Cadence Financial Corporation Reports Third Quarter Results
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STARKVILLE, Miss.--(BUSINESS WIRE)-- Cadence Financial Corporation (NASDAQ: CADE), a $1.8 billion bank holding company whose principal subsidiary is Cadence Bank, N.A., today reported a net loss applicable to common shareholders of $13.1 million, or $1.10 per diluted share, for the third quarter ended September 30, 2009, compared with a net loss of $5.3 million, or $0.44 per diluted share, for the third quarter of 2008. The loss for the 2009 period was due primarily to a high provision for loan losses and higher non-interest expenses related to increased FDIC premiums, and nonrecurring expenses related to early extinguishment of debt and those associated with our efforts to raise capital.
"We are making real progress in reducing Cadence's exposure to higher risk real estate loans this year in order to improve our earnings prospects," stated Lewis F. Mallory, Jr., chairman and chief executive officer of Cadence Financial Corporation. "We took aggressive steps to clean up our nonperforming loans and charged off $22.5 million in loans in the third quarter of 2009. These actions had the effect of reducing our nonperforming loans and nonperforming assets compared with the second quarter of 2009. In addition, we reduced our other real estate owned (OREO) for the second consecutive quarter. In the fourth quarter of 2009, we expect to report continued improvement in asset quality and a reduced provision for loan losses assuming the current economic trends continue to stabilize and begin to improve."
Third Quarter Results
Net interest income was $11.6 million in the third quarter of 2009 compared with $13.5 million in the third quarter of 2008. Net interest margin improved to 2.56% in the third quarter of 2009 compared with 2.21% in the second quarter of 2009. Net interest margin was 3.00% in the third quarter of 2008. The reduction in net interest margin since last year was due in part to management's focus on reducing certain higher-risk real estate loans that typically have higher interest rates, and pay downs on loans that were not replaced due to weak loan demand. In addition, Cadence built its liquidity over the past three quarters in 2009 by accumulating deposits and investing in short-term assets. The shift in earning assets from loans to lower yielding short-term investments was estimated to cost about 26 basis points in net interest margin for the third quarter of 2009.
"Cadence's net interest margin improved to 2.56% in the third quarter of 2009, up 35 basis points from the second quarter of 2009," continued Mr. Mallory. "We benefited from an improved yield on earning assets and lower cost of funds compared with the second quarter. We expect to make further improvement in our loan yields and continue to focus on reducing the cost of non-accrual loans in future quarters. Our margin has averaged 3.35% over the past five years."
Total interest income was $20.2 million for the third quarter of 2009 compared with $24.9 million in the third quarter of 2008. Interest and fees on loans declined 21.1% due to a 74 basis point decrease in yields and a $131.6 million decrease in average loan balances from the third quarter of 2008. The majority of the decrease in loans is due to Cadence's program to reduce its exposure to real estate loans across its franchise; specifically loans for 1-4 speculative residential construction, land development, lots to builders, and commercial real estate loans. These higher risk real estate loan categories were down approximately $25 million in the last three months and down $169 million since the third quarter of 2008.
Interest and dividends on investment securities were down 10.4% to $4.6 million for the third quarter of 2009 compared with the third quarter of 2008 due to a 54 basis point decline in yield offset partially by a $16 million increase in the average investment securities portfolio.
Cadence's provision for loan losses was $20.7 million in the third quarter of 2009 compared with $11.7 million in the third quarter of 2008 and $23.0 million in the second quarter of 2009. At the end of the third quarter 2009, the allowance for loan losses was $44.9 million, or 3.81% of total loans, compared with $46.7 million in the second quarter of 2009, or 3.76% of loans, and $18.1 million, or 1.3% of total loans, in the third quarter of 2008. The third quarter 2009 allowance included net charge-offs of $22.5 million. Approximately $20 million of these charge-offs had been reserved for previously.
