Cadence Bank (NYSE:CADE) Q4 2022 Earnings Conference Call January 31, 2023 11:00 AM ET

Company Participants

Will Fisackerly - Director of Corporate Finance

James Rollins - Chairman and CEO

Valerie Toalson - Senior EVP and CFO

Chris Bagley - President

Hank Holmes - Senior EVP and Chief Banking Officer

Paul Murphy - Executive Vice Chairman

Conference Call Participants

Catherine Mealor - KBW

Michael Rose - Raymond James

Manan Gosalia - Morgan Stanley

Brandon King - Truist

Brett Rabatin - Hovde Group

Matt Olney - Stephens

Jon Arfstrom - RBC Capital Markets

Operator

Good morning, and welcome to the Cadence Bank Fourth Quarter 2022 Webcast and Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note, this event is being recorded.

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

Will Fisackerly

Good morning. Thank you for joining the Cadence Bank fourth quarter 2022 earnings conference call. We have our executive management team here with us this morning, Dan, Paul, Chris, Valerie and Hank.

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 Rollins for his opening comments.

James Rollins

[technical difficulty] marked a year of tremendous change, progress and success for our company, highlighted by the fourth quarter completion of our rebranding across our footprint and the related systems integration.

The results of our business development efforts will be discussed this morning. We'll validate the unity, optimism and excitement shared by our teammates, as we are now operating under one name and brand. As we look at our annual and fourth quarter 2022 financial results, the story lines and key highlights are very similar for both the quarter and the full year. So I'd like to make a few comments about both of those.

We reported adjusted net income for the fourth quarter of $142.9 million or $0.78 per common share, which resulted in annual adjusted net income of $542 million or $2.94 per common share. Adjusted PPNR was $195.5 million or 1.62% of average assets fourth quarter. We continue to benefit from a strong pipeline, which is reflected in net loan growth of $1.1 billion or 14% annualized for the fourth quarter and $3.5 billion or 13% for the full year.