8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 23, 2019

Cadence Bancorporation

(Exact name of registrant as specified in its charter)

Delaware	001-38058	47-1329858
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
2800 Post Oak Boulevard, Suite 3800 Houston, Texas		77056
(Address of principal executive offices)		(Zip Code)

(713) 871-4000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock	CADE	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 8.01  Other Events

On October 23, 2019, Cadence Bancorporation (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended September 30, 2019. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The Company is conducting an earnings conference call and webcast on October 23, 2019 at 7:30 a.m. CT / 8:30a.m. ET to discuss its third quarter 2019 financial results. The press release contains information about how to access the webcast. A copy of the presentation slides to be used during the earnings conference call, which contain supplemental information relating to the Company, is furnished as Exhibit 99.2 to this Current Report on Form 8-K.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description
99.1	Press release dated October 23, 2019.
99.2	Earnings conference call presentation slides dated October 23, 2019.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Cadence Bancorporation
Date: October 23, 2019	By:	/s/ Valerie C. Toalson
	Name:	Valerie C. Toalson
	Title:	Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

                                                                                                                      

Cadence Bancorporation reports

THIRD QUARTER 2019 FINANCIAL RESULTS

HOUSTON (October 23, 2019) – Cadence Bancorporation (NYSE:CADE) (“Cadence”) today announced net income for the quarter ended September 30, 2019 of $44.0 million, or $0.34 per diluted common share (“per share”), compared to $47.1 million or $0.56 per share for the quarter ended September 30, 2018, and $48.3 million or $0.37 per share for the quarter ended June 30, 2019. Annualized returns on average assets and tangible common equity for the third quarter of 2019 were 0.99% and 10.43%, respectively, compared to 1.61% and 17.50%, respectively, for the third quarter of 2018 and 1.10% and 12.23%, respectively, for the second quarter of 2019.

“We have a great franchise in attractive markets with experienced bankers and a solid strategy.  Pre-tax, pre-loan provision net earnings were up meaningfully on a linked quarter basis.  However, for the second quarter in a row, we incurred elevated charge-offs and higher provisions, primarily driven by a small number of existing nonperforming credits that experienced further deterioration.  More broadly, the underlying fundamentals for our borrowers and our business remain strong, and we remain confident in our strategy and ability to generate sustainable attractive long-term returns,” stated Paul B. Murphy, Jr., Chairman and Chief Executive Officer of Cadence Bancorporation.

Adjusted Performance Metrics ⁽¹⁾:

• Adjusted net income⁽¹⁾, excluding non-routine income and expenses⁽²⁾, was $44.2 million for the third quarter of 2019, a decrease of $5.1 million or 10.4% compared to the third quarter of 2018 and a decrease of $7.3 million or 14.2% compared to the second quarter of 2019, primarily due to the higher provision for credit losses in the current quarter.  

• Adjusted pre-tax pre-provision net earnings⁽¹⁾ increased in the third quarter of 2019 to $100.8 million, an increase of $37.7 million or 59.9% compared to the third quarter of 2018 and an increase of $4.7 million, or 4.9% compared to the second quarter of 2019.

• Adjusted EPS⁽¹⁾ for the third quarter of 2019 of $0.34 decreased from the prior year quarter of $0.58 and from the linked quarter of $0.40.

• Adjusted annualized returns on average assets⁽¹⁾ and adjusted tangible common equity⁽¹⁾ for the third quarter of 2019 were 0.99% and 10.47%, respectively, compared to 1.69% and 18.30%, respectively, for the third quarter of 2018 and 1.17% and 12.96%, respectively, for the second quarter of 2019.

Highlights:

Cadence’s fundamental operating performance during the third quarter of 2019 continued to reflect the strengths of the business model, partially offset by the elevated credit costs in the current quarter.  Third quarter of 2019 compared to the linked 2019 quarter:

• Adjusted pre-tax pre-loan provision net earnings⁽¹⁾ were $100.8 million, an increase of $4.7 million or 4.9%.

• Core deposits were $14.3 billion, reflecting a meaningful increase of $657.6 million or 4.8%, including an increase in non-interest bearing deposits of $306.2 million, or 9.3%.

• Total loans were $13.6 billion, a slight increase of $9.1 million or 0.1%.

• Net interest margin (“NIM”) was 3.94%, a decline of 3 basis points or 0.8%.

• Total costs of funds of 1.41% and total cost of deposits of 1.32%, declines of 9 and 7 basis points, respectively.

• Adjusted noninterest expenses⁽¹⁾ of $93.3 million declined $2.7 million or 2.8%.

• Adjusted efficiency ratio⁽¹⁾ also improved 190 basis points to 48.1%.

• Provision for credit losses of $43.8 million, an increase of $14.8 million.

• Net charge-offs of $31.3 million, an increase of $12.7 million.

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Balance Sheet:

Total assets increased to $17.9 billion as of September 30, 2019, an increase of $6.1 billion or 51.8%, from September 30, 2018, and an increase of $351.9 million or 2.0%, from June 30, 2019.  The year-over-year increases throughout this release are impacted by the acquisition of State Bank which added $4.8 billion in total assets on January 1, 2019.

Loans. Period-end loan balances for the third quarter of 2019 reflected moderated organic growth, offset by net paydowns in the General C&I, Restaurant and Healthcare portfolios.

Loans at September 30, 2019 totaled $13.6 billion as compared to $9.4 billion and $13.6 billion at September 30, 2018 and June 30, 2019, respectively. Loans increased $875.3 million or 9.3% since September 30, 2018, excluding the impact of the loans acquired from State Bank, and increased $9.1 million or 0.1% from June 30, 2019.  On a year-to-date basis, loans grew $265.2 million or 2.6%, excluding the State Bank loans, as compared to 14.4% year-to-date for 2018, with    the 2019 growth reflecting management’s efforts to moderate loan growth combined with higher payoff activity compared to 2018.  

Securities. Investment securities for the third quarter of 2019 increased $20.5 million to $1.7 billion, comprising 9.6% of total assets at September 30, 2019 as compared to $1.2 billion, or 10.3% of total assets at September 30, 2018 and $1.7 billion, or 9.6% of total assets at June 30, 2019.

Funding. Our funding activities reflected continued strong performance this quarter, with meaningful core deposit growth, improved deposit mix, and further decline in period-end brokered deposits and wholesale funds.

Deposits at September 30, 2019 totaled $14.8 billion as compared to $9.6 billion and $14.5 billion at September 30, 2018 and June 30, 2019, respectively. Excluding the impact of deposits assumed from State Bank, deposits increased by $1.1 billion or 11.9% from September 30, 2018. The year-over-year deposit increase was driven by growth in core customer deposits (total deposits excluding brokered deposits) of $1.3 billion or 15.3% from September 30, 2018. The linked quarter change included an increase of $657.6 million, or 4.8% in core    deposits, while brokered deposits declined by $355.7 million to $512.3 million or 3.5% of total deposits at September 30, 2019.

Total borrowings were $371.9 million at September 30, 2019, down from $662.7 million at September 30, 2018 and $376.2 million at June 30, 2019.  The year-over-year decline was largely due to lower FHLB borrowings as a result of increased core deposits, as well as a decline of approximately $50 million in long-term debt in the second quarter of 2019.

Shareholders’ equity reflected a 2.1% growth during the third quarter of 2019 driven by increases in the value of our interest rate collar based on lower interest rate expectations, as well as net earnings for the quarter.  Shareholders’ equity was $2.5 billion at September 30, 2019, an increase of $1.1 billion from September 30, 2018, and an increase of $49.9 million from June 30, 2019.

• Tangible common shareholders’ equity⁽¹⁾ was $1.9 billion at September 30, 2019, an increase of $778.6 million from September 30, 2018, and an increase of $48.0 million from June 30, 2019.  The year-over-year increase resulted primarily from common stock issued of $826.1 million related to the merger with State Bank Financial Corporation. The linked quarter increase resulted from net income of $44.0 million and an increase of $37.3 million in other comprehensive income due to increased fair values of derivatives and securities. These items were partially offset by dividends of $22.4 million and an increase of $10.1 million in treasury stock.  

• Tangible book value per share⁽¹⁾ was $14.66 as of September 30, 2019, an increase of $1.51 from $13.15 as of September 30, 2018, and an increase of $0.45 from $14.21 as of June 30, 2019.

• Total outstanding shares at September 30, 2019 were 128.2 million.  Cadence repurchased $10.3 million of treasury stock at an average price per share of $15.51 during the quarter.

• Total shareholders’ equity to total assets and tangible equity to tangible assets were 13.9% and 10.9%, respectively, at September 30, 2019.

