Successful Acquisition and Integration
Completed the acquisition of Industry Bank Shares on July 1, and the operational integration was completed last week. Industry and First Chatham are now fully integrated into Cadence systems, expanding the footprint in Central Texas and Georgia.
Strong Financial Performance
Adjusted net income from continuing operations increased to $152.8 million or $0.81 per share. Adjusted return on assets was 1.13% for the quarter.
Revenue and Deposit Growth
Balance sheet growth combined with net interest margin improvement drove a meaningful increase in revenue. Deposits were up $3.4 billion, with core customer deposits up $3.1 billion.
Improvement in Net Interest Margin
Net interest margin improved six basis points to 3.46%, driven by improved securities yields and a decline in overall funding costs.
Record Adjusted Pre-tax Pre-provision Net Revenue
Adjusted pre-tax pre-provision net revenue for the third quarter reached a record $224 million, up nearly 9% from the prior quarter.