Total non-interest income increased to $6.7 million in the third quarter of 2009 compared with $6.2 million in the third quarter of 2008. The increase in non-interest income was due primarily to an increase in security gains, offset partially by lower services charges, trust department income, insurance commission and mortgage loan fees. Cadence sold its insurance business effective August 31, 2009, and booked a gain of approximately $500,000 in other non-interest income during the third quarter. The gain on sale is subject to adjustment in the fourth quarter of 2009 based on final settlement costs related to pension and tax costs at the year end of 2009.
Non-interest expense increased 6% to $18.3 million in the third quarter of 2009 compared with $17.2 million in the third quarter of 2008. The increase was due to higher other non-interest expenses, offset partially by lower salaries and net premises costs. Third quarter 2009 non-interest expenses increased $1.3 million due to higher costs for FDIC insurance premiums, and one-time charges on the early extinguishment of debt and expenses associated with the Company's efforts to raise capital. These costs were offset partially by a $1.5 million reduction in expenses related to OREO. FDIC insurance premiums increased from $267,000 in the third quarter of 2008 to $1,215,000 in the third quarter of 2009. The loss on early extinguishment of debt totaled $934,000 in the third quarter of 2009 due to Cadence's repayment of higher costs Federal Home Loan Board advances. The Company expensed $967,000 associated with its efforts to raise capital.
Pre-tax loss was $20.7 million in the third quarter of 2009 compared with pre-tax loss of $9.2 million in the third quarter of 2008.
Net loss for the third quarter of 2009 was $12.4 million. Net loss applicable to common shareholders for the second quarter of 2009 was $13.1 million, or $1.10 per diluted share. This compares with a net loss of $5.3 million, or $0.44 per diluted share, in the third quarter of 2008. Diluted weighted average shares outstanding decreased 0.2% to 11.91 million in the third quarter of 2009 compared with 11.93 million in the third quarter of 2008.
Cadence sold $44 million in senior preferred shares to the U.S. Treasury in mid-January 2009. The preferred shares pay a cumulative annual dividend of 5% for the first five years. Cadence's third quarter 2009 loss applicable to common shareholders included $652,000 related to the preferred dividend and accretion of the discount recorded in relation to the preferred stock.
Nine-Month Results
Net interest income declined 17.8% to $34.6 million in the first nine months of 2009 compared with $42.1 million in the same period of 2008. The decrease in net interest income was due to a 63 basis point decrease in net interest margin, partially offset by a 3.3% increase in average earning assets for the first nine months of 2009 compared with the first nine months of 2008. The provision for loan losses was $76.5 million in the first nine months of 2009 compared with $18.0 million in the first nine months of 2008.
Net loss applicable to common stockholders for the first nine months of 2009 was $112.2 million, or $9.42 per diluted share, compared with a net loss of $640,000, or $0.05 per diluted share, for the first nine months of 2008. The 2009 results include a $66.8 million ($5.61 per diluted share) non-cash charge associated with the write-down of goodwill in the first quarter of 2009. The goodwill impairment charge was required by FASB Accounting Standards Codification Topic 350 (Intangibles - Goodwill and Other) and was an accounting adjustment that did not affect cash flows, liquidity, tangible book capital, regulatory capital, regulatory capital ratios and will not affect future operations. There was no comparable impairment loss in the 2008 period.
OCC Update
Cadence has previously disclosed that the Bank had entered into an agreement with the Office of Comptroller of Currency ("OCC") to improve the Bank's practices and raise its regulatory capital ratios for Total Risk Based Capital and Tier 1 Leverage Capital to 12% and 8%, respectively, as of September 30, 2009. While the Bank has implemented policies and procedures, and improved its practices to meet its obligations under such agreement, management reports that based on preliminary numbers they do not expect the Bank to be in compliance with the above referenced ratios as of September 30, 2009. These ratios are compiled as part of the Bank's next quarterly call report which is to be filed by October 31, 2009.
"We do not expect to meet the above-referenced regulatory ratio guidelines as of September 30, 2009; however, we are working on steps that will lead to our compliance in the future," concluded Mr. Mallory.
