22.10.2024 - Page 9 of 14 - NEW STOCKBURGER

Can You Guess How Much Money The FAT FIRE Movement Says You Need To Retire Early? Here's A Hint – It's More Than $4 Million

22.10.2024 by admin

So, you’ve probably heard of FIRE, which stands for Financial Independence, Retire Early. But let’s crank that concept up a notch and talk about something called FAT FIRE. What’s this all about? Well, it’s FIRE supercharged – with more comfort, more luxury and yes, a bigger bank balance.

Don’t Miss:

FAT FIRE isn’t just about quitting your job early; it’s about doing so with a hefty financial cushion that lets you maintain or even enhance your current lifestyle without ever needing to work again. Think regular FIRE but with a few more zeros in your bank account.

Now, you might be wondering, “How much exactly?” While traditional FIRE advocates might aim for a retirement pot of around $1 million, FAT FIRE enthusiasts push that number to $5 million and even beyond. According to a Reddit post earlier this year, some users agree $10 million is “barely cutting it.”

FAT FIRE is all about living off the interest and investment returns without touching the principal amount. This strategy ensures that you can keep up with your current lifestyle indefinitely – traveling, dining out and enjoying those little luxuries that make life sparkle.

According to The Darwinian Doctor, the movement anticipates higher expenses in retirement to live a comfortable life and some recommend saving enough for an annual budget of $100,000 or more. For MoFire, you’d need $200,000 a year saved for retirement spending. As U.S. News Money explains, the exact amount of the nest egg you build will depend on your income and preferences.

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Achieving FAT FIRE isn’t just about dreaming big. It involves some serious financial gymnastics. You’ll need a substantial income stream – whether from a high-paying job, a successful business or both – and a razor-sharp investment strategy. Think stocks, real estate and other income-generating assets that can pump money into your account even while you sleep.

And here’s a tip: living a bit below your means now can turbocharge your savings. Maybe you opt for a roommate instead of a solo apartment or stick with your reliable family car a few years longer than you might want. Each dollar you save is a dollar that can be invested toward your FAT FIRE goal.

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But don’t get too caught up in the numbers and miss out on life today. FAT FIRE isn’t just about financial strategies; it’s about finding that sweet spot where saving meets spending. It’s about investing in your future without sacrificing your present. So, while you plan for that lush retirement, don’t forget to enjoy the journey there. After all, what’s the point of retiring rich if you haven’t built a trove of great memories along the way?

FAT FIRE might seem like a high bar, but it can be within reach with the right strategy and a bit of discipline. Consider consulting a financial advisor to discuss your retirement goals – whether it’s FAT FIRE or continuing to live your current lifestyle in retirement.

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This article Can You Guess How Much Money The FAT FIRE Movement Says You Need To Retire Early? Here’s A Hint – It’s More Than $4 Million originally appeared on Benzinga.com

news

S&P 500 Exposure Hits Levels That Preceded 10% Slide, Citi Says

22.10.2024 by admin

(Bloomberg) — Exposure to the S&P 500 has reached levels that were followed by a 10% slump in the past, according to Citigroup Inc. strategists.

[Latest] Global Ready to Drink Cocktail Market Size/Share Worth USD 2,887.7 Million by 2033 at a 12.1% CAGR: Custom Market Insights (Analysis, Outlook, Leaders, Report, Trends, Forecast, Segmentation, Growth, Growth Rate, Value)

22.10.2024 by admin

Austin, TX, USA, Oct. 22, 2024 (GLOBE NEWSWIRE) — Custom Market Insights has published a new research report titled “Ready-To-Drink Cocktail Market Size, Trends and Insights By Alcohol Base (Malt-based, Spirit-based, Wine-based, Others), By Packaging (Bottles, Cans, Others), By Distribution Channel (Hypermarkets/Supermarkets, Online, Liquor Stores, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033“ in its research database.

“According to the latest research study, the demand of global Ready to Drink Cocktail Market size & share was valued at approximately USD 921.5 Million in 2023 and is expected to reach USD 1,033.1 Million in 2024 and is expected to reach a value of around USD 2,887.7 Million by 2033, at a compound annual growth rate (CAGR) of about 12.1% during the forecast period 2024 to 2033.”

Click Here to Access a Free Sample Report of the Global Ready-To-Drink Cocktail Market @ https://www.custommarketinsights.com/request-for-free-sample/?reportid=52945

Ready to Drink Cocktail Market: Growth Factors and Dynamics

Convenience and Accessibility: Ready-to-drink cocktails offer consumers convenience by eliminating the need for cocktail preparation, making them an attractive option for busy lifestyles and on-the-go consumption.

Expanding Millennial and Gen Z Demographics: Younger generations, particularly Millennials and Gen Z, seek convenience without compromising on taste or quality. Ready-to-drink cocktails cater to their preferences for convenience, variety, and social experiences.

Rise of Home Entertaining: The trend of socializing and entertaining at home has surged, especially post-pandemic. Ready-to-drink cocktails provide an easy solution for hosting gatherings, offering bar-quality drinks without needing bartending skills or extensive ingredients.

Innovative Flavors and Packaging: Manufacturers are continuously innovating with new and unique flavors and eye-catching packaging designs to capture consumer attention and differentiate their products in a crowded market.

Health-Conscious Choices: With increasing health awareness, there’s a growing demand for low-sugar, low-calorie, and natural ingredient-based ready-to-drink cocktails. Manufacturers are responding by introducing healthier options to cater to health-conscious consumers.

Globalization and Market Expansion: Ready-to-drink cocktails are gaining popularity not only in traditional markets but also in emerging markets worldwide. As consumer tastes become more globalized, there’s a growing opportunity for market expansion and product diversification on a global scale.

Marketing and Branding: Effective marketing campaigns and branding strategies are crucial in driving growth in the Ready to Drink Cocktail market. Companies invest in innovative marketing tactics, influencer collaborations, and experiential events to build brand awareness and engage consumers, driving sales and market expansion.

E-commerce and Digitalization: The rapid growth of e-commerce platforms and digitalization has significantly impacted the Ready to Drink Cocktail market. Consumers increasingly prefer the convenience of online shopping, leading to the proliferation of online liquor stores and delivery services. This shift towards digital channels gives manufacturers new opportunities to reach consumers directly and expand their market presence.

Seasonal and Occasional Demand: Ready-to-drink cocktails experience surges in demand during peak seasons and occasions such as holidays, festivals, and summer months. Manufacturers capitalize on these trends by offering seasonal flavors and limited-edition releases, creating excitement and driving sales during specific times of the year.

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Ready to Drink Cocktail Market: Partnership and Acquisitions

In 2023, Jennifer Lopez unveiled ‘The House of Delola,’ featuring a premium lineup of spirit-based and organic RTD cocktails. Available in Bella Berry Spritz (10.5% ABV), L’Orange Spritz (10.5% ABV), and Paloma Rosa Spritz (11.5% ABV), these low-calorie drinks boast fruit-infused flavors, offering a sophisticated drinking experience.

In 2022, Diageo plc unveiled Crown Royal RTD cocktails, catering to whisky and cocktail enthusiasts. The range offers three classic Crown Royal serves infused with apple, cranberry, cola, and peach tea flavors, providing a convenient and flavorful option for discerning drinkers.

Report Scope

Feature of the Report	Details
Market Size in 2024	USD 1,033.1 Million
Projected Market Size in 2033	USD 2,887.7 Million
Market Size in 2023	USD 921.5 Million
CAGR Growth Rate	12.1% CAGR
Base Year	2023
Forecast Period	2024-2033
Key Segment	By Alcohol Base, Packaging, Distribution Channel and Region
Report Coverage	Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope	North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options	Request tailored purchasing options to fulfil your research requirements.

(A free sample of the Ready-To-Drink Cocktail report is available upon request; please contact us for more information.)

Our Free Sample Report Consists of the following:

Introduction, Overview, and in-depth industry analysis are all included in the 2024 updated report.
The COVID-19 Pandemic Outbreak Impact Analysis is included in the package.
About 220+ Pages Research Report (Including Recent Research)
Provide detailed chapter-by-chapter guidance on the Request.
Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2024
Includes Tables and figures have been updated.
The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
Custom Market Insights (CMI) research methodology

(Please note that the sample of the Ready-To-Drink Cocktail report has been modified to include the COVID-19 impact study prior to delivery.)

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Ready to Drink Cocktail Market: COVID-19 Analysis

The COVID-19 pandemic has significantly impacted the Ready-To-Drink Cocktail Market, with the industry experiencing positive and negative effects. Here are some of the key impacts:

Disruption in Supply Chain: The COVID-19 pandemic disrupted global supply chains, leading to shortages of key ingredients and packaging materials for ready-to-drink cocktails, impacting production and distribution capabilities.

Closure of On-Premise Channels: The closure of bars, restaurants, and other on-premise channels during lockdowns significantly reduced the consumption of ready-to-drink cocktails, decreasing sales and revenue for manufacturers.

Focus on Home Consumption: With consumers spending more time at home, manufacturers shifted their focus towards promoting ready-to-drink cocktails for home consumption through marketing campaigns, online promotions, and partnerships with online retailers.

Introduction of New Products and Flavors: To reignite consumer interest and stimulate demand, companies introduced new products and flavors, focusing on innovative and trending options to capture market attention.

Expansion of E-commerce Channels: Manufacturers accelerated their e-commerce strategies, enhancing online platforms, and partnering with third-party delivery services to make ready-to-drink cocktails more accessible to consumers through online channels.

Health and Wellness Positioning: Capitalizing on the growing health-conscious trend, companies introduced healthier ready-to-drink cocktail options, such as low-sugar, low-calorie, and natural ingredient-based beverages, to cater to health-conscious consumers.

Reopening of On Consumer Engagement and Education: Manufacturers invested in consumer engagement and education initiatives to rebuild trust and confidence in the safety and quality of ready-to-drink cocktails. Through virtual tastings, interactive workshops, and educational content, companies aimed to reconnect with consumers, communicate product benefits and foster brand loyalty in a post-pandemic landscape.

Premise Channels: As restrictions eased and on-premise channels reopened, manufacturers focused on rebuilding partnerships with bars, restaurants, and hospitality venues, providing support through promotional activities, training programs, and tailored product offerings to revitalize sales in these channels.

In conclusion, the COVID-19 pandemic has had a mixed impact on the Ready to Drink Cocktail Market, with some challenges and opportunities arising from it.

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Key questions answered in this report:

What is the size of the Ready-To-Drink Cocktail market and what is its expected growth rate?
What are the primary driving factors that push the Ready-To-Drink Cocktail market forward?
What are the Ready-To-Drink Cocktail Industry’s top companies?
What are the different categories that the Ready-To-Drink Cocktail Market caters to?
What will be the fastest-growing segment or region?
In the value chain, what role do essential players play?
What is the procedure for getting a free copy of the Ready-To-Drink Cocktail market sample report and company profiles?

Key Offerings:

Market Share, Size & Forecast by Revenue | 2024−2033
Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by regions
Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Ready-To-Drink Cocktail Market – Regional Analysis

The Ready-To-Drink Cocktail Market is segmented into various regions, including North America, Europe, Asia-Pacific, and LAMEA. Here is a brief overview of each region:

North America: Premiumization is a notable trend in North America’s ready-to-drink cocktail market, where consumers prioritize high-quality ingredients and sophisticated packaging. Innovation in flavors is also prominent, with brands constantly introducing new and adventurous combinations to captivate diverse tastes. Moreover, health-conscious choices like low-sugar and natural ingredient-based cocktails align with the region’s wellness trends, while convenient single-serve options cater to on-the-go lifestyles.

Europe: Europe’s ready-to-drink cocktail market is characterized by a reverence for cultural heritage, emphasizing traditional recipes and locally sourced ingredients. Sustainability is a key trend, with consumers seeking eco-friendly packaging and responsibly sourced materials. Additionally, premiumization is evident, reflecting a willingness to invest in higher-quality products. The region’s preference for artisanal producers underscores a growing demand for small-batch and craft offerings.

Asia-Pacific: In Asia-Pacific, the influence of Western cocktail culture is on the rise, driving interest in ready-to-drink cocktails inspired by classic and innovative Western recipes. Fusion flavors, blending traditional Asian ingredients with modern mixology techniques, are gaining popularity, offering unique and exciting taste experiences. Convenience and accessibility are paramount, with ready-to-drink cocktails catering to busy urban lifestyles and e-commerce platforms facilitating easy access to a diverse range of products.

LAMEA: LAMEA’s ready-to-drink cocktail market embraces cultural diversity, showcasing regional flavors and ingredients from Latin America, Africa, and the Middle East. Tropical flavors like mango and coconut dominate, capturing the region’s vibrant culinary heritage. The hospitality sector drives demand, with bars, restaurants, and hotels offering a variety of options for both locals and tourists. The emerging middle class fuels interest in premium and imported cocktails, reflecting a growing appetite for quality and sophistication.

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Browse the full “Ready-To-Drink Cocktail Market Size, Trends and Insights By Alcohol Base (Malt-based, Spirit-based, Wine-based, Others), By Packaging (Bottles, Cans, Others), By Distribution Channel (Hypermarkets/Supermarkets, Online, Liquor Stores, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033“ Report at https://www.custommarketinsights.com/report/ready-to-drink-cocktail-market/

List of the prominent players in the Ready to Drink Cocktail Market:

Bacardi Limited
Diageo plc
Brown-Forman Corporation
Pernod Ricard SA
Beam Suntory Inc.
Campari Group
The Coca-Cola Company
Anheuser-Busch InBev
Constellation Brands Inc.
Sazerac Company Inc.
Asahi Group Holdings Ltd.
& J. Gallo Winery
Halewood Wines & Spirits
Cutwater Spirits
Mark Anthony Brands International
Others

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The Ready to Drink Cocktail Market is segmented as follows:

By Alcohol Base

Malt-based
Spirit-based
Wine-based
Others

By Packaging

By Distribution Channel

Hypermarkets/Supermarkets
Online
Liquor Stores
Others

Click Here to Get a Free Sample Report of the Global Ready-To-Drink Cocktail Market @ https://www.custommarketinsights.com/report/ready-to-drink-cocktail-market/

Regional Coverage:

North America

U.S.
Canada
Mexico
Rest of North America

Europe

Germany
France
U.K.
Russia
Italy
Spain
Netherlands
Rest of Europe

Asia Pacific

China
Japan
India
New Zealand
Australia
South Korea
Taiwan
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

This Ready-To-Drink Cocktail Market Research/Analysis Report Contains Answers to the following Questions.

Which Trends Are Causing These Developments?
Who Are the Global Key Players in This Ready-To-Drink Cocktail Market? What are Their Company Profile, Product Information, and Contact Information?
What Was the Global Market Status of the Ready-To-Drink Cocktail Market? What Was the Capacity, Production Value, Cost and PROFIT of the Ready-To-Drink Cocktail Market?
What Is the Current Market Status of the Ready-To-Drink Cocktail Industry? What’s Market Competition in This Industry, Both Company and Country Wise? What’s Market Analysis of Ready-To-Drink Cocktail Market by Considering Applications and Types?
What Are Projections of the Global Ready-To-Drink Cocktail Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?
What Is Ready-To-Drink Cocktail Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
What Is the Economic Impact On Ready-To-Drink Cocktail Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
What Are Market Dynamics of Ready-To-Drink Cocktail Market? What Are Challenges and Opportunities?
What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Ready-To-Drink Cocktail Industry?

Click Here to Access a Free Sample Report of the Global Ready-To-Drink Cocktail Market @ https://www.custommarketinsights.com/report/ready-to-drink-cocktail-market/

Reasons to Purchase Ready-To-Drink Cocktail Market Report

Ready-To-Drink Cocktail Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
Ready-To-Drink Cocktail Market report outlines market value (USD) data for each segment and sub-segment.
This report indicates the region and segment expected to witness the fastest growth and dominate the market.
Ready-To-Drink Cocktail Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
The Industry’s current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
Ready-To-Drink Cocktail Market Includes in-depth market analysis from various perspectives through Porter’s five forces analysis and provides insight into the market through Value Chain.

Reasons for the Research Report

The study provides a thorough overview of the global Ready-To-Drink Cocktail market. Compare your performance to that of the market as a whole.

Aim to maintain competitiveness while innovations from established key players fuel market growth.