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Asset Quality:

Credit quality.  Credit costs were elevated during the third quarter of 2019 as we experienced deterioration in certain credits resulting in increased charge-offs and loan provisions.

• Net charge-offs were $31.3 million or 0.91% of average loans compared to $3.1 million or 0.13% and $18.6 million or 0.54% for the quarters ended September 30, 2018 and June 30, 2019, respectively. On a year-to-date basis, 2019 charge offs are 0.49% of average loans as compared to 0.06% for the full year 2018 and 0.40% for the trailing four quarters.  The current quarter charge-offs included $15.0 million related to one General C&I non-SNC credit that also incurred a $5.0 million charge-off in the second quarter of 2019, representing 48% of the third quarter 2019 net charge-offs and 40% of the YTD 2019 net charge-offs. This credit was made to a company that experienced negative results caused by an expansion strategy that failed. The company quickly ran out of liquidity and entered into a costly restructuring process that ultimately ended with a highly distressed sale. The sale of the company was completed in October with no further provision for loan losses.  In addition to this one sizable charge-off, the third quarter also included charge-offs on a $3.0 million non-SNC C&I credit, a $5.3 million Energy SNC, and a $4.4 million Restaurant SNC.  All of these credits were previously identified as nonperforming, and are in the late stages of resolution.       

• Provision for credit losses for the third quarter of 2019 was $43.8 million driven by higher charge-offs and specific reserves, as well as credit migration of certain credits primarily in the General C&I and Restaurant portfolios.  Specifically, 51% of the quarter’s provisioning related to loans incurring a charge-off this quarter.     In light of these specific loans with partial charge-offs being in the late stages of the resolution process, we do not anticipate any incremental provision for loan losses associated with these credits.    

• The allowance for credit losses (“ACL”) increased to $127.8 million or 0.94% of total loans as of September 30, 2019, as compared to $86.2 million or 0.91% of total loans as of September 30, 2018, and $115.3 million or 0.85% of total loans as of June 30, 2019.

• The ACL to total nonperforming loans was 118.2% as of September 30, 2019, as compared to 182.5% as of September 30, 2018, and 106.1% as of June 30, 2019.

• Loans 30-89 days past due were 0.15% of total loans at September 30, 2019, compared to 0.10% at September 30, 2018 and 0.15% at June 30, 2019.

• Nonperforming loans (“NPLs”) as a percent of total loans were 0.79% at September 30, 2019, compared to 0.50% at September 30, 2018 and 0.80% at June 30, 2019.  NPLs totaled $108.1 million, $47.2 million and $108.7 million as of September 30, 2019, September 30, 2018 and June 30, 2019, respectively.

• Total criticized loans (see Table 6) at September 30, 2019 were $571.9 million or 4.19% as a percent of total loans as compared to $275.7 million or 2.92% at September 30, 2018 and $408.5 million or 3.00% at June 30, 2019.  The linked quarter increases included migration of certain credits in General C&I and Energy.

Total Revenue:

This quarter’s total operating revenue reflected stable underlying revenue driven by flat earning assets that, as compared to the linked quarter, was positively impacted by lower funding costs and hedge income.

Total operating revenue⁽¹⁾ for the third quarter of 2019 was $194.8 million, up 59.6% from the same period in 2018 and up 1.2% from the linked quarter. On a year-to-date basis, operating revenue for 2019 was $587.3 million, up 63.9% from the same period in 2018.   The year over year revenue increase reflects loan growth during the period as well as the impact of the State Bank acquisition.  

Net interest income for the third quarter of 2019 was $160.2 million, an increase of $62.1 million or 63.3%, from the same period in 2018, and a decrease of $0.6 million or 0.4% from the second quarter of 2019.

• Our fully tax-equivalent net interest margin (“NIM”) in the third quarter of 2019 was 3.94% as compared to 3.58% for the third quarter of 2018 and 3.97% for the second quarter of 2019.

• On a year-to-date basis, the NIM for 2019 increased to 4.04% compared to 3.63% for 2018.

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The year-over-year increase in NIM reflects the merger with State Bank and the related positive impact on our funding costs, loan yields and accretion income.  The third quarter 2019 NIM as compared to the linked quarter change was driven primarily by:

• -12 bp NIM impact in total loan yields including:

o -22 bp impact on our loan yields due to declining LIBOR and prime rates in the current quarter;

o +12 bp impact on income from our hedge positions;

o -6 bp impact of the sale of $130 million of acquired non-credit impaired loans late in the second quarter 2019; and

o +4 bp impact from higher accretion income.

• + 9bp NIM impact from lower funding costs including:

o +6 bp impact from lower deposit costs due to improved mix, including increased non-interest bearing deposits and lower brokered deposits, and targeted reductions of deposit rate costs in step with index rate cuts; and

o +3 bp impact from lower borrowing costs due to a reduction in average FHLB borrowings and lower long-term debt levels due to the late second quarter senior debt refinancing that reduced debt levels approximately $50 million.

Average earning assets for the third quarter of 2019 were $16.2 billion, an increase of $5.3 billion from the prior year’s quarter from both organic and acquired growth, and a decline of $0.1 billion from the linked quarter due to overall flat loan growth.

Originated Loans and Hedge Income:

• Average originated loans increased $146.2 million linked quarter, with year-over-year growth of $1.5 billion, reflecting moderated growth in 2019.

• Yield on originated loans was 5.31% for the third quarter of 2019, as compared to 5.11% and 5.43% for the third quarter of 2018 and the second quarter of 2019, respectively.  The third quarter 2019 originated loan yield was negatively impacted by declines in LIBOR, however that impact on net interest income was partially offset by the positive impact of our hedges linked quarter in addition to the growth in average originated loans.

o $4 billion notional LIBOR collar:  Hedge income (loss) for the collar for the third quarter of 2019 was $2.7 million as compared to ($1.7) million for the second quarter of 2019.  The collar income year-to-date for 2019 was $2.7 million.  The collar contract expires February 2024.  

o $650 million rate swaps:  Hedge income (loss) for the swaps for the third quarter of 2019 was ($1.2) million as compared to ($1.6) million for the third quarter of 2018 and ($1.5) million for the second quarter of 2019.  Swap income year-to-date for 2019 was ($4.2) million as compared to ($3.1) million for 2018. One swap contract for $300 million expires on December 31, 2019, with the remaining $350 million contracts expiring February 27, 2026.

• Yield on the underlying originated loans (excluding hedge impact) was 5.25% for the third quarter of 2019, as compared to 5.18% and 5.56% for the third quarter of 2018 and second quarter of 2019, respectively.  

• Approximately 68% of the total loan portfolio is floating at September 30, 2019.

Acquired Loans:

• Acquired loan average balances declined $348.8 million during the third quarter of 2019 due to the sale of approximately $130 million in ANCI loans near the end of the second quarter and routine payoff activity, with the increase year-over-year due to the State Bank acquisition.  

• Acquired loan yields during the third quarter of 2019 were impacted by the $130 million loan sale in second quarter yielding 8.9% on average, as well as various State Bank purchase accounting adjustments applied in the third quarter incorporating impact from January 1, 2019 (“Day 1”).

• Year-to-date 2019 yields are 10.32% on the ACI portfolio, excluding recovery accretion, and 6.59% on the ANCI portfolio. We currently believe that the year-to-date yields of the acquired portfolios, excluding recovery accretion, materially represent those portfolio’s effective yields for the remainder of 2019, under current market conditions and payoff expectations.  

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Cost of Funds:

• We experienced declines in funding costs this quarter with total cost of funds for the third quarter of 2019 of 1.41% compared to 1.33% for the third quarter of 2018 and 1.50% in the linked quarter.   Total cost of deposits for the third quarter of 2019 was 1.32% compared to 1.15% for the third quarter of 2018, and 1.39% for the linked quarter.

• The decrease in costs during the linked quarter related primarily to declines in brokered deposit balances as a result of core deposit growth, a decrease in borrowing costs due to lower total borrowings resulting from the June subordinated debt issuance and senior debt repayment, and an increase in noninterest-bearing deposits to 23.8% of total deposits compared to 22.4% at June 30, 2019.

Noninterest income for the third quarter of 2019 was $34.6 million, an increase of $10.7 million or 44.5% from the same period of 2018, and an increase of $2.9 million or 9.2% over the linked quarter.

• Total service fees and revenue for the third quarter of 2019 were $30.6 million, an increase of $10.2 million or 49.6% from the same period of 2018, and an increase of $2.8 million or 9.9% from the second quarter of 2019. The year-over-year increase in fees was due to across the board business growth and the merger.  The linked quarter results included business volume driven increases in investment advisory, service charges on deposits, credit-related fees, and SBA income, which were offset by modest declines in bankcard fees, trust services revenue, and other service fees.

