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 Cadence Bancorporation Reports Fourth Quarter 2017 Results and Initiates a Quarterly Dividend
   Wednesday, January 24, 2018 8:14:02 PM ET

Cadence Bancorporation (CADE ) ("Cadence") today announced net income for the quarter ended December 31, 2017 of $14.7 million, or $0.17 per diluted common share ("per share"), compared to $32.6 million, or $0.39 per share, in the third quarter of 2017, and $29.0 million, or $0.38 per share, in the fourth quarter of 2016. The fourth quarter of 2017 includes a one-time charge of $19.0 million, or $0.22 per share, recorded in income tax expense (the "one-time tax charge") related to the enactment of the Tax Cuts and Jobs Act in December 2017 ("Tax Reform") requiring a re-measurement of our deferred tax assets arising from a lower corporate tax rate.



Highlights:

-- Fourth quarter of 2017 net income was $14.7 million. Excluding the one-time tax charge, after-tax earnings for the fourth quarter of 2017 were $33.7(1) million, representing an increase of $1.1 million, or 3.4%, as compared to the third quarter of 2017, and an increase of $4.7 million, or 16.2%, compared to fourth quarter of 2016. -- On a per-share basis, net income was $0.17 per share for the fourth quarter of 2017. Excluding the one-time tax charge, after-tax earnings per share for the fourth quarter of 2017 was $0.39(1), the same as the third quarter of 2017 and up $0.01 from the fourth quarter of 2016. The year-over-year per share comparison was impacted by the issuance of 8.625 million shares in our initial public offering in April 2017.

-- Annualized returns on average assets, common equity and tangible common equity(1) for the fourth quarter of 2017 were 0.55%, 4.32% and 5.71%, respectively. Annualized returns on average assets, common equity and tangible common equity(1) excluding the one-time tax charge for the fourth quarter of 2017 were 1.26%, 9.92% and 13.11%, respectively, as compared to 1.29%, 9.78% and 13.04%, respectively, for the third quarter of 2017.

-- Net income for the year ended December 31, 2017 was $102.4 million, compared to the prior year net income of $65.8 million. Excluding the one-time tax charge, after-tax earnings for the year ended December 31, 2017 were $121.4(1) million, an increase of $55.6 million, or 84.5%, compared to the year ended December 31, 2016. -- Net income was $1.25 per share for the year ended December 31, 2017, compared to $0.87 per share in the prior year. Excluding the one-time tax charge, after-tax earnings per share for the year ended December 31, 2017 was $1.48(1) per share, an increase of $0.61 per share or 71% as compared to the year ended December 31, 2016.

-- Returns on average assets, common equity and tangible common equity(1) for the year ended December 31, 2017 were 1.02%, 8.16% and 11.08%, respectively. Returns on average assets, common equity and tangible common equity(1) excluding the one-time tax charge were 1.21%, 9.68% and 13.14%, respectively, as compared to 0.71%, 6.01% and 8.68%, respectively, for the prior year.

-- Total revenue for the fourth quarter of 2017 was $113.6 million, up 4.9% from the linked quarter and up 19.7% from the same period in 2016. On a full year basis, 2017 revenues of $426.1 million represented an increase of $58.2 million, or 15.8%, as compared to the prior year.

(1) Considered a non-GAAP financial measure. See Table 7 "Reconciliation of Non-GAAP Financial Measures" for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure.

-- Total assets were $10.9 billion as of December 31, 2017, an increase of $1.4 billion, or 14.9%, as compared to $9.5 billion as of December 31, 2016.

-- Loans were $8.3 billion as of December 31, 2017, an increase of $820.7 million, or 11.0%, as compared to $7.4 billion at December 31, 2016.

-- Core deposits (total deposits excluding brokered) were $8.2 billion as of December 31, 2017 grew $1.2 billion, or 17.8%, from December 31, 2016.

"We are pleased with our core operating performance for the quarter, as our business growth continued to reflect the strong momentum we experienced throughout 2017," said Paul B. Murphy, Jr., Cadence’s Chairman and Chief Executive Officer. "Revenue growth for the quarter was solid, driven by strong loan and core deposit growth, and stable margins. I am very pleased with our credit results during 2017, and particularly during the fourth quarter as we continued the trend of reduced nonperforming assets. Lower nonperforming assets ("NPAs"), low charge-offs and a stabilized energy environment all supported a net recovery of loan provision for the quarter. 2017 was a big year for Cadence as we became a public company, crossed the $10 billion asset threshold and achieved record financial performance. As a next step, we are very pleased to announce the initiation of a quarterly cash dividend in the amount of $0.125 per share to our common shareholders, representing an annualized dividend of $0.50 per share. I am proud of our employees who work hard for our customers every day, and we believe those efforts show through in our results and in returns for our shareholders."

Period End Balance Sheet:

Cadence continued its strong growth during the quarter with total assets reaching $10.9 billion as of December 31, 2017, an increase of $446.7 million, or 4.3%, from September 30, 2017, and an increase of $1.4 billion, or 14.9%, from December 31, 2016.

Loans at December 31, 2017 were $8.3 billion, an increase of $224.5 million, or 2.8%, from September 30, 2017, and an increase of $820.7 million, or 11.0%, from December 31, 2016.

- Increases in loans reflect organic growth primarily in our specialized, general C&I and residential portfolios.

- Energy lending remained a consistent portion of total loans, with balances totaling $935.4 million, or 11.3% of total loans at December 31, 2017, and continued to reflect improved credit results.

Total deposits at December 31, 2017 were $9.0 billion, an increase of $510.4 million, or 6.0%, from September 30, 2017, and an increase of $994.8 million, or 12.4%, from December 31, 2016.

- Deposit increases reflect growth in core deposits, with a key focus on expansion of commercial deposit relationships and treasury management services. The core deposit growth supported a $245.1 million reduction in brokered deposits during the year.

- As of December 31, 2017, brokered deposits totaled $0.8 billion, or 8.8% of total deposits, down from 9.7% and 13.0% of total deposits at September 30, 2017 and December 31, 2016, respectively.

- Noninterest bearing deposits as a percent of total deposits increased to 24.9%, up from 24.4% at September 30, 2017 and 23.0% at December 31, 2016.

Shareholders’ equity was $1.4 billion at December 31, 2017, an increase of $18.2 million from September 30, 2017, and an increase of $278.6 million from December 31, 2016.

- The increase in shareholders’ equity includes $155.7 million in net proceeds from our April 2017 initial public offering that was added to tangible common equity during the second quarter of 2017. This offering resulted in increasing average diluted shares to 84.7 million for the fourth quarter of 2017, as compared to 75.4 million and 84.0 million in the fourth quarter of 2016 and third quarter of 2017, respectively.

- In November 2017, Cadence completed a secondary offering whereby its controlling stockholder, Cadence Bancorp, LLC, sold 10,925,000 Cadence Bancorporation shares, reducing its ownership in Cadence to 76.6%. All proceeds from this transaction were received by Cadence Bancorp, LLC and did not impact Cadence Bancorporation’s equity or outstanding shares.

Asset Quality:

Credit quality metrics reflected meaningful improvement during the fourth quarter of 2017 due to continued improvements of energy credits combined with general credit stability in the remaining loan portfolio.

- NPAs totaled $70.7 million, or 0.9% of total loans, OREO and other NPAs as of December 31, 2017, down from $121.8 million, or 1.5%, as of September 30, 2017, and down from $166.2 million, or 2.2%, as of December 31, 2016.

- The decline in NPAs are due primarily to continued improvements of energy credits, with energy portfolio NPAs totaling $58.7 million at December 31, 2017 down from $98.2 million at September 30, 2017.

- Of the $42.8 million in energy nonperforming loans included in total NPAs as of December 31, 2017, over 75% were paying in accordance with contractual terms.

The allowance for credit losses ("ACL") was $87.6 million, or 1.06% of total loans, as of December 31, 2017, as compared to $94.8 million, or 1.18% of total loans, as of September 30, 2017 and $82.3 million, or 1.11% of total loans, as of December 31, 2016.

- Net-charge offs as a percent of average loans for the full year amounted to 0.06% in 2017, and an improvement from 0.65% in 2016. Net-charge offs were $2.7 million and $4.4 million for the quarter and year ended December 31, 2017, respectively, as compared to $3.7 million and $46.9 million for the quarter and year ended December 31, 2016, respectively, and $173 thousand for the three months ended September 30, 2017.

- The decline in the ACL during the fourth quarter of 2017 compared to the prior quarter resulted primarily from the reduction in non-performing loans and related valuation reserves (largely from the energy portfolio), improved environmental factors in the energy sector, and the reversal of approximately $2.0 million in consumer mortgage reserves recorded in the third quarter of 2017 associated with Hurricanes Harvey and Irma.

- At December 31, 2017, the ACL included reserves for the energy portfolio of 1.8%, down from 2.5% as of September 30, 2017 and 2.6% as of December 31, 2016.

- Loan provisions (reversals) for the fourth quarter of 2017 were $(4.5) million as compared to $(5.2) million in the prior year quarter and $1.7 million in the third quarter of 2017.

Total Revenue:

Total revenue for the fourth quarter of 2017 was $113.6 million, up 4.9% from the linked quarter and up 19.7% from the same period in 2016. On a full year basis, 2017 revenues of $426 million increased $58.2 million, or 15.8%. The revenue increases were primarily a result of both strong loan growth during the period and meaningful increases in net interest margins.

Net interest income for the fourth quarter of 2017 was $87.9 million an increase of $6.7 million, or 8.3%, from the third quarter of 2017 and an increase of $15.4 million, or 21.3%, from the same period 2016.

- Our fully tax-equivalent net interest margin ("NIM") for the fourth quarter of 2017 was 3.59% as compared to 3.52% for the third quarter of 2017 and 3.31% for the fourth quarter of 2016. The year-over-year increase in NIM is primarily a result of our asset sensitive balance sheet and earning asset yields increasing more significantly than our funding costs in the recent rising rate environment. The linked quarter increase in NIM was due to timing of recovery accretion on acquired-impaired loans.

