Press Release: Cadence Bancorporation Reports -2-
Press Release: Cadence Bancorporation Reports -2-
-- The ACL was $219.6 million or 1.91% of total loans as of September 30,
2021, as compared to $247.7 million or 2.13% of total loans as of June
30, 2021 and $385.4 million or 2.86% of total loans as of September 30,
2020. Excluding PPP loans, the ACL was 1.92% of total loans at September
30, 2021, down from 2.17% at June 30, 2021.
-- Total nonperforming loans ("NPL") totaled $100.4 million, $122.5 million,
and $189.1 million as of September 30, 2021, June 30, 2021, and September
30, 2020, respectively. As a percent of total loans, NPL were 0.87% at
September 30, 2021, compared to 1.05% at June 30, 2021 and 1.40% at
September 30, 2020.
-- The ACL to NPL was 218.6% as of September 30, 2021, as compared to 202.2%
as of June 30, 2021 and 203.8% as of September 30, 2020.
-- Total criticized loans at September 30, 2021 were $475.9 million or 4.1%
of total loans, down from $667.9 million or 5.7% at June 30, 2021 and
$1.1 billion or 8.1% at September 30, 2020. The linked quarter decrease
included declines of $65.2 million or 67.3% in Restaurant, $57.1 million
or 35.9% in Energy, and $55.9 million or 30.7% in CRE which included
$26.2 million or 28.3% in Hospitality-CRE.
-- Loans 30-89 days past due were 0.20% of total loans at September 30,
2021, compared to 0.36% at June 30, 2021 and 0.15% at September 30, 2020.
-截至9月30日，ACL為2.196億美元，佔總貸款的1.91%，2021年，而截至6月份的貸款總額為2.477億美元，佔貸款總額的2.13%30,2021年，截至9月30日，3.854億美元，佔總貸款的2.86%，2020年。不包括購買力平價貸款，截至9月份，ACL佔總貸款的1.92%2021年6月30日，低於2021年6月30日的2.17%。不良貸款總額為1.004億美元，1.225億美元。截至2021年9月30日、2021年6月30日和9月分別為30、2020年。按貸款總額的百分比計算，不良貸款率為0.87%2021年9月30日，相比之下，2021年6月30日為1.05%，2021年6月30日為1.40%2020年9月30日。-截至2021年9月30日，不良貸款率為218.6，而去年同期為202.2截至2021年6月30日，截至2020年9月30日為203.8。-截至2021年9月30日，批評貸款總額為4.759億美元，佔4.1%佔總貸款的5.7%，低於2021年6月30日的6.679億美元或5.7%截至2020年9月30日，11億美元或8.1%。關聯季度減少包括餐廳減少6,520萬美元或67.3%，5,710萬美元能源佔35.9%，CRE佔5590萬美元或30.7%，其中包括2620萬美元，佔Hotitality-CRE的28.3%。截至9月30日，逾期30-89天的貸款佔總貸款的0.20%，2021年，而2021年6月30日和2020年9月30日分別為0.36%和0.15%。
Total Revenue:
總收入：
Total operating revenue(1) for the third quarter of 2021 was $198.2 million, up $13.2 million or 7.1% from the second quarter of 2021 and up $11.6 million or 6.2% from the third quarter of 2020. Total adjusted operating revenue for the third quarter of 2021 was $182.5 million, down $2.5 million or 1.4% from the second quarter of 2021 and down $4.6 million or 2.5% from the third quarter of 2020.
2021年第三季度總營業收入(1)為1.982億美元，比2021年第二季度增長1320萬美元或7.1%，比2020年第三季度增長1160萬美元或6.2%。2021年第三季度調整後總營業收入為1.825億美元，比2021年第二季度減少250萬美元或1.4%，比2020年第三季度減少460萬美元或2.5%。
Net interest income for the third quarter of 2021 was $136.1 million, a decrease of $2.4 million or 1.7% from the second quarter of 2021 and a decrease of $17.9 million or 11.6% from the third quarter of 2020.
