TUPELO, Miss. and HOUSTON, April 25,
2022 /PRNewswire/ -- Cadence
Bank (NYSE: CADE) (the Company), today announced financial
results for the quarter ended March 31,
2022. Given the legacy Cadence merger closed on
October 29, 2021, the first quarter
of 2022 represents the first full quarter of combined
earnings.
Highlights for the first quarter of 2022 included:
- Achieved quarterly net income available to common shareholders
of $112.6 million, or $0.60 per diluted common share, and adjusted net
income available to common shareholders of $121.6 million, or $0.65 per diluted common share.
- Reported $160.4 million in
adjusted pre-tax pre-provision net revenue (PPNR), or 1.36 percent
of average assets on an annualized basis.
- Generated net organic loan growth of approximately $307 million for the quarter, or 4.6 percent on
an annualized basis compared to linked quarter and total deposit
and customer repo growth of approximately $767 million, or 7.7 percent on an annualized
basis compared to linked quarter.
- Continued stability in credit quality metrics including net
recoveries of $0.4 million and a 22.4
percent decline in total non-performing loans and leases; no
provision for credit losses for the quarter.
- Repurchased 5.1 million shares of outstanding Company common
stock resulting in 183.5 million shares outstanding as of
March 31, 2022.
- Increased the Company's quarterly common share dividend to
$0.22 per common share, representing
the 10th continuous year of increased dividends.
"Our first quarter results reflect another highly successful
quarter for core operating performance with an adjusted earnings
per share of $0.65 per diluted common
share," remarked Dan Rollins,
Chairman and Chief Executive Officer of the Company. "We
continue to be pleased with our business development efforts,
especially so soon after legal merger last fall. Our results
for the quarter reflect successes on both sides of the balance
sheet within our community and commercial banks as well as many of
our other lines of business, including mortgage, insurance and
wealth management. Our results also reflect a stable net
interest margin positioned for improvement, and continued strong
credit quality."
Rollins continued, "Additional first quarter highlights include
the repurchase of 5.1 million shares of Company common stock under
our share repurchase program. Our board also increased the
Company common stock dividend during the first quarter to
$0.22 per share. While taking
these capital actions, we maintained strong capital metrics
relative to both regulatory and internal capital targets."
Paul Murphy, Executive Vice
Chairman, added "As we look more closely at our front-line
successes, we reported organic loan growth for the quarter of more
than $300 million while organic
deposit growth totaled over $750
million. We feel positive about our growth trajectory.
Our loan growth for the quarter was primarily in our commercial and
industrial portfolio. From a deposit growth standpoint, first
quarter is historically a seasonally high quarter."
Earnings Summary
The Company reported net income available to common shareholders
of $112.6 million, or $0.60 per diluted common share, for the first
quarter of 2022, compared with net income available to common
shareholders of $79.2 million, or
$0.77 per diluted common share, for
the first quarter of 2021 and a net loss available to common
shareholders of $37.0 million, or
$0.22 per diluted common share, for
the fourth quarter of 2021. The Company reported adjusted net
income available to common shareholders of $121.6 million, or $0.65 per diluted common share, for the first
quarter of 2022, compared with $80.4
million, or $0.78 per diluted
common share, for the first quarter of 2021 and $104.1 million, or $0.63 per diluted common share, for the fourth
quarter of 2021.
The Company reported adjusted PPNR of $160.4 million, or 1.36 percent of average assets
on an annualized basis, for the first quarter of 2022 compared to
$106.5 million, or 1.76 percent of
average assets on an annualized basis, for the first quarter of
2021 and $136.4 million, or 1.32
percent of average assets on an annualized basis, for the fourth
quarter of 2021.
Net Interest Revenue
Net interest revenue was $311.8
million for the first quarter of 2022, compared to
$172.8 million for the first quarter
of 2021 and $271.2 million for the
fourth quarter of 2021. The fully taxable equivalent net
interest margin was 2.92 percent for the first quarter of 2022,
compared with 3.15 percent for the first quarter of 2021 and 2.90
percent for the fourth quarter of 2021.
The increase in net interest revenue in the first quarter
of 2022 compared to the linked quarter reflected the full quarter's
impact of the legacy Cadence merger, as well as the impact of
fourth quarter deployment of cash into loans and securities, and a
slight increase in accretion. The first quarter's increase in
net interest margin reflected the deployment of cash into
securities and lower deposit costs, partially offset by loan growth
coming on at lower yields. The balance sheet remains asset
sensitive, with approximately 28 percent of loans floating and
another 41 percent of loans variable as of March 31, 2022.
Yields on net loans, loans held for sale, and leases
excluding accretion, were 3.96 percent for the first quarter of
2022, compared with 4.06 percent for the fourth quarter of 2021,
while yields on total interest earning assets were 3.10 percent for
the first quarter of 2022, compared with 3.11 percent for the
fourth quarter of 2021. The average cost of deposits declined
to 0.15 percent for the first quarter of 2022, compared with 0.17
percent for the fourth quarter of 2021.
Net interest income for the first quarter of 2022 included
$17.7 million in accretion income
related to acquired loans and leases, adding approximately 17
basis points to the net interest margin. This compares
to net accretion income of $16.4
million for the fourth quarter of 2021, which added
approximately 17 basis points to the fourth quarter 2021 net
interest margin. Excluding the impact of accretion, the linked
quarter net interest margin increased by 3 basis points.
Balance Sheet Activity
Loans and leases, net of unearned income, continued to reflect
solid growth, increasing $306.7
million, or 4.6 percent annualized, to $27.2 billion during the first quarter of 2022
while deposits and customer repos increased $766.8 million, or 7.7 percent annualized, to
$41.3 billion. Loan growth for
the quarter was primarily within the commercial and industrial
portfolio while deposit growth was largely attributable to
increases in noninterest bearing demand deposit accounts. The
first quarter has been a strong deposit growth quarter historically
as a result of seasonality in municipal deposit account
balances. The first quarter of 2022 ended with a loan
to deposit ratio of 67.0 percent and securities to total assets of
30.4 percent, reflecting continued strong balance sheet
liquidity. Noninterest bearing deposits represented 35.6
percent of total deposits at the end of the first quarter of 2022,
representing an increase from 34.2 percent at December 31, 2021.
Provision for Credit Losses and Allowance for Credit
Losses
Credit metrics for the first quarter of 2022 continued to
reflect improvement compared to the linked quarter including net
recoveries and a meaningful decrease in non-performing
loans.
Total non-performing loans and leases were $119.3 million at March
31, 2022, or 0.44 percent of total net loans and leases,
representing a decline of $34.5
million or 22.4 percent, from the December 31, 2021 balance of $153.8 million or 0.57 percent of total net loans
and leases. Other real estate owned and other repossessed assets
also declined to $28.4 million at
March 31, 2022, a decrease of
$2.2 million or 14.0 percent, from
the December 31, 2021 balance of
$33.0 million.
Net recoveries for the first quarter of 2022 were
$0.4 million, or 0.01 percent of net
loans and leases on an annualized basis, compared with net
charge-offs of $3.3 million for the
first quarter of 2021 and net recoveries of $4.8 million for the fourth quarter of 2021.
Earnings for the first quarter of 2022 reflected no recorded
provision for credit losses, compared with no recorded
provision for the first quarter of 2021 and a provision for credit
losses of $133.6 million for the
fourth quarter of 2021. The provision for the fourth quarter of
2021 includes $132.1 million
associated with day one accounting provision required for loans and
unfunded commitments acquired during the quarter from the
legacy Cadence merger. The allowance for credit losses remains
robust at $438.7 million,
or 1.61 percent of net loans and leases at March 31, 2022, compared with $446.4 million, or 1.66 percent of net
loans and leases at December 31,
2021.
Noninterest Revenue
Noninterest revenue was $128.4
million for the first quarter of 2022, compared with
$87.9 million for the first
quarter of 2021 and $103.9 million
for the fourth quarter of 2021. The linked quarter increase was
driven by a full quarter of legacy Cadence results as well as an
increase in mortgage revenue as a result of increased mortgage
servicing rights valuation.
The net return from mortgage servicing rights was
$14.0 million for the first quarter
of 2022, compared with $7.4
million for the first quarter of 2021 and $2.6 million for the fourth quarter of 2021.
Mortgage production and servicing revenue was impacted by
both seasonality and rising rates, totaling $7.7 million for the first quarter of 2022,
compared with $17.9 million for the
first quarter of 2021 and $8.0
million for the fourth quarter of 2021.
Mortgage origination volume for the first quarter of 2022 was
$803.9 million, compared with
$789.8 million for the first
quarter of 2021 and $817.7 million
for the fourth quarter of 2021.
Insurance commission revenue reflected strong seasonal
performance at $35.7 million for the
first quarter of 2022, compared with $30.7
million for the first quarter of 2021 and $32.6 million for the fourth quarter of
2021. The first quarter of the year has historically been strong
due to timing of annual renewals.
The full quarter's impact of the legacy Cadence merger
drove the linked quarter increases in wealth
management revenue, deposit service fees and other noninterest
revenue. Wealth management revenue was $21.7 million for the first quarter of 2022,
compared with $16.4 million for the
fourth quarter of 2021, deposit service charge revenue was
$19.9 million for the first
quarter of 2022 compared with $17.7
million for the fourth quarter of 2021, and other
noninterest revenue was $18.3 million
for the first quarter of 2022, compared with $14.1 million for the fourth quarter of
2021. Credit card, debit card and merchant fee revenue was
$12.1 million for the first quarter
of 2022, compared with $12.8
million for the fourth quarter of 2021 reflecting
seasonally soft first quarter fees.
Noninterest Expense
Noninterest expense for the first quarter of 2022 was
$291.7 million, compared with
$155.8 million for the first quarter
of 2021 and $289.2 million for the
fourth quarter of 2021. Adjusted noninterest expense for the
first quarter of 2022 was $281.0
million, compared with $154.2
million for the first quarter of 2021 and $239.1 million for the fourth quarter of
2021. The adjusted efficiency ratio was 63.5 percent for the
first quarter of 2022, stable as compared to the fourth quarter of
2021.
The increase in adjusted noninterest expense compared to the
linked quarter was due to a full quarter of the legacy Cadence
merger as well as seasonally higher compensation costs including
payroll taxes and 401k match,
partially offset by initial efficiencies associated with the legacy
Cadence merger.
Adjusted noninterest expense excludes merger expense included as
a separate line item on the income statement as well as incremental
merger related expenses that are included in the respective expense
categories. Merger expenses represent costs to complete the
merger with no future benefit, while incremental merger related
expenses represent costs to complete the merger for which the
entity receives a future benefit. Merger expense was
$4.0 million for the first quarter of
2022, compared with $1.7 million for
the first quarter of 2021 and $44.8
million for the fourth quarter of 2021. Merger expense
for the first quarter of 2022 was comprised primarily of contract
and conversion related expenses as well as compensation related
items. Incremental merger related expenses for the first
quarter of 2022 totaled $6.6 million
that included primarily employee retention and marketing related
expenses.
Capital Management
Total shareholder's equity was $4.64 billion at March 31,
2021 compared with $2.83
billion at March 31, 2021 and
$5.25 billion at December 31, 2021. The decline in the
linked quarter is largely due to a decline in Other Comprehensive
Income ("OCI") due to increased unrealized losses in the
available-for-sale securities portfolio driven by changes in
valuation due to the significant changes in interest rates in the
quarter. In addition to the OCI change, shareholder's equity
was impacted by dividends and share repurchases, partially offset
by earnings.