Buy this Premium Ready-To-Drink Cocktail Research Report | Fast Delivery Available – [220+ Pages] @ https://www.custommarketinsights.com/report/ready-to-drink-cocktail-market/

What does the report include?

Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Ready-To-Drink Cocktail market analysis.

The competitive environment of current and potential participants in the Ready-To-Drink Cocktail market is covered in the report, as well as those companies’ strategic product development ambitions.

According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.

For each segment mentioned above, actual market sizes and forecasts have been given.

Who should buy this report?

Participants and stakeholders worldwide Ready-To-Drink Cocktail market should find this report useful. The research will be useful to all market participants in the Ready-To-Drink Cocktail industry.
Managers in the Ready-To-Drink Cocktail sector are interested in publishing up-to-date and projected data about the worldwide Ready-To-Drink Cocktail market.
Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Ready-To-Drink Cocktail products’ market trends.
Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans.

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Earnings News

Cadence Bank Announces Third Quarter 2024 Financial Results

22.10.2024 by admin

HOUSTON and TUPELO, Miss., Oct. 21, 2024 /PRNewswire/ — Cadence Bank CADE (the Company), today announced financial results for the quarter ended September 30, 2024.

Highlights for the third quarter of 2024 included:

Reported quarterly net income available to common shareholders of $134.1 million, or $0.72 per diluted common share, and adjusted net income from continuing operations available to common shareholders,⁽¹⁾ which excludes non-routine income and expenses,⁽²⁾ of $135.6 million, or $0.73 per diluted common share, which represents an increase of $0.04 per share, or 5.8%, compared to the second quarter of 2024 adjusted net income from continuing operations available to common shareholders.⁽¹⁾
Achieved quarterly adjusted pre-tax pre-provision net revenue from continuing operations (PPNR)⁽¹⁾ of $189.9 million, which is flat compared to the second quarter of 2024 and up $44.7 million from the third quarter of 2023. Year-to-date, adjusted PPNR⁽¹⁾ is $555.0 million, up $80.6 million or 17.0%, from the same period in 2023.
Period-end loans were flat for the quarter at $33.3 billion as higher levels of payoffs and paydowns offset new origination activity. Year-to-date, net loan growth is $807.0 million or 3.3% annualized.
Grew period-end total deposits by $985.7 million, or 10.4% on an annualized basis. Customer deposits, which exclude brokered deposits and public funds, increased $1.4 billion including approximately $435.0 million in customer overnight sweep activity. Excluding the sweep activity, customer deposits increased approximately $945.0 million in the quarter, or 11.4% annualized.
Continued improvement in net interest margin by 4 basis points to 3.31%, benefiting from improvement in average earning asset mix, stabilized deposit costs and higher loan yields.
Credit metrics reflected 0.26% in annualized net charge-offs, slightly improved from the linked quarter, and a $12.0 million provision for credit losses resulting in a 1.38% allowance for credit losses as a percent of loans.
Repurchased 323,395 shares of Company common stock during the third quarter at a weighted average price of $28.79 per share; regulatory capital remained strong with Common Equity Tier 1 Capital of 12.3% and Total Capital of 14.5%.
Tangible book value per common share⁽¹⁾ increased to $21.68 per share at September 30, 2024, up $1.60 per share compared to the second quarter of 2024, while tangible common shareholders’ equity to tangible assets⁽¹⁾ increased to 8.28% at September 30, 2024.

“Our third quarter results reflect another good quarter with strong operating performance, highlighted by favorable deposit trends, improvement in our net interest margin, and continued disciplined expense management,” remarked Dan Rollins, Chairman and Chief Executive Officer of Cadence Bank. “From a balance sheet standpoint, we were very pleased with our team’s continued success in growing deposits across the franchise, while keeping the increase in total cost of deposits to just two basis points. Our loan pipelines continue to be robust, reflecting the strong economies in our footprint; however, elevated payoffs and paydowns resulted in total loans being flat linked quarter. Importantly, our net interest income and net interest margin continued to exhibit growth, and our expenses and credit quality results remained in line with expectations.”

Earnings Summary

All adjusted financial results discussed herein are adjusted results from continuing operations.⁽³⁾

For the third quarter of 2024, the Company reported net income available to common shareholders of $134.1 million, or $0.72 per diluted common share, compared to $90.2 million, or $0.49 per diluted common share, for the third quarter of 2023 and $135.1 million, or $0.73 per diluted common share, for the second quarter of 2024. Adjusted net income available to common shareholders from continuing operations⁽¹⁾ increased to $135.6 million, or $0.73 per diluted common share, for the third quarter of 2024, compared with $97.6 million, or $0.53 per diluted common share, for the third quarter of 2023 and $127.9 million, or $0.69 per diluted common share, for the second quarter of 2024.

Additionally, the Company reported adjusted PPNR from continuing operations⁽¹⁾ of $189.9 million, or 1.58% of average assets on an annualized basis, for the third quarter of 2024, which is consistent with the second quarter of 2024, and an increase of $44.7 million or 30.7% compared to the same quarter of 2023. These notable increases in financial performance were driven by net interest margin expansion, fee revenue growth, and continued disciplined expense management.

Net Interest Revenue

Net interest revenue increased to $361.5 million for the third quarter of 2024, compared to $329.0 million for the third quarter of 2023 and $356.3 million for the second quarter of 2024. The net interest margin (fully taxable equivalent) improved to 3.31% for the third quarter of 2024, compared with 2.98% for the third quarter of 2023 and 3.27% for the second quarter of 2024.

Net interest revenue increased $5.1 million, or 1.4%, compared to the second quarter of 2024 as the Company continues to benefit from improved average earning asset mix, upward repricing in the loan portfolio and slowed pressure on deposit costs. Purchase accounting accretion revenue was $3.0 million for both the third quarter of 2024 and the second quarter of 2024, respectively. Average earning assets declined slightly to $43.5 billion, as growth in average loans of $334.3 million was offset by lower excess cash.

Yield on net loans, loans held for sale and leases, excluding accretion, was 6.61% for the third quarter of 2024, up 5 basis points from 6.56% for the second quarter of 2024. Investment securities yielded 3.04% in the third quarter of 2024, down 15 basis points from 3.19% in the second quarter of 2024 due to both increased fair values of the portfolio as well as maturing higher yielding securities in the quarter. The yield on total interest earning assets increased to 5.92% for the third quarter of 2024, up 2 basis points from 5.90% for the second quarter of 2024.

The average cost of total deposits was relatively stable at 2.55% for the third quarter of 2024, compared to 2.53% for the second quarter of 2024. While there was some mix shift between deposit product types, interest bearing demand and money market as well as savings costs were flat linked quarter and time deposit costs declined slightly. Total interest-bearing liabilities cost was 3.47% for the third quarter of 2024 compared to 3.45% for the second quarter of 2024.

Balance Sheet Activity

Loans and leases, net of unearned income, were flat at $33.3 billion compared to the second quarter of 2024. A decline in non-real estate C&I loans was offset by growth in owner occupied C&I, income producing CRE and residential mortgage loans.

Total deposits were $38.8 billion as of September 30, 2024, an increase of $985.7 million from the prior quarter. The third quarter’s increase included a decline of $568.0 million in public funds to $3.7 billion, and a $174.0 million increase in brokered deposits to $626.0 million at September 30, 2024. Core customer deposits, which excludes brokered deposits and public funds, reflected organic growth of approximately $1.4 billion compared to June 30, 2024. However, approximately $435 million of this increase in non-interest bearing deposits was temporary in nature at quarter end driven by timing of overnight customer sweep activity.

The September 30, 2024 loan to deposit ratio was 85.7% and securities to total assets was 15.9%, reflecting continued strong liquidity. Noninterest bearing deposits increased to 23.8% of total deposits at the end of the third quarter of 2024 from 22.7% at June 30, 2024. Excluding the aforementioned approximately $435 million in overnight customer sweep activity, noninterest bearing deposits to total deposits were flat compared to the prior quarter. Stabilization in this mix has positively impacted both the net interest margin and cost of deposits trends.

Total investment securities declined $0.1 billion during the third quarter of 2024 to $7.8 billion at September 30, 2024. Cash, due from balances and deposits at the Federal Reserve increased $1.4 billion to $4.0 billion at September 30, 2024. However, from an average balance perspective, cash, due from balances and deposits at the Federal Reserve declined $0.6 billion linked quarter as the Company continues to use excess liquidity to fund loan growth and reduce reliance on higher cost funding.

In June 2024, the Company called $138.9 million in fixed-to-floating subordinated debt at par. This debt was yielding 5.65%; however, was set to reprice to a weighted-average rate of SOFR+3.76% after the June call date. In November 2024, the Company anticipates calling $215.2 million in fixed-to-floating subordinated debt at par. This debt is currently yielding 4.125% and is set to reprice at SOFR+2.73% after the November call date.

Credit Results, Provision for Credit Losses and Allowance for Credit Losses

Net charge-offs for the third quarter of 2024 were $22.2 million, or 0.26% of average net loans and leases on an annualized basis, compared with net charge-offs of $34.2 million, or 0.42% of average net loans and leases on an annualized basis, for the third quarter of 2023 and net charge-offs of $22.6 million, or 0.28% of average net loans and leases on an annualized basis, for the second quarter of 2024. Net charge-offs for the third quarter of 2024 were primarily in the C&I portfolio and a significant portion of the credits were specifically reserved for in prior quarters. The provision for credit losses for the third quarter of 2024 was $12.0 million, compared with $17.0 million for the third quarter of 2023 and $22.0 million for the second quarter of 2024. The allowance for credit losses of $460.9 million at September 30, 2024 declined slightly to 1.38% of total loans and leases compared to 1.41% of total loans and leases at June 30, 2024.

Total nonperforming assets as a percent of total assets were 0.57% at September 30, 2024 compared to 0.32% at September 30, 2023 and 0.46% at June 30, 2024. Total nonperforming loans and leases as a percent of loans and leases, net were 0.82% at September 30, 2024, compared to 0.46% at September 30, 2023 and 0.65% at June 30, 2024. The linked quarter increase in nonperforming loans represents migration of a limited number of credits that were previously identified as criticized. Other real estate owned and other repossessed assets was $5.4 million at September 30, 2024 compared to the September 30, 2023 balance of $2.9 million and the June 30, 2024 balance of $4.8 million. Criticized loans represented 2.64% of loans at September 30, 2024 compared to 2.71% at September 30, 2023 and 2.51% at June 30, 2024, while classified loans were 2.09% at September 30, 2024 compared to 2.10% at September 30, 2023 and 2.09% at June 30, 2024. Criticized and classified loan totals continue to remain below the most recent peak levels at March 31, 2023.

Noninterest Revenue

Noninterest revenue was $85.9 million for the third quarter of 2024 compared with $74.0 million for the third quarter of 2023 and $100.7 million for the second quarter of 2024. Adjusted noninterest revenue⁽¹⁾ for the third quarter of 2024 was $88.8 million, compared with $80.6 million for the third quarter of 2023 and $85.7 million for the second quarter of 2024. Adjusted noninterest revenue⁽¹⁾ for the third quarter of 2024 excludes $2.9 million in securities losses while adjusted noninterest revenue⁽¹⁾ for the third quarter of 2023 excludes $6.7 million of facility and signage write-downs associated with branch closures and adjusted noninterest revenue⁽¹⁾ for the second quarter of 2024 excludes a gain of $15.0 million associated with the sale of businesses, primarily related to the sale of Cadence Business Solutions, LLC during the second quarter of 2024 (see Key Transactions below).

Wealth management revenue was $24.1 million for the third quarter of 2024, compared with $24.0 million for the second quarter of 2024 as seasonal declines in trust revenue were offset by growth in advisory and brokerage fees. Credit card, debit card and merchant fee revenue was $12.6 million for the third quarter of 2024, relatively consistent with $12.8 million for the second quarter of 2024. Deposit service charge revenue was $18.8 million for the third quarter of 2024, which represents an increase compared to $17.7 million for the second quarter of 2024 including an increase in account analysis revenue.

Mortgage production and servicing revenue totaled $8.2 million for the third quarter of 2024, compared with $9.9 million for the second quarter of 2024 due to slower originations. Mortgage origination volume for the third quarter of 2024 was $732.3 million, compared with $758.4 million for the second quarter of 2024. The net MSR valuation adjustment, net of the related hedge, was a negative $7.0 million for the third quarter of 2024, compared with a negative $3.7 million for the second quarter of 2024.

Other noninterest revenue was $32.1 million for the third quarter of 2024, compared to $40.1 million for the second quarter of 2024. Other noninterest revenue for the second quarter of 2024 included the $15.0 million gain on sale of businesses. Excluding this gain, other noninterest revenue increased $7.1 million linked quarter including increases in credit related fees, SBA income and other miscellaneous revenue.

Noninterest Expense

Noninterest expense for the third quarter of 2024 was $259.4 million, compared with $274.4 million for the third quarter of 2023 and $256.7 million for the second quarter of 2024. Adjusted noninterest expense⁽¹⁾ for the third quarter of 2024 was $260.4 million, compared with $264.2 million for the third quarter of 2023 and $251.1 million for the second quarter of 2024. Adjusted noninterest expense for the third quarter of 2024 excludes a benefit of $1.2 million associated with an adjustment to the estimated FDIC deposit insurance special assessment. The adjusted efficiency ratio⁽¹⁾ was 57.7% for the third quarter of 2024, compared to 56.7% for the second quarter of 2024 and 64.4% for the third quarter of 2023.

The $9.2 million, or 3.7%, linked quarter increases in adjusted noninterest expense⁽¹⁾ was driven by increases in salaries and employee benefits expense as well as other noninterest expense. Salaries and employee benefits expense increased $4.2 million compared to the second quarter of 2024 primarily as a result of the Company’s annual merit increases being effective on July 1, 2024. Other noninterest expense increased $7.6 million compared to the second quarter of 2024. This increase was driven partially by an increase of $2.9 million in legal expense as second quarter of 2024 included higher recoveries of legal costs. The remainder of the increase was the result of small increases in various miscellaneous expenses combined with second quarter 2024 results including benefits associated with certain items including operational loss recoveries.

Capital Management

Total shareholders’ equity was $5.6 billion at September 30, 2024 compared with $4.4 billion at September 30, 2023 and $5.3 billion at June 30, 2024. Estimated regulatory capital ratios at September 30, 2024 included Common Equity Tier 1 capital of 12.3%, Tier 1 capital of 12.7%, Total risk-based capital of 14.5%, and Tier 1 leverage capital of 10.1%. During the third quarter of 2024, the Company repurchased 323,395 shares of Company common stock at an average price of $28.79 per share. The company has 8.8 million shares remaining on its current share repurchase authorization, which expires on December 31, 2024. Outstanding common shares were 182.3 million as of September 30, 2024.

Summary

Rollins concluded, “Our results for the third quarter as well as year-to-date 2024 reflect steady improvement in our financial performance through disciplined balance sheet growth and strong core deposit retention, expansion in our net interest margin, stable credit quality, and enhanced operating efficiency. As always, it is rewarding to see all of our teammates’ hard work and focus on serving our customers and communities continue to produce positive results.”

Key Transactions

Effective May 17, 2024, the Company completed the sale of Cadence Business Solutions, its payroll processing business unit, resulting in a net gain on sale of approximately $12 million. The impact on both revenues and expenses is not material. The payroll processing unit had previously been part of Cadence Insurance, Inc., prior to its sale in November 2023.

Effective November 30, 2023, the Company completed the sale of its insurance subsidiary, Cadence Insurance, to Arthur J. Gallagher & Co. for approximately $904 million. The Transaction resulted in net capital creation of approximately $625 million, including a net gain on sale of approximately $525 million. The gain along with Cadence Insurance’s historical financial results for periods prior to the divestiture have been reflected in the consolidated financial statements as discontinued operations. Additionally, current and prior period adjusted earnings exclude the impact of discontinued operations.

Conference Call and Webcast

The Company will conduct a conference call to discuss its third quarter 2024 financial results on October 22, 2024, at 10:00 a.m. (Central Time). This conference call will be an interactive session between management and analysts. Interested parties may listen to this live conference call via Internet webcast by accessing http://ir.cadencebank.com/events. The webcast will also be available in archived format at the same address.

About Cadence Bank

Cadence Bank CADE is a leading regional banking franchise with approximately $50 billion in assets and more than 350 branch locations across the South and Texas. Cadence provides consumers, businesses and corporations with a full range of innovative banking and financial solutions. Services and products include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, specialized lending, asset-based lending, commercial real estate, equipment financing, correspondent banking, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, and retirement plan management. Cadence is committed to a culture of respect, diversity and inclusion in both its workplace and communities. Cadence Bank, Member FDIC. Equal Housing Lender.

