,021,865

Total Liabilities

41,674,177

42,383,151

42,985,465

43,448,492

43,936,833

SHAREHOLDERS' EQUITY






Preferred stock

166,993

166,993

166,993

166,993

166,993

Common stock

457,798

455,954

456,618

456,437

456,636

Capital surplus

2,735,323

2,725,581

2,724,838

2,733,902

2,733,985

Accumulated other comprehensive loss

(634,307)

(703,619)

(838,710)

(777,940)

(1,279,235)

Retained earnings

2,863,554

2,775,917

2,697,515

2,614,656

2,428,964

Total Shareholders' Equity

5,589,361

5,420,826

5,207,254

5,194,048

4,507,343

Total Liabilities & Shareholders' Equity

$    47,263,538

$    47,803,977

$    48,192,719

$    48,642,540

$    48,444,176

 

Table 6

Consolidated Statements of Income

(Unaudited)



Quarter Ended


Year-to-date

(Dollars in thousands, except per share data)

Dec 2024

Sep 2024

Jun 2024

Mar 2024

Dec 2023


Dec 2024

Dec 2023

INTEREST REVENUE:









Loans and leases

$     540,147

$     555,862

$     539,685

$     528,940

$     531,340


$  2,164,633

$  2,004,812

Available for sale securities:









Taxable

57,476

59,732

62,852

63,405

55,801


243,466

208,122

Tax-exempt

635

638

638

687

1,927


2,598

9,206

Loans held for sale

1,694

1,630

1,652

1,184

1,418


6,161

4,450

Short-term investments

20,369

29,851

37,383

42,897

24,701


130,499

83,577

Total interest revenue

620,321

647,713

642,210

637,113

615,187


2,547,357

2,310,167

INTEREST EXPENSE:









Interest bearing demand deposits and money market accounts

135,965

142,179

146,279

149,403

139,144


573,826

472,723

Savings

3,684

3,695

3,743

3,801

3,918


14,922

14,955

Time deposits

103,785

94,944

89,173

80,670

80,143


368,572

246,476

Federal funds purchased and securities sold under agreement to repurchase

293

561

724

2,523

8,254


4,101

32,581

Short-term debt

10,779

42,003

41,544

42,109

44,451


136,434

172,940

Subordinated and long-term debt

1,284

2,873

4,429

4,699

4,672


13,287

19,136

Total interest expense

255,790

286,255

285,892

283,205

280,582


1,111,142

958,811

Net interest revenue

364,531

361,458

356,318

353,908

334,605


1,436,215

1,351,356

Provision for credit losses

15,000

12,000

22,000

22,000

38,000


71,000

80,000

Net interest revenue, after provision for credit losses

349,531

349,458

334,318

331,908

296,605


1,365,215

1,271,356










NONINTEREST REVENUE:









Wealth management

23,973

24,110

24,006

22,833

22,576


94,922

86,928

Deposit service charges

18,694

18,814

17,652

18,338

11,161


73,497

61,718

Credit card, debit card and merchant fees

12,664

12,649

12,770

12,162

12,902


50,245

49,784

Mortgage banking

3,554

1,133

6,173

6,443

(1,137)


17,303

18,978

Security losses

(3)

(2,947)

(4)

(9)

(384,524)


(2,962)

(435,652)

Other noninterest income

27,283

32,142

40,061

24,019

27,562


123,505

101,901

Total noninterest revenue

86,165

85,901

100,658

83,786

(311,460)


356,510

(116,343)










NONINTEREST EXPENSE:









Salaries and employee benefits

152,381

152,237

148,038

156,650

148,081


609,307

634,722

Occupancy and equipment

27,275

28,894

29,367

28,640

28,009


114,175

110,972

Data processing and software

33,226

29,164

29,467

30,028

32,922


121,884

120,443

Deposit insurance assessments

8,284

7,481

15,741

8,414

45,733


39,922

72,224

Amortization of intangibles

3,904

3,933

3,999

4,066

4,405


15,902

19,388

Pension settlement expense

—

—

—

—

11,226


—

11,826

Merger expense

—

—

—

—

—


—

5,192

Other noninterest expense

41,116

37,729

30,085

35,409

58,991


144,338

181,156

Total noninterest expense

266,186

259,438

256,697

263,207

329,367


1,045,528

1,155,923

Income (loss) from continuing operations before taxes

169,510

175,921

178,279

152,487

(344,222)


676,197

(910)

Income tax expense (benefit)

36,795

39,482

40,807

35,509

(80,485)


152,593

(4,594)

Income (loss) from continuing operations

$     132,715

$     136,439

$     137,472

$     116,978

$   (263,737)


523,604

3,684

Income from discontinued operations

—

—

—

—

706,129


—

727,591

Income tax expense from discontinued operations

—

—

—

—

183,328


—

188,971

Income from discontinued operations, net of taxes

—

—

—

—

522,801


—

538,620

Net income

132,715

136,439

137,472

116,978

259,064


523,604

542,304

Less: Preferred dividends

2,372

2,372

2,372

2,372

2,372


9,488

9,488

Net income available to common shareholders

$     130,343

$     134,067

$     135,100

$     114,606

$     256,692


$     514,116

$     532,816

Diluted earnings (losses) per common share from continuing operations

$          0.70

$          0.72

$          0.73

$          0.62

$        (1.46)


$          2.77

$        (0.03)

Diluted earnings per common share

$          0.70

$          0.72

$          0.73

$          0.62

$          1.41


$          2.77

$          2.92

 

Table 7

Selected Loan Portfolio Data

(Unaudited)



Quarter Ended

(In thousands)

Dec 2024

Sep 2024

Jun 2024

Mar 2024

Dec 2023

LOAN AND LEASE PORTFOLIO:






