Cadence Bank reports Q3 EPS 49c, consensus 57c

Reports Q3 net interest revenue $329.0M vs. $355.4M last year. “Our third quarter results are highlighted by stability in our balance sheet and net interest margin,” remarked Dan Rollins, CEO. “While loan balances were flat for the quarter, we saw customer deposit growth of over $255 million excluding an intentional reduction in brokered deposits, and a reduction in pace of deposit mix shift from noninterest bearing to interest bearing products. We also continue our focus on improving expenses. Our total employee FTE count has declined by over 400 thus far in 2023 and is expected to decline by an additional 80 FTEs through year end. Similarly, our branch count has declined from 407 at merger to approximately 360 today, including the closure or consolidation of 35 locations in the third quarter.”