Business
South Plains Financial, Inc. Reports Third Quarter 2019 Financial Results
LUBBOCK, Texas, Oct. 24, 2019 (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, Oct. 24, 2019 (GLOBE NEWSWIRE) -- South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City Bank, today reported its financial results for the quarter ended September 30, 2019. \n Third Quarter 2019 Highlights Net income for the third quarter of 2019 was $8.3 million, compared to $6.1 million for the second quarter of 2019.Diluted earnings per share were $0.45 for the third quarter of 2019, compared to $0.37 for the second quarter of 2019.Average cost of deposits for the third quarter of 2019 declined 10 basis points to 98 basis points, compared to 108 basis points for the second quarter of 2019.The efficiency ratio for the third quarter of 2019 declined 123 basis points to 73.62%, compared to 74.85% for the third quarter of 2018.Return on average assets for the third quarter of 2019 was 1.18% annualized, compared to 0.89% for the second quarter of 2019.Book value per share was $16.61 as of September 30, 2019, compared to $16.19 per share as of June 30, 2019. Subsequent Events South Plains has received all necessary regulatory approvals for South Plains’ announced acquisition of West Texas State Bank (“WTSB”). The acquisition is expected to close on October 31, 2019. Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “I am very pleased with our third quarter results as they clearly demonstrate the successful execution of our strategy to grow City Bank while also leveraging the significant investments that we have made in our infrastructure. Today, we believe our infrastructure can handle more than $5 billion in assets which will allow us to further scale City Bank without adding significant incremental expenses or investments as we strive to deliver returns in line with or exceeding our peer group. Signs of our success can be seen in our third quarter results as we improved our efficiency ratio by 123 basis points, year over year, to 73.62%. Additionally, our return on average assets expanded by 44 basis points, year over year, to 1.18% annualized and our return on average equity expanded by more than 200 basis points, year over year, to 11.10% annualized.” Mr. Griffith continued, “Turning to our pending acquisition of WTSB, I am pleased to report that we have received all necessary regulatory approvals and expect the acquisition to close...