Commercial and industrial






Non-real estate

$     8,670,529

$     8,692,639

$     9,136,929

$     9,121,457

$     8,935,598

Owner occupied

4,665,015

4,557,723

4,475,647

4,442,357

4,349,060

Total commercial and industrial

13,335,544

13,250,362

13,612,576

13,563,814

13,284,658

Commercial real estate






Construction, acquisition and development

3,909,184

3,931,821

3,892,527

3,864,351

3,910,962

Income producing

6,015,773

5,978,695

5,851,340

5,783,943

5,736,871

Total commercial real estate

9,924,957

9,910,516

9,743,867

9,648,294

9,647,833

Consumer






Residential mortgages

10,267,883

9,933,222

9,740,713

9,447,675

9,329,692

Other consumer

213,371

209,872

215,617

222,833

234,839

Total consumer

10,481,254

10,143,094

9,956,330

9,670,508

9,564,531

Total loans and leases, net of unearned income

$   33,741,755

$   33,303,972

$   33,312,773

$   32,882,616

$   32,497,022







NONPERFORMING ASSETS






Nonperforming Loans and Leases






Commercial and industrial






Non-real estate

$        145,115

$        148,267

$        121,171

$        149,683

$        131,559

Owner occupied

16,904

15,127

13,700

5,962

7,097

Total commercial and industrial

162,019

163,394

134,871

155,645

138,656

Commercial real estate






Construction, acquisition and development

8,600

2,034

4,923

3,787

1,859

Income producing

18,542

25,112

15,002

19,428

17,485

Total commercial real estate

27,142

27,146

19,925

23,215

19,344

Consumer






Residential mortgages

75,287

82,191

61,677

61,886

57,881

Other consumer

244

223

273

261

260

Total consumer

75,531

82,414

61,950

62,147

58,141

Total nonperforming loans and leases (1)

$        264,692

$        272,954

$        216,746

$        241,007

$        216,141







Other real estate owned and repossessed assets

5,754

5,354

4,793

5,280

6,246

Total nonperforming assets

$        270,446

$        278,308

$        221,539

$        246,287

$        222,387







Government guaranteed portion of nonaccrual loans and
leases covered by the SBA, FHA, VA or USDA

$          89,906

$          81,632

$          71,418

$          59,897

$          49,551







Loans and leases 90+ days past due, still accruing

$          13,126

$          11,757

$            6,150

$          30,048

$          22,466



(1)

At June 30, 2024, NPL does not include nonperforming loans held for sale of $2.7 million.

 

Table 8

Allowance for Credit Losses

(Unaudited)



Quarter Ended

(Dollars in thousands)

Dec 2024

Sep 2024

Jun 2024

Mar 2024

Dec 2023

ALLOWANCE FOR CREDIT LOSSES:






Balance, beginning of period

$      460,859

$      470,022

$      472,575

$      468,034

$      446,859

Charge-offs:






Commercial and industrial

(15,116)

(21,620)

(23,340)

(16,997)

(21,385)

Commercial real estate

(167)

(222)

(649)

(2,244)

(2,290)

Consumer

(2,679)

(2,681)

(2,294)

(2,395)

(3,229)

Total loans charged-off

(17,962)

(24,523)

(26,283)

(21,636)

(26,904)

Recoveries:






Commercial and industrial

2,613

1,647

2,943

1,312

2,117

Commercial real estate

549

65

101

150

95

Consumer

734

648

686

715

867

Total recoveries

3,896

2,360

3,730

2,177

3,079

Net charge-offs

(14,066)

(22,163)

(22,553)

(19,459)

(23,825)

Provision for credit losses related to loans and leases

14,000

13,000

20,000

24,000

45,000

Balance, end of period

$      460,793

$      460,859

$      470,022

$      472,575

$      468,034







Average loans and leases, net of unearned income, for period

$ 33,461,931

$ 33,279,819

$ 32,945,526

$ 32,737,574

$ 32,529,030

Ratio: Net charge-offs to average loans and leases (2)

0.17 %

0.26 %

0.28 %

0.24 %

0.29 %







RESERVE FOR UNFUNDED COMMITMENTS (1)






Balance, beginning of period

$          7,551

$          8,551

$          6,551

$          8,551

$        15,551

 Provision (reversal) for credit losses for unfunded commitments

1,000

(1,000)

2,000

(2,000)

(7,000)

Balance, end of period

$          8,551

$          7,551

$          8,551

$          6,551

$          8,551



(1)

The Reserve for Unfunded Commitments is classified in other liabilities on the consolidated balance sheets.

(2)

Annualized. 

 

Table 9

Loan Portfolio by Grades

(Unaudited)



December 31, 2024

(In thousands)

Pass

Special
Mention

Substandard

Doubtful

Impaired

Purchased
Credit
Deteriorated
(Loss)

Total

LOAN AND LEASE PORTFOLIO:








Commercial and industrial








Non-real estate

$    8,208,176

$   106,996

$     311,096

$    8,743

$      31,996

$         3,522

$  8,670,529

Owner occupied

4,610,775

815

41,363

—

10,968

1,094

4,665,015

Total commercial and industrial

12,818,951

107,811

352,459

8,743

42,964

4,616

13,335,544

Commercial real estate








Construction, acquisition and development

3,896,856

—

12,262

—

66

—

3,909,184

Income producing

5,850,702

5,094

144,084

—

15,893

—

6,015,773

Total commercial real estate

9,747,558

5,094

156,346

—

15,959

—

9,924,957

Consumer








Residential mortgages

10,167,830

891

89,597

—

8,154

1,411

10,267,883

Other consumer

212,865

—

506

—

—

—

213,371

Total consumer

10,380,695

891

90,103

—

8,154

1,411

10,481,254

Total loans and leases, net of unearned income

$  32,947,204

$   113,796

$     598,908

$    8,743

$      67,077

$         6,027

$  33,741,755

 


September 30, 2024

(In thousands)

Pass

Special
Mention

Substandard

Doubtful

Impaired

Purchased
Credit
Deteriorated
(Loss)

Total

LOAN AND LEASE PORTFOLIO:








Commercial and industrial








Non-real estate

$  8,190,551

$     171,866

$     258,496

$       13,325

$       54,795

$         3,606

$  8,692,639

Owner occupied

4,506,806

1,530

39,101

—

9,187

1,099

4,557,723

Total commercial and industrial

12,697,357

173,396

297,597

13,325

63,982

4,705

13,250,362

Commercial real estate








Construction, acquisition and development

3,918,273

—

13,548

—

—

—

3,931,821

Income producing

5,767,252

8,611

180,414

—

22,418

—

5,978,695

Total commercial real estate

9,685,525

8,611

193,962

—

22,418

—

9,910,516

Consumer








Residential mortgages

9,831,527

795

91,863

—

7,579

1,458

9,933,222

Other consumer

209,460

—

412

—

—

—

209,872

Total consumer

10,040,987

795

92,275

—

7,579

1,458

10,143,094

Total loans and leases, net of unearned income

$ 32,423,869

$     182,802

$     583,834

$       13,325

$       93,979

$         6,163

$ 33,303,972

 

Table 10

Geographical Loan Information

(Unaudited)



December 31, 2024

(Dollars in thousands)

Alabama

Arkansas

Florida

Georgia

Louisiana

Mississippi

Missouri

Tennessee

Texas

Other

Total

LOAN AND LEASE PORTFOLIO:












Commercial and industrial












Non-real estate

$  413,359

$  169,534

$  532,224

$  446,812

$  371,543

$  536,651

$    64,846

$  399,346

$    3,478,755

$  2,257,459

$  8,670,529

Owner occupied

337,580

253,538

308,545

400,342

298,787

624,950

107,443

159,058

1,708,113

466,659

4,665,015

Total commercial and industrial

750,939

423,072

840,769

847,154

670,330

1,161,601

172,289

558,404

5,186,868

2,724,118

13,335,544

Commercial real estate












Construction, acquisition and development

230,810

65,358

438,173

543,249

36,194

169,336

45,690

180,566

1,656,715

543,093

3,909,184

Income producing

437,146

259,767

477,493

613,337

226,849

424,078

204,119

319,560

2,298,344

755,080

6,015,773

Total commercial real estate

667,956

325,125

915,666

1,156,586

263,043

593,414

249,809

500,126

3,955,059

1,298,173

9,924,957

Consumer












Residential mortgages

1,300,485

425,602

709,335

449,117

478,947

1,214,542

210,712

796,490

4,436,803

245,850

10,267,883

Other consumer

27,186

17,653

5,002

7,817

10,653

86,059

1,322

16,668

36,559

4,452

213,371

Total consumer

1,327,671

443,255

714,337

456,934

489,600

1,300,601

212,034

813,158

4,473,362

250,302

10,481,254

Total

$2,746,566

$  1,191,452

$  2,470,772

$  2,460,674

$  1,422,973

$  3,055,616

$  634,132

$  1,871,688

$  13,615,289

$  4,272,593

$33,741,755













Loan growth (decline), excluding loans
acquired during the quarter ($)

$    79,452

$    25,420

$    91,514

$  113,446

$    19,029

$    47,708

$    10,055

$    77,334

$  227,675

$  (253,850)

$  437,783

Loan growth (decline), excluding loans
acquired during the quarter (%) (annualized)

11.85 %

8.67 %

15.30 %

19.23 %

5.39 %

6.31 %

6.41 %

17.15 %

6.77 %

(22.31) %

5.23 %

 


September 30, 2024

(Dollars in thousands)

Alabama

Arkansas

Florida

Georgia

Louisiana

Mississippi

Missouri

Tennessee

Texas

Other

Total

LOAN AND LEASE PORTFOLIO:












Commercial and industrial












Non-real estate

$      373,496

$      174,110

$      503,478

$      451,079

$      347,397

$      493,209

$        67,512

$      366,114

$   3,443,772

$   2,472,472

$   8,692,639

Owner occupied

342,037

248,109

302,228

323,643

296,937

625,425

101,509

162,176

1,749,994

405,665

4,557,723

Total commercial and industrial

715,533

422,219

805,706

774,722

644,334

1,118,634

169,021

528,290

5,193,766

2,878,137

13,250,362

Commercial real estate












Construction, acquisition and development

214,627

72,186

467,852

553,316

42,963

183,412

40,413

166,889

1,604,724

585,439

3,931,821

Income producing

425,613

248,133

408,683

574,925

232,605

428,569

204,351

323,786

2,312,282

819,748

5,978,695

Total commercial real estate

640,240

320,319

876,535

1,128,241

275,568

611,981

244,764

490,675

3,917,006

1,405,187

9,910,516

Consumer












Residential mortgages

1,284,111

406,108

691,794

436,840

473,271

1,193,982

208,750

759,480

4,241,278

237,608

9,933,222

Other consumer

27,230

17,386

5,223

7,425

10,771

83,311

1,542

15,909

35,564

5,511

209,872

Total consumer

1,311,341

423,494

697,017

444,265

484,042

1,277,293

210,292

775,389

4,276,842

243,119

10,143,094

Total loans and leases, net of unearned income

$   2,667,114

$   1,166,032

$   2,379,258

$   2,347,228

$   1,403,944

$   3,007,908

$      624,077

$   1,794,354

$ 13,387,614

$   4,526,443

$ 33,303,972

 

Table 11

Noninterest Revenue and Expense

(Unaudited)



Quarter Ended


Year-to-date

(In thousands)

Dec 2024

Sep 2024

Jun 2024

Mar 2024

Dec 2023


Dec 2024

Dec 2023

NONINTEREST REVENUE:









Trust and asset management income

$      12,485

$      12,055

$      12,645

$      11,322

$      11,301


$      48,507

$      42,513

Investment advisory fees

8,502

8,641

8,180

8,336

8,084


33,660

31,403

Brokerage and annuity fees

2,986

3,414

3,181

3,175

3,191


12,755

13,012

Deposit service charges

18,694

18,814

17,652

18,338

11,161


73,497

61,718

Credit card, debit card and merchant fees

12,664

12,649

12,770

12,162

12,902


50,245

49,784

Mortgage banking excl. MSR and MSR hedge market value adjustment

6,293

8,171

9,875

9,116

6,966


33,455

33,763

MSR and MSR hedge market value adjustment

(2,739)

(7,038)

(3,702)

(2,673)

(8,103)


(16,152)

(14,785)

Security losses, net

(3)

(2,947)

(4)