(1) Considered a non-GAAP financial measure. A discussion regarding these non-GAAP measures and ratios, including reconciliations of non-GAAP measures to the most directly comparable GAAP measures and definitions for non-GAAP ratios, appears in Table 14 “Reconciliation of Non-GAAP Measures and Other Non-GAAP Ratio Definitions” beginning on page 22 of this news release.

(2) See Table 14 for detail on non-routine income and expenses.

(3) Given the sale of Cadence Insurance, Inc. (“Cadence Insurance”) in the fourth quarter of 2023, the financial results presented consist of both continuing operations and discontinued operations. The discontinued operations include the financial results of Cadence Insurance prior to the sale, as well as the associated gain on sale in the fourth quarter of 2023. The discontinued operations are presented as a single line item below income from continuing operations and as separate lines in the balance sheet in the accompanying tables for all periods presented.

Forward-Looking Statements

Certain statements made in this news release constitute “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor under the Private Securities Litigation Reform Act of 1995 as well as the “bespeaks caution” doctrine. These statements are often, but not exclusively, made through the use of words or phrases like “assume,” “believe,” “budget,” “contemplate,” “continue,” “could,” “foresee,” “indicate,” “may,” “might,” “outlook,” “prospect,” “potential,” “roadmap,” “should,” “target,” “will,” “would,” the negative versions of such words, or comparable words of a future or forward-looking nature. These forward-looking statements may include, without limitation, discussions regarding general economic, interest rate, real estate market, competitive, employment, and credit market conditions, or any of the Company’s comments related to topics in its risk disclosures or results of operations as well as the impact of the Cadence Insurance sale on the Company’s financial condition and future net income and earnings per share, and the Company’s ability to deploy capital into strategic and growth initiatives. Forward-looking statements are based upon management’s expectations as well as certain assumptions and estimates made by, and information available to, the Company’s management at the time such statements were made. Forward-looking statements are not guarantees of future results or performance and are subject to certain known and unknown risks, uncertainties and other factors that are beyond the Company’s control and that may cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements.

Risks, uncertainties and other factors the Company may face include, without limitation: general economic, unemployment, credit market and real estate market conditions, including inflation, and the effect of such conditions on customers, potential customers, assets, investments and liquidity; risks arising from market and consumer reactions to the general banking environment, or to conditions or situations at specific banks; risks arising from media coverage of the banking industry; risks arising from perceived instability in the banking sector; the risks of changes in interest rates and their effects on the level, cost, and composition of, and competition for, deposits, loan demand and timing of payments, the values of loan collateral, securities, and interest sensitive assets and liabilities; the ability to attract new or retain existing deposits, to retain or grow loans or additional interest and fee income, or to control noninterest expense; the effect of pricing pressures on the Company’s net interest margin; the failure of assumptions underlying the establishment of reserves for possible credit losses, fair value for loans and other real estate owned; changes in real estate values; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, or uncertainties surrounding the debt ceiling and the federal budget; uncertainties surrounding the functionality of the federal government; potential delays or other problems in implementing and executing the Company’s growth, expansion, acquisition, or divestment strategies, including delays in obtaining regulatory or other necessary approvals, or the failure to realize any anticipated benefits or synergies from any acquisitions, growth, or divestment strategies; the ability to pay dividends or coupons on the Company’s 5.5% Series A Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share, or the 4.125% Fixed-to-Floating Rate Subordinated Notes due November 20, 2029; possible downgrades in the Company’s credit ratings or outlook which could increase the costs or availability of funding from capital markets; changes in legal, financial, accounting, and/or regulatory requirements; the costs and expenses to comply with such changes; the enforcement efforts of federal and state bank regulators; the ability to keep pace with technological changes, including changes regarding maintaining cybersecurity and the impact of generative artificial intelligence; increased competition in the financial services industry, particularly from regional and national institutions; the impact of a failure in, or breach of, the Company’s operational or security systems or infrastructure, or those of third parties with whom the Company does business, including as a result of cyber-attacks or an increase in the incidence or severity of fraud, illegal payments, security breaches or other illegal acts impacting the Company or the Company’s customers. The Company also faces risks from natural disasters or acts of war or terrorism; international or political instability, including the impacts related to or resulting from Russia’s military action in Ukraine, the escalating conflicts in the Middle East, and additional sanctions and export controls, as well as the broader impacts to financial markets and the global macroeconomic and geopolitical environments.

The Company also faces risks from: possible adverse rulings, judgments, settlements or other outcomes of pending, ongoing and future litigation, as well as governmental, administrative and investigatory matters; the impairment of the Company’s goodwill or other intangible assets; losses of key employees and personnel; the diversion of management’s attention from ongoing business operations and opportunities; and the company’s success in executing its business plans and strategies, and managing the risks involved in all of the foregoing.

The foregoing factors should not be construed as exhaustive and should be read in conjunction with those factors that are set forth from time to time in the Company’s periodic and current reports filed with the FDIC, including those factors included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, particularly those under the heading “Item 1A. Risk Factors,” in the Company’s Quarterly Reports on Form 10-Q under the heading “Part II-Item 1A. Risk Factors,” and in the Company’s Current Reports on Form 8-K.

Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date of this news release, if one or more events related to these or other risks or uncertainties materialize, or if the Company’s underlying assumptions prove to be incorrect, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Accordingly, undue reliance should not be placed on any forward-looking statements. The forward-looking statements speak only as of the date of this news release, and the Company does not undertake any obligation to publicly update or review any forward-looking statement, except as required by applicable law. All written or oral forward-looking statements attributable to the Company are expressly qualified in their entirety by this section.

Table 1 Selected Financial Data (Unaudited)
	Quarter Ended					Year-to-date
(In thousands)	Sep 2024	Jun 2024	Mar 2024	Dec 2023	Sep 2023	Sep 2024	Sep 2023
Earnings Summary:
Interest revenue	$ 647,713	$ 642,210	$ 637,113	$ 615,187	$ 595,459	$ 1,927,036	$ 1,694,980
Interest expense	286,255	285,892	283,205	280,582	266,499	855,352	678,229
Net interest revenue	361,458	356,318	353,908	334,605	328,960	1,071,684	1,016,751
Provision for credit losses	12,000	22,000	22,000	38,000	17,000	56,000	42,000
Net interest revenue, after provision for credit losses	349,458	334,318	331,908	296,605	311,960	1,015,684	974,751
Noninterest revenue	85,901	100,658	83,786	(311,460)	73,989	270,345	195,116
Noninterest expense	259,438	256,697	263,207	329,367	274,442	779,343	826,555
Income (loss) from continuing operations before income taxes	175,921	178,279	152,487	(344,222)	111,507	506,686	343,312
Income tax expense (benefit)	39,482	40,807	35,509	(80,485)	24,355	115,797	75,891
Income (loss) from continuing operations	136,439	137,472	116,978	(263,737)	87,152	390,889	267,421
Income from discontinued operations, net of taxes	—	—	—	522,801	5,431	—	15,819
Net income	136,439	137,472	116,978	259,064	92,583	390,889	283,240
Less: Preferred dividends	2,372	2,372	2,372	2,372	2,372	7,116	7,116
Net income available to common shareholders	$ 134,067	$ 135,100	$ 114,606	$ 256,692	$ 90,211	$ 383,773	$ 276,124

Balance Sheet – Period End Balances
Total assets	$ 49,204,933	$ 47,984,078	$ 48,313,863	$ 48,934,510	$ 48,523,010	$ 49,204,933	$ 48,523,010
Total earning assets	44,834,897	43,525,688	43,968,692	44,192,887	43,727,058	44,834,897	43,727,058
Available for sale securities	7,841,685	7,921,422	8,306,589	8,075,476	9,643,231	7,841,685	9,643,231
Loans and leases, net of unearned income	33,303,972	33,312,773	32,882,616	32,497,022	32,520,593	33,303,972	32,520,593
Allowance for credit losses (ACL)	460,859	470,022	472,575	468,034	446,859	460,859	446,859
Net book value of acquired loans	5,521,000	5,543,419	6,011,007	6,353,344	6,895,487	5,521,000	6,895,487
Unamortized net discount on acquired loans	17,988	20,874	23,715	26,928	30,761	17,988	30,761
Total deposits	38,844,360	37,858,659	38,120,226	38,497,137	38,344,885	38,844,360	38,344,885
Total deposits and repurchase agreements	38,861,324	37,913,693	38,214,616	38,948,653	39,207,474	38,861,324	39,207,474
Other short-term borrowings	3,500,000	3,500,000	3,500,000	3,500,000	3,500,223	3,500,000	3,500,223
Subordinated and long-term debt	225,823	269,353	430,123	438,460	449,323	225,823	449,323
Total shareholders’ equity	5,572,863	5,287,758	5,189,932	5,167,843	4,395,257	5,572,863	4,395,257
Total shareholders’ equity, excluding AOCI ⁽¹⁾	6,163,205	6,070,220	5,981,265	5,929,672	5,705,178	6,163,205	5,705,178
Common shareholders’ equity	5,405,870	5,120,765	5,022,939	5,000,850	4,228,264	5,405,870	4,228,264
Common shareholders’ equity, excluding AOCI⁽¹⁾	$ 5,996,212	$ 5,903,227	$ 5,814,272	$ 5,762,679	$ 5,538,185	$ 5,996,212	$ 5,538,185

Balance Sheet – Average Balances
Total assets	$ 47,803,977	$ 48,192,719	$ 48,642,540	$ 48,444,176	$ 48,655,138	$ 48,211,586	$ 48,791,497
Total earning assets	43,540,045	43,851,822	44,226,077	43,754,664	44,003,639	43,871,434	44,017,508
Available for sale securities	7,915,636	8,033,552	8,269,708	9,300,714	10,004,441	8,072,391	10,666,618
Loans and leases, net of unearned income	33,279,819	32,945,526	32,737,574	32,529,030	32,311,572	32,988,706	31,706,637
Total deposits	37,634,453	38,100,087	38,421,272	38,215,379	38,468,912	38,050,413	38,767,657
Total deposits and repurchase agreements	37,666,828	38,165,908	38,630,620	38,968,397	39,295,967	38,152,672	39,544,419
Other short-term borrowings	3,512,218	3,500,000	3,500,000	3,503,320	3,510,942	3,504,102	3,460,386
Subordinated and long-term debt	265,790	404,231	434,579	443,251	449,568	367,826	455,810
Total shareholders’ equity	5,420,826	5,207,254	5,194,048	4,507,343	4,505,162	5,274,579	4,480,723
Common shareholders’ equity	$ 5,253,833	$ 5,040,261	$ 5,027,055	$ 4,340,350	$ 4,338,169	$ 5,107,586	$ 4,313,730

Nonperforming Assets:
Nonperforming loans and leases (NPL) ^{(2) (3)}	272,954	216,746	241,007	216,141	150,038	272,954	150,038
Other real estate owned and other assets	5,354	4,793	5,280	6,246	2,927	5,354	2,927
Nonperforming assets (NPA)	$ 278,308	$ 221,539	$ 246,287	$ 222,387	$ 152,965	$ 278,308	$ 152,965

(1)	Denotes non-GAAP financial measure. Refer to related disclosure and reconciliation on pages 23 – 27.
(2)	At September 30, 2024, $81.6 million of NPL is covered by government guarantees from the SBA, FHA, VA or USDA. Refer to Table 7 on page 13 for related information.
(3)	At June 30, 2024, NPL does not include nonperforming loans held for sale of $2.7 million.

Table 2 Selected Financial Ratios

	Quarter Ended					Year-to-date
	Sep 2024	Jun 2024	Mar 2024	Dec 2023	Sep 2023	Sep 2024	Sep 2023
Financial Ratios and Other Data:
Return on average assets from continuing operations ⁽²⁾	1.14 %	1.15 %	0.97 %	(2.16) %	0.71 %	1.08 %	0.73 %
Return on average assets ⁽²⁾	1.14	1.15	0.97	2.12	0.75	1.08	0.78
Adjusted return on average assets from continuing operations⁽¹⁾⁽²⁾	1.15	1.09	0.97	0.62	0.82	1.07	0.92
Return on average common shareholders’ equity from continuing operations ⁽²⁾	10.15	10.78	9.17	(24.32)	7.75	10.04	8.07
Return on average common shareholders’ equity ⁽²⁾	10.15	10.78	9.17	23.46	8.25	10.04	8.56
Adjusted return on average common shareholders’ equity from continuing operations⁽¹⁾⁽²⁾	10.27	10.21	9.15	6.65	8.93	9.88	10.18
Return on average tangible common equity from continuing operations⁽¹⁾⁽²⁾	14.04	15.18	12.94	(36.79)	11.75	14.06	12.28
Return on average tangible common equity⁽¹⁾⁽²⁾	14.04	15.18	12.94	35.49	12.50	14.06	13.03
Adjusted return on average tangible common equity from continuing operations ⁽¹⁾⁽²⁾	14.21	14.37	12.92	10.06	13.53	13.84	15.50
Pre-tax pre-provision net revenue from continuing operation to total average assets ⁽¹⁾⁽²⁾	1.56	1.67	1.44	(2.51)	1.05	1.56	1.06
Adjusted pre-tax pre-provision net revenue from continuing operations to total average assets ⁽¹⁾⁽²⁾	1.58	1.59	1.44	1.13	1.18	1.54	1.30
Net interest margin-fully taxable equivalent	3.31	3.27	3.22	3.04	2.98	3.27	3.10
Net interest rate spread-fully taxable equivalent	2.45	2.45	2.40	2.25	2.21	2.43	2.37
Efficiency ratio fully tax equivalent ⁽¹⁾	57.90	56.09	60.05	NM	67.93	57.99	68.03
Adjusted efficiency ratio fully tax equivalent⁽¹⁾	57.73	56.73	60.12	66.01	64.35	58.18	62.48
Loan/deposit ratio	85.74 %	87.99 %	86.26 %	84.41 %	84.81 %	85.74 %	84.81 %
Full time equivalent employees	5,327	5,290	5,322	5,333	6,160	5,327	6,160

Credit Quality Ratios:
Net charge-offs to average loans and leases⁽²⁾	0.26 %	0.28 %	0.24 %	0.29 %	0.42 %	0.26 %	0.20 %
Provision for credit losses to average loans and leases ⁽²⁾	0.14	0.27	0.27	0.46	0.21	0.23	0.18
ACL to loans and leases, net	1.38	1.41	1.44	1.44	1.37	1.38	1.37
ACL to NPL	168.84	216.85	196.08	216.54	297.83	168.84	297.83
NPL to loans and leases, net	0.82	0.65	0.73	0.67	0.46	0.82	0.46
NPA to total assets	0.57	0.46	0.51	0.45	0.32	0.57	0.32

Equity Ratios:
Total shareholders’ equity to total assets	11.33 %	11.02 %	10.74 %	10.56 %	9.06 %	11.33 %	9.06 %
Total common shareholders’ equity to total assets	10.99	10.67	10.40	10.22	8.71	10.99	8.71
Tangible common shareholders’ equity to tangible assets⁽¹⁾	8.28	7.87	7.60	7.44	5.86	8.28	5.86
Tangible common shareholders’ equity, excluding AOCI, to tangible assets, excluding AOCI ⁽¹⁾	9.40	9.40	9.13	8.90	8.41	9.40	8.41

Capital Adequacy ⁽³⁾:
Common Equity Tier 1 capital	12.3 %	11.9 %	11.7 %	11.6 %	10.3 %	12.3 %	10.3 %
Tier 1 capital	12.7	12.3	12.2	12.1	10.8	12.7	10.8
Total capital	14.5	14.2	14.5	14.3	12.9	14.5	12.9
Tier 1 leverage capital	10.1	9.7	9.5	9.3	8.6	10.1	8.6

(1) Denotes non-GAAP financial measure. Refer to related disclosure and reconciliation on pages 23 – 27.

(2) Annualized.

(3) Current quarter regulatory capital ratios are estimated.

