Business
South Plains Financial, Inc. Reports First Quarter 2022 Financial Results
LUBBOCK, Texas, April 26, 2022 (GLOBE NEWSWIRE) -- South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City
About this update from South Plains Financial, Inc.
[{"type":"text","content":"LUBBOCK, Texas, April 26, 2022 (GLOBE NEWSWIRE) -- South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City Bank (“City Bank” or the “Bank”), today reported its financial results for the quarter ended March 31, 2022. First Quarter 2022 Highlights Net income for the first quarter of 2022 was $14.3 million, compared to $14.6 million for the fourth quarter of 2021 and $15.2 million for the first quarter of 2021.Diluted earnings per share for the first quarter of 2022 was $0.78, compared to $0.79 for the fourth quarter of 2021 and $0.82 for the first quarter of 2021.Average cost of deposits for the first quarter of 2022 was 23 basis points, compared to 23 basis points for the fourth quarter of 2021 and 29 basis points for the first quarter of 2021.The Company recorded a negative provision for loan losses of $2.1 million in the first quarter of 2022, compared to no provision for loan losses for the fourth quarter of 2021 and provision for loan losses of $89 thousand for the first quarter of 2021.Loans held for investment grew $16.1 million, or 2.6% annualized, during the first quarter of 2022 as compared to December 31, 2021.Nonperforming assets to total assets were 0.33% at March 31, 2022, compared to 0.30% at December 31, 2021 and 0.42% at March 31, 2021.Return on average assets for the first quarter of 2022 was 1.47% annualized, compared to 1.50% annualized for the fourth quarter of 2021 and 1.66% annualized for the first quarter of 2021.Tangible book value (non-GAAP) per share was $20.49 as of March 31, 2022, compared to $21.51 per share as of December 31, 2021 and $19.28 per share as of March 31, 2021. Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “During the first quarter, we grew loans 2.6%, annualized, compared to the fourth quarter of 2021, given the typical seasonality we experienced. Importantly, underlying loan demand remains strong as we continue to experience solid momentum across all of our markets. In Lubbock, we are benefiting from recent acquisitions by out-of-state banks which are creating customer disruption and opening up opportunities to bring new relationships to South Plains. In our markets of Dallas, Houston and El Paso, economic growth is strong, and our recently hired lenders continue to ramp their portfolios which provides vi...