• Other noninterest income was $4.0 million and increased by $0.5 million from the third quarter of 2018 and by $0.2 million from the linked quarter. The year over year variance included an increase of $0.8 million in gains on sales of securities. The linked quarter increase primarily resulted from $1.3 million in increased earnings from limited partnerships plus the second quarter 2019 was reduced by the $2.0 million earnout receivable revaluation. These items were partially offset by a $1.5 million decline in gain on sale of loans related to the second quarter 2019 sale of $130 million of ANCI loans.

• Noninterest income as a percent of total revenues was 17.8% for the third quarter of 2019 compared to 19.6% and 16.5% for the third quarter of 2018 and second quarter of 2019, respectively.

Noninterest expense for the third quarter of 2019 was $94.3 million, an increase of $33.1 million or 54.0% from $61.2 million for the same period in 2018, and a decrease of $6.2 million or 6.2% from $100.5 million for the second quarter of 2019.  The year over year increase was related to the State Bank acquisition.  The linked quarter decrease resulted from:

• Decrease of $3.6 million in merger related costs;

• Decrease of $1.5 million in personnel costs related to lower management incentive accruals;

• Decrease of $1.3 million in FDIC insurance assessment related to credits received for assessments paid prior to reaching $10 billion in total assets; and

• Decrease of $2.7 million in loan related expenses primarily associated with cost deferral on certain mortgage loans.

Adjusted noninterest expenses⁽¹⁾, which exclude the impact of non-routine items⁽²⁾, were $93.3 million for the third quarter of 2019, up $34.2 million or 58.0% from $59.0 million for the third quarter of 2018 and down $2.7 million or 2.8% from $96.0 million for the second quarter of 2019. Non-routine expenses included merger related expenses of $1.0 million, $0.2 million and $4.6 million, for the third quarter of 2019, third quarter of 2018 and second quarter of 2019, respectively.

Our efficiency ratio⁽¹⁾ improvement for the third quarter of 2019 reflects increases in operating revenue combined with decreases in quarterly operating expenses. The third quarter of 2019 adjusted efficiency ratio⁽²⁾ was 48.1% compared to 48.4% for the third quarter of 2018 and 50.0% for the second quarter of 2019.

⁽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.

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Taxes:

The effective tax rate for the quarter ended September 30, 2019 was 22.5% compared to 23.3% for the quarter ended June 30, 2019, and 24.2% for the quarter ended September 30, 2018.  The full year 2019 effective tax rate is currently estimated as 22.9%.

Supplementary Financial Tables (Unaudited):

Supplementary financial tables (unaudited) are included in this release following the customary disclosure information.  

Third Quarter 2019 Earnings Conference Call:

Cadence Bancorporation executive management will host a conference call to discuss third quarter 2019 results on Wednesday, October 23, 2019, at 7:30 a.m. CT / 8:30 a.m. ET. Slides to be presented by management on the conference call can be viewed by visiting www.cadencebancorporation.comand selecting “Events & Presentations” then “Presentations”.    

Conference Call Access:

To access the conference call, please dial one of the following numbers approximately 10-15 minutes prior to the start time to allow time for registration and use the Elite Entry Number provided below.  

Dial in (toll free):	1-888-317-6003
International dial in:	1-412-317-6061
Canada (toll free):	1-866-284-3684
Participant Elite Entry Number:	3972074

For those unable to participate in the live presentation, a replay will be available through November 6, 2019.  To access the replay, please use the following numbers:

US Toll Free:	1-877-344-7529
International Toll:	1-412-317-0088
Canada Toll Free:	1-855-669-9658
Replay Access Code:	10135639
End Date:	November 6, 2019

Webcast Access:

The call and corresponding presentation slides will be webcast live on the home page of the Company’s website: www.cadencebancorporation.com.

About Cadence Bancorporation

Cadence Bancorporation (NYSE: CADE), headquartered in Houston, Texas, is a regional financial holding company with $17.9 billion in assets as of September 30, 2019. Cadence operates 98 branch locations in Alabama, Florida, Georgia, Mississippi, Tennessee and Texas, and provides corporations, middle-market companies, small businesses and consumers with a full range of innovative banking and financial solutions. Services and products include commercial and business banking, treasury management, specialized lending, asset-based lending, commercial real estate, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management, payroll and insurance services, consumer banking, consumer loans, mortgages, home equity lines and loans, and credit cards. Clients have access to leading-edge online and mobile solutions, interactive teller machines, and more than 55,000 ATMs. The Cadence team of 1,800 associates is committed to exceeding customer expectations and helping their clients succeed financially.

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Cautionary Statement Regarding Forward-Looking Information

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our results of operations, financial condition and financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would” and “outlook,” or the negative version of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are

inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict.

Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.  Such factors include, without limitation, the “Risk Factors” referenced in our Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the “SEC”) on May 21, 2018, and our Registration Statement on Form S-4 filed with the SEC on July 20, 2018, other risks and uncertainties listed from time to time in our reports and documents filed with the SEC, including our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, and the following factors: business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic market areas; economic, market, operational, liquidity, credit and interest rate risks associated with our business; deteriorating asset quality and higher loan charge-offs; the laws and regulations applicable to our business; our ability to achieve organic loan and deposit growth and the composition of such growth; increased competition in the financial services industry, nationally, regionally or locally; our ability to maintain our historical earnings trends; our ability to raise additional capital to implement our business plan; material weaknesses in our internal control over financial reporting; systems failures or interruptions involving our information technology and telecommunications systems or third-party servicers; the composition of our management team and our ability to attract and retain key personnel; the fiscal position of the U.S. federal government and the soundness of other financial institutions; the composition of our loan portfolio, including the identity of our borrowers and the concentration of loans in energy-related industries and in our specialized industries; the portion of our loan portfolio that is comprised of participations and shared national credits; the amount of nonperforming and classified assets we hold; the possibility that the anticipated benefits of the merger with State Bank are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Cadence and State Bank do business; the impact on our financial condition, results of operations, financial disclosures, and future business strategies related to the upcoming implementation of FASB Accounting Standards Update 2016-13, Financial Instruments – Credit Losses, commonly referred to as CECL. Cadence can give no assurance that any goal or plan or expectation set forth in forward-looking statements can be achieved and readers are cautioned not to place undue reliance on such statements. The forward-looking statements are made as of the date of this communication, and Cadence does not intend, and assumes no obligation, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.

About Non-GAAP Financial Measures

Certain of the financial measures and ratios we present, including “efficiency ratio,” “adjusted efficiency ratio,” “adjusted noninterest expenses,” “adjusted operating revenue,” “tangible common equity ratio,” “tangible book value per share” and “return on average tangible common equity”, “adjusted return on average tangible common equity”. “adjusted return on average assets”, “adjusted diluted earnings per share” and “pre-tax, pre-provision net earnings,” are supplemental measures that are not required by, or are not presented in accordance with, U.S. generally accepted accounting principles (GAAP).  We refer to these financial measures and ratios as “non-GAAP financial measures.” We consider the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and useful in

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evaluating period-to-period comparisons.  We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenditures or assets that we believe are not indicative of our primary business operating results or by presenting certain metrics on a fully taxable equivalent basis.  We believe that management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, analyzing and comparing past, present and future periods.

These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP and you should not rely on non-GAAP financial measures alone as measures of our performance. The non-GAAP financial measures we present may differ from non-GAAP financial measures used by our peers or other companies. We compensate for these limitations by providing the equivalent GAAP measures whenever we present the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non-GAAP financial measure so that both measures and the individual components may be considered when analyzing our performance.  A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables (Table 10).