NM – Not meaningful

Table 3 Selected Financial Information
	Quarter Ended					Year-to-date
	Sep 2024	Jun 2024	Mar 2024	Dec 2023	Sep 2023	Sep 2024	Sep 2023
Common Share Data:
Diluted earnings (losses) per share from continuing operations	$ 0.72	$ 0.73	$ 0.62	$ (1.46)	$ 0.46	$ 2.07	$ 1.41
Adjusted earnings per share from continuing operations ⁽¹⁾	0.73	0.69	0.62	0.40	0.53	2.04	1.78
Diluted earnings per share	0.72	0.73	0.62	1.41	0.49	2.07	1.50
Cash dividends per share	0.250	0.250	0.250	0.235	0.235	0.750	0.705
Book value per share	29.65	28.07	27.50	27.35	23.15	29.65	23.15
Tangible book value per share ⁽¹⁾	21.68	20.08	19.48	19.32	15.09	21.68	15.09
Market value per share (last)	31.28	28.28	29.00	29.59	21.22	31.28	21.22
Market value per share (high)	34.13	29.95	30.03	31.45	25.87	34.13	28.18
Market value per share (low)	27.46	26.16	24.99	19.67	19.00	24.99	16.95
Market value per share (average)	30.96	28.14	27.80	24.40	22.56	28.98	22.41
Dividend payout ratio from continuing operations	34.72 %	34.25 %	40.48 %	(16.13) %	51.09 %	36.23 %	50.00 %
Adjusted dividend payout ratio from continuing operations ⁽¹⁾	34.25 %	36.23 %	40.32 %	58.75 %	44.34 %	36.76 %	39.61 %
Total shares outstanding	182,315,142	182,430,427	182,681,325	182,871,775	182,611,075	182,315,142	182,611,075
Average shares outstanding – diluted	185,496,110	185,260,963	185,574,130	182,688,190	184,645,004	185,443,201	184,062,368

Yield/Rate:
(Taxable equivalent basis)
Loans, loans held for sale, and leases	6.64 %	6.59 %	6.50 %	6.48 %	6.39 %	6.58 %	6.22 %
Loans, loans held for sale, and leases excluding net accretion on acquired loans and leases	6.61	6.56	6.46	6.43	6.31	6.54	6.12
Available for sale securities:
Taxable	3.03	3.18	3.11	2.45	2.07	3.11	1.98
Tax-exempt	3.97	4.12	4.25	3.78	3.23	4.11	3.22
Other investments	5.37	5.45	5.48	5.41	5.36	5.44	5.02
Total interest earning assets and revenue	5.92	5.90	5.80	5.59	5.38	5.87	5.16
Deposits	2.55	2.53	2.45	2.32	2.14	2.51	1.76
Interest bearing demand and money market	3.13	3.13	3.11	3.02	2.79	3.13	2.43
Savings	0.57	0.57	0.57	0.56	0.56	0.57	0.47
Time	4.50	4.53	4.42	4.22	3.98	4.48	3.48
Total interest bearing deposits	3.30	3.28	3.21	3.10	2.88	3.26	2.46
Fed funds purchased, securities sold under agreement to repurchase and other	5.10	4.47	4.86	4.33	4.27	4.81	3.99
Short-term FHLB borrowings	—	—	—	—	3.54	—	4.91
Short-term BTFP borrowings	4.77	4.77	4.84	5.04	5.15	4.79	5.15
Total interest bearing deposits and short-term borrowings	3.46	3.44	3.39	3.33	3.16	3.43	2.77
Subordinated and long-term borrowings	4.30	4.41	4.35	4.18	4.22	4.36	4.24
Total interest bearing liabilities	3.47	3.45	3.40	3.34	3.17	3.44	2.79
Interest bearing liabilities to interest earning assets	75.40 %	75.97 %	75.73 %	76.08 %	75.74 %	75.70 %	73.88 %
Net interest income tax equivalent adjustment (in thousands)	$ 694	$ 644	$ 636	$ 987	$ 1,081	$ 1,974	$ 3,197

(1) Denotes non-GAAP financial measure. Refer to related disclosure and reconciliation on pages 23 – 27.

Table 4 Consolidated Balance Sheets (Unaudited)
	As of
(In thousands)	Sep 2024	Jun 2024	Mar 2024	Dec 2023	Sep 2023
ASSETS
Cash and due from banks	$ 504,827	$ 516,715	$ 427,543	$ 798,177	$ 594,787
Interest bearing deposits with other banks and Federal funds sold	3,483,299	2,093,820	2,609,931	3,434,088	1,400,858
Available for sale securities, at fair value	7,841,685	7,921,422	8,306,589	8,075,476	9,643,231
Loans and leases, net of unearned income	33,303,972	33,312,773	32,882,616	32,497,022	32,520,593
Allowance for credit losses	460,859	470,022	472,575	468,034	446,859
Net loans and leases	32,843,113	32,842,751	32,410,041	32,028,988	32,073,734
Loans held for sale, at fair value	205,941	197,673	169,556	186,301	162,376
Premises and equipment, net	797,556	808,705	822,666	802,133	789,698
Goodwill	1,366,923	1,366,923	1,367,785	1,367,785	1,367,785
Other intangible assets, net	87,094	91,027	96,126	100,191	104,596
Bank-owned life insurance	652,057	648,970	645,167	642,840	639,073
Other assets	1,422,438	1,496,072	1,458,459	1,498,531	1,590,769
Assets of discontinued operations	—	—	—	—	156,103
Total Assets	$ 49,204,933	$ 47,984,078	$ 48,313,863	$ 48,934,510	$ 48,523,010
LIABILITIES
Deposits:
Demand: Noninterest bearing	$ 9,242,693	$ 8,586,265	$ 8,820,468	$ 9,232,068	$ 9,657,198
Interest bearing	18,125,553	18,514,015	18,945,982	19,276,596	18,334,551
Savings	2,560,803	2,613,950	2,694,777	2,720,913	2,837,348
Time deposits	8,915,311	8,144,429	7,658,999	7,267,560	7,515,788
Total deposits	38,844,360	37,858,659	38,120,226	38,497,137	38,344,885
Securities sold under agreement to repurchase	16,964	55,034	94,390	451,516	862,589
Other short-term borrowings	3,500,000	3,500,000	3,500,000	3,500,000	3,500,223
Subordinated and long-term debt	225,823	269,353	430,123	438,460	449,323
Other liabilities	1,044,923	1,013,274	979,192	879,554	876,195
Liabilities of discontinued operations	—	—	—	—	94,538
Total Liabilities	43,632,070	42,696,320	43,123,931	43,766,667	44,127,753
SHAREHOLDERS’ EQUITY
Preferred stock	166,993	166,993	166,993	166,993	166,993
Common stock	455,788	456,076	456,703	457,179	456,528
Capital surplus	2,729,440	2,724,656	2,724,587	2,743,066	2,733,003
Accumulated other comprehensive loss	(590,342)	(782,462)	(791,333)	(761,829)	(1,309,921)
Retained earnings	2,810,984	2,722,495	2,632,982	2,562,434	2,348,654
Total Shareholders’ Equity	5,572,863	5,287,758	5,189,932	5,167,843	4,395,257
Total Liabilities & Shareholders’ Equity	$ 49,204,933	$ 47,984,078	$ 48,313,863	$ 48,934,510	$ 48,523,010

Table 5 Consolidated Quarterly Average Balance Sheets (Unaudited)

(In thousands)	Sep 2024	Jun 2024	Mar 2024	Dec 2023	Sep 2023
ASSETS
Cash and due from banks	$ 435,569	$ 456,938	$ 557,009	$ 443,504	$ 362,479
Interest bearing deposits with other banks and Federal funds sold	2,210,277	2,758,385	3,146,439	1,811,686	1,571,973
Available for sale securities, at fair value	7,915,636	8,033,552	8,269,708	9,300,714	10,004,441
Loans and leases, net of unearned income	33,279,819	32,945,526	32,737,574	32,529,030	32,311,572
Allowance for credit losses	469,919	475,181	473,849	447,879	459,698
Net loans and leases	32,809,900	32,470,345	32,263,725	32,081,151	31,851,874
Loans held for sale, at fair value	134,313	114,359	72,356	113,234	115,653
Premises and equipment, net	807,353	815,920	808,473	795,164	811,095
Goodwill	1,366,923	1,367,358	1,367,785	1,367,916	1,367,785
Other intangible assets, net	89,262	93,743	98,350	102,765	107,032
Bank-owned life insurance	650,307	646,124	643,189	640,439	636,335
Other assets	1,384,437	1,435,995	1,415,506	1,787,603	1,826,471
Total Assets	$ 47,803,977	$ 48,192,719	$ 48,642,540	$ 48,444,176	$ 48,655,138
LIABILITIES
Deposits:
Demand: Noninterest bearing	$ 8,616,534	$ 8,757,029	$ 9,072,619	$ 9,625,912	$ 9,924,554
Interest bearing	18,043,686	18,770,093	19,303,845	18,292,826	17,970,463
Savings	2,584,761	2,652,019	2,696,452	2,758,977	2,913,027
Time deposits	8,389,472	7,920,946	7,348,356	7,537,664	7,660,868
Total deposits	37,634,453	38,100,087	38,421,272	38,215,379	38,468,912
Securities sold under agreement to repurchase	32,375	65,821	209,348	753,018	827,055
Other short-term borrowings	3,512,218	3,500,000	3,500,000	3,503,320	3,510,942
Subordinated and long-term debt	265,790	404,231	434,579	443,251	449,568
Other liabilities	938,315	915,326	883,293	1,021,865	893,499
Total Liabilities	42,383,151	42,985,465	43,448,492	43,936,833	44,149,976
SHAREHOLDERS’ EQUITY
Preferred stock	166,993	166,993	166,993	166,993	166,993
Common stock	455,954	456,618	456,437	456,636	456,557
Capital surplus	2,725,581	2,724,838	2,733,902	2,733,985	2,726,686
Accumulated other comprehensive loss	(703,619)	(838,710)	(777,940)	(1,279,235)	(1,175,077)
Retained earnings	2,775,917	2,697,515	2,614,656	2,428,964	2,330,003
Total Shareholders’ Equity	5,420,826	5,207,254	5,194,048	4,507,343	4,505,162
Total Liabilities & Shareholders’ Equity	$ 47,803,977	$ 48,192,719	$ 48,642,540	$ 48,444,176	$ 48,655,138

Table 6 Consolidated Statements of Income (Unaudited)
	Quarter Ended					Year-to-date
(Dollars in thousands, except per share data)	Sep 2024	Jun 2024	Mar 2024	Dec 2023	Sep 2023	Sep 2024	Sep 2023
INTEREST REVENUE:
Loans and leases	$ 555,862	$ 539,685	$ 528,940	$ 531,340	$ 520,126	$ 1,624,487	$ 1,473,472
Available for sale securities:
Taxable	59,732	62,852	63,405	55,801	50,277	185,989	152,320
Tax-exempt	638	638	687	1,927	2,375	1,963	7,279
Loans held for sale	1,630	1,652	1,184	1,418	1,468	4,467	3,033
Short-term investments	29,851	37,383	42,897	24,701	21,213	110,130	58,876
Total interest revenue	647,713	642,210	637,113	615,187	595,459	1,927,036	1,694,980
INTEREST EXPENSE:
Interest bearing demand deposits and money market accounts	142,179	146,279	149,403	139,144	126,296	437,861	333,578
Savings	3,695	3,743	3,801	3,918	4,108	11,238	11,037
Time deposits	94,944	89,173	80,670	80,143	76,867	264,786	166,333
Federal funds purchased and securities sold under agreement to repurchase	561	724	2,523	8,254	9,004	3,808	24,327
Short-term debt	42,003	41,544	42,109	44,451	45,438	125,656	128,490
Subordinated and long-term debt	2,873	4,429	4,699	4,672	4,786	12,003	14,464
Total interest expense	286,255	285,892	283,205	280,582	266,499	855,352	678,229
Net interest revenue	361,458	356,318	353,908	334,605	328,960	1,071,684	1,016,751
Provision for credit losses	12,000	22,000	22,000	38,000	17,000	56,000	42,000
Net interest revenue, after provision for credit losses	349,458	334,318	331,908	296,605	311,960	1,015,684	974,751

NONINTEREST REVENUE:
Mortgage banking	1,133	6,173	6,443	(1,137)	5,684	13,749	20,115
Credit card, debit card and merchant fees	12,649	12,770	12,162	12,902	12,413	37,581	36,882
Deposit service charges	18,814	17,652	18,338	11,161	16,867	54,803	50,557
Security (losses) gains, net	(2,947)	(4)	(9)	(384,524)	64	(2,960)	(51,127)
Wealth management	24,110	24,006	22,833	22,576	21,079	70,949	64,351
Other noninterest income	32,142	40,061	24,019	27,562	17,882	96,223	74,338
Total noninterest revenue	85,901	100,658	83,786	(311,460)	73,989	270,345	195,116

NONINTEREST EXPENSE:
Salaries and employee benefits	152,237	148,038	156,650	148,081	161,627	456,926	486,641
Occupancy and equipment	28,894	29,367	28,640	28,009	27,069	86,901	82,962
Data processing and software	29,164	29,467	30,028	32,922	29,127	88,658	87,521
Merger expense	—	—	—	—	—	—	5,192
Amortization of intangibles	3,933	3,999	4,066	4,405	4,436	11,998	14,983
Deposit insurance assessments	7,481	15,741	8,414	45,733	10,425	31,637	26,491
Pension settlement expense	—	—	—	11,226	600	—	600
Other noninterest expense	37,729	30,085	35,409	58,991	41,158	103,223	122,165
Total noninterest expense	259,438	256,697	263,207	329,367	274,442	779,343	826,555
Income (loss) from continuing operations before taxes	175,921	178,279	152,487	(344,222)	111,507	506,686	343,312
Income tax expense (benefit)	39,482	40,807	35,509	(80,485)	24,355	115,797	75,891
Income (loss) from continuing operations	$ 136,439	$ 137,472	$ 116,978	$ (263,737)	$ 87,152	390,889	267,421
Income from discontinued operations	—	—	—	706,129	7,242	—	21,462
Income tax expense from discontinued operations	—	—	—	183,328	1,811	—	5,643
Income from discontinued operations, net of taxes	—	—	—	522,801	5,431	—	15,819
Net income	136,439	137,472	116,978	259,064	92,583	390,889	283,240
Less: Preferred dividends	2,372	2,372	2,372	2,372	2,372	7,116	7,116
Net income available to common shareholders	$ 134,067	$ 135,100	$ 114,606	$ 256,692	$ 90,211	$ 383,773	$ 276,124
Diluted earnings (losses) per common share from continuing operations	$ 0.72	$ 0.73	$ 0.62	$ (1.46)	$ 0.46	$ 2.07	$ 1.41
Diluted earnings per common share	$ 0.72	$ 0.73	$ 0.62	$ 1.41	$ 0.49	$ 2.07	$ 1.50

Table 7 Selected Loan Portfolio Data (Unaudited)
	Quarter Ended
(In thousands)	Sep 2024	Jun 2024	Mar 2024	Dec 2023	Sep 2023
LOAN AND LEASE PORTFOLIO:
Commercial and industrial
Non-real estate	$ 8,692,639	$ 9,136,929	$ 9,121,457	$ 8,935,598	$ 9,199,024
Owner occupied	4,557,723	4,475,647	4,442,357	4,349,060	4,361,530
Total commercial and industrial	13,250,362	13,612,576	13,563,814	13,284,658	13,560,554
Commercial real estate
Construction, acquisition and development	3,931,821	3,892,527	3,864,351	3,910,962	3,819,307
Income producing	5,978,695	5,851,340	5,783,943	5,736,871	5,720,606
Total commercial real estate	9,910,516	9,743,867	9,648,294	9,647,833	9,539,913
Consumer
Residential mortgages	9,933,222	9,740,713	9,447,675	9,329,692	9,186,179
Other consumer	209,872	215,617	222,833	234,839	233,947
Total consumer	10,143,094	9,956,330	9,670,508	9,564,531	9,420,126
Total loans and leases, net of unearned income	$ 33,303,972	$ 33,312,773	$ 32,882,616	$ 32,497,022	$ 32,520,593

NONPERFORMING ASSETS
Nonperforming Loans and Leases
Commercial and industrial
Non-real estate	$ 148,267	$ 121,171	$ 149,683	$ 131,559	$ 67,962
Owner occupied	15,127	13,700	5,962	7,097	6,486
Total commercial and industrial	163,394	134,871	155,645	138,656	74,448
Commercial real estate
Construction, acquisition and development	2,034	4,923	3,787	1,859	4,608
Income producing	25,112	15,002	19,428	17,485	12,251
Total commercial real estate	27,146	19,925	23,215	19,344	16,859
Consumer
Residential mortgages	82,191	61,677	61,886	57,881	58,488
Other consumer	223	273	261	260	243
Total consumer	82,414	61,950	62,147	58,141	58,731
Total nonperforming loans and leases ⁽¹⁾	$ 272,954	$ 216,746	$ 241,007	$ 216,141	$ 150,038

Other real estate owned and repossessed assets	5,354	4,793	5,280	6,246	2,927
Total nonperforming assets	$ 278,308	$ 221,539	$ 246,287	$ 222,387	$ 152,965

Government guaranteed portion of nonaccrual loans and leases covered by the SBA, FHA, VA or USDA	$ 81,632	$ 71,418	$ 59,897	$ 49,551	$ 42,046

Loans and leases 90+ days past due, still accruing	$ 11,757	$ 6,150	$ 30,048	$ 22,466	$ 9,152

(1) At June 30, 2024, NPL does not include nonperforming loans held for sale of $2.7 million.

