SPFI•South Plains Financial reported Q3 net income of $20.80 million and diluted EPS of $1.06, both up year over year. The company said organic loan growth in Texas and the BOH acquisition drove results.
South Plains Financial’s Q3 net income rose year over year to $20.80 million, while diluted EPS increased to $1.06. Net interest income was $51.50 million, the credit loss provision was $830,000 and net interest margin was 4%.
The company said organic expansion in Texas markets drove loan growth. It attributed increases in interest income and expenses mainly to the BOH acquisition, and said higher mortgage banking revenues from a fair value adjustment of mortgage servicing rights mainly lifted noninterest income.
