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Mar 31, 2020
South Plains Financial Q1 2020 Earnings Report
South Plains Financial reported first quarter 2020 financial results.
Key Takeaways
South Plains Financial reported a net income of $7.1 million and diluted earnings per share of $0.38 for the first quarter of 2020. The company's performance was influenced by the economic uncertainty related to the COVID-19 pandemic and the drop in energy prices, leading to an increased provision for loan losses.
Net income for the first quarter of 2020 was $7.1 million, compared to $4.8 million for the first quarter of 2019.
Diluted earnings per share for the first quarter of 2020 was $0.38, compared to $0.32 for the first quarter of 2019.
Average cost of deposits for the first quarter of 2020 declined 11 basis points to 65 basis points, compared to 76 basis points for the fourth quarter of 2019.
The provision for loan losses in the first quarter of 2020 was $6.2 million, compared to $896,000 for the first quarter of 2019, due to the economic uncertainty related to the COVID-19 pandemic and drop in energy prices.
Revenue by Segment
Forward Guidance
While the outlook remains uncertain, South Plains Financial remains confident in its disciplined underwriting culture, risk management processes, and liquidity position. The company believes it has the capital to absorb potential losses and is well-positioned to take advantage of opportunities in these difficult times.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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