- Earning asset yields for the fourth quarter of 2017 were 4.41%, up 11 basis points from 4.30% in the third quarter of 2017, and up 45 basis points from 3.96% in the fourth quarter of 2016, driven by increases in loan yields.

-- Approximately 70% of our loan portfolio is floating rate and has benefited from the short-term rate increases during the periods.

-- Yield on loans, excluding acquired-impaired loans, was 4.47%, 4.41% and 4.03% for the fourth quarter of 2017, third quarter of 2017 and fourth quarter of 2016, respectively.

-- Total accretion for acquired-impaired loans was $8.1 million in the fourth quarter of 2017, up $2.3 million from the third quarter of 2017 and up $0.3 million from the fourth quarter of 2016.

-- Total loan yields increased to 4.72% for the fourth quarter of 2017 versus 4.55% for the third quarter of 2017 and 4.26% for the fourth quarter of 2016.

- Total cost of deposits for the fourth quarter of 2017 was 69 basis points versus 64 basis points in the linked quarter and 47 basis points in the fourth quarter of 2016.

- Total cost of funds for the fourth quarter of 2017 was 89 basis points versus 84 basis points in the linked quarter and 69 basis points in the fourth quarter of 2016.

-- Increases in funding costs reflect the increases in short term rates, partially offset by improvements in the funding mix, including declines in interest-sensitive brokered deposits and increases in noninterest bearing deposits.

Noninterest income for the fourth quarter of 2017 was $25.7 million, a decrease of $1.5 million, or 5.4%, from the third quarter of 2017, and an increase of $3.3 million, or 14.7%, from the same period of 2016.

- Total service fees and revenue for the fourth quarter of 2017 was $22.4 million, a decrease of $0.6 million from the third quarter of 2017, and an increase of $1.8 million from the same period of 2016. The changes were driven primarily by:

-- Assets Under Management increasing to $5.6 billion as of December 31, 2017, an increase of $51.4 million from September 30, 2017 and $266.2 million from December 31, 2016.

-- Insurance revenue declines of $0.5 million linked quarter due to the sale of the assets of a specialty insurance unit in the third quarter of 2017.

-- Mortgage banking revenue declines of $0.3 million from the third quarter of 2017 due to both seasonality and more mortgages being held on the balance sheet versus sold.

- Total other noninterest income for the fourth quarter of 2017 was $3.3 million, a decrease of $0.9 million from the third quarter of 2017, and an increase of $1.5 million from the same period of 2016.

- Significant non-routine items included in other noninterest income during comparable periods include:

-- Securities gains (losses) - $16 thousand gains in the fourth quarter of 2017 and $1.3 million gains in the fourth quarter of 2016;

-- Gain (loss) on sale of commercial loans - $1.6 million gain in the fourth quarter of 2017 and ($0.5) million loss in the fourth quarter of 2016, both related to credit resolutions;

-- Gain on sale of assets of a specialty insurance unit - $1.1 million in the third quarter of 2017;

-- Earnings from Limited Partnerships primarily due to changes in equity valuation - $0.7 million in the fourth quarter of 2017, $1.5 million in the third quarter of 2017 and a loss of ($0.2) million in the fourth quarter of 2016.

Noninterest Expenses:

Noninterest expense for the fourth quarter of 2017 was $66.4 million, an increase of $9.8 million from $56.5 million for the third quarter of 2017, and an increase of $11.0 million from $55.4 million during the same period in 2016. Increases in the fourth quarter of 2017 included non-routine expenses related to legacy bank pre-acquisition legal costs, secondary offering costs, consulting, and other notable expenses detailed below:

- Salaries and employee benefits expense included an increase in incentives of $0.7 million from the third quarter of 2017 and an increase of $5.0 million from the fourth quarter of 2016 driven by improved operating performance of the bank and company valuation.

- Other real estate ("ORE") costs for the fourth quarter of 2017 included $0.6 million in ORE writedowns and another $0.4 million in ORE losses on sales, as we reduced our ORE by $11.2 million during the quarter to $7.6 million at December 31, 2017.

- Data processing expense for the fourth quarter of 2017 included $0.5 million in costs associated with a trust system upgrade and conversion.

- Consulting and professional fees in the fourth quarter of 2017 included $1.2 million in expenses specific to the November 2017 secondary offering, and $0.8 million in non-routine tax consulting costs.

- Legal expense for the fourth quarter of 2017 included $2.0 million in legal costs associated with certain pre-acquisition related litigation and contingencies related to a legacy acquired bank.

- Other expenses for the fourth quarter of 2017 included $0.8 million in unfunded commitments provision driven by loan growth, $0.6 million related to technology licensing updates, as well as other seasonal variances in expenses.

Noninterest expense for the year ended December 31, 2017 was $233.4 million as compared to $220.2 million during the same period of 2016, an increase of $13.2 million, or 6.0%.

The efficiency ratio(1) for the fourth quarter of 2017 was 58.44%, as compared to the fourth quarter of 2016 and third quarter of 2017 ratios of 58.40% and 52.20%, respectively. The efficiency ratio for the year ended December 31, 2017 was 54.77%, compared to 59.86% in the prior year, reflecting ongoing focus on managing expense and expanding revenue. Total 2017 revenues increased $58.2 million or 15.8% over 2016, while total 2017 expenses increased $13.2 million or 6.0% over 2016.

Taxes:

The effective tax rate for the quarter ended December 31, 2017 was 71.6% as compared to 34.9% in the third quarter of 2017 and 35.1% in the fourth quarter of 2016. Excluding the effects of Tax Reform, our effective tax rate for the quarter and year ended December 31, 2017 was 34.8%(1) and 33.7%(1), respectively. Considering the effects of Tax Reform, we estimate our effective tax rate will range between 21% to 22% in 2018.

(1) Considered a non-GAAP financial measure. See Table 7 "Reconciliation of Non-GAAP Financial Measures" for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure.

Quarterly Dividend:

On January 24, 2018, the Board of Directors of Cadence declared a quarterly cash dividend in the amount of $0.125 per share of common stock, representing an annualized dividend of $0.50 per share. The dividend will be paid on March 20, 2018 to holders of record of the Class A common stock on March 1, 2018.

Supplementary Financial Tables (Unaudited):

Supplementary Financial Tables (Unaudited) are included in this release following the customary disclosure information.

Fourth Quarter 2017 Earnings Conference Call:

Cadence Bancorporation executive management will host a conference call to discuss fourth quarter 2017 results on Thursday, January 25, 2018, at 10:00 a.m. CT / 11:00 a.m. ET. Slides to be presented by management on the conference call can be viewed by visiting www.cadencebancorporation.com and selecting "Events & Presentations" then "Event Calendar".

Conference Call Access:

To access the conference call, please dial one of the following numbers approximately 10-15 minutes prior to the start time to allow time for registration, and use the Elite Entry Number provided below.

 
Dial in (toll free):                      1-888-317-6003
International dial in:                                                                                                                   1-412-317-6061
Canada (toll free):                                                                                                                      1-866-284-3684
Participant Elite Entry Number:                                                                                                          0853440
 

For those unable to participate in the live presentation, a replay will be available through February 8, 2018. To access the replay, please use the following numbers:

 
US Toll Free:                 1-877-344-7529
International Toll:                                                                                                          1-412-317-0088
Canada Toll Free:                                                                                                            1-855-669-9658
Replay Access Code:                                                                                                          10115434
End Date:                                                                                                                    February 8, 2018
 

Webcast Access:

A webcast of the conference call as well as the slides to be presented by management can be viewed by visiting www.cadencebancorporation.com and selecting "Events & Presentations" then "Event Calendar".

About Cadence Bancorporation

Cadence Bancorporation (CADE ) is an $11 billion in assets regional bank holding company headquartered in Houston, Texas. Through its affiliates, Cadence operates 65 locations in Alabama, Florida, Texas, Mississippi and Tennessee, and provides corporations, middle-market companies, small businesses and consumers with a full range of innovative banking and financial solutions. Services and products include commercial and business banking, treasury management, specialized lending, commercial real estate, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management, business and personal insurance, consumer banking, consumer loans, mortgages, home equity lines and loans, and credit cards. Clients have access to leading-edge online and mobile solutions, interactive teller machines, and 56,000 ATMs. The Cadence team of 1,200 associates is committed to exceeding customer expectations and helping their clients succeed financially. Cadence Bank, N.A., Cadence Insurance, and Linscomb & Williams are direct or indirect subsidiaries of Cadence Bancorporation.

Cautionary Statement Regarding Forward-Looking Information

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our results of operations, financial condition and financial performance. These statements are often, but not always, made through the use of words or phrases such as "may," "should," "could," "predict," "potential," "believe," "will likely result," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "would" and "outlook," or the negative version of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Such factors include, without limitation, the "Risk Factors" referenced in our Registration Statement on Form S-1 filed with the Securities and Exchange Commission (SEC), other risks and uncertainties listed from time to time in our reports and documents filed with the SEC, including our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, and the following factors: business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic market areas; economic, market, operational, liquidity, credit and interest rate risks associated with our business; lack of seasoning in our loan portfolio; deteriorating asset quality and higher loan charge-offs; the laws and regulations applicable to our business; our ability to achieve organic loan and deposit growth and the composition of such growth; increased competition in the financial services industry, nationally, regionally or locally; our ability to maintain our historical earnings trends; our ability to raise additional capital to implement our business plan; material weaknesses in our internal control over financial reporting; systems failures or interruptions involving our information technology and telecommunications systems or third-party servicers; the composition of our management team and our ability to attract and retain key personnel; the fiscal position of the U.S. federal government and the soundness of other financial institutions; the composition of our loan portfolio, including the identify of our borrowers and the concentration of loans in energy-related industries and in our specialized industries; the portion of our loan portfolio that is comprised of participations and shared national credits; and the amount of nonperforming and classified assets we hold. Cadence can give no assurance that any goal or plan or expectation set forth in forward-looking statements can be achieved and readers are cautioned not to place undue reliance on such statements. The forward-looking statements are made as of the date of this communication, and Cadence does not intend, and assumes no obligation, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.