###

Contact Information

Cadence Bancorporation

Media contact:

Danielle Kernell

713-871-4051

danielle.kernell@cadencebank.com

Investor relations contact:

Valerie Toalson

713-871-4103 or 800-698-7878

vtoalson@cadencebancorporation.com

8

                                                                                                                    

Table 1 - Selected Financial Data

	As of and for the Three Months Ended
(In thousands, except share and per share data)	September 30, 2019		June 30, 2019		March 31, 2019		December 31, 2018			September 30, 2018
Statement of Income Data:
Interest income	$	213,149	$	217,124	$	222,185	$	143,857		$	131,753
Interest expense		52,962		56,337		52,896		40,711			33,653
Net interest income		160,187		160,787		169,289		103,146			98,100
Provision for credit losses		43,764		28,927		11,210		8,422			(1,365	)
Net interest income after provision		116,423		131,860		158,079		94,724			99,465
Noninterest income  - service fees and revenue		30,646		27,882		27,741		21,217			20,490
Noninterest income - other noninterest income		3,996		3,840		2,923		(210	)		3,486
Noninterest expense		94,283		100,529		113,440		72,697			61,231
Income before income taxes		56,782		63,053		75,303		43,034			62,210
Income tax expense		12,796		14,707		17,102		10,709			15,074
Net income	$	43,986	$	48,346	$	58,201	$	32,325		$	47,136
Weighted average common shares outstanding
Basic		128,457,491		128,791,933		130,485,521		83,375,485			83,625,000
Diluted		128,515,274		129,035,553		130,549,319		83,375,485			84,660,256
Earnings per share
Basic	$	0.34	$	0.37	$	0.44	$	0.39		$	0.56
Diluted		0.34		0.37		0.44		0.39			0.56
Period-End Balance Sheet Data:
Investment securities	$	1,705,325	$	1,684,847	$	1,754,839	$	1,187,252		$	1,206,387
Total loans, net of unearned income		13,637,042		13,627,934		13,624,954		10,053,923			9,443,819
Allowance for credit losses		127,773		115,345		105,038		94,378			86,151
Total assets		17,855,946		17,504,005		17,452,911		12,730,285			11,759,837
Total deposits		14,789,712		14,487,821		14,199,223		10,708,689			9,558,276
Noninterest-bearing deposits		3,602,861		3,296,652		3,210,321		2,454,016			2,094,856
Interest-bearing deposits		11,186,851		11,191,169		10,988,902		8,254,673			7,463,420
Borrowings and subordinated debentures		371,892		376,240		717,278		471,770			662,658
Total shareholders’ equity		2,475,944		2,426,072		2,302,823		1,438,274			1,414,826
Average Balance Sheet Data:
Investment securities	$	1,650,902	$	1,716,550	$	1,748,714	$	1,187,947		$	1,141,704
Total loans, net of unearned income		13,719,286		13,921,873		13,798,386		9,890,419			9,265,754
Allowance for credit losses		119,873		106,656		97,065		87,996			92,783
Total assets		17,621,163		17,653,511		17,634,267		12,249,819			11,585,969
Total deposits		14,539,419		14,645,109		14,579,771		10,038,180			9,489,268
Noninterest-bearing deposits		3,456,807		3,281,383		3,334,399		2,210,793			2,153,097
Interest-bearing deposits		11,082,613		11,363,727		11,245,372		7,827,387			7,336,171
Borrowings and subordinated debentures		381,257		441,619		554,281		652,813			567,864
Total shareholders’ equity		2,447,189		2,331,855		2,241,652		1,412,643			1,395,061

9

                                                                                                                    

Table 1 (Continued) - Selected Financial Data

	As of and for the Three Months Ended
(In thousands, except share and per share data)	September 30, 2019			June 30, 2019			March 31, 2019			December 31, 2018			September 30, 2018
Per Share Data:
Book value	$	19.32		$	18.84		$	17.88		$	17.43		$	16.92
Tangible book value (1)		14.66			14.21			13.23			13.62			13.15
Cash dividends declared		0.175			0.175			0.175			0.150			0.150
Dividend payout ratio		51.47	%		47.30	%		39.77	%		38.46	%		26.79	%
Performance Ratios:
Return on average common equity (2)		7.13	%		8.32	%		10.53	%		9.08	%		13.40	%
Return on average tangible common equity (1) (2)		10.43			12.23			15.54			11.85			17.50
Return on average assets (2)		0.99			1.10			1.34			1.05			1.61
Net interest margin (2)		3.94			3.97			4.21			3.55			3.58
Efficiency ratio (1)		48.39			52.22			56.73			58.55			50.16
Adjusted efficiency ratio (1)		48.07			49.97			45.73			48.99			48.36
Asset Quality Ratios:
Total nonperforming assets ("NPAs") to total loans and OREO and other NPAs		0.84	%		0.85	%		0.63	%		0.82	%		0.66	%
Total nonperforming loans to total loans		0.79			0.80			0.57			0.74			0.50
Total ACL to total loans		0.94			0.85			0.77			0.94			0.91
ACL to total nonperforming loans ("NPLs")		118.17			106.08			135.01			127.12			182.52
Net charge-offs to average loans (2)		0.91			0.54			0.02			0.01			0.13
Capital Ratios:
Total shareholders’ equity to assets		13.9	%		13.9	%		13.2	%		11.3	%		12.0	%
Tangible common equity to tangible assets (1)		10.9			10.8			10.1			9.1			9.6
Common equity tier 1 (3)		11.0			10.9			10.4			9.8			10.4
Tier 1 leverage capital (3)		10.3			10.3			10.0			10.1			10.7
Tier 1 risk-based capital (3)		11.0			10.9			10.4			10.1			10.7
Total risk-based capital (3)		13.2			12.9			11.9			11.8			12.4
_____________________

(1) Considered a non-GAAP financial measure. See Table 10 "Reconciliation of Non-GAAP Financial Measures" for a reconciliation of our non-GAAPmeasures to the most directly comparable GAAP financial measure.

(2) Annualized.

(3) Current quarter regulatory capital ratios are estimates.  

10

                                                                                                                    

Table 2 - Average Balances/Yield/Rates

	For the Three Months Ended September 30,
	2019									2018
	Average			Income/			Yield/			Average			Income/			Yield/
(In thousands)	Balance			Expense			Rate			Balance			Expense			Rate
ASSETS
Interest-earning assets:
Loans, net of unearned income (1)
Originated loans	$	10,191,066		$	136,332			5.31	%	$	8,734,337		$	112,419			5.11	%
ANCI portfolio		3,269,846			54,084			6.56			302,229			3,395			4.46
ACI portfolio		258,375			7,554			11.60			229,188			5,243			9.08
Total loans		13,719,286			197,970			5.72			9,265,754			121,057			5.18
Investment securities
Taxable		1,447,448			9,657			2.65			928,275			6,248			2.67
Tax-exempt (2)		203,454			1,892			3.69			213,429			2,195			4.08
Total investment securities		1,650,902			11,549			2.78			1,141,704			8,443			2.93
Federal funds sold and short-term investments		741,955			3,421			1.83			458,491			2,039			1.76
Other investments		77,605			606			3.10			54,762			675			4.89
Total interest-earning assets		16,189,748			213,546			5.23			10,920,711			132,214			4.80
Noninterest-earning assets:
Cash and due from banks		123,758									71,777
Premises and equipment		128,286									62,422
Accrued interest and other assets		1,299,244									623,842
Allowance for credit losses		(119,873	)								(92,783	)
Total assets	$	17,621,163								$	11,585,969
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Demand deposits	$	7,991,804		$	31,063			1.54	%	$	5,175,915		$	17,046			1.31	%
Savings deposits		250,003			274			0.43			181,449			149			0.33
Time deposits		2,840,806			17,083			2.39			1,978,807			10,312			2.07
Total interest-bearing deposits		11,082,613			48,420			1.73			7,336,171			27,507			1.49
Other borrowings		160,066			1,005			2.49			432,279			3,673			3.37
Subordinated debentures		221,191			3,536			6.35			135,585			2,473			7.25
Total interest-bearing liabilities		11,463,870			52,961			1.83			7,904,035			33,653			1.69
Noninterest-bearing liabilities:
Demand deposits		3,456,807									2,153,097
Accrued interest and other liabilities		253,297									133,776
Total liabilities		15,173,974									10,190,908
Shareholders' equity		2,447,189									1,395,061
Total liabilities and shareholders' equity	$	17,621,163								$	11,585,969
Net interest income/net interest spread					160,585			3.40	%					98,561			3.11	%
Net yield on earning assets/net interest margin								3.94	%								3.58	%
Taxable equivalent adjustment:
Investment securities					(397	)								(461	)
Net interest income				$	160,188								$	98,100
_____________________

(1) Nonaccrual loans are included in loans, net of unearned income. No adjustment has been made for these loans in the calculation of yields.

(2) Interest income and yields are presented on a fully taxable equivalent basis using an income tax rate of 21%.

