Cadence Bancorporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Effective Tax Rate Guidance for the Year 2018; Reports Net-Charge Offs for the Fourth Quarter of 2017
January 24, 2018 at 05:28 pm EST
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Cadence Bancorporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net interest income of $87,911,000 compared to $72,498,000 a year ago. Income before income taxes was $51,671,000 compared to $44,686,000 a year ago. Net income was $14,691,000 compared to $28,985,000 a year ago. Interest income was $108,370,000 against $87,068,000 a year ago. Diluted earnings per share were $0.17 against $0.38 a year ago. Adjusted operating revenue was $113,551,000 compared to $93,591,000 a year ago. Return on average common equity was 4.32% compared to 10.54% a year ago. Return on average tangible common equity was 5.71% compared to 15.16% a year ago. Return on average assets was 0.55% compared to 1.20% a year ago. The revenue increases were primarily a result of both strong loan growth during the period and meaningful increases in net interest margins.
For the year, the company reported net interest income of $326,216,000 compared to $279,439,000 a year ago. Income before income taxes was $182,999,000 compared to $98,314,000 a year ago. Net income was $102,353,000 compared to $65,774,000 a year ago. Interest income was $396,867,000 against $335,250,000 a year ago. Diluted earnings per share were $1.25 against $0.87 a year ago. Book value per common share was $16.25 compared to $14.41 a year ago. Tangible book value per share was $12.33 compared to $9.97 a year ago. Return on average common equity was 8.16% compared to 6.01% a year ago. Return on average tangible common equity was 11.08% compared to 8.68% a year ago. Return on average assets was 1.02% compared to 0.71% a year ago. Adjusted operating revenue was $426,236,000 compared to $364,106,000 a year ago.
Net-charge offs were $2.7 million for the quarter ended December 31, 2017 as compared to $3.7 million for the quarter and year ended December 31, 2016.
Considering the effects of tax reform, the company estimates the company's effective tax rate will range between of 21% to 22% in 2018.
Cadence Bank (the Bank) is a regional banking franchise with approximately 350 branch locations across the South and Texas. The Bank provides consumers, businesses, and corporations with a range of banking and financial solutions. The Bank's services and products include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, specialized lending, asset-based lending, commercial real estate, equipment financing, correspondent banking, small business administration (SBA) lending, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management. The Bank offers baking solution in checking accounts, savings accounts, mortgages, investment management, credit cards, online and mobile banking, debit cards, treasury management, wealth management, trusts, business loans, business online banking, and merchant services.
Cadence Bancorporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Effective Tax Rate Guidance for the Year 2018; Reports Net-Charge Offs for the Fourth Quarter of 2017