2021年第三季度淨利息收入為1.361億美元，比2021年第二季度減少240萬美元或1.7%，比2020年第三季度減少1790萬美元或11.6%。
-- Compared to the linked quarter, the net interest income declines were
driven by declines in hedge income and PPP loan income of $4.1 million
and $2.7 million, respectively. These declines were partially offset by
net securities purchases increasing average earning assets, $1.3 million
in number of days and $1.8 million in decreased interest expense
resulting from lower funding costs.
-- Compared to the prior year, the net interest income decline included
$11.6 million in lower hedge income, $5.0 million in lower PPP loan
income, $0.6 million in lower accretion, and $9.3 million in lower
interest income due to a mix shift from higher yielding loans to lower
yielding investment securities as well as declining yields, partially
offset by $8.8 million in lower funding costs due to a 55% reduction in
cost of funds, supported by improved mix and debt payoffs.
-與相連季度相比，淨利息收入下降了對衝收入和購買力平價貸款收入下降410萬美元和270萬美元。這些下降被部分抵消了淨證券購買增加了平均收益資產，130萬美元天數減少，利息支出減少180萬美元這是由於較低的融資成本造成的。-與上年相比，淨利息收入下降包括1160萬美元的較低對衝收入，500萬美元的較低購買力平價貸款收入，低增長60萬美元，低增長930萬美元從高收益貸款向低收益貸款的組合轉變所帶來的利息收入收益投資證券以及收益率下降，部分被880萬美元的融資成本減少所抵消，這是因為減少了55%的資金成本，由改善的組合和債務償還提供支持。
Our net interest margin ("NIM") for the third quarter of 2021 was 2.99% as compared to 3.10% for the linked quarter and 3.49% for the third quarter of 2020. The linked quarter NIM decline was due to lower PPP loan income and lower hedge income contributing 8 basis points and 6 basis points of the decline, respectively, with earning asset yield declines materially offset by increases in earning assets and lower funding costs.
我們於2021年第三季的淨息差(NIM)為2.99%，而關連季度為3.10%，2020年第三季為3.49%。與之相關的季度NIM下降是由於購買力平價貸款收入下降和對衝收入下降分別貢獻了8個基點和6個基點，盈利資產收益率的下降被盈利資產的增加和較低的融資成本大幅抵消。
-- Our total funding costs continued to decline in the quarter, down $1.8
million to 0.18% compared to 0.23% in the prior quarter. Total deposit
costs declined by three basis points to 0.12% for the current quarter
compared to 0.15% for the linked quarter, and total interest-bearing
liability costs declined by eight basis points to 0.28% from 0.36% in the
linked quarter. Average interest-bearing liabilities increased by $156.9
million or 1.5% from the prior quarter to $10.8 billion, and average
noninterest-bearing deposits remained stable at $5.7 billion.
-- Yield on loans excluding accretion and hedge income was 3.80% in the
current quarter, down three basis points from 3.83% in the linked
quarter. Excluding the impact of PPP loans, this yield was 3.81% in the
current quarter, down from 3.86% for the linked quarter. Average loans
excluding PPP loans declined slightly by $10.7 million or 0.1% from the
prior quarter to $11.5 billion.
-- PPP loans averaged $131.7 million in the current quarter with a yield of
3.38%, down from $619.3 million in the linked quarter.
-- Hedge income including collar gain recognition for the third quarter of
2021 was $8.1 million as compared to $10.8 million for the prior quarter.
-- Accretion on acquired loans totaled $5.8 million for the third quarter of
2021 as compared to $4.5 million for the prior quarter.
-- Yield on investment securities declined to 1.60% in the current quarter
compared to 1.62% in linked quarter, with the lower yield reflecting the
impact of securities purchased and sold in the current and prior
quarters. Average investment securities increased by $365.3 million or
9.1% from the prior quarter to $4.4 billion.
