SOUTH PLAINS FINANCIAL INC
For the period ended Jun 30, 2024. Filed Aug 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.
Jun 30, 2024 · Filed Aug 6, 2024
SPFI$43.080.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows (Unaudited)
CASH FLOWS
(Dollars in thousands)
| Six Months Ended June 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income | $22,008 | $38,927 |
| Adjustments to reconcile net income to net cash from operating activities: | ||
| Provision for credit losses | 2,605 | 4,710 |
| Provision for foreclosed asset losses | — | 97 |
| Depreciation and amortization | 3,257 | 3,240 |
| Accretion and amortization | 1,346 | 1,980 |
| Other gains, net | (50) | (212) |
| Gain on sale of subsidiary | — | (33,488) |
| Loss on sale of securities | — | 3,409 |
| Net gain on sales of loans | (5,442) | (6,446) |
| Proceeds from sales of loans held for sale | 154,753 | 194,977 |
| Loans originated for sale | (151,879) | (181,019) |
| Deferred income tax expense | (944) | (148) |
| Earnings on bank-owned life insurance | (750) | (630) |
| Stock-based compensation | 1,138 | 1,114 |
| Change in valuation of mortgage servicing rights | 625 | 1,550 |
| Net change in: | ||
| Accrued interest receivable and other assets | 3,916 | (4,759) |
| Accrued expenses and other liabilities | 6,754 | 2,423 |
| Net cash provided by operating activities | 37,337 | 25,725 |
| Cash flows from investing activities: | ||
| Activity in securities available for sale: | ||
| Purchases | (299,849) | — |
| Sales | — | 52,828 |
| Maturities, prepayments, and calls | 320,058 | 20,418 |
| Loan originations and principal collections, net | (82,575) | (232,692) |
| Purchases of premises and equipment | (1,552) | (3,452) |
| Proceeds from sales of premises and equipment | 69 | 896 |
| Proceeds from sale of subsidiary | — | 35,500 |
| Proceeds from sales of foreclosed assets | 889 | 692 |
| Net cash used in investing activities | (62,960) | (125,810) |
| Cash flows from financing activities: | ||
| Net change in deposits | (1,640) | 168,092 |
| Payments to tax authorities for stock-based compensation | (132) | (342) |
| Cash dividends paid on common stock | (4,417) | (4,419) |
| Payments to repurchase common stock | (340) | (2,548) |
| Net cash provided by (used in) financing activities | (6,529) | 160,783 |
| Net change in cash and cash equivalents | (32,152) | 60,698 |
| Beginning cash and cash equivalents | 330,158 | 234,883 |
| Ending cash and cash equivalents | $298,006 | $295,581 |
| Supplemental disclosures of cash flow information: | ||
| Interest paid on deposits and borrowed funds | $45,667 | $28,552 |
| Income taxes paid | 3,625 | 1,082 |
| Supplemental schedule of noncash activities: | ||
| Loans transferred to foreclosed assets | $732 | $697 |
| Premises and equipment transferred to other real estate owned | — | 172 |
| Additions to mortgage servicing rights | 482 | 734 |
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