South Plains Financial delivered robust third-quarter results, driven by net interest income expansion and improved credit quality. The company reported a net income of $16.3 million and diluted EPS of $0.96, demonstrating solid earnings growth and a strong financial foundation. The average cost of deposits decreased, and return on average assets improved, highlighting efficient operations and effective asset management.
Net income for Q3 2025 increased to $16.3 million, up from $14.6 million in Q2 2025 and $11.2 million in Q3 2024.
Diluted earnings per share rose to $0.96 in Q3 2025, compared to $0.86 in Q2 2025 and $0.66 in Q3 2024.
Net interest margin, on a tax-equivalent basis, was 4.05% for Q3 2025, showing stability despite a slight decrease from 4.07% in Q2 2025 but an increase from 3.65% in Q3 2024.
Total deposits grew by $142.2 million, or 3.8%, during the third quarter of 2025, reaching $3.88 billion.
South Plains Financial anticipates accelerating asset growth in the coming year through organic expansion and accretive M&A opportunities, despite current headwinds from higher-than-normal loan paydowns. The company plans to expand its lending team and remains open to strategic acquisitions that align with its conservative nature and strict criteria.
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