The Company's ratio of shareholders' equity to assets was 9.84
percent at March 31, 2022, compared
with 10.95 percent at March 31, 2021
and 11.01 percent at December 31,
2021. The ratio of tangible common shareholders' equity to
tangible assets was 6.31 percent at March
31, 2022, compared with 7.04 percent at March 31, 2021 and 7.54 percent at December 31, 2021.
During the first quarter of 2022, the Company repurchased 5.1
million shares of its common stock pursuant to its share repurchase
program. The company has 4.9 million shares remaining on its
current share repurchase authorization which will expire
December 30, 2022.
Additionally during the first quarter of 2022, the Company
increased its quarterly common share dividend to $0.22 per common share, representing the 10th
continuous year of increased dividends.
Estimated regulatory capital ratios at March 31, 2022 included Common Equity Tier 1
capital of 10.57 percent, Tier 1 capital of 11.05 percent, Total
risk-based capital of 13.27 percent, and Tier 1 leverage capital of
8.24 percent.
Summary
Rollins concluded, "Our first quarter results, which mark the
first full quarter of combined financial results for the new
Cadence Bank, highlight the
strengths and the value that each respective board and management
team saw in this transaction. We are pleased with our
performance thus far and look forward to continued success together
as we complete our integration efforts."
RECENT MERGER TRANSACTIONS
Cadence Bancorporation (NYSE: CADE)
On October 29, 2021, the Company
completed the merger with Cadence Bancorporation, the parent
company of Cadence Bank N.A.,
(collectively referred to as legacy Cadence), pursuant to which
legacy Cadence was merged with and into the Company (the Cadence
Merger). Legacy Cadence operated 99 full-service banking
offices in the southeast. As of October 29, 2021, legacy Cadence reported total
assets of $18.8 billion, total loans
of $11.6 billion and total deposits
of $16.3 billion. Under the
terms of the definitive merger agreement, each legacy Cadence
shareholder received 0.70 shares of the Company's common stock in
exchange for each share of Cadence common stock they held. In
addition, legacy Cadence paid a one-time special dividend of
$1.25 per share on October 28, 2021. In connection with the
closing of the Cadence merger, the Company changed its name from
"BancorpSouth Bank" to "Cadence
Bank" and also changed its NYSE ticker symbol from "BXS" to
"CADE". For more information regarding the Cadence Merger,
see our Current Report on Form 8-K that was filed with the Federal
Deposit Insurance Corporation (FDIC) on October 29, 2021 and the 2021 Annual Report Form
10-K filed with the FDIC. Due to the Company's evaluation of
post-merger activity and the extensive information gathering and
management review processes required to properly record acquired
assets and liabilities, the Company considers its valuations of
legacy Cadence's assets and liabilities to be provisional estimates
as management continues to identify and assess information
regarding the nature of these assets and liabilities for the
associated valuation assumptions and methodologies used.
FNS Bancshares, Inc.
On May 1, 2021, the Company
completed the merger with FNS Bancshares, Inc., the parent company
of FNB Bank, (collectively referred to as FNS), pursuant to which
FNS was merged with and into the Company. FNS operated 17
full-service banking offices in Alabama, Georgia and Tennessee. The merger
expanded the Company's presence in Jackson, DeKalb and Marshall counties in Alabama and the Chattanooga, Tennessee-Georgia and Nashville-Davidson-Murfreesboro-Franklin, Tennessee metropolitan statistical
areas. As of May 1, 2021, FNS
reported total assets of $826.6
million, total loans of $464.7
million and total deposits of $720.7
million. Under the terms of the definitive merger
agreement, the Company issued approximately 2,975,000 shares of the
Company's common stock plus $18.0
million in cash for all outstanding shares of FNS. For
more information regarding this transaction, see our Current Report
on Form 8-K that was filed with the FDIC on May 3, 2021.
National United Bancshares, Inc.
On May 1, 2021, the Company
completed the merger with National United Bancshares, Inc., the
parent company of National United, (collectively referred to as
National United), pursuant to which National United was merged with
and into the Company. National United operated 6 full-service
banking offices in the Killeen-Temple,
Texas; Waco, Texas; and
Austin-Round Rock-Georgetown, Texas metropolitan statistical
areas. As of May 1, 2021,
National United reported total assets of $817.3 million, total loans of $434.6 million and total deposits of $742.9 million. Under the terms of the
definitive merger agreement, the Company issued approximately
3,110,000 shares of the Company's common stock plus $33.25 million in cash for all outstanding shares
of National United. For more information regarding this
transaction, see our Current Report on Form 8-K that was filed with
the FDIC on May 3, 2021.
Non-GAAP Measures and Ratios
This news release presents certain financial measures and ratios
that are not calculated in accordance with U.S. generally accepted
accounting principles (GAAP). 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 under the caption
"Reconciliation of Non-GAAP Measures and Other Non-GAAP Ratio
Definitions" beginning on page 22 of this news release.
Conference Call and Webcast
The Company will conduct a conference call to discuss its first
quarter 2022 financial results on April 26,
2022, 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
$47 billion in assets and more than
400 branch locations across the South, Midwest 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, retirement plan management, and personal and
business insurance. Cadence is committed to a culture of respect,
diversity and inclusion in both its workplace and communities.
Cadence Bank, Member FDIC. Equal
Housing Lender.
Forward-Looking Statements
Certain statements made in this news release are not
statements of historical fact and constitute "forward-looking
statements" within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), and are
subject to the safe harbor created thereby under the Private
Securities Litigation Reform Act of 1995. These statements are
often, but not always, made through the use of words or phrases
such as "anticipate," "aspire," "assume," "believe," "budget,"
"contemplate," "continue," "could," "estimate," "expect,"
"forecast," "foresee," "goal," "hope," "indicate," "intend," "may,"
"might," "outlook," "plan," "project," "projection," "predict,"
"prospect," "potential," "roadmap," "seek," "should," "target,"
"will," and "would," or the negative versions of those words or
other 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,
including the economic impact of the COVID-19 pandemic (including
any variant of the COVID-19 virus) on the Company's business; the
Company's assets; business; cash flows; financial condition;
liquidity; prospects; results of operations; deposit and customer
repo growth; interest and fee-based revenue; capital resources;
capital metrics; efficiency ratio; valuation of mortgage servicing
rights; net income; net interest revenue; non-interest revenue; net
interest margin; interest expense; non-interest expense; earnings
per share; interest rate sensitivity; interest rate risk; balance
sheet and liquidity management; off-balance sheet arrangements;
fair value determinations; asset quality; credit quality; credit
losses; provision and allowance for credit losses, impairments,
charge-offs, recoveries and changes in loan volumes; investment
securities portfolio yields and values; ability to manage the
impact of pandemics, natural disasters and other force majeure
events; adoption and use of critical accounting policies; adoption
and implementation of new accounting standards and their effect on
the Company's financial results and the Company's financial
reporting; utilization of non-GAAP financial metrics; declaration
and payment of dividends; ability to pay dividends or coupons on
the Company's 5.5% Series A Non-Cumulative Perpetual Preferred
Stock, par value $0.01 per share, or
the 4.125% Fixed-to-Floating Rate Subordinated Notes due
November 20, 2029; mortgage
origination volume; mortgage servicing and production revenue;
insurance commission revenue; implementation and execution of cost
savings initiatives; ability to successfully litigate, resolve or
otherwise dispense with threatened, pending, ongoing and future
litigation and governmental, administrative and investigatory
matters; ability to successfully complete pending or future
acquisitions, dispositions and other strategic growth opportunities
and initiatives; ability to successfully obtain regulatory approval
for acquisitions and other growth initiatives; ability to
successfully integrate and manage acquisitions; opportunities and
efforts to grow market share; reputation; ability to compete with
other financial institutions; ability to recruit and retain key
employees and personnel; access to capital markets; availability of
capital; investments in the securities of other financial
institutions; and ability to operate the Company's regulatory
compliance programs in accordance with applicable law.
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
historical facts, 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.
These risks, uncertainties and other factors include, without
limitation, potential delays or other problems in implementing and
executing the Company's growth, expansion and acquisition
strategies, including delays in obtaining regulatory or other
necessary approvals or the failure to realize any anticipated
benefits or synergies from any acquisitions or growth strategies;
the risks of changes in interest rates and their effects on the
level and composition of deposits, loan demand and the values of
loan collateral, securities and interest sensitive assets and
liabilities; the impact of inflation on consumers; 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; the availability of and access to
capital; possible downgrades in the Company's credit ratings or
outlook which could increase the costs or availability of funding
from capital markets; the ability to attract new or retain existing
deposits or to retain or grow loans; the ability to grow additional
interest and fee income or to control noninterest expense; the
potential impact of the proposed phase-out of the London Interbank
Offered Rate ("LIBOR") or other changes involving LIBOR;
competitive factors and pricing pressures, including their effect
on the Company's net interest margin; general economic,
unemployment, credit market and real estate market conditions, and
the effect of such conditions on the creditworthiness of borrowers,
collateral values, the value of investment securities and asset
recovery values; changes in legal, financial and/or regulatory
requirements; recently enacted and potential legislation and
regulatory actions and the costs and expenses to comply with new
and/or existing legislation and regulatory actions; the enforcement
efforts of federal and state bank regulators; possible adverse
rulings, judgments, settlements and other outcomes of pending,
ongoing and future litigation and governmental, administrative and
investigatory matters; the ability to keep pace with technological
changes, including changes regarding maintaining cybersecurity; the
impact of 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; natural disasters or acts
of war or terrorism; the adverse effects of the ongoing global
COVID-19 pandemic, including the magnitude and duration of the
pandemic, and the effect of actions taken to mitigate the impact of
the COVID-19 pandemic on the Company, the Company's employees, the
Company's customers, the global economy and the financial markets;
international or political instability including the impacts
related to or resulting from Russia's military inaction in Ukraine, including the imposition of
additional sanctions and export controls, as well as the broader
impacts to financial markets and the global macroeconomic and
geopolitical environments; impairment of the Company's goodwill or
other intangible assets; losses of key employees and personnel;
adoption of new accounting standards, or changes in existing
standards; the outcome of any legal proceedings that may be
instituted against the Company or Cadence in respect of the Cadence
Merger; the ability of the Company and Cadence to meet expectations
regarding the timing, completion and accounting and tax treatments
of the Cadence Merger; the risk that any announcements relating to
the Cadence Merger could have adverse effects on the market price
of the capital stock of the combined company; the possibility that
the anticipated benefits of the Cadence Merger will not be realized
when expected or at all, including as a result of the impact of, or
problems arising from, the integration of the two companies or as a
result of the strength of the economy and competitive factors in
the areas where the combined company does business; the possibility
that the Cadence Merger may be more expensive to complete than
anticipated, including as a result of unexpected factors or events;
diversion of management's attention from ongoing business
operations and opportunities; the possibility that the parties may
be unable to achieve expected synergies and operating efficiencies
in the Cadence Merger within the expected timeframes or at all and
to successfully integrate Cadence's operations and those of the
Company; such integration may be more difficult, time consuming or
costly than expected; revenues following the Cadence Merger may be
lower than expected; potential adverse reactions or changes to
business or employee relationships, including those resulting from
the completion of the Cadence Merger; the combined company's
success in executing its business plans and strategies and managing
the risks involved in the foregoing; the dilution caused by the
Company's issuance of additional shares of its capital stock in
connection with the Cadence Merger and other factors as detailed
from time to time in the Company's press and news releases,
periodic and current reports and other filings the Company files
with the FDIC.
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 the FDIC, including those factors
included in the Company's Annual Report on Form 10-K for the year
ended December 31, 2021 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, whether as a result of new information,
future developments or otherwise, except as required by applicable
law. New risks and uncertainties may emerge from time to time, and
it is not possible for the Company to predict their occurrence or
how they will affect the Company. All written or oral
forward-looking statements attributable to the Company are
expressly qualified in their entirety by this section.
