South Plains Financial Q2 2021 Earnings Report

Financial results reported for the quarter ended June 30, 2021.

Key Takeaways

South Plains Financial reported a net income of $13.7 million and diluted earnings per share of $0.74 for the second quarter of 2021. The company experienced loan growth of 2.7% compared to the previous quarter and a decrease in the average cost of deposits.

Net income for the second quarter of 2021 was $13.7 million, compared to $5.6 million for the second quarter of 2020.

Diluted earnings per share for the second quarter of 2021 was $0.74, compared to $0.31 for the second quarter of 2020.

Average cost of deposits for the second quarter of 2021 decreased to 27 basis points, compared to 39 basis points for the second quarter of 2020.

The Company had a negative provision for loan losses in the second quarter of 2021 of $2.0 million, compared to provisions for loan losses of $13.1 million for the second quarter of 2020.

Total Revenue

$51.8M

Previous year: $55.3M