TUPELO, Miss. (AP) — TUPELO, Miss. (AP) — Cadence Bank (CADE) on Wednesday reported second-quarter profit of $134.6 million.
The bank, based in Tupelo, Mississippi, said it had earnings of 69 cents per share. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, came to 73 cents per share.
The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 69 cents per share.
The bank posted revenue of $733.8 million in the period. Its revenue net of interest expense was $476.3 million, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $468.8 million.
Cadence shares have climbed slightly more than 4% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $35.92, a rise of 7% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CADE at https://www.zacks.com/ap/CADE
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