(9)

(384,524)


(2,962)

(435,652)

Bank-owned life insurance

5,046

4,353

4,370

3,946

4,728


17,716

16,294

Other miscellaneous income

22,237

27,789

35,691

20,073

22,834


105,789

85,607

Total noninterest revenue

$      86,165

$      85,901

$    100,658

$      83,786

$  (311,460)


$    356,510

$  (116,343)










NONINTEREST EXPENSE:









Salaries and employee benefits

$    152,381

$    152,237

$    148,038

$    156,650

$    148,081


$    609,307

$    634,722

Occupancy and equipment

27,275

28,894

29,367

28,640

28,009


114,175

110,972

Data processing and software

33,226

29,164

29,467

30,028

32,922


121,884

120,443

Deposit insurance assessments

8,284

7,481

15,741

8,414

45,733


39,922

72,224

Amortization of intangibles

3,904

3,933

3,999

4,066

4,405


15,902

19,388

Pension settlement expense

—

—

—

—

11,226


—

11,826

Merger expense

—

—

—

—

—


—

5,192

Advertising and public relations

5,870

5,481

6,537

4,224

12,632


22,112

28,162

Foreclosed property expense

621

486

515

268

915


1,891

2,488

Telecommunications

1,359

1,513

1,441

1,545

1,356


5,857

5,775

Travel and entertainment

2,618

2,612

2,549

2,236

3,146


10,015

11,004

Professional, consulting and outsourcing

4,540

4,115

3,534

3,935

5,194


16,124

19,892

Legal

4,176

3,664

758

3,682

13,724


12,279

20,093

Postage and shipping

1,624

1,677

1,622

2,205

1,907


7,128

8,443

Other miscellaneous expense

20,308

18,181

13,129

17,314

20,117


68,932

85,299

Total noninterest expense

$    266,186

$    259,438

$    256,697

$    263,207

$    329,367


$ 1,045,528

$ 1,155,923










 

Table 12

Average Balance and Yields

(Unaudited)



Quarter Ended


December 31, 2024


September 30, 2024


December 31, 2023

(Dollars in thousands)

Average

Balance

Income/
Expense

Yield/

Rate


Average

Balance

Income/
Expense

Yield/

Rate


Average

Balance

Income/
Expense

Yield/

Rate

ASSETS












Interest-earning assets:












Loans and leases, excluding accretion

$ 33,461,931

$   538,204

6.40 %


$  33,279,819

$   553,394

6.62 %


$ 32,529,030

$   527,688

6.44 %

Accretion income on acquired loans


2,422

0.03



2,992

0.04



4,127

0.05

Loans held for sale

123,211

1,694

5.47


134,313

1,630

4.83


113,234

1,418

4.97

Investment securities












Taxable

7,555,265

57,476

3.03


7,834,596

59,732

3.03


9,044,724

55,801

2.45

Tax-exempt

81,418

804

3.93


81,040

808

3.97


255,990

2,439

3.78

Total investment securities

7,636,683

58,280

3.04


7,915,636

60,540

3.04


9,300,714

58,240

2.48

Other investments

1,698,300

20,369

4.77


2,210,277

29,851

5.37


1,811,686

24,701

5.41

Total interest-earning assets

42,920,125

620,969

5.76 %


43,540,045

648,407

5.92 %


43,754,664

616,174

5.59 %

Other assets

4,809,384




4,733,851




5,137,391



Allowance for credit losses

465,971




469,919




447,879



Total assets

$ 47,263,538




$  47,803,977




$ 48,444,176















LIABILITIES AND SHAREHOLDERS' EQUITY












Interest-bearing liabilities:












Interest bearing demand and money market

$ 18,845,689

$   135,965

2.87 %


$  18,043,686

$   142,179

3.13 %


$ 18,292,826

139,144

3.02 %

Savings deposits

2,573,961

3,684

0.57


2,584,761

3,695

0.57


2,758,977

3,918

0.56

Time deposits

9,646,809

103,785

4.28


8,389,472

94,944

4.50


7,537,664

80,143

4.22

Total interest-bearing deposits

31,066,459

243,434

3.12


29,017,919

240,818

3.30


28,589,467

223,205

3.10

Fed funds purchased, securities sold under
agreement to repurchase and other

26,042

300

4.58


44,593

572

5.10


756,338

8,257

4.33

  Short-term BTFP borrowings

897,826

10,772

4.77


3,500,000

41,992

4.77


3,500,000

44,448

5.04

Subordinated and long-term borrowings

123,442

1,284

4.14


265,790

2,873

4.30


443,251

4,672

4.18

Total interest-bearing liabilities

32,113,769

255,790

3.17 %


32,828,302

286,255

3.47 %


33,289,056

280,582

3.34 %

Noninterest-bearing liabilities:












Demand deposits

8,676,765




8,616,534




9,625,912



Other liabilities

883,643




938,315




1,021,865



Total liabilities

41,674,177




42,383,151




43,936,833



Shareholders' equity

5,589,361




5,420,826




4,507,343



Total liabilities and shareholders' equity

$ 47,263,538




$  47,803,977




$ 48,444,176



Net interest income/net interest spread


365,179

2.59 %



362,152

2.45 %



335,592

2.25 %

Net yield on earning assets/net interest margin



3.38 %




3.31 %




3.04 %

Taxable equivalent adjustment:












Loans and investment securities


(648)




(694)




(987)


Net interest revenue


$   364,531




$   361,458




$   334,605


 

Table 12

Average Balance and Yields Continued



Year-To-Date


December 31, 2024


December 31, 2023

(Dollars in thousands)

Average

Balance

Income/
Expense

Yield/

Rate


Average

Balance

Income/
Expense

Yield/

Rate

ASSETS








Interest-earning assets:








