Business
South Plains Financial, Inc. Reports Third Quarter 2022 Financial Results
LUBBOCK, Texas, Oct. 21, 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, Oct. 21, 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 ended September 30, 2022. Third Quarter 2022 Highlights Net income for the third quarter of 2022 was $15.5 million, compared to $15.9 million for the second quarter of 2022 and $15.2 million for the third quarter of 2021.Diluted earnings per share for the third quarter of 2022 was $0.86, compared to $0.88 for the second quarter of 2022 and $0.82 for the third quarter of 2021.Loans held for investment grew $109.9 million, or 17.0% annualized, during the third quarter of 2022 as compared to June 30, 2022.Average cost of deposits for the third quarter of 2022 was 52 basis points, compared to 27 basis points for the second quarter of 2022 and 25 basis points for the third quarter of 2021.The Company recorded a negative provision for loan losses of $782,000 in the third quarter of 2022, compared to no provisions for loan losses for the second quarter of 2022 and for the third quarter of 2021.Nonperforming assets to total assets were 0.19% at September 30, 2022, compared to 0.20% at June 30, 2022 and 0.32% at September 30, 2021.Return on average assets for the third quarter of 2022 was 1.53% annualized, compared to 1.60% annualized for the second quarter of 2022 and 1.61% annualized for the third quarter of 2021.Tangible book value (non-GAAP) per share was $18.61 as of September 30, 2022, compared to $19.50 per share as of June 30, 2022 and $20.90 per share as of September 30, 2021.The Company repurchased 366 thousand shares of common stock in the third quarter of 2022 as compared to 257 thousand shares in the second quarter of 2022. Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “Our business continued to perform well through the third quarter of 2022, highlighted by 17.0% annualized loan growth during the period driven by strength in both our community markets and major metropolitan markets of Dallas, Houston and El Paso. The expansion in our loan portfolio is contributing to strong underlying earnings growth, which has been masked by large recoveries, negative provisions for loan losses, and fair value increases in our mortgage servicing rights portfolio over th...