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South Plains Financial, Inc. Reports Third Quarter 2023 Financial Results
LUBBOCK, Texas, Oct. 24, 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, Oct. 24, 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 September 30, 2023. Third Quarter 2023 Highlights Net income for the third quarter of 2023 was $13.5 million, compared to $29.7 million for the second quarter of 2023 and $15.5 million for the third quarter of 2022.Diluted earnings per share for the third quarter of 2023 was $0.78, compared to $1.71 for the second quarter of 2023 and $0.86 for the third quarter of 2022. Excluding one-time gains net of charges related to the sale of a subsidiary ($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 $0.55.Deposits grew $46.1 million, or 1.3%, to $3.62 billion during the third quarter of 2023, as compared to June 30, 2023; an estimated 16% of deposits at September 30, 2023 were uninsured or uncollateralized.Average cost of deposits for the third quarter of 2023 was 207 basis points, compared to 169 basis points for the second quarter of 2023 and 52 basis points for the third quarter of 2022.Net interest margin, calculated on a tax-equivalent basis, was 3.52% for the third quarter of 2023, compared to 3.65% for the second quarter of 2023.Loans held for investment grew $14.5 million, or 1.9% annualized, during the third quarter of 2023, compared to June 30, 2023.The provision for credit losses was negative $0.7 million in the third quarter of 2023, compared to $3.7 million in the second quarter of 2023 and negative $0.8 million in the third quarter of 2022.Nonperforming assets to total assets were 0.12% at September 30, 2023, compared to 0.51% at June 30, 2023 and 0.20% at September 30, 2022.Return on average assets for the third quarter of 2023 was 1.27% annualized, compared to 2.97% annualized for the second quarter of 2023 and 1.53% annualized for the third quarter of 2022.Tangible book value (non-GAAP) per share was $21.07 as of September 30, 2023, compared to $21.82 as of June 30, 2023 and $18.61 as of September 30, 2022.Liquidity available through borrowing capacity of $1.89 billion with the Federal Home Loan Bank of Dallas, the Federal Reserve Bank of Dallas Discount Window,...