Loans and leases, excluding accretion

$   33,107,659

$   2,154,654

6.50 %


$   31,913,925

$   1,980,600

6.21 %

Accretion income on acquired loans


11,911

0.04



25,949

0.08

Loans held for sale

111,156

6,161

5.54


85,961

4,450

5.18

Investment securities








Taxable

7,881,989

243,466

3.09


9,971,325

208,122

2.09

Tax-exempt

80,880

3,289

4.07


351,010

11,653

3.32

Total investment securities

7,962,869

246,755

3.10


10,322,335

219,775

2.13

Other investments

2,450,623

130,499

5.33


1,629,036

83,577

5.13

Total interest-earning assets

43,632,307

2,549,980

5.84 %


43,951,257

2,314,351

5.27 %

Other assets

4,812,184




5,204,505



Allowance for credit losses

471,212




451,809



Total assets

$   47,973,279




$   48,703,953











LIABILITIES AND SHAREHOLDERS' EQUITY








Interest-bearing liabilities:








Interest bearing demand and money market

$   18,739,210

573,826

3.06 %


$   18,314,649

$      472,723

2.58 %

Savings deposits

2,626,539

14,922

0.57


3,028,875

14,955

0.49

Time deposits

8,330,176

368,572

4.42


6,674,231

246,476

3.69

Total interest-bearing deposits

29,695,925

957,320

3.22


28,017,755

734,154

2.62

Fed funds purchased, securities sold under
agreement to repurchase and other

86,171

4,131

4.79


800,170

32,590

4.07

Short-term FHLB borrowings

—

—

—


1,389,759

68,235

4.91

Short-term BTFP borrowings

2,845,902

136,404

4.79


2,052,055

104,696

5.10

Subordinated and long-term borrowings

306,396

13,287

4.34


452,645

19,136

4.23

Total interest-bearing liabilities

32,934,394

1,111,142

3.37 %


32,712,384

958,811

2.93 %

Noninterest-bearing liabilities:








Demand deposits

8,780,004




10,610,698



Other liabilities

905,176




893,438



Total liabilities

42,619,574




44,216,520



Shareholders' equity

5,353,705




4,487,433



Total liabilities and shareholders' equity

$   47,973,279




$   48,703,953



Net interest income/net interest spread


1,438,838

2.47 %



1,355,540

2.33 %

Net yield on earning assets/net interest margin



3.30 %




3.08 %

Taxable equivalent adjustment:








Loans and investment securities


(2,623)




(4,184)


Net interest revenue


$   1,436,215




$   1,351,356


 

Table 13

Selected Additional Data

(Unaudited)



Quarter Ended

(Dollars in thousands)

Dec 2024

Sep 2024

Jun 2024

Mar 2024

Dec 2023

MORTGAGE SERVICING RIGHTS ("MSR"):






Fair value, beginning of period

$      104,891

$    113,595

$     111,685

$     106,824

$    116,266

Originations of servicing assets

4,227

3,361

3,687

2,736

2,636

Changes in fair value:






Due to changes in valuation inputs or assumptions(1)

9,193

(8,232)

927

4,781

(9,043)

Other changes in fair value(2)

(3,717)

(3,833)

(2,704)

(2,656)

(3,035)

Fair value, end of period

$      114,594

$    104,891

$     113,595

$     111,685

$    106,824







MORTGAGE BANKING REVENUE:






Origination

$             332

$        2,145

$         3,976

$         3,165

$        1,040

Servicing

5,961

6,026

5,899

5,951

5,926

Total mortgage banking revenue excluding MSR

6,293

8,171

9,875

9,116

6,966

Due to changes in valuation inputs or assumptions(1)

9,193

(8,232)

927

4,781

(9,043)

Other changes in fair value(2)

(3,717)

(3,833)

(2,704)

(2,656)

(3,035)

Market value adjustment on MSR Hedge

(8,215)

5,027

(1,925)

(4,798)

3,975

Total mortgage banking revenue

$          3,554

$        1,133

$         6,173

$         6,443

$      (1,137)







Mortgage loans serviced

$   8,043,306

$ 7,927,028

$  7,824,895

$  7,764,936

$ 7,702,592

MSR/mortgage loans serviced

1.42 %

1.32 %

1.45 %

1.44 %

1.39 %



(1)

Primarily reflects changes in prepayment speeds and discount rate assumptions which are updated based on market interest rates.

(2)

Primarily reflects changes due to realized cash flows.

 


Quarter Ended

(In thousands)

Dec 2024

Sep 2024

Jun 2024

Mar 2024

Dec 2023

AVAILABLE FOR SALE SECURITIES, at fair value






U.S. Treasury securities

$                  —

$                  —

$                  —

$         239,402

$         465,018

Obligations of U.S. government agencies

281,231

300,730

305,200

318,233

332,011

Mortgage-backed securities issued or guaranteed by
U.S. agencies ("MBS"):






Residential pass-through:






Guaranteed by GNMA

66,581

71,001

69,788

72,034

75,662

Issued by FNMA and FHLMC

3,965,556

4,163,760

4,125,416

4,254,227

4,387,101

Other residential mortgage-back securities

934,721

1,135,004

1,233,868

1,210,617

727,434

Commercial mortgage-backed securities

1,549,641

1,664,288

1,673,823

1,694,967

1,742,837

Total MBS

6,516,499

7,034,053

7,102,895

7,231,845

6,933,034

Obligations of states and political subdivisions

132,069

137,996

133,155

134,643

137,624

Other domestic debt securities

47,402

51,599

64,288

67,421

67,197

Foreign debt securities

316,787

317,307

315,884

315,045

140,592

Total available for sale securities

$      7,293,988

$      7,841,685

$      7,921,422

$      8,306,589

$      8,075,476

 

Table 14

Reconciliation of Non-GAAP Measures and Other Non-GAAP Ratio Definitions

(Unaudited)