11

                                                                                                                    

Table 2 (Continued) - Average Balances/Yield/Rates

	For the Three Months Ended September 30, 2019									For the Three Months Ended June 30, 2019
	Average			Income/			Yield/			Average			Income/			Yield/
(In thousands)	Balance			Expense			Rate			Balance			Expense			Rate
ASSETS
Interest-earning assets:
Loans, net of unearned income (1)
Originated loans	$	10,191,066		$	136,332			5.31	%	$	10,044,825		$	135,946			5.43	%
ANCI portfolio		3,269,846			54,084			6.56			3,586,344			55,266			6.18
ACI portfolio		258,375			7,554			11.60			290,704			10,799			14.90
Total loans		13,719,286			197,970			5.72			13,921,873			202,011			5.82
Investment securities
Taxable		1,447,448			9,657			2.65			1,500,971			10,298			2.75
Tax-exempt (2)		203,454			1,892			3.69			215,579			2,061			3.83
Total investment securities		1,650,902			11,549			2.78			1,716,550			12,359			2.89
Federal funds sold and short-term investments		741,955			3,421			1.83			597,988			2,667			1.79
Other investments		77,605			606			3.10			67,124			520			3.11
Total interest-earning assets		16,189,748			213,546			5.23			16,303,535			217,557			5.35
Noninterest-earning assets:
Cash and due from banks		123,758									111,337
Premises and equipment		128,286									128,067
Accrued interest and other assets		1,299,244									1,217,228
Allowance for credit losses		(119,873	)								(106,656	)
Total assets	$	17,621,163								$	17,653,511
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing liabilities:
Demand deposits	$	7,991,804		$	31,063			1.54	%	$	7,732,568		$	30,195			1.57	%
Savings deposits		250,003			274			0.43			251,270			245			0.39
Time deposits		2,840,806			17,083			2.39			3,379,889			20,298			2.41
Total interest-bearing deposits		11,082,613			48,420			1.73			11,363,727			50,738			1.79
Other borrowings		160,066			1,005			2.49			300,897			3,051			4.07
Subordinated debentures		221,191			3,536			6.35			140,722			2,548			7.26
Total interest-bearing liabilities		11,463,870			52,961			1.83			11,805,346			56,337			1.91
Noninterest-bearing liabilities:
Demand deposits		3,456,807									3,281,383
Accrued interest and other liabilities		253,297									234,927
Total liabilities		15,173,974									15,321,656
Stockholders' equity		2,447,189									2,331,855
Total liabilities and stockholders' equity	$	17,621,163								$	17,653,511
Net interest income/net interest spread					160,585			3.40	%					161,220			3.45	%
Net yield on earning assets/net interest margin								3.94	%								3.97	%
Taxable equivalent adjustment:
Investment securities					(397	)								(433	)
Net interest income				$	160,188								$	160,787
_____________________

(1) Nonaccrual loans are included in loans, net of unearned income. No adjustment has been made for these loans in the calculation of yields.

(2) Interest income and yields are presented on a fully taxable equivalent basis using an income tax rate of 21%.

12

                                                                                                                    

Table 3 – Loan Interest Income Detail

	Year-To-Date			For the Three Months Ended
(In thousands)	September 30, 2019			September 30, 2019			June 30, 2019			March 31, 2019			December 31, 2018				September 30, 2019
Loan Interest Income Detail
Interest income on originated loans	$	408,093		$	136,333		$	135,946		$	135,815		$	122,674			$	112,419
ANCI loans: interest income		143,337			43,133			49,095			51,109			4,571				3,219
ANCI loans: accretion		29,599			10,951			6,171			12,478			(273	)			176
ACI loans: scheduled accretion		21,882			6,996			8,989			5,896			4,724				4,881
ACI loans: recovery income		2,821			557			1,810			453			860				362
Loan interest income	$	605,732		$	197,970		$	202,011		$	205,751		$	132,556			$	121,057
Originated loan yield		5.45	%		5.31	%		5.43	%		5.61	%		5.20		%		5.11	%
ANCI loan yield without discount accretion		5.46			5.23			5.49			5.63			5.55				4.23
ANCI loan yield on discount accretion		1.13			1.33			0.69			1.37			(0.33	)			0.23
ACI loan yield without recovery income		10.32			10.74			12.40			7.93			9.81				8.65
ACI loan yield on recovery income		1.33			0.86			2.50			0.61			0.86				0.42
Total loan yield		5.86	%		5.72	%		5.82	%		6.05	%		5.32		%		5.18	%

Table 4 - Allowance for Credit Losses (“ACL”)

	For the Three Months Ended
(In thousands)	September 30, 2019			June 30, 2019			March 31, 2019			December 31, 2018			September 30, 2018
Balance at beginning of period	$	115,345		$	105,038		$	94,378		$	86,151		$	90,620
Charge-offs		(31,650	)		(18,981	)		(938	)		(318	)		(3,265	)
Recoveries		314			361			388			123			161
Net charge-offs		(31,336	)		(18,620	)		(550	)		(195	)		(3,104	)
Provision for (reversal of) credit losses		43,764			28,927			11,210			8,422			(1,365	)
Balance at end of period	$	127,773		$	115,345		$	105,038		$	94,378		$	86,151
(In thousands)
Allocation of Ending ACL
Originated loans	$	114,441		$	105,368		$	96,387		$	85,402		$	77,137
Acquired non-credit impaired loans		1,650			1,091			1,117			1,052			817
Acquired credit impaired loans		11,682			8,886			7,534			7,924			8,197
	$	127,773		$	115,345		$	105,038		$	94,378		$	86,151

13

                                                                                                                    

Table 5 – ACL Activity by Segment

	For the Three Months Ended September 30, 2019
(In thousands)	Commercial and Industrial			Commercial Real Estate			Consumer			Small Business			Total
As of June 30, 2019	$	82,446		$	13,417		$	14,464		$	5,018		$	115,345
Provision for loan losses		36,660			4,590			1,256			1,258			43,764
Charge-offs		(29,632	)		(542	)		(555	)		(921	)		(31,650	)
Recoveries		183			42			79			10			314
As of September 30, 2019	$	89,657		$	17,507		$	15,244		$	5,365		$	127,773
	For the Nine Months Ended September 30, 2019
(In thousands)	Commercial and Industrial			Commercial Real Estate			Consumer			Small Business			Total
As of December 31, 2018	$	66,316		$	10,452		$	13,703		$	3,907		$	94,378
Provision for loan losses		70,611			7,893			2,702			2,695			83,901
Charge-offs		(48,093	)		(880	)		(1,323	)		(1,272	)		(51,568	)
Recoveries		823			42			162			35			1,062
As of September 30, 2019	$	89,657		$	17,507		$	15,244		$	5,365		$	127,773

Table 6 – Criticized Loans by Segment

	As of September 30, 2019
(Recorded Investment in thousands)	Special Mention		Substandard		Doubtful		Total Criticized
Commercial and Industrial
General C&I	$	68,749	$	168,054	$	4,045	$	240,848
Energy sector		59,504		34,645		4,988		99,137
Restaurant industry		58,406		46,707		6,676		111,789
Healthcare		29,154		4,051		—		33,205
Total commercial and industrial		215,813		253,457		15,709		484,979
Commercial Real Estate
Income producing		29,737		15,881		—		45,618
Land and development		5,906		2,362		—		8,268
Total commercial real estate		35,643		18,243		—		53,886
Consumer
Residential real estate		115		10,158		—		10,273
Other		—		16		—		16
Total consumer		115		10,174		—		10,289
Small Business Lending		5,984		16,753		—		22,737
Total	$	257,555	$	298,627	$	15,709	$	571,891

14

                                                                                                                    

Table 6 (Continued) – Criticized Loans by Segment

	As of June 30, 2019
(Recorded Investment in thousands)	Special Mention		Substandard		Doubtful		Total Criticized
Commercial and Industrial
General C&I	$	68,091	$	64,505	$	42,514	$	175,110
Energy sector		—		17,464		6,485		23,949
Restaurant industry		76,552		46,614		2,142		125,308
Healthcare		5,250		4,260		—		9,510
Total commercial and industrial		149,893		132,843		51,141		333,877
Commercial Real Estate
Income producing		15,113		19,352		—		34,465
Land and development		4,978		1,853		—		6,831
Total commercial real estate		20,091		21,205		—		41,296
Consumer
Residential real estate		118		8,110		—		8,228
Other		—		301		—		301
Total consumer		118		8,411		—		8,529
Small Business Lending		5,884		18,941		—		24,825
Total	$	175,986	$	181,400	$	51,141	$	408,527

Table 7 – Nonperforming Assets

	As of September 30, 2019
(Recorded Investment in thousands)	Originated			ANCI			ACI			Total
Nonperforming loans ("NPLs"):
Commercial and industrial	$	86,123		$	6,520		$	—		$	92,643
Commercial real estate		—			1,215			5,640			6,855
Consumer		1,969			3,325			—			5,294
Small business		665			2,669			—			3,334
Total NPLs		88,757			13,729			5,640			108,126
Foreclosed OREO and other NPAs		5,195			—			1,536			6,731
Total nonperforming assets ("NPAs")	$	93,952		$	13,729		$	7,176		$	114,857
NPLs as a percentage of total loans		0.65	%		0.10	%		0.04	%		0.79	%
NPAs as a percentage of loans plus OREO/other NPAs		0.69	%		0.10	%		0.05	%		0.84	%
NPAs as a percentage of total assets		0.53	%		0.08	%		0.04	%		0.64	%
Total accruing loans 90 days or more past due	$	70		$	565		$	23,852		$	24,487

