Cadence Bank reports developments tied to its regional banking franchise, preferred stock dividends, operating results, governance matters and capital-structure disclosures. The bank serves individuals, businesses and corporations with banking, investment, trust and mortgage products and services across the South and Texas.
Recurring updates also include shareholder voting matters, material agreements, risk-related disclosures, community programs through the Cadence Bank Foundation and news from Linscomb Wealth, the bank’s wholly owned wealth management subsidiary.
Cadence Bank (NYSE: CADE) announced a new share repurchase program authorizing the buyback of up to 10 million shares, effective January 3, 2023, and expiring December 29, 2023. Previously, Cadence repurchased 6.1 million shares under an expiring program. Purchases will occur at prevailing market prices and may vary based on the company's financial performance, liquidity, and market conditions. This initiative aims to enhance shareholder value and reflects the bank's solid capital position.
Cadence Bank (NYSE: CADE) announced a $16,000 funding award from the Federal Home Loan Bank of Dallas to Turning Point of South Arkansas through its Partnership Grant Program. This grant, celebrated in El Dorado, Arkansas, will help the nonprofit continue its crucial services aimed at preventing and addressing domestic violence, including operating expenses for its shelter and 24/7 crisis intervention. In 2022, Cadence and FHLB Dallas provided over $99,000 in grants to various nonprofits across Arkansas and neighboring states.
Cadence Bank (NYSE: CADE), Citizens National Bank, and FHLB Dallas have jointly awarded $18,000 to Twin Forks Rising Community Development Corp. to support housing and community services in Ward 2, Hattiesburg, Mississippi. The grant is part of the Partnership Grant Program, which strengthens ties between community organizations and banks. FHLB Dallas matches contributions at a 3:1 ratio, enhancing the resources available for community development projects. In 2022, FHLB Dallas provided nearly $559,000 to 38 organizations across five states.
Cadence Bank and the Federal Home Loan Bank of Dallas awarded a $10,000 Partnership Grant to Sacred Heart Southern Missions Housing Corp. in Walls, Mississippi. The funding aims to support low-income residents through economic assistance and homeownership education. FHLB Dallas enhances its matching-fund program, enabling organizations like Sacred Heart to maximize their impact. In total, Cadence Bank and FHLB Dallas allocated $99,379 to nine nonprofits across several states this year, emphasizing community support during challenging economic times.
Cadence Bank (NYSE: CADE) recently awarded a $6,000 grant to Christmas in April Grenada during a check presentation in Grenada, Mississippi. This funding is part of the Partnership Grant Program (PGP) aimed at assisting nonprofit organizations with operational costs. Christmas in April has successfully repaired nearly 300 homes in its community. This year, Cadence Bank and the Federal Home Loan Bank of Dallas distributed a total of $99,379 to nine nonprofits across Arkansas, Mississippi, Louisiana, and Texas, highlighting the importance of community support initiatives.
The board of directors of Cadence Bank (NYSE: CADE) declared a quarterly cash dividend of $0.22 per share of common stock, payable on January 3, 2023, to shareholders of record as of December 15, 2022. Additionally, a quarterly dividend of $0.34375 per share of Series A Preferred Stock was announced, payable on November 21, 2022, to shareholders of record by November 4, 2022. Cadence reported a net income of $121.0 million for Q3 2022, equating to $0.66 per diluted share.
Cadence Bank (NYSE: CADE) reported its financial results for Q3 2022, highlighting a net income of $121.0 million or $0.66 per diluted share. Adjusted earnings grew to $143.7 million, or $0.78 per diluted share, marking a 6.8% increase from Q2 2022. The bank achieved a net organic loan growth of $936.0 million (13.1% annualized) and improved net interest margin to 3.28%, up 22 basis points from the previous quarter. Credit quality remains stable with no provisions for credit losses and net charge-offs at 0.09% of average loans and leases.
Cadence Bank (NYSE: CADE) unveiled a new brand identity and corporate website on October 18, 2022, following the integration of BancorpSouth and Cadence systems. The new branding reflects the merger's success and aims to enhance customer relationships. Notable features include a redesigned logo symbolizing unity and growth, a vibrant color palette, and a customer-centric website offering a range of financial services. The initiative underscores Cadence's commitment to delivering exceptional service and fostering community prosperity.
Cadence Bank (NYSE: CADE) will release its third-quarter 2022 earnings on October 24, 2022, after market close. The bank will host a live earnings webcast on October 25, 2022, at 10:00 a.m. CT, allowing interactive participation from analysts. Cadence Bank operates with approximately $50 billion in assets and over 400 branches across the South, Midwest, and Texas, offering a wide range of banking services including consumer loans, mortgages, and business banking solutions.
Cadence Bank (NYSE: CADE) declared a quarterly cash dividend of $0.22 per share of common stock, payable on October 3, 2022, to shareholders of record on September 15, 2022. Additionally, a cash dividend of $0.34375 per share of Series A Preferred Stock is payable on August 22, 2022. For Q2 2022, net income for common shareholders was $124.6 million, or $0.68 per diluted share, with adjusted income at $134.2 million, or $0.73 per diluted share.