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South Plains Financial, Inc. Reports Fourth Quarter and Year-End 2023 Financial Results
LUBBOCK, Texas, Jan. 26, 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, Jan. 26, 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 and year ended December 31, 2023. Fourth Quarter 2023 Highlights Net income for the fourth quarter of 2023 was $10.3 million, compared to $13.5 million for the third quarter of 2023 and $12.6 million for the fourth quarter of 2022.Diluted earnings per share for the fourth quarter of 2023 was $0.61, compared to $0.78 for the third quarter of 2023 and $0.71 for the fourth quarter of 2022.Average cost of deposits for the fourth quarter of 2023 increased to 224 basis points, compared to 207 basis points for the third quarter of 2023 and 97 basis points for the fourth quarter of 2022.Net interest margin, calculated on a tax-equivalent basis, was 3.52% for the fourth quarter of 2023, compared to 3.52% for the third quarter of 2023.Loans held for investment grew $20.6 million, or 2.8% annualized, during the fourth quarter of 2023 as compared to September 30, 2023.Nonperforming assets to total assets were 0.14% at December 31, 2023, compared to 0.12% at September 30, 2023 and 0.20% at December 31, 2022.Return on average assets for the fourth quarter of 2023 was 0.99% annualized, compared to 1.27% annualized for the third quarter of 2023 and 1.27% annualized for the fourth quarter of 2022.Tangible book value (non-GAAP) per share was $23.47 as of December 31, 2023, compared to $21.07 as of September 30, 2023.The consolidated total risk-based capital ratio, Common Equity Tier 1 risk-based capital ratio, and Tier 1 leverage ratio at December 31, 2023 were 16.74%, 12.41%, and 11.33%, respectively. These ratios significantly exceeded the minimum regulatory levels necessary to be deemed “well-capitalized”. Full Year 2023 Highlights Total assets were $4.20 billion at December 31, 2023, compared to $3.94 billion at December 31, 2022.Full year net income of $62.7 million in 2023, compared to $58.2 million in 2022.Diluted earnings per share of $3.62 in 2023, compared to $3.23 in 2022.Loans held for investment grew $266.1 million, or 9.7%, during 2023.Tangible book value (non-GAAP) per share of $23.47 at December 31, 2023, compared to $19.57 at December 31, 2022.Return on average assets of 1.54% for the full ye...