South Plains Financial Stock Price, News & Analysis

South Plains Financial, Inc. (NASDAQ:SPFI) will announce its first quarter 2023 financial results on April 27, 2023, after market close. A conference call and webcast will be hosted the same day at 5:00 p.m. ET to discuss the results. Interested investors and analysts can join the call by dialing 1-877-300-8521 (or 1-412-317-6026 for international callers) about 10 minutes prior to start.

The call will also be available via a live audio webcast on the Company’s website. A replay can be accessed within two hours after the call’s conclusion by calling 1-844-512-2921 (international: 1-412-317-6671) and using the pin 10177523 until May 11, 2023.

South Plains Financial, Inc. (NASDAQ:SPFI) announced the divestiture of its subsidiary, Windmark Insurance Agency, to Alliant Insurance Services, effective April 1, 2023. Chairman and CEO Curtis Griffith highlighted that the decision arose as the company faced the need for significant capital investment to sustain Windmark, prompting exploration of divestiture. The sale allows South Plains to focus on its core business while retaining liquidity and capital flexibility. Windmark, known for its crop insurance products, will benefit from Alliant's resources and service enhancements in Texas and the Midwest.

South Plains Financial, Inc. (NASDAQ:SPFI) reported its Q4 and full-year 2022 financial results on January 26, 2023. Q4 net income was $12.6 million, down from $15.5 million in Q3 and $14.6 million in Q4 2021. Diluted EPS for Q4 was $0.71, compared to $0.86 in Q3. Full-year net income was $58.2 million, slightly down from $58.6 million in 2021, with diluted EPS increasing to $3.23 from $3.17. Loans grew 12.7% year-over-year, while noninterest income fell due to a decline in mortgage banking activities. The company repurchased 4.8% of shares and raised dividends by 53% in 2022. Looking ahead, SPFI anticipates low single-digit loan growth in 2023 amidst economic moderation in Texas.

On January 19, 2023, South Plains Financial, Inc. (NASDAQ:SPFI) announced a quarterly cash dividend of $0.13 per share, representing an 8% increase from the previous quarter's dividend declared in October 2022. The dividend is set to be payable on February 13, 2023 to shareholders of record by the close of business on January 30, 2023. This decision reflects the company's ongoing commitment to returning value to its shareholders while maintaining its operational growth.

South Plains Financial, Inc. (NASDAQ:SPFI) announced its fourth quarter and full year 2022 financial results set for release after the market close on January 26, 2023. A conference call is scheduled at 5:00 p.m. ET to discuss the results. Investors can join the call by dialing 1-877-407-9716 (or 1-201-493-6779 for international callers). A live audio webcast will be available on the Company’s website. A replay will be accessible within two hours post-call until February 2, 2023.

South Plains Financial (SPFI) reported a net income of $15.5 million for Q3 2022, slightly down from $15.9 million in Q2 2022. Diluted EPS decreased to $0.86 from $0.88 in the prior quarter. The company achieved a 17% annualized loan growth during the quarter, with loans held for investment reaching $2.69 billion. Despite an increase in deposit costs, total deposits grew to $3.46 billion. The provision for loan losses was negative at $