-- Total earning asset yields declined to 3.16% in the current quarter
compared to 3.31% in the linked quarter, with average balances increasing
slightly to $18.1 billion.
-我們的總融資成本在本季度繼續下降，下降了1.8美元600萬美元至0.18%，而上一季度為0.23%。總存款本季度成本下降3個基點，至0.12%相較於相連季度的0.15%，以及總計息負債成本下降8個基點，從去年同期的0.36%降至0.28%。鏈接季度。平均有息負債增加156.9美元108億美元，較上一季度增長1.5%，平均為108億美元無息存款穩定在57億美元。-不包括增值和對衝收入的貸款收益率為3.80%本季度，比聯繫市場的3.83%下降了3個基點25美分。剔除PPP貸款的影響，這一收益率為3.81%。本季度，低於關聯季度的3.86%。平均貸款不包括購買力平價貸款，較上年同期小幅下降1070萬美元或0.1%上一季度達到115億美元。-PPP貸款本季度平均為1.317億美元，收益率為3.38%，低於相連季度的6.193億美元。-對衝收入，包括#年第三季度領口收益確認2021年為810萬美元，而上一季度為1080萬美元。-第三季度收購貸款增加總額為580萬美元2021年，而上一季度為450萬美元。--本季度投資證券收益率降至1.60%與相連季度的1.62%相比，較低的收益率反映了當前和之前買入和賣出的證券的影響25美分。平均投資證券增加3.653億美元或比上一季度增長9.1%，達到44億美元。-本季度總收益資產收益率降至3.16%與相連季度的3.31%相比，平均餘額增加小幅降至181億美元。
Noninterest income for the third quarter of 2021 was $62.1 million, an increase of $15.6 million or 33.6% from the linked quarter, and an increase of $29.5 million or 90.6% from the same period of 2020. Adjusted noninterest income(1) for the third quarter of 2021 was $46.4 million, a decrease of $0.1 million or 0.2% from the linked quarter, and an increase of $13.3 million or 40.0% from the third quarter of 2020. Adjusted noninterest income excludes net gains on securities and branch building sales.
2021年第三季度非利息收入為6,210萬美元，較關聯季度增加1,560萬美元或33.6%，較2020年同期增加2,950萬美元或90.6%。2021年第三季度經調整的非利息收入(1)為4640萬美元，比關聯季度減少10萬美元或0.2%，比2020年第三季度增加1330萬美元或40.0%。調整後的非利息收入不包括證券和分行大樓銷售的淨收益。
-- The linked quarter increase was driven by increases of $15.7 million in
securities gains and $3.6 million in earnings from alternative
investments. These items were partially offset by decreases of $1.3
million and $2.0 million in credit related fees and SBA income,
respectively. The increase in securities gains was related to the sale of
approximately $505 million in securities related to balance sheet
positioning in contemplation for our upcoming merger with BancorpSouth
Bank.
-- The increase from the prior year was driven by increases of $15.7 million
in securities gain, $9.2 million in earnings from alternative investments,
$2.0 million in service charges on deposits and $1.2 million in
investment advisory fees. These increases were partially mitigated by a
decrease of $2.1 million in mortgage banking income.
-- Adjusted noninterest income as a percent of adjusted total revenue for
the third quarter of 2021 increased to 25.4% as compared to 25.1% for the
linked quarter and 17.7% for the third quarter of 2020.
-相關季度的增長是由3月份1570萬美元的增長推動的證券收益和另類投資收益360萬美元投資。這些項目被減少額1.3美元部分抵銷100萬美元和200萬美元的信貸相關費用和SBA收入，分別為。證券收益增加與出售約5.05億美元與資產負債表相關的證券在考慮我們即將與BancorpSouth合併時的定位銀行。-比上年增加1570萬美元在證券收益方面，另類投資的收益為920萬美元，200萬美元的存款服務費和120萬美元的投資諮詢費。這些增長被部分緩解了，因為抵押貸款銀行收入減少210萬美元。-調整後的非利息收入佔調整後總收入的百分比2021年第三季度增長至25.4%，而2021年第三季度為25.1%相關聯的季度和2020年第三季度的17.7%。
Noninterest expense for the third quarter of 2021 was $117.2 million, compared to $106.1 million for the linked quarter and compared to $94.9 million for the same period of 2020. Adjusted noninterest expense(1) , which excludes the impact of non-routine items(2) , was $103.1 million, up $3.3 million or 3.3% from the linked quarter and up $10.6 million or 11.4% from the third quarter of 2020.
