Business
South Plains Financial, Inc. Reports Second Quarter 2021 Financial Results
LUBBOCK, Texas, July 27, 2021 (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, July 27, 2021 (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 June 30, 2021. Second Quarter 2021 Highlights Net income for the second quarter of 2021 was $13.7 million, compared to $15.2 million for the first quarter of 2021 and $5.6 million for the second quarter of 2020.Diluted earnings per share for the second quarter of 2021 was $0.74, compared to $0.82 for the first quarter of 2021 and $0.31 for the second quarter of 2020.Pre-tax, pre-provision income (non-GAAP) for the second quarter of 2021 was $15.1 million, compared to $19.0 million for the first quarter of 2021 and $20.1 million for the second quarter of 2020.Average cost of deposits for the second quarter of 2021 decreased to 27 basis points, compared to 29 basis points for the first quarter of 2021 and 39 basis points for the second quarter of 2020.The Company had a negative provision for loan losses in the second quarter of 2021 of $2.0 million, compared to provisions for loan losses of $89,000 for the first quarter of 2021 and $13.1 million for the second quarter of 2020.Nonperforming assets to total assets were 0.37% at June 30, 2021, compared to 0.42% at March 31, 2021 and 0.33% at June 30, 2020.Return on average assets for the second quarter of 2021 was 1.46% annualized, compared to 1.66% annualized for the first quarter of 2021 and 0.64% annualized for the second quarter of 2020.Tangible book value (non-GAAP) per share was $20.43 as of June 30, 2021, compared to $19.28 per share as of March 31, 2021 and $17.06 per share as of June 30, 2020. Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “Economic activity continued to accelerate across Texas through the second quarter of 2021 as can be seen in our improved loan growth of 2.7% as compared to the first quarter of 2021 as well as our loan pipeline which ended the second quarter at a three year high. While demand is improving, we also see an opportunity to expand our loan portfolio and have implemented an initiative to grow our banking team by more than 30% over the next two years with a focus on our major metropolitan markets of Dallas and Houston. We believe we have significant earnings power sitti...