SOUTH PLAINS FINANCIAL INC
For the period ended Dec 31, 2024. Filed Mar 7, 2025.
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FY2024 · Filed Mar 7, 2025
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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Item 8. Consolidated Statements of Cash Flows
CASH FLOWS
(Dollars in thousands,)
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows from operating activities: | |||
| Net income | $49,717 | $62,745 | $58,240 |
| Adjustments to reconcile net income to net cash from operating activities: | |||
| Provision for credit losses | 4,300 | 4,610 | (2,619) |
| Provision for foreclosed asset losses | 108 | 142 | — |
| Depreciation and amortization | 6,510 | 6,412 | 6,965 |
| Accretion and amortization | 2,844 | 3,381 | 4,072 |
| Other gains, net | (216) | (275) | (166) |
| Gain on sale of subsidiary | — | (33,778) | — |
| Loss on sale of securities | — | 3,409 | — |
| Net gain on sales of loans | (10,524) | (11,027) | (20,764) |
| Proceeds from sales of loans held for sale | 296,163 | 347,583 | 662,294 |
| Loans originated for sale | (292,640) | (322,122) | (598,495) |
| Deferred income tax expense (benefit) | (1,049) | 99 | 1,359 |
| Earnings on bank-owned life insurance | (1,550) | (1,330) | (1,196) |
| Stock-based compensation | 2,318 | 2,157 | 2,753 |
| Change in valuation of mortgage servicing rights | 1,235 | 2,375 | (4,705) |
| Net change in: | |||
| Accrued interest receivable and other assets | 1,423 | (8,502) | (1,067) |
| Accrued expenses and other liabilities | 742 | 2,660 | 16,919 |
| Net cash provided by operating activities | 59,381 | 58,539 | 123,590 |
| Cash flows from investing activities: | |||
| Activity in securities available for sale: | |||
| Purchases | (304,783) | (199,898) | (176,713) |
| Sales | — | 52,828 | — |
| Maturities, prepayments, and calls | 337,941 | 240,106 | 81,253 |
| Loan originations and principal collections, net | (46,287) | (270,196) | (311,459) |
| Purchases of premises and equipment | (3,354) | (4,681) | (4,469) |
| Proceeds from sales of premises and equipment | 380 | 968 | 480 |
| Proceeds from sale of subsidiary | — | 36,080 | — |
| Proceeds from sales of foreclosed assets | 2,176 | 1,417 | 2,051 |
| Net cash used in investing activities | (13,927) | (143,376) | (408,857) |
| Cash flows from financing activities: | |||
| Net change in deposits | (5,277) | 219,723 | 65,208 |
| Payments to tax authorities for stock-based compensation | (759) | (731) | (1,168) |
| Payments made on subordinated debt | — | (12,372) | — |
| Cash dividends paid on common stock | (9,154) | (8,745) | (8,012) |
| Payments to repurchase common stock | (1,340) | (17,763) | (22,699) |
| Net cash provided by (used in) financing activities | (16,530) | 180,112 | 33,329 |
| Net change in cash and cash equivalents | $28,924 | $95,275 | $(251,938) |
| Beginning cash and cash equivalents | 330,158 | 234,883 | 486,821 |
| Ending cash and cash equivalents | $359,082 | $330,158 | $234,883 |
| Supplemental disclosures of cash flow information: | |||
| Interest paid on deposits and borrowed funds | $92,750 | $70,065 | $21,770 |
| Income taxes paid | 12,535 | 19,388 | 13,835 |
| Supplemental schedule of noncash activities: | |||
| Loans transferred to foreclosed assets | 1,927 | 2,130 | 764 |
| Premises and equipment transferred to foreclosed assets | — | 172 | — |
| Additions to mortgage servicing rights | 958 | 1,470 | 3,069 |
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