Table 8 Allowance for Credit Losses (Unaudited)
	Quarter Ended
(Dollars in thousands)	Sep 2024	Jun 2024	Mar 2024	Dec 2023	Sep 2023
ALLOWANCE FOR CREDIT LOSSES:
Balance, beginning of period	$ 470,022	$ 472,575	$ 468,034	$ 446,859	$ 466,013
Charge-offs:
Commercial and industrial	(21,620)	(23,340)	(16,997)	(21,385)	(34,959)
Commercial real estate	(222)	(649)	(2,244)	(2,290)	(931)
Consumer	(2,681)	(2,294)	(2,395)	(3,229)	(1,608)
Total loans charged-off	(24,523)	(26,283)	(21,636)	(26,904)	(37,498)
Recoveries:
Commercial and industrial	1,647	2,943	1,312	2,117	2,240
Commercial real estate	65	101	150	95	201
Consumer	648	686	715	867	903
Total recoveries	2,360	3,730	2,177	3,079	3,344
Net charge-offs	(22,163)	(22,553)	(19,459)	(23,825)	(34,154)
Provision for credit losses related to loans and leases	13,000	20,000	24,000	45,000	15,000
Balance, end of period	$ 460,859	$ 470,022	$ 472,575	$ 468,034	$ 446,859

Average loans and leases, net of unearned income, for period	$ 33,279,819	$ 32,945,526	$ 32,737,574	$ 32,529,030	$ 32,311,572
Ratio: Net charge-offs to average loans and leases ⁽²⁾	0.26 %	0.28 %	0.24 %	0.29 %	0.42 %

RESERVE FOR UNFUNDED COMMITMENTS ⁽¹⁾
Balance, beginning of period	$ 8,551	$ 6,551	$ 8,551	$ 15,551	$ 13,551
Provision (reversal) for credit losses for unfunded commitments	(1,000)	2,000	(2,000)	(7,000)	2,000
Balance, end of period	$ 7,551	$ 8,551	$ 6,551	$ 8,551	$ 15,551

(1) The Reserve for Unfunded Commitments is classified in other liabilities on the consolidated balance sheets.

(2) Annualized.

Table 9 Loan Portfolio by Grades (Unaudited)

	September 30, 2024
(In thousands)	Pass	Special Mention	Substandard	Doubtful	Impaired	Purchased Credit Deteriorated (Loss)	Total
LOAN AND LEASE PORTFOLIO:
Commercial and industrial
Non-real estate	$ 8,190,551	$ 171,866	$ 258,496	$ 13,325	$ 54,795	$ 3,606	$ 8,692,639
Owner occupied	4,506,806	1,530	39,101	—	9,187	1,099	4,557,723
Total commercial and industrial	12,697,357	173,396	297,597	13,325	63,982	4,705	13,250,362
Commercial real estate
Construction, acquisition and development	3,918,273	—	13,548	—	—	—	3,931,821
Income producing	5,767,252	8,611	180,414	—	22,418	—	5,978,695
Total commercial real estate	9,685,525	8,611	193,962	—	22,418	—	9,910,516
Consumer
Residential mortgages	9,831,527	795	91,863	—	7,579	1,458	9,933,222
Other consumer	209,460	—	412	—	—	—	209,872
Total consumer	10,040,987	795	92,275	—	7,579	1,458	10,143,094
Total loans and leases, net of unearned income	$ 32,423,869	$ 182,802	$ 583,834	$ 13,325	$ 93,979	$ 6,163	$ 33,303,972

	June 30, 2024
(In thousands)	Pass	Special Mention	Substandard	Impaired	Purchased Credit Deteriorated (Loss)	Total
LOAN AND LEASE PORTFOLIO:
Commercial and industrial
Non-real estate	$ 8,657,327	$ 116,208	$ 309,809	$ 49,914	$ 3,671	$ 9,136,929
Owner occupied	4,413,813	9,872	42,860	7,998	1,104	4,475,647
Total commercial and industrial	13,071,140	126,080	352,669	57,912	4,775	13,612,576
Commercial real estate
Construction, acquisition and development	3,875,914	926	14,273	1,414	—	3,892,527
Income producing	5,655,410	12,007	170,305	13,618	—	5,851,340
Total commercial real estate	9,531,324	12,933	184,578	15,032	—	9,743,867
Consumer
Residential mortgages	9,658,697	799	79,759	—	1,458	9,740,713
Other consumer	215,104	—	513	—	—	215,617
Total consumer	9,873,801	799	80,272	—	1,458	9,956,330
Total loans and leases, net of unearned income	$ 32,476,265	$ 139,812	$ 617,519	$ 72,944	$ 6,233	$ 33,312,773

Table 10 Geographical Loan Information (Unaudited)
	September 30, 2024
(Dollars in thousands)	Alabama	Arkansas	Florida	Georgia	Louisiana	Mississippi	Missouri	Tennessee	Texas	Other	Total
LOAN AND LEASE PORTFOLIO:
Commercial and industrial
Non-real estate	$ 373,496	$ 174,110	$ 503,478	$ 451,079	$ 347,397	$ 493,209	$ 67,512	$ 366,114	$ 3,443,772	$ 2,472,472	$ 8,692,639
Owner occupied	342,037	248,109	302,228	323,643	296,937	625,425	101,509	162,176	1,749,994	405,665	4,557,723
Total commercial and industrial	715,533	422,219	805,706	774,722	644,334	1,118,634	169,021	528,290	5,193,766	2,878,137	13,250,362
Commercial real estate
Construction, acquisition and development	214,627	72,186	467,852	553,316	42,963	183,412	40,413	166,889	1,604,724	585,439	3,931,821
Income producing	425,613	248,133	408,683	574,925	232,605	428,569	204,351	323,786	2,312,282	819,748	5,978,695
Total commercial real estate	640,240	320,319	876,535	1,128,241	275,568	611,981	244,764	490,675	3,917,006	1,405,187	9,910,516
Consumer
Residential mortgages	1,284,111	406,108	691,794	436,840	473,271	1,193,982	208,750	759,480	4,241,278	237,608	9,933,222
Other consumer	27,230	17,386	5,223	7,425	10,771	83,311	1,542	15,909	35,564	5,511	209,872
Total consumer	1,311,341	423,494	697,017	444,265	484,042	1,277,293	210,292	775,389	4,276,842	243,119	10,143,094
Total	$2,667,114	$ 1,166,032	$ 2,379,258	$ 2,347,228	$ 1,403,944	$ 3,007,908	$ 624,077	$ 1,794,354	$ 13,387,614	$ 4,526,443	$33,303,972

Loan growth (decline), excluding loans acquired during the quarter ($)	$ 30,840	$ 17,674	$ 73,538	$ 21,012	$ 20,825	$ (35,294)	$ 724	$ 72,424	$ (99,263)	$ (111,281)	$ (8,801)
Loan growth (decline), excluding loans acquired during the quarter (%) (annualized)	4.65 %	6.12 %	12.69 %	3.59 %	5.99 %	(4.61) %	0.46 %	16.73 %	(2.93) %	(9.55) %	(0.11) %

	June 30, 2024
(Dollars in thousands)	Alabama	Arkansas	Florida	Georgia	Louisiana	Mississippi	Missouri	Tennessee	Texas	Other	Total
LOAN AND LEASE PORTFOLIO:
Commercial and industrial
Non-real estate	$ 385,251	$ 166,222	$ 516,717	$ 491,184	$ 351,731	$ 535,447	$ 74,535	$ 331,710	$ 3,644,417	$ 2,639,715	$ 9,136,929
Owner occupied	346,525	241,106	311,070	311,358	294,390	602,399	97,739	161,289	1,761,399	348,372	4,475,647
Total commercial and industrial	731,776	407,328	827,787	802,542	646,121	1,137,846	172,274	492,999	5,405,816	2,988,087	13,612,576
Commercial real estate
Construction, acquisition and development	195,318	68,561	420,107	529,531	48,133	210,904	43,146	168,474	1,632,361	575,992	3,892,527
Income producing	426,133	261,575	373,876	560,683	213,649	430,971	203,927	297,257	2,260,782	822,487	5,851,340
Total commercial real estate	621,451	330,136	793,983	1,090,214	261,782	641,875	247,073	465,731	3,893,143	1,398,479	9,743,867
Consumer
Residential mortgages	1,257,791	393,730	679,028	426,349	464,187	1,177,933	202,196	747,121	4,146,204	246,174	9,740,713
Other consumer	25,256	17,164	4,922	7,111	11,029	85,548	1,810	16,079	41,714	4,984	215,617
Total consumer	1,283,047	410,894	683,950	433,460	475,216	1,263,481	204,006	763,200	4,187,918	251,158	9,956,330
Total loans and leases, net of unearned income	$ 2,636,274	$ 1,148,358	$ 2,305,720	$ 2,326,216	$ 1,383,119	$ 3,043,202	$ 623,353	$ 1,721,930	$ 13,486,877	$ 4,637,724	$ 33,312,773

Table 11 Noninterest Revenue and Expense (Unaudited)
	Quarter Ended					Year-to-date
(In thousands)	Sep 2024	Jun 2024	Mar 2024	Dec 2023	Sep 2023	Sep 2024	Sep 2023
NONINTEREST REVENUE:
Mortgage banking excl. MSR and MSR hedge market value adjustment	$ 8,171	$ 9,875	$ 9,116	$ 6,966	$ 7,946	$ 27,161	$ 26,797
MSR and MSR hedge market value adjustment	(7,038)	(3,702)	(2,673)	(8,103)	(2,262)	(13,412)	(6,682)
Credit card, debit card and merchant fees	12,649	12,770	12,162	12,902	12,413	37,581	36,882
Deposit service charges	18,814	17,652	18,338	11,161	16,867	54,803	50,557
Security (losses) gains, net	(2,947)	(4)	(9)	(384,524)	64	(2,960)	(51,127)
Trust and asset management income	12,055	12,645	11,322	11,301	10,574	36,023	31,211
Investment advisory fees	8,641	8,180	8,336	8,084	8,428	25,157	23,320
Brokerage and annuity fees	3,414	3,181	3,175	3,191	2,077	9,769	9,820
Bank-owned life insurance	4,353	4,370	3,946	4,728	4,108	12,670	11,566
Other miscellaneous income	27,789	35,691	20,073	22,834	13,774	83,553	62,772
Total noninterest revenue	$ 85,901	$ 100,658	$ 83,786	$ (311,460)	$ 73,989	$ 270,345	$ 195,116

NONINTEREST EXPENSE:
Salaries and employee benefits	$ 152,237	$ 148,038	$ 156,650	$ 148,081	$ 161,627	$ 456,926	$ 486,641
Occupancy and equipment	28,894	29,367	28,640	28,009	27,069	86,901	82,962
Deposit insurance assessments	7,481	15,741	8,414	45,733	10,425	31,637	26,491
Pension settlement expense	—	—	—	11,226	600	—	600
Advertising and public relations	5,481	6,537	4,224	12,632	5,671	16,241	15,530
Foreclosed property expense	486	515	268	915	270	1,269	1,573
Telecommunications	1,513	1,441	1,545	1,356	1,520	4,498	4,419
Travel and entertainment	2,612	2,549	2,236	3,146	2,442	7,397	7,857
Data processing and software	29,164	29,467	30,028	32,922	29,127	88,658	87,521
Professional, consulting and outsourcing	4,115	3,534	3,935	5,194	5,017	11,584	14,698
Amortization of intangibles	3,933	3,999	4,066	4,405	4,436	11,998	14,983
Legal	3,664	758	3,682	13,724	3,316	8,104	6,369
Merger expense	—	—	—	—	—	—	5,192
Postage and shipping	1,677	1,622	2,205	1,907	2,292	5,504	6,536
Other miscellaneous expense	18,181	13,129	17,314	20,117	20,630	48,626	65,183
Total noninterest expense	$ 259,438	$ 256,697	$ 263,207	$ 329,367	$ 274,442	$ 779,343	$ 826,555

Table 12 Average Balance and Yields (Unaudited)

	Quarter Ended
	September 30, 2024			June 30, 2024			September 30, 2023
(Dollars in thousands)	Average Balance	Income/ Expense	Yield/ Rate	Average Balance	Income/ Expense	Yield/ Rate	Average Balance	Income/ Expense	Yield/ Rate
ASSETS
Interest-earning assets:
Loans and leases, excluding accretion	$ 33,279,819	$ 553,394	6.62 %	$ 32,945,526	$ 537,179	6.56 %	$ 32,311,572	$ 513,989	6.31 %
Accretion income on acquired loans		2,992	0.04		2,981	0.03		6,587	0.08
Loans held for sale	134,313	1,630	4.83	114,359	1,652	5.81	115,653	1,468	5.04
Investment securities
Taxable	7,834,596	59,732	3.03	7,954,865	62,852	3.18	9,635,084	50,277	2.07
Tax-exempt	81,040	808	3.97	78,687	807	4.12	369,357	3,006	3.23
Total investment securities	7,915,636	60,540	3.04	8,033,552	63,659	3.19	10,004,441	53,283	2.11
Other investments	2,210,277	29,851	5.37	2,758,385	37,383	5.45	1,571,973	21,213	5.35
Total interest-earning assets	43,540,045	648,407	5.92 %	43,851,822	642,854	5.90 %	44,003,639	596,540	5.38 %
Other assets	4,733,851			4,816,078			5,111,197
Allowance for credit losses	469,919			475,181			459,698
Total assets	$ 47,803,977			$ 48,192,719			$ 48,655,138

LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing liabilities:
Interest bearing demand and money market	$ 18,043,686	$ 142,179	3.13 %	$ 18,770,093	$ 146,279	3.13 %	$ 17,970,463	126,296	2.79 %
Savings deposits	2,584,761	3,695	0.57	2,652,019	3,743	0.57	2,913,027	4,108	0.56
Time deposits	8,389,472	94,944	4.50	7,920,946	89,173	4.53	7,660,868	76,867	3.98
Total interest-bearing deposits	29,017,919	240,818	3.30	29,343,058	239,195	3.28	28,544,358	207,271	2.88
Fed funds purchased, securities sold under agreement to repurchase and other	44,582	572	5.10	65,821	732	4.47	837,773	9,007	4.27
Short-term FHLB borrowings	11	—	—	—	—	—	224	2	3.54
Short-term BTFP borrowings	3,500,000	41,992	4.77	3,500,000	41,536	4.77	3,500,000	45,433	5.15
Subordinated and long-term borrowings	265,790	2,873	4.30	404,231	4,429	4.41	449,568	4,786	4.22
Total interest-bearing liabilities	32,828,302	286,255	3.47 %	33,313,110	285,892	3.45 %	33,331,923	266,499	3.17 %
Noninterest-bearing liabilities:
Demand deposits	8,616,534			8,757,029			9,924,554
Other liabilities	938,315			915,326			893,499
Total liabilities	42,383,151			42,985,465			44,149,976
Shareholders’ equity	5,420,826			5,207,254			4,505,162
Total liabilities and shareholders’ equity	$ 47,803,977			$ 48,192,719			$ 48,655,138
Net interest income/net interest spread		362,152	2.45 %		356,962	2.45 %		330,041	2.21 %
Net yield on earning assets/net interest margin			3.31 %			3.27 %			2.98 %
Taxable equivalent adjustment:
Loans and investment securities		(694)			(644)			(1,081)
Net interest revenue		$ 361,458			$ 356,318			$ 328,960

