SOUTH PLAINS FINANCIAL INC
For the period ended Mar 31, 2024. Filed May 6, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 6, 2024
SPFI$43.080.0%Stored close · as of Nov 10, 2026
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Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
COMPREHENSIVE INCOME
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Interest income: | ||
| Loans, including fees | $48,932 | $39,597 |
| Securities: | ||
| Taxable | 5,511 | 5,240 |
| Non-taxable | 809 | 1,116 |
| Federal funds sold and interest-bearing deposits in banks | 3,475 | 1,495 |
| Total interest income | 58,727 | 47,448 |
| Interest expense: | ||
| Deposits | 21,663 | 11,370 |
| Subordinated debt | 835 | 1,012 |
| Junior subordinated deferrable interest debentures | 861 | 751 |
| Total interest expense | 23,359 | 13,133 |
| Net interest income | 35,368 | 34,315 |
| Provision for credit losses | 830 | 1,010 |
| Net interest income, after provision for credit losses | 34,538 | 33,305 |
| Noninterest income: | ||
| Service charges on deposit accounts | 1,813 | 1,701 |
| Income from insurance activities | 34 | 1,411 |
| Net gain on sales of loans | 2,654 | 2,918 |
| Bank card services and interchange fees | 3,061 | 2,956 |
| Other mortgage banking income (loss) | 1,291 | (633) |
| Investment commissions | 434 | 389 |
| Fiduciary fees | 754 | 600 |
| Other | 1,368 | 1,349 |
| Total noninterest income | 11,409 | 10,691 |
| Noninterest expense: | ||
| Salaries and employee benefits | 18,988 | 19,254 |
| Occupancy and equipment, net | 3,920 | 3,832 |
| Professional services | 1,483 | 1,648 |
| Marketing and development | 754 | 936 |
| IT and data services | 990 | 864 |
| Bank card expenses | 1,397 | 1,352 |
| Appraisal expenses | 227 | 278 |
| Other | 4,171 | 4,197 |
| Total noninterest expense | 31,930 | 32,361 |
| Income before income taxes | 14,017 | 11,635 |
| Income tax expense | 3,143 | 2,391 |
| Net income | $10,874 | $9,244 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (CONTINUED)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Earnings per share: | ||
| Basic | $0.66 | $0.54 |
| Diluted | $0.64 | $0.53 |
| Net income | $10,874 | $9,244 |
| Other comprehensive income (loss): | ||
| Unrealized gains (losses) on securities available for sale | (10,832) | 8,624 |
| Less: Change in fair value on hedged state and municipal securities | 1,385 | (2,638) |
| Tax effect | 1,984 | (1,257) |
| Other comprehensive income (loss) | (7,463) | 4,729 |
| Comprehensive income | $3,411 | $13,973 |
CONSOLIDATED STATEMENTS OF CHANGES IN
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