Cadence Bank reports Q2 adjusted EPS 69c, consensus 61c

Reports Q2 net charge-offs $22.6M, or 0.28% of average net loans and leases on an annualized basis, compared with net charge-offs of $12.7M, or 0.16% of average net loans and leases on an annualized basis last year. “We are pleased to report another quarter of improved financial performance in virtually every aspect of our business,” remarked Dan Rollins, Chairman and CEO of Cadence Bank. “Our Q2 results reflect steady loan and core customer deposit growth combined with stable funding costs, which led to additional improvement in our net interest margin. Importantly, our credit quality metrics remained stable, reflected by a flat linked quarter provision for credit losses and slight improvement in our past due loans as well as criticized and classified loans. Finally, our efforts to improve efficiency continue to be evident in the linked quarter decline in adjusted noninterest expense and continued improvement in our adjusted efficiency ratio to 56.7% in the Q2.”