Table 12 Average Balance and Yields Continued
	Year-To-Date
	September 30, 2024			September 30, 2023
(Dollars in thousands)	Average Balance	Income/ Expense	Yield/ Rate	Average Balance	Income/ Expense	Yield/ Rate
ASSETS
Interest-earning assets:
Loans and leases, excluding accretion	$ 32,988,706	$ 1,616,450	6.54 %	$ 31,706,637	$ 1,452,912	6.13 %
Accretion income on acquired loans		9,489	0.04		21,822	0.09
Loans held for sale	107,109	4,467	5.57	76,770	3,033	5.28
Investment securities
Taxable	7,991,692	185,989	3.11	10,283,587	152,320	1.98
Tax-exempt	80,699	2,485	4.11	383,031	9,214	3.22
Total investment securities	8,072,391	188,474	3.12	10,666,618	161,534	2.02
Other investments	2,703,228	110,130	5.44	1,567,483	58,876	5.02
Total interest-earning assets	43,871,434	1,929,010	5.87 %	44,017,508	1,698,177	5.16 %
Other assets	4,813,124			5,227,122
Allowance for credit losses	472,972			453,133
Total assets	$ 48,211,586			$ 48,791,497

LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing liabilities:
Interest bearing demand and money market	$ 18,703,458	437,861	3.13 %	$ 18,322,003	$ 333,578	2.43 %
Savings deposits	2,644,193	11,238	0.57	3,119,830	11,037	0.47
Time deposits	7,888,094	264,786	4.48	6,383,257	166,333	3.48
Total interest-bearing deposits	29,235,745	713,885	3.26	27,825,090	510,948	2.46
Fed funds purchased, securities sold under agreement to repurchase and other	106,357	3,832	4.81	814,943	24,334	3.99
Short-term FHLB borrowings	4	—	—	1,858,102	68,235	4.91
Short-term BTFP borrowings	3,500,000	125,632	4.79	1,564,103	60,248	5.15
Subordinated and long-term borrowings	367,826	12,003	4.36	455,810	14,464	4.24
Total interest-bearing liabilities	33,209,932	855,352	3.44 %	32,518,048	678,229	2.79 %
Noninterest-bearing liabilities:
Demand deposits	8,814,668			10,942,567
Other liabilities	912,407			850,159
Total liabilities	42,937,007			44,310,774
Shareholders’ equity	5,274,579			4,480,723
Total liabilities and shareholders’ equity	$ 48,211,586			$ 48,791,497
Net interest income/net interest spread		1,073,658	2.43 %		1,019,948	2.37 %
Net yield on earning assets/net interest margin			3.27 %			3.10 %
Taxable equivalent adjustment:
Loans and investment securities		(1,974)			(3,197)
Net interest revenue		$ 1,071,684			$ 1,016,751

Table 13 Selected Additional Data (Unaudited)

	Quarter Ended
(Dollars in thousands)	Sep 2024	Jun 2024	Mar 2024	Dec 2023	Sep 2023
MORTGAGE SERVICING RIGHTS (“MSR”):
Fair value, beginning of period	$ 113,595	$ 111,685	$ 106,824	$ 116,266	$ 111,417
Originations of servicing assets	3,361	3,687	2,736	2,636	4,065
Changes in fair value:
Due to changes in valuation inputs or assumptions⁽¹⁾	(8,232)	927	4,781	(9,043)	2,888
Other changes in fair value⁽²⁾	(3,833)	(2,704)	(2,656)	(3,035)	(2,104)
Fair value, end of period	$ 104,891	$ 113,595	$ 111,685	$ 106,824	$ 116,266

MORTGAGE BANKING REVENUE:
Origination	$ 2,145	$ 3,976	$ 3,165	$ 1,040	$ 2,031
Servicing	6,026	5,899	5,951	5,926	5,915
Total mortgage banking revenue excluding MSR	8,171	9,875	9,116	6,966	7,946
Due to changes in valuation inputs or assumptions⁽¹⁾	(8,232)	927	4,781	(9,043)	2,888
Other changes in fair value⁽²⁾	(3,833)	(2,704)	(2,656)	(3,035)	(2,104)
Market value adjustment on MSR Hedge	5,027	(1,925)	(4,798)	3,975	(3,046)
Total mortgage banking revenue	$ 1,133	$ 6,173	$ 6,443	$ (1,137)	$ 5,684

Mortgage loans serviced	$ 7,927,028	$ 7,824,895	$ 7,764,936	$ 7,702,592	$ 7,643,885
MSR/mortgage loans serviced	1.32 %	1.45 %	1.44 %	1.39 %	1.52 %


(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.

	Quarter Ended
(In thousands)	Sep 2024	Jun 2024	Mar 2024	Dec 2023	Sep 2023
AVAILABLE FOR SALE SECURITIES, at fair value
U.S. Treasury securities	$ —	$ —	$ 239,402	$ 465,018	$ 1,996
Obligations of U.S. government agencies	300,730	305,200	318,233	332,011	1,004,374
Mortgage-backed securities issued or guaranteed by U.S. agencies (“MBS”):
Residential pass-through:
Guaranteed by GNMA	71,001	69,788	72,034	75,662	73,649
Issued by FNMA and FHLMC	4,163,760	4,125,416	4,254,227	4,387,101	5,541,895
Other residential mortgage-back securities	1,135,004	1,233,868	1,210,617	727,434	146,063
Commercial mortgage-backed securities	1,664,288	1,673,823	1,694,967	1,742,837	2,271,680
Total MBS	7,034,053	7,102,895	7,231,845	6,933,034	8,033,287
Obligations of states and political subdivisions	137,996	133,155	134,643	137,624	392,252
Other domestic debt securities	51,599	64,288	67,421	67,197	71,741
Foreign debt securities	317,307	315,884	315,045	140,592	139,581
Total available for sale securities	$ 7,841,685	$ 7,921,422	$ 8,306,589	$ 8,075,476	$ 9,643,231

Table 14

Reconciliation of Non-GAAP Measures and Other Non-GAAP Ratio Definitions

(Unaudited)

Management evaluates the Company’s capital position and adjusted performance by utilizing certain financial measures not calculated in accordance with GAAP, including adjusted income from continuing operations, adjusted income from continuing operations available to common shareholders, pre-tax pre-provision net revenue from continuing operations, adjusted pre-tax pre-provision net revenue from continuing operations, total adjusted noninterest revenue, total adjusted noninterest expense, tangible common shareholders’ equity to tangible assets, total shareholders’ equity (excluding AOCI), common shareholders’ equity (excluding AOCI), tangible common shareholders’ equity to tangible assets (excluding AOCI), return on average tangible common equity from continuing operations, return on average tangible common equity, adjusted return on average tangible common equity from continuing operations, adjusted return on average tangible common equity, adjusted return on average assets from continuing operations, adjusted return on average assets, adjusted return on average common shareholders’ equity from continuing operations, adjusted return on average common shareholders’ equity, pre-tax pre-provision net revenue to total average assets, adjusted pre-tax pre-provision net revenue to total average assets, adjusted earnings per common share, tangible book value per common share, tangible book value per common share, excluding AOCI, efficiency ratio (tax equivalent), adjusted efficiency ratio (tax equivalent), dividend payout ratio from continuing operations, and adjusted dividend payout ratio from continuing operations. The Company has included these non-GAAP financial measures in this release for the applicable periods presented. Management believes that the presentation of these non-GAAP financial measures: (i) provides important supplemental information that contributes to a proper understanding of the Company’s capital position and adjusted performance, (ii) enables a more complete understanding of factors and trends affecting the Company’s business and (iii) allows investors to evaluate the Company’s performance in a manner similar to management, the financial services industry, bank stock analysts and bank regulators. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are presented in the tables below. These non-GAAP financial measures should not be considered as substitutes for GAAP financial measures, and the Company strongly encourages investors to review the GAAP financial measures included in this news release and not to place undue reliance upon any single financial measure. In addition, because non-GAAP financial measures are not standardized, it may not be possible to compare the non-GAAP financial measures presented in this news release with other companies’ non-GAAP financial measures having the same or similar names.

	Quarter Ended					Year-to-date
(In thousands)	Sep 2024	Jun 2024	Mar 2024	Dec 2023	Sep 2023	Sep 2024	Sep 2023
Adjusted Income from Continuing Operations Available to Common Shareholders
Income (loss) from continuing operations	$ 136,439	$ 137,472	$ 116,978	$ (263,737)	$ 87,152	$ 390,889	$ 267,421
Plus: Merger expense	—	—	—	—	—	—	5,192
Incremental merger related expense	—	—	—	7,500	—	—	10,631
Gain on extinguishment of debt	—	(1,098)	(576)	(652)	—	(1,674)	(1,140)
Restructuring and other nonroutine expenses	(920)	6,675	251	41,522	9,596	6,006	16,027
Pension settlement expense	—	—	—	11,226	600	—	600
Less: Security (losses) gains, net	(2,947)	(4)	(9)	(384,524)	64	(2,960)	(51,127)
Gain on sale of businesses	—	14,980	—	—	—	14,980	—
Nonroutine (losses) gains, net	—	—	—	—	(6,653)	—	(6,653)
Tax adjustment	476	(2,209)	(74)	105,275	3,944	(1,807)	20,936
Adjusted income from continuing operations	137,990	130,282	116,736	75,108	99,992	385,008	335,575
Less: Preferred dividends	2,372	2,372	2,372	2,372	2,372	7,116	7,116
Adjusted income from continuing operations available to common shareholders	$ 135,618	$ 127,910	$ 114,364	$ 72,736	$ 97,620	$ 377,892	$ 328,459

	Quarter Ended					Year-to-date
(In thousands)	Sep 2024	Jun 2024	Mar 2024	Dec 2023	Sep 2023	Sep 2024	Sep 2023
Pre-Tax Pre-Provision Net Revenue from Continuing Operations
Income (loss) from continuing operations	$ 136,439	$ 137,472	$ 116,978	$ (263,737)	$ 87,152	$ 390,889	$ 267,421
Plus: Provision for credit losses	12,000	22,000	22,000	38,000	17,000	56,000	42,000
Income tax expense (benefit)	39,482	40,807	35,509	(80,485)	24,355	115,797	75,891
Pre-tax pre-provision net revenue from continuing operations	$ 187,921	$ 200,279	$ 174,487	$ (306,222)	$ 128,507	$ 562,686	$ 385,312

	Quarter Ended					Year-to-date
(In thousands)	Sep 2024	Jun 2024	Mar 2024	Dec 2023	Sep 2023	Sep 2024	Sep 2023
Adjusted Pre-Tax Pre-Provision Net Revenue from Continuing Operations
Income (loss) from continuing operations	$ 136,439	$ 137,472	$ 116,978	$ (263,737)	$ 87,152	$ 390,889	$ 267,421
Plus: Provision for credit losses	12,000	22,000	22,000	38,000	17,000	56,000	42,000
Merger expense	—	—	—	—	—	—	5,192
Incremental merger related expense	—	—	—	7,500	—	—	10,631
Gain on extinguishment of debt	—	(1,098)	(576)	(652)	—	(1,674)	(1,140)
Restructuring and other nonroutine expenses	(920)	6,675	251	41,522	9,596	6,006	16,027
Pension settlement expense	—	—	—	11,226	600	—	600
Income tax expense (benefit)	39,482	40,807	35,509	(80,485)	24,355	115,797	75,891
Less: Security (losses) gains, net	(2,947)	(4)	(9)	(384,524)	64	(2,960)	(51,127)
Gain on sale of businesses	—	14,980	—	—	—	14,980	—
Nonroutine (losses) gains, net	—	—	—	—	(6,653)	—	(6,653)
Adjusted pre-tax pre-provision net revenue from continuing operations	$ 189,948	$ 190,880	$ 174,171	$ 137,898	$ 145,292	$ 554,998	$ 474,402

	Quarter Ended					Year-to-date
(In thousands)	Sep 2024	Jun 2024	Mar 2024	Dec 2023	Sep 2023	Sep 2024	Sep 2023
Total Adjusted Revenue
Net interest revenue	$ 361,458	$ 356,318	$ 353,908	$ 334,605	$ 328,960	$ 1,071,684	$ 1,016,751
Total Adjusted Noninterest Revenue
Total noninterest revenue	$ 85,901	$ 100,658	$ 83,786	$ (311,460)	$ 73,989	$ 270,345	$ 195,116
Less: Security (losses) gains, net	(2,947)	(4)	(9)	(384,524)	64	(2,960)	(51,127)
Gain on sale of businesses	—	14,980	—	—	—	14,980	—
Nonroutine gains (losses), net	—	—	—	—	(6,653)	—	(6,653)
Total adjusted noninterest revenue	$ 88,848	$ 85,682	$ 83,795	$ 73,064	$ 80,578	$ 258,325	$ 252,896
Total adjusted revenue	$ 450,306	$ 442,000	$ 437,703	$ 407,669	$ 409,538	$ 1,330,009	$ 1,269,647

	Quarter Ended					Year-to-date
(In thousands)	Sep 2024	Jun 2024	Mar 2024	Dec 2023	Sep 2023	Sep 2024	Sep 2023
Total Adjusted Noninterest Expense
Total noninterest expense	$ 259,438	$ 256,697	$ 263,207	$ 329,367	$ 274,442	$ 779,343	$ 826,555
Less: Merger expense	—	—	—	—	—	—	5,192
Incremental merger related expense	—	—	—	7,500	—	—	10,631
Gain on extinguishment of debt	—	(1,098)	(576)	(652)	—	(1,674)	(1,140)
Restructuring and other nonroutine expenses	(920)	6,675	251	41,522	9,596	6,006	16,027
Pension settlement expense	—	—	—	11,226	600	—	600
Total adjusted noninterest expense	$ 260,358	$ 251,120	$ 263,532	$ 269,771	$ 264,246	$ 775,011	$ 795,245

	Quarter Ended					Year-to-date
(In thousands)	Sep 2024	Jun 2024	Mar 2024	Dec 2023	Sep 2023	Sep 2024	Sep 2023
Total Tangible Assets, Excluding AOCI
Total assets	$ 49,204,933	$ 47,984,078	$ 48,313,863	$ 48,934,510	$ 48,523,010	$ 49,204,933	$ 48,523,010
Less: Goodwill	1,366,923	1,366,923	1,367,785	1,367,785	1,367,785	1,366,923	1,367,785
Other intangible assets, net	87,094	91,027	96,126	100,191	104,596	87,094	104,596
Total tangible assets	47,750,916	46,526,128	46,849,952	47,466,534	47,050,629	47,750,916	47,050,629
Less: AOCI	(590,342)	(782,462)	(791,333)	(761,829)	(1,309,921)	(590,342)	(1,309,921)
Total tangible assets, excluding AOCI	$ 48,341,258	$ 47,308,590	$ 47,641,285	$ 48,228,363	$ 48,360,550	$ 48,341,258	$ 48,360,550

	Quarter Ended					Year-to-date
(Dollars in thousands, except per share data)	Sep 2024	Jun 2024	Mar 2024	Dec 2023	Sep 2023	Sep 2024	Sep 2023
PERIOD END BALANCES:
Total Shareholders’ Equity, Excluding AOCI
Total shareholders’ equity	$5,572,863	$5,287,758	$5,189,932	$5,167,843	$4,395,257	$5,572,863	$4,395,257
Less: AOCI	(590,342)	(782,462)	(791,333)	(761,829)	(1,309,921)	(590,342)	(1,309,921)
Total shareholders’ equity, excluding AOCI	$6,163,205	$6,070,220	$5,981,265	$5,929,672	$5,705,178	$6,163,205	$5,705,178

Common Shareholders’ Equity, Excluding AOCI
Total shareholders’ equity	$5,572,863	$5,287,758	$5,189,932	$5,167,843	$4,395,257	$5,572,863	$4,395,257
Less: preferred stock	166,993	166,993	166,993	166,993	166,993	166,993	166,993
Common shareholders’ equity	5,405,870	5,120,765	5,022,939	5,000,850	4,228,264	5,405,870	4,228,264
Less: AOCI	(590,342)	(782,462)	(791,333)	(761,829)	(1,309,921)	(590,342)	(1,309,921)
Common shareholders’ equity, excluding AOCI	$5,996,212	$5,903,227	$5,814,272	$5,762,679	$5,538,185	$5,996,212	$5,538,185

