Cadence Bank Announces First Quarter 2022 Financial Results

TUPELO, Miss. and HOUSTON, April 25, 2022 /PRNewswire/ -- Cadence Bank (NYSE: CADE) (the Company), today announced financial results for the quarter ended March 31, 2022. Given the legacy Cadence merger closed on October 29, 2021, the first quarter of 2022 represents the first full quarter of combined earnings.

Highlights for the first quarter of 2022 included:

• Achieved quarterly net income available to common shareholders of $112.6 million, or $0.60 per diluted common share, and adjusted net income available to common shareholders of $121.6 million, or $0.65 per diluted common share.
• Reported $160.4 million in adjusted pre-tax pre-provision net revenue (PPNR), or 1.36 percent of average assets on an annualized basis.
• Generated net organic loan growth of approximately $307 million for the quarter, or 4.6 percent on an annualized basis compared to linked quarter and total deposit and customer repo growth of approximately $767 million, or 7.7 percent on an annualized basis compared to linked quarter.
• Continued stability in credit quality metrics including net recoveries of $0.4 million and a 22.4 percent decline in total non-performing loans and leases; no provision for credit losses for the quarter.
• Repurchased 5.1 million shares of outstanding Company common stock resulting in 183.5 million shares outstanding as of March 31, 2022.
• Increased the Company's quarterly common share dividend to $0.22 per common share, representing the 10^th continuous year of increased dividends.

"Our first quarter results reflect another highly successful quarter for core operating performance with an adjusted earnings per share of $0.65 per diluted common share," remarked Dan Rollins, Chairman and Chief Executive Officer of the Company.  "We continue to be pleased with our business development efforts, especially so soon after legal merger last fall.  Our results for the quarter reflect successes on both sides of the balance sheet within our community and commercial banks as well as many of our other lines of business, including mortgage, insurance and wealth management.  Our results also reflect a stable net interest margin positioned for improvement, and continued strong credit quality."      

Rollins continued, "Additional first quarter highlights include the repurchase of 5.1 million shares of Company common stock under our share repurchase program.  Our board also increased the Company common stock dividend during the first quarter to $0.22 per share.  While taking these capital actions, we maintained strong capital metrics relative to both regulatory and internal capital targets."

Paul Murphy, Executive Vice Chairman, added "As we look more closely at our front-line successes, we reported organic loan growth for the quarter of more than $300 million while organic deposit growth totaled over $750 million. We feel positive about our growth trajectory.  Our loan growth for the quarter was primarily in our commercial and industrial portfolio.  From a deposit growth standpoint, first quarter is historically a seasonally high quarter."

Earnings Summary

The Company reported net income available to common shareholders of $112.6 million, or $0.60 per diluted common share, for the first quarter of 2022, compared with net income available to common shareholders of $79.2 million, or $0.77 per diluted common share, for the first quarter of 2021 and a net loss available to common shareholders of $37.0 million, or $0.22 per diluted common share, for the fourth quarter of 2021.  The Company reported adjusted net income available to common shareholders of $121.6 million, or $0.65 per diluted common share, for the first quarter of 2022, compared with $80.4 million, or $0.78 per diluted common share, for the first quarter of 2021 and $104.1 million, or $0.63 per diluted common share, for the fourth quarter of 2021. 

The Company reported adjusted PPNR of $160.4 million, or 1.36 percent of average assets on an annualized basis, for the first quarter of 2022 compared to $106.5 million, or 1.76 percent of average assets on an annualized basis, for the first quarter of 2021 and $136.4 million, or 1.32 percent of average assets on an annualized basis, for the fourth quarter of 2021.

Net Interest Revenue

Net interest revenue was $311.8 million for the first quarter of 2022, compared to $172.8 million for the first quarter of 2021 and $271.2 million for the fourth quarter of 2021. The fully taxable equivalent net interest margin was 2.92 percent for the first quarter of 2022, compared with 3.15 percent for the first quarter of 2021 and 2.90 percent for the fourth quarter of 2021.