15

                                                                                                                    

Table 7 (Continued) – Nonperforming Assets

	As of June 30, 2019
(Recorded Investment in thousands)	Originated			ANCI			ACI			Total
Nonperforming loans ("NPLs"):
Commercial and industrial	$	103,379		$	—		$	—		$	103,379
Commercial real estate		—			—			—			—
Consumer		589			2,353			—			2,942
Small business		599			1,835			—			2,434
Total NPLs		104,567			4,188			—			108,755
Foreclosed OREO and other NPAs		5,448			9			2,255			7,712
Total nonperforming assets ("NPAs")	$	110,015		$	4,197		$	2,255		$	116,467
NPLs as a percentage of  total loans		0.77	%		0.03	%		0.00	%		0.80	%
NPAs as a percentage of loans plus OREO/other NPAs		0.81	%		0.03	%		0.02	%		0.85	%
NPAs as a percentage of total assets		0.63	%		0.02	%		0.01	%		0.66	%
Accruing 90 days or more past due	$	501		$	1,065		$	29,808		$	31,374

Table 8 -Noninterest Income

	For the Three Months Ended
(In thousands)	September 30, 2019		June 30, 2019		March 31, 2019			December 31, 2018			September 30, 2018
Noninterest Income
Investment advisory revenue	$	6,532	$	5,797	$	5,642		$	5,170		$	5,535
Trust services revenue		4,440		4,578		4,335			4,182			4,449
Service charges on deposit accounts		5,462		4,730		5,130			3,856			3,813
Credit-related fees		5,960		5,341		4,870			5,191			3,549
Payroll processing revenue		1,196		1,161		1,419			-			-
Bankcard fees		2,061		2,279		2,213			1,073			1,078
SBA income		2,216		1,415		1,449			-			-
Mortgage banking revenue		1,079		674		579			398			747
Other service fees		1,700		1,907		2,104			1,347			1,319
Total service fees and revenue		30,646		27,882		27,741			21,217			20,490
Securities gains (losses), net		775		938		(12	)		(54	)		2
Other		3,221		2,902		2,935			(156	)		3,484
Total other noninterest income		3,996		3,840		2,923			(210	)		3,486
Total noninterest income	$	34,642	$	31,722	$	30,664		$	21,007		$	23,976

16

                                                                                                                    

Table 9 -Noninterest Expenses

	For the Three Months Ended
(In thousands)	September 30, 2019			June 30, 2019		March 31, 2019		December 31, 2018		September 30, 2018
Noninterest Expenses
Salaries and employee benefits	$	51,904		$	53,660	$	53,471	$	43,495	$	35,790
Premises and equipment		10,913			11,148		10,958		8,212		7,544
Merger related expenses		1,010			4,562		22,000		2,049		178
Intangible asset amortization		6,025			5,888		6,073		598		650
Data processing		3,641			3,435		2,594		2,117		1,989
Consulting and professional fees		2,621			1,899		2,229		3,675		4,266
Loan related expenses		(921	)		1,740		910		1,424		821
FDIC insurance		527			1,870		1,752		1,230		1,237
Communications		1,425			1,457		998		684		682
Advertising and public relations		1,368			1,104		781		928		679
Legal expenses		500			645		158		395		242
Other		15,270			13,122		11,516		7,889		7,153
Total noninterest expenses	$	94,283		$	100,529	$	113,440	$	72,697	$	61,231

17

                                                                                                                    

Table 10 - Reconciliation of Non-GAAP Financial Measures

	As of and for the Three Months Ended
(In thousands, except share and per share data)	September 30, 2019			June 30, 2019			March 31, 2019			December 31, 2018			September 30, 2018
Efficiency ratio
Noninterest expenses (numerator)	$	94,283		$	100,529		$	113,440		$	72,697		$	61,231
Net interest income	$	160,187		$	160,787		$	169,289		$	103,146		$	98,100
Noninterest income		34,642			31,722			30,664			21,007			23,976
Operating revenue (denominator)	$	194,829		$	192,509		$	199,953		$	124,153		$	122,076
Efficiency ratio		48.39	%		52.22	%		56.73	%		58.55	%		50.16	%
Adjusted efficiency ratio
Noninterest expenses	$	94,283		$	100,529		$	113,440		$	72,697		$	61,231
Less: Merger related expenses		1,010			4,562			22,000			2,049			178
Less: Secondary offerings expenses		—			—			—			—			2,022
Plus: Specially designated bonuses		—			—			—			9,795			—
Adjusted noninterest expenses (numerator)	$	93,273		$	95,967		$	91,440		$	60,853		$	59,031
Net interest income	$	160,187		$	160,787		$	169,289		$	103,146		$	98,100
Noninterest income		34,642			31,722			30,664			21,007			23,976
Plus: revaluation of receivable from sale of insurance assets		—			2,000			—			—			—
Less: gain on sale of acquired commercial loans		—			1,514			—			—			—
Less: securities gains (losses), net		775			938			(12	)		(54	)		2
Adjusted noninterest income		33,867			31,270			30,676			21,061			23,974
Adjusted operating revenue (denominator)	$	194,054		$	192,057		$	199,965		$	124,207		$	122,074
Adjusted efficiency ratio		48.07	%		49.97	%		45.73	%		48.99	%		48.36	%
Tangible common equity ratio
Shareholders’ equity	$	2,475,944		$	2,426,072		$	2,302,823		$	1,438,274		$	1,414,826
Less: goodwill and other intangible assets, net		(597,488	)		(595,605	)		(598,674	)		(314,400	)		(314,998	)
Tangible common shareholders’ equity		1,878,456			1,830,467			1,704,149			1,123,874			1,099,828
Total assets		17,855,946			17,504,005			17,452,911			12,730,285			11,759,837
Less: goodwill and other intangible assets, net		(597,488	)		(595,605	)		(598,674	)		(314,400	)		(314,998	)
Tangible assets	$	17,258,458		$	16,908,400		$	16,854,237		$	12,415,885		$	11,444,839
Tangible common equity ratio		10.88	%		10.83	%		10.11	%		9.05	%		9.61	%
Tangible book value per share
Shareholders’ equity	$	2,475,944		$	2,426,072		$	2,302,823		$	1,438,274		$	1,414,826
Less: goodwill and other intangible assets, net		(597,488	)		(595,605	)		(598,674	)		(314,400	)		(314,998	)
Tangible common shareholders’ equity	$	1,878,456		$	1,830,467		$	1,704,149		$	1,123,874		$	1,099,828
Common shares outstanding		128,173,765			128,798,549			128,762,201			82,497,009			83,625,000
Tangible book value per share	$	14.66		$	14.21		$	13.23		$	13.62		$	13.15

18

                                                                                                                    