Total Tangible Common Shareholders’ Equity, Excluding AOCI
Total shareholders’ equity	$5,572,863	$5,287,758	$5,189,932	$5,167,843	$4,395,257	$5,572,863	$4,395,257
Less: Goodwill	1,366,923	1,366,923	1,367,785	1,367,785	1,367,785	1,366,923	1,367,785
Other intangible assets, net	87,094	91,027	96,126	100,191	104,596	87,094	104,596
Preferred stock	166,993	166,993	166,993	166,993	166,993	166,993	166,993
Total tangible common shareholders’ equity	3,951,853	3,662,815	3,559,028	3,532,874	2,755,883	3,951,853	2,755,883
Less: AOCI	(590,342)	(782,462)	(791,333)	(761,829)	(1,309,921)	(590,342)	(1,309,921)
Total tangible common shareholders’ equity, excluding AOCI	$4,542,195	$4,445,277	$4,350,361	$4,294,703	$4,065,804	$4,542,195	$4,065,804

AVERAGE BALANCES:
Total Tangible Common Shareholders’ Equity
Total shareholders’ equity	$5,420,826	$5,207,254	$5,194,048	$4,507,343	$4,505,162	$5,274,579	$4,480,723
Less: Goodwill	1,366,923	1,367,358	1,367,785	1,367,916	1,367,785	1,367,354	1,367,785
Other intangible assets, net	89,262	93,743	98,350	102,765	107,032	93,769	112,510
Preferred stock	166,993	166,993	166,993	166,993	166,993	166,993	166,993
Total tangible common shareholders’ equity	$3,797,648	$3,579,160	$3,560,920	$2,869,669	$2,863,352	$3,646,463	$2,833,435

Total average assets	$47,803,977	$48,192,719	$48,642,540	$48,444,176	$48,655,138	$48,211,586	$48,791,497
Total shares of common stock outstanding	182,315,142	182,430,427	182,681,325	182,871,775	182,611,075	182,315,142	182,611,075
Average shares outstanding-diluted	185,496,110	185,260,963	185,574,130	182,688,190	184,645,004	185,443,201	184,062,368

Tangible common shareholders’ equity to tangible assets⁽¹⁾	8.28 %	7.87 %	7.60 %	7.44 %	5.86 %	8.28 %	5.86 %
Tangible common shareholders’ equity, excluding AOCI, to tangible assets, excluding AOCI ⁽²⁾	9.40	9.40	9.13	8.90	8.41	9.40	8.41
Return on average tangible common equity from continuing operations ⁽³⁾	14.04	15.18	12.94	(36.79)	11.75	14.06	12.28
Return on average tangible common equity ⁽⁴⁾	14.04	15.18	12.94	35.49	12.50	14.06	13.03
Adjusted return on average tangible common equity from continuing operations ⁽⁵⁾	14.21	14.37	12.92	10.06	13.53	13.84	15.50
Adjusted return on average assets from continuing operations ⁽⁶⁾	1.15	1.09	0.97	0.62	0.82	1.07	0.92
Adjusted return on average common shareholders’ equity from continuing operations ⁽⁷⁾	10.27	10.21	9.15	6.65	8.93	9.88	10.18
Pre-tax pre-provision net revenue from continuing operations to total average assets ⁽⁸⁾	1.56	1.67	1.44	(2.51)	1.05	1.56	1.06
Adjusted pre-tax pre-provision net revenue from continuing operations to total average assets⁽⁹⁾	1.58	1.59	1.44	1.13	1.18	1.54	1.30
Tangible book value per common share ⁽¹⁰⁾	$ 21.68	$ 20.08	$ 19.48	$ 19.32	$ 15.09	$ 21.68	$ 15.09
Tangible book value per common share, excluding AOCI ⁽¹¹⁾	24.91	24.37	23.81	23.48	22.26	24.91	22.26
Adjusted earnings from continuing operations per common share ⁽¹²⁾	$ 0.73	$ 0.69	$ 0.62	$ 0.40	$ 0.53	$ 2.04	$ 1.78
Adjusted dividend payout ratio from continuing operations ⁽¹³⁾	34.25 %	36.23 %	40.32 %	58.75 %	44.34 %	36.76 %	39.61 %

Definitions of Non-GAAP Measures:
(1)	Tangible common shareholders’ equity to tangible assets is defined by the Company as total shareholders’ equity less preferred stock, goodwill and other intangible assets, net, divided by the difference of total assets less goodwill and other intangible assets, net.
(2)	Tangible common shareholders’ equity, excluding AOCI, to tangible assets, excluding AOCI, is defined by the Company as total shareholders’ equity less preferred stock, goodwill, other intangible assets, net and accumulated other comprehensive loss, divided by the difference of total assets less goodwill, accumulated other comprehensive loss, and other intangible assets, net.
(3)	Return on average tangible common equity from continuing operations is defined by the Company as annualized income available to common shareholders from continuing operation divided by average tangible common shareholders equity.
(4)	Return on average tangible common equity is defined by the Company as annualized income available to common shareholders divided by average tangible common shareholders equity.
(5)	Adjusted return on average tangible common equity from continuing operations is defined by the Company as annualized adjusted income available to common shareholders from continuing operations divided by average tangible common shareholders’ equity.
(6)	Adjusted return on average assets from continuing operations is defined by the Company as annualized adjusted income from continuing operations divided by total average assets.
(7)	Adjusted return on average common shareholders’ equity from continuing operations is defined by the Company as annualized adjusted income available to common shareholders from continuing operations divided by average common shareholders’ equity.
(8)	Pre-tax pre-provision net revenue from continuing operations to total average assets is defined by the Company as annualized pre-tax pre-provision net revenue from continuing operations divided by total average assets.
(9)	Adjusted pre-tax pre-provision net revenue from continuing operations to total average assets is defined by the Company as annualized adjusted pre-tax pre-provision net revenue from continuing operations divided by total average assets adjusted for items included in the definition and calculation of adjusted income.
(10)	Tangible book value per common share is defined by the Company as tangible common shareholders’ equity divided by total shares of common stock outstanding.
(11)	Tangible book value per common share, excluding AOCI is defined by the Company as tangible common shareholders’ equity less accumulated other comprehensive loss divided by total shares of common stock outstanding.
(12)	Adjusted earnings from continuing operations per common share is defined by the Company as adjusted income available to common shareholders from continuing operations divided by average common shares outstanding-diluted.
(13)	Adjusted dividend payout ratio from continuing operations is defined by the Company as common share dividends divided by adjusted income available to common shareholders from continuing operations.

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 the Company’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 from continuing operations. The adjusted efficiency ratio excludes income and expense items otherwise disclosed as non-routine from total noninterest expense from continuing operations.

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SOURCE Cadence Bank

Economics News

How US Elections Could Impact US Dollar: Goldman Sachs Expects Greenback Will Remain 'Stronger For Longer'

22.10.2024 by admin

As the 2024 U.S. presidential election approaches, financial markets are bracing for its potential impact on the U.S. dollar.

Past elections have triggered periods of dollar depreciation. This time, Michael Cahill, foreign exchange strategist at Goldman Sachs, explains the risks now point toward continued dollar strength in most scenarios, whether the election outcome favors Vice President Kamala Harris or Ex-President Donald Trump.

Republican Sweep

Cahill explains that a Republican sweep provides “the widest potential for broad tariff changes.”

Goldman Sachs’ China economics team estimates that a 60% tariff on all U.S. imports of Chinese goods, for example, would raise about $250 billion in revenue. They also estimate that a “10% across-the-board tariff, in addition to higher tariffs on China,” could widen rate differentials between the United States and Europe, leading to an 8-10% depreciation of the euro against the dollar.

According to Cahill, those higher tariffs — especially on Chinese goods — could shift the terms of trade in favor of the dollar, driving it higher. Higher tariffs would raise the cost of imports, cut demand for foreign goods and potentially benefit domestic producers who raise prices.

The expert added that “the Republican platform has proposed using revenue from a baseline tariff to cut domestic taxes,” which would they say will stimulate domestic spending and support the dollar.

Economists generally disagree. Higher U.S. tariffs, they say, may reduce demand for foreign goods, but they also hurt U.S. consumers by raising living costs by about 3 to 4%. This disproportionately affects middle- and lower-income families and does not boost American manufacturing or reduce the trade deficit. It could also harm the economy by increasing global poverty and creating market fragmentation

And If Trump Wins But Congress Is Divided?

A scenario where Trump wins with a split Congress could still lead to dollar strength, albeit to a lesser degree, according to Goldman Sachs’ Cahill.

Some tariffs could be raised by executive action alone, but a lack of unified Congressional support might limit the scope of policy changes.

Cahill expects “a narrower, smaller Dollar rally in response to a divided Republican government outcome.

How Would A Harris Victory Impact the Dollar?

If Harris wins the election, Cahill predicts this “would result in some initial Dollar downside.” Markets will likely adjust to the prospect of looser trade policies and potential tariff reductions.

Such a scenario would hold in both a Democratic sweep or divided Democratic government, according to Cahill.

However, the expert highlights that any major dollar weakness could be short-lived as markets would quickly refocus on broader economic conditions, including U.S. growth differentials with the rest of the world, which still favor the dollar.

Could Global Growth Challenge The Dollar?

While U.S. election outcomes are crucial, global growth prospects could counterbalance the dollar’s strength. Cahill points out that stronger-than-expected growth in China or Europe could drive investment away from U.S. assets, putting downward pressure on the dollar.

This occurred in 2017 and 2021, when global growth optimism led to dollar depreciation despite U.S. elections.

Tariffs are one of the key channels through which political outcomes will affect currency markets. Historical examples of tariffs show that the dollar strengthened by about 0.7% against the Chinese yuan for each $10 billion in implied tariff revenue.

A Stronger For Longer Greenback?

Bottom line, Goldman Sachs forecasts that the risks favor continued dollar strength, especially under a Republican-led government.

“With mounting evidence that ‘US exceptionalism’ is still very much intact, we still think the risks are in favor of the Dollar being stronger for longer,” Cahill wrote.

Keep Reading:

Image: Unsplash

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Ask an Advisor: I Withdrew $60k from My Retirement Plan This Year Which Increased My Medicare Premiums. Is It Permanent?

22.10.2024 by admin

I’m 71 years old and my current Thrift Savings Plan (TSP) balance is $315,000 after withdrawing $60,000 this year. This is putting me in a higher tax bracket and I must pay a large amount of federal/state taxes. In addition, my monthly Medicare premium will increase. Will the Medicare premium increase permanently or only the year of withdrawal? Is it too late to develop a strategy to reduce taxes? I don’t need the money right now. What should my withdrawal strategy be?

– Joyce

I’m sorry to hear about the tax surprise, Joyce. While those are never fun, there is still time to take certain actions to reduce your tax burden. That’s not necessarily going to help you with your Medicare premiums, but any potential increase in premium is not permanent.

Let’s break this down so you can see if there’s a way to adjust your withdrawal strategy to potentially reduce both your taxes and Medicare premiums. (And if you need additional guidance related to your retirement income plan, tax strategy or investment portfolio, consider speaking with a financial advisor.)

What Is IRMAA?

Most people receive Medicare Part A without paying a monthly premium. There are premiums for Parts B and D, though. If your income exceeds certain limits you may have to pay an additional surcharge known as an income-related monthly adjustment amount (IRMAA).

For 2024, IRMAA starts at incomes above $103,000 for single filers and $206,000 for couples. IRMAA can increase your Medicare Part B premiums to as much as $594 per month in 2024, depending on your income.

However, your IRMAA premium each year is based on your income from two years prior. So your IRMAA (if any) for 2024 is based on your income from 2022. As a result, the government will use your 2024 income to calculate your IRMAA adjustment in 2026.

Additionally, that will be determined based on the IRMAA brackets for 2024, which will be adjusted for inflation and announced in the last few months of 2025 or early 2026. It may seem odd, but exceeding the 2024 IRMAA income limits doesn’t necessarily mean you’ll ever pay IRMAA. If your income is just barely over the IRMAA threshold this year, inflation may push the limit higher by 2026 and leave you unaffected by the surcharge.

(But if you need additional help planning for IRMAA or managing your retirement income, consider working with a financial advisor.)

Different Measures of Income

Form 1040 helps calculate your taxable income by starting with your total income, which includes wages, dividends, capital gains and other earnings.

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I also think it’s important to point out that there are different measures of income when it comes to determining what you pay in taxes and whether you must pay more for Medicare. Your taxable income largely determines what you owe in taxes, while your modified adjusted gross income (MAGI) determines what you pay for Medicare.

You can see how this all works by looking at a Form 1040 – the Individual Income Tax Return. Lines 1a through 15 on Form 1040 help you calculate your taxable income by starting with your total income, which includes wages, dividends, capital gains and other earnings. From there, you subtract “adjustments to income” (from Schedule 1, line 26), including contributions to retirement accounts and student loan interest. The resulting figure is your adjusted gross income (AGI).

Next, you subtract either the standard deduction or itemized deductions, along with any qualified business income deduction, to determine your taxable income. This final amount is what is used to calculate the taxes you owe for the year.

So, to put it in the simplest terms:

From there, the next section of Form 1040 is labeled “Taxes and Credits” and lines 16-24 walk you through calculating your actual tax liability. (A financial advisor with tax expertise can be a valuable resource as you plan for taxes and look for efficiencies.)

What About “Modified” AGI (MAGI)?

But IRMAA is based on your MAGI, and you’ll notice there is no line labeled “MAGI” on Form 1040. In fact, there is no universal formula for calculating it. Instead, there are over a dozen ways to calculate MAGI depending on the reason you need it, and each purpose has its own prescribed calculation.

For IRMAA purposes, MAGI is your combined AGI and tax exempt interest. If you have no tax-exempt interest, your MAGI is the same as your AGI.

Since IRMAA is tied to MAGI, tax deductions (recorded after line 11) will not impact whether you’re subject to higher Medicare premiums. You need to look above line 11 to find ways of reducing your AGI, and in turn, your IRMAA. However, there’s plenty of stuff that is recorded below line 11 that can reduce your tax bill.

Look at these items with your tax professional to see which options are viable for you. Not all of them will apply or make sense for you to do. I suggest calling them sooner rather than later as some of these options have a calendar year deadline, not a tax filing deadline. (And if you’re interested in getting financial advice, consider working with financial advisor with tax expertise.)

Distributions Going Forward

A woman looks over her retirement account balances and plans out her withdrawal strategy.

It’s interesting that you withdrew $60,000 although you say you don’t need the money. Going forward I’d suggest mapping out your distribution plan in consideration of income needs, taxes, and IRMAA to be the most efficient.

Don’t forget to factor in required minimum distributions (RMDs) once you turn 73. If you’re charitably inclined, QCDs allow you to distribute those without including them in your income at all. Just keep in mind that QCDs can only be made from IRAs. To incorporate them into your withdrawal strategy, you would first have to roll the funds into an IRA.

(If you need help creating a tax-efficient withdrawal strategy, use this free tool to connect with a fiduciary financial advisor.)

Bottom Line

Your withdrawal this year won’t trigger IRMAA next year because there’s a two-year delay. You can reduce your tax bill by either reducing your income or making use of available deductions and credits. To reduce or eliminate IRMAA, you need to keep your MAGI under IRMAA threshold amounts.

Tips for Retirement Income Planning

You may want to consider converting portions of tax-deferred accounts to Roth IRAs in your early retirement years before required minimum distributions (RMDs) begin at age 73 (75 for people more in 1960 or later). This strategy can lower future RMDs and reduce taxable income later in retirement.
While retirement income planning can be complicated, a financial advisor can help you build a plan based on your assets and income needs. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Keep an emergency fund on hand in case you run into unexpected expenses. An emergency fund should be liquid — in an account that isn’t at risk of significant fluctuation like the stock market. The tradeoff is that the value of liquid cash can be eroded by inflation. But a high-interest account allows you to earn compound interest. Compare savings accounts from these banks.
Are you a financial advisor looking to grow your business? SmartAsset AMP helps advisors connect with leads and offers marketing automation solutions so you can spend more time making conversions. Learn more about SmartAsset AMP.

Brandon Renfro, CFP®, is a SmartAsset financial planning columnist and answers reader questions on personal finance and tax topics. Got a question you’d like answered? Email AskAnAdvisor@smartasset.com and your question may be answered in a future column.

