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HOUSTON - Cadence Bank (NYSE: CADE) reported fourth quarter earnings that slightly beat analyst expectations, while revenue fell short of estimates. Shares were unchanged following the report Wednesday.
The regional bank posted adjusted earnings per share of $0.70 for Q4 2024, compared to the consensus estimate of $0.69. Revenue came in at $450.7 million, missing the $457.86 million analysts were expecting.
Net interest income rose to $364.5 million in Q4, up from $334.6 million in the same quarter last year. The net interest margin improved to 3.38%, compared to 3.04% in Q4 2023.
"Our fourth quarter 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," said Dan Rollins (NYSE:ROL), Chairman and CEO of Cadence Bank.
Total (EPA:TTEF) loans increased to $33.7 billion at the end of Q4, up 3.8% for the full year. Core customer deposits, excluding brokered deposits and public funds, grew 6.9% in 2024.
For the full year 2024, Cadence reported adjusted earnings per share of $2.74, up 24.5% from $2.20 in 2023.
The bank also announced a 10% increase in its quarterly dividend to $0.275 per share.
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