About Non-GAAP Financial Measures

Certain of the financial measures and ratios we present, including "efficiency ratio," "adjusted noninterest expenses," "adjusted operating revenue," "tangible common equity ratio," "tangible book value per share" and "return on average tangible common equity" and "pre-tax, pre-provision net earnings," are supplemental measures that are not required by, or are not presented in accordance with, U.S. generally accepted accounting principles (GAAP). We refer to these financial measures and ratios as "non-GAAP financial measures." We consider the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and useful in evaluating period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenditures or assets that we believe are not indicative of our primary business operating results or by presenting certain metrics on a fully taxable equivalent basis. We believe that management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, analyzing and comparing past, present and future periods.

These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP and you should not rely on non-GAAP financial measures alone as measures of our performance. The non-GAAP financial measures we present may differ from non-GAAP financial measures used by our peers or other companies. We compensate for these limitations by providing the equivalent GAAP measures whenever we present the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non-GAAP financial measure so that both measures and the individual components may be considered when analyzing our performance. A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables (Table 7).

 
                                                                                                                                                                                                                                     Table 1 - Selected Financial Data
 
                                                                                                                                                                                                                                                 As of and for the Three Months Ended                                                                                                                                                                                                                                             For the Year Ended
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         December 31,
                                                                                                                                                               ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                                  -----------------------------------------------------------------------------------------------------------------------
(In thousands, except per share data)                                                                                                                 December 31,                          September 30,                          June 30,                             March 31,                          December 31,                                                                    2017                                 2016
                                                                                                                                                                             2017                                                                        2017                                                                                          2017                                                                                          2017                                                                                          2016
                                                                                                                                          -------------------- ------------------------------                                              ------------------------------                                                                 -----------------------------                                                                 -----------------------------                                                                 -----------------------------                                              ------------------------------                                                                 -----------------------------
Statement of Operations Data:
Interest income                                                                                                                                                                   $    108,370                                                                $     99,503                                                                                   $    99,375                                                                                   $    89,619                                                                                   $    87,068                                                                $    396,867                                                                                   $   335,250
Interest expense                                                                                                                                                     20,459                                                   18,340                                                                     16,991                                                                     14,861                                                                     14,570                                                   70,651                                                                     55,811
                                                                                                                                                               -------------------- ----------                                             -------------------- ----------                                                                -------------------- ---------                                                                -------------------- ---------                                                                -------------------- ---------                                             -------------------- ----------                                                                -------------------- ---------
   Net interest income                                                                                                                                                                  87,911                                                                      81,163                                                                                        82,384                                                                                        74,758                                                                                        72,498                                                                     326,216                                                                                       279,439
     Provision for credit losses                                                                                                                                     (4,475 )                                                  1,723                                                                      6,701                                                                      5,786                                                                     (5,222 )                                                  9,735                                                                     49,348
                                                                                                                                                               -------------------- ----------                                             -------------------- ----------                                                                -------------------- ---------                                                                -------------------- ---------                                                                -------------------- ---------                                             -------------------- ----------                                                                -------------------- ---------
   Net interest income after provision                                                                                                                                                  92,386                                                                      79,440                                                                                        75,683                                                                                        68,972                                                                                        77,720                                                                     316,481                                                                                       230,091
Noninterest income - service fees and revenue                                                                                                                                           22,405                                                                      23,014                                                                                        22,144                                                                                        22,489                                                                                        20,605                                                                      90,052                                                                                        81,976
                    - other noninterest income                                                                                                                                           3,251                                                                       4,110                                                                                           845                                                                                         1,616                                                                                         1,755                                                                       9,822                                                                                         6,427
Noninterest expense                                                                                                                                                  66,371                                                   56,530                                                                     56,134                                                                     54,321                                                                     55,394                                                  233,356                                                                    220,180
                                                                                                                                                               -------------------- ----------                                             -------------------- ----------                                                                -------------------- ---------                                                                -------------------- ---------                                                                -------------------- ---------                                             -------------------- ----------                                                                -------------------- ---------
  Income before income taxes                                                                                                                                                            51,671                                                                      50,034                                                                                        42,538                                                                                        38,756                                                                                        44,686                                                                     182,999                                                                                        98,314
  Income tax expense                                                                                                                                                 36,980                                                   17,457                                                                     13,570                                                                     12,639                                                                     15,701                                                   80,646                                                                     32,540
                                                                                                                                                               -------------------- ----------                                             -------------------- ----------                                                                -------------------- ---------                                                                -------------------- ---------                                                                -------------------- ---------                                             -------------------- ----------                                                                -------------------- ---------
    Net income                                                                                                                                                                    $     14,691                                                                $     32,577                                                                                   $    28,968                                                                                   $    26,117                                                                                   $    28,985                                                                $    102,353                                                                                   $    65,774
                                                                                                                                                               ==================== ==========                                             ==================== ==========                                                                ==================== =========                                                                ==================== =========                                                                ==================== =========                                             ==================== ==========                                                                ==================== =========
Period-End Balance Sheet Data:
Investment securities, available-for-sale                                                                                                                                         $  1,262,948                                                                $  1,198,032                                                                                   $ 1,079,935                                                                                   $ 1,116,280                                                                                   $ 1,139,347                                                                $  1,262,948                                                                                   $ 1,139,347
Total loans, net of unearned income                                                                                                                                                  8,253,427                                                                   8,028,938                                                                                     7,716,621                                                                                     7,561,472                                                                                     7,432,711                                                                   8,253,427                                                                                     7,432,711
Allowance for credit losses                                                                                                                                                             87,576                                                                      94,765                                                                                        93,215                                                                                        88,304                                                                                        82,268                                                                      87,576                                                                                        82,268
Total assets                                                                                                                                                                        10,948,926                                                                  10,502,261                                                                                     9,811,557                                                                                     9,720,937                                                                                     9,530,888                                                                  10,948,926                                                                                     9,530,888
Total deposits                                                                                                                                                                       9,011,515                                                                   8,501,102                                                                                     7,930,383                                                                                     7,841,710                                                                                     8,016,749                                                                   9,011,515                                                                                     8,016,749
Noninterest-bearing deposits                                                                                                                                                         2,242,765                                                                   2,071,594                                                                                     1,857,809                                                                                     1,871,514                                                                                     1,840,955                                                                   2,242,765                                                                                     1,840,955
Interest-bearing deposits                                                                                                                                                            6,768,750                                                                   6,429,508                                                                                     6,072,574                                                                                     5,970,196                                                                                     6,175,794                                                                   6,768,750                                                                                     6,175,794
Borrowings and subordinated debentures                                                                                                                                                 470,814                                                                     572,683                                                                                       499,266                                                                                       682,568                                                                                       331,712                                                                     470,814                                                                                       331,712
Total shareholders’ equity                                                                                                                                1,359,056                                                                   1,340,848                                                                                     1,304,054                                                                                     1,105,976                                                                                     1,080,498                                                                   1,359,056                                                                                     1,080,498
Average Balance Sheet Data:
Investment securities, available-for-sale                                                                                                                                         $  1,228,330                                                                $  1,169,182                                                                                   $ 1,099,307                                                                                   $ 1,125,174                                                                                   $ 1,060,821                                                                $  1,155,819                                                                                   $ 1,001,317
Total loans, net of unearned income                                                                                                                                                  8,226,294                                                                   7,867,794                                                                                     7,650,048                                                                                     7,551,173                                                                                     7,375,446                                                                   7,825,763                                                                                     7,186,635
Allowance for credit losses                                                                                                                                                             94,968                                                                      94,706                                                                                        90,366                                                                                        82,258                                                                                        95,042                                                                      90,621                                                                                        90,264
Total assets                                                                                                                                                                        10,586,245                                                                  10,024,871                                                                                     9,786,355                                                                                     9,670,593                                                                                     9,596,574                                                                  10,020,036                                                                                     9,271,629
Total deposits                                                                                                                                                                       8,635,473                                                                   8,139,969                                                                                     7,940,421                                                                                     8,025,068                                                                                     7,925,281                                                                   8,186,781                                                                                     7,655,302
Noninterest-bearing deposits                                                                                                                                                         2,170,758                                                                   1,982,784                                                                                     1,845,447                                                                                     1,857,657                                                                                     1,784,422                                                                   1,965,070                                                                                     1,688,405
Interest-bearing deposits                                                                                                                                                            6,464,715                                                                   6,157,185                                                                                     6,094,974                                                                                     6,167,411                                                                                     6,140,859                                                                   6,221,711                                                                                     5,966,897
Borrowings and subordinated debentures                                                                                                                                                 502,428                                                                     484,798                                                                                       510,373                                                                                       474,976                                                                                       500,045                                                                     493,196                                                                                       452,685
Total shareholders’ equity                                                                                                                                1,348,867                                                                   1,320,884                                                                                     1,251,217                                                                                     1,090,905                                                                                     1,094,182                                                                   1,253,861                                                                                     1,093,604
 