Please note that Brandon is not an employee of SmartAsset and is not a participant in SmartAsset AMP. He has been compensated for this article. Some reader-submitted questions are edited for clarity or brevity.

The post Ask an Advisor: I Withdrew $60k from My Retirement Plan This Year Which Increased My Medicare Premiums. Is It Permanent? appeared first on SmartReads by SmartAsset.

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Finance News

GE Aerospace Tops Q3 Estimates, Raises Profit Outlook

22.10.2024 by admin

<p>Jonathan Brady / PA Images / Getty Images</p> — Jonathan Brady / PA Images / Getty Images

GE Aerospace (GE) fell 7% Tuesday morning as revenue in its commercial engines and services division fell short of analysts’ expectations, even though its overall revenue and profit beat estimates.

The engine and aerospace parts manufacturer posted $9.84 billion in total revenue, while analysts polled by Visible Alpha had a consensus estimate of $9.55 billion. Net income was $1.89 billion, or $1.56 per share, compared with the projected $1.28 billion and $1.19.

However, GE Aerospace’s commercial engines and services revenue came in at $7.00 billion, below the $7.13 billion expectation. Revenue in the smaller defense and propulsion segment of $2.24 billion also missed estimates of $2.34 billion.

The company lifted its profit projections for full-year 2024, guiding adjusted earnings per share (EPS) to a range of $4.20 to $4.35, up from $3.95 to $4.20 previously.

“The GE Aerospace team delivered strong results, with demand driving orders up 28%,” Chief Executive Officer (CEO) Larry Culp said. “We grew earnings 25% and produced substantial free cash flow, both largely driven by services. Given the strength of our results and 4Q expectations, we’re raising our earnings and cash guidance for the year.”

Impact of the Boeing Machinists Union Strike

In the weeks leading up to GE Aerospace’s report, Bernstein analysts said the company faced a “key question”—the impact the Boeing (BA) machinists union strike would have on its operations. Slower production of Boeing planes would mean poorer engine sales, but would also improve the maintenance aftermarket for its existing engines.

GE Aerospace didn’t mention any impacts of the five-week Boeing strike in its earnings release, which could end soon after the sides came to a tentative agreement over the weekend that the union’s members are set to vote on Wednesday.

Analysts are the most bullish on GE Aerospace stock of the former General Electric segments, with all eight of the analysts tracked by Visible Alpha maintaining a “buy” rating, compared to 11 of 13 for GE Vernova and six of 11 for GE HealthCare (GEHC). GE Aerospace also has a larger projected gain, with its average target price about 9% above its current levels, compared to just over 3% for GE Vernova and GE HealthCare.

Despite today’s decline, GE Aerospace shares still are up about 30% since the early April split from GE Vernova (GEV).

UPDATE—This story has been updated with the latest share price and information about segment revenue.

Read the original article on Investopedia.

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Markets News

Brad Garlinghouse Defends Ripple Co-Founder's Donation To Kamala Harris While Top Crypto Analyst Throws XRP 'Securities' Jibe

22.10.2024 by admin

Brad Garlinghouse, the CEO of Ripple Labs, underscored the significance of engaging with candidates promoting pro-cryptocurrency policies, irrespective of political affiliations.

What Happened: Responding to an X post by the co-founder of the company, Chris Larsen, who announced donating $10 million in XRP XRP/USD for Kamala Harris‘ campaign, Garlinghouse said he respected everyone’s right to support candidates they liked.

“Ripple will continue to engage with both Democrats and Republicans in the final days of the campaigns (and after the election) to promote pro-crypto policies,” Garlinghouse stated, emphasizing the need for bipartisan backing to policies supporting innovation in the industry.

“We need to immediately change course from this administration’s misguided war on cryptocurrency,” he added.

I respect Chris’ (and everyone’s!) right to support whomever they think is best to lead the U.S.

We need to immediately change course from this administration’s misguided war on crypto.

Ripple will continue to engage with both Democrats and Republicans in the final days of…

— Brad Garlinghouse (@bgarlinghouse) October 21, 2024

Meanwhile, influential cryptocurrency analyst Ali Martinez poked fun at Chris Larsen’s continued financial support for Harris, saying, “May be XRP and XLM should be deemed securities after all!”

The cheeky remark was aimed at the ongoing legal battle between Ripple and SEC over the security status of XRP.

May be XRP and XLM should be deemed securities after all!

— Ali (@ali_charts) October 21, 2024

Why It Matters: Larsen made three separate donations in September to Future Forward, the Super PAC backing Harris, totaling close to $10 million. This was on top of an earlier contribution of $1 million in XRP to the same PAC in August.

Interestingly, Ripple legal chief Stuart Alderoty donated $300,000 in XRP to a Donald Trump-supporting PAC called Trump 47 PAC, according to a recent filing with the Federal Election Commission.

The cryptocurrency industry has become a significant player in the 2024 U.S. election cycle. Crypto-linked political action committees (PACs) have contributed nearly $130 million to both Republican and Democratic candidates, focusing on key congressional races, according to CNBC.

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Economics News

Renewable Naphtha Market to Reach USD 21.4 billion, Advancing at a CAGR of 41.9% by 2031: Transparency Market Research Inc.

22.10.2024 by admin

Wilmington, Delaware, United States, Transparency Market Research Inc. -, Oct. 22, 2024 (GLOBE NEWSWIRE) — The global renewable naphtha market (재생 가능한 나프타 시장) is estimated to flourish at a CAGR of 41.9% from 2023 to 2031. Transparency Market Research projects that the overall sales revenue for renewable naphtha is estimated to reach US$ 21.4 billion by the end of 2031.

A prominent factor is the growing focus on circular economy principles. Companies are increasingly adopting strategies to optimize resource use and minimize waste generation. Renewable naphtha, derived from organic feedstocks or waste streams, aligns with these objectives, offering a sustainable alternative to conventional naphtha production methods.

Advancements in biorefinery integration and process optimization are enhancing the efficiency and cost-effectiveness of renewable naphtha production. Integrated biorefinery complexes that co-produce renewable naphtha alongside other valuable bioproducts maximize resource utilization and economic viability.

Download Sample Copy of the Report:

https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=78850

Emerging applications for renewable naphtha beyond traditional fuel blending are driving market growth. For instance, the utilization of renewable naphtha in the production of bio-based plastics, resins, and specialty chemicals offers opportunities for value-added product diversification and market expansion.

Renewable Naphtha Market: Competitive Landscape

The competitive landscape of the renewable naphtha market is characterized by a mix of established players and emerging innovators striving to capitalize on the growing demand for sustainable fuel alternatives. Key market participants such as Neste, TotalEnergies, and UPM Biofuels dominate with their extensive production capacities and diversified product portfolios.

Smaller players like Gevo and Avantium are leveraging their technological expertise to carve out niche markets. Collaboration and strategic partnerships between industry leaders and technology startups are driving innovation and market expansion.

Regulatory support and increasing consumer preference for eco-friendly solutions further intensify competition, fostering continuous growth and evolution in the sector. Some prominent players are as follows:

UPM Biofuels
Neste
Renewable Energy Group
Borealis AG
Eni
BASF
Dow
St1
TotalEnergies
Rapsol
Sunshine Biofuels

Product Portfolio

TotalEnergies offers a comprehensive product portfolio spanning conventional and renewable energy solutions, including biofuels, solar power, and sustainable mobility options. Their commitment to innovation and sustainability drives the development of cutting-edge technologies to meet the world’s evolving energy needs efficiently and responsibly.
Rapsol specializes in advanced biofuels derived from sustainable sources, providing eco-friendly alternatives to traditional fossil fuels. With a focus on quality, reliability, and environmental stewardship, Rapsol delivers innovative solutions to reduce carbon emissions and promote a cleaner energy future.
Sunshine Biofuels pioneers the production and distribution of renewable fuels derived from organic waste streams, offering cost-effective and sustainable energy solutions. Through advanced conversion technologies and strategic partnerships, Sunshine Biofuels aims to mitigate environmental impacts while contributing to the transition towards a circular economy.

Key Findings of the Market Report

Heavy naphtha emerges as the leading segment in the renewable naphtha market, driven by its versatility and suitability for various industrial applications.
Used cooking oil emerges as the leading feedstock segment in the renewable naphtha market due to its widespread availability and high conversion efficiency.
Fuel blending emerges as the leading application segment in the renewable naphtha market, driven by the demand for cleaner fuel alternatives worldwide.

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Renewable Naphtha Market Growth Drivers & Trends

Stringent environmental policies worldwide are pushing industries towards renewable naphtha, driving market growth as companies seek cleaner fuel alternatives to reduce carbon emissions.
Continuous innovation in renewable naphtha production processes enhances efficiency, lowers costs, and expands market accessibility, fostering industry growth and competitiveness.
Growing awareness of climate change prompts consumers and businesses to prioritize sustainable energy sources, boosting demand for renewable naphtha across various sectors.
Government incentives and subsidies for renewable energy projects encourage investment in renewable naphtha production infrastructure, stimulating market expansion and diversification.
The global shift towards renewable energy sources accelerates adoption of renewable naphtha, as industries seek to align with sustainability goals and reduce dependence on fossil fuels.

Global Renewable Naphtha Market: Regional Profile

In North America, particularly in the United States and Canada, stringent environmental regulations and growing emphasis on sustainability drive the adoption of renewable naphtha. Leading companies like Gevo and Neste are leveraging advanced technologies to expand production capacities, catering to the region’s increasing demand for eco-friendly fuels.
Europe stands at the forefront of renewable naphtha adoption, propelled by ambitious renewable energy targets and supportive regulatory frameworks. Countries such as Germany, the Netherlands, and Finland are witnessing significant investments in bio-refineries and renewable fuel infrastructure, positioning the region as a global leader in sustainable energy solutions.
Asia Pacific, with its rapidly expanding economies and burgeoning population, presents immense growth opportunities for the renewable naphtha market. Countries like China, Japan, and India are investing in renewable energy infrastructure to reduce dependence on fossil fuels and curb carbon emissions.
Collaborations between governments and private sector entities are driving innovation and market expansion across the region.

Renewable Naphtha Market: Key Segments

By Type

Light Naphtha
Heavy Naphtha

By Feedstock

Wood Pulp Residue
Vegetable Oil Waste
Used Cooking Oil
Animal Fat
Others

By Application

Bio Plastic Production
Hydrogen Production
Fuel Blending
Aromatic Compounds
Others

By Region

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

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Finance News

The Best Stocks to Invest $50,000 in Right Now

22.10.2024 by admin

In the past couple of years, artificial intelligence (AI) emerged as one of the key investment themes on Wall Street. The frenzy surrounding AI is not without reason — it presents a set of technological tools and innovations that transform entire industries and functional disciplines. Wall Street had to jump on this bandwagon, and subsequently, many AI-powered stocks soared to dizzying highs.

Some of these stocks are still going strong and can generate impressive returns in the next few years, especially for investors with around $50,000 to spare now (which is not required for regular expenditures or contingencies).

Here’s what I consider a hypothetical $50,000 investment portfolio should look like.

Nvidia

Chip giant Nvidia (NASDAQ: NVDA) will account for the biggest chunk or 40% ($20,000) of my hypothetical $50,000 investment portfolio.

The company is the undisputed leader in the global AI market thanks to its focus on offering a complete end-to-end AI platform comprising technologically superior chips (graphics processing units or GPUs, data-center products, and DGX systems); software ecosystem (CUDA, a parallel computing platform); Nvidia AI Enterprise software and data-center specific accelerated-software solutions; advanced-networking components; and servers.

Nvidia’s stock soared 2,900% in the past five years (after adjusting for the 10:1 stock split in June 2024). Yet, the company still has the potential to grow even higher in 2025 mainly driven by the surging demand for its next-generation Blackwell platform, which is far outpacing supply. Nvidia expects to ramp up production of Blackwell systems and record billions of dollars in Blackwell revenues in the fourth quarter of fiscal 2025 (ending Jan. 31, 2025). Reports also indicate that these Blackwell systems sold out for the next 12 months, implying the company will enjoy solid pricing power.

In the face of a tight Blackwell supply, Nvidia may continue to see robust demand for its Hopper chips from data center and enterprise AI segments in the coming quarters. Additionally, the company’s software solutions are proving to be a major competitive edge, since they help boost the adoption and functioning of the company’s hardware products. As the CUDA-compatible graphics processing unit (GPU)-installed base grows from millions to tens of millions in the AI market, Nvidia expects demand for Nvidia AI Enterprise software to grow significantly in the coming months. The company expects its software business to reach an annual run rate of $2 billion by the end of fiscal 2025, thus emerging as a major-revenue catalyst in the next few years.

Considering the many tailwinds, Nvidia has lots of upside potential.

Microsoft

Technology behemoth Microsoft (NASDAQ: MSFT) will make up 30% or $15,000 of my hypothetical $50,000 investment portfolio.

Microsoft’s partnership with ChatGPT developer OpenAI proved transformational and played a pivotal role in enabling the company to build AI-optimized hardware and software stacks rapidly. The demand for Microsoft’s AI infrastructure, which includes Azure AI services (cloud-native suite of AI applications focused on areas such as data analysis, machine learning, and deep learning), CoPilots (AI agents integrated into various applications), and custom AI chips, has been far outpacing supply.

The increasing adoption of AI services is also driving the usage of Microsoft’s data services. The number of Azure AI customers using the company’s data services grew by almost 50% year over year in the fiscal 2024 Q4 (ending June 30, 2024). Microsoft Fabric, the company’s AI-powered next-generation data platform, had more than 14,000 paying customers at the end of the fourth quarter. Microsoft’s Azure Arc service, a multicloud and on-premise management solution, was also adopted by nearly 36,000 customers at the end of quarter, up 90% on a year-over-year basis.

Microsoft’s Azure cloud-computing business is also a major growth catalyst. Azure is a key beneficiary of the ongoing migration of on-premise enterprise data to the cloud. Furthermore, the company’s cloud-based data-integration service, Data Factory, enables clients to connect their on-premise data estate to Azure services and Fabric services even before full-data migration.

Cybersecurity is another major growth avenue, with the company boasting a customer base of 1.2 million for its security offerings at the end of Q4. Over 800,000 large customers were using four or more of the company’s security workloads, up 25% on a year-over-year basis. This implies that Microsoft’s products are tightly integrated into many of their customers’ operations, making it difficult for the latter to switch to competitors.

Clearly, Microsoft has several growth drivers that can have a very positive impact on its financial and share-price performance in fiscal 2025.

In summary, Microsoft may be a smart buy for astute investors.

Meta Platforms

Social media giant Meta Platforms (NASDAQ: META) will account for the remaining 30% or $15,000 of my hypothetical $50,000 investment portfolio.

Accounting for a 21.3% share of the U.S. digital-advertising spending, Meta demonstrated an exceptional ability to effectively monetize its Family of Apps (Facebook, WhatsApp, Instagram, and Messenger). This is evident based on the steady improvement in the cost per impression paid by advertisers for advertising on Facebook and Instagram since January 2024.

Meta leverages multiple AI technologies to improve content recommendations across its social media applications, which in turn helps add new users and boost overall user engagement. The company also helps advertisers create more targeted advertisement campaigns with its AI-powered Advantage+ suite of solutions. All these initiatives translate into higher returns for advertisers, which increase the attractiveness of Meta’s social media applications.

Meta has nearly 3.2 billion people using at least one of its applications in the fiscal 2024 Q2 (ending June 30, 2024). The huge user base and broad geographical reach generated a powerful network effect since more users make the platform even more attractive for advertisers, who then offer additional avenues for user engagement. Subsequently, Meta enjoys significant pricing power for its digital assets. Furthermore, the user base gives the company access to more data, which helps it improve its content recommendation and ad-targeting algorithms.

Meta’s Reality Labs business is not yet profitable. However, the company views it as a solid long-term investment. Plus, based on the strength of its core digital-advertising business, Meta seems to be a smart pick now.

Should you invest $1,000 in Nvidia right now?

Before you buy stock in Nvidia, consider this:

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Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool’s board of directors. Manali Pradhan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Meta Platforms, Microsoft, and Nvidia. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

The Best Stocks to Invest $50,000 in Right Now was originally published by The Motley Fool

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Day: October 22, 2024

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Nvidia

Microsoft

Meta Platforms

Should you invest $1,000 in Nvidia right now?