Management evaluates the Company's capital position and adjusted performance by utilizing certain financial measures not calculated in accordance with GAAP, including adjusted income from continuing operations, adjusted income from continuing operations available to common shareholders, pre-tax pre-provision net revenue from continuing operations, adjusted pre-tax pre-provision net revenue from continuing operations, total adjusted noninterest revenue, total adjusted noninterest expense, tangible common shareholders' equity to tangible assets, total shareholders' equity (excluding AOCI), common shareholders' equity (excluding AOCI), tangible common shareholders' equity to tangible assets (excluding AOCI), return on average tangible common equity from continuing operations, return on average tangible common equity, adjusted return on average tangible common equity from continuing operations, adjusted return on average tangible common equity, adjusted return on average assets from continuing operations, adjusted return on average assets, adjusted return on average common shareholders' equity from continuing operations, adjusted return on average common shareholders' equity, pre-tax pre-provision net revenue to total average assets, adjusted pre-tax pre-provision net revenue to total average assets, adjusted earnings per common share, tangible book value per common share, tangible book value per common share, excluding AOCI, efficiency ratio (tax equivalent), adjusted efficiency ratio (tax equivalent), dividend payout ratio from continuing operations, and adjusted dividend payout ratio from continuing operations. The Company has included these non-GAAP financial measures in this release for the applicable periods presented. Management believes that the presentation of these non-GAAP financial measures: (i) provides important supplemental information that contributes to a proper understanding of the Company's capital position and adjusted performance, (ii) enables a more complete understanding of factors and trends affecting the Company's business and (iii) allows investors to evaluate the Company's performance in a manner similar to management, the financial services industry, bank stock analysts and bank regulators. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are presented in the tables below. These non-GAAP financial measures should not be considered as substitutes for GAAP financial measures, and the Company strongly encourages investors to review the GAAP financial measures included in this news release and not to place undue reliance upon any single financial measure. In addition, because non-GAAP financial measures are not standardized, it may not be possible to compare the non-GAAP financial measures presented in this news release with other companies' non-GAAP financial measures having the same or similar names.

 


Quarter Ended


Year-to-date

(In thousands)

Dec 2024

Sep 2024

Jun 2024

Mar 2024

Dec 2023


Dec 2024

Dec 2023

Adjusted Income from Continuing Operations
Available to Common Shareholders









Income (loss) from continuing operations

$    132,715

$      136,439

$      137,472

$      116,978

$    (263,737)


$      523,604

$          3,684

Plus: Merger expense

—

—

—

—

—


—

5,192

Incremental merger related expense

—

—

—

—

7,500


—

18,131

Gain on extinguishment of debt

—

—

(1,098)

(576)

(652)


(1,674)

(1,792)

Restructuring and other nonroutine expenses

(505)

(920)

6,675

251

41,522


5,501

57,548

Pension settlement expense

—

—

—

—

11,226


—

11,826

Less:   Security losses, net

(3)

(2,947)

(4)

(9)

(384,524)


(2,962)

(435,652)

Gain on sale of businesses

—


14,980

—

—


14,980

—

Nonroutine losses, net

—

—

—

—

—


—

(6,653)

Tax adjustment

(118)

476

(2,209)

(74)

105,275


(1,925)

126,211

Adjusted income from continuing operations

132,331

137,990

130,282

116,736

75,108


517,338

410,683

Less: Preferred dividends

2,372

2,372

2,372

2,372

2,372


9,488

9,488

Adjusted income from continuing operations
available to common shareholders

$    129,959

$      135,618

$      127,910

$      114,364

$        72,736


$      507,850

$      401,195

 


Quarter Ended


Year-to-date

(In thousands)

Dec 2024

Sep 2024

Jun 2024

Mar 2024

Dec 2023


Dec 2024

Dec 2023

Pre-Tax Pre-Provision Net Revenue
from Continuing Operations









Income (loss) from continuing operations

$    132,715

$   136,439

$     137,472

$     116,978

$    (263,737)


$     523,604

$           3,684

Plus:   Provision for credit losses

15,000

12,000

22,000

22,000

38,000


71,000

80,000

Income tax expense (benefit)

36,795

39,482

40,807

35,509

(80,485)


152,593

(4,594)

Pre-tax pre-provision net revenue from
continuing operations

$    184,510

$   187,921

$     200,279

$     174,487

$    (306,222)


$     747,197

$         79,090

 


Quarter Ended


Year-to-date

(In thousands)

Dec 2024

Sep 2024

Jun 2024

Mar 2024

Dec 2023


Dec 2024

Dec 2023

Adjusted Pre-Tax Pre-Provision Net Revenue
from Continuing Operations









Income (loss) from continuing operations

$    132,715

$      136,439

$      137,472

$      116,978

$    (263,737)


$      523,604

$          3,684

Plus:   Provision for credit losses

15,000

12,000

22,000

22,000

38,000


71,000

80,000

Merger expense

—

—

—

—

—


—

5,192

Incremental merger related expense

—

—

—

—

7,500


—

18,131

Gain on extinguishment of debt

—

—

(1,098)

(576)

(652)


(1,674)

(1,792)

Restructuring and other nonroutine expenses

(505)

(920)

6,675

251

41,522


5,501

57,548

Pension settlement expense

—

—

—

—

11,226


—

11,826

Income tax expense (benefit)

36,795

39,482

40,807

35,509

(80,485)


152,593

(4,594)

Less:   Security losses, net

(3)

(2,947)

(4)

(9)

(384,524)


(2,962)

(435,652)

Gain on sale of businesses

—


14,980

—

—


14,980

—

Nonroutine losses, net

—

—

—

—

—


—

(6,653)

Adjusted pre-tax pre-provision net revenue
from continuing operations

$    184,008

$      189,948

$      190,880

$      174,171

$      137,898


$      739,006

$      612,300

 


Quarter Ended


Year-to-date

(In thousands)

Dec 2024

Sep 2024

Jun 2024

Mar 2024

Dec 2023


Dec 2024

Dec 2023

Total Adjusted Revenue









Net interest revenue

$    364,531

$      361,458

$      356,318

$      353,908

$      334,605


$   1,436,215

$   1,351,356

Total Adjusted Noninterest Revenue









Total noninterest revenue

$      86,165

$        85,901

$      100,658

$        83,786

$    (311,460)


$      356,510

$    (116,343)

Less:   Security losses, net

(3)

(2,947)

(4)

(9)

(384,524)


(2,962)

(435,652)

Gain on sale of businesses

—

—

14,980

—

—


14,980

—

Nonroutine losses, net

—

—

—

—

—


—

(6,653)