 
                                                                                                                                                                                                                                     Table 1 (Continued) - Selected Financial Data
 
                                                                                                                                                                                                                                       As of and for the Three Months Ended                                                                                                                                                                                                         For the Year Ended
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          December 31,
                                                                                                                                                                           ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                                                           --------------------------------------------------------------------------------------
(In thousands, except per share data)                                                                                                                                         December 31,              September 30,              June 30,                March 31,              December 31,                                                                         2017                   2016
                                                                                                                                                                                  2017                                                                               2017                                                                              2017                                                                             2017                                                                              2016
                                                                                                                                                                           ----------------                                                                   ----------------                                                                   --------------                                                                   --------------                                                                   ----------------                                                                   ------------                                                                    ------------
Per Share Data:(3)
  Earnings
    Basic                                                                                                                                                                       $       0.18                                                                       $       0.39                                                                     $       0.35                                                                     $       0.35                                                                       $       0.39                                                                   $       1.26                                                                    $       0.88
    Diluted                                                                                                                                                                             0.17                                                                               0.39                                                                             0.35                                                                             0.35                                                                               0.38                                                                           1.25                                                                            0.87
  Book value per common share                                                                                                                                                          16.25                                                                              16.03                                                                            15.59                                                                            14.75                                                                              14.41                                                                          16.25                                                                           14.41
  Tangible book value (1)                                                                                                                                                              12.33                                                                              12.10                                                                            11.64                                                                            10.33                                                                               9.97                                                                          12.33                                                                            9.97
  Weighted average common shares outstanding
    Basic                                                                                                                                                                         83,625,000                                                                         83,625,000                                                                       81,918,956                                                                       75,000,000                                                                         75,000,000                                                                     81,072,945                                                                      75,000,000
    Diluted                                                                                                                                                                       84,717,005                                                                         83,955,685                                                                       81,951,795                                                                       75,672,750                                                                         75,402,525                                                                     81,605,015                                                                      75,294,600
Performance Ratios:
  Return on average common equity (2)                                                                                                                                                   4.32 %                                                                             9.78 %                                                                           9.29 %                                                                           9.71 %                                                                            10.54 %                                                                         8.16 %                                                                          6.01 %
  Return on average tangible common equity (1) (2)                                                                                                                                      5.71                                                                              13.04                                                                            12.63                                                                            13.96                                                                              15.16                                                                          11.08                                                                            8.68
  Return on average assets (2)                                                                                                                                                          0.55                                                                               1.29                                                                             1.19                                                                             1.10                                                                               1.20                                                                           1.02                                                                            0.71
  Net interest margin (2)                                                                                                                                                               3.59                                                                               3.52                                                                             3.71                                                                             3.46                                                                               3.31                                                                           3.57                                                                            3.30
  Efficiency ratio (1)                                                                                                                                                                 58.44                                                                              52.20                                                                            53.27                                                                            54.95                                                                              58.40                                                                          54.77                                                                           59.86
Asset Quality Ratios:
  Total nonperforming assets ("NPAs") to total loans and OREO and                                                                                                                       0.85 %                                                                             1.51 %                                                                           1.82 %                                                                           2.25 %                                                                             2.22 %                                                                         0.85 %                                                                          2.22 %
  other NPAs
  Total nonperforming loans to total loans                                                                                                                                              0.58                                                                               0.96                                                                             1.36                                                                             1.77                                                                               1.73                                                                           0.58                                                                            1.73
  Total ACL to total loans                                                                                                                                                              1.06                                                                               1.18                                                                             1.21                                                                             1.17                                                                               1.11                                                                           1.06                                                                            1.11
  ACL to total nonperforming loans ("NPLs")                                                                                                                                           183.62                                                                             122.66                                                                            88.81                                                                            65.80                                                                              63.83                                                                         183.62                                                                           63.80
  Net charge-offs to average loans (2)                                                                                                                                                  0.13                                                                               0.01                                                                             0.09                                                                            (0.01 )                                                                             0.20                                                                           0.06                                                                            0.65
Capital Ratios:
  Total shareholders’ equity to assets                                                                                                                      12.41 %                                                                            12.77 %                                                                          13.29 %                                                                          11.38 %                                                                            11.34 %                                                                        12.41 %                                                                         11.34 %
  Tangible common equity to tangible assets (1)                                                                                                                                         9.71                                                                               9.95                                                                            10.27                                                                             8.25                                                                               8.13                                                                           9.71                                                                            8.13
  Common equity tier 1 (CET1) (transitional)                                                                                                                                           10.57                                                                              10.79                                                                            10.92                                                                             8.99                                                                               8.84                                                                          10.57                                                                            8.84
  Tier 1 leverage capital                                                                                                                                                              10.68                                                                              11.12                                                                            11.00                                                                             9.10                                                                               8.89                                                                          10.68                                                                            8.89
  Tier 1 risk-based capital                                                                                                                                                            10.94                                                                              11.17                                                                            11.31                                                                             9.36                                                                               9.19                                                                          10.94                                                                            9.19
  Total risk-based capital                                                                                                                                                             12.81                                                                              13.18                                                                            13.41                                                                            11.43                                                                              11.22                                                                          12.81                                                                           11.22
 
_____________________
(1)        - Considered a non-GAAP financial measure. See Table 7
           "Reconciliation of Non-GAAP Financial Measures" for a reconciliation
           of our non-GAAP measures to the most directly comparable GAAP
           financial measure.
(2)        - Annualized.
(3)        - As of the completion of a secondary offering on November 13, 2017,
           64,075,000 of our outstanding shares are owned by our parent-holding
           company Cadence Bancorp LLC. Cadence Bancorp LLC owned 75,000,000 of
           our outstanding shares before the secondary offering.
 
 
                                                                                                                                                                                                                                     Table 2 - Average Balances/Yield/Rates
 
                                                                                                                                                                                                                                                        For the Three Months Ended December 31,
                                                                                                                                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                2017                                                                                                                                                                                            2016
                                                                                                                                                          --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                            ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                       Average                             Income/                           Yield/                                                                   Average                             Income/                                     Yield/
(In thousands)                                                                                                                                                         Balance                                                                   Expense                                                                  Rate                                                                    Balance                                                                   Expense                                                                            Rate
                                                                                                                                                          --------------------------------                                            -----------------------------                                            ---------------------------                                            -------------------------------                                            ----------------------------                                            -------------------------------------------------
ASSETS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
Interest-earning assets:
Loans, net of unearned income(1)
  Originated and ANCI loans                                                                                                                                                  $  7,961,692                                                                $  89,762                                                                   4.47                      %                                         $ 7,037,980                                                                $ 71,237                                                                  4.03                      %
  ACI portfolio                                                                                                                                                264,602                                                 8,145                                                                  12.21                                                 337,466                                                7,813                                                                  9.21
                                                                                                                                                          -------------------- ----------                                             -------------------- -------                                                                                                                    -------------------- ---------                                             -------------------- ------
         Total loans                                                                                                                                                            8,226,294                                                                   97,907                                                                   4.72                                                                  7,375,446                                                                  79,050                                                                  4.26
  Investment securities
      Taxable                                                                                                                                                                     817,971                                                                    5,000                                                                   2.43                                                                    676,148                                                                   3,418                                                                  2.01
      Tax-exempt (2)                                                                                                                                           410,359                                                 5,047                                                                   4.88                                                 384,673                                                4,814                                                                  4.98
                                                                                                                                                          -------------------- ----------                                             -------------------- -------                                                                                                                    -------------------- ---------                                             -------------------- ------
         Total investment securities                                                                                                                                            1,228,330                                                                   10,047                                                                   3.25                                                                  1,060,821                                                                   8,232                                                                  3.09
  Federal funds sold and short-term investments                                                                                                                                   409,317                                                                    1,151                                                                   1.12                                                                    436,665                                                                     783                                                                  0.71
  Other investments                                                                                                                                             51,318                                                 1,030                                                                   7.96                                                  48,643                                                  688                                                                  5.63
                                                                                                                                                          -------------------- ----------                                             -------------------- -------                                                                                                                    -------------------- ---------                                             -------------------- ------
      Total interest-earning assets                                                                                                                                             9,915,259                                                                  110,135                                                                   4.41                                                                  8,921,575                                                                  88,753                                                                  3.96
Noninterest-earning assets:
  Cash and due from banks                                                                                                                                                          66,849                                                                                                                                                                                                                     44,851
  Premises and equipment                                                                                                                                                           64,730                                                                                                                                                                                                                     67,608
  Accrued interest and other assets                                                                                                                                               634,375                                                                                                                                                                                                                    657,582
  Allowance for credit losses                                                                                                                                  (94,968 )                                                                                                                                                                                               (95,042 )
                                                                                                                                                          -------------------- ----------                                                                                                                                                                                             -------------------- ---------
      Total assets                                                                                                                                                           $ 10,586,245                                                                                                                                                                                                                $ 9,596,574
                                                                                                                                                          ==================== ==========                                                                                                                                                                                             ==================== =========
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing liabilities:
  Demand deposits                                                                                                                                                            $  4,424,371                                                                $   7,844                                                                   0.70                      %                                         $ 4,404,779                                                                $  4,973                                                                  0.45                      %
  Savings deposits                                                                                                                                                                177,413                                                                      112                                                                   0.25                                                                    179,094                                                                     111                                                                  0.25
  Time deposits                                                                                                                                              1,862,931                                                 7,129                                                                   1.52                                               1,556,986                                                4,325                                                                  1.11
                                                                                                                                                          -------------------- ----------                                             -------------------- -------                                                                                                                    -------------------- ---------                                             -------------------- ------
      Total interest-bearing deposits                                                                                                                                           6,464,715                                                                   15,085                                                                   0.93                                                                  6,140,859                                                                   9,409                                                                  0.61
  Other borrowings                                                                                                                                                                367,373                                                                    3,021                                                                   3.26                                                                    365,728                                                                   2,854                                                                  3.10
  Subordinated debentures                                                                                                                                      135,055                                                 2,353                                                                   6.91                                                 134,317                                                2,307                                                                  6.83
                                                                                                                                                          -------------------- ----------                                             -------------------- -------                                                                                                                    -------------------- ---------                                             -------------------- ------
      Total interest-bearing liabilities                                                                                                                                        6,967,143                                                                   20,459                                                                   1.17                                                                  6,640,904                                                                  14,570                                                                  0.87
Noninterest-bearing liabilities:
  Demand deposits                                                                                                                                                               2,170,758                                                                                                                                                                                                                  1,784,422
  Accrued interest and other liabilities                                                                                                                        99,477                                                                                                                                                                                                  77,066
                                                                                                                                                          -------------------- ----------                                                                                                                                                                                             -------------------- ---------
      Total liabilities                                                                                                                                                         9,237,378                                                                                                                                                                                                                  8,502,392
Stockholders’ equity                                                                                                                                         1,348,867                                                                                                                                                                                               1,094,182
                                                                                                                                                          -------------------- ----------                                                                                                                                                                                             -------------------- ---------
      Total liabilities and stockholders’ equity                                                                                                                             $ 10,586,245                                                                                                                                                                                                                $ 9,596,574
                                                                                                                                                          ==================== ==========                                                                                                                                                                                             ==================== =========
Net interest income/net interest spread                                                                                                                                                                                                                     89,676                                                                   3.24                      %                                                                                                                      74,183                                               3.09                      %
                                                                                                                                                                                                                                                                                                                                    =====                                                                                                                                                                                                ==================== ====
Net yield on earning assets/net interest margin                                                                                                                                                                                                                                                                                      3.59                      %                                                                                                                                                                           3.31                      %
                                                                                                                                                                                                                                                                                                                                    =====                                                                                                                                                                                                ==================== ====
Taxable equivalent adjustment:
  Investment securities                                                                                                                                                                                                                  (1,765 )                                                                                                                                                                                               (1,685 )
                                                                                                                                                                                                                                      -------------------- -------                                                                                                                                                                                               -------------------- ------
      Net interest income                                                                                                                                                                                                                                $  87,911                                                                                                                                                                                                                  $ 72,498
                                                                                                                                                                                                                                      ==================== =======                                                                                                                                                                                               ==================== ======
 
_____________________
(1)        Nonaccrual loans are included in loans, net of unearned income. No
           adjustment has been made for these loans in the calculation of
           yields.
(2)        Interest income and yields are presented on a fully taxable
           equivalent basis using a tax rate of 35%.
 