The increase in net interest revenue in the first quarter of 2022 compared to the linked quarter reflected the full quarter's impact of the legacy Cadence merger, as well as the impact of fourth quarter deployment of cash into loans and securities, and a slight increase in accretion.  The first quarter's increase in net interest margin reflected the deployment of cash into securities and lower deposit costs, partially offset by loan growth coming on at lower yields.  The balance sheet remains asset sensitive, with approximately 28 percent of loans floating and another 41 percent of loans variable as of March 31, 2022.

Yields on net loans, loans held for sale, and leases excluding accretion, were 3.96 percent for the first quarter of 2022, compared with 4.06 percent for the fourth quarter of 2021, while yields on total interest earning assets were 3.10 percent for the first quarter of 2022, compared with 3.11 percent for the fourth quarter of 2021. The average cost of deposits declined to 0.15 percent for the first quarter of 2022, compared with 0.17 percent for the fourth quarter of 2021. 

Net interest income for the first quarter of 2022 included $17.7 million in accretion income related to acquired loans and leases, adding approximately 17 basis points to the net interest margin.  This compares to net accretion income of $16.4 million for the fourth quarter of 2021, which added approximately 17 basis points to the fourth quarter 2021 net interest margin. Excluding the impact of accretion, the linked quarter net interest margin increased by 3 basis points.

Balance Sheet Activity

Loans and leases, net of unearned income, continued to reflect solid growth, increasing $306.7 million, or 4.6 percent annualized, to $27.2 billion during the first quarter of 2022 while deposits and customer repos increased $766.8 million, or 7.7 percent annualized, to $41.3 billion.  Loan growth for the quarter was primarily within the commercial and industrial portfolio while deposit growth was largely attributable to increases in noninterest bearing demand deposit accounts.  The first quarter has been a strong deposit growth quarter historically as a result of seasonality in municipal deposit account balances.  The first quarter of 2022 ended with a loan to deposit ratio of 67.0 percent and securities to total assets of 30.4 percent, reflecting continued strong balance sheet liquidity.  Noninterest bearing deposits represented 35.6 percent of total deposits at the end of the first quarter of 2022, representing an increase from 34.2 percent at December 31, 2021.

Provision for Credit Losses and Allowance for Credit Losses

Credit metrics for the first quarter of 2022 continued to reflect improvement compared to the linked quarter including net recoveries and a meaningful decrease in non-performing loans.

Total non-performing loans and leases were $119.3 million at March 31, 2022, or 0.44 percent of total net loans and leases, representing a decline of $34.5 million or 22.4 percent, from the December 31, 2021 balance of $153.8 million or 0.57 percent of total net loans and leases. Other real estate owned and other repossessed assets also declined to $28.4 million at March 31, 2022, a decrease of $2.2 million or 14.0 percent, from the December 31, 2021 balance of $33.0 million.

Net recoveries for the first quarter of 2022 were $0.4 million, or 0.01 percent of net loans and leases on an annualized basis, compared with net charge-offs of $3.3 million for the first quarter of 2021 and net recoveries of $4.8 million for the fourth quarter of 2021.   Earnings for the first quarter of 2022 reflected no recorded provision for credit losses, compared with no recorded provision for the first quarter of 2021 and a provision for credit losses of $133.6 million for the fourth quarter of 2021. The provision for the fourth quarter of 2021 includes $132.1 million associated with day one accounting provision required for loans and unfunded commitments acquired during the quarter from the legacy Cadence merger. The allowance for credit losses remains robust at $438.7 million, or 1.61 percent of net loans and leases at March 31, 2022, compared with $446.4 million, or 1.66 percent of net loans and leases at December 31, 2021. 

Noninterest Revenue

Noninterest revenue was $128.4 million for the first quarter of 2022, compared with $87.9 million for the first quarter of 2021 and $103.9 million for the fourth quarter of 2021. The linked quarter increase was driven by a full quarter of legacy Cadence results as well as an increase in mortgage revenue as a result of increased mortgage servicing rights valuation. 