Total adjusted noninterest revenue

$      86,168

$        88,848

$        85,682

$        83,795

$        73,064


$      344,492

$      325,962

Total adjusted revenue

$    450,699

$      450,306

$      442,000

$      437,703

$      407,669


$   1,780,707

$   1,677,318

 


Quarter Ended


Year-to-date

(In thousands)

Dec 2024

Sep 2024

Jun 2024

Mar 2024

Dec 2023


Dec 2024

Dec 2023

Total Adjusted Noninterest Expense









Total noninterest expense

$    266,186

$      259,438

$      256,697

$      263,207

$      329,367


$   1,045,528

$   1,155,923

Less:   Merger expense

—

—

—

—

—


—

5,192

Incremental merger related expense

—

—

—

—

7,500


—

18,131

Gain on extinguishment of debt

—

—

(1,098)

(576)

(652)


(1,674)

(1,792)

Restructuring and other nonroutine expenses

(505)

(920)

6,675

251

41,522


5,501

57,548

Pension settlement expense

—

—

—

—

11,226


—

11,826

Total adjusted noninterest expense

$    266,691

$      260,358

$      251,120

$      263,532

$      269,771


$   1,041,701

$   1,065,018

 


Quarter Ended


Year-to-date

(In thousands)

Dec 2024

Sep 2024

Jun 2024

Mar 2024

Dec 2023


Dec 2024

Dec 2023

Total Tangible Assets, Excluding AOCI









Total assets

$  47,019,190

$  49,204,933

$  47,984,078

$  48,313,863

$  48,934,510


$ 47,019,190

$ 48,934,510

Less:  Goodwill

1,366,923

1,366,923

1,366,923

1,367,785

1,367,785


1,366,923

1,367,785

Other intangible assets, net

83,190

87,094

91,027

96,126

100,191


83,190

100,191

Total tangible assets

45,569,077

47,750,916

46,526,128

46,849,952

47,466,534


45,569,077

47,466,534

Less: AOCI

(694,495)

(590,342)

(782,462)

(791,333)

(761,829)


(694,495)

(761,829)

Total tangible assets, excluding AOCI

$  46,263,572

$  48,341,258

$  47,308,590

$  47,641,285

$  48,228,363


$ 46,263,572

$ 48,228,363

 


Quarter Ended


Year-to-date

(Dollars in thousands, except per share data)

Dec 2024

Sep 2024

Jun 2024

Mar 2024

Dec 2023


Dec 2024

Dec 2023

PERIOD END BALANCES:









Total Shareholders' Equity, Excluding AOCI









Total shareholders' equity

$5,569,683

$5,572,863

$5,287,758

$5,189,932

$5,167,843


$5,569,683

$5,167,843

Less: AOCI

(694,495)

(590,342)

(782,462)

(791,333)

(761,829)


(694,495)

(761,829)

Total shareholders' equity, excluding AOCI

$6,264,178

$6,163,205

$6,070,220

$5,981,265

$5,929,672


$6,264,178

$5,929,672










Common Shareholders' Equity, Excluding AOCI









Total shareholders' equity

$5,569,683

$5,572,863

$5,287,758

$5,189,932

$5,167,843


$5,569,683

$5,167,843

Less: preferred stock

166,993

166,993

166,993

166,993

166,993


166,993

166,993

Common shareholders' equity

5,402,690

5,405,870

5,120,765

5,022,939

5,000,850


5,402,690

5,000,850

Less: AOCI

(694,495)

(590,342)

(782,462)

(791,333)

(761,829)


(694,495)

(761,829)

Common shareholders' equity, excluding AOCI

$6,097,185

$5,996,212

$5,903,227

$5,814,272

$5,762,679


$6,097,185

$5,762,679










Total Tangible Common Shareholders' Equity, Excluding AOCI









Total shareholders' equity

$5,569,683

$5,572,863

$5,287,758

$5,189,932

$5,167,843


$5,569,683

$5,167,843

Less:  Goodwill

1,366,923

1,366,923

1,366,923

1,367,785

1,367,785


1,366,923

1,367,785

Other intangible assets, net

83,190

87,094

91,027

96,126

100,191


83,190

100,191

Preferred stock

166,993

166,993

166,993

166,993

166,993


166,993

166,993

Total tangible common shareholders' equity

3,952,577

3,951,853

3,662,815

3,559,028

3,532,874


3,952,577

3,532,874

Less: AOCI

(694,495)

(590,342)

(782,462)

(791,333)

(761,829)


(694,495)

(761,829)

Total tangible common shareholders' equity, excluding AOCI

$4,647,072

$4,542,195

$4,445,277

$4,350,361

$4,294,703


$4,647,072

$4,294,703










AVERAGE BALANCES:









Total Tangible Common Shareholders' Equity









Total shareholders' equity

$5,589,361

$5,420,826

$5,207,254

$5,194,048

$4,507,343


$5,353,705

$4,487,433

Less:   Goodwill

1,366,923

1,366,923

1,367,358

1,367,785

1,367,916


1,367,245

1,367,818

Other intangible assets, net

85,323

89,262

93,743

98,350

102,765


91,645

110,053

Preferred stock

166,993

166,993

166,993

166,993

166,993


166,993

166,993

Total tangible common shareholders' equity

$3,970,122

$3,797,648

$3,579,160

$3,560,920

$2,869,669


$3,727,822

$2,842,569










Total average assets

$47,263,538

$47,803,977

$48,192,719

$48,642,540

$48,444,176


$47,973,279

$48,703,953

Total shares of common stock outstanding

183,527,575

182,315,142

182,430,427

182,681,325

182,871,775


183,527,575

182,871,775

Average shares outstanding-diluted

186,038,243

185,496,110

185,260,963

185,574,130

182,688,190


185,592,759

182,608,713










Tangible common shareholders' equity to tangible assets (1)

8.67 %

8.28 %

7.87 %

7.60 %

7.44 %


8.67 %

7.44 %

Tangible common shareholders' equity, excluding AOCI,
to tangible assets, excluding AOCI (2)

10.04

9.40

9.40

9.13

8.90


10.04

8.90

Return on average tangible common equity from continuing
operations (3)