 
                                                                                                                                       For the Three Months Ended                                                                                                                                                                        For the Three Months Ended
                                                                                                                                                                                                                                           December 31, 2017                                                                                                                                                                                                                      September 30, 2017
                                                                                                                                                          ----------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                        ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                       Average                              Income/                            Yield/                                                                    Average                             Income/                                      Yield/
(In thousands)                                                                                                                                                         Balance                                                                    Expense                                                                   Rate                                                                     Balance                                                                   Expense                                                                             Rate
                                                                                                                                                          --------------------------------                                             -----------------------------                                             ---------------------------                                            --------------------------------                                            -----------------------------                                            -------------------------------------------------
ASSETS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Interest-earning assets:
Loans, net of unearned income(1)
  Originated and ANCI loans                                                                                                                                                  $  7,961,692                                                                 $  89,762                                                                    4.47                      %                                         $  7,587,556                                                                $  84,321                                                                  4.41                      %
  ACI portfolio                                                                                                                                                264,602                                                  8,145                                                                   12.21                                                  280,238                                                 5,840                                                                  8.27
                                                                                                                                                          -------------------- ----------                                              -------------------- -------                                                                                                                     -------------------- ----------                                             -------------------- -------
         Total loans                                                                                                                                                            8,226,294                                                                    97,907                                                                    4.72                                                                   7,867,794                                                                   90,161                                                                  4.55
Investment securities
      Taxable                                                                                                                                                                     817,971                                                                     5,000                                                                    2.43                                                                     760,269                                                                    4,610                                                                  2.41
      Tax-exempt (2)                                                                                                                                           410,359                                                  5,047                                                                    4.88                                                  408,913                                                 5,046                                                                  4.90
                                                                                                                                                          -------------------- ----------                                              -------------------- -------                                                                                                                     -------------------- ----------                                             -------------------- -------
         Total investment securities                                                                                                                                            1,228,330                                                                    10,047                                                                    3.25                                                                   1,169,182                                                                    9,656                                                                  3.28
  Federal funds sold and short-term investments                                                                                                                                   409,317                                                                     1,151                                                                    1.12                                                                     267,684                                                                    1,072                                                                  1.59
  Other investments                                                                                                                                             51,318                                                  1,030                                                                    7.96                                                   49,661                                                   380                                                                  3.04
                                                                                                                                                          -------------------- ----------                                              -------------------- -------                                                                                                                     -------------------- ----------                                             -------------------- -------
      Total interest-earning assets                                                                                                                                             9,915,259                                                                   110,135                                                                    4.41                                                                   9,354,321                                                                  101,269                                                                  4.30
Noninterest-earning assets:
  Cash and due from banks                                                                                                                                                          66,849                                                                                                                                                                                                                        60,760
  Premises and equipment                                                                                                                                                           64,730                                                                                                                                                                                                                        65,308
  Accrued interest and other assets                                                                                                                                               634,375                                                                                                                                                                                                                       639,188
  Allowance for credit losses                                                                                                                                  (94,968 )                                                                                                                                                                                                  (94,706 )
                                                                                                                                                          -------------------- ----------                                                                                                                                                                                               -------------------- ----------
      Total assets                                                                                                                                                           $ 10,586,245                                                                                                                                                                                                                  $ 10,024,871
                                                                                                                                                          ==================== ==========                                                                                                                                                                                               ==================== ==========
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing liabilities:
  Demand deposits                                                                                                                                                            $  4,424,371                                                                 $   7,844                                                                    0.70                      %                                         $  4,329,086                                                                $   7,300                                                                  0.67                      %
  Savings deposits                                                                                                                                                                177,413                                                                       112                                                                    0.25                                                                     180,099                                                                      113                                                                  0.25
  Time deposits                                                                                                                                              1,862,931                                                  7,129                                                                    1.52                                                1,648,000                                                 5,665                                                                  1.36
                                                                                                                                                          -------------------- ----------                                              -------------------- -------                                                                                                                     -------------------- ----------                                             -------------------- -------
      Total interest-bearing deposits                                                                                                                                           6,464,715                                                                    15,085                                                                    0.93                                                                   6,157,185                                                                   13,078                                                                  0.84
Other borrowings                                                                                                                                                                  367,373                                                                     3,021                                                                    3.26                                                                     349,925                                                                    2,926                                                                  3.32
Subordinated debentures                                                                                                                                        135,055                                                  2,353                                                                    6.91                                                  134,873                                                 2,336                                                                  6.87
                                                                                                                                                          -------------------- ----------                                              -------------------- -------                                                                                                                     -------------------- ----------                                             -------------------- -------
      Total interest-bearing liabilities                                                                                                                                        6,967,143                                                                    20,459                                                                    1.17                                                                   6,641,983                                                                   18,340                                                                  1.10
Noninterest-bearing liabilities:
  Demand deposits                                                                                                                                                               2,170,758                                                                                                                                                                                                                     1,982,784
  Accrued interest and other liabilities                                                                                                                        99,477                                                                                                                                                                                                     79,220
                                                                                                                                                          -------------------- ----------                                                                                                                                                                                               -------------------- ----------
      Total liabilities                                                                                                                                                         9,237,378                                                                                                                                                                                                                     8,703,987
Stockholders’ equity                                                                                                                                         1,348,867                                                                                                                                                                                                  1,320,884
                                                                                                                                                          -------------------- ----------                                                                                                                                                                                               -------------------- ----------
      Total liabilities and stockholders’ equity                                                                                                                             $ 10,586,245                                                                                                                                                                                                                  $ 10,024,871
                                                                                                                                                          ==================== ==========                                                                                                                                                                                               ==================== ==========
Net interest income/net interest spread                                                                                                                                                                                                                      89,676                                                 3.24                      %                                                                                                                        82,929                                               3.20                      %
                                                                                                                                                                                                                                                                                                                 ==================== =====                                                                                                                                                                                                  ==================== ====
Net yield on earning assets/net interest margin                                                                                                                                                                                                                                                                     3.59                      %                                                                                                                                                                             3.52                      %
                                                                                                                                                                                                                                                                                                                 ==================== =====                                                                                                                                                                                                  ==================== ====
Taxable equivalent adjustment:
  Investment securities                                                                                                                                                                                                                   (1,765 )                                                                                                                                                                                                  (1,766 )
                                                                                                                                                                                                                                       -------------------- -------                                                                                                                                                                                                 -------------------- -------
      Net interest income                                                                                                                                                                                                                                 $  87,911                                                                                                                                                                                                                    $  81,163
                                                                                                                                                                                                                                       ==================== =======                                                                                                                                                                                                 ==================== =======
 
_____________________
(1)        Nonaccrual loans are included in loans, net of unearned income. No
           adjustment has been made for these loans in the calculation of
           yields.
(2)        Interest income and yields are presented on a fully taxable
           equivalent basis using a tax rate of 35%.
 
