South Plains Financial, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2020
January 27, 2021 at 04:10 pm
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South Plains Financial, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2020. For the quarter, the company reported Net interest income of $30,365,000 compared to $28,624,000 a year ago. Net income was $15,924,000 compared to $10,109,000 a year ago. Net earnings, basic was $0.56 compared to $0.88 a year ago. Net earnings, diluted was $0.87 compared to $0.55 a year ago. Total Interest income was $33,984,000 compared to $34,764,000 a year ago.
For the year, the company reported Net interest income of $122,285,000 compared to $104,575,000 a year ago. Net income was $45,353,000 compared to $29,220,000 a year ago. Total Interest income was $138,231,000 compared to $132,942,000 a year ago.
South Plains Financial, Inc. is the bank holding company for City Bank (the Bank). The Bank is an independent bank in West Texas and has additional banking operations in the Dallas, El Paso, Greater Houston, the Permian Basin, and College Station, Texas markets, and the Ruidoso, New Mexico market. The Bank provides a range of commercial and consumer financial services to small and medium-sized businesses and individuals in its market areas. The Banks principal business activities include commercial and retail banking, along with investment, trust, and mortgage services. The Bank is primarily involved in real estate, commercial, agricultural and consumer lending activities with customers throughout Texas and Eastern New Mexico. The Bank operates about 25 full-service banking locations across seven geographic markets. The Bank also operates about eight loan production offices both in its banking markets and in certain key areas in Texas that focus on mortgage loan origination.
SOUTH PLAINS FINANCIAL, INC. 
