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South Plains Financial, Inc. Reports First Quarter 2024 Financial Results
LUBBOCK, Texas, April 25, 2024 (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 25, 2024 (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, 2024. First Quarter 2024 Highlights Net income for the first quarter of 2024 was $10.9 million, compared to $10.3 million for the fourth quarter of 2023 and $9.2 million for the first quarter of 2023.Diluted earnings per share for the first quarter of 2024 was $0.64, compared to $0.61 for the fourth quarter of 2023 and $0.53 for the first quarter of 2023.Average cost of deposits for the first quarter of 2024 was 241 basis points, compared to 224 basis points for the fourth quarter of 2023 and 136 basis points for the first quarter of 2023.Net interest margin, calculated on a tax-equivalent basis, was 3.56% for the first quarter of 2024, compared to 3.52% for the fourth quarter of 2023.Nonperforming assets to total assets were 0.10% at March 31, 2024, compared to 0.14% at December 31, 2023 and 0.19% at March 31, 2023.Return on average assets for the first quarter of 2024 was 1.04% annualized, compared to 0.99% annualized for the fourth quarter of 2023 and 0.95% annualized for the first quarter of 2023.Tangible book value (non-GAAP) per share was $23.56 as of March 31, 2024, compared to $23.47 as of December 31, 2023 and $20.19 as of March 31, 2023.The consolidated total risk-based capital ratio, Common Equity Tier 1 risk-based capital ratio, and Tier 1 leverage ratio at March 31, 2024 were 17.00%, 12.67%, and 11.51%, respectively. These ratios significantly exceeded the minimum regulatory levels necessary to be deemed “well-capitalized”. Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “I am pleased with our first quarter results as we have started to see our net interest margin stabilize driven by improved loan yields and the very early signs of deposit cost pressures starting to ease. Additionally, our loan production was strong through the first quarter though it was largely offset by our typical seasonal agricultural paydowns as well as the early payoffs of several loans that we have been working to move out of the Bank. We continue to aggressively manage the credit quality of our loan portfolio which can be seen by our ratio of nonperformin...