Houston-based Cadence Bancorp. reported third-quarter adjusted net income allocated to common stock of $44.0 million, or 34 cents per share, compared to $49.2 million, or 58 cents per share, in the year-ago period.
The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 50 cents.
On a GAAP basis, the company reported third-quarter net income of $44.0 million, or 34 cents per share, compared to $47.1 million, or 56 cents per share, in the year-ago quarter.
Third-quarter provision for credit losses was $43.8 million, an increase of $14.8 million from $28.9 million in the linked quarter, driven by higher charge-offs and specific reserves, as well as credit migration of certain credits primarily in the General C&I and Restaurant portfolios.
Net charge-offs were $31.3 million in the most recent quarter, compared to $18.6 million in the linked quarter and $3.1 million in the year-ago quarter.
Net interest margin, on a fully tax-equivalent basis, for the third quarter was 3.94%, compared to 3.97% in the second quarter and 3.58% in the year-ago quarter.
Net interest income for the quarter increased year over year to $160.2 million from $98.1 million.
Total loans, net of unearned income, at the end the third quarter were $13.64 billion, compared to $13.63 billion at the end of the second quarter, and $9.44 billion at the end of the year-ago period.
Total deposits at the end of the third quarter were $14.79 billion, compared to $14.49 billion at the end of the second quarter and $9.56 billion at the end of the year-ago period.