The net return from mortgage servicing rights was $14.0 million for the first quarter of 2022, compared with $7.4 million for the first quarter of 2021 and $2.6 million for the fourth quarter of 2021. Mortgage production and servicing revenue was impacted by both seasonality and rising rates, totaling $7.7 million for the first quarter of 2022, compared with $17.9 million for the first quarter of 2021 and $8.0 million for the fourth quarter of 2021. Mortgage origination volume for the first quarter of 2022 was $803.9 million, compared with $789.8 million for the first quarter of 2021 and $817.7 million for the fourth quarter of 2021. 

Insurance commission revenue reflected strong seasonal performance at $35.7 million for the first quarter of 2022, compared with $30.7 million for the first quarter of 2021 and $32.6 million for the fourth quarter of 2021. The first quarter of the year has historically been strong due to timing of annual renewals.

The full quarter's impact of the legacy Cadence merger drove the linked quarter increases in wealth management revenue, deposit service fees and other noninterest revenue.  Wealth management revenue was $21.7 million for the first quarter of 2022, compared with $16.4 million for the fourth quarter of 2021, deposit service charge revenue was $19.9 million for the first quarter of 2022 compared with $17.7 million for the fourth quarter of 2021, and other noninterest revenue was $18.3 million for the first quarter of 2022, compared with $14.1 million for the fourth quarter of 2021.  Credit card, debit card and merchant fee revenue was $12.1 million for the first quarter of 2022,  compared with $12.8 million for the fourth quarter of  2021 reflecting seasonally soft first quarter fees.

Noninterest Expense

Noninterest expense for the first quarter of 2022 was $291.7 million, compared with $155.8 million for the first quarter of 2021 and $289.2 million for the fourth quarter of 2021.  Adjusted noninterest expense for the first quarter of 2022 was $281.0 million, compared with $154.2 million for the first quarter of 2021 and $239.1 million for the fourth quarter of 2021.  The adjusted efficiency ratio was 63.5 percent for the first quarter of 2022, stable as compared to the fourth quarter of 2021.  

The increase in adjusted noninterest expense compared to the linked quarter was due to a full quarter of the legacy Cadence merger as well as seasonally higher compensation costs including payroll taxes and 401k match, partially offset by initial efficiencies associated with the legacy Cadence merger. 

Adjusted noninterest expense excludes merger expense included as a separate line item on the income statement as well as incremental merger related expenses that are included in the respective expense categories.  Merger expenses represent costs to complete the merger with no future benefit, while incremental merger related expenses represent costs to complete the merger for which the entity receives a future benefit.  Merger expense was $4.0 million for the first quarter of 2022, compared with $1.7 million for the first quarter of 2021 and $44.8 million for the fourth quarter of 2021.  Merger expense for the first quarter of 2022 was comprised primarily of contract and conversion related expenses as well as compensation related items.  Incremental merger related expenses for the first quarter of 2022 totaled $6.6 million that included primarily employee retention and marketing related expenses.

Capital Management

Total shareholder's equity was $4.64 billion at March 31, 2021 compared with $2.83 billion at March 31, 2021 and $5.25 billion at December 31, 2021.  The decline in the linked quarter is largely due to a decline in Other Comprehensive Income ("OCI") due to increased unrealized losses in the available-for-sale securities portfolio driven by changes in valuation due to the significant changes in interest rates in the quarter.  In addition to the OCI change, shareholder's equity was impacted by dividends and share repurchases, partially offset by earnings.

The Company's ratio of shareholders' equity to assets was 9.84 percent at March 31, 2022, compared with 10.95 percent at March 31, 2021 and 11.01 percent at December 31, 2021.  The ratio of tangible common shareholders' equity to tangible assets was 6.31 percent at March 31, 2022, compared with 7.04 percent at March 31, 2021 and 7.54 percent at December 31, 2021. 

During the first quarter of 2022, the Company repurchased 5.1 million shares of its common stock pursuant to its share repurchase program.  The company has 4.9 million shares remaining on its current share repurchase authorization which will expire December 30, 2022.

Additionally during the first quarter of 2022, the Company increased its quarterly common share dividend to $0.22 per common share, representing the 10th continuous year of increased dividends.