Table 10 (Continued) – Reconciliation of Non-GAAP Measures

	As of and for the Three Months Ended
(In thousands, except share and per share data)	September 30, 2019			June 30, 2019			March 31, 2019			December 31, 2018			September 30, 2018
Return on average tangible common equity
Average common equity	$	2,447,189		$	2,331,855		$	2,241,652		$	1,412,643		$	1,395,061
Less: average intangible assets		(598,602	)		(597,772	)		(602,446	)		(314,759	)		(315,382	)
Average tangible common shareholders’ equity	$	1,848,587		$	1,734,083		$	1,639,206		$	1,097,884		$	1,079,679
Net income	$	43,986		$	48,346		$	58,201		$	32,325		$	47,136
Plus: intangible asset amortization		4,620			4,515			4,628			459			498
Tangible net income	$	48,606		$	52,861		$	62,829		$	32,784		$	47,634
Return on average tangible common equity(1)		10.43	%		12.23	%		15.54	%		11.85	%		17.50	%
Adjusted return on average tangible common equity
Average tangible common shareholders’ equity	$	1,848,587		$	1,734,083		$	1,639,206		$	1,097,884		$	1,079,679
Tangible net income	$	48,606		$	52,861		$	62,829		$	32,784		$	47,634
Non-routine items:
Plus: merger related expenses		1,010			4,562			22,000			2,049			178
Plus: secondary offerings expenses		—			—			—			—			2,022
Plus: specially designated bonuses		—			—			—			9,795			—
Plus: revaluation of receivable from sale of insurance assets		—			2,000			—			—			—
Less: gain on sale of acquired commercial loans		—			1,514			—			—			—
Less: securities gains (losses), net		775			938			(12	)		(54	)		2
Tax expense:
Less: income tax effect of tax deductible non-routine items		55			958			4,694			2,648			34
Total non-routine items, after tax		180			3,152			17,318			9,250			2,164
Adjusted tangible net income available to common shareholders	$	48,786		$	56,012		$	80,146		$	42,034		$	49,798
Adjusted return on average tangible common equity(1)		10.47	%		12.96	%		19.83	%		15.19	%		18.30	%
Adjusted return on average assets
Average assets	$	17,621,163		$	17,653,511		$	17,634,267		$	12,249,819		$	11,585,969
Net income	$	43,986		$	48,346		$	58,201		$	32,325		$	47,136
Return on average assets		0.99	%		1.10	%		1.34	%		1.05	%		1.61	%
Net income	$	43,986		$	48,346		$	58,201		$	32,325		$	47,136
Total non-routine items, after tax		180			3,152			17,318			9,250			2,164
Adjusted net income	$	44,166		$	51,497		$	75,519		$	41,575		$	49,300
Adjusted return on average assets(1)		0.99	%		1.17	%		1.74	%		1.35	%		1.69	%
Adjusted diluted earnings per share
Diluted weighted average common shares outstanding		128,515,274			129,035,553			130,549,319			83,375,485			84,660,256
Net income allocated to common stock	$	43,849		$	48,176		$	58,028		$	32,293		$	47,080
Total non-routine items, after tax		180			3,152			17,318			9,250			2,164
Adjusted net income allocated to common stock	$	44,029		$	51,328		$	75,346		$	41,543		$	49,244
Adjusted diluted earnings per share	$	0.34		$	0.40		$	0.58		$	0.50		$	0.58
Adjusted pre-tax, pre-provision net earnings
Income before taxes	$	56,782		$	63,053		$	75,303		$	43,034		$	62,210
Plus: Provision for credit losses		43,764			28,927			11,210			8,422			(1,365	)
Plus: Total non-routine items before taxes		235			4,110			22,012			11,898			2,198
Adjusted pre-tax, pre-provision net earnings	$	100,780		$	96,090		$	108,525		$	63,354		$	63,043

(1) Annualized.

19

EX-99.2

ANALYST PRESENTATION February 7, 2017 Paul B. Murphy, Jr. Chairman and CEO Third Quarter 2019 Financial Results October 23, 2019 Exhibit 99.2

Disclaimers This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our results of operations, financial condition and financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would” and “outlook,” or the negative version of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Such factors include, without limitation, the “Risk Factors” referenced in our Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the “SEC”) on May 21, 2018, and our Registration Statement on Form S-4 filed with the SEC on July 20, 2018, other risks and uncertainties listed from time to time in our reports and documents filed with the SEC, including our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, and the following factors: business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic market areas; economic, market, operational, liquidity, credit and interest rate risks associated with our business; deteriorating asset quality and higher loan charge-offs; the laws and regulations applicable to our business; our ability to achieve organic loan and deposit growth and the composition of such growth; increased competition in the financial services industry, nationally, regionally or locally; our ability to maintain our historical earnings trends; our ability to raise additional capital to implement our business plan; material weaknesses in our internal control over financial reporting; systems failures or interruptions involving our information technology and telecommunications systems or third-party servicers; the composition of our management team and our ability to attract and retain key personnel; the fiscal position of the U.S. federal government and the soundness of other financial institutions; the composition of our loan portfolio, including the identity of our borrowers and the concentration of loans in energy-related industries and in our specialized industries; the portion of our loan portfolio that is comprised of participations and shared national credits; the amount of nonperforming and classified assets we hold; the possibility that the anticipated benefits of the merger with State Bank are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Cadence and State Bank do business. Cadence can give no assurance that any goal or plan or expectation set forth in forward-looking statements can be achieved and readers are cautioned not to place undue reliance on such statements. The forward-looking statements are made as of the date of this communication, and Cadence does not intend, and assumes no obligation, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law. Certain of the financial measures and ratios we present, including “efficiency ratio,” “adjusted efficiency ratio,” “adjusted noninterest expenses,” “adjusted operating revenue,” “tangible common equity ratio,” “tangible book value per share” and “return on average tangible common equity”, “adjusted return on average tangible common equity”. “adjusted return on average assets”, “adjusted diluted earnings per share” and “pre-tax, pre-provision net earnings,” are supplemental measures that are not required by, or are not presented in accordance with, U.S. generally accepted accounting principles (GAAP). We refer to these financial measures and ratios as “non-GAAP financial measures.” We consider the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and useful in evaluating period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenditures or assets that we believe are not indicative of our primary business operating results or by presenting certain metrics on a fully taxable equivalent basis. We believe that management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, analyzing and comparing past, present and future periods. These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP and you should not rely on non-GAAP financial measures alone as measures of our performance. The non-GAAP financial measures we present may differ from non-GAAP financial measures used by our peers or other companies. We compensate for these limitations by providing the equivalent GAAP measures whenever we present the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non-GAAP financial measure so that both measures and the individual components may be considered when analyzing our performance. A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included in the Appendix.

Earnings Net income of $44.0 million, compared to $47.1 million in 3Q18 and $48.3 million in 2Q19. Earnings per share of $0.34, ROAA of 0.99% and ROATCE(1) of 10.43%. Adjusted net income(1) and adjusted earnings per share(1) were $44.2 million and $0.34, respectively, which reflects the impact of non-routine items, primarily merger expenses. Revenue Balance Sheet Efficiency Credit Quality Operating revenue(1) of $194.8 million, up 59.6% from 3Q18 and rising 1.2% from 2Q19. Net Interest Income of $160.2 million, up 63.3% from 3Q18 and flat from 2Q19. 3Q19 operating revenue reflected stable underlying trends driven by flat earning assets that, as compared to the linked quarter, was positively impacted by timing of hedge income and lower funding costs. Noninterest income of $34.6 million, up 44.5% from 3Q18 and up 9.2% over the linked quarter. Total period end assets of $17.9 billion, up $6.1 billion or 51.8% from 3Q18 reflecting the State Bank acquisition in 1Q19 and up $351.9 million or 2.0% from 2Q19. Loans of $13.6 billion and total deposits of $14.8 billion. Loan to deposit ratio of 92% vs. 94% in 2Q19. Tangible common equity was $1.9 billion, up 3% from 2Q19. Tangible common equity ratio 10.9% at 3Q19. Adj. noninterest expenses(1) were $93.3 million in 3Q19, which exclude $1 million of merger costs. Adj. efficiency ratio(1) of 48.1%, improved from 48.4% in the year ago quarter and 50.0% linked quarter, reflecting steady revenue growth and continued focus on expense discipline. Elevated credit resolutions resulted in $31.3 million of net charge-offs or 91 bps of average loans in 3Q19, while adding $43.8 million to the provision during the quarter. Total NPAs to total loans, OREO and other NPAs of 0.84% as of 3Q19, down from 0.85% in 2Q19 and up from 0.66% in 3Q18. Allowance for credit losses was 0.94% of total loans compared to 0.85% in 2Q19 and 0.91% in 3Q18. (1) Considered a non-GAAP financial measure. See “Non-GAAP Measures and Ratio Reconciliation” in the appendix. (2) Presented on a fully taxable equivalent (FTE) basis using a tax rate of 21.0% (3) Core deposits are defined as total deposits excluding brokered deposits Third Quarter 2019 Highlights

Third Quarter 2019 Highlights, continued $ in millions, except per share and unless otherwise indicated (1) Favorable (Unfavorable) comparison versus prior period. YoY represents 9/30/19 vs. 9/30/18. QoQ represents 9/30/19 vs. 6/30/19. (2) Considered a non-GAAP financial measure. See “Non-GAAP Measures and Ratio Reconciliation” in the appendix (3) Annualized for the three month periods

Net Income ($mm) Key Profitability Metrics Earnings Per Share Return on Tangible Equity Return on Average Assets (1) “Adjusted” figures are considered non-GAAP financial measures. See “Non-GAAP Measures and Ratio Reconciliation” in the appendix GAAP Reporting Basis Adjusted ("Non-GAAP")(1)

Historical Financial Performance 44% 62% 74% 17% 26% 74% 80% 84% 20% 16% 92% 8% 96% 4% (1) Considered a non-GAAP financial measure. See “Non-GAAP Measures and Ratio Reconciliation” in the appendix 3.59% 3.64% 3.66% 3.58% 3.55% 4.21% 3.97% 3.94% Net Interest Margin (%)

