Cadence Bank reports Q1 EPS 62c, consensus 55c

Reports Q1 revenue $437.7M, consensus $427.18M. Reports Q1 Net charge-offs $19.5M, or 0.24% of average net loans and leases on an annualized basis, compared with net charge-offs of $1.9M, or 0.02% of average net loans and leases on an annualized basis, for the Q1 of 2023. “Our Company’s Q1 results reflect improved operating performance resulting from several strategic accomplishments over the past several quarters as well as continued success in business development,” remarked Dan Rollins, chairman and CEO. “We hit on all cylinders, realizing nice increases in loans and core customer deposits, strong revenue growth coupled with lower expenses, and a continued strong balance sheet poised for ongoing growth. Our efforts to improve efficiency are reflected in a meaningful reduction in operating expenses compared to both the Q1 and Q4 of 2023. Finally, we were able to opportunistically repurchase approximately 657,000 shares during the first quarter, further benefiting earnings per share.”