Estimated regulatory capital ratios at March 31, 2022 included Common Equity Tier 1 capital of 10.57 percent, Tier 1 capital of 11.05 percent, Total risk-based capital of 13.27 percent, and Tier 1 leverage capital of 8.24 percent. 

Summary

Rollins concluded, "Our first quarter results, which mark the first full quarter of combined financial results for the new Cadence Bank, highlight the strengths and the value that each respective board and management team saw in this transaction.  We are pleased with our performance thus far and look forward to continued success together as we complete our integration efforts."

RECENT MERGER TRANSACTIONS

Cadence Bancorporation (NYSE: CADE)

On October 29, 2021, the Company completed the merger with Cadence Bancorporation, the parent company of Cadence Bank N.A., (collectively referred to as legacy Cadence), pursuant to which legacy Cadence was merged with and into the Company (the Cadence Merger).  Legacy Cadence operated 99 full-service banking offices in the southeast.  As of October 29, 2021, legacy Cadence reported total assets of $18.8 billion, total loans of $11.6 billion and total deposits of $16.3 billion.  Under the terms of the definitive merger agreement, each legacy Cadence shareholder received 0.70 shares of the Company's common stock in exchange for each share of Cadence common stock they held.  In addition, legacy Cadence paid a one-time special dividend of $1.25 per share on October 28, 2021.  In connection with the closing of the Cadence merger, the Company changed its name from "BancorpSouth Bank" to "Cadence Bank" and also changed its NYSE ticker symbol from "BXS" to "CADE".  For more information regarding the Cadence Merger, see our Current Report on Form 8-K that was filed with the Federal Deposit Insurance Corporation (FDIC) on October 29, 2021 and the 2021 Annual Report Form 10-K filed with the FDIC.  Due to the Company's evaluation of post-merger activity and the extensive information gathering and management review processes required to properly record acquired assets and liabilities, the Company considers its valuations of legacy Cadence's assets and liabilities to be provisional estimates as management continues to identify and assess information regarding the nature of these assets and liabilities for the associated valuation assumptions and methodologies used.

FNS Bancshares, Inc.

On May 1, 2021, the Company completed the merger with FNS Bancshares, Inc., the parent company of FNB Bank, (collectively referred to as FNS), pursuant to which FNS was merged with and into the Company.  FNS operated 17 full-service banking offices in Alabama, Georgia and Tennessee.  The merger expanded the Company's presence in Jackson, DeKalb and Marshall counties in Alabama and the Chattanooga, Tennessee-Georgia and Nashville-Davidson-Murfreesboro-Franklin, Tennessee metropolitan statistical areas.  As of May 1, 2021, FNS reported total assets of $826.6 million, total loans of $464.7 million and total deposits of $720.7 million.  Under the terms of the definitive merger agreement, the Company issued approximately 2,975,000 shares of the Company's common stock plus $18.0 million in cash for all outstanding shares of FNS.  For more information regarding this transaction, see our Current Report on Form 8-K that was filed with the FDIC on May 3, 2021.

National United Bancshares, Inc.

On May 1, 2021, the Company completed the merger with National United Bancshares, Inc., the parent company of National United, (collectively referred to as National United), pursuant to which National United was merged with and into the Company.  National United operated 6 full-service banking offices in the Killeen-Temple, Texas; Waco, Texas; and Austin-Round Rock-Georgetown, Texas metropolitan statistical areas.  As of May 1, 2021, National United reported total assets of $817.3 million, total loans of $434.6 million and total deposits of $742.9 million.  Under the terms of the definitive merger agreement, the Company issued approximately 3,110,000 shares of the Company's common stock plus $33.25 million in cash for all outstanding shares of National United.  For more information regarding this transaction, see our Current Report on Form 8-K that was filed with the FDIC on May 3, 2021. 

Non-GAAP Measures and Ratios

This news release presents certain financial measures and ratios that are not calculated in accordance with U.S. generally accepted accounting principles (GAAP).  A discussion regarding these non-GAAP measures and ratios, including reconciliations of non-GAAP measures to the most directly comparable GAAP measures and definitions for non-GAAP ratios, appears under the caption "Reconciliation of Non-GAAP Measures and Other Non-GAAP Ratio Definitions"  beginning on page 22 of this news release.

