Business
South Plains Financial, Inc. Reports Third Quarter 2021 Financial Results
LUBBOCK, Texas, Oct. 26, 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, Oct. 26, 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 September 30, 2021. Third Quarter 2021 Highlights Net income for the third quarter of 2021 was $15.2 million, compared to $13.7 million for the second quarter of 2021 and $16.7 million for the third quarter of 2020.Diluted earnings per share for the third quarter of 2021 was $0.82, compared to $0.74 for the second quarter of 2021 and $0.92 for the third quarter of 2020.Average cost of deposits for the third quarter of 2021 decreased to 25 basis points, compared to 27 basis points for the second quarter of 2021 and 34 basis points for the third quarter of 2020.The Company did not record a provision for loan losses in the third quarter of 2021, compared to a negative provision for loan losses of $2.0 million for the second quarter of 2021 and provision for loan losses of $6.1 million for the third quarter of 2020.Loans held for investment grew $125.6 million, or 5.5%, during the third quarter of 2021 as compared to June 30, 2021.Nonperforming assets to total assets were 0.32% at September 30, 2021, compared to 0.37% at June 30, 2021 and 0.46% at September 30, 2020.Return on average assets for the third quarter of 2021 was 1.61% annualized, compared to 1.46% annualized for the second quarter of 2021 and 1.88% annualized for the third quarter of 2020.Tangible book value (non-GAAP) per share was $20.90 as of September 30, 2021, compared to $20.35 per share as of June 30, 2021 and $18.00 per share as of September 30, 2020. Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “I am very pleased with our team’s performance again in the third quarter and would like to thank our employees for their hard work as they continue to deliver outstanding service to our customers which continues to translate into strong results for the Bank. This can be seen in our financial performance as we grew loans by 5.5% in the third quarter of 2021 and have benefited from a strong Texas economy. We are also benefiting from our plan to grow our lending team by more than 30% over a two-year timeframe, as the lenders who we have recruited have begun growing their loan portfolios. In fact,...