The press release from Cadence Bank for the fiscal year ended December 31, 2024, reveals significant changes in various financial metrics compared to the previous period.
The bank's net interest income (NII) for the fiscal year ended December 31, 2024, increased to $1.2 billion, up from $1.1 billion in the previous period. This represents a 9% increase in NII.
The provision for credit losses decreased to $120 million for the fiscal year ended December 31, 2024, down from $150 million in the previous period, reflecting a 20% reduction in provisions.
Total assets as of December 31, 2024, stood at $18.5 billion, compared to $17.2 billion in the previous period, indicating a 7.5% growth in total assets.
Nonperforming assets (NPA) decreased to $80 million for the fiscal year ended December 31, 2024, down from $90 million in the previous period, marking a 11% reduction in NPAs.
Additionally, the bank's common stock outstanding as of February 18, 2025, was 183,525,441 shares, up from the previous period.
These figures demonstrate the bank's improved financial performance, with increased net interest income, reduced provision for credit losses, growth in total assets, and a decrease in nonperforming assets compared to the previous period. Following these announcements, the company's shares moved 0.18%, and are now trading at a price of $16.30. If you want to know more, read the company's complete 8-K report here.
