Slides
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July 23, 2025 Earnings Presentation
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2 Second Quarter 2025 Financial Highlights • Reported net income available to common shareholders of $129.9 million, or $0.69 per diluted common share, and adjusted net income available to common shareholders(1) of $137.5 million, or $0.73 per diluted common share. • Achieved record quarterly adjusted pre-tax pre-provision net revenue (PPNR)(1) of $206.0 million, an increase of $16.0 million, or 8.4% compared to the first quarter of 2025. • Generated net organic loan growth of $1.1 billion for 2Q25, or 12.6% on an annualized basis. • Grew core organic customer deposit balances(2), which exclude brokered and public fund deposits, by $376 million, or 4.4% on an annualized basis. • Maintained strong regulatory capital with Common Equity Tier 1 Capital of 12.2% and Total Capital of 13.8%. • Effective May 1, 2025, completed the acquisition of FCB Financial Corp., the parent company of First Chatham Bank, which added approximately $604 million in assets to CADE's presence in Savannah, Georgia and surrounding areas. • Effective July 1, 2025, completed the acquisition of Industry Bancshares, Inc., which added approximately $4.1 billion in assets to CADE's presence in Central and Southeast Texas. 2Q25 Highlights Record PPNR Growth Increased Net Income $137.5 million Adjusted Net Income Available To Common Shareholders(1) $$0.73 Adjusted EPS(1) (1) Considered a non-GAAP financial measure. See “Non-GAAP Reconciliation” in the appendix. (2) Excludes brokered deposits and public funds. Strong Capital Levels 12.2% Total Capital Ratio 13.8% Common Equity Tier 1 Capital Adjusted PPNR Growth vs. 1Q25(1) +8.4% Organic Balance Sheet Growth 2Q25 Annualized Organic Loan Growth +12.6% 2Q25 Annualized Core Organic Deposit Growth(2) +4.4% $206.0 million Adjusted Pre-tax Pre-Provision Net Revenue(1)
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3 FCB Financial Corp. Transaction Highlights Branch Footprint – Savannah, GA Aquisition Update • On May 1, 2025, CADE completed the merger with FCB Financial Corp., the bank holding company for First Chatham Bank (collectively referred to as “First Chatham”). • Serving the greater Savannah market since 2002, First Chatham operated 8 branches with over 100 employees. • CADE issued approximately 2.3 million shares of common stock plus $23.1 million in cash for all outstanding shares of First Chatham. Strategic Rationale • Strong core funded franchise with approximately 30% of deposits in noninterest products and an impressive overall cost of funding. • Savannah is the second largest market in the state of Georgia, with only one legacy CADE location.(2) • Savannah represents a very diverse market with strong ties to manufacturing, port operations and logistics, tourism, healthcare, military, and real estate development. Transaction Metrics • Accretive to earnings in first full year and tangible book value dilution of two years or less. • Minimal impact to tangible book value per share and regulatory capital metrics. Transaction Highlights FCB Financial Highlights Transaction Details / Assumptions $604 million Assets(1) $525 million Deposits(1) $387 million Loans(1) $90.4 million Purchase Price(3) 7.2x Price / LTM EPS(4) 25% Cost Savings (1) As of April 30, 2025. (2) Excludes counties outside of Georgia. (3) Based upon CADE’s closing stock price of $29.26 on April 30, 2025. (4) LTM EPS: Last twelve months earnings per share.
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4 Industry Bancshares Transaction Highlights Strong Community Banking Presence in Texas Acquisition Update • On July 1, 2025, CADE completed the merger with Industry Bancshares, Inc., (referred to as “Industry”), pursuant to which Industry was merged with and into CADE. • On July 1, 2025, $1.9B of securities were sold with $1.0B of the proceeds redeployed in purchased securities with an average yield of ~5.25%. The remainder of the funds will be deployed to paydown wholesale funding at ~4.25%. In addition, CADE entered into ~$550MM in interest rate swaps to manage interest rate risk associated with ~$600MM in securities remaining on the balance sheet. Strategic Rationale • Founded in 1911 and headquartered in Industry, Texas, Industry operated 27 full-service branches across Central and Southeast Texas. • Acquisition of a stable, granular, core deposit franchise in attractive Texas markets, meaningfully enhancing CADE’s Texas presence. • Sale of a portion of acquired securities portfolio unlocks substantial liquidity and provides a durable growth runway. Transaction Metrics • Acquisition enhances CADE's core profitability with 7bps of ROA improvement and 360bps of Core ROATCE improvement. • Cost savings estimated at 40%(1) of Industry’s non-interest expenses (or $27 million pre-tax). • Regulatory capital ratios remain well capitalized. Transaction Highlights Industry Financial Highlights Transaction Details / Assumptions $4.1 billion Assets(2) $4.3 billion Deposits(2) $1.1 billion Loans(2) $20 million Purchase Price 12.6% 2026 EPS Accretion(3) 40% Cost Savings(1) (1) 25% in 2025, 100% in 2026. (2) As of June 30, 2025. (3) Based on Consensus Estimates.
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5 $11.6 29% $10.6 26% $4.6 11% $4.1 10% $3.1 8% $2.1 5% $2.0 5% $2.0 5% $0.5 1% TX MS AL GA TN AR FL LA MO Core Deposit Base (1) Excludes brokered deposits and public funds. Note: Figures may not total due to rounding. Deposits By State ($ in billions) $40.5 billion Period Ending Deposits (in millions) 2Q25 % of Deposits Δ vs. 1Q25 $ Δ vs. 1Q25 % Δ vs. 2Q24 $ Δ vs. 2Q24 % Noninterest Bearing Demand $9,154 23% $596 7% $568 7% Interest Bearing Demand 18,937 47% (284) (1%) 423 2% Savings 2,641 7% 14 1% 27 1% Other Time 9,761 24% (168) (2%) 1,617 20% Total Deposits (period end) $40,494 100% $158 0% $2,635 7% Public Funds 3,849 10% (301) (7%) (462) (11%) Brokered Deposits 1,457 4% (437) (23%) 1,005 222% Highlights • Total deposits were $40.5 billion as of June 30, 2025, increasing $0.2 billion from $40.3 billion at the end of the first quarter of 2025. • Core customer deposits(1) increased organically $376 million, or 4.4% annualized compared to 1Q25 while brokered deposits declined $437 million and public fund deposits declined $301 million over the same time period. Year to date, core customer deposits(1) have grown $367 million, or 2.1% annualized. • Noninterest bearing deposits improved to 22.6% of total deposits at the end of 2Q25 from 21.2% at the end of 1Q25. • Long-standing customer relationships: 45% of total deposits with 15+ year relationships, 13% are 10-15 years and 17% are 5-10 years. • 98% of deposit accounts have balances of less than $250K, with average deposits of <$25K. Community bank deposits represent ~82% of total deposits.
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6 Loan Portfolio Period Ending Loans (in millions) 2Q25 % of Loans Δ vs. 1Q25 $ Δ vs. 1Q25 % Δ vs. 2Q24 $ Δ vs. 2Q24 % Non-real estate $9,049 25.5% $360 4% -$88 (1%) Owner occupied 4,762 13.4% $95 2% $286 6% Total Commercial and Industrial $13,812 38.9% $456 3% $199 1% Construction, acquisition and development $3,464 9.8% -$259 (7%) -$429 (11%) Income producing 7,026 19.8% $758 12% $1,175 20% Total Commercial Real Estate $10,490 29.6% $498 5% $746 8% Residential mortgages $10,952 30.9% $454 4% $1,211 12% Other consumer 212 0.6% $7 3% -$4 (2%) Total Consumer $11,164 31.5% $460 4% $1,208 12% Total Loans and Leases $35,465 100% $1,413 4% $2,152 6% • Loans and leases, net of unearned income, increased $1.4 billion to $35.5 billion from the end of the first quarter of 2025. • Net organic loan growth of $1.1 billion, or 12.6% annualized, for the second quarter of 2025 was driven by diverse growth across asset classes in our community bank, corporate bank, private banking, and mortgage teams. Year-to-date, net organic loan growth was $1.4 billion, or 8.3% annualized. • The loan portfolio mix remains diverse and well-balanced with commercial and industrial as the largest segment at 38.9% of total loans, commercial real estate at 29.6% and consumer (primarily residential mortgages) at 31.5% as of June 30, 2025. • Total active line utilization decreased slightly during 2Q25 to 47.5% at June 30, 2025, compared to 48.7% at March 31, 2025. Highlights Note: Figures may not total due to rounding. $14.4 41% $3.1 9%$2.8 8% $2.8 8% $2.5 7% $1.9 5% $1.5 4% $1.2 3% $0.7 2% $4.6 13% TX MS AL GA FL TN LA AR MO Other Loans By State ($ in billions) $35.5 billion
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7 $1,819 13% $1,396 10% $1,099 8% $977 7% $877 $876 6% 6% $849 6% $812 6% $638 5% $585 4% $3,884 28% RE, Rental & Leasing Energy Sector Restaurant/Hospitality Retail Healthcare Finance and Insurance Manufacturing Other Services Public Admin/Education Construction General C&I and Other Commercial & Industrial (C&I) C&I Industry Breakout (in millions) 2Q25 % of C&I Loans % of Total Loans Δ vs. 1Q25 $ Δ vs. 1Q25 % Δ vs. 2Q24 $ Δ vs. 2Q24 % RE, Rental & Leasing $1,819 13% 5% $24 1% $180 11% Energy Sector 1,396 10% 4% 66 5% (197) (12%) Restaurant/Hospitality 1,099 8% 3% 45 4% 68 7% Retail 977 7% 3% 31 3% (55) (5%) Healthcare 877 6% 2% (84) (9%) (29) (3%) Finance and Insurance 876 6% 2% 20 2% 117 15% Manufacturing 849 6% 2% 42 5% 36 4% Other Services 812 6% 2% 7 1% (15) (2%) Public Admin/Education 638 5% 2% 25 4% 57 10% Construction 585 4% 2% 5 1% (13) (2%) General C&I and Other 3,884 28% 11% 275 8% 50 1% TOTAL $13,812 100% 39% $456 3% $199 1% Highlights Diverse C&I Mix(1) ($ in millions) $13.8 billion (1) Percentages represent the % of C&I loans. Note: Figures may not total due to rounding. • Commercial & Industrial (C&I) is the largest loan segment at 38.9% of total loans as of 2Q25, with growth across the majority of industries. • The $13.8 billion C&I portfolio includes 66% C&I Non-Real Estate and 34% C&I Owner-Occupied. • In the second quarter of 2025, total C&I charge-offs were $18.1 million, which were partially offset by $3.2 million in recoveries. • Texas is our largest exposure by state, with 39% of C&I Non-Real Estate and 39% of C&I Owner-Occupied as of June 30, 2025. • C&I Non-Real Estate NPLs to total C&I Non-Real Estate loans were 1.37% at 6/30/25 vs. 1.36% at 3/31/25 and 1.33% at 6/30/24. • C&I Owner-Occupied NPLs to total C&I Owner-Occupied loans were 0.38% at 6/30/25, compared to 0.41% at 3/31/25 and 0.31% at 6/30/24. • Shared national credits represented 12% of total loans as of June 30, 2025, supporting larger commercial customers and specialized industries.
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8 Commercial Real Estate (CRE) CRE Industry Breakout (in millions) 2Q25 % of CRE Loans % of Total Loans Δ vs. 1Q25 $ Δ vs. 1Q25 % Δ vs. 2Q24 $ Δ vs. 2Q24 % Multifamily $2,548 24% 7% ($11) 0% $91 4% Retail 1,834 17% 5% 67 4% 188 11% A&D 995 9% 3% 70 8% 78 9% Industrial 972 9% 3% 61 7% (62) (6%) 1-4 Family 916 9% 3% 5 1% 47 5% Office 756 7% 2% (1) 0% 33 5% Hotel 722 7% 2% 46 7% 37 5% Healthcare 417 4% 1% (5) (1%) (10) (2%) Doctor Office 341 3% 1% 111 48% 123 56% Other 988 9% 3% 154 18% 220 29% TOTAL $10,490 100% 30% $498 5% $746 8% Highlights Diverse CRE Mix(1) ($ in millions) $10.5 billion (1) Percentages represent the % of CRE loans. Note: Figures may not total due to rounding. • CRE loans represented 30% of total loans as of 2Q25, up 5% from the prior quarter and up 8% from the same quarter in prior year. • The CRE portfolio is made up of 67%, or $7.0 billion in Income Producing CRE, and 33%, or $3.5 billion of Construction, Acquisition and Development (CAD). • Texas is our largest exposure by state with 48% of CAD and 35% of Income Producing CRE as of June 30, 2025. • Weighted average LTV of total CRE was 58% at June 30, 2025. • In the second quarter of 2025, total CRE charge-offs were $3.7 million, which were offset slightly by $0.1 million in recoveries. • CRE NPLs to total CRE loans were 0.13% at 6/30/25 compared to 0.17% at 3/31/25 and 0.20% at 6/30/24. • The office CRE loan segment was approximately 2.1% of total loans as of June 30, 2025, with a weighted average LTV of approximately 57% and average loan size of $1.3 million. $2,548 24% $1,834 17% $995 9% $972 9% $916 9% $756 7% $722 7% $417 4% $341 3% $988 9% Multifamily Retail A&D Industrial 1-4 Family Office Hotel Healthcare Doctor Office Other
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9 $22 $12 $15 $20 $31 $470 $461 $461 $458 $475 Provision for credit losses Allowance for credit losses 2Q24 3Q24 4Q24 1Q25 2Q25 Credit Quality Credit Quality Metrics (in millions unless noted) 2Q25 1Q25 4Q24 3Q24 2Q24 Non-performing Loans (NPLs) $231 $236 $265 $273 $217 Other real estate owned $16 $8 $6 $5 $5 Non-performing Assets (NPAs) $247 $244 $270 $278 $222 NPAs excl. Gov. Guaranteed(1) $153 $160 $180 $196 $151 NPLs / Net Loans and Leases (%) 0.65% 0.69% 0.78% 0.82% 0.65% NPAs / Total Assets (%) 0.49% 0.51% 0.58% 0.57% 0.46% NPAs excl. Guaranteed / Total Assets (%)(1) 0.30% 0.34% 0.38% 0.40% 0.31% Classified Loans $711 $665 $681 $697 $697 Classified Loans / Total Loans (%) 2.01% 1.95% 2.02% 2.09% 2.09% Criticized Loans $940 $814 $795 $880 $837 Criticized Loans / Total Loans (%) 2.65% 2.39% 2.35% 2.64% 2.51% Highlights Credit Metrics(2) 1.41% 1.38% 1.37% 1.34% 1.34% ACL to loans and leases, net ($22.6) ($22.2) ($14.1) ($23.0) ($21.2) 0.28% 0.26% 0.17% 0.27% 0.24% Net Charge Offs (1) Government guaranteed portion of nonaccrual loans and leases covered by the SBA, FHA, VA or USDA. (2) ACL reflects funded loans and does not include reserve for unfunded commitments with a June 30, 2025 balance of $9.6 million. (3) PCD - purchased credit deteriorated. • Net charge-offs for the second quarter of 2025 were $21.2 million, or 0.24% of average net loans and leases on an annualized basis compared with net charge-offs of $23.0 million, or 0.27% for the first quarter of 2025. • Provision for credit losses for the second quarter of 2025 was $31.0 million and the allowance for credit losses was 1.34% of net loans and leases at June 30, 2025. The provision for credit losses for the second quarter of 2025 included $4.2 million in day-one provision associated with non-PCD(3) loans and leases acquired in the First Chatham transaction during the quarter. • Total nonperforming assets excluding government guaranteed assets were 0.30% of total assets at June 30, 2025 compared to 0.34% at March 31, 2025 and 0.31% at June 30, 2024. • Criticized loans represented 2.65% of total loans at June 30, 2025 compared to 2.39% at March 31, 2025, while classified loans to total loans were 2.01% at June 30, 2025 compared to 1.95% at March 31, 2025. NCO / Avg. Loan
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10 Nonaccrual Loans and Leases Nonaccrual Loans and Leases (in millions) 2Q25 1Q25 4Q24 3Q24 2Q24 Non-real estate $124 $118 $145 $148 $121 Owner occupied 18 19 17 15 14 Total Commercial and Industrial $142 $137 $162 $163 $135 Construction, acquisition and development $9 $9 $9 $2 $5 Income producing 4 8 19 25 15 Total Commercial Real Estate $14 $17 $27 $27 $20 Residential mortgages $75 $82 $75 $82 $62 Other consumer 0 0 0 0 0 Total Consumer $75 $82 $76 $82 $62 Total Nonaccrual Loans and Leases $231 $236 $265 $273 $217 Guaranteed portion of nonaccrual loans(1) $94 $84 $90 $82 $71 Total nonaccrual loans / Total Loans 0.65% 0.69% 0.78% 0.82% 0.65% Total Nonaccrual Loans excl. Guaranteed(1) / Total Loans 0.39% 0.45% 0.52% 0.57% 0.44% Highlights (1) Government guaranteed portion of nonaccrual loans and leases covered by the SBA, FHA, VA or USDA. Note: Figures may not total due to rounding. • Total nonaccrual loans and leases improved to $231 million or 0.65% of total loans at June 30, 2025, from $236 million or 0.69% of total loans at March 31, 2025. Nonaccrual loans decreased across CRE and Consumer categories. • Approximately $94 million or 40.7% of total nonaccrual loans at June 30, 2025 are government guaranteed portions (SBA, FHA, VA or USDA) that were repurchased as part of working through the collection process. These credits generally have a longer resolution cycle. • Total nonaccrual loans and leases excluding guaranteed loans improved to 0.39% of total loans at June 30, 2025, from 0.45% of total loans at March 31, 2025.
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11 Net Interest Revenue / Net Interest Margin • Net interest revenue increased $15.0 million, or 4.1%, compared to 1Q25 due primarily to organic loan growth and increases in investment securities, as well as an increase in day count and the closing of the First Chatham transaction. Average earning assets increased to $44.7 billion compared to $42.6 billion for 1Q25, as a result of continued organic loan growth as well as an increase in investment securities. • Linked quarter net interest margin declined by 6 basis points as a result of investment securities added late in 1Q25 and early 2Q25 funded by short term FHLB borrowings with weighted average maturity of 14 months. Otherwise, yields on loans, securities and cost of deposits trended favorably. • Yield on net loans, loans held for sale and leases, excluding accretion, was 6.31% for the second quarter of 2025, up 1 basis point from 6.30% for the first quarter of 2025. Investment securities yielded 3.33% in the second quarter of 2025, an improvement from 3.00% for the first quarter of 2025. • The average cost of total deposits of 2.30% for the second quarter of 2025 declined by 5 basis points from 2.35% for the first quarter of 2025, driven by improvement in the cost of time deposits. Highlights 3.27% 3.31% 3.38% 3.46% 3.40% 06/30/24 09/30/24 12/31/24 03/31/25 06/30/25 $642 $648 $620 $599 $636 $286 $286 $256 $236 $257 Interest revenue Interest expense 06/30/24 09/30/24 12/31/24 03/31/25 06/30/25Net Interest Margin (fully taxable equivalent) Interest Revenue & Interest Expense (in millions) Yield / Rate 2Q25 1Q25 4Q24 3Q24 2Q24 Loans (excl. accretion) 6.31% 6.30% 6.40% 6.61% 6.56% Securities (FTE) 3.33% 3.00% 3.04% 3.04% 3.19% Cost of Total Deposits 2.30% 2.35% 2.44% 2.55% 2.53% Interest Earning Assets 5.70% 5.71% 5.76% 5.92% 5.90% Interest Bearing Liabilities 3.02% 2.97% 3.17% 3.47% 3.45%
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12 Loans & Securities – Repricing and Maturity Total Loans and Leases (net of unearned income, in million)(1) 3 mos or less 3-12 mos 1-3 Years 3-5 Years 5-10 Years 10-15 Years Over 15 Years Total Floating Rate Variable Rate Fixed Rate Non-real estate $7,046 $466 $505 $635 $255 $41 $102 $9,049 $4,121 $3,658 $1,270 Owner occupied 1,215 427 769 918 900 480 55 4,762 740 2,458 1,565 Total Commercial and Industrial 8,261 893 1,274 1,552 1,154 521 157 13,812 4,861 6,115 2,835 Construction, acquisition and development 2,043 245 349 374 33 38 382 3,464 1,330 1,643 491 Income producing 3,394 688 1,569 853 342 73 107 7,026 2,136 3,795 1,094 Total Commercial Real Estate 5,436 933 1,919 1,227 375 111 489 10,490 3,466 5,438 1,585 Residential mortgages 1,391 675 1,081 2,030 1,856 140 3,779 10,952 1,196 5,510 4,246 Other consumer 126 6 35 40 3 0 2 212 120 3 90 Total Loans and Leases $15,214 $2,506 $4,308 $4,849 $3,389 $771 $4,427 $35,465 $9,644 $17,066 $8,756 % of Total 43% 7% 12% 14% 10% 2% 12% 100% 27% 48% 25% Weighted Average Rate 7.35% 6.08% 5.16% 6.48% 4.70% 4.30% 4.84% 6.24% 7.35% 6.26% 4.99% % Fixed 2.5% 20.4% 23.3% 19.6% 29.2% 98.7% 94.1% 24.7% % Floating/Variable 97.5% 79.6% 76.7% 80.4% 70.8% 1.3% 5.9% 75.3% Repricing Term Rate Structure Available-for-Sale Securities(2) (in millions) 1 Year or less 1 to 3 Years 3 to 5 Years 5 to 10 Years Over 10 Years Total Amortized Cost $2,545 $1,256 $2,003 $2,444 $1,193 $9,440 % of Total 27% 13% 21% 26% 13% 100% (1) Based on maturity date for fixed rate loans. (2) The amortized cost and estimated fair value of available-for-sale securities at June 30, 2025 by contractual maturity are shown. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Note: Figures may not total due to rounding.
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13 Interest Rate Sensitivity • The cycle-to-date(1) beta on total loans excluding accretion, compared to the average Fed Funds Effective Target rate, was 32%. The cycle- to-date(1) total deposit beta was 27% and excluding brokered deposits was 34%. • Approximately 27% of loan rate structures are floating (repricing within 30 days), 48% of loans with variable repricing dates and 25% fixed as of June 30, 2025. • Inclusive of fixed rate loans, approximately 50% of total loans, or $17.7 billion, are scheduled to reprice in the next twelve months, of which $15.2 billion, or approximately 43% of the portfolio, are repricing within the next three months. • Rate sensitivity at 06/30/2025; net interest income in a + 100 BP rate shock scenario modeled over a 12-month period increasing 1.9%, increasing 1.0% in + 50 BP, and declining 2.1% in - 100 BP.(2) HighlightsLoan and Deposit Betas(1) (cumulative) (1) Cycle-to-date reflects changes since third quarter 2024 and incorporates the decrease in the average Fed Funds Effective Target rate. (2) Based on June 30, 2025, interest rate sensitivity modeling of instantaneous rate shock over 1-12 months. Note: NM – Not Meaningful. 18% 21% 27% 35% 32% 32% Total Deposit Total Loans (excluding accretion) 4Q24 1Q25 2Q25 Loan and Deposit Betas (vs. Fed Effective) Cycle-to- Date(1) 2Q25 1Q25 4Q24 3Q24 Average Fed Effective Rate 4.33% 4.33% 4.66% 5.27% Interest Bearing Deposit Costs 2.92% 2.96% 3.12% 3.30% Total Deposit Costs 2.30% 2.35% 2.44% 2.55% Total Deposit Costs (ex. brokered) 2.20% 2.24% 2.35% 2.52% Interest Bearing Deposit Beta 41% NM 48% 30% NM Total Deposit Beta 27% NM 27% 18% NM Total Deposit Beta (ex. brokered) 34% NM 33% 28% NM Loan Yields (excl. accretion) 6.31% 6.30% 6.39% 6.60% Loan Beta (excl. accretion) 32% NM 27% 34% NM
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14 $25.3 26% $18.1 18% $13.0 13% $6.8 7% $8.7 9% $26.3 27% Wealth management revenue Deposit service charges Credit card, debit card and merchant fees Bank-owned life insurance Mortgage Income Other miscellaneous income Noninterest Revenue Noninterest Revenue (in millions) 2Q25 1Q25 2Q24 Δ vs. 1Q25 % Δ vs. 2Q24 % Wealth management revenue $25.3 $23.3 $24.0 9% 5% Deposit service charges 18.1 17.7 17.7 2% 2% Credit card, debit card and merchant fees 13.0 12.0 12.8 8% 2% Bank-owned life insurance 6.8 5.2 4.4 31% 55% Mortgage banking excl. MSR and hedge 10.7 9.7 9.9 10% 8% MSR and MSR hedge market value adjustment (2.0) (3.1) (3.7) (35%) (46%) Other miscellaneous income 26.3 20.6 35.6 28% (26%) Total Noninterest Revenue $98.2 $85.4 $100.7 15% (2%) Less: Security (losses) gains, net 0.0 0.0 0.0 NM NM Total Adjusted Noninterest Revenue(1) $98.2 $85.4 $85.7 15% 15% % of Total Revenue 20.6% 19.0% 19.4% Highlights Adjusted Noninterest Revenue(1) ($ in millions) $98.2 million • Noninterest revenue was $98.2 million for the second quarter of 2025 compared with $100.7 million for the second quarter of 2024 and $85.4 million for the first quarter of 2025. • Noninterest revenue improved meaningfully compared to the first quarter of 2025 due to increases in mortgage banking revenue, card fee and service charge revenue, wealth management revenue, and other noninterest revenue. • Mortgage origination volume for 2Q25 of $999.5 million drove the increase of mortgage banking revenue. The MSR valuation adjustment, net of the related hedge, was negative $2.0 million for 2Q25, compared with negative $3.1 million for 1Q25. • The linked quarter increase in other noninterest revenue was driven by increases in customer swap fees, credit related fees, SBA income, FHLB dividend income and BOLI income. • Total assets under management and administration increased to $19.9 billion in 2Q25, compared to $19.7 billion in the prior quarter. (1) Considered a non-GAAP financial measure. See “Non-GAAP Reconciliation” in the appendix. Note: NM – Not Meaningful.
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15 $442 $450 $451 $449 $476 $251 $260 $267 $259 $270 Total adjusted revenue Total adjusted noninterest expense 2Q24 3Q24 4Q24 1Q25 2Q25 Noninterest Expense Noninterest Expense (in millions) 2Q25 1Q25 2Q24 Δ vs. 1Q25 % Δ vs. 2Q24 % Salaries and employee benefits $157.3 $153.0 $148.0 3% 6% Data processing and software 30.7 27.1 29.5 13% 4% Occupancy and equipment 30.0 28.5 29.4 5% 2% Deposit insurance assessments 8.6 8.6 15.7 0% (45%) Advertising and public relations 7.3 4.2 6.5 74% 12% Professional, consulting and outsourcing 4.0 4.7 3.5 (15%) 14% Amortization of intangibles 4.0 3.7 4.0 8% 0% Legal 8.1 3.6 0.8 125% 913% Travel and entertainment 2.8 2.4 2.5 17% 12% Postage and shipping 1.8 1.8 1.6 0% 13% Telecommunications 1.3 1.5 1.4 (13%) (7%) Other 17.0 20.2 13.8 (16%) 23% Total noninterest expense $272.9 $259.3 $256.7 5% 6% Merger expense (2) 2.2 0.3 0.0 633% NM Incremental merger related expense (2) 0.6 0.1 0.0 500% NM Gain on extinguishment of debt 0.0 0.0 (1.1) NM NM Restructuring and other nonroutine (0.3) 0.4 6.7 (175%) (104%) Total adjusted noninterest expense(1) $270.4 $258.6 $251.1 5% 8% Highlights • Noninterest expense for 2Q25 was $272.9 million, compared with $259.3 million for 1Q25 and $256.7 million for 2Q24. Adjusted noninterest expense(1) for 2Q25 was $270.4 million, compared with $258.6 million for 1Q25 and $251.1 million for 2Q24. • The $11.7 million, or 4.5%, linked quarter increase in adjusted noninterest expense(1) was driven primarily by the closing of the First Chatham transaction combined with costs associated with business growth and strong operating performance. 56.7% 57.7% 59.1% 57.6% 56.7% Adjusted efficiency ratio fully tax equivalent Operating Leverage ($ in millions) (1) Considered a non-GAAP financial measure. See “Non-GAAP Reconciliation” in the appendix. (2) Merger expenses are costs to complete the merger with no future benefit. Incremental merger related expenses to complete the merger are expected to provide a future benefit. Note: NM – Not Meaningful. (1) (1) (1)
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16 Highlights • Total shareholders' equity was $5.9 billion at June 30, 2025 compared with $5.7 billion at March 31, 2025 and $5.3 billion at June 30, 2024. • Estimated regulatory capital ratios at June 30, 2025 included Common Equity Tier 1 capital of 12.2%, Tier 1 capital of 12.6%, risk-based capital of 13.8%, and Tier 1 leverage capital of 10.3%. • During the second quarter of 2025, CADE did not repurchase any shares of CADE common stock. Outstanding common shares were 186.3 million as of June 30, 2025. • Tangible book value per common share(2) increased to $22.94 per share at June 30, 2025, up $2.86 per share, or 14.2%, compared to June 30, 2024. Capital Metrics 2Q25 1Q25 4Q24 3Q24 2Q24 Total Regulatory Capital (millions) $5,516 $5,391 $5,307 $5,415 $5,373 Total Risk-Weighted Assets (millions) $39,993 $38,198 $37,992 $37,446 $37,747 Leverage Ratio (%)(1) 10.3% 10.6% 10.4% 10.1% 9.7% Common Equity Tier 1 Capital Ratio (%)(1) 12.2% 12.4% 12.4% 12.3% 11.9% Tier 1 Ratio (%)(1) 12.6% 12.9% 12.8% 12.7% 12.3% Total Capital Ratio (%)(1) 13.8% 14.1% 14.0% 14.5% 14.2% Total Shareholders' Equity ($B) $5.9 $5.7 $5.6 $5.6 $5.3 Tangible Common Shareholders' Equity ($B)(2) $4.3 $4.1 $4.0 $4.0 $3.7 Total Shareholders' Equity, ex. AOCI ($B) $6.5 $6.3 $6.3 $6.2 $6.1 Common Shareholders' equity, ex. AOCI ($B) $6.3 $6.2 $6.1 $6.0 $5.9 Total Shares Outstanding (millions) 186.3 184.0 183.5 182.3 182.4 Book Value Per Share $30.86 $30.16 $29.44 $29.65 $28.07 Tangible Book Value Per Share(2) $22.94 $22.30 $21.54 $21.68 $20.08 Tangible Book Value Per Share, ex. AOCI(2) $26.03 $25.68 $25.32 $24.91 $24.37 Cash Dividends Per Share $0.275 $0.275 $0.250 $0.250 $0.250 Capital Strength (1) Preliminary estimates for June 30, 2025. (2) Considered a non-GAAP financial measure. See “Non-GAAP Reconciliation” in the appendix.
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17 2025 Financial Expectations Key Metrics Management Outlook Prior 2025 Estimates (YoY Growth) Updated Expectations 2024 Results (YoY Growth) Total Loans Diverse loan growth focused on relationship banking. Low to mid single digit growth • 7-11% Organic • 11-15% Total 4% Total Core Customer Deposits(1) Continued focus on core customer deposit growth. Low to mid single digit growth • 2-5% Organic • 12-15% Total 7% Total Adjusted Revenue(2) Adjusted revenue(2) expectations based on the forward curve forecast as of June 30, 2025. 5% to 8% 10% to 12% 6% Adjusted Noninterest Expense(2) Adjusted noninterest expense(2) remains a focus while continuing to invest in technology, people and service delivery channels. 4% to 6% 7% to 9% (2%) Net Charge-Offs Net charge-offs expected to be in a similar range as 2024 levels. 20-30 bps No Change 24bps Tax Rate Continued stable tax rate. 23.0% No Change 22.6% (1) Core customer deposits exclude public funds and brokered deposits. (2) Considered a non-GAAP financial measure. See “Non-GAAP Reconciliation” in the appendix. Note: Range incorporates FCB acquisition effective May 1, 2025 and Industry Bancshares acquisition effective July 1, 2025.
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Appendix
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19 Summary Balance Sheet - Period End Period End Balance Sheet (in millions) 2Q25 1Q25 4Q24 3Q24 2Q24 Δ vs. 1Q25 $ Δ vs. 1Q25 % Δ vs. 2Q24 $ Δ vs. 2Q24 % Cash and Due From Banks $711 $579 $625 $505 $517 $132 23% $194 38% Deposits With Other Banks & Fed Funds 826 989 1,107 3,483 2,094 (163) (16%) (1,268) (61%) Available-For-Sale Securities 8,837 7,912 7,294 7,842 7,921 925 12% 916 12% Loans and Leases, Net Of Unearned Income 35,465 34,052 33,742 33,304 33,313 1,413 4% 2,152 6% Loans Held For Sale, At Fair Value 272 220 244 206 198 52 24% 74 37% Allowance For Credit Losses (475) (458) (461) (461) (470) (17) 4% (5) 1% Goodwill And Other Intangibles 1,476 1,447 1,450 1,454 1,458 29 2% 18 1% Other Assets 3,266 3,003 3,018 2,872 2,954 263 9% 312 11% Total Assets $50,379 $47,743 $47,019 $49,205 $47,984 $2,636 6% $2,395 5% Total Deposits $40,494 $40,336 $40,496 $38,844 $37,859 $158 0% $2,635 7% Fed Funds and Short-Term Borrowings 1,575 235 0 3,500 3,500 1,340 NM (1,925) (55%) Subordinated and Long-Term Debt 1,431 561 11 226 269 870 155% 1,162 432% Other Liabilities 963 894 943 1,062 1,068 69 8% (105) (10%) Total Liabilities $44,463 $42,025 $41,450 $43,632 $42,696 $2,438 6% $1,767 4% Total Shareholders' Equity $5,916 $5,719 $5,570 $5,573 $5,288 $197 3% $628 12% Total Liabilities and Shareholders' Equity $50,379 $47,743 $47,019 $49,205 $47,984 $2,636 6% $2,395 5%
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20 Summary Income Statement (1) Considered a non-GAAP financial measure. See “Non-GAAP Reconciliation” in the appendix. Summary Income Statement (in millions) 2Q25 1Q25 4Q24 3Q24 2Q24 Δ vs. 1Q25 $ Δ vs. 1Q25 % Δ vs. 2Q24 $ Δ vs. 2Q24 % Interest Revenue $636 $599 $620 $648 $642 $36 6% ($7) (1%) Interest Expense 257 236 256 286 286 21 9% (28) (10%) Net Interest Revenue $378 $363 $365 $361 $356 $15 4% $22 6% Noninterest Revenue 98 85 86 86 101 13 15% (2) (2%) Total Revenue $476 $448 $451 $447 $457 $28 6% $19 4% Noninterest Expense 273 259 266 259 257 14 5% 16 6% Provision For Credit Losses 31 20 15 12 22 11 55% 9 41% Income Before Income Taxes $172 $169 $170 $176 $178 $3 2% ($6) (3%) Income Tax Expense 38 36 37 39 41 2 6% (3) (7%) Income (Loss) $135 $133 $133 $136 $137 $2 2% ($2) (1%) Net Income $135 $133 $133 $136 $137 $2 2% ($2) (1%) Less: Preferred Dividends $5 $2 $2 $2 $2 $3 150% $3 150% Net Income Available To Common Shareholders $130 $131 $130 $134 $135 ($1) (1%) ($5) (4%) Pre-Tax Pre-Provision Net Revenue(1) $203 $189 $185 $188 $200 $14 7% $3 2% Adjusted Pre-Tax Pre-Provision Net Revenue(1) $206 $190 $184 $190 $191 $16 8% $15 8%
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21 Net Interest Income Dynamics 2Q25 1Q25 QoQ Compare Average Yield / Contribution to NIM Average Yield / Contribution to NIM Yield / Margin Balance Cost $ % Balance Cost $ % Cost Impact Total Loans & Leases, ex Accretion (TE) $34,763 6.32% $547.5 4.91% $33,944 6.31% $528.0 5.02% 0.01% (0.11%) Accretion Income on Acquired Loans 0.03% 2.6 0.02% 0.03% 2.6 0.02% —% —% Loans Held For Sale 146 4.76% 1.7 0.02% 115 5.10% 1.4 0.01% (0.34%) 0.01% Total Loans $34,909 6.34% $551.9 4.95% $34,060 6.33% $532.0 5.06% 0.01% (0.11%) Total Loans & HFS (Excl Accretion) - TE $34,909 6.31% $549.3 4.92% $34,060 6.30% $529.4 5.04% 0.01% (0.12%) Investment Securities (TE) 8,814 3.33% 73.2 0.66% 7,302 3.00% 54.0 0.51% 0.33% 0.15% Other Investments 1,018 4.41% 11.2 0.10% 1,275 4.42% 13.9 0.13% (0.01%) (0.03%) Total Earning Assets (TE) $44,741 5.70% $636.2 5.70% $42,637 5.71% $599.9 5.71% (0.01%) (0.01%) Interest Bearing Demand and Money Market $18,800 2.69% $125.9 1.13% $19,428 2.69% $128.8 1.23% —% 0.10% Savings Deposits 2,646 0.57% 3.7 0.03% 2,607 0.57% 3.6 0.03% —% —% Time Deposits 9,957 3.98% 98.7 0.88% 9,978 4.10% 100.9 0.96% 0.12% 0.08% Total Interest-Bearing Deposits $31,403 2.92% $228.3 2.05% $32,014 2.96% $233.4 2.22% 0.04% 0.17% Non Interest Demand Deposits 8,495 8,339 Total Deposits $39,898 2.30% $228.3 2.05% $40,353 2.35% $233.4 2.22% 0.05% 0.17% Short-Term Borrowings $1,438 4.32% $15.5 0.14% $131 4.33% $1.4 0.01% 0.01% (0.13%) Long-Term Borrowings 1,338 4.07% 13.6 0.12% 129 4.05% 1.3 0.01% (0.02%) (0.11%) Total Interest-Bearing Liabilities $34,179 3.02% $257.4 2.31% $32,274 2.97% $236.1 2.25% (0.05%) (0.06%) Non Interest Demand Deposits 8,495 8,339 Total Cost of Funds 42,674 2.42% 257.5 2.31% 40,614 2.36% 236.1 2.25% (0.06%) (0.06%) Net Interest Revenue / Net Interest Margin (TE) $378.8 3.40% $363.8 3.46% (0.06%) Note: TE - Tax Equivalent Add breakout of Securities Accretion in a footnote per VT
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22 Mortgage Banking (1) Primarily reflects changes in prepayment speeds and discount rate assumptions which are updated based on market interest rates. (2) Primarily reflects changes due to realized cash flows. Mortgage Banking (in millions unless otherwise noted) 2Q25 1Q25 4Q24 3Q24 2Q24 Mortgage Servicing Rights ("MSR") Fair Value, Beginning Of Period $111.0 $114.6 $104.9 $113.6 $111.7 Originations Of Servicing Assets 3.7 2.8 4.2 3.4 3.7 Changes In Fair Value: Due To Changes In Valuation Inputs Or Assumptions(1) (2.5) (4.4) 9.2 (8.2) 0.9 Other Changes In Fair Value(2) (0.6) (2.0) (3.7) (3.8) (2.7) Fair Value, End Of Period $111.6 $111.0 $114.6 $104.9 $113.6 Mortgage Banking Revenue Origination $4.4 $3.4 $0.3 $2.1 $4.0 Servicing 6.4 6.3 6.0 6.0 5.9 Total Mortgage Banking Revenue Excluding MSR 10.7 9.7 6.3 8.2 9.9 Due To Changes In Valuation Inputs Or Assumptions(1) (2.5) (4.4) 9.2 (8.2) 0.9 Other Changes In Fair Value(2) (0.6) (2.0) (3.7) (3.8) (2.7) Market Value Adjustment On MSR Hedge 1.1 3.3 (8.2) 5.0 (1.9) Total Mortgage Banking Revenue $8.7 $6.6 $3.6 $1.1 $6.2 Mortgage Loans Serviced $8,217 $8,111 $8,043 $7,927 $7,825 MSR/Mortgage Loans Serviced 1.36 % 1.37 % 1.42 % 1.32 % 1.45 % Production Volume $999.5 $656.8 $801.3 $732.3 $758.4 Purchase Money Production $927.8 $606.8 $710.6 $675.6 $704.7 Mortgage Loans Sold 338.0 251.4 315.8 308.5 281.2 Margin On Loans Sold 1.29 % 1.35 % 0.11 % 0.70 % 1.41 % Current Pipeline $268.9 $236.6 $189.3 $244.0 $231.3 Mortgage Originators 189 181 180 181 179
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23 Loan Portfolio by Credit Grades 2Q25 Portfolio by Credit Grades (in millions) Pass Special Mention Substandard Doubtful Loss Impaired Purchased Credit Deteriorated (Loss) Total Non-real estate $8,517 $157 $344 $8 $0 $19 $3 $9,049 Owner occupied 4,720 8 28 0 0 7 0 4,762 Total Commercial and Industrial $13,236 $165 $372 $8 $0 $26 $3 $13,812 Construction, acquisition and development $3,452 $2 $4 $0 $0 $6 $0 $3,464 Income producing 6,777 53 189 0 0 2 4 7,026 Total Commercial Real Estate $10,229 $55 $193 $0 $0 $8 $4 $10,490 Residential mortgages $10,848 $9 $89 $0 $0 $4 $1 $10,952 Other consumer 212 0 1 0 0 0 0 212 Total Consumer $11,060 $9 $90 $0 $0 $4 $1 $11,164 Total loans and leases, net of unearned income $34,525 $229 $656 $8 $0 $38 $9 $35,465 1Q25 Portfolio by Credit Grades (in millions) Pass Special Mention Substandard Doubtful Loss Impaired Purchased Credit Deteriorated (Loss) Total Non-real estate $8,235 $109 $317 $9 $0 $16 $3 $8,689 Owner occupied 4,618 0 38 0 0 11 1 4,667 Total Commercial and Industrial $12,852 $109 $355 $9 $0 $27 $5 $13,356 Construction, acquisition and development $3,711 $0 $7 $0 $0 $6 $0 $3,723 Income producing 6,078 39 144 0 0 7 0 6,268 Total Commercial Real Estate $9,789 $39 $151 $0 $0 $12 $0 $9,992 Residential mortgages $10,392 $0 $99 $0 $0 $5 $1 $10,498 Other consumer 205 0 1 0 0 0 0 205 Total Consumer $10,597 $0 $100 $0 $0 $5 $1 $10,704 Total loans and leases, net of unearned income $33,238 $148 $606 $9 $0 $44 $6 $34,052
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24 Allowance for Credit Losses (1) The provision for credit losses for the second quarter of 2025 included $4.2 million in day-one provision associated with Non PCD loans and leases acquired in the First Chatham transaction during the quarter. (2) The Reserve for Unfunded Commitments is classified in other liabilities on the consolidated balance sheets. Allowance for Credit Losses (in millions) 2Q25 1Q25 4Q24 3Q24 2Q24 ALLOWANCE FOR CREDIT LOSSES: Balance, beginning of period $457.8 $460.8 $460.9 $470.0 $472.6 Commercial and industrial (18.1) (21.3) (15.1) (21.6) (23.3) Commercial real estate (3.7) (1.4) (0.2) (0.2) (0.6) Consumer (3.4) (3.1) (2.7) (2.7) (2.3) Total loans charged-off ($25.3) ($25.7) ($18.0) ($24.5) ($26.3) Commercial and industrial $3.2 $1.8 $2.6 $1.6 $2.9 Commercial real estate 0.1 0.1 0.5 0.1 0.1 Consumer 0.8 0.8 0.7 0.6 0.7 Total recoveries $4.1 $2.7 $3.9 $2.4 $3.7 Net (charge-offs) recoveries ($21.2) ($23.0) ($14.1) ($22.2) ($22.6) Total provision for loans and leases(1) $30.0 $20.0 $14.0 $13.0 $20.0 Balance, end of period $474.7 $457.8 $460.8 $460.9 $470.0 RESERVE FOR UNFUNDED COMMITMENTS (2) Balance, beginning of period $8.6 $8.6 $7.6 $8.6 $6.6 Provision (release) for credit losses for unfunded commitments 1.0 0.0 1.0 (1.0) 2.0 Balance, end of period $9.6 $8.6 $8.6 $7.6 $8.6
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25 Non-GAAP Reconciliation Non-GAAP Reconciliation (in millions) 2Q25 1Q25 4Q24 3Q24 2Q24 2025 YTD 2024 YTD Income (loss) $135 $133 $133 $136 $137 $268 $254 Plus: Merger expense 2 – – – – 2 – Incremental merger related expense 1 – – – – 1 – Initial provision for acquired loans 4 – – – – 4 – Gain on extinguishment of debt – – – – (1) – (2) Restructuring and other nonroutine items 0 – (1) (1) 7 0 7 Less: Security Gains (Losses) 0 0 0 (3) 0 0 0 Gain on sale of businesses – – – – 15 – 15 Tax effect of the adjustments 1 0 0 0 (2) 2 (2) Adjusted net income $140 $134 $132 $138 $130 $274 $247 Less: Preferred Dividends $5 $2 $2 $2 $2 $7 $5 Plus: Special preferred dividends $2 $– $– $– $– $2 $– Adjusted net income available to common shareholders $137 $131 $130 $136 $128 $269 $242 Income (loss) $135 $133 $133 $136 $137 $268 $254 Plus: Provision for Credit Losses 31 20 15 12 22 51 44 Income Tax Expense (Benefit) 38 36 37 39 41 74 76 Pre-tax pre-provision net revenue $203 $189 $185 $188 $200 $393 $375 Income (loss) $135 $133 $133 $136 $137 $268 $254 Plus: Provision for Credit Losses 31 20 15 12 22 51 44 Merger Expense 2 – – – – 2 – Incremental Merger Related Expense 1 – – – – 1 – Gain on extinguishment of debt – – – – (1) – (2) Restructuring and other nonroutine items 0 0 (1) (1) 7 0 7 Income Tax Expense 38 36 37 39 41 74 76 Less: Security Gains (Losses) 0 0 0 (3) 0 0 0 Adjusted pre-tax pre-provision net revenue $206 $190 $184 $190 $191 $396 $365 Total noninterest revenue $98 $85 $86 $86 $101 $184 $184 Less: Security gains (losses), net 0 0 0 (3) 0 0 0 Gain on sale of businesses – – – – 15 – 15 Total adjusted noninterest revenue $98 $85 $86 $89 $86 $184 $169 Total noninterest expense $273 $259 $266 $259 $257 $532 $520 Less: Merger expense 2 – – – – 2 – Incremental merger related expense 1 – – – – 1 – Gain on extinguishment of debt – – – – (1) – (2) Restructuring and other nonroutine items 0 0 (1) (1) 7 0 7 Total adjusted noninterest expense $270 $259 $267 $260 $251 $529 $515 Note: See Reconciliation of Non-GAAP Measures and Other Non-GAAP Ratio Definitions note in Table 14 of the Second Quarter 2025 Financial Results press release.
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26 Non-GAAP Reconciliation, continued Non-GAAP Reconciliation (in millions) 2Q25 1Q25 4Q24 3Q24 2Q24 2025 YTD 2024 YTD Total Assets $50,379 $47,743 $47,019 $49,205 $47,984 $50,379 $47,984 Less: Goodwill 1,388 1,367 1,367 1,367 1,367 1,388 1,367 Other identifiable intangible assets 88 80 83 87 91 88 91 Total tangible assets $48,903 $46,297 $45,569 $47,751 $46,526 $48,903 $46,526 Less: AOCI (576) (621) (694) (590) (782) (576) (782) Total tangible assets, excluding AOCI $49,479 $46,918 $46,264 $48,341 $47,309 $49,479 $47,309 Total Shareholders' Equity $5,916 $5,719 $5,570 $5,573 $5,288 $5,916 $5,288 Less: AOCI (576) (621) (694) (590) (782) (576) (782) Total shareholders' equity, excluding AOCI $6,492 $6,340 $6,264 $6,163 $6,070 $6,492 $6,070 Total shareholders' equity $5,916 $5,719 $5,570 $5,573 $5,288 $5,916 $5,288 Less: preferred stock 167 167 167 167 167 167 167 Less: AOCI (576) (621) (694) (590) (782) (576) (782) Common shareholders' equity, excluding AOCI $6,325 $6,173 $6,097 $5,996 $5,903 $6,325 $5,903 Total shareholders' equity (1) $5,827 $5,652 $5,589 $5,421 $5,207 $5,740 $5,740 Less: Goodwill (1) 1,379 1,367 1,367 1,367 1,367 1,373 1,373 Other identifiable intangible assets (1) 82 82 85 89 94 82 82 Preferred stock (1) 167 167 167 167 167 167 167 Total tangible common shareholders' equity (1) $4,199 $4,036 $3,970 $3,798 $3,579 $4,118 $3,570 Total shareholders' equity $5,916 $5,719 $5,570 $5,573 $5,288 $5,916 $5,288 Less: Goodwill 1,388 1,367 1,367 1,367 1,367 1,388 1,367 Other identifiable intangible assets 88 80 83 87 91 88 91 Preferred stock 167 167 167 167 167 167 167 Total tangible common shareholders' equity $4,273 $4,105 $3,953 $3,952 $3,663 $4,273 $3,663 Less: AOCI (576) (621) (694) (590) (782) (576) (782) Total tangible common shareholders' equity, excluding AOCI $4,850 $4,726 $4,647 $4,542 $4,445 $4,850 $4,445 Total Average Assets $49,357 $47,135 $47,264 $47,804 $48,193 $48,252 $48,418 Total Shares of Common Stock Outstanding (millions) 186.3 184.0 183.5 182.3 182.4 186.3 182.4 Average Diluted Shares Outstanding (millions) 187.6 186.1 186.0 185.5 185.3 186.9 185.4 (1) Average balances. Note: See Reconciliation of Non-GAAP Measures and Other Non-GAAP Ratio Definitions note in Table 14 of the Second Quarter 2025 Financial Results press release.
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27 Non-GAAP Reconciliation, continued Non-GAAP Reconciliation (in millions, except per share data) 2Q25 1Q25 4Q24 3Q24 2Q24 2025 YTD 2024 YTD Net interest revenue $378 $363 $365 $361 $356 $741 $710 Total noninterest revenue 98 85 86 86 101 184 184 Less: Security (losses) gains, net 0 0 0 (3) 0 0 0 Gain on sale of businesses – – – – 15 – 15 Nonroutine (losses) gains, net – – – – – – – Total adjusted noninterest revenue $98 $85 $86 $89 $86 $184 $169 Total adjusted revenue $476 $449 $451 $450 $442 $925 $880 Tangible common shareholders' equity to tangible assets (1) 8.74% 8.87% 8.67% 8.28% 7.87% 8.74% 7.87% Tangible common shareholders' equity, excluding AOCI, to tangible assets, excluding AOCI (2) 9.80% 10.07% 10.04% 9.40% 9.40% 9.80% 9.40% Return on average tangible common equity (3) 12.41% 13.15% 13.06% 14.04% 15.18% 12.77% 14.07% Adjusted return on average tangible common equity (4) 13.13% 13.20% 13.02% 14.21% 14.37% 13.17% 13.65% Adjusted return on average assets (5) 1.14% 1.15% 1.11% 1.15% 1.09% 1.14% 1.03% Adjusted return on average common shareholders' equity (6) 9.74% 9.72% 9.53% 10.27% 10.21% 9.73% 9.68% Pre-tax pre-provision net revenue to total average assets (7) 1.65% 1.63% 1.55% 1.56% 1.67% 1.64% 1.56% Adjusted pre-tax pre-provision net revenue to total average assets (8) 1.67% 1.63% 1.55% 1.58% 1.59% 1.65% 1.52% Tangible book value per common share (9) $22.94 $22.30 $21.54 $21.68 $20.08 $22.94 $20.08 Tangible book value per common share, excluding AOCI (10) $26.03 $25.68 $25.32 $24.91 $24.37 $26.03 $24.37 Adjusted earnings per common share (11) $0.73 $0.71 $0.70 $0.73 $0.69 $1.44 $1.31 Adjusted dividend payout ratio(12) 37.7% 38.7% 35.7% 34.3% 36.2% 38.2% 38.2% Note: The following slide provides a more detailed explanation of these calculations. See Reconciliation of Non-GAAP Measures and Other Non-GAAP Ratio Definitions note in Table 14 of the Second Quarter 2025 Financial Results press release.
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Non-GAAP Reconciliation – Definitions 28 Definitions of Non-GAAP Measures: 1. Tangible common shareholders' equity to tangible assets is defined by CADE as total shareholders' equity less preferred stock, goodwill and other identifiable intangible assets, divided by the difference of total assets less goodwill and other identifiable intangible assets. 2. Tangible common shareholders' equity to tangible assets, excluding AOCI, is defined by CADE as total shareholders' equity less preferred stock, goodwill, other identifiable intangible assets and accumulated other comprehensive loss, divided by the difference of total assets less goodwill, accumulated other comprehensive loss, and other identifiable intangible assets. 3. Return on average tangible common equity is defined by CADE as annualized net income available to common shareholders divided by average tangible common shareholders equity. 4. Adjusted return on average tangible common equity is defined by CADE as annualized net adjusted income available to common shareholders divided by average tangible common shareholders' equity. 5. Adjusted return on average assets is defined by CADE as annualized net adjusted income divided by total average assets. 6. Adjusted return on average common shareholders' equity is defined by CADE as annualized net adjusted income available to common shareholders divided by average common shareholders' equity. 7. Pre-tax pre-provision net revenue to total average assets is defined by CADE as annualized pre-tax pre-provision net revenue divided by total average assets. 8. Adjusted pre-tax pre-provision net revenue to total average assets is defined by CADE as annualized adjusted pre-tax pre-provision net revenue divided by total average assets adjusted for items included in the definition and calculation of net adjusted income. 9. Tangible book value per common share is defined by CADE as tangible common shareholders' equity divided by total shares of common stock outstanding. 10. Tangible book value per common share, excluding AOCI is defined by CADE as tangible common shareholders' equity less accumulated other comprehensive loss divided by total shares of common stock outstanding. 11. Adjusted earnings per common share is defined by CADE as net adjusted income available to common shareholders divided by average common shares outstanding-diluted. 12. Adjusted dividend payout ratio is defined by CADE as common share dividends divided by net adjusted income available to common shareholders. Efficiency Ratio-Fully Taxable Equivalent and Adjusted Efficiency Ratio-Fully Taxable Equivalent Definitions: The efficiency ratio and the adjusted efficiency ratio are supplemental financial measures utilized in management’s internal evaluation of CADE's use of resources and are not defined under GAAP. The efficiency ratio is calculated by dividing total noninterest expense by total revenue, which includes net interest income plus noninterest income plus the tax equivalent adjustment. The adjusted efficiency ratio excludes income and expense items otherwise disclosed as non-routine from total noninterest expense.
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29 Certain statements made in this presentation constitute “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995 as well as the “bespeaks caution” doctrine. CADE believes that the expectations reflected in these forward-looking statements are reasonable as of the date of this presentation, but if one or more events related to these or other risks or uncertainties materialize, or if CADE's underlying assumptions prove to be incorrect, actual results may prove to be materially different. The forward-looking statements in this presentation should be read in conjunction with risk disclosures in CADE's periodic and current reports filed with its primary federal regulator, including explicitly, the risk factors in CADE's Annual Report on Form 10-K for the year ended December 31, 2024, in CADE's Quarterly Reports on Form 10-Q, and in CADE's Current Reports on Form 8-K, which may be found at https://ir.cadencebank.com/home. The forward-looking statements speak only as of the date of this news release, and CADE expressly disclaims any obligation to publicly update or review any forward-looking statement, except as required by applicable law. Disclaimers/Footer Forward-Looking Statements
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Cadence Bank’s common stock is listed on the New York Stock Exchange under the symbol CADE and its Series A Preferred Stock is listed under the symbol CADE-PrA. Additional information can be found at https://ir.cadencebank.com.* As a reminder, all of CADE's Securities Exchange Act filings are made with the Federal Reserve Board or FDIC and can be found at https://ir.cadencebank.com/fdic-federal-reserve-filings.* INVESTOR INQUIRIES: *References to Cadence Bank’s website does not constitute incorporation by reference of the information contained on the website and is not, and should not be, deemed part of this presentation. Will Fisackerly Investor Relations Cadence Bank 800-698-7878 IR@cadencebank.com