Business
South Plains Financial, Inc. Reports Third Quarter 2020 Financial Results
LUBBOCK, Texas, Oct. 27, 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, Oct. 27, 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 September 30, 2020.\n Third Quarter 2020 Highlights Net income for the third quarter of 2020 was $16.7 million, compared to $5.6 million for the second quarter of 2020 and $8.3 million for the third quarter of 2019.Diluted earnings per share for the third quarter of 2020 was $0.92, compared to $0.31 for the second quarter of 2020 and $0.45 for the third quarter of 2019.Pre-tax, pre-provision income (non-GAAP) for the third quarter of 2020 was $26.9 million, compared to $20.1 million for the second quarter of 2020 and $10.7 million for the third quarter of 2019.Average cost of deposits for the third quarter of 2020 decreased to 34 basis points, compared to 39 basis points for the second quarter of 2020 and 98 basis points for the third quarter of 2019.The provision for loan losses for the third quarter of 2020 was $6.1 million, compared to $13.1 million for the second quarter of 2020 and $420,000 for the third quarter of 2019.Nonperforming assets to total assets were 0.46% at September 30, 2020, compared to 0.33% at June 30, 2020 and 0.31% at September 30, 2019.The adjusted (non-GAAP) efficiency ratio for the third quarter of 2020 was 56.90%, compared to 63.28% for the second quarter of 2020 and 73.62% for the third quarter of 2019.Return on average assets for the third quarter of 2020 was 1.88% annualized, compared to 0.64% annualized for the second quarter of 2020 and 1.18% annualized for the third quarter of 2019.Book value per share was $19.52 as of September 30, 2020, compared to $18.64 per share as of June 30, 2020 and $16.61 per share as of September 30, 2019.On September 29, 2020, the Company completed an issuance of $50 million of subordinated notes. Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “I am very pleased with our performance as the Bank’s operations continue to run smoothly and our customers have largely weathered the uncertain economic environment to date. Our decision to allow our borrowers to modify their loans to interest only payments early in the pandemic has proven to be a sound one as this allowed our customers to build cash a...