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Jun 30, 2020
South Plains Financial Q2 2020 Earnings Report
Reported second quarter 2020 financial results.
Key Takeaways
South Plains Financial, Inc. reported net income of $5.6 million and diluted earnings per share of $0.31 for the second quarter of 2020. Pre-tax, pre-provision income (non-GAAP) was $20.1 million. The provision for loan losses was $13.1 million, primarily due to management’s expectations regarding the continued economic downturn related to the ongoing COVID-19 pandemic.
Net income for the second quarter of 2020 was $5.6 million, compared to $6.1 million for the second quarter of 2019.
Diluted earnings per share for the second quarter of 2020 was $0.31, compared to $0.37 for the second quarter of 2019.
Pre-tax, pre-provision income (non-GAAP) for the second quarter of 2020 was $20.1 million, compared to $8.6 million for the second quarter of 2019.
Average cost of deposits for the second quarter of 2020 decreased to 39 basis points, compared to 108 basis points for the second quarter of 2019.
Revenue by Segment
Forward Guidance
South Plains Financial feels well positioned to take advantage of opportunities that could be created in these difficult times.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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