Cadence Bank reports Q4 adjusted EPS 70c, consensus 68c

Realized 0.17% in annualized net charge-offs as a percent of average loans, improved 9 basis points from the linked quarter, and a $15.0M provision for credit losses resulting in a 1.37% allowance for credit losses as a percent of loans. Tangible book value per share was $21.54 at quarter end from $21.68 at Q3 end. “Our Q4 results reflect the culmination of a successful year of improved operating performance achieved through steady balance sheet growth, reduction of debt, stable credit quality, and improved net interest margin and operating efficiency,” remarked CEO Dan Rollins. “This has been an exciting year for Cadence. We could feel the momentum in our business throughout the year, and the benefits of our footprint, business diversification and talented teammates shined through. This momentum was evidenced by strong capital generation, supporting both our future growth as well as a 10% increase in the quarterly dividend to common shareholders. Importantly, this momentum also fueled the 25% increase in our adjusted earnings from continuing operations per common share for the year.”