Conference Call
Cadence Financial Corporation will provide an on-line, real-time webcast and rebroadcast of its third quarter results conference call to be held tomorrow, October 27, 2009. The live broadcast will be available on-line at www.cadencebanking.com under investor information as well as www.investorcalendar.com beginning at 10:00 a.m. (Eastern Time). The on-line replay will follow immediately and continue for 30 days.
About Cadence Financial Corporation
Cadence Financial Corporation is a $1.8 billion bank holding company providing full financial services, including banking, trust services, mortgage services and investment products in Mississippi, Tennessee, Alabama, Florida and Georgia. Cadence's stock is listed on the NASDAQ Global Select Market under the symbol CADE.
Forward-Looking Statements
This press release contains statements that are forward-looking as defined within the Private Securities Litigation Reform Act of 1995. These forward-looking statements are provided to assist in the understanding of anticipated future financial results. However, such forward-looking statements involve risks and uncertainties (including uncertainties relating to interest rates, management and operation of acquired operations and general market risks) that may cause actual results to differ materially from those in such statements. For a discussion of certain factors that may cause such forward-looking statements to differ materially from the Company's actual results, see the Company's Annual Report on Form 10-K for the year ended December 31, 2008, and other reports filed with the Securities and Exchange Commission. Cadence Financial Corporation is not responsible for updating the information contained in this press release beyond the published date, or for changes made to this document by wire services or Internet services.
CADENCE FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CONDITION
SEPTEMBER 30,
($ in thousands, except share data)
2009 2008
ASSETS:
Cash and Due From Banks $ 17,483 $ 36,101
Interest Bearing Deposits Due From Banks 37,442 7,869
Total Cash and Due From Banks 54,925 43,970
Securities:
Securities Available-for-Sale 417,645 412,680
Securities Held-to-Maturity 2,673 21,782
Total Securities 420,318 434,462
Federal Funds Sold and
Securities Purchased Under Agreements To Resell 30,312 3,269
Other Earning Assets 19,608 18,763
Loans 1,179,741 1,349,711
Less: Allowance for Loan Losses (44,939 ) (18,146 )
Net Loans 1,134,802 1,331,565
Premises and Equipment, Net 31,866 34,044
Interest Receivable 8,111 9,976
Other Real Estate Owned 14,760 14,671
Goodwill and Other Intangibles 1,518 69,035
Other Assets 51,479 25,326
Total Assets $ 1,767,699 $ 1,985,081
LIABILITIES AND SHAREHOLDERS' EQUITY:
Noninterest-Bearing Deposits $ 168,264 $ 176,960
Interest-Bearing Deposits 1,243,180 1,267,918
Total Deposits 1,411,444 1,444,878
Interest Payable 1,869 2,867
Federal Funds Purchased and Securities Sold Under 88,791 111,055
Agreements to Repurchase
Federal Home Loan Bank Borrowings 100,000 194,993
Subordinated Debentures 30,928 30,928
Other Liabilities 13,857 14,474
Total Liabilities 1,646,889 1,799,195
SHAREHOLDERS' EQUITY:
Preferred Stock - $10 Par Value, Authorized
10,000,000 shares, Issued - 44,000 Shares at 41,995 -