Cadence
Bank
|
Selected Financial
Information
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
Quarter
Ended
|
|
Mar-22
|
Dec-21
|
Sep-21
|
Jun-21
|
Mar-21
|
Earnings
Summary:
|
|
|
|
|
|
Interest
revenue
|
$
331,930
|
$
290,626
|
$
199,511
|
$
199,129
|
$
192,783
|
Interest
expense
|
20,108
|
19,414
|
17,967
|
18,947
|
19,994
|
Net interest
revenue
|
311,822
|
271,212
|
181,544
|
180,182
|
172,789
|
Provision (release)
for credit losses
|
-
|
133,562
|
(7,000)
|
11,500
|
-
|
Net interest revenue,
after provision
|
|
|
|
|
|
for
credit losses
|
311,822
|
137,650
|
188,544
|
168,682
|
172,789
|
Noninterest
revenue
|
128,435
|
103,854
|
84,420
|
101,943
|
87,936
|
Noninterest
expense
|
291,667
|
289,194
|
179,889
|
173,984
|
155,823
|
Income (loss) before
income taxes
|
148,590
|
(47,690)
|
93,075
|
96,641
|
104,902
|
Income tax expense
(benefit)
|
33,643
|
(13,033)
|
20,350
|
21,102
|
23,347
|
Net income
(loss)
|
$
114,947
|
$
(34,657)
|
$
72,725
|
$
75,539
|
$
81,555
|
Less: Preferred
dividends
|
2,372
|
2,372
|
2,372
|
2,372
|
2,372
|
Net income (loss)
available to common shareholders
|
$
112,575
|
$
(37,029)
|
$
70,353
|
$
73,167
|
$
79,183
|
|
|
|
|
|
|
Balance Sheet -
Period End Balances
|
|
|
|
|
|
Total
assets
|
$
47,204,061
|
$
47,669,751
|
$
28,060,496
|
$
27,612,365
|
$
25,802,497
|
Total earning
assets
|
42,744,225
|
43,503,089
|
25,572,354
|
25,129,873
|
23,542,657
|
Total
securities
|
14,371,606
|
15,606,470
|
10,053,372
|
9,084,111
|
7,640,268
|
Loans and leases, net
of unearned income
|
27,189,666
|
26,882,988
|
14,991,245
|
15,004,039
|
15,038,808
|
Allowance for credit
losses (ACL)
|
438,738
|
446,415
|
260,276
|
265,720
|
241,117
|
Net book value of
acquired loans (included in
|
|
|
|
|
|
loans and leases
above)
|
11,020,251
|
11,968,278
|
1,426,266
|
1,646,031
|
1,023,252
|
Paycheck protection
program (PPP) loans
|
|
|
|
|
|
(included in loans
and leases above)
|
27,013
|
50,008
|
32,771
|
167,144
|
1,146,000
|
Unamortized net
discount on acquired loans
|
72,620
|
77,711
|
9,863
|
13,037
|
10,069
|
Total
deposits
|
40,568,055
|
39,817,673
|
23,538,711
|
22,838,486
|
21,173,186
|
Total deposits and
securities sold under
|
|
|
|
|
|
agreement to
repurchase
|
41,271,615
|
40,504,861
|
24,243,834
|
23,521,621
|
21,833,671
|
Long-term
debt
|
2,514
|
3,742
|
4,082
|
4,189
|
4,295
|
Subordinated
debt
|
463,181
|
478,669
|
307,776
|
307,601
|
297,425
|
Total shareholders'
equity
|
4,643,757
|
5,247,987
|
3,023,257
|
3,069,574
|
2,825,198
|
Common shareholders'
equity
|
4,476,764
|
5,080,994
|
2,856,264
|
2,902,581
|
2,658,205
|
|
|
|
|
|
|
Balance Sheet -
Average Balances
|
|
|
|
|
|
Total
assets
|
$
47,679,850
|
$
40,990,459
|
$
27,616,585
|
$
26,666,296
|
$
24,545,560
|
Total earning
assets
|
43,515,166
|
37,210,403
|
25,220,602
|
24,211,759
|
22,346,075
|
Total
securities
|
15,070,524
|
12,954,547
|
9,539,814
|
8,067,109
|
6,606,027
|
Loans and leases, net
of unearned income
|
27,106,733
|
22,745,093
|
14,915,728
|
15,470,539
|
15,029,076
|
PPP loans (included
in loans and leases above)
|
36,621
|
48,206
|
73,783
|
973,036
|
1,062,423
|
Total
deposits
|
40,565,103
|
34,759,687
|
23,162,450
|
22,385,883
|
20,472,080
|
Total deposits and
securities sold under
|
|
|
|
|
|
agreement to
repurchase
|
41,259,136
|
35,479,807
|
23,914,986
|
23,092,969
|
21,123,774
|
Long-term
debt
|
3,361
|
3,844
|
4,168
|
4,714
|
4,378
|
Subordinated
debt
|
463,481
|
432,267
|
307,671
|
304,056
|
297,318
|
Total shareholders'
equity
|
5,062,231
|
4,508,594
|
3,058,307
|
2,954,834
|
2,813,001
|
Common shareholders'
equity
|
4,895,238
|
4,341,601
|
2,891,314
|
2,787,841
|
2,646,008
|
|
|
|
|
|
|
Nonperforming
Assets:
|
|
|
|
|
|
Nonaccrual loans and
leases
|
$
91,031
|
$
122,104
|
$
59,622
|
$
61,664
|
$
73,142
|
Loans and leases 90+
days past due,
|
|
|
|
|
|
still
accruing
|
20,957
|
24,784
|
17,012
|
15,386
|
21,208
|
Restructured loans
and leases, still accruing
|
7,292
|
6,903
|
7,165
|
7,368
|
6,971
|
Non-performing loans
(NPLs)
|
119,280
|
153,791
|
83,799
|
84,418
|
101,321
|
Other real estate
owned and other repossessed
|
|
|
|
|
|
assets
|
28,401
|
33,021
|
16,515
|
17,333
|
9,351
|
Non-performing assets
(NPAs)
|
$
147,681
|
$
186,812
|
$
100,314
|
$
101,751
|
$
110,672
|
|
|
|
|
|
|
Cadence
Bank
|
Selected Financial
Information
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Mar-22
|
Dec-21
|
Sep-21
|
Jun-21
|
Mar-21
|
Financial Ratios
and Other Data:
|
|
|
|
|
|
Return on average
assets
|
0.98%
|
(0.34%)
|
1.04%
|
1.14%
|
1.35%
|
Adjusted return on
average assets*
|
1.05
|
1.03
|
1.11
|
1.38
|
1.37
|
Return on average
common shareholders' equity
|
9.33
|
(3.38)
|
9.65
|
10.53
|
12.14
|
Adjusted return on
average common shareholders' equity*
|
10.07
|
9.51
|
10.28
|
12.83
|
12.32
|
Return on average
tangible common equity*
|
13.87
|
(4.71)
|
14.85
|
16.08
|
18.46
|
Adjusted return on
average tangible common equity*
|
14.98
|
13.24
|
15.80
|
19.61
|
18.74
|
Pre-tax pre-provision
net revenue to total average assets*
|
1.26
|
0.83
|
1.24
|
1.63
|
1.73
|
Adjusted pre-tax
pre-provision net revenue to total
|
|
|
|
|
|
average
assets*
|
1.36
|
1.32
|
1.32
|
1.77
|
1.76
|
Net interest
margin-fully taxable equivalent
|
2.92
|
2.90
|
2.86
|
2.99
|
3.15
|
Net interest rate
spread-fully taxable equivalent
|
2.81
|
2.78
|
2.72
|
2.83
|
2.97
|
Efficiency
ratio*
|
66.10
|
76.94
|
67.52
|
61.55
|
59.64
|
Adjusted efficiency
ratio*
|
63.52
|
63.54
|
65.28
|
58.04
|
59.02
|
Loan/deposit
ratio
|
67.02%
|
67.52%
|
63.69%
|
65.70%
|
71.03%
|
Employee
FTE
|
6,568
|
6,595
|
4,770
|
4,835
|
4,546
|
|
|
|
|
|
|
Credit Quality
Ratios:
|
|
|
|
|
|
Net (recoveries)
charge-offs to average loans and leases (1)
|
(0.01%)
|
(0.08%)
|
(0.05%)
|
(0.05%)
|
0.09%
|
Provision for credit
losses to average loans and leases (1)
|
0.00
|
2.33
|
(0.19)
|
0.30
|
0.00
|
ACL to net loans and
leases
|
1.61
|
1.66
|
1.74
|
1.77
|
1.60
|
ACL to non-performing
loans and leases
|
367.82
|
290.27
|
310.60
|
314.77
|
237.97
|
ACL to non-performing
assets
|
297.08
|
238.96
|
259.46
|
261.15
|
217.87
|
Non-performing loans
and leases to net loans and leases
|
0.44
|
0.57
|
0.56
|
0.56
|
0.67
|
Non-performing assets
to total assets
|
0.31
|
0.39
|
0.36
|
0.37
|
0.43
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
Ratios:
|
|
|
|
|
|
Total shareholders'
equity to total assets
|
9.84%
|
11.01%
|
10.77%
|
11.12%
|
10.95%
|
Total common
shareholders' equity to total assets
|
9.48
|
10.66
|
10.18
|
10.51
|
10.30
|
Tangible common
shareholders' equity to tangible assets*
|
6.31
|
7.54
|
6.82
|
7.11
|
7.04
|
|
|
|
|
|
|
Capital
Adequacy:
|
|
|
|
|
|
Common Equity
Tier 1 capital (2)
|
10.57%
|
11.11%
|
10.73%
|
10.89%
|
10.97%
|
Tier 1 capital
(2)
|
11.05
|
11.61
|
11.63
|
11.80
|
11.95
|
Total capital
(2)
|
13.27
|
13.86
|
14.27
|
14.50
|
14.65
|
Tier 1 leverage
capital (2)
|
8.24
|
9.90
|
8.13
|
8.25
|
8.59
|
|
|
|
|
|
|
|
|
|
|
|
|
*Denotes non-GAAP
financial measure. Refer to related disclosure and
reconciliation on pages 22, 23, and 24.
|
(1)
Annualized
|
|
|
|
|
|
(2) Current quarter
regulatory capital ratios are estimated.
