Business
South Plains Financial, Inc. Reports Second Quarter 2023 Financial Results
LUBBOCK, Texas, July 25, 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, July 25, 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 June 30, 2023. Second Quarter 2023 Highlights Net income for the second quarter of 2023 was $29.7 million, compared to $9.2 million for the first quarter of 2023 and $15.9 million for the second quarter of 2022.Diluted earnings per share for the second quarter of 2023 was $1.71, compared to $0.53 for the first quarter of 2023 and $0.88 for the second quarter of 2022.Excluding one-time gains net of charges related to the sale of Windmark ($22.9 million net of tax) and the loss from repositioning of the securities portfolio ($2.7 million net of tax), second quarter 2023 diluted earnings per share was $0.55Deposits grew $66.5 million, or 1.9%, to $3.57 billion during the second quarter of 2023, as compared to March 31, 2023; an estimated 16% of deposits at June 30, 2023 were uninsured or uncollateralized.Average cost of deposits for the second quarter of 2023 was 169 basis points, compared to 136 basis points for the first quarter of 2023 and 27 basis points for the second quarter of 2022.Net interest margin, calculated on a tax-equivalent basis, was 3.65% for the second quarter of 2023, compared to 3.75% for the first quarter of 2023.Loans held for investment grew $190.4 million, or 6.8%, during the second quarter of 2023, compared to March 31, 2023.Provision for credit losses was $3.7 million in the second quarter of 2023, compared to $1.0 million in the first quarter of 2023 and no provision for the second quarter of 2022. Nonperforming assets to total assets were 0.51% at June 30, 2023, compared to 0.19% at March 31, 2023 and 0.20% at June 30, 2022.Return on average assets for the second quarter of 2023 was 2.97% annualized, compared to 0.95% annualized for the first quarter of 2023 and 1.60% annualized for the second quarter of 2022.Tangible book value (non-GAAP) per share was $21.82 as of June 30, 2023, compared to $20.19 as of March 31, 2023 and $19.50 as of June 30, 2022.Liquidity - available borrowing capacity of $1.82 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 June ...