Cadence Bank (NYSE:CADE) Q2 2023 Earnings Conference Call July 25, 2023 11:00 AM ET

Company Participants

Will Fisackerly – Director-Corporate Finance

Dan Rollins – Chairman and Chief Executive Officer

Valerie Toalson – Chief Financial Officer

Chris Bagley – President

Billy Braddock – Chief Credit Officer

Hank Holmes – Chief Banking Officer

Conference Call Participants

Catherine Mealor – KBW

Michael Rose – Raymond James

Manan Gosalia – Morgan Stanley

Brandon King – Truist

Brody Preston – UBS

Jon Arfstrom – RBC Capital Markets

Matt Olney – Stephens

Brett Rabatin – Hovde Group

Operator

Good day, and welcome to the Cadence Bank Second Quarter 2023 Webcast and Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Will Fisackerly, Director of Corporate Finance. Please go ahead.

Will Fisackerly

Good morning, and thank you for joining the Cadence Bank second quarter 2023 earnings conference call. We have members from our executive management team here with us this morning, Dan Rollins, Chris Bagley, Valerie Toalson, Hank Holmes and Billy Braddock.

Our speakers will be referring to prepared slides during the discussion. You can find the slides by going to our Investor Relations page at ir.cadencebank.com, where you'll find them on the link to our webcast or you can view them at the exhibit to the 8-K that we filed yesterday afternoon. These slides are also in the Presentations section of our Investor Relations website.

I would remind you that the presentation, along with our earnings release contain our customary disclosures around forward-looking statements and any non-GAAP metrics that may be discussed. These disclosures regarding forward-looking statements contained in those documents apply to our presentation today.

And now I'll turn to Dan for his opening comments.

Dan Rollins

Good morning, everyone. Thanks for joining us today to discuss Cadence Bank's second quarter 2023 financial results. I will provide a few highlights, then Valerie will review our financials in more detail. Following our prepared remarks, our executive management team will be available for questions.

We reported quarterly net income available to common shareholders of $111.7 million or $0.61 per diluted share. The adjusted net income available to common shareholders was $116.9 million or $0.64 per diluted common share with the primary difference being non-routine expenses associated with our ongoing initiatives to improve efficiency, which I will discuss more in just a second.