|
|
|
|
|
|
|
|
|
|
|
|
Cadence
Bank
|
Selected Financial
Information
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
Quarter
Ended
|
|
Mar-22
|
Dec-21
|
Sep-21
|
Jun-21
|
Mar-21
|
Common Share
Data:
|
|
|
|
|
|
Diluted earnings
(loss) per share
|
$
0.60
|
$
(0.22)
|
$
0.65
|
$
0.69
|
$
0.77
|
Adjusted earnings per
share*
|
0.65
|
0.63
|
0.69
|
0.84
|
0.78
|
Cash dividends per
share
|
0.22
|
0.20
|
0.20
|
0.19
|
0.19
|
Book value per
share
|
24.40
|
26.98
|
26.73
|
26.72
|
25.90
|
Tangible book value
per share*
|
15.67
|
18.45
|
17.27
|
17.41
|
17.08
|
Market value per
share (last)
|
29.26
|
29.79
|
29.78
|
28.33
|
32.48
|
Market value per
share (high)
|
34.24
|
32.12
|
30.55
|
33.18
|
35.59
|
Market value per
share (low)
|
27.95
|
27.25
|
24.87
|
27.59
|
26.95
|
Market value per
share (avg)
|
31.20
|
30.20
|
27.89
|
30.33
|
30.85
|
Dividend payout
ratio
|
36.60%
|
NM
|
30.71%
|
27.43%
|
24.62%
|
Adjusted dividend
payout ratio*
|
33.85%
|
31.75%
|
28.99%
|
22.62%
|
24.36%
|
Total shares
outstanding
|
183,488,844
|
188,337,658
|
106,853,316
|
108,614,595
|
102,624,818
|
Average shares
outstanding - diluted
|
187,264,335
|
164,720,656
|
108,250,102
|
105,838,056
|
102,711,584
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield/Rate:
|
|
|
|
|
|
(Taxable
equivalent basis)
|
|
|
|
|
|
Loans, loans held for
sale, and leases
|
4.23%
|
4.34%
|
4.46%
|
4.43%
|
4.53%
|
Loans, loans held for
sale, and leases excluding net
|
|
|
|
|
|
accretion on acquired
loans and leases
|
3.96
|
4.06
|
4.38
|
4.35
|
4.43
|
Available-for-sale
securities:
|
|
|
|
|
|
Taxable
|
1.26
|
1.17
|
1.20
|
1.21
|
1.32
|
Tax-exempt
|
2.57
|
2.54
|
2.88
|
2.77
|
3.52
|
Short-term, FHLB and
other equity investments
|
0.24
|
0.25
|
0.20
|
0.16
|
0.11
|
Total interest
earning assets and revenue
|
3.10
|
3.11
|
3.15
|
3.31
|
3.51
|
Deposits
|
0.15
|
0.17
|
0.24
|
0.27
|
0.33
|
Demand -
interest bearing
|
0.20
|
0.21
|
0.31
|
0.34
|
0.40
|
Savings
|
0.06
|
0.14
|
0.09
|
0.09
|
0.11
|
Time
|
0.52
|
0.58
|
0.91
|
1.00
|
1.14
|
Total interest
bearing deposits
|
0.23
|
0.26
|
0.36
|
0.41
|
0.48
|
Short-term
borrowings
|
0.11
|
0.11
|
0.10
|
0.12
|
0.13
|
Total interest
bearing deposits and short-term
|
|
|
|
|
|
borrowings
|
0.22
|
0.25
|
0.35
|
0.40
|
0.46
|
Subordinated
debt
|
4.17
|
3.95
|
4.47
|
4.47
|
4.46
|
Long-term
debt
|
5.76
|
3.79
|
4.81
|
4.46
|
4.88
|
Total interest
bearing liabilities and expense
|
0.29
|
0.32
|
0.43
|
0.47
|
0.54
|
Interest bearing
liabilities to interest earning assets
|
64.46%
|
64.18%
|
66.04%
|
66.24%
|
66.87%
|
Net interest income
tax equivalent adjustment
|
$
1,027
|
$
824
|
$
446
|
$
550
|
$
569
|
|
|
|
|
|
|
*Denotes non-GAAP
financial measure. Refer to related disclosure and
reconciliation on pages 22, 23, and 24.
|
|
NM = Not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
Cadence
Bank
|
Consolidated
Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
Mar-22
|
Dec-21
|
Sep-21
|
Jun-21
|
Mar-21
|
|
(Dollars in
thousands)
|
Assets
|
|
|
|
|
|
Cash and due from
banks
|
$
781,310
|
$
656,132
|
$
301,246
|
$
331,873
|
$
263,289
|
Interest bearing
deposits with other banks
|
|
|
|
|
|
and Federal funds
sold
|
880,742
|
638,547
|
150,778
|
629,390
|
336,253
|
Available-for-sale
securities, at fair value
|
14,371,606
|
15,606,470
|
10,053,372
|
9,084,111
|
7,640,268
|
Loans and leases, net
of unearned income
|
27,189,666
|
26,882,988
|
14,991,245
|
15,004,039
|
15,038,808
|
Allowance for credit losses
|
438,738
|
446,415
|
260,276
|
265,720
|
241,117
|
Net loans and
leases
|
26,750,928
|
26,436,573
|
14,730,969
|
14,738,319
|
14,797,691
|
Loans held for
sale
|
302,211
|
340,175
|
342,871
|
403,046
|
518,352
|
Premises and
equipment, net
|
781,209
|
786,426
|
533,999
|
533,276
|
508,508
|
Goodwill
|
1,409,038
|
1,407,948
|
958,304
|
957,474
|
851,612
|
Other identifiable
intangibles
|
191,642
|
198,271
|
52,235
|
54,659
|
53,581
|
Bank owned life
insurance
|
599,346
|
597,953
|
359,740
|
355,660
|
335,707
|
Other
assets
|
1,136,029
|
1,001,256
|
576,982
|
524,557
|
497,236
|
Total
Assets
|
$
47,204,061
|
$
47,669,751
|
$
28,060,496
|
$
27,612,365
|
$
25,802,497
|
Liabilities
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand:
Noninterest bearing
|
$
14,458,563
|
$
13,634,505
|
$
7,700,216
|
$
7,619,308
|
$
6,990,880
|
Interest bearing
|
18,854,543
|
18,727,588
|
10,285,371
|
9,671,662
|
9,067,373
|
Savings
|
3,713,629
|
3,556,079
|
3,054,756
|
2,939,958
|
2,678,276
|
Time
deposits
|
3,541,320
|
3,899,501
|
2,498,368
|
2,607,558
|
2,436,657
|
Total
deposits
|
40,568,055
|
39,817,673
|
23,538,711
|
22,838,486
|
21,173,186
|
Securities sold under
agreement to repurchase
|
703,560
|
687,188
|
705,123
|
683,135
|
660,485
|
Federal funds
purchased
|
|
|
|
|
|
and
other short-term borrowings
|
-
|
595,000
|
-
|
-
|
-
|
Subordinated
debt
|
463,181
|
478,669
|
307,776
|
307,601
|
297,425
|
Long-term
debt
|
2,514
|
3,742
|
4,082
|
4,189
|
4,295
|
Other
liabilities
|
822,994
|
839,492
|
481,547
|
709,380
|
841,908
|
Total
Liabilities
|
42,560,304
|
42,421,764
|
25,037,239
|
24,542,791
|
22,977,299
|
Shareholders'
Equity
|
|
|
|
|
|
Preferred
stock
|
166,993
|
166,993
|
166,993
|
166,993
|
166,993
|
Common
stock
|
458,722
|
470,844
|
267,133
|
271,536
|
256,562
|
Capital
surplus
|
2,701,371
|
2,841,998
|
688,637
|
730,294
|
563,481
|
Accumulated other
comprehensive loss
|
(664,000)
|
(139,369)
|
(82,627)
|
(34,575)
|
(43,459)
|
Retained
earnings
|
1,980,671
|
1,907,521
|
1,983,121
|
1,935,326
|
1,881,621
|
Total Shareholders'
Equity
|
4,643,757
|
5,247,987
|
3,023,257
|
3,069,574
|
2,825,198
|
Total Liabilities
& Shareholders' Equity
|
$
47,204,061
|
$
47,669,751
|
$
28,060,496
|
$
27,612,365
|
$
25,802,497
|
|
|
|
|
|
|
Cadence
Bank
|
Consolidated
Average Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
Mar-22
|
Dec-21
|
Sep-21
|
Jun-21
|
Mar-21
|
|
(Dollars in
thousands)
|
Assets
|
|
|
|
|
|
Cash and due from
banks
|
$
656,630
|
$
792,315
|
$
288,199
|
$
365,647
|
$
261,519
|
Interest bearing
deposits with other banks
|
|
|
|
|
|
and Federal funds
sold
|
1,161,262
|
1,253,722
|
495,982
|
302,845
|
412,313
|
Available-for-sale
securities, at fair value
|
15,070,524
|
12,954,547
|
9,539,814
|
8,067,109
|
6,606,027
|
Loans and leases, net
of unearned income
|
27,106,733
|
22,745,093
|
14,915,728
|
15,470,539
|
15,029,076
|
Allowance for credit losses
|
444,294
|
404,578
|
264,067
|
245,095
|
242,935
|
Net loans and
leases
|
26,662,439
|
22,340,515
|
14,651,661
|
15,225,444
|
14,786,141
|
Loans held for
sale
|
176,647
|
220,766
|
242,422
|
361,999
|
289,755
|
Premises and
equipment, net
|
785,005
|
690,031
|
534,071
|
526,960
|
508,551
|
Goodwill
|
1,407,973
|
1,115,502
|
957,899
|
910,448
|
851,612
|
Other identifiable
intangibles
|
195,606
|
106,559
|
53,567
|
52,564
|
54,876
|
Bank owned life
insurance
|
598,822
|
517,511
|
357,429
|
348,378
|
333,837
|
Other
assets
|
964,942
|
998,991
|
495,541
|
504,902
|
440,929
|
Total
Assets
|
$
47,679,850
|
$
40,990,459
|
$
27,616,585
|
$
26,666,296
|
$
24,545,560
|
Liabilities
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand:
Noninterest bearing
|
$
13,806,591
|
$
12,047,637
|
$
7,579,513
|
$
7,367,832
|
$
6,484,703
|
Interest bearing
|
19,401,019
|
15,811,268
|
10,027,346
|
9,598,550
|
8,956,420
|
Savings
|
3,631,699
|
3,374,243
|
3,001,406
|
2,851,113
|
2,550,095
|
Time
deposits
|
3,725,794
|
3,526,539
|
2,554,185
|
2,568,388
|
2,480,862
|
Total
deposits
|
40,565,103
|
34,759,687
|
23,162,450
|
22,385,883
|
20,472,080
|
Securities sold under
agreement to repurchase
|
694,033
|
720,120
|
752,536
|
707,086
|
651,694
|
Federal funds
purchased
|
|
|
|
|
|
and
other short-term borrowings
|
131,556
|
7,554
|
8,706
|
3,901
|
1,500
|
Subordinated
debt
|
