Cadence: Q2 Earnings Snapshot
TUPELO, Miss. (AP) _ Cadence Bank (CADE) on Monday reported second-quarter net income of $127 million.
The bank, based in Tupelo, Mississippi, said it had earnings of 68 cents per share. Earnings, adjusted for non-recurring costs, were 73 cents per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 66 cents per share.
The bank posted revenue of $474.8 million in the period. Its revenue net of interest expense was $450 million, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $440.1 million.
Cadence shares have decreased 18% since the beginning of the year. In the final minutes of trading on Monday, shares hit $24.57, a decline of slightly more than 3% in the last 12 months.