Welcome to our dedicated page for South Plains Financial news (Ticker: SPFI), a resource for investors and traders seeking the latest updates and insights on South Plains Financial stock.
South Plains Financial, Inc. reports recurring bank holding company developments for City Bank, its Texas state-chartered banking subsidiary. News from SPFI centers on quarterly operating results, balance-sheet discipline, credit quality, loan growth, cash dividends, and management commentary on community-bank activity in Texas and nearby markets.
The company provides commercial and consumer financial services to small and medium-sized businesses and individuals, including commercial and retail banking, investment, trust, and mortgage services. Coverage also includes completed bank acquisitions, market expansion, community impact reporting, and recognition tied to banking performance and franchise metrics.
South Plains Financial, Inc. (NASDAQ:SPFI) has declared a quarterly cash dividend of $0.05 per share, payable on February 16, 2021, to shareholders of record by February 1, 2021. The dividend amount and future payments are subject to the discretion of the Board of Directors. South Plains, the parent company of City Bank, operates in West Texas and offers a variety of financial services including commercial and retail banking, insurance, and mortgage services.
South Plains Financial, Inc. (NASDAQ:SPFI) has announced the release of its fourth quarter and full year 2020 financial results on January 27, 2021, after market close. A conference call will follow at 5:00 p.m. Eastern Time to discuss these results. Investors can participate by dialing in or through a live webcast on the company’s website. A replay will be available shortly after the call concludes. South Plains operates City Bank, a significant player in West Texas banking, offering a broad range of financial services in various markets across Texas and New Mexico.
South Plains Financial, Inc. (NASDAQ:SPFI) has resumed its share repurchase program, initially authorized in March 2020, allowing for the buyback of up to $10 million in common stock. Following a temporary suspension due to the COVID-19 pandemic, the company has repurchased 4,700 shares for approximately $61,000 to date. The repurchase program's expiration has been extended to November 5, 2021. The company's repurchases will depend on various market and corporate factors, with no obligation for specific amounts or shares.
South Plains Financial (NASDAQ:SPFI) reported a strong performance in Q3 2020, achieving net income of $16.7 million, a significant increase from $5.6 million in Q2 2020 and $8.3 million in Q3 2019. Diluted EPS rose to $0.92 from $0.31 (Q2 2020) and $0.45 (Q3 2019). Noninterest income surged to $31.7 million, with notable contributions from mortgage banking. The average cost of deposits declined to 34 basis points. However, the provision for loan losses was $6.1 million, reflecting ongoing economic uncertainties related to COVID-19.
On October 22, 2020, South Plains Financial (NASDAQ:SPFI) announced a quarterly cash dividend of $0.05 per share, marking an increase of $0.02 from the previous dividend. This dividend will be payable on November 16, 2020 to shareholders of record as of November 2, 2020. The future dividends will be subject to the discretion of the Board of Directors. South Plains is the parent company of City Bank, providing a variety of commercial and consumer financial services across multiple Texas markets.
South Plains Financial, Inc. (NASDAQ:SPFI) announced that its third quarter 2020 financial results will be released after market close on October 27, 2020. A conference call to discuss these results will occur at 5:00 p.m. Eastern Time on the same day. Investors can join by dialing 1-877-407-9716, with international calls directed to 1-201-493-6779. The call will also be available via a live audio webcast on the Company’s website, with a replay accessible shortly after the call until November 10, 2020.
South Plains Financial (NASDAQ:SPFI) has completed a $50 million private placement of fixed-to-floating subordinated notes due 2030. These notes will initially bear a fixed interest rate of 4.50% for five years, transitioning thereafter to a rate linked to the three-month Secured Overnight Financing Rate plus 438 basis points. The funds will be used for general corporate purposes and are intended to qualify as Tier 2 capital for regulatory requirements. South Plains also entered a registration rights agreement for future exchanges of the notes.
South Plains Financial, Inc. (NASDAQ:SPFI) has successfully completed a private placement of $50 million in subordinated notes due 2030, bearing an initial fixed interest rate of 4.50%. After five years, the interest will adjust to the three-month Secured Overnight Financing Rate plus 438 basis points. The proceeds will be used for general corporate purposes and will qualify as Tier 2 capital. Additionally, the company has agreements in place to facilitate the exchange of these notes for registered securities. Piper Sandler & Co. acted as the placement agent for this offering.
South Plains Financial, Inc. (NASDAQ:SPFI) reported its Q2 2020 financial results, highlighting a net income of $5.6 million, down from $7.1 million in Q1 2020. Diluted EPS for the quarter was $0.31, compared to $0.38 in Q1 2020. Pre-tax, pre-provision income rose to $20.1 million from $15.1 million in the previous quarter. The company increased its provision for loan losses to $13.1 million, reflecting concerns over the economic impact of COVID-19 and energy price volatility. Total loans held for investment reached $2.33 billion, driven by $215 million in PPP loans.
South Plains Financial (NASDAQ: SPFI) has declared a quarterly cash dividend of $0.03 per share, payable on August 10, 2020, to shareholders of record as of July 27, 2020. This decision reflects the company's ongoing commitment to return value to its shareholders. Future dividends will be at the discretion of the Board of Directors. South Plains, the parent company of City Bank, is a prominent financial institution in Texas, providing various banking and financial services to both commercial and individual clients.