463,481
|
432,267
|
307,671
|
304,056
|
297,318
|
Long-term
debt
|
3,361
|
3,844
|
4,168
|
4,714
|
4,378
|
Other
liabilities
|
760,085
|
558,393
|
322,747
|
305,822
|
305,589
|
Total
Liabilities
|
42,617,619
|
36,481,865
|
24,558,278
|
23,711,462
|
21,732,559
|
Shareholders'
Equity
|
|
|
|
|
|
Preferred
stock
|
166,993
|
166,993
|
166,993
|
166,993
|
166,993
|
Common
stock
|
465,458
|
404,522
|
270,098
|
266,676
|
256,536
|
Capital
surplus
|
2,779,746
|
2,139,357
|
717,022
|
674,949
|
563,529
|
Accumulated other
comprehensive loss
|
(283,417)
|
(103,554)
|
(35,408)
|
(30,614)
|
(5,090)
|
Retained
earnings
|
1,933,451
|
1,901,276
|
1,939,602
|
1,876,830
|
1,831,033
|
Total Shareholders'
Equity
|
5,062,231
|
4,508,594
|
3,058,307
|
2,954,834
|
2,813,001
|
Total Liabilities
& Shareholders' Equity
|
$
47,679,850
|
$
40,990,459
|
$
27,616,585
|
$
26,666,296
|
$
24,545,560
|
|
|
|
|
|
|
Cadence
Bank
|
Consolidated
Condensed Statements of Income (Loss)
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Mar-22
|
|
Dec-21
|
|
Sep-21
|
|
Jun-21
|
|
Mar-21
|
INTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
Loans and
leases
|
$
282,266
|
|
$
249,614
|
|
$
168,066
|
|
$
171,305
|
|
$
169,195
|
Available-for-sale
securities:
|
|
|
|
|
|
|
|
|
|
Taxable
|
45,155
|
|
37,258
|
|
28,617
|
|
23,983
|
|
21,192
|
Tax-exempt
|
2,414
|
|
1,608
|
|
490
|
|
676
|
|
687
|
Loans held for
sale
|
1,407
|
|
1,324
|
|
2,076
|
|
3,040
|
|
1,595
|
Other
|
688
|
|
822
|
|
262
|
|
125
|
|
114
|
Total
interest revenue
|
331,930
|
|
290,626
|
|
199,511
|
|
199,129
|
|
192,783
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
Interest bearing
demand and money
|
|
|
|
|
|
|
|
|
|
market
accounts
|
9,742
|
|
8,485
|
|
7,723
|
|
8,247
|
|
8,796
|
Savings
|
568
|
|
1,203
|
|
672
|
|
626
|
|
700
|
Time
|
4,764
|
|
5,139
|
|
5,861
|
|
6,428
|
|
6,966
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
under
agreement to repurchase
|
216
|
|
200
|
|
204
|
|
206
|
|
203
|
Short-term and
long-term debt
|
54
|
|
37
|
|
42
|
|
44
|
|
45
|
Subordinated
debt
|
4,764
|
|
4,350
|
|
3,463
|
|
3,387
|
|
3,269
|
Other
|
-
|
|
-
|
|
2
|
|
9
|
|
15
|
Total
interest expense
|
20,108
|
|
19,414
|
|
17,967
|
|
18,947
|
|
19,994
|
|
|
|
|
|
|
|
|
|
|
Net
interest revenue
|
311,822
|
|
271,212
|
|
181,544
|
|
180,182
|
|
172,789
|
Provision
(release) for credit losses
|
-
|
|
133,562
|
|
(7,000)
|
|
11,500
|
|
-
|
Net
interest revenue, after provision for
|
|
|
|
|
|
|
|
|
|
credit losses
|
311,822
|
|
137,650
|
|
188,544
|
|
168,682
|
|
172,789
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
Mortgage
banking
|
21,763
|
|
10,580
|
|
13,058
|
|
9,105
|
|
25,310
|
Credit card, debit
card and merchant fees
|
11,321
|
|
12,016
|
|
10,692
|
|
10,874
|
|
9,053
|
Deposit service
charges
|
19,898
|
|
17,680
|
|
11,580
|
|
10,069
|
|
9,586
|
Security (losses)
gains, net
|
(1,097)
|
|
(378)
|
|
(195)
|
|
96
|
|
82
|
Insurance
commissions
|
35,727
|
|
32,637
|
|
35,773
|
|
36,106
|
|
30,667
|
Wealth
management
|
21,737
|
|
16,352
|
|
7,147
|
|
7,543
|
|
8,465
|
Gain on sale of PPP
loans
|
-
|
|
-
|
|
-
|
|
21,572
|
|
-
|
Other
|
19,086
|
|
14,967
|
|
6,365
|
|
6,578
|
|
4,773
|
Total
noninterest revenue
|
128,435
|
|
103,854
|
|
84,420
|
|
101,943
|
|
87,936
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
187,819
|
|
149,599
|
|
112,968
|
|
108,188
|
|
101,060
|
Occupancy and
equipment
|
28,270
|
|
26,885
|
|
18,977
|
|
18,154
|
|
17,378
|
Data processing and
software
|
27,483
|
|
24,838
|
|
16,799
|
|
15,911
|
|
15,537
|
Merger
expense
|
3,974
|
|
44,843
|
|
3,442
|
|
9,962
|
|
1,649
|
Deposit insurance
assessments
|
3,336
|
|
3,278
|
|
2,330
|
|
1,638
|
|
1,455
|
Pension settlement
expense
|
-
|
|
651
|
|
2,400
|
|
-
|
|
-
|
Other
|
40,785
|
|
39,100
|
|
22,973
|
|
20,131
|
|
18,744
|
Total
noninterest expense
|
291,667
|
|
289,194
|
|
179,889
|
|
173,984
|
|
155,823
|
Income
(loss) before income taxes
|
148,590
|
|
(47,690)
|
|
93,075
|
|
96,641
|
|
104,902
|
Income tax expense
(benefit)
|
33,643
|
|
(13,033)
|
|
20,350
|
|
21,102
|
|
23,347
|
Net income
(loss)
|
$
114,947
|
|
$
(34,657)
|
|
$
72,725
|
|
$
75,539
|
|
$
81,555
|
Less: Preferred
dividends
|
2,372
|
|
2,372
|
|
2,372
|
|
2,372
|
|
2,372
|
Net income
(loss) available to common
|
|
|
|
|
|
|
|
|
|
shareholders
|
$
112,575
|
|
$
(37,029)
|
|
$
70,353
|
|
$
73,167
|
|
$
79,183
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) per common share: Diluted
|
$
0.60
|
|
$
(0.22)
|
|
$
0.65
|
|
$
0.69
|
|
$
0.77
|
|
|
|
|
|
|
|
|
|
|
Cadence
Bank
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Mar-22
|
|
Dec-21
|
|
Sep-21
|
|
Jun-21
|
|
Mar-21
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
Non-real
estate
|
$
8,017,958
|
|
$
7,847,473
|
|
$
2,210,287
|
|
$
2,271,370
|
|
$
3,102,082
|
Owner
occupied
|
3,703,914
|
|
3,567,746
|
|
2,611,777
|
|
2,623,500
|
|
2,598,166
|
Total commercial and
industrial
|
11,721,872
|
|
11,415,219
|
|
4,822,064
|
|
4,894,870
|
|
5,700,248
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
Construction,
acquisition and development
|
3,028,514
|
|
2,924,343
|
|
1,797,559
|
|
1,926,421
|
|
1,707,800
|
Income
producing
|
4,795,486
|
|
4,924,369
|
|
3,443,967
|
|
3,323,883
|
|
3,127,510
|
Total commercial real
estate
|
7,824,000
|
|
7,848,712
|
|
5,241,526
|
|
5,250,304
|
|
4,835,310
|
Consumer
|
|
|
|
|
|
|
|
|
|
Residential
mortgages
|
7,355,995
|
|
7,311,306
|
|
4,698,328
|
|
4,617,155
|
|
4,309,000
|
Other
consumer
|
287,799
|
|
307,751
|
|
229,327
|
|
241,710
|
|
194,250
|
Total
consumer
|
7,643,794
|
|
7,619,057
|
|
4,927,655
|
|
4,858,865
|
|
4,503,250
|
Total loans and
leases, net of unearned
|
$
27,189,666
|
|
$
26,882,988
|
|
$
14,991,245
|
|
$
15,004,039
|
|
$
15,038,808
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES:
|
|
|
|
|
|
|
|
|
|
Nonaccrual
Loans and Leases
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
Non-real
estate
|
$
33,086
|
|
$
33,690
|
|
$
13,170
|
|
$
10,941
|
|
$
9,724
|
Owner
occupied
|
11,787
|
|
22,058
|
|
13,738
|
|
13,156
|
|
17,312
|
Total commercial and industrial
|
44,873
|
|
55,748
|
|
26,908
|
|
24,097
|
|
27,036
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
Construction,
acquisition and development
|
1,618
|
|
5,568
|
|
3,292
|
|
2,582
|
|
8,494
|
Income
producing
|
9,688
|
|
16,086
|
|
8,403
|
|
13,483
|
|
12,838
|
Total commercial real estate
|
11,306
|
|
21,654
|
|
11,695
|
|
16,065
|
|
21,332
|
Consumer
|
|
|
|
|
|
|
|
|
|
Residential
mortgages
|
34,278
|
|
44,180
|
|
20,821
|
|
21,218
|
|
24,382
|
Other
consumer
|
574
|
|
522
|
|
198
|
|
284
|
|
392
|
Total consumer
|
34,852
|
|
44,702
|
|
21,019
|
|
21,502
|
|
24,774
|
Total nonaccrual
loans and leases
|
$
91,031
|
|
$
122,104
|
|
$
59,622
|
|
$
61,664
|
|
$
73,142
|
|
|
|
|
|
|
|
|
|
|
Loans and Leases 90+
Days Past Due, Still
|
|
|
|
|
|
|
|
|
|
Accruing:
|
20,957
|
|
24,784
|
|
17,012
|
|
15,386
|
|
21,208
|
Restructured Loans
and Leases, Still Accruing
|
7,292
|
|
6,903
|
|
7,165
|
|
7,368
|
|
6,971
|
Total non-performing
loans and leases
|
$
119,280
|
|
$
153,791
|
|
$
83,799
|
|
$
84,418
|
|
$
101,321
|
|
|
|
|
|
|
|
|
|
|
OTHER REAL ESTATE
OWNED AND
|
|
|
|
|
|
|
|
|
|
OTHER REPOSSESSED
ASSETS
|
28,401
|
|
33,021
|
|
16,515
|
|
17,333
|
|
9,351
|
|
|
|
|
|
|
|
|
|
|
Total Non-performing
Assets
|
$
147,681
|
|
$
186,812
|
|
$
100,314
|
|
$
101,751
|
|
$
110,672
|
|
|
|
|
|
|
|
|
|
|
Additions to
Nonaccrual Loans and Leases
|
|
|
|
|
|
|
|
|
|
During the Quarter
(excluding acquisitions)
|
$
16,374
|
|
$
22,158
|
|
$
19,858
|
|
$
16,005
|
|
$
10,029
|
|
|
|
|
|
|
|
|
|
|
Cadence
Bank
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Mar-22
|
|
Dec-21
|
|
Sep-21
|
|
Jun-21
|
|
Mar-21
|
ALLOWANCE FOR CREDIT
LOSSES:
