Business
South Plains Financial, Inc. Reports First Quarter 2023 Financial Results
LUBBOCK, Texas, April 27, 2023 (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 27, 2023 (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, 2023. First Quarter 2023 Highlights Net income for the first quarter of 2023 was $9.2 million, compared to $12.6 million for the fourth quarter of 2022 and $14.3 million for the first quarter of 2022.Diluted earnings per share for the first quarter of 2023 was $0.53, compared to $0.71 for the fourth quarter of 2022 and $0.78 for the first quarter of 2022.Deposits grew $101.6 million, or 12% annualized, to $3.51 billion during the first quarter of 2023, as compared to December 31, 2022; an estimated 17% of quarter end deposits were uninsured or uncollateralized.Average cost of deposits for the first quarter of 2023 was 136 basis points, compared to 97 basis points for the fourth quarter of 2022 and 23 basis points for the first quarter of 2022.Net interest margin, calculated on a tax-equivalent basis, was 3.75% for the first quarter of 2023, compared to 3.88% for the fourth quarter of 2022.Loans held for investment grew $40.6 million, or 5.9% annualized, during the first quarter of 2023, compared to December 31, 2022.The Company recorded a provision for credit losses of $1.0 million in the first quarter of 2023, compared to $248 thousand in the fourth quarter of 2022 and a negative provision of $2.1 million for the first quarter of 2022. Nonperforming assets to total assets were 0.19% at March 31, 2023, compared to 0.20% at December 31, 2022 and 0.33% at March 31, 2022.Return on average assets for the first quarter of 2023 was 0.95% annualized, compared to 1.27% annualized for the fourth quarter of 2022 and 1.47% annualized for the first quarter of 2022.Tangible book value (non-GAAP) per share was $20.19 as of March 31, 2023, compared to $19.57 per share as of December 31, 2022 and $20.49 per share as of March 31, 2022.Liquidity - The Company had available borrowing capacity of $1.75 billion through the Federal Home Loan Bank of Dallas, the Federal Reserve’s Discount Window, and access to the Federal Reserve’s Bank Term Funding Program at March 31, 2023.Capital - total risk-based capital ratio – 16.70%, Tier 1 risk-based capital ratio – 13.24%, Common Equity Tier 1 risk-based...