Highlights Loan Portfolio Metrics $ in millions, unless otherwise indicated Diversified Loan Portfolio (Gross) Total net loans of $13.6 billion were flat QoQ, reflecting management’s intent to moderate loan growth, slowing down restaurant lending and decreasing leveraged lending exposure. New business development remains active, however increased payoffs and paydowns have somewhat offset organic loan origination over the past two quarters. (1) Favorable (Unfavorable) comparison versus prior period. YoY represents 9/30/19 vs. 9/30/18. QoQ represents 9/30/19 vs. 6/30/19. (2) Period-End Data. Figures may not total due to rounding. 3Q19 Loan Breakdown and Historical Comparison

Credit Quality $ in millions, unless otherwise indicated Nonperforming Assets(1) Highlights Allowance for Credit Losses Rollforward (1) NPA% represents total nonperforming assets (NPAs) to total loans and OREO and other NPAs Of the 3Q19 net-charge offs totaling $31.3 million, $15 million was on one General C&I (“Gen C&I”), non-SNC credit; of YTD net charge-offs of $50.5 million, $20 million was on the same Gen C&I credit. This loan was fully resolved in October 2019. Other 3Q19 charge-offs include $5.3 million Energy SNC; $4.4 million Restaurant SNC & $3.0 million Gen C&I non-SNC. All three of these credits are in final stages of resolution. Provision in 3Q19 of $43.8 million was related to the charge offs, accounting for ~51% of the total, with the remainder from other specifically reviewed credits and credit migration, including the increase in criticized loans in the quarter. The allowance for credit losses was $127.8 million or 0.94% of total loans at 3Q19, up from 0.85% in 2Q19. NPA%(1) of 0.84% decreased from 0.85% in 2Q19. Criticized loans increased to $572 million for 3Q19 compared to $409 million for 2Q19 with additions driven by credits in General C&I & Energy.

Credit Quality – 3Q19 Commentary 2019 charge-offs have exceeded overall portfolio expectations due primarily to one outlier high-severity loss (non-SNC) credit. 48% of 3Q19 charge-offs related to one credit, accounting for $15 million of the total for the quarter 40% of 2019 year-to-date charge-offs related to this one credit, accounting for $20 million of the total YTD Isolating this one credit, other charge-offs for the year are in line with long-term expectations of 25-30 bps for the portfolio. 2017 & 2018 at 6 bp annual net charge-offs; YTD through 3Q19 at 0.49% Increase in classified assets largely in General C&I No discernable trends or aberrations; approx. 14 credits totaling $115 million Increase in criticized assets largely in General C&I and Energy Energy criticized assets of $99 million are ~50% originated in 2014 or prior, with 3 E&P credits totaling $29 million working to exit Restaurant criticized assets of $112 million include approximately 85% in the Quick Service (QSR) sector Leveraged loans without moderating characteristics down 7% linked quarter to $782 million Technology and Healthcare performing in line with expectations CRE and Mortgage performing in line with historical levels of strong credit results

Highlights Core Deposit Growth $ in millions, unless otherwise indicated Deposit Growth 3Q19 Deposit Breakdown and Comparison Core deposits(2) increased $658 million, or 5% QoQ, while brokered deposits declined $356 million or -41% QoQ. Brokered deposits were down to 3% of total deposits at the end of 3Q19 from 6% in 2Q19 and 8% in 3Q18. Total deposits increased by $1.1 billion or 12% YoY excluding the impact of the State Bank merger. Noninterest-bearing deposits increased $306 million or 9% since 2Q19 and now make up 24% of total deposits. (1) Favorable (Unfavorable) comparison versus prior period. YoY represents 9/30/19 vs. 9/30/18. QoQ represents 9/30/19 vs. 6/30/19. (2) Core deposits are defined as total deposits excluding brokered deposits. (3) Period-End Data. Figures may not total due to rounding. Core Deposit Geography (9/30/19)

Net Interest Margin Highlights (1) Acquired non-credit impaired (“ANCI”) loans NIM, Yields & Costs Net interest margin (tax equivalent) was 3.94% in 3Q19 vs. 3.97% for 2Q19. The 3 bp decline during 3Q19 is related to lower earning asset yields related to the declining rate environment that were not fully offset by the lag in lower deposit costs. Originated loan beta in 3Q19 was 46%; excluding the benefit of our hedging activities, this beta would have been 89% due to the 69% floating nature of our loan portfolio, illustrating the positive impact of the $4 billion notional interest rate collar. Yield on loans declined 10bp during 3Q19 reflecting the negative impact of declining LIBOR & the impact of the 2Q19 sale of higher yielding acquired loans, reduced by the positive impact of our interest rate collar and a modest increase in accretion. Total deposit beta was 34% in 3Q19. Total cost of deposits was 1.32% for 3Q19, improving 7bp from 2Q19. 3Q19 deposit costs were positively impacted by lower brokered deposits, higher NIB balances and lower rates on interest sensitive deposits. In a -100bp interest rate parallel shock scenario, net interest income is modeled to increase 1%, using a 50% total deposit beta assumption. Net Interest Margin (TE) Rollforward(1)

Highlights Breakdown of Noninterest Income Total Noninterest Income Composition(1) Total Noninterest Income Growth $ in millions, unless otherwise indicated Total noninterest income of $34.6 million, up $10.7 million or 44.5% from 3Q18, and an increase of $2.9 million or 9.2% from 2Q19. Increases in 3Q19 were led by business volume increases in investment advisory, service charges, credit fees and SBA income. Noninterest income as a percent of operating revenue was 17.8% for 3Q19 and includes the addition of State Bank and new revenue sources. Assets Under Management(2) (1) Figures may not total due to rounding (2) Total Assets Under Management adjusted to exclude escrow, safekeeping & QSF Total Noninterest Income / Operating Revenue 19.6 % 16.9 % 15.3 % 16.5 % 17.8 %

Expense Management & Operating Leverage Noninterest Expense ($mm) Highlights The adjusted efficiency ratio(1) of 48.1% for 3Q19 is indicative of strong operating efficiency throughout the organization. $27.6 million of merger expenses have been incurred year to date, mainly associated with the closing of the State Bank acquisition on January 1, 2019. Adjusted net income(1) of $44.2 million for the third quarter of 2019, excludes $1.0 million of merger-related expenses associated with the purchase of State Bank and Wealth & Pension. Efficiency Ratio(1) (1) Considered a non-GAAP financial measure. See “Non-GAAP Measures and Ratio Reconciliation” in the appendix GAAP Reporting Basis Adjusted ("Non-GAAP")(1) Net Income ($mm)

Appendix

Net Interest Income Dynamics $ in millions, unless otherwise indicated (1) Favorable (Unfavorable) comparison versus prior period.

Summary Income Statement $ in millions (1) Considered a non-GAAP financial measure. See “Non-GAAP Measures and Ratio Reconciliation” in the appendix Note: Figures may not total due to rounding.

Components of Net Income $ in millions Note: Figures may not total due to rounding.

Summary Balance Sheet – Period End $ in millions Note: Figures may not total due to rounding.

Capital Ratios

Allowance for Credit Losses (ACL) Rollforward $ in thousands Note: Figures may not total due to rounding.

Criticized Loans by Segment $ in thousands

Nonperforming Assets $ in thousands Note: Figures may not total due to rounding.

Nonperforming and 90+ Days Past Due Loans $ in millions, unless otherwise indicated

Classified and Criticized Loans $ in millions, unless otherwise indicated (1) Classified Loan % represents total classified loans to total loans held for investment (HFI) (2) Criticized Loan % represents total criticized loans to total loans held for investment (HFI)

Energy Loans Detail $ in millions Note: Figures may not total due to rounding. .

Non-GAAP Measures and Ratio Reconciliation $ in millions Note: Figures may not total due to rounding.

Non-GAAP Measures and Ratio Reconciliation, continued Note: Figures may not total due to rounding. (1) Annualized for the three month periods. $ in millions, except per share and unless otherwise indicated

Non-GAAP Measures and Ratio Reconciliation, continued $ in millions, except per share and unless otherwise indicated (1) Annualized for the three month periods. Note: Figures may not total due to rounding.

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Document And Entity Information	Oct. 23, 2019
Document And Entity Information [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Oct. 23, 2019
Entity Registrant Name	Cadence Bancorporation
Entity Central Index Key	0001614184
Entity Emerging Growth Company	false
Entity File Number	001-38058
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-1329858
Entity Address, Address Line One	2800 Post Oak Boulevard
Entity Address, Address Line Two	Suite 3800
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77056
City Area Code	713
Local Phone Number	871-4000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Class A Common Stock
Trading Symbol	CADE
Security Exchange Name	NYSE