CADE - Cadence Bancorporation cheers Q3 earnings

For Q3, Cadence Bancorporation ([[CADE]] +5.6%) reports net income of $49.3M or $0.39/share, ahead of consensus by $0.21. Non GAAP net income of $51.4M or $0.40/shareNet interest income was down 3.8% Y/Y to $154.0M; net interest margin narrowed 45 bps to 3.49%.Non-interest income stood at $32.6M down 5.9% Y/Y.At the end of the quarter, loans of $13.5B, down 1.3% Y/Y; total deposits were $15.8B up 6.7% Y/Y led by increases in non-interest bearing.Capital ratios remained strong with tangible common equity to tangible assets at 10.6%; tangible book value per share grew 1.7% from the prior year quarter to $15.40.As of September 30, 2020 CET1 capital ratio of 12.0%, total leverage ratio of 9.9% and total risk-based capital ratio of 14.7%.Q4 cash dividend of $0.075/share was approved; payable November 15, 2020 to shareholders of record as of November 2, 2020.Previously: Cadence Bancorporation EPS beats by $0.19, beats on revenue.

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Cadence Bancorporation cheers Q3 earnings