Cadence post narrows 3Q loss to $7.5 million

By NEMS Daily Journal

STARKVILLE – Cadence Financial Corp., parent of Cadence Bank, on Wednesday reported a net loss of $7.5 million, or 63 cents per for the third quarter ended Sept. 30. That compares to a net loss of $13.1 million, or $1.10 per share, for the third quarter of 2009.
The decline in Cadence’s third-quarter loss was due to a decrease in its provision for loan losses and lower operating expenses. The provision for loan losses dropped to $8.5 million in the third quarter of 2010 compared to $20.7 million in year-ago quarter, due primarily to lower charge-offs.
Cadence’s salary and benefit expenses declined 15.6 percent to $5.8 million, compared to $7 million a year ago.