Shares of Cadence Financial Corp. fell 4.5% Thursday after the Starkville, Miss., company warned that first-quarter earnings would fall well short of its expectations.
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The $1.9 billion-asset company blamed two problem credits late Wednesday for its current expectation that earnings per share would be about 10 cents lower than the 33 cents to 36 cents it had previously estimated. It said that its loan-loss provision this quarter would be about $1.3 million, up from $401,000 a year earlier. Cadence said it plans to report first-quarter results the week of April 23.
Cadence's shares closed at $20.39.