13.06

14.04

15.18

12.94

(36.79)


13.79

(0.20)

Return on average tangible common equity (4)

13.06

14.04

15.18

12.94

35.49


13.79

18.74

Adjusted return on average tangible common equity from
continuing operations (5)

13.02

14.21

14.37

12.92

10.06


13.62

14.11

Adjusted return on average assets from continuing operations (6)

1.11

1.15

1.09

0.97

0.62


1.08

0.84

Adjusted return on average common shareholders' equity from
continuing operations (7)

9.53

10.27

10.21

9.15

6.65


9.79

9.29

Pre-tax pre-provision net revenue from continuing operations
to total average assets (8)

1.55

1.56

1.67

1.44

(2.51)


1.56

0.16

Adjusted pre-tax pre-provision net revenue from continuing
operations to total average assets (9)

1.55

1.58

1.59

1.44

1.13


1.54

1.26

Tangible book value per common share (10)

$      21.54

$      21.68

$      20.08

$      19.48

$      19.32


$      21.54

$       19.32

Tangible book value per common share, excluding AOCI (11)

25.32

24.91

24.37

23.81

23.48


25.32

23.48

Adjusted earnings from continuing operations per common share (12)

$        0.70

$        0.73

$        0.69

$        0.62

$        0.40


$        2.74

$        2.20

Adjusted dividend payout ratio from continuing operations (13)

35.71 %

34.25 %

36.23 %

40.32 %

58.75 %


36.50 %

42.73 %

 

Definitions of Non-GAAP Measures:


(1)

Tangible common shareholders' equity to tangible assets is defined by the Company as total shareholders' equity less preferred stock, goodwill and other intangible assets, net, divided by the difference of total assets less goodwill and other intangible assets, net.

(2)

Tangible common shareholders' equity, excluding AOCI, to tangible assets, excluding AOCI, is defined by the Company as total shareholders' equity less preferred stock, goodwill, other intangible assets, net and accumulated other comprehensive loss, divided by the difference of total assets less goodwill, accumulated other comprehensive loss, and other intangible assets, net.

(3)

Return on average tangible common equity from continuing operations is defined by the Company as annualized income available to common shareholders from continuing operation divided by average tangible common shareholders equity.

(4)

Return on average tangible common equity is defined by the Company as annualized income available to common shareholders divided by average tangible common shareholders equity.

(5)

Adjusted return on average tangible common equity from continuing operations is defined by the Company as annualized adjusted income available to common shareholders from continuing operations divided by average tangible common shareholders' equity.

(6)

Adjusted return on average assets from continuing operations is defined by the Company as annualized adjusted income from continuing operations divided by total average assets.

(7)

Adjusted return on average common shareholders' equity from continuing operations is defined by the Company as annualized adjusted income available to common shareholders from continuing operations divided by average common shareholders' equity.

(8)

Pre-tax pre-provision net revenue from continuing operations to total average assets is defined by the Company as annualized pre-tax pre-provision net revenue from continuing operations divided by total average assets.

(9)

Adjusted pre-tax pre-provision net revenue from continuing operations to total average assets is defined by the Company as annualized adjusted pre-tax pre-provision net revenue from continuing operations divided by total average assets adjusted for items included in the definition and calculation of adjusted income.

(10)

Tangible book value per common share is defined by the Company as tangible common shareholders' equity divided by total shares of common stock outstanding.

(11)

Tangible book value per common share, excluding AOCI is defined by the Company as tangible common shareholders' equity less accumulated other comprehensive loss divided by total shares of common stock outstanding.

(12)

Adjusted earnings from continuing operations per common share is defined by the Company as adjusted income available to common shareholders from continuing operations divided by average common shares outstanding-diluted.

(13)

Adjusted dividend payout ratio from continuing operations is defined by the Company as common share dividends divided by adjusted income available to common shareholders from continuing operations.

 

Efficiency Ratio-Fully Taxable Equivalent and Adjusted Efficiency Ratio-Fully Taxable Equivalent Definitions

The efficiency ratio and the adjusted efficiency ratio are supplemental financial measures utilized in management's internal evaluation of the Company's use of resources and are not defined under GAAP. The efficiency ratio is calculated by dividing total noninterest expense by total revenue, which includes net interest income plus noninterest income plus the tax equivalent adjustment from continuing operations. The adjusted efficiency ratio excludes income and expense items otherwise disclosed as non-routine from total noninterest expense from continuing operations.

 

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SOURCE Cadence Bank

FAQ

What was Cadence Bank's (CADE) earnings per share for full-year 2024?

Cadence Bank reported adjusted earnings of $2.74 per diluted share for full-year 2024, representing a 24.5% increase from 2023.

How much did CADE increase its quarterly dividend in Q4 2024?

Cadence Bank increased its quarterly dividend by 10% to $0.275 per common share, up from the previous $0.25 per share.

What was CADE's loan growth in 2024?

Cadence Bank achieved net organic loan growth of $1.2 billion, or 3.8% for the year 2024.

What was CADE's net interest margin in Q4 2024?

Cadence Bank's net interest margin improved to 3.38% in Q4 2024, up 7 basis points from Q3 2024.

How much did CADE's core deposits grow in 2024?

Core customer deposits increased by $2.2 billion, or 6.9% in 2024.

Stock CADE logo
Cadence Bank

NYSE:CADE

CADE Rankings

#1132 Ranked by Market Cap
#1032 Ranked by Dividends

CADE Latest News

Jan 22, 2025
Cadence Bank to Acquire FCB Financial Corp.
Jan 21, 2025
Fernando Araujo and Alice Rodriguez Join Cadence Bank's Board of Directors
Jan 2, 2025
Cadence Bank Announces Fourth Quarter and Year-End 2024 Earnings Webcast Schedule
Dec 30, 2024
Cadence Bank Announces Adjournment of its Special Meeting
Nov 20, 2024
Cadence Bank Welcomes Brad Silcox as President of Asset Management & Trust Group

CADE Stock Data

6.48B
172.52M
0.02%
84.75%
3.02%
Banks - Regional
Financial Services
Link
United States of America
Tupelo