Houston bank posts quarterly loss, slashes dividend
Cadence Bancorporation (NYSE: CADE) posted a net loss for the first quarter and cut its dividend by more than two-thirds.
The Houston-based parent company of Atlanta-based Cadence Bank announced a net loss of $399.3 million, or $3.15 per share, for the quarter ended March 31, according to an April 29 news release. A year prior, Cadence posted a net income of $58.2 million, or 44 cents per share, in Q1 2019.
The net loss was a result of a non-cash goodwill impairment charge of $412.9 million,…