Conference Call and Webcast

The Company will conduct a conference call to discuss its first quarter 2022 financial results on April 26, 2022, at 10:00 a.m. (Central Time).  This conference call will be an interactive session between management and analysts. Interested parties may listen to this live conference call via Internet webcast by accessing http://ir.cadencebank.com/events. The webcast will also be available in archived format at the same address.

About Cadence Bank

Cadence Bank (NYSE: CADE) is a leading regional banking franchise with approximately $47 billion in assets and more than 400 branch locations across the South, Midwest and Texas. Cadence provides consumers, businesses and corporations with a full range of innovative banking and financial solutions. 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, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management, and personal and business insurance. Cadence is committed to a culture of respect, diversity and inclusion in both its workplace and communities. Cadence Bank, Member FDIC. Equal Housing Lender.

Forward-Looking Statements

Certain statements made in this news release are not statements of historical fact and constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. These statements are often, but not always, made through the use of words or phrases such as "anticipate," "aspire," "assume," "believe," "budget," "contemplate," "continue," "could," "estimate," "expect," "forecast," "foresee," "goal," "hope," "indicate," "intend," "may," "might," "outlook," "plan," "project," "projection," "predict," "prospect," "potential," "roadmap," "seek," "should," "target," "will," and "would," or the negative versions of those words or other comparable words of a future or forward-looking nature. These forward-looking statements may include, without limitation, discussions regarding general economic, interest rate, real estate market, competitive, employment, and credit market conditions, including the economic impact of the COVID-19 pandemic (including any variant of the COVID-19 virus) on the Company's business; the Company's assets; business; cash flows; financial condition; liquidity; prospects; results of operations; deposit and customer repo growth; interest and fee-based revenue; capital resources; capital metrics; efficiency ratio; valuation of mortgage servicing rights; net income; net interest revenue; non-interest revenue; net interest margin; interest expense; non-interest expense; earnings per share; interest rate sensitivity; interest rate risk; balance sheet and liquidity management; off-balance sheet arrangements; fair value determinations; asset quality; credit quality; credit losses; provision and allowance for credit losses, impairments, charge-offs, recoveries and changes in loan volumes; investment securities portfolio yields and values; ability to manage the impact of pandemics, natural disasters and other force majeure events; adoption and use of critical accounting policies; adoption and implementation of new accounting standards and their effect on the Company's financial results and the Company's financial reporting; utilization of non-GAAP financial metrics; declaration and payment of dividends; ability to pay dividends or coupons on the Company's 5.5% Series A Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share, or the 4.125% Fixed-to-Floating Rate Subordinated Notes due November 20, 2029; mortgage origination volume; mortgage servicing and production revenue; insurance commission revenue; implementation and execution of cost savings initiatives; ability to successfully litigate, resolve or otherwise dispense with threatened, pending, ongoing and future litigation and governmental, administrative and investigatory matters; ability to successfully complete pending or future acquisitions, dispositions and other strategic growth opportunities and initiatives; ability to successfully obtain regulatory approval for acquisitions and other growth initiatives; ability to successfully integrate and manage acquisitions; opportunities and efforts to grow market share; reputation; ability to compete with other financial institutions; ability to recruit and retain key employees and personnel; access to capital markets; availability of capital; investments in the securities of other financial institutions; and ability to operate the Company's regulatory compliance programs in accordance with applicable law.