                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                  For the Year Ended December 31,
                                                                                            ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                             2017                                                                                                                                         2016
                                                                                            --------------------------------------------------------------------------------------------------------------------------------------                                                                 ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         Average                           Income/                         Yield/                                                                                        Average                           Income/                         Yield/
(In thousands)                                                                                           Balance                                              Expense                                             Rate                                                                                         Balance                                              Expense                                             Rate
                                                                                            --------------------------------                       -----------------------------                       ---------------------------                                                                 -------------------------------                       -----------------------------                       --------------------------
ASSETS                                                                                                                                                                                                                                                                                                                                                                                     
Interest-earning assets:
Loans, net of unearned income(1)
  Originated and ANCI loans                                                                                    $  7,535,099                                           $ 327,857                                              4.35                      %                                                              $ 6,811,616                                           $ 268,984                                             3.95                      %
  ACI portfolio                                                                                  290,664                           31,451                                             10.82                                                                      375,019                           36,569                                             9.75
                                                                                            -------------------- ----------                        -------------------- -------                                                                                                                    -------------------- ---------                        -------------------- -------
      Total loans                                                                                                 7,825,763                                             359,308                                              4.59                                                                                       7,186,635                                             305,553                                             4.25
  Investment securities
    Taxable                                                                                                         747,590                                              18,089                                              2.42                                                                                         725,100                                              15,838                                             2.18
    Tax-exempt (2)                                                                               408,229                           20,554                                              5.03                                                                      276,217                           13,464                                             4.87                       
                                                                                            -------------------- ----------                        -------------------- -------                                                                                                                    -------------------- ---------                        -------------------- -------
      Total investment securities                                                                                 1,155,819                                              38,643                                              3.34                                                                                       1,001,317                                              29,302                                             2.93
    Federal funds sold and short-term investments                                                                   313,683                                               3,336                                              1.06                                                                                         368,669                                               2,419                                             0.66
    Other investments                                                                             49,781                            2,774                                              5.57                                                                       46,364                            2,688                                             5.80
                                                                                            -------------------- ----------                        -------------------- -------                                                                                                                    -------------------- ---------                        -------------------- -------
      Total interest-earning assets                                                                               9,345,046                                             404,061                                              4.32                                                                                       8,602,985                                             339,962                                             3.95
Noninterest-earning assets:
  Cash and due from banks                                                                                            60,108                                                                                                                                                                                                47,569
  Premises and equipment                                                                                             65,428                                                                                                                                                                                                69,290
  Accrued interest and other assets                                                                                 640,075                                                                                                                                                                                               642,049
  Allowance for credit losses                                                                    (90,621 )                                                                                                                                                                          (90,264 )
                                                                                            -------------------- ----------                                                                                                                                                                        -------------------- ---------
      Total assets                                                                                             $ 10,020,036                                                                                                                                                                                           $ 9,271,629
                                                                                            ==================== ==========                                                                                                                                                                        ==================== =========
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing liabilities:
  Demand deposits                                                                                              $  4,360,252                                           $  27,030                                              0.62                      %                                                              $ 4,122,667                                           $  17,832                                             0.43                      %
  Savings deposits                                                                                                  181,500                                                 456                                              0.25                                                                                         178,397                                                 423                                             0.24
  Time deposits                                                                                1,679,959                           22,213                                              1.32                                                                    1,665,833                           17,191                                             1.03
                                                                                            -------------------- ----------                        -------------------- -------                                                                                                                    -------------------- ---------                        -------------------- -------
      Total interest-bearing deposits                                                                             6,221,711                                              49,699                                              0.80                                                                                       5,966,897                                              35,446                                             0.59
  Other borrowings                                                                                                  358,413                                              11,644                                              3.25                                                                                         318,668                                              11,215                                             3.52
  Subordinated debentures                                                                        134,783                            9,308                                              6.91                                                                      134,017                            9,150                                             6.83
                                                                                            -------------------- ----------                        -------------------- -------                                                                                                                    -------------------- ---------                        -------------------- -------
      Total interest-bearing liabilities                                                                          6,714,907                                              70,651                                              1.05                                                                                       6,419,582                                              55,811                                             0.87
Noninterest-bearing liabilities:
  Demand deposits                                                                                                 1,965,070                                                                                                                                                                                             1,688,405
  Accrued interest and other liabilities                                                          86,198                                                                                                                                                                             70,038
                                                                                            -------------------- ----------                                                                                                                                                                        -------------------- ---------
      Total liabilities                                                                                           8,766,175                                                                                                                                                                                             8,178,025
Stockholders’ equity                                                                           1,253,861                                                                                                                                                                          1,093,604
                                                                                            -------------------- ----------                                                                                                                                                                        -------------------- ---------
      Total liabilities and stockholders’ equity                                                               $ 10,020,036                                                                                                                                                                                           $ 9,271,629
                                                                                            ==================== ==========                                                                                                                                                                        ==================== =========
Net interest income/net interest spread                                                                                                                                 333,410                           3.27                      %                                                                                                                      284,151                          3.08                      %
                                                                                                                                                                                                       ==================== =====                                                                                                                                                                            ==================== ====
Net yield on earning assets/net interest margin                                                                                                                                                           3.57                      %                                                                                                                                                       3.30                      %
                                                                                                                                                                                                       ==================== =====                                                                                                                                                                            ==================== ====
Taxable equivalent adjustment:
  Investment securities                                                                                                                               (7,194 )                                                                                                                                                                           (4,712 )
                                                                                                                                                   -------------------- -------                                                                                                                                                                          -------------------- -------
      Net interest income                                                                                                                                             $ 326,216                                                                                                                                                                                             $ 279,439
                                                                                                                                                   ==================== =======                                                                                                                                                                          ==================== =======
_____________________
       (1) Nonaccrual loans are included in loans, net of unearned income. No
           adjustment has been made for these loans in the calculation of
           yields.
       (2) Interest income and yields are presented on a fully taxable
           equivalent basis using a tax rate of 35%.
                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                        Table 3 - Loan Interest Income Detail
                                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                   For the Three Months Ended,                                                                                                                                                             For the Years Ended
                                                                                                                                                                                                                                                                                                                                                                                           December 31,
                                                                                            ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                         -----------------------------------------------------------------------------
(In thousands)                                                                                      December 31,                    September 30,                     June 30,                        March 31,                     December 31,                                           2017                               2016
                                                                                                        2017                                               2017                                               2017                                               2017                                               2016
                                                                                            --------------------------                         --------------------------                         --------------------------                         --------------------------                         --------------------------                         ---------------------------                           ---------------------------
Loan Interest Income Detail
Interest income on loans, excluding ACI loans                                                                  $ 89,762                                           $ 84,321                                           $ 79,904                                           $ 73,869                                           $ 71,237                                           $ 327,857                                             $ 268,984
Scheduled accretion for the period                                                                                5,348                                              5,550                                              6,075                                              6,331                                              6,845                                              23,303                                                30,870
Recovery income for the period                                                                 2,797                             290                           4,450                             610                             968                            8,148                              5,699
                                                                                            -------------------- ------                        -------------------- ------                        -------------------- ------                        -------------------- ------                        -------------------- ------                        -------------------- -------                          -------------------- -------
Accretion on acquired credit impaired (ACI) loans                                              8,145                           5,840                          10,525                           6,941                           7,813                           31,451                             36,569
                                                                                            -------------------- ------                        -------------------- ------                        -------------------- ------                        -------------------- ------                        -------------------- ------                        -------------------- -------                          -------------------- -------
Loan interest income                                                                                           $ 97,907                                           $ 90,161                                           $ 90,429                                           $ 80,810                                           $ 79,050                                           $ 359,308                                             $ 305,553
                                                                                            ==================== ======                        ==================== ======                        ==================== ======                        ==================== ======                        ==================== ======                        ==================== =======                          ==================== =======
                                                                                                                                                                                                                                                                                                                                                                                                                                               
Loan yield, excluding ACI loans                                                                                    4.47 %                                             4.41 %                                             4.36 %                                             4.14 %                                             4.03 %                                              4.35 %                                                3.95 %
ACI loan yield                                                                                 12.21                            8.27                           14.02                            8.89                            9.21                            10.82                               9.75
                                                                                            -------------------- ------                        -------------------- ------                        -------------------- ------                        -------------------- ------                        -------------------- ------                        -------------------- -------                          -------------------- -------
Total loan yield                                                                                4.72 %                          4.55 %                          4.74 %                          4.34 %                          4.26 %                           4.59 %                             4.25 %
                                                                                            ==================== ======                        ==================== ======                        ==================== ======                        ==================== ======                        ==================== ======                        ==================== =======                          ==================== =======
                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                           Table 4 - Allowance for Credit Losses
                                                                                                                                                                                                                                                                                                                                                                                                                                   