September 30, 2009
Common Stock - $1 Par Value, Authorized 50,000,000
shares, Issued - 11,912,564 Shares at September 11,913 11,909
30, 2009 and 11,908,914 Shares at September 30,
2008
Surplus and Undivided Profits 63,039 176,670
Accumulated Other Comprehensive Income (Loss) 3,863 (2,693 )
Total Shareholders' Equity 120,810 185,886
Total Liabilities and Shareholders' Equity $ 1,767,699 $ 1,985,081
CADENCE FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
($ in thousands, except share and per share data)
FOR THE THREE MONTHS FOR THE NINE MONTHS
ENDED SEPTEMBER 30 ENDED SEPTEMBER 30
2009 2008 2009 2008
INTEREST INCOME:
Interest and $ 15,464 $ 19,592 $ 47,639 $ 63,095
Fees on Loans
Interest and
Dividends on 4,608 5,140 14,333 15,716
Investment
Securities
Other Interest 90 167 313 427
Income
Total Interest 20,162 24,899 62,285 79,238
Income
INTEREST
EXPENSE:
Interest on 6,817 8,642 21,690 28,091
Deposits
Interest on 1,760 2,718 5,993 9,047
Borrowed Funds
Total Interest 8,577 11,360 27,683 37,138
Expense
Net Interest 11,585 13,539 34,602 42,100
Income
Provision for 20,704 11,703 76,460 18,003
Loan Losses
Net Interest
Income After (9,119 ) 1,836 (41,858 ) 24,097
Provision for
Loan Losses
OTHER INCOME:
Service Charges
on Deposit 2,219 2,453 6,349 6,791
Accounts
Trust Department 527 542 1,500 1,684
Income
Insurance
Commission and 1,055 1,428 3,411 3,844
Fee Income
Mortgage Loan 242 275 879 983
Fee Income
Other
Non-Interest 1,768 1,459 4,517 3,821
Income
Gains (Losses)
on Securities - 923 70 1,062 225
Net
Total Other 6,734 6,227 17,718 17,348
Income
OTHER EXPENSE:
Salaries and
Employee 7,609 7,839 23,351 23,555
Benefits
Net Premises and
Fixed Asset 1,976 1,990 5,932 5,994
Expense
Impairment Loss - - 66,846 -
on Goodwill
Other Operating 8,685 7,404 20,018 15,105
Expense
Total Other 18,270 17,233 116,147 44,654
Expense
Income (Loss)
Before Income (20,655 ) (9,170 ) (140,287 ) (3,209 )
Taxes
Applicable
Income Tax (8,228 ) (3,891 ) (29,689 ) (2,569 )
Expense
(Benefit)
Net Income (12,427 ) (5,279 ) (110,598 ) (640 )
(Loss)
Preferred Stock
Dividend and 652 - 1,626 -
Accretion of
Discount
Net Income
(Loss)
Applicable to $ (13,079 ) $ (5,279 ) $ (112,224 ) $ (640 )
Common
Shareholders
Net Income
(Loss) Per Share $ (1.04 ) $ (0.44 ) $ (9.28 ) $ (0.05 )
- Basic and
Diluted
Net Income
(Loss)
Applicable to
Common $ (1.10 ) $ (0.44 ) $ (9.42 ) $ (0.05 )
Shareholders Per
Share - Basic
and Diluted
Average Weighted
Common Shares:
Basic 11,912,564 11,908,914 11,913,306 11,906,488
Diluted 11,912,564 11,934,956 11,913,973 11,929,823
CADENCE FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS ($ in thousands, except per share data) FOR THE THREE MONTHS ENDED SEPTEMBER 30: 2009 2008 Net Income (Loss) Applicable to Common $ (13,079 ) $ (5,279 ) Shareholders Basic and Diluted Net Income (Loss) Per Common (1.10 ) (0.44 ) Share Cash Dividends Per Common Share - 0.05 ANNUALIZED RETURNS Return on Average Assets -2.8 % -1.1 % Return on Average Equity -41.8 % -11.2 % FOR THE NINE MONTHS ENDED SEPTEMBER 30: 2009 2008 Net Income (Loss) Applicable to Common $ (112,224 ) $ (640 ) Shareholders Basic and Diluted Net Income (Loss) Per Common (9.42 ) (0.05 ) Share Cash Dividends Per Common Share 0.05 0.55 ANNUALIZED RETURNS