Forward-looking statements are based upon management's expectations as well as certain assumptions and estimates made by, and information available to, the Company's management at the time such statements were made. Forward-looking statements are not historical facts, are not guarantees of future results or performance and are subject to certain known and unknown risks, uncertainties and other factors that are beyond the Company's control and that may cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements. These risks, uncertainties and other factors include, without limitation, potential delays or other problems in implementing and executing the Company's growth, expansion and acquisition strategies, including delays in obtaining regulatory or other necessary approvals or the failure to realize any anticipated benefits or synergies from any acquisitions or growth strategies; the risks of changes in interest rates and their effects on the level and composition of deposits, loan demand and the values of loan collateral, securities and interest sensitive assets and liabilities; the impact of inflation on consumers; the failure of assumptions underlying the establishment of reserves for possible credit losses, fair value for loans and other real estate owned; changes in real estate values; the availability of and access to capital; possible downgrades in the Company's credit ratings or outlook which could increase the costs or availability of funding from capital markets; the ability to attract new or retain existing deposits or to retain or grow loans; the ability to grow additional interest and fee income or to control noninterest expense; the potential impact of the proposed phase-out of the London Interbank Offered Rate ("LIBOR") or other changes involving LIBOR; competitive factors and pricing pressures, including their effect on the Company's net interest margin; general economic, unemployment, credit market and real estate market conditions, and the effect of such conditions on the creditworthiness of borrowers, collateral values, the value of investment securities and asset recovery values; changes in legal, financial and/or regulatory requirements; recently enacted and potential legislation and regulatory actions and the costs and expenses to comply with new and/or existing legislation and regulatory actions; the enforcement efforts of federal and state bank regulators; possible adverse rulings, judgments, settlements and other outcomes of pending, ongoing and future litigation and governmental, administrative and investigatory matters; the ability to keep pace with technological changes, including changes regarding maintaining cybersecurity; the impact of failure in, or breach of, the Company's operational or security systems or infrastructure, or those of third parties with whom the Company does business, including as a result of cyber-attacks or an increase in the incidence or severity of fraud, illegal payments, security breaches or other illegal acts impacting the Company or the Company's customers; natural disasters or acts of war or terrorism; the adverse effects of the ongoing global COVID-19 pandemic, including the magnitude and duration of the pandemic, and the effect of actions taken to mitigate the impact of the COVID-19 pandemic on the Company, the Company's employees, the Company's customers, the global economy and the financial markets; international or political instability including the impacts related to or resulting from Russia's military inaction in Ukraine, including the imposition of additional sanctions and export controls, as well as the broader impacts to financial markets and the global macroeconomic and geopolitical environments; impairment of the Company's goodwill or other intangible assets; losses of key employees and personnel; adoption of new accounting standards, or changes in existing standards; the outcome of any legal proceedings that may be instituted against the Company or Cadence in respect of the Cadence Merger; the ability of the Company and Cadence to meet expectations regarding the timing, completion and accounting and tax treatments of the Cadence Merger; the risk that any announcements relating to the Cadence Merger could have adverse effects on the market price of the capital stock of the combined company; the possibility that the anticipated benefits of the Cadence Merger will not be realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where the combined company does business; the possibility that the Cadence Merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management's attention from ongoing business operations and opportunities; the possibility that the parties may be unable to achieve expected synergies and operating efficiencies in the Cadence Merger within the expected timeframes or at all and to successfully integrate Cadence's operations and those of the Company; such integration may be more difficult, time consuming or costly than expected; revenues following the Cadence Merger may be lower than expected; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the Cadence Merger; the combined company's success in executing its business plans and strategies and managing the risks involved in the foregoing; the dilution caused by the Company's issuance of additional shares of its capital stock in connection with the Cadence Merger and other factors as detailed from time to time in the Company's press and news releases, periodic and current reports and other filings the Company files with the FDIC.

The foregoing factors should not be construed as exhaustive and should be read in conjunction with those factors that are set forth from time to time in the Company's periodic and current reports filed with the FDIC, including those factors included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 under the heading "Item 1A. Risk Factors," in the Company's Quarterly Reports on Form 10-Q under the heading "Part II-Item 1A. Risk Factors" and in the Company's Current Reports on Form 8-K.

Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date of this news release, if one or more events related to these or other risks or uncertainties materialize, or if the Company's underlying assumptions prove to be incorrect, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Accordingly, undue reliance should not be placed on any forward-looking statements. The forward-looking statements speak only as of the date of this news release, and the Company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by applicable law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company.  All written or oral forward-looking statements attributable to the Company are expressly qualified in their entirety by this section.

 

 

 

 

 

SOURCE Cadence Bank