Business
South Plains Financial, Inc. Reports Fourth Quarter and Year-End 2022 Financial Results
LUBBOCK, Texas, Jan. 26, 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, Jan. 26, 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 and year ended December 31, 2022. Fourth Quarter 2022 Highlights Net income for the fourth quarter of 2022 was $12.6 million, compared to $15.5 million for the third quarter of 2022 and $14.6 million for the fourth quarter of 2021.Diluted earnings per share for the fourth quarter of 2022 was $0.71, compared to $0.86 for the third quarter of 2022 and $0.79 for the fourth quarter of 2021.Pre-tax, pre-provision income (non-GAAP) for the fourth quarter of 2022 was $16.3 million, compared to $18.6 million for the third quarter of 2022 and $18.2 million for the fourth quarter of 2021.Average cost of deposits for the fourth quarter of 2022 increased to 97 basis points, compared to 52 basis points for the third quarter of 2022 and 23 basis points for the fourth quarter of 2021.Loans held for investment grew $57.7 million, or 8.6% annualized, during the fourth quarter of 2022 as compared to September 30, 2022.Nonperforming assets to total assets were 0.20% at December 31, 2022, compared to 0.20% at September 30, 2022 and 0.30% at December 31, 2021.Return on average assets for the fourth quarter of 2022 was 1.27% annualized, compared to 1.53% annualized for the third quarter of 2022 and 1.50% annualized for the fourth quarter of 2021. Full Year 2022 Highlights Total assets were $3.94 billion at December 31, 2022, compared to $3.90 billion at December 31, 2021.Full year net income of $58.2 million in 2022, compared to $58.6 million in 2021.Diluted earnings per share of $3.23 in 2022, compared to $3.17 in 2021.Loans held for investment grew $310.5 million, or 12.7%, during 2022.Efficiency ratio of 66.8% in 2022, compared to 67.1% in 2021.Tangible book value (non-GAAP) per share of $19.57 at December 31, 2022, compared to $21.51 at December 31, 2021.Return on average assets of 1.47% for the full year 2022, compared to 1.56% for 2021. Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “I am very proud of our execution over the last year as we successfully navigated a challenging economic environment and, we believe we have positioned South Plains for continued success in the f...