2021年第三季度的非利息支出為1.172億美元，而關聯季度的非利息支出為1.061億美元，而2020年同期為9490萬美元。經調整的非利息支出(1)(不包括非常規項目(2)的影響)為1.031億美元，比關聯季度增加330萬美元或3.3%，比2020年第三季度增加1060萬美元或11.4%。
-- Non-routine items in the third quarter of 2021 included $9.9 million in
expenses related to regulatory settlements announced during the quarter
and $4.2 million in merger related expenses.
-- The linked quarter increase in noninterest expenses resulted primarily
from the non-routine regulatory settlement expense and a $2.2 million
increase in compensation expense driven by increased incentive accruals,
partially offset by a $2.1 million decline in non-routine merger related
expenses.
-- The increase from the prior year was attributable to increased incentive
accruals of $7.5 million related to improved company performance and $9.9
million expenses related to regulatory settlements.
-2021年第三季度非常規項目包括990萬美元本季度公佈的與監管和解相關的費用以及420萬美元的合併相關費用。-非利息支出的相關季度增長主要是由於從非常規監管和解費用和220萬美元在激勵應計項目增加的推動下，薪酬支出增加，與非常規合併相關的210萬美元的下降部分抵消了這一影響費用。-比上一年增加的原因是激勵措施的加強與改善公司業績有關的應計項目750萬美元和990萬美元與監管和解相關的費用為100萬英鎊。
Adjusted efficiency ratio(1) for the third quarter of 2021 was 56.5%, compared to the linked quarter ratio of 53.9% and the prior year's third quarter ratio of 49.4%.
2021年第三季度調整後的效率比率(1)為56.5%，而聯繫季度比率為53.9%，上年第三季度比率為49.4%。
Taxes:
税費：
The effective tax rate for the third quarter of 2021 was 23.3% compared to 22.6% for the linked quarter and 16.1% for the third quarter of 2020.
2021年第三季度的有效税率為23.3%，而關聯季度為22.6%，2020年第三季度為16.1%。
Merger with BancorpSouth Bank
與BancorpSouth Bank合併
BancorpSouth Bank recently received all required regulatory approvals to complete the pending merger with Cadence Bancorporation. Subject to the satisfaction of all closing conditions, the merger is expected to close effective October 29, 2021.
BancorpSouth Bank最近獲得了完成與Cadence Bancorporation即將進行的合併所需的所有監管批准。在滿足所有完成條件的情況下，合併預計將於2021年10月29日完成。
Supplementary Financial Tables (Unaudited):
補充財務表(未經審計)：
Supplementary financial tables (unaudited) are included in this release following the customary disclosure information.
補充財務表格(未經審計)包括在本新聞稿中，遵循慣例的披露信息。
_______________
(1) Considered a non-GAAP financial measure. See Table 10 "Reconciliation
of Non-GAAP Financial Measures" for a reconciliation of our non-GAAP
measures to the most directly comparable GAAP financial measure.
(2) See Table 10 for a detail of non-routine income and expenses.
_______________ (1)被認為是非公認會計准則的財務措施。參見表10“對賬”非GAAP財務衡量標準“用於對我們的非GAAP財務指標進行對賬衡量最直接可比的GAAP財務衡量標準。(二)非例行收支詳情見表十。
About Cadence Bancorporation:
關於Cadence Bancorporation：
譯文內容由第三人軟體翻譯。