Cadence Bank

and welcome to the Cadence Bank third quarter 2025 earnings webcast and conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touch-tone phone. To withdraw your question, please press star, then two. Please note that this event is being recorded. I would now like to turn the conference over to Will Frazacarly, Executive Vice President and Director of Finance. Please go ahead.

Good morning, and thank you for joining the Cadence Bank third quarter 2025 earnings conference call. We have members from our executive management team here with us this morning, Dan Rollins, Chris Bagley, Valerie Tolson, and Billy Braddock. Our speakers will be referring to prepared slides during the discussion. You can find the slides by going to our investor relations page at ir.cadencebank.com. where you'll find them on the link to our webcast, or you can view them at the exhibit to the 8K that we filed yesterday afternoon. These slides are also available in the presentation section of our investor relations website. I would remind you that the presentation, along with our earnings release, contain our customary disclosures around forward-looking statements, as well as any non-GAAP metrics that may be discussed. The disclosures regarding forward-looking statements contained in those documents apply to our presentation today. And now I'll turn to Dan for his opening comments.

Good morning. Thank you for joining us this morning to discuss our third quarter results. It's been another outstanding quarter for our company. I will cover a few highlights and Valerie will provide some additional detail on our financials. After our prepared comments, our executive management team will be available for questions. We're very pleased to have completed the acquisition of industry bank shares on July 1st, as well as the operational integration that just completed last week. Industry and First Chatham are now both fully integrated into our systems and processes, and we are operating as one bank under the Cadence brand. We look forward to the opportunity to grow in Central Texas and Georgia markets that were added through these transactions. Industry was certainly a unique transaction given the size and complexity of their securities portfolio, and it was just a home run on all fronts. Our team did a fantastic job in executing the disposition of 100% of their securities portfolios during the third quarter at a total mark that was less than our estimated mark when we announced the transaction. In fact, virtually all of the purchase accounting marks for industry came in better than originally estimated. Valerie will cover the purchase accounting items in more detail in a moment, but these improvements are reflected in our quarter-end tangible book value per share declining only 12 cents to $22.82 as the impact of industry was largely offset by strong operating earnings and improvement in our AOCI. As we look more specifically at our results for the quarter, we had another great quarter from an earnings standpoint. Adjusted net income from continuing operations increased to 152.8 million, or 81 cents per share, and adjusted return on assets was 113 for the quarter. Our balance sheet growth, combined with net interest margin improvement, drove a meaningful increase in revenue, and our adjusted efficiency ratio improved to 56.5%. Deposits were up $3.4 billion, with core customer deposits up $3.1 billion due to the influx from industry. Our teams have done a tremendous job retaining core deposit relationships at all of the acquired banks throughout their transition to our systems, and we look forward to being able to leverage our deposit products and services more fully now that we're past the integrations. Loans were up $1.3 billion, with $1 billion coming from the industry acquisition and over $300 million in organic growth across mortgage and multiple verticals. We did see an uptick in CRE paydowns during the quarter, but our new origination activity continues to be very strong across our footprint. Finally, credit results continue to be in line with expectations. With net charge-offs for the third quarter of 26 basis points annualized and non-performing asset levels and criticized and classified asset levels, continuing to reflect stability. And for clarity, loans to NDFIs represent only 2% of our loan portfolio, and even less than that if you exclude REITs. We continue to feel confident in that portfolio, as well as our overall credit performance. I'll now turn to Valerie. She can provide some highlights.