                                                                                                                                                                                           For the Three Months Ended                                                                                                                                                              For the Years Ended
                                                                                                                                                                                                                                                                                                                                                                                   December 31,
                                                                                    ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                         ----------------------------------------------------------------------------
(In thousands)                                                                              December 31,                    September 30,                     June 30,                        March 31,                     December 31,                                           2017                              2016
                                                                                                2017                                               2017                                               2017                                               2017                                               2016
                                                                                    --------------------------                         --------------------------                         --------------------------                         --------------------------                         --------------------------                         --------------------------                           ---------------------------
Balance at beginning of period                                                                         $ 94,765                                           $ 93,215                                           $ 88,304                                           $ 82,268                                           $ 91,169                                           $ 82,268                                             $  79,783
Charge-offs                                                                                              (2,860 )                                             (581 )                                           (2,879 )                                             (551 )                                           (3,922 )                                           (6,871 )                                             (49,302 )
Recoveries                                                                               146                             408                           1,089                             801                             243                           2,444                              2,439
                                                                                    -------------------- ------                        -------------------- ------                        -------------------- ------                        -------------------- ------                        -------------------- ------                        -------------------- ------                          -------------------- -------
    Net (charge-offs) recoveries                                                      (2,714 )                          (173 )                        (1,790 )                           250                          (3,679 )                        (4,427 )                          (46,863 )
                                                                                    -------------------- ------                        -------------------- ------                        -------------------- ------                        -------------------- ------                        -------------------- ------                        -------------------- ------                          -------------------- -------
Provision for (reversal of) credit losses                                             (4,475 )                         1,723                           6,701                           5,786                          (5,222 )                         9,735                             49,348
                                                                                    -------------------- ------                        -------------------- ------                        -------------------- ------                        -------------------- ------                        -------------------- ------                        -------------------- ------                          -------------------- -------
Balance at end of period                                                                               $ 87,576                                           $ 94,765                                           $ 93,215                                           $ 88,304                                           $ 82,268                                           $ 87,576                                             $  82,268
                                                                                    ==================== ======                        ==================== ======                        ==================== ======                        ==================== ======                        ==================== ======                        ==================== ======                          ==================== =======
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                     Table 5 -Noninterest Income
                                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                           For the Three Months Ended                                                                                                                                                                                                              For the Years Ended
                                                                                                                                                                                                                                                                                                                                                                                                                          December 31,
                                                                                                        ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                            -----------------------------------------------------------------------------
(In thousands)                                                                                                  December 31,                    September 30,                     June 30,                        March 31,                     December 31,                                                              2017                               2016
                                                                                                                    2017                                                                  2017                                                                  2017                                               2017                                                                  2016
                                                                                                        --------------------------                       -------------------- --------------------------                       -------------------- --------------------------    -------------------- --------------------------                                            --------------------------                                            ---------------------------      -------------------- ---------------------------
Noninterest Income                                                                                                                                                                                                                                                                                                                                                                                                          
  Investment advisory revenue                                                                                              $  5,257                                                              $  5,283                                                              $  5,061                                           $  4,916                                                              $  4,821                                                              $  20,517                                             $  18,811
  Trust services revenue                                                                                                      4,836                                                                 4,613                                                                 4,584                                              5,231                                                                 4,109                                                                 19,264                                                16,109
  Service charges on deposit accounts                                                                                         3,753                                                                 3,920                                                                 3,784                                              3,815                                                                 3,614                                                                 15,272                                                13,793
  Credit-related fees                                                                                                         3,372                                                                 3,306                                                                 2,741                                              2,747                                                                 2,875                                                                 12,166                                                10,729
  Insurance revenue                                                                                                           1,470                                                                 1,950                                                                 1,828                                              2,130                                                                 1,577                                                                  7,378                                                 7,717
  Bankcard fees                                                                                                               1,833                                                                 1,803                                                                 1,862                                              1,812                                                                 1,813                                                                  7,310                                                 7,270
  Mortgage banking revenue                                                                                                      687                                                                   965                                                                 1,213                                                866                                                                 1,019                                                                  3,731                                                 4,663
  Other service fees earned                                                                                1,197                                              1,174                                              1,071                             972                                                777                                               4,414                              2,884
                                                                                                        -------------------- ------                                           -------------------- ------                                           -------------------- ------                        -------------------- ------                                           -------------------- ------                                           -------------------- -------                          -------------------- -------
    Total service fees and revenue                                                                        22,405                                             23,014                                             22,144                          22,489                                             20,605                                              90,052                             81,976
                                                                                                        -------------------- ------                                           -------------------- ------                                           -------------------- ------                        -------------------- ------                                           -------------------- ------                                           -------------------- -------                          -------------------- -------
  Securities gains (losses), net                                                                                                 16                                                                     1                                                                  (244 )                                               81                                                                 1,267                                                                   (146 )                                               3,736
  Other                                                                                                    3,235                                              4,109                                              1,089                           1,535                                                488                                               9,968                              2,691
                                                                                                        -------------------- ------                                           -------------------- ------                                           -------------------- ------                        -------------------- ------                                           -------------------- ------                                           -------------------- -------                          -------------------- -------
    Total other noninterest income                                                                         3,251                                              4,110                                                845                           1,616                                              1,755                                               9,822                              6,427
                                                                                                        -------------------- ------                                           -------------------- ------                                           -------------------- ------                        -------------------- ------                                           -------------------- ------                                           -------------------- -------                          -------------------- -------
    Total noninterest income (GAAP)                                                                                          25,656                                                                27,124                                                                22,989                                             24,105                                                                22,360                                                                 99,874                                                88,403
      Less: Securities gains (losses)                                                                         16                                                  1                                               (244 )                            81                                              1,267                                                (146 )                            3,736
                                                                                                        -------------------- ------                                           -------------------- ------                                           -------------------- ------                        -------------------- ------                                           -------------------- ------                                           -------------------- -------                          -------------------- -------
    Adjusted noninterest operating revenue (Non-GAAP measure)                                                              $ 25,640                                                              $ 27,123                                                              $ 23,233                                           $ 24,024                                                              $ 21,093                                                              $ 100,020                                             $  84,667
                                                                                                        ==================== ======                                           ==================== ======                                           ==================== ======                        ==================== ======                                           ==================== ======                                           ==================== =======                          ==================== =======
                                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                     Table 6 -Noninterest Expense
                                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                           For the Three Months Ended                                                                                                                                                                                                              For the Years Ended
                                                                                                                                                                                                                                                                                                                                                                                                                          December 31,
                                                                                                        ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                            -----------------------------------------------------------------------------
(In thousands)                                                                                                  December 31,                                       September 30,                                        June 30,                        March 31,                                                           December 31,                                           2017                               2016
                                                                                                                    2017                                                                  2017                                                                  2017                                               2017                                                                  2016
                                                                                                        --------------------------                       -------------------- --------------------------                       -------------------- --------------------------    -------------------- --------------------------                                            --------------------------                       -------------------- ---------------------------      -------------------- ---------------------------
Noninterest Expenses
  Salaries and employee benefits                                                                                           $ 35,162                                                              $ 35,007                                                              $ 34,682                                           $ 34,267                                                              $ 28,139                                                              $ 139,118                                             $ 125,068
  Premises and equipment                                                                                                      7,629                                                                 7,419                                                                 7,180                                              6,693                                                                 7,475                                                                 28,921                                                27,982
  Intangible asset amortization                                                                                               1,085                                                                 1,136                                                                 1,190                                              1,241                                                                 1,555                                                                  4,652                                                 6,532
  Net cost of operation of other real estate owned                                                                            1,075                                                                   453                                                                   427                                                296                                                                 1,117                                                                  2,251                                                 3,033
  Data processing                                                                                                             2,504                                                                 1,688                                                                 1,702                                              1,696                                                                 1,767                                                                  7,590                                                 6,280
  Special asset expenses                                                                                                        331                                                                   215                                                                   469                                                140                                                                   670                                                                  1,156                                                 1,788
  Consulting and professional fees                                                                                            4,380                                                                 2,069                                                                 1,502                                              1,139                                                                 2,288                                                                  9,090                                                 6,728
  Loan related expenses                                                                                                         810                                                                   532                                                                   757                                                280                                                                 1,236                                                                  2,379                                                 3,114
  FDIC insurance                                                                                                                939                                                                   889                                                                   954                                              1,493                                                                 1,517                                                                  4,275                                                 7,228
  Communications                                                                                                                857                                                                   650                                                                   675                                                655                                                                   741                                                                  2,837                                                 2,656
  Advertising and public relations                                                                                              683                                                                   521                                                                   499                                                345                                                                   344                                                                  2,048                                                 1,369
  Legal expenses                                                                                                              2,626                                                                   612                                                                   508                                                432                                                                   662                                                                  4,178                                                 2,721
  Branch closure expenses                                                                                                        55                                                                    50                                                                    47                                                 46                                                                    47                                                                    198                                                   238
  Other                                                                                                    8,235                                              5,289                                              5,542                           5,598                                              7,836                                              24,663                             25,443
                                                                                                        -------------------- ------                                           -------------------- ------                                           -------------------- ------                        -------------------- ------                                           -------------------- ------                                           -------------------- -------                          -------------------- -------
      Total noninterest expenses                                                                                           $ 66,371                                                              $ 56,530                                                              $ 56,134                                           $ 54,321                                                              $ 55,394                                                              $ 233,356                                             $ 220,180
                                                                                                        ==================== ======                                           ==================== ======                                           ==================== ======                        ==================== ======                                           ==================== ======                                           ==================== =======                          ==================== =======
                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                 Table 7 - Reconciliation of Non-GAAP Financial Measures
                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                As of and for the Three Months Ended                                                                                                                                                                    As of and for the Years Ended
                                                                                                                                                                                                                                                                                                                                                                                                                     December 31,
                                                                                                                  ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                         ------------------------------------------------------------------------------------
(In thousands)                                                                                                              December 31,                         September 30,                          June 30,                             March 31,                          December 31,                                               2017                                   2016
                                                                                                                                2017                                                    2017                                                    2017                                                    2017                                                    2016
                                                                                                                  ------------------------------     -------------------- ------------------------------     -------------------- ------------------------------     -------------------- ------------------------------     -------------------- ------------------------------                         ------------------------------                            ------------------------------
Efficiency ratio                                                                                                                                                                                                                                                     
Noninterest expenses (numerator)                                                                                                     $     66,371                                            $     56,530                                            $     56,134                                            $     54,321                                            $     55,394                                           $    233,356                                              $    220,180
                                                                                                                  ==================== ==========                         ==================== ==========                         ==================== ==========                         ==================== ==========                         ==================== ==========                        ==================== ==========                           ==================== ==========
Net interest income                                                                                                                  $     87,911                                            $     81,163                                            $     82,384                                            $     74,758                                            $     72,498                                           $    326,216                                              $    279,439
Noninterest income                                                                                                      25,656                               27,124                               22,989                               24,105                               22,360                              99,874                                 88,403
                                                                                                                  -------------------- ----------                         -------------------- ----------                         -------------------- ----------                         -------------------- ----------                         -------------------- ----------                        -------------------- ----------                           -------------------- ----------
Operating revenue (denominator)                                                                                                      $    113,567                                            $    108,287                                            $    105,373                                            $     98,863                                            $     94,858                                           $    426,090                                              $    367,842
                                                                                                                  ==================== ==========                         ==================== ==========                         ==================== ==========                         ==================== ==========                         ==================== ==========                        ==================== ==========                           ==================== ==========
Efficiency ratio                                                                                                         58.44 %                              52.20 %                              53.27 %                              54.95 %                              58.40 %                             54.77 %                                59.86 %
                                                                                                                  ==================== ==========                         ==================== ==========                         ==================== ==========                         ==================== ==========                         ==================== ==========                        ==================== ==========                           ==================== ==========
Adjusted noninterest expenses and operating revenue
Noninterest expense                                                                                                                  $     66,371                                            $     56,530                                            $     56,134                                            $     54,321                                            $     55,394                                           $    233,356                                              $    220,180
Less: Branch closure expenses                                                                                               55                                   50                                   47                                   46                                   47                                 198                                    238
                                                                                                                  -------------------- ----------                         -------------------- ----------                         -------------------- ----------                         -------------------- ----------                         -------------------- ----------                        -------------------- ----------                           -------------------- ----------
Adjusted noninterest expenses                                                                                                        $     66,316                                            $     56,480                                            $     56,087                                            $     54,275                                            $     55,347                                           $    233,158                                              $    219,942
                                                                                                                  ==================== ==========                         ==================== ==========                         ==================== ==========                         ==================== ==========                         ==================== ==========                        ==================== ==========                           ==================== ==========
Net interest income                                                                                                                  $     87,911                                            $     81,163                                            $     82,384                                            $     74,758                                            $     72,498                                           $    326,216                                              $    279,439
Noninterest income                                                                                                                         25,656                                                  27,124                                                  22,989                                                  24,105                                                  22,360                                                 99,874                                                    88,403
Less: Securities gains (losses), net                                                                                        16                                    1                                 (244 )                                 81                                1,267                                (146 )                                3,736
                                                                                                                  -------------------- ----------                         -------------------- ----------                         -------------------- ----------                         -------------------- ----------                         -------------------- ----------                        -------------------- ----------                           -------------------- ----------
Adjusted operating revenue                                                                                                           $    113,551                                            $    108,286                                            $    105,617                                            $     98,782                                            $     93,591                                           $    426,236                                              $    364,106
                                                                                                                  ==================== ==========                         ==================== ==========                         ==================== ==========                         ==================== ==========                         ==================== ==========                        ==================== ==========                           ==================== ==========
Tangible common equity ratio
Shareholders’ equity                                                                                      $  1,359,056                                            $  1,340,848                                            $  1,304,054                                            $  1,105,976                                            $  1,080,498                                           $  1,359,056                                              $  1,080,498
Less: Goodwill and other intangible assets, net                                                                       (328,040 )                           (329,124 )                           (330,261 )                           (331,450 )                           (332,691 )                          (328,040 )                             (332,691 )
                                                                                                                  -------------------- ----------                         -------------------- ----------                         -------------------- ----------                         -------------------- ----------                         -------------------- ----------                        -------------------- ----------                           -------------------- ----------
Tangible common shareholders’ equity                                                      1,031,016                            1,011,724                              973,793                              774,526                              747,807                           1,031,016                                747,807
                                                                                                                  -------------------- ----------                         -------------------- ----------                         -------------------- ----------                         -------------------- ----------                         -------------------- ----------                        -------------------- ----------                           -------------------- ----------
Total assets                                                                                                                           10,948,926                                              10,502,261                                               9,811,557                                               9,720,937                                               9,530,888                                             10,948,926                                                 9,530,888
Less: Goodwill and other intangible assets, net                                                                       (328,040 )                           (329,124 )                           (330,261 )                           (331,450 )                           (332,691 )                          (328,040 )                             (332,691 )
                                                                                                                  -------------------- ----------                         -------------------- ----------                         -------------------- ----------                         -------------------- ----------                         -------------------- ----------                        -------------------- ----------                           -------------------- ----------
Tangible assets                                                                                                                      $ 10,620,886                                            $ 10,173,137                                            $  9,481,296                                            $  9,389,487                                            $  9,198,197                                           $ 10,620,886                                              $  9,198,197
                                                                                                                  ==================== ==========                         ==================== ==========                         ==================== ==========                         ==================== ==========                         ==================== ==========                        ==================== ==========                           ==================== ==========
Tangible common equity ratio                                                                                              9.71 %                               9.95 %                              10.27 %                               8.25 %                               8.13 %                              9.71 %                                 8.13 %
                                                                                                                  ==================== ==========                         ==================== ==========                         ==================== ==========                         ==================== ==========                         ==================== ==========                        ==================== ==========                           ==================== ==========
Tangible book value per share
Shareholders’ equity                                                                                      $  1,359,056                                            $  1,340,848                                            $  1,304,054                                            $  1,105,976                                            $  1,080,498                                           $  1,359,056                                              $  1,080,498
Less: Goodwill and other intangible assets, net                                                                       (328,040 )                           (329,124 )                           (330,261 )                           (331,450 )                           (332,691 )                          (328,040 )                             (332,691 )
                                                                                                                  -------------------- ----------                         -------------------- ----------                         -------------------- ----------                         -------------------- ----------                         -------------------- ----------                        -------------------- ----------                           -------------------- ----------
Tangible common shareholders’ equity                                                                      $  1,031,016                                            $  1,011,724                                            $    973,793                                            $    774,526                                            $    747,807                                           $  1,031,016                                              $    747,807
                                                                                                                  ==================== ==========                         ==================== ==========                         ==================== ==========                         ==================== ==========                         ==================== ==========                        ==================== ==========                           ==================== ==========
Common shares issued                                                                                                83,625,000                           83,625,000                           83,625,000                           75,000,000                           75,000,000                          83,625,000                             75,000,000
                                                                                                                  ==================== ==========                         ==================== ==========                         ==================== ==========                         ==================== ==========                         ==================== ==========                        ==================== ==========                           ==================== ==========
Tangible book value per share                                                                                                        $      12.33                                            $      12.10                                            $      11.64                                            $      10.33                                            $       9.97                                           $      12.33                                              $       9.97
                                                                                                                  ==================== ==========                         ==================== ==========                         ==================== ==========                         ==================== ==========                         ==================== ==========                        ==================== ==========                           ==================== ==========
Return on average tangible common equity
Average common equity                                                                                                                $  1,348,867                                            $  1,320,884                                            $  1,251,217                                            $  1,090,905                                            $  1,094,182                                           $  1,253,861                                              $  1,093,604
Less: Average intangible assets                                                                                       (328,697 )                           (329,816 )                           (330,977 )                           (332,199 )                           (333,640 )                          (330,411 )                             (336,054 )
                                                                                                                  -------------------- ----------                         -------------------- ----------                         -------------------- ----------                         -------------------- ----------                         -------------------- ----------                        -------------------- ----------                           -------------------- ----------
Average tangible common shareholders’ equity                                                              $  1,020,170                                            $    991,068                                            $    920,240                                            $    758,706                                            $    760,542                                           $    923,450                                              $    757,550
                                                                                                                  ==================== ==========                         ==================== ==========                         ==================== ==========                         ==================== ==========                         ==================== ==========                        ==================== ==========                           ==================== ==========
Net income                                                                                                                           $     14,691                                            $     32,577                                            $     28,968                                            $     26,117                                            $     28,985                                           $    102,353                                              $     65,774
                                                                                                                  ==================== ==========                         ==================== ==========                         ==================== ==========                         ==================== ==========                         ==================== ==========                        ==================== ==========                           ==================== ==========
Return on average tangible common equity(1)                                                                               5.71 %                              13.04 %                              12.63 %                              13.96 %                              15.16 %                             11.08 %                                 8.68 %
                                                                                                                  ==================== ==========                         ==================== ==========                         ==================== ==========                         ==================== ==========                         ==================== ==========                        ==================== ==========                           ==================== ==========
Pre-tax, pre-provision net earnings
Income before taxes                                                                                                                  $     51,671                                            $     50,034                                            $     42,538                                            $     38,756                                            $     44,686                                           $    182,999                                              $     98,314
Plus: Provision for credit losses                                                                                       (4,475 )                              1,723                                6,701                                5,786                               (5,222 )                             9,375                                 49,348
                                                                                                                  -------------------- ----------                         -------------------- ----------                         -------------------- ----------                         -------------------- ----------                         -------------------- ----------                        -------------------- ----------                           -------------------- ----------
Pre-tax, pre-provision net earnings                                                                                                  $     47,196                                            $     51,757                                            $     49,239                                            $     44,542                                            $     39,464                                           $    192,374                                              $    147,662
                                                                                                                  ==================== ==========                         ==================== ==========                         ==================== ==========                         ==================== ==========                         ==================== ==========                        ==================== ==========                           ==================== ==========
                                                                                                                                    
