South Plains Financial, Inc. Reports First Quarter 2026 Financial Results

About this update from South Plains Financial, Inc.

LUBBOCK, Texas, April 28, 2026 (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, 2026. First Quarter 2026 Highlights Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “We delivered solid first quarter results driven by strong profitability, improving credit quality, and continued discipline across our balance sheet. Alongside the successful completion of the BOH acquisition, we continued to execute our organic growth strategy as we continue to focus on adding experienced lenders across our attractive Texas markets who bring deep local relationships and align with our culture. We believe what differentiates South Plains is our ability to combine the scale, product capabilities, and capital strength of a larger institution with the credit discipline and relationship-based approach of a true community bank. As consolidation across the Texas banking landscape continues, we are seeing increased opportunities to attract both customers and talented bankers seeking stability, local leadership, and consistent execution. While the near-term economic environment remains uncertain and a headwind to loan growth, we are confident in our strategy, our team, and our ability to continue to create long-term value for our shareholders.” Results of Operations, Quarter Ended March 31, 2026 Net Interest Income Net interest income was $42.9 million for the first quarter of 2026, compared to $43.0 million for the fourth quarter of 2025 and $38.5 million for the first quarter of 2025. Net interest margin, calculated on a tax-equivalent basis, was 4.04% for the first quarter of 2026, compared to 4.00% for the fourth quarter of 2025 and 3.81% for the first quarter of 2025. The average yield on loans was 6.83% for the first quarter of 2026, compared to 6.79% for the fourth quarter of 2025 and 6.67% for the first quarter of 2025. The average cost of deposits was 197 basis points for the first quarter of 2026, which is 4 basis points lower than the fourth quarter of 2025 and 22 basis points lower than the first quarter of 2025. Interest income was $62.6 million for the first quarter of 2026, compared to $63.4 million for the fourth quarter of 2025 and $59.9 million for the first q...

View stock analysis, news, and events for South Plains Financial, Inc.