South Plains Financial, Inc. reported a net income of $16.7 million for the third quarter of 2020, with diluted earnings per share of $0.92. The company experienced strong revenue growth, particularly in mortgage banking activities, and maintained a conservative approach to its loan portfolio and reserves.
Net income for Q3 2020 was $16.7 million, a significant increase from both the previous quarter and the same quarter last year.
Diluted earnings per share for Q3 2020 reached $0.92, surpassing the figures from Q2 2020 and Q3 2019.
The company saw a sharp decline in active loan modifications related to COVID-19 during Q3 2020.
Strong revenue growth was experienced, driven by investments in the mortgage business.
The company issued $50 million of fixed-to-floating rate subordinated notes, that qualify as Tier 2 capital for regulatory purposes. The company continues to be pleased with their acquisition of West Texas State Bank this past year and see M&A as an attractive strategy to further expand their geographic footprint in West Texas.
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