Business
South Plains Financial, Inc. Reports Fourth Quarter and Year-End 2021 Financial Results
LUBBOCK, Texas, Jan. 27, 2022 (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, Jan. 27, 2022 (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 and year ended December 31, 2021. Fourth Quarter 2021 Highlights Net income for the fourth quarter of 2021 was $14.6 million, compared to $15.2 million for the third quarter of 2021 and $15.9 million for the fourth quarter of 2020.Diluted earnings per share for the fourth quarter of 2021 was $0.79, compared to $0.82 for the third quarter of 2021 and $0.87 for the fourth quarter of 2020.Pre-tax, pre-provision income (non-GAAP) for the fourth quarter of 2021 was $18.2 million, compared to $18.9 million for the third quarter of 2021 and $20.0 million for the fourth quarter of 2020.Average cost of deposits for the fourth quarter of 2021 decreased to 23 basis points, compared to 25 basis points for the third quarter of 2021 and 31 basis points for the fourth quarter of 2020.Nonperforming assets to total assets were 0.30% at December 31, 2021, compared to 0.32% at September 30, 2021 and 0.45% at December 31, 2020.Return on average assets for the fourth quarter of 2021 was 1.50% annualized, compared to 1.61% annualized for the third quarter of 2021 and 1.76% annualized for the fourth quarter of 2020. Full Year 2021 Highlights Total assets were $3.9 billion at December 31, 2021, compared to $3.6 billion at December 31, 2020.Full year net income of $58.6 million in 2021, compared to $45.4 million in 2020.Diluted earnings per share of $3.17 in 2021, compared to $2.47 in 2020.Loans held for investment grew $216.0 million, or 9.7%, during 2021.Efficiency ratio of 67.1% in 2021, compared to 63.0% in 2020.Tangible book value (non-GAAP) per share of $21.51 at December 31, 2021, compared to $18.97 at December 31, 2020.Return on average assets of 1.56% for the full year 2021, compared to 1.31% for 2020. Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “Looking back on 2021, we believe our team delivered another year of strong financial results highlighted by 9.7% organic loan growth, year over year, which exceeded our goal of mid-single digit growth. Strength in our local Texas markets combined with the successful execution of our plan to grow our lending team contributed to th...