HOUSTON - Cadence Bank (NYSE:CADE), a regional banking franchise with a market capitalization of $6.6 billion, announced its financial results for the fourth quarter and full year ended December 31, 2024. The bank reported a net income available to common shareholders of $514.1 million, or $2.77 per diluted common share for the year, and $130.3 million, or $0.70 per diluted common share for the fourth quarter. The stock has shown strong momentum, delivering a 25% return over the past year according to InvestingPro data. Adjusted net income from continuing operations available to common shareholders was $507.9 million for the year, marking a 24.5% increase per share compared to 2023.
The bank also reported annual adjusted pre-tax pre-provision net revenue (PPNR) from continuing operations of $739.0 million, up 20.7% from the previous year. Net organic loan growth was $1.2 billion for the year, and core customer deposits grew by $2.2 billion. The net interest margin for the year increased by 22 basis points to 3.30%.
For the fourth quarter, the bank achieved a quarterly adjusted PPNR from continuing operations of $184.0 million, with net organic loan growth of $437.8 million. The net interest margin for the quarter was 3.38%, up 7 basis points from the third quarter of 2024.
Cadence Bank’s Board of Directors declared a quarterly cash dividend of $0.275 per common share of stock, representing a 10.0% increase from the previous dividend. The common stock dividend is payable on April 1, 2025, to shareholders of record at the close of business on March 14, 2025. InvestingPro data reveals that CADE has maintained dividend payments for 40 consecutive years and raised its dividend for 12 consecutive years, demonstrating a strong commitment to shareholder returns.
Dan Rollins (NYSE:ROL), Chairman and CEO, highlighted the bank’s successful year, attributing the performance to balance sheet growth, stable credit quality, and improved net interest margin and operating efficiency. Rollins expressed optimism for 2025, building on the momentum gained in 2024.
The Company’s strong regulatory capital was maintained, with Common Equity Tier 1 Capital at 12.4% and Total (EPA:TTEF) Capital at 14.0%.
These results are based on a press release statement and reflect the bank’s focus on operational performance and shareholder returns.
In other recent news, Cadence Bank has made notable strides in its operations. The bank reported robust Q3 2024 results, with a GAAP net income of $134.1 million and adjusted net income from continuing operations of $135.6 million, marking a 6% quarter-over-quarter increase. Core customer deposits witnessed a year-over-year growth of over 11%, reaching nearly $985 million. The bank also noted strong new loan commitments and an improved net interest margin of 3.31%.
Cadence Bank has also appointed Brad Silcox as the new executive vice president and president of its asset management and trust division. Silcox, a veteran from Wilmington Trust, brings over 20 years of experience to the role. He will be based in the Atlanta office, leading a team that serves clients across the Southeast and Texas.
Citi has maintained a Neutral rating on Cadence BanCorp but increased the price target to $37.00 from the previous $35.00, reflecting the expectation of continued net interest margin expansion and effective cost management. Despite softer than anticipated loan growth, Cadence Bank’s management remains optimistic about maintaining growth in loan originations and improving net interest margins. Additionally, potential mergers and acquisitions are being considered. These are some of the recent developments for Cadence BanCorp.
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