Cadence Bank (CADE) Q4 2024 earnings summary

Executive summary

• Net income available to common shareholders for 2024 was $514.1M ($2.77/share); adjusted net income was $507.9M ($2.74/share), up 24.5% per share year-over-year.

• Q4 2024 adjusted net income was $130.0M ($0.70/share); adjusted PPNR of $184.0M.

• Net organic loan growth for 2024 was $1.2B (3.8%); core customer deposits rose $2.2B (6.9%).

• Announced acquisition of FCB Financial Corp. (First Chatham Bank), expanding presence in Savannah, GA, expected to close Q3 2025, with minimal impact on tangible book value and regulatory capital metrics, and accretive to earnings in the first full year.

• Quarterly dividend increased 10% to $0.275/share, payable April 1, 2025.

Financial highlights

• Adjusted PPNR for 2024 was $739.0M (1.54% of avg. assets), up 20.7% from 2023.

• Net interest margin for Q4 2024 was 3.38%, up 7 bps sequentially and 34 bps year-over-year; full year NIM was 3.30%, up 22 bps.

• Tangible book value per share rose 11.5% to $21.54 at year-end.

• Q4 2024 net interest revenue was $364.5M; adjusted noninterest revenue was $86.2M.

• Q4 2024 noninterest expense was $266.2M; adjusted noninterest expense $266.7M.

Outlook and guidance

• 2025 guidance anticipates low- to mid-single-digit organic growth in loans and core deposits, and 5–8% growth in total adjusted revenue.

• Adjusted noninterest expense expected to rise 4–6% over 2024; annual net charge-offs projected between 20–30 basis points.

• Guidance excludes impact from the First Chatham merger.

• Management expects to build on 2024 momentum in 2025, focusing on growth in loans, deposits, fee revenues, NIM expansion, stable credit quality, and improved efficiency.