Return on Average Assets -7.7 % 0.0 % Return on Average Equity -102.9 % -0.4 % SELECTED BALANCES AT SEPTEMBER 30: 2009 2008 Total Assets $ 1,767,699 $ 1,985,081 Deposits and Securities Sold Under Agreements to 1,450,235 1,499,933 Repurchase Loans 1,179,741 1,349,711 Total Securities 420,318 434,462 Shareholders' Equity 120,810 185,886 Closing Market Price Per Common Share 1.80 9.25 Book Value Per Common Share 6.62 15.61 Tangible Equity 119,292 116,851 Tangible Book Value Per Common Share 6.49 9.81
CADENCE FINANCIAL CORPORATION
LOANS AND DEPOSITS BY STATE/REGION
AS OF SEPTEMBER 30, 2009:
MISSISSIPPI TUSCALOOSA BIRMINGHAM MEMPHIS MIDDLE TN FLORIDA GEORGIA TOTAL
LOANS 29 % 11 % 7 % 24 % 15 % 12 % 2 % 100 %
DEPOSITS 56 % 11 % 2 % 14 % 6 % 9 % 2 % 100 %
AS OF
SEPTEMBER 30,
2008:
MISSISSIPPI TUSCALOOSA BIRMINGHAM MEMPHIS MIDDLE TN FLORIDA GEORGIA TOTAL
LOANS 29 % 9 % 6 % 25 % 17 % 11 % 3 % 100 %
DEPOSITS 64 % 10 % 1 % 11 % 6 % 6 % 2 % 100 %
REAL ESTATE LOAN BALANCES BY STATE/REGION - LINKED QUARTERS ($ in thousands)
9/30/09 6/30/09
Balance % of Total Balance % of
Total
Mississippi $ 216,166 25 % $ 218,223 24 %
Tuscaloosa 103,280 12 % 100,465 11 %
Birmingham 67,720 8 % 71,326 8 %
Memphis 185,280 21 % 188,391 21 %
Middle 121,558 14 % 143,787 16 %
Tennessee
Florida 122,728 14 % 124,029 14 %
Georgia 25,544 3 % 26,964 3 %
Administration 29,496 3 % 30,651 3 %
Total $ 871,772 100 % $ 903,836 100 %
CADENCE FINANCIAL CORPORATION
($ in thousands)
9/30/09 6/30/09 9/30/08
LOAN BALANCES BY TYPE:
Commercial and Industrial $ 194,662 $ 198,836 $ 222,620
Personal 21,223 30,844 33,349
Real Estate:
Construction 59,372 85,667 210,778
Commercial Real Estate 657,668 661,087 645,965
Real Estate Secured by 130,424 130,964 131,724
Residential Properties
Mortgage 24,308 26,118 30,958
Total Real Estate 871,772 903,836 1,019,425
Other 92,084 110,711 74,317
Total $ 1,179,741 $ 1,244,227 $ 1,349,711
ASSET QUALITY DATA:
Nonaccrual Loans $ 55,899 $ 69,852 $ 24,618
Loans 90+ Days Past Due 4,085 2,906 4,532
Total Non-Performing Loans 59,984 72,758 29,150
Other Real Estate Owned 14,760 16,686 14,671
Total Non-Performing Assets $ 74,744 $ 89,444 $ 43,821
Non-Performing Loans to Total 5.1 % 5.8 % 2.2 %
Loans
Non-Performing Assets to Total 6.3 % 7.1 % 3.2 %
Loans and OREO
Allowance for Loan Losses to 74.9 % 64.2 % 62.3 %
Non-Performing Loans
Allowance for Loan Losses to 3.8 % 3.8 % 1.3 %
Total Loans
Classified Assets to Capital 131.0 % * 120.7 % ** 43.1 %
Classified Loans to Capital 118.3 % * 107.9 % ** 35.2 %
Classified Loans to Total Loans 12.1 % 11.2 % 4.9 %
Loans 30+ Days Past Due to
Total Loans (loans not included 7.4 % 3.9 % 2.3 %
in non-performing loans)
YTD Net Charge-offs to Average 4.1 % 2.3 % 1.1 %
Loans YTD
NET CHARGE-OFFS FOR QUARTER $ 22,487 $ 15,331 $ 9,383
INTANGIBLE ASSET AMORTIZATION $ 149 $ 155 $ 208
FOR QUARTER
* Includes the effect of write-off of goodwill in the first quarter of 2009.
Without the goodwill impairment charge, the ratio of classified assets to
capital was 84.3% and classified loans to capital was 76.2%.
** Includes the effect of write-off of goodwill in the first quarter of 2009.
Without the goodwill impairment charge, the ratio of classified assets to
capital was 79.6% and classified loans to capital was 71.1%.
