Cadence Bank reports net loss of $7.5M
STARKVILLE — Cadence Financial Corp., parent of Cadence Bank, has reported a net loss of $7.5 million, or 63 cents per share, for the third quarter ended Sept. 30.
That compares to a net loss of $13.1 million, or $1.10 per share, for the third quarter of 2009.
It is the final quarterly report before shareholders meet Dec. 9 to decide whether to accept a buyout from Houston, Texas-based Community Bancorp that would take the company private.
The company reported that the decline in its third-quarter loss was due to a decrease in its provision for loan losses and lower operating expenses. The provision for loan losses dropped to $8.5 million in the third quarter of 2010 compared to $20.7 million in year-ago quarter, due primarily to lower charge-offs.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Omega Protein shifting vessels to Mississippi
- CARTOON — Nobile illustrates Thad Cochran's most significant advantage over the competition
- Bankrupt Simply Wheelz chooses prevailing bidder for assets
- Judge denies ex-mayor's motion to vacate Katrina-related conviction
- IKE TROTTER: There are primary changes in Social Security for 2014
- Wiseman retiring after nearly 30 years with Stennis Institute
- Real estate developer to plead guilty to wetlands violation
- PSC unanimously rejects Entergy-ITC proposed merger
- Company mulling plan to build new pipeline
- Alumni-couple donate $12.3M to Mississippi State