search icon
      blog search icon

      Following the financial results, Cadence Bancorporation Inc. (CADE) stock fell during pre-market. - Stocks Telegraph

      By Mahnoor Shah

      Published on

      October 29, 2021

      12:34 PM UTC

      Following the financial results, Cadence Bancorporation Inc. (CADE) stock fell during pre-market. - Stocks Telegraph

      Cadence Bancorporation Inc. (NASDAQ: (CADE) stock gained by 41.61% at last close whereas the CADE stock price declines by 1.77% in the pre-market trading session. Cadence Bancorporation is a local financial holding firm based in Houston, Texas. Cadence’s 1,800 employees are dedicated to surpassing customer expectations and assisting their clients in achieving financial success.

      CADE stock’ Financial Highlights

      Cadence Bancorporation announced financial outcomes for the third quarter of 2021.

      • For the third quarter of 2021, the net income was $84.0 million or $0.67 per share while for the third quarter of 2020, the net income was $49.3million or $0.39 per share.
      • For the third quarter of 2021, adjusted net income, minus non-routine income and expenses, was $83.4 million, or $0.67 per share, relative to $51.4 million, or $0.40 per share, for the third quarter of 2020.
      • At September 30, 2021, cash and cash equivalents were $3.4 billion, up from $2.1 billion on June 30, 2021, and $1.2 billion on September 30, 2020. A $1.2 billion rise in deposits drove the $1.3 billion improvements in the third quarter of 2021.

      Chairman and CEO Paul B. Murphy, Jr. commented that,

      As they prepare for the completion of their merger with BancorpSouth at the end of this week, he’d want to take the time to thank each and every one of the bankers who has contributed to the growth of their wonderful institution over the last 11 years. In the years after the Great Financial Crisis, they began with an all-star board and the purpose of deploying $1 billion in opportunistic capital to improve the banking sector. Since then, they’ve evolved into a $20 billion commercial bank that serves Texas and the Southeast. He’d like to express his gratitude to the customers and the communities in which they operate for their strength and support. This merger brings in the next chapter of Cadence Bank’s history, and they commit to continue to work hard for people and earn their trust.

      More From Stocks telegraph