Business
South Plains Financial, Inc. Reports First Quarter 2020 Financial Results
LUBBOCK, Texas, April 30, 2020 (GLOBE NEWSWIRE) -- South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City
About this update from South Plains Financial, Inc.
[{"type":"text","content":"LUBBOCK, Texas, April 30, 2020 (GLOBE NEWSWIRE) -- South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City Bank (“City Bank” or the “Bank”), today reported its financial results for the quarter ended March 31, 2020.\n First Quarter 2020 Highlights Net income for the first quarter of 2020 was $7.1 million, compared to $4.8 million for the first quarter of 2019.Diluted earnings per share for the first quarter of 2020 was $0.38, compared to $0.32 for the first quarter of 2019.Average cost of deposits for the first quarter of 2020 declined 11 basis points to 65 basis points, compared to 76 basis points for the fourth quarter of 2019.The provision for loan losses in the first quarter of 2020 was $6.2mm, compared to $896,000 for the first quarter of 2019, due to the economic uncertainty related to the COVID-19 pandemic and drop in energy prices.Nonperforming assets to total assets were 0.28% at March 31, 2020, compared to 0.24% as of December 31, 2019 and 0.37% at March 31, 2019.The adjusted (non-GAAP) efficiency ratio for the first quarter of 2020 was 72.52%, compared to 81.79% for the first quarter of 2019.Return on average assets for the first quarter of 2020 was 0.89% annualized, compared to 0.71% annualized for the first quarter of 2019.Book value per share was $18.10 as of March 31, 2020, compared to $16.98 per share as of December 31, 2019. Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “Over my nearly 50 year tenure in banking, I have seen many tumultuous periods each of which have had their own unique challenges. Ultimately, it has been the experience and talent of our people combined with a well-capitalized balance sheet which has consistently positioned the Bank to not just weather the storm but thrive. While this time of crisis is extremely difficult for so many, we expect to continue to be successful through our dedication and support to our customers and communities for without their success ours would not be possible. It is this philosophy and experience that guides our company and I would like to thank our employees for their hard work and dedication to ensure that our operations continue to run smoothly and the services and support to our customers are uninterrupted during these challenging times. While the outlook remains uncertain, we ...