CADENCE FINANCIAL CORPORATION
ANALYSIS OF NET INTEREST EARNINGS
($ in thousands)
Average Balance
Quarter Quarter Quarter Nine Months Nine Months
Ended Ended Ended Ended Ended
9/30/09 9/30/08 6/30/09 9/30/09 9/30/08
EARNING ASSETS:
Net loans $ 1,220,948 $ 1,352,760 $ 1,273,120 $ 1,268,930 $ 1,352,819
Federal funds
sold and other 138,279 32,143 221,341 157,216 24,289
interest-bearing
assets
Securities:
Taxable 398,883 318,814 358,386 373,503 324,951
Tax-exempt 37,147 113,560 83,389 74,919 112,021
Totals 1,795,257 1,817,277 1,936,236 1,874,568 1,814,080
INTEREST-BEARING
LIABILITIES:
Interest-bearing 1,313,378 1,262,568 1,415,793 1,356,497 1,238,133
deposits
Borrowed funds,
federal funds
purchased and
securities sold
under agreements 260,570 356,984 299,868 292,357 373,908
to repurchase
and other
interest-bearing
liabilities
Totals 1,573,948 1,619,552 1,715,661 1,648,854 1,612,041
Net amounts $ 221,309 $ 197,725 $ 220,575 $ 225,714 $ 202,039
Interest For
Quarter Quarter Quarter Nine Months Nine Months
Ended Ended Ended Ended Ended
9/30/09 9/30/08 6/30/09 9/30/09 9/30/08
EARNING ASSETS:
Net loans $ 15,464 $ 19,592 $ 15,609 $ 47,639 $ 63,095
Federal funds
sold and other 90 167 141 313 427
interest-bearing
assets
Securities:
Taxable 4,210 3,971 3,835 12,083 12,240
Tax-exempt 398 1,169 832 2,250 3,476
Totals 20,162 24,899 20,417 62,285 79,238
INTEREST-BEARING
LIABILITIES:
Interest-bearing 6,817 8,642 7,714 21,690 28,091
deposits
Borrowed funds,
federal funds
purchased and
securities sold
under agreements 1,760 2,718 2,039 5,993 9,047
to repurchase
and other
interest-bearing
liabilities
Totals 8,577 11,360 9,753 27,683 37,138
Net amounts $ 11,585 $ 13,539 $ 10,664 $ 34,602 $ 42,100
CADENCE FINANCIAL CORPORATION
ANALYSIS OF NET INTEREST EARNINGS
($ in thousands)
Yields Earned
And Rates Paid (%)
Quarter Quarter Quarter Ended Nine Months Nine Months
Ended Ended Ended Ended
9/30/09 9/30/08 6/30/09 9/30/09 9/30/08
EARNING ASSETS:
Net loans 5.02 5.76 4.92 5.02 6.23
Federal funds
sold and other 0.26 2.07 0.26 0.27 2.35
interest-bearing
assets
Securities:
Taxable 4.19 4.95 4.29 4.33 5.03
Tax-exempt 4.25 4.10 4.00 4.01 4.14
Totals 4.46 5.45 4.23 4.44 5.83
INTEREST-BEARING
LIABILITIES:
Interest-bearing 2.06 2.72 2.19 2.14 3.03
deposits
Borrowed funds,
federal funds
purchased and
securities sold
under agreements 2.68 3.03 2.73 2.74 3.23
to repurchase
and other
interest-bearing
liabilities
Totals 2.16 2.82 2.28 2.24 3.08
Net margin 2.56 3.00 2.21 2.47 3.10
Note: Yields on
a tax equivalent
basis would be:
Tax-exempt 6.55 6.30 6.16 6.18 6.38
securities
Total earning 4.50 5.65 4.37 4.53 5.97
assets
Net margin 2.61 3.10 2.30 2.55 3.24
Tax equivalent
income (in $ 215 $ 630 $ 448 $ 1,211 $ 1,872
thousands)
Source: Cadence Financial Corporation
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