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Cadence Bank (NYSE: CADE), headquartered in Houston, Texas, is a prominent regional banking company with approximately $50 billion in assets. Operating through its subsidiary, Cadence Bank, the company maintains a robust network of over 350 branches across Alabama, Florida, Mississippi, Tennessee, Texas, and the broader South. Cadence Bank offers a complete suite of banking and financial solutions tailored for consumers, businesses, and corporations. These services include consumer banking, mortgages, home equity lines and loans, credit cards, commercial 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.
The company prides itself on understanding customer needs and maintaining strong relationships throughout all phases of their financial lives. This approach distinguishes Cadence Bank as a refreshing alternative in the banking sector. With innovative products and methods, Cadence Bank aims to add significant value to both commercial and personal customers. Their hyper-focused customer service team ensures smooth interactions and relationships, guided by top-tier professionals with proven success records.
Cadence Bank is committed to community improvement, enhancing the quality of life in the regions they serve. Notably, the bank has executed several strategic initiatives for long-term growth, such as the completion of the sale of its insurance operations, Cadence Insurance, to Arthur J. Gallagher & Co. for $904 million. This transaction allows Cadence Bank to reinvest in its core banking business, supporting both short- and long-term strategic goals.
Despite the challenges of economic fluctuations, Cadence Bank has consistently demonstrated strong financial performance, maintaining stable credit quality metrics and a robust capital base. This is evidenced by recent quarterly results showing improved operating performance, disciplined growth, and meaningful improvements in key performance metrics.
Cadence Bank's corporate structure embodies respect, diversity, inclusion, and belonging, both within their workplace and the communities they serve. This dedication to social responsibility and community engagement further solidifies their role as a leading regional banking franchise.
Cadence Bank, a subsidiary of Cadence Bancorporation (NYSE: CADE), has formed a strategic alliance with Unity National Bank, Texas' only Black-owned bank. This partnership aims to enhance Unity's capacity to provide commercial loans and financial services to minority and underserved communities in Greater Houston and Atlanta. Cadence will offer advisory services covering IT management, product development, and talent recruitment. This collaboration is particularly timely, addressing the COVID-19 pandemic's impact on these communities.
Cadence Bancorporation (NYSE: CADE), a regional financial holding company, announced its participation in the Truist Annual Financial Services Conference on May 26, 2021. Key executives, including Paul B. Murphy, Jr. and Valerie Toalson, will represent the company at this virtual event. With $18.8 billion in assets as of March 31, 2021, Cadence Bank operates 98 branches across multiple states, providing a wide range of financial services such as commercial banking and wealth management, aimed at enhancing customer financial success.
Cadence Bancorporation (NYSE: CADE) reported a net income of $106.4 million ($0.84 per share) for Q1 2021, down from $200.6 million ($1.57 per share) in Q4 2020, but significantly improved from a net loss of $399.3 million a year ago. Adjusted net income was $104.7 million ($0.83 per share). The bank announced an allowance for credit losses of 2.49% of total loans, decreased from 2.89% in the prior quarter. Total assets reached $18.8 billion, a 9.1% increase year-over-year. A quarterly cash dividend of $0.15 per share was declared, to be paid on May 14, 2021.
BancorpSouth Bank (BXS) reported record financial results for Q1 2021, with net income of $79.2 million ($0.77 per diluted share), up from $21.9 million a year earlier. The bank achieved a pre-tax pre-provision net revenue of $99.1 million, while total deposits grew by $1.3 billion (26.7% annualized). Credit quality indicators improved, with no provision for credit losses and a 16.5% decrease in non-performing assets. BancorpSouth announced a merger with Cadence Bancorporation (CADE), expected to create a $44 billion institution, enhancing growth prospects.
BancorpSouth Bank (NYSE: BXS) and Cadence Bancorporation (NYSE: CADE) announced a transformative merger valued at over $6 billion. Cadence shareholders will receive 0.70 shares of BXS for each CADE share, along with a special cash dividend of $1.25 per share. The merger aims to create a leading regional bank with dual headquarters in Tupelo, MS, and Houston, TX. The combined entity is set to enhance growth opportunities, tap into attractive markets, and realize significant earnings per share accretion of 17% in 2022, driving shareholder value.
Cadence Bancorporation (NYSE: CADE) will hold a conference call on April 22, 2021, at 7:30 a.m. CT to discuss its first quarter 2021 results. A press release will precede the call. Participants can access the call via dedicated toll-free numbers and an Elite Entry Number, 9653528. The presentation will also be available live on the company's website, with a replay option through May 6, 2021. Cadence Bancorporation, based in Houston, Texas, has total assets of $18.7 billion as of December 31, 2020, and operates 98 branches across several states.
Cadence Bancorporation (NYSE: CADE) reported a net income of $200.6 million or $1.57 per share for Q4 2020, a significant increase from $51.4 million or $0.40 per share in Q4 2019. However, the full year showed a net loss of $205.5 million, compared to a profit of $202.0 million in 2019. An accelerated hedge revenue of $169.2 million boosted Q4 performance. Total net interest margin rose to 3.54%, alongside lower provisions for credit losses and an increase in regulatory capital ratios. A cash dividend of $0.15 per share was declared, with a $200 million share repurchase program announced.
Cadence Bancorporation (NYSE: CADE) anticipates a significant change in recognizing hedge revenue, estimating between $165 million and $175 million (pre-tax) in Q4 2020. The bank expects improvements in credit metrics, including a 25% decline in nonperforming loans and a 20% decrease in criticized loans. Furthermore, all regulatory capital ratios are projected to strengthen as a result of increased net income from hedge revenue. Upcoming capital actions may include increased dividends and resuming share repurchases, pending approvals.
Cadence Bancorporation (NYSE: CADE) will host a conference call on January 25, 2021, at 7:30 a.m. CT to discuss its fourth-quarter and full-year 2020 results. Interested participants can access the call via several toll-free numbers. The call will also be webcast live on the company's website. For those unable to attend, a replay will be available until February 8, 2021. As of September 30, 2020, Cadence held $18.4 billion in assets and operates 99 branches across several states, providing a range of banking services.
Cadence Bank has integrated Zelle into its mobile and online banking platforms, enhancing digital payment options for customers. With over 140 million consumers already using Zelle, the service facilitates fast, secure person-to-person transactions directly from bank accounts. Customers can send and receive money using only an email address or mobile number, with funds typically available within minutes. Cadence Bank aims to meet the growing demand for cashless solutions, reflecting a commitment to enhancing customer convenience.
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