South Plains Financial Inc. Delivers Stellar Q3 2026 Results
South Plains Financial Inc. (SPFI) has reported impressive third-quarter results for 2026, solidifying its position as a leading financial institution in Texas. The company's strong performance is attributed to its well-executed strategy of expanding lending capabilities and pursuing strategic acquisitions.
In a recent conference call, Curtis Griffith, Chairman and CEO, praised the company's employees, customers, and shareholders for their support over the years. As he prepares to retire as CEO at year-end, Mr. Griffith expressed confidence in the leadership transition, citing Cory Newsom, President, Steve Crockett, Chief Financial Officer and Treasurer, and other experienced management team members.
"I am confident that South Plains is in an excellent position with a strong balance sheet, attractive growth opportunities, and a talented leadership team," Mr. Griffith said. "The strong results we delivered during the third quarter, including near-record earnings per share, stable profitability, and solid organic loan growth, reinforce that confidence."
Under the leadership of Cory Newsom, who will take over as CEO at year-end, South Plains Financial Inc. has demonstrated impressive financial performance. The company's net income increased to $20.8 million in Q3 2026 compared to $19 million in the previous quarter, with diluted earnings per share reaching $1.06.
The efficiency ratio improved to 58.1%, and return on average assets (ROAA) reached 1.53%. These results were achieved while maintaining a disciplined approach to credit and risk management, further solidifying the company's commitment to long-term earning power.
Loans held for investment increased by approximately $60 million from the linked quarter, representing 6.3% annualized organic loan growth. This growth was driven by healthy loan production across South Plains' markets, despite the early payoff of a $25 million loan and an anticipated large relationship payoff during the quarter.
"I am very pleased with our third-quarter results," Cory Newsom stated during the conference call. "Our team has worked hard to build a deep and experienced leadership team while also developing the next generation of talent across the company."
As South Plains Financial Inc. continues to execute its strategy, investors and stakeholders can expect further growth and profitability from this Texas-based financial institution.
