Cadence Bancorporation Reports First Quarter 2020 Financial Results
Cadence Bank (CADE)
Last cadence bank earnings: 4/29 06:31 am
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Source: Business Wire
HOUSTON--(BUSINESS WIRE)--Cadence Bancorporation (NYSE: CADE) (“Cadence”) today announced a net loss for the quarter ended March 31, 2020 of ($399.3) million or ($3.15) per share, compared to net income of $58.2 million or $0.44 per share for the quarter ended March 31, 2019, and $51.4 million or $0.40 per share for the quarter ended December 31, 2019. The 2020 net loss resulted from a non-cash goodwill impairment charge of $412.9 million, net of tax, or ($3.26) per share. Adjusted net income(1), excluding non-routine income and expenses(2) and the impairment charge, was $12.5 million or $0.10 per share for the first quarter of 2020, compared to adjusted net income of $75.5 million or $0.58 per share for the quarter ended March 31, 2019 and compared to $51.9 million or $0.40 per share for the quarter ended December 31, 2019.“There are several positive points about our first quarter results that should be mentioned. Our adjusted pre-tax, pre-provision earnings of $93 million or 2.1
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