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period
|
$
446,415
|
|
$
260,276
|
|
$
265,720
|
|
$
241,117
|
|
$
244,422
|
|
|
|
|
|
|
|
|
|
|
Loans and leases
charged-off:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
(2,682)
|
|
(2,712)
|
|
(1,488)
|
|
(1,882)
|
|
(3,043)
|
Commercial real
estate
|
(313)
|
|
(586)
|
|
(131)
|
|
(623)
|
|
(1,285)
|
Consumer
|
(1,792)
|
|
(2,342)
|
|
(1,694)
|
|
(1,357)
|
|
(1,578)
|
Total loans
charged-off
|
(4,787)
|
|
(5,640)
|
|
(3,313)
|
|
(3,862)
|
|
(5,906)
|
|
|
|
|
|
|
|
|
|
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
3,178
|
|
7,835
|
|
3,787
|
|
3,061
|
|
1,211
|
Commercial real
estate
|
437
|
|
1,047
|
|
646
|
|
1,291
|
|
109
|
Consumer
|
1,612
|
|
1,521
|
|
936
|
|
1,310
|
|
1,281
|
Total recoveries
|
5,227
|
|
10,403
|
|
5,369
|
|
5,662
|
|
2,601
|
|
|
|
|
|
|
|
|
|
|
Net recoveries
(charge-offs)
|
440
|
|
4,763
|
|
2,056
|
|
1,800
|
|
(3,305)
|
|
|
|
|
|
|
|
|
|
|
Initial allowance on
loans purchased with
|
|
|
|
|
|
|
|
|
|
credit
deterioration
|
(8,117)
|
|
62,321
|
|
-
|
|
12,803
|
|
-
|
Provision:
|
|
|
|
|
|
|
|
|
|
Loans and leases
acquired during the quarter
|
-
|
|
119,055
|
|
-
|
|
11,500
|
|
-
|
Provision (release) for credit losses related to
loans
|
|
|
|
|
|
|
|
|
|
and leases
|
-
|
|
-
|
|
(7,500)
|
|
(1,500)
|
|
-
|
Total provision for loans
and leases
|
-
|
|
119,055
|
|
(7,500)
|
|
10,000
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Balance, end of
period
|
$
438,738
|
|
$
446,415
|
|
$
260,276
|
|
$
265,720
|
|
$
241,117
|
|
|
|
|
|
|
|
|
|
|
Average loans and
leases, net of unearned, for period
|
$
27,106,733
|
|
$
22,745,093
|
|
$
14,915,728
|
|
$
15,470,539
|
|
$
15,029,076
|
|
|
|
|
|
|
|
|
|
|
Ratio: Net
(recoveries) charge-offs to average loans
|
|
|
|
|
|
|
|
|
|
and leases
(annualized)
|
(0.01%)
|
|
(0.08%)
|
|
(0.05%)
|
|
(0.05%)
|
|
0.09%
|
|
|
|
|
|
|
|
|
|
|
RESERVE FOR UNFUNDED
COMMITMENTS**
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period
|
$
23,551
|
|
$
9,044
|
|
$
8,544
|
|
$
7,044
|
|
$
7,044
|
Provision for
unfunded commitments for loans
|
|
|
|
|
|
|
|
|
|
acquired during the
quarter
|
-
|
|
13,007
|
|
-
|
|
-
|
|
-
|
Provision for credit
losses for unfunded commitments
|
-
|
|
1,500
|
|
500
|
|
1,500
|
|
-
|
Balance, end of
period
|
$
23,551
|
|
$
23,551
|
|
$
9,044
|
|
$
8,544
|
|
$
7,044
|
|
|
|
|
|
|
|
|
|
|
**The Reserve for
Unfunded Commitments is classified in other liabilities on the
balance sheet.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cadence
Bank
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
March 31,
2022
|
|
|
|
|
|
|
Purchased
|
|
|
|
|
|
|
|
Credit
|
|
|
|
Special
|
|
|
|
Deteriorated
|
|
|
Pass
|
Mention
|
Substandard
|
Doubtful
|
Impaired
|
(Loss)
|
Total
|
LOAN PORTFOLIO
BY
|
|
|
|
|
|
|
|
INTERNALLY ASSIGNED
GRADE:
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
Non-real
estate
|
$
7,854,480
|
$ 39,116
|
$
98,308
|
$
-
|
$
4,771
|
$
21,283
|
$
8,017,958
|
Owner
occupied
|
3,647,785
|
3,304
|
43,866
|
-
|
4,064
|
4,895
|
3,703,914
|
Total commercial and
industrial
|
11,502,265
|
42,420
|
142,174
|
-
|
8,835
|
26,178
|
11,721,872
|
Commercial real
estate
|
|
|
|
|
|
|
|
Construction,
acquisition and
|
|
|
|
|
|
|
|
development
|
2,995,751
|
245
|
27,980
|
-
|
-
|
4,538
|
3,028,514
|
Income
producing
|
4,642,592
|
11,416
|
114,805
|
-
|
703
|
25,970
|
4,795,486
|
Total commercial real
estate
|
7,638,343
|
11,661
|
142,785
|
-
|
703
|
30,508
|
7,824,000
|
Consumer
|
|
|
|
|
|
|
|
Residential
mortgages
|
7,237,022
|
703
|
116,098
|
-
|
598
|
1,574
|
7,355,995
|
Other
consumer
|
281,580
|
-
|
6,219
|
-
|
-
|
-
|
287,799
|
Total consumer
|
7,518,602
|
703
|
122,317
|
-
|
598
|
1,574
|
7,643,794
|
Total loans and leases, net
of unearned
|
$
26,659,210
|
$ 54,784
|
$
407,276
|
$
-
|
$
10,136
|
$
58,260
|
$
27,189,666
|
|
|
|
|
|
|
|
|
|
December 31,
2021
|
|
|
|
|
|
|
Purchased
|
|
|
|
|
|
|
|
Credit
|
|
|
|
Special
|
|
|
|
Deteriorated
|
|
|
Pass
|
Mention
|
Substandard
|
Doubtful
|
Impaired
|
(Loss)
|
Total
|
LOAN PORTFOLIO
BY
|
|
|
|
|
|
|
|
INTERNALLY ASSIGNED
GRADE:
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
Non-real
estate
|
$
7,655,502
|
$ 43,009
|
$
103,134
|
$
153
|
$
5,350
|
$
40,325
|
$
7,847,473
|
Owner
occupied
|
3,484,116
|
3,440
|
55,247
|
-
|
11,229
|
13,714
|
3,567,746
|
Total commercial and
industrial
|
11,139,618
|
46,449
|
158,381
|
153
|
16,579
|
54,039
|
11,415,219
|
Commercial real
estate
|
|
|
|
|
|
|
|
Construction,
acquisition and
|
|
|
|
|
|
|
|
development
|
2,884,673
|
441
|
31,263
|
-
|
3,765
|
4,201
|
2,924,343
|
Income
producing
|
4,686,699
|
28,964
|
174,936
|
-
|
3,810
|
29,960
|
4,924,369
|
Total commercial real
estate
|
7,571,372
|
29,405
|
206,199
|
-
|
7,575
|
34,161
|
7,848,712
|
Consumer
|
|
|
|
|
|
|
|
Residential
mortgages
|
7,196,106
|
990
|
110,429
|
2,560
|
1,047
|
174
|
7,311,306
|
Other
consumer
|
300,175
|
-
|
7,381
|
137
|
-
|
58
|
307,751
|
Total consumer
|
7,496,281
|
990
|
117,810
|
2,697
|
1,047
|
232
|
7,619,057
|
Total loans
|
$
26,207,271
|
$ 76,844
|
$
482,390
|
$ 2,850
|
$
25,201
|
$
88,432
|
$
26,882,988
|
|
|
|
|
|
|
|
|
Cadence
Bank
|
Geographical
Information
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2022
|
|
Alabama
|
|
|
|
|
Tennessee
|
|
|
|
|
and
|
|
|
|
|
and
|
|
|
|
|
Florida
|
Arkansas
|
Louisiana
|
Mississippi
|
Missouri
|
Georgia
|
Texas
|
Other
|
Total
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
Non-real
estate
|
$
784,707
|
$
146,113
|
$
306,171
|
$
508,051
|
$
83,869
|
$
762,174
|
$
3,612,010
|
$
1,814,863
|
$
8,017,958
|
Owner
occupied
|
557,251
|
239,155
|
248,063
|
694,639
|
85,746
|
410,240
|
1,348,883
|
119,937
|
3,703,914
|
Total commercial and
industrial
|
1,341,958
|
385,268
|
554,234
|
1,202,690
|
169,615
|
1,172,414
|
4,960,893
|
1,934,800
|
11,721,872
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
Construction,
acquisition and
|
|
|
|
|
|
|
|
|
|
development
|
403,428
|
61,095
|
47,905
|
228,402
|
63,309
|
468,720
|
1,457,754
|
297,901
|
3,028,514
|
Income
producing
|
655,970
|
287,787
|
211,561
|
654,923
|
197,854
|
829,164
|
1,685,775
|
272,452
|
4,795,486
|
Total commercial real
estate
|
1,059,398
|
348,882
|
259,466
|
883,325
|
261,163
|
1,297,884
|
3,143,529
|
570,353
|
7,824,000
|
Consumer
|
|
|
|
|
|
|
|
|
|
Residential
mortgages
|
1,487,109
|
357,669
|
427,427
|
1,028,318
|
151,496
|
870,539
|
2,934,062
|
99,375
|
7,355,995
|
Other
consumer
|
38,788
|
10,959
|
8,474
|
56,854
|
829
|
22,557
|
65,159
|
84,179
|
287,799
|
Total consumer
|
1,525,897
|
368,628
|
435,901
|
1,085,172
|
152,325
|
893,096
|
2,999,221
|
183,554
|
7,643,794
|
Total loans and leases, net
of unearned
|
$
3,927,253
|
$
1,102,778
|
$
1,249,601
|
$
3,171,187
|
$ 583,103
|
$
3,363,394
|
$
11,103,643
|
$
2,688,707
|
$
27,189,666
|
|
|
|
|
|
|
|
|
|
|
Loan growth,
excluding loans acquired
|
|
|
|
|
|
|
|
|
|
during
the quarter (annualized)
|
9.09%
|
(1.85%)
|
7.82%
|
1.00%
|
33.89%
|
(13.71%)
|
(1.57%)
|
52.94%
|
4.63%
|
|
|
|
|
|
|
|
|
|
|
Cadence
Bank
|
Noninterest
Revenue and Expense
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
Mar-22
|
|
Dec-21
|
|
Sep-21
|
|
Jun-21
|
|
Mar-21
|
|
NONINTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking
excl. MSR and MSR Hedge
|
|
|
|
|
|
|
|
|
|
|
market value
adjustment
|
$
7,733
|
|
$
7,963
|
|
$
11,009
|
|
$
11,013
|
|
$
17,929
|
|
MSR and MSR Hedge
market value adjustment
|
14,030
|
|
2,617
|
|
2,049
|
|
(1,908)
|
|
7,381
|
|
Credit card, debit
card and merchant fees
|
11,321
|
|
12,016
|
|
10,692
|
|
10,874
|
|
9,053
|
|
Deposit service
charges
|
19,898
|
|
17,680
|
|
11,580
|
|
10,069
|
|
9,586
|
|
Securities (losses)
gains, net
|
(1,097)
|
|
(378)
|
|
(195)
|
|
96
|
|
82
|
|
Insurance
commissions
|