                                                                                             Table 7 (continued) - Reconciliation of Non-GAAP Financial
                                                                                                                      Measures
                                                                                                                                                                                                                                
                                                                                                                                           As of and for the Three              As of and for the Year
                                                                                                                                                Months Ended                                                Ended
                                                                                                                                      -------------------------------    -------------------- -------------------------------
(In thousands)                                                                                                                                December 31, 2017                    December 31, 2017
                                                                                                                                      ---------------------------------  -------------------- ---------------------------------
Reconciliation of Non-GAAP Financial Measures Related to One-Time
Tax Charge
Net income excluding one-time tax charge
Net income                                                                                                                                               $      14,691                                           $     102,353
Add: One-time tax charge                                                                                                                     19,022                               19,022
                                                                                                                                      -------------------- -----------                        -------------------- -----------
Net income excluding one-time tax charge                                                                                                                 $      33,713                                           $     121,375
                                                                                                                                      ==================== ===========                        ==================== ===========
Earnings per share
Earnings per diluted common share                                                                                                                        $        0.17                                           $        1.25
One-time tax charge per share                                                                                                                  0.22                                 0.23
                                                                                                                                      -------------------- -----------                        -------------------- -----------
Earnings per diluted common share excluding one-time tax charge                                                                                          $        0.39                                           $        1.48
                                                                                                                                      ==================== ===========                        ==================== ===========
Return on Average Assets
Net income excluding one-time tax charge                                                                                                                 $      33,713                                           $     121,375
Average assets                                                                                                                           10,586,245                           10,020,036
                                                                                                                                      -------------------- -----------                        -------------------- -----------
Return on average assets excluding one-time tax charge(1)                                                                                      1.26 %                               1.21 %
                                                                                                                                      ==================== ===========                        ==================== ===========
Return on Average Common Equity
Net income excluding one-time tax charge                                                                                                                 $      33,713                                           $     121,375
Average common equity                                                                                                                     1,348,867                            1,253,861
                                                                                                                                      -------------------- -----------                        -------------------- -----------
Return on average common equity excluding one-time tax charge(1)                                                                               9.92 %                               9.68 %
                                                                                                                                      ==================== ===========                        ==================== ===========
Return on Average Tangible Common Equity
Net income excluding one-time tax charge                                                                                                                 $      33,713                                           $     121,375
Average tangible common shareholders’ equity                                                                   1,020,170                              923,450
                                                                                                                                      -------------------- -----------                        -------------------- -----------
Return on average tangible common shareholders’ equity excluding                                                   13.11 %                              13.14 %
one-time tax charge(1)
                                                                                                                                      ==================== ===========                        ==================== ===========
Effective Tax Rate
Income before taxes                                                                                                                                      $      51,671                                           $     182,999
                                                                                                                                      -------------------- -----------                        -------------------- -----------
Income tax expense                                                                                                                                              36,980                                                  80,646
Less: one-time tax charge                                                                                                                    19,022                               19,022
                                                                                                                                      -------------------- -----------                        -------------------- -----------
Income tax expense excluding one-time tax charge                                                                                             17,958                               61,624
                                                                                                                                      -------------------- -----------                        -------------------- -----------
Effective tax rate excluding one-time tax charge                                                                                               34.8 %                               33.7 %
                                                                                                                                      ==================== ===========                        ==================== ===========
_____________________
(1) Annualized for the three month periods.

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SOURCE: Cadence Bancorporation"> <Property FormalName="PrimaryTwitterHandle" Value="@cadencebank

Cadence Bancorporation 
Media contact: 
Danielle Kernell, 713-871-4051 
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or 
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Valerie Toalson, 713-871-4103 or 800-698-7878 
vtoalson@cadencebancorporation.com


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