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
- Counties ‘hoping to get it right’ as they await Tuscaloosa Marine shale boom
- PSC’s Mississippi Power probe continues as regulators mull next move
- Department of Environmental Quality developing water sources plan
- Stabenow, Cochran brace for full Senate vote on Farm Bill
- Fervor grows for Tuscaloosa Marine Shale
- Click Boutique revives Hattiesburg downtown retail district
- District at Eastover construction to start later this year
- Stacey Pickering wins Patriot Award
- Officials hoping quail numbers will rebound