35,727
|
|
32,637
|
|
35,773
|
|
36,106
|
|
30,667
|
|
Trust
income
|
10,061
|
|
7,892
|
|
4,735
|
|
4,434
|
|
5,129
|
|
Annuity
fees
|
604
|
|
435
|
|
50
|
|
50
|
|
51
|
|
Brokerage commissions
and fees
|
11,072
|
|
8,025
|
|
2,362
|
|
3,059
|
|
3,285
|
|
Gain on sale of PPP
loans
|
-
|
|
-
|
|
-
|
|
21,572
|
|
-
|
|
Bank-owned life
insurance
|
3,336
|
|
3,098
|
|
4,217
|
|
1,845
|
|
2,020
|
|
Other miscellaneous
income
|
15,750
|
|
11,869
|
|
2,148
|
|
4,733
|
|
2,753
|
|
Total noninterest
revenue
|
$ 128,435
|
|
$ 103,854
|
|
$
84,420
|
|
$ 101,943
|
|
$
87,936
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
$ 187,819
|
|
$ 149,599
|
|
$ 112,968
|
|
$ 108,188
|
|
$ 101,060
|
|
Occupancy, net of
rental income
|
20,346
|
|
19,477
|
|
13,443
|
|
13,187
|
|
12,814
|
|
Equipment
|
7,924
|
|
7,408
|
|
5,534
|
|
4,967
|
|
4,564
|
|
Deposit insurance
assessments
|
3,336
|
|
3,278
|
|
2,330
|
|
1,638
|
|
1,455
|
|
Pension settlement
expense
|
-
|
|
651
|
|
2,400
|
|
-
|
|
-
|
|
Advertising
|
2,716
|
|
2,721
|
|
988
|
|
783
|
|
1,004
|
|
Foreclosed property
expense
|
440
|
|
689
|
|
2,189
|
|
649
|
|
1,021
|
|
Telecommunications
|
1,833
|
|
1,725
|
|
1,600
|
|
1,517
|
|
1,398
|
|
Public
relations
|
1,877
|
|
2,365
|
|
1,166
|
|
1,012
|
|
741
|
|
Data
processing
|
16,824
|
|
15,606
|
|
11,297
|
|
11,024
|
|
10,424
|
|
Computer
software
|
10,659
|
|
9,232
|
|
5,502
|
|
4,887
|
|
5,113
|
|
Amortization of
intangibles
|
6,780
|
|
5,473
|
|
2,424
|
|
2,401
|
|
2,318
|
|
Legal
|
1,793
|
|
1,282
|
|
814
|
|
774
|
|
1,166
|
|
Merger
expense
|
3,974
|
|
44,843
|
|
3,442
|
|
9,962
|
|
1,649
|
|
Postage and
shipping
|
2,034
|
|
1,772
|
|
1,414
|
|
1,317
|
|
1,547
|
|
Other miscellaneous
expense
|
23,312
|
|
23,073
|
|
12,378
|
|
11,678
|
|
9,549
|
|
Total noninterest
expense
|
$ 291,667
|
|
$ 289,194
|
|
$ 179,889
|
|
$ 173,984
|
|
$ 155,823
|
|
|
|
|
|
|
|
|
|
|
|
|
INSURANCE
COMMISSIONS:
|
|
|
|
|
|
|
|
|
|
|
Property and casualty
commissions
|
$
25,852
|
|
$
23,640
|
|
$
26,413
|
|
$
26,040
|
|
$
21,949
|
|
Life and health
commissions
|
7,143
|
|
6,459
|
|
6,543
|
|
7,130
|
|
6,494
|
|
Risk management
income
|
757
|
|
699
|
|
676
|
|
611
|
|
613
|
|
Other
|
1,975
|
|
1,839
|
|
2,141
|
|
2,325
|
|
1,611
|
|
Total insurance
commissions
|
$
35,727
|
|
$
32,637
|
|
$
35,773
|
|
$
36,106
|
|
$
30,667
|
|
|
|
|
|
|
|
|
|
|
|
|
Cadence
Bank
|
Average Balances
and Yields
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
March 31,
2022
|
|
December 31,
2021
|
|
March 31,
2021
|
|
|
Average
|
|
Income/
|
|
Yield/
|
|
Average
|
|
Income/
|
|
Yield/
|
|
Average
|
|
Income/
|
|
Yield/
|
(Dollars in
thousands)
|
|
Balance
|
|
Expense
|
|
Rate
|
|
Balance
|
|
Expense
|
|
Rate
|
|
Balance
|
|
Expense
|
|
Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases,
excluding accretion
|
|
$
27,106,733
|
|
$264,910
|
|
3.96%
|
|
$22,745,093
|
|
$233,585
|
|
4.07%
|
|
$15,029,076
|
|
$165,802
|
|
4.47%
|
Accretion income on
acquired loans
|
|
|
|
17,741
|
|
0.27
|
|
|
|
16,426
|
|
0.29
|
|
|
|
3,779
|
|
0.10
|
Loans held for
sale
|
|
176,647
|
|
1,407
|
|
3.23
|
|
220,766
|
|
1,324
|
|
2.38
|
|
289,755
|
|
1,595
|
|
2.23
|
Investment
securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
14,588,090
|
|
45,155
|
|
1.26
|
|
12,636,302
|
|
37,258
|
|
1.17
|
|
6,505,915
|
|
21,192
|
|
1.32
|
Tax-exempt
|
|
482,434
|
|
3,056
|
|
2.57
|
|
318,245
|
|
2,035
|
|
2.54
|
|
100,112
|
|
870
|
|
3.52
|
Total investment
securities
|
|
15,070,524
|
|
48,211
|
|
1.30
|
|
12,954,547
|
|
39,293
|
|
1.20
|
|
6,606,027
|
|
22,062
|
|
1.35
|
Other
investments
|
|
1,161,262
|
|
688
|
|
0.24
|
|
1,289,997
|
|
822
|
|
0.25
|
|
421,217
|
|
114
|
|
0.11
|
Total
interest-earning assets
|
|
43,515,166
|
|
332,957
|
|
3.10
|
|
37,210,403
|
|
291,450
|
|
3.11
|
|
22,346,075
|
|
193,352
|
|
3.51
|
Other
assets
|
|
4,608,978
|
|
|
|
|
|
4,189,688
|
|
|
|
|
|
2,442,420
|
|
|
|
|
Allowance for credit
losses
|
|
(444,294)
|
|
|
|
|
|
(404,578)
|
|
|
|
|
|
(242,935)
|
|
|
|
|
Total
assets
|
|
$
47,679,850
|
|
|
|
|
|
$40,995,513
|
|
|
|
|
|
$24,545,560
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
|
$
19,401,019
|
|
$
9,742
|
|
0.20%
|
|
$15,811,268
|
|
$
8,485
|
|
0.21%
|
|
$
8,956,420
|
|
$
8,796
|
|
0.40%
|
Savings
deposits
|
|
3,631,699
|
|
568
|
|
0.06
|
|
3,374,243
|
|
1,203
|
|
0.14
|
|
2,550,095
|
|
700
|
|
0.11
|
Time
deposits
|
|
3,725,794
|
|
4,764
|
|
0.52
|
|
3,526,539
|
|
5,139
|
|
0.58
|
|
2,480,862
|
|
6,966
|
|
1.14
|
Total
interest-bearing deposits
|
|
26,758,512
|
|
15,074
|
|
0.23
|
|
22,712,050
|
|
14,827
|
|
0.26
|
|
13,987,377
|
|
16,462
|
|
0.48
|
Short-term
borrowings
|
|
825,589
|
|
216
|
|
0.11
|
|
727,674
|
|
200
|
|
0.11
|
|
653,194
|
|
203
|
|
0.13
|
Long-term
borrowings
|
|
466,842
|
|
4,818
|
|
4.19
|
|
441,165
|
|
4,387
|
|
3.95
|
|
301,696
|
|
3,329
|
|
4.48
|
Total
interest-bearing liabilities
|
|
28,050,943
|
|
20,108
|
|
0.29
|
|
23,880,889
|
|
19,414
|
|
0.32
|
|
14,942,267
|
|
19,994
|
|
0.54
|
Noninterest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
|
13,806,591
|
|
|
|
|
|
12,047,637
|
|
|
|
|
|
6,484,703
|
|
|
|
|
Other
liabilities
|
|
760,085
|
|
|
|
|
|
558,393
|
|
|
|
|
|
305,589
|
|
|
|
|
Total
liabilities
|
|
42,617,619
|
|
|
|
|
|
36,486,919
|
|
|
|
|
|
21,732,559
|
|
|
|
|
Shareholders'
equity
|
|
5,062,231
|
|
|
|
|
|
4,508,594
|
|
|
|
|
|
2,813,001
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
47,679,850
|
|
|
|
|
|
$40,995,513
|
|
|
|
|
|
$24,545,560
|
|
|
|
|
Net interest
income/net interest spread
|
|
|
|
312,849
|
|
2.81%
|
|
|
|
272,036
|
|
2.78%
|
|
|
|
173,358
|
|
2.97%
|
Net yield on earning
assets/net interest margin
|
|
|
|
|
|
2.92%
|
|
|
|
|
|
2.90%
|
|
|
|
|
|
3.15%
|
Taxable equivalent
adjustment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and investment
securities
|
|
|
|
(1,027)
|
|
|
|
|
|
(824)
|
|
|
|
|
|
(569)
|
|
|
Net interest
revenue
|
|
|
|
$311,822
|
|
|
|
|
|
$271,212
|
|
|
|
|
|
$172,789
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cadence
Bank
|
Selected
Additional Information
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Mar-22
|
Dec-21
|
Sep-21
|
Jun-21
|
Mar-21
|
MORTGAGE SERVICING
RIGHTS (MSR):
|
|
|
|
|
|
Fair value, beginning
of period
|
$
69,552
|
$
64,684
|
$
60,615
|
$
60,332
|
$
47,571
|
Additions to mortgage
servicing rights:
|
|
|
|
|
|
Originations of servicing assets
|
5,155
|
5,709
|
5,798
|
6,833
|
5,588
|
Changes in fair
value:
|
|
|
|
|
|
Due to
payoffs/paydowns
|
(3,147)
|
(3,823)
|
(3,919)
|
(2,946)
|
(3,273)
|
Due to
update in valuation assumptions
|
21,299
|
2,982
|
2,190
|
(3,604)
|
10,446
|
Fair value, end of
period
|
$
92,859
|
$
69,552
|
$
64,684
|
$
60,615
|
$
60,332
|
|
|
|
|
|
|
MORTGAGE BANKING
REVENUE:
|
|
|
|
|
|
Origination
|
$
5,118
|
$
5,970
|
$
9,284
|
$
8,646
|
$
15,955
|
Servicing
|
5,762
|
5,816
|
5,644
|
5,313
|
5,247
|
Payoffs/Paydowns
|
(3,147)
|
(3,823)
|
(3,919)
|
(2,946)
|
(3,273)
|
Total mortgage banking
revenue excluding MSR
|
7,733
|
7,963
|
11,009
|
11,013
|
17,929
|
Market value
adjustment on MSR
|
21,299
|
2,982
|
2,190
|
(3,604)
|
10,446
|
Market value
adjustment on MSR Hedge
|
(7,269)
|
(365)
|
(141)
|
1,696
|
(3,065)
|
Total mortgage
banking revenue
|
$
21,763
|
$
10,580
|
$
13,058
|
$
9,105
|
$
25,310
|
|
|
|
|
|
|
Mortgage loans
serviced
|
$
7,629,119
|
$
7,553,917
|
$
7,455,113
|
$
7,407,690
|
$
7,259,808
|
MSR/mortgage loans
serviced
|
1.22%
|
0.92%
|
0.87%
|
0.82%
|
0.83%
|
|
|
|
|
|
|
AVAILABLE-FOR-SALE
SECURITIES, at fair value
|
|
|
|
|
|
U.S. Treasury
securities
|
$
1,459,845
|
$
1,496,465
|
$
-
|
$
-
|
$
-
|
Obligations of U.S.
government agencies
|
2,350,810
|
2,638,442
|
2,575,564
|
2,758,412
|
2,642,646
|
Mortgage-backed
securities issued or guaranteed by
|
|
|
|
|
|
U.S.
agencies (MBS):
|
|
|
|
|
|
Residential pass-through:
|
|
|
|
|
|
Guaranteed by
GNMA
|
105,900
|
113,427
|
52,625
|
56,009
|
56,778
|
Issued by FNMA and
FHLMC
|
7,604,829
|
8,129,191
|
5,773,462
|
4,653,531
|
3,381,468
|
Other
residential mortgage-back securities
|
212,216
|
243,357
|
-
|
-
|
-
|
Commercial mortgage-backed securities
|
1,951,367
|
2,061,133
|
1,518,556
|
1,478,058
|
1,414,345
|
Total MBS
|
9,874,312
|
10,547,108
|
7,344,643
|
6,187,598
|
4,852,591
|
Obligations of states
and political subdivisions
|
530,241
|
565,520
|
112,152
|
117,248
|
126,589
|
Other domestic debt
securities
|
103,117
|
63,645
|
21,013
|
20,853
|
18,442
|
Foreign debt
securities
|
53,281
|
295,290
|
-
|
-
|
-
|
Total
available-for-sale securities
|
$
14,371,606
|
$
15,606,470
|
$
10,053,372
|
$
9,084,111
|
$
7,640,268
|
|
|
|
|
|
|
Cadence
Bank
|
Reconciliation of
Non-GAAP Measures and Other Non-GAAP Ratio
Definitions
|
(Dollars in
thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management evaluates
the Company's capital position and adjusted performance by
utilizing certain financial measures not calculated in accordance
with GAAP, including adjusted net income, adjusted net income
available to common shareholders, pre-tax pre-provision net
revenue, adjusted pre-tax pre-provision net revenue, total adjusted
expense, tangible common shareholders' equity to tangible assets,
return on average tangible common equity, adjusted return on
average tangible common equity, adjusted return on average
assets, adjusted return on average common shareholders' equity,
adjusted pre-tax pre-provision net revenue to total average assets,
average tangible book value per common share, adjusted earnings per
common share, efficiency ratio (tax equivalent) and adjusted
efficiency ratio (tax equivalent), adjusted dividend payout
ratio. 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net
Income to Adjusted Net Income and Adjusted Net income to Adjusted
Net Income Available to Common Shareholders:
|
|
|
|
Quarter
Ended
|
|
|
|
Mar-22
|
|
Dec-21
|
|
Sep-21
|
|
Jun-21
|
|
Mar-21
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
114,947
|
|
$ (34,657)
|
|
$
72,725
|
|
$
75,539
|
|
$
81,555
|
Plus:
|
Merger
expense
|
|
3,974
|
|
44,843
|
|
3,442
|
|
9,962
|
|
1,649
|
|
Incremental merger
related expense
|
|
6,571
|
|
4,633
|
|
-
|
|
-
|
|
-
|
|
Initial provision for
acquired loans
|
|
-
|
|
132,062
|
|
-
|
|
11,500
|
|
-
|
|
Branch closing
expense
|
|
128
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Pension settlement
expense
|
|
-
|
|
651
|
|
2,400
|
|
-
|
|
-
|
Less:
|
Security (losses)
gains
|
|
(1,097)
|
|
(378)
|
|
(195)
|
|
96
|
|
82
|
|
Tax
adjustment
|
|
2,786
|
|
41,453
|
|
1,506
|
|
5,331
|
|
391
|
Adjusted net
income
|
|
$
123,931
|
|
$ 106,457
|
|
$
77,256
|
|
$
91,574
|
|
$
82,731
|
Less:
|
Preferred
dividends
|
|
2,372
|
|
2,372
|
|
2,372
|
|
2,372
|
|
2,372
|
Adjusted net income
available to
|
|
|
|
|
|
|
|
|
|
|
common
shareholders
|
|
$
121,559
|
|
$ 104,085
|
|
$
74,884
|
|
$
89,202
|
|
$
80,359
|
|
|
|
|
|
|
|
|
|
|
|
|
Cadence
Bank
|
Reconciliation of
Non-GAAP Measures and Other Non-GAAP Ratio
Definitions
|
(Dollars in
thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net
Income to Pre-Tax Pre-Provision Net Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
|
Mar-22
|
|
Dec-21
|
|
Sep-21
|
|
Jun-21
|
|
Mar-21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
114,947
|
|
$ (34,657)
|
|
$
72,725
|
|
$
75,539
|
|
$
81,555
|
|
Plus:
|
Provision (release)
for credit losses
|
|
-
|
|
133,562
|
|
(7,000)
|
|
11,500
|
|
-
|
|
|
Income tax expense
(benefit)
|
|
33,643
|
|
(13,033)
|
|
20,350
|
|
21,102
|
|
23,347
|
|
Pre-tax pre-provision
net revenue
|
|
$
148,590
|
|
$
85,872
|
|
$
86,075
|
|
$ 108,141
|
|
$ 104,902
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net
Income to Adjusted Pre-Tax Pre-Provision Net Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
114,947
|
|
$ (34,657)
|
|
$
72,725
|
|
$
75,539
|
|
$
81,555
|
|
Plus:
|
Provision (release)
for credit losses
|
|
-
|
|
133,562
|
|
(7,000)
|
|
11,500
|
|
-
|
|
|
Merger
expense
|
|
3,974
|
|
44,843
|
|
3,442
|
|
9,962
|
|
1,649
|
|
|
Incremental merger
related expense
|
|
6,571
|
|
4,633
|
|
-
|
|
-
|
|
-
|
|
|
Branch closing
expense
|
|
128
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Pension settlement
expense
|
|
-
|
|
651
|
|
2,400
|
|
-
|
|
-
|
|
|
Income tax expense
(benefit)
|
|
33,643
|
|
(13,033)
|
|
20,350
|
|
21,102
|
|
23,347
|
|
Less:
|
Security (losses)
gains
|
|
(1,097)
|
|
(378)
|
|
(195)
|
|
96
|
|
82
|
|
Adjusted pre-tax
pre-provision net revenue
|
|
$
160,360
|
|
$ 136,377
|
|
$
92,112
|
|
$ 118,007
|
|
$ 106,469
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Total Noninterest Expense: to Adjusted Total Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
|
$
291,667
|
|
$ 289,194
|
|
$ 179,889
|
|
$ 173,984
|
|
$ 155,823
|
|
Less:
|
Merger
expense
|
|
3,974
|
|
44,843
|
|
3,442
|
|
9,962
|
|
1,649
|
|
|
Incremental merger
related expense
|
|
6,571
|
|
4,633
|
|
-
|
|
-
|
|
-
|
|
|
Branch closing
expense
|
|
128
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Pension settlement
expense
|
|
-
|
|
651
|
|
2,400
|
|
-
|
|
-
|
|
Total adjusted
expense
|
|
$
280,994
|
|
$ 239,067
|
|
$ 174,047
|
|
$ 164,022
|
|
$ 154,174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cadence
Bank
|
Reconciliation of
Non-GAAP Measures and Other Non-GAAP Ratio
Definitions
|
(Dollars in
thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Total Assets to Total Tangible Assets and Tangible
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity
to Tangible Common Shareholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
|
Mar-22
|
|
Dec-21
|
|
Sep-21
|
|
Jun-21
|
|
Mar-21
|
|
Tangible
assets
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
47,204,061
|
|
$
47,669,751
|
|
$
28,060,496
|
|
$
27,612,365
|
|
$
25,802,497
|
|
Less:
|
Goodwill
|
|
1,409,038
|
|
1,407,948
|
|
958,304
|
|
957,474
|
|
851,612
|
|
|
Other identifiable
intangible assets
|
|
191,642
|
|
198,271
|
|
52,235
|
|
54,659
|
|
53,581
|
|
Total tangible
assets
|
|
$
45,603,381
|
|
$
46,063,532
|
|
$
27,049,957
|
|
$
26,600,232
|
|
$
24,897,304
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERIOD END
BALANCES:
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
$
4,643,757
|
|
$
5,247,987
|
|
$
3,023,257
|
|
$
3,069,574
|
|
$
2,825,198
|
|
Less:
|
Goodwill
|
|
1,409,038
|
|
1,407,948
|
|
958,304
|
|
957,474
|
|
851,612
|
|
|
Other identifiable
intangible assets
|
|
191,642
|
|
198,271
|
|
52,235
|
|
54,659
|
|
53,581
|
|
|
Preferred
stock
|
|
166,993
|
|
166,993
|
|
166,993
|
|
166,993
|
|
166,993
|
|
Total tangible common
shareholders' equity
|
|
$
2,876,084
|
|
$
3,474,775
|
|
$
1,845,725
|
|
$
1,890,448
|
|
$
1,753,012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
BALANCES:
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
$
5,062,231
|
|
$
4,508,594
|
|
$
3,058,307
|
|
$
2,954,834
|
|
$
2,813,001
|
|
Less:
|
Goodwill
|
|
1,407,973
|
|
1,115,502
|
|
957,899
|
|
910,448
|
|
851,612
|
|
|
Other identifiable
intangible assets
|
|
195,606
|
|
106,559
|
|
53,567
|
|
52,564
|
|
54,876
|
|
|
Preferred
stock
|
|
166,993
|
|
166,993
|
|
166,993
|
|
166,993
|
|
166,993
|
|
Total tangible common
shareholders' equity
|
|
$
3,291,659
|
|
$
3,119,540
|
|
$
1,879,848
|
|
$
1,824,829
|
|
$
1,739,520
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average
assets
|
|
$
47,679,850
|
|
$
40,990,459
|
|
$
27,616,585
|
|
$
26,666,296
|
|
$
24,545,560
|
|
Total shares of
common stock outstanding
|
|
183,488,844
|
|
188,337,658
|
|
106,853,316
|
|
108,614,595
|
|
102,624,818
|
|
Average shares
outstanding-diluted
|
|
187,264,335
|
|
164,720,656
|
|
108,250,102
|
|
105,838,056
|
|
102,711,584
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
shareholders' equity to tangible assets (1)
|
|
6.31%
|
|
7.54%
|
|
6.82%
|
|
7.11%
|
|
7.04%
|
|
Return on average
tangible common equity (2)
|
|
13.87
|
|
(4.71)
|
|
14.85
|
|
16.08
|
|
18.46
|
|
Adjusted return on
average tangible common equity (3)
|
|
14.98
|
|
13.24
|
|
15.80
|
|
19.61
|
|
18.74
|
|
Adjusted return on
average assets (4)
|
|
1.05
|
|
1.03
|
|
1.11
|
|
1.38
|
|
1.37
|
|
Adjusted return on
average common shareholders' equity (5)
|
|
10.07
|
|
9.51
|
|
10.28
|
|
12.83
|
|
12.32
|
|
Pre-tax pre-provision
net revenue to total average assets (6)
|
|
1.26
|
|
0.83
|
|
1.24
|
|
1.63
|
|
1.73
|
|
Adjusted pre-tax
pre-provision net revenue to total average assets
(7)
|
|
1.36
|
|
1.32
|
|
1.32
|
|
1.77
|
|
1.76
|
|
Tangible book value
per common share (8)
|
|
$
15.67
|
|
$
18.45
|
|
$
17.27
|
|
$
17.41
|
|
$
17.08
|
|
Adjusted earnings per
common share (9)
|
|
$
0.65
|
|
$
0.63
|
|
$
0.69
|
|
$
0.84
|
|
$
0.78
|
|
Adjusted dividend
payout ratio (10)
|
|
33.85%
|
|
31.75%
|
|
28.99%
|
|
22.62%
|
|
24.36%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Tangible common
shareholders' equity to tangible assets is defined by the Company
as total shareholders' equity less preferred stock, goodwill and
other identifiable intangible
assets, divided by the difference of total assets less goodwill and
other identifiable intangible assets.
|
(2)
|
Return on average
tangible common equity is defined by the Company as annualized net
income available to common shareholders divided by average tangible
common shareholders' equity.
|
(3)
|
Adjusted return on
average tangible common equity is defined by the Company as
annualized net adjusted income available to common shareholders
divided by average tangible common shareholders' equity.
|
(4)
|
Adjusted return on
average assets is defined by the Company as annualized net adjusted
income divided by total average assets.
|
(5)
|
Adjusted return on
average common shareholders' equity is defined by the Company as
annualized net adjusted income available to common shareholders
divided by average common shareholders' equity.
|
(6)
|
Pre-tax pre-provision
net revenue to total average assets is defined by the Company as
annualized pre-tax pre-provision net revenue divided by total
average assets.
|
(7)
|
Adjusted pre-tax
pre-provision net revenue to total average assets is defined by the
Company as annualized adjusted pre-tax pre-provision net revenue
divided by total average assets adjusted for items included in the
definition and calculation of net adjusted income.
|
(8)
|
Tangible book value
per common share is defined by the Company as tangible common
shareholders' equity divided by total shares of common stock
outstanding.
|
(9)
|
Adjusted earnings per
common share is defined by the Company as net adjusted income
available to common shareholders divided by average common shares
outstanding-diluted.
|
(10)
|
Adjusted dividend
payout ratio is defined by the Company as common share dividends
divided by net adjusted income available to common
shareholders.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency Ratio
and Adjusted Efficiency Ratio 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. The
adjusted efficiency ratio excludes expense items
otherwise disclosed as non-operating from total noninterest
expense.
|
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SOURCE Cadence Bank