Cadence, formerly BancorpSouth, ends year with drop in profits

Cadence Bank (NYSE: CADE), formerly known as BancorpSouth, reported a fourth-quarter net loss that impacted its full-year results.

The Houston, Texas-based company, which completed its merger with BancorpSouth during the fourth quarter, reported 2021 net income of $185.7 million, a 15% drop from $218.6 million a year earlier, according to a news release. Its fourth-quarter net loss was $37 million, compared with net income of $66.4 million a year earlier.

"We are very pleased to have been able to complete this transaction prior to the end of the year, particularly in light of the current regulatory environment," said Dan Rollins, chair and CEO of the combined company, in the release. "While elevated merger expenses and other purchase accounting related items negatively impacted our earnings, we continue to be pleased with our core operating performance."

The deal between Cadence and Tupelo, Mississippi-based BancorpSouth closed in October, according to a separate news release. The merger was announced in April 2021, according to past reporting.

Cadence has merged into BancorpSouth. However, BancorpSouth was renamed Cadence Bank upon completion of the deal, with its stock trading under the CADE ticker symbol, according to the release.

The combined company has $48 billion in assets and more than 400 branches. BancorpSouth's website lists six branches in Springfield.

Both companies will operate under their respective brands until a full system integration is completed, according to the release. That's expected to occur in the fourth quarter this year.

CADE shares were trading at $31.04 as of 11:59 a.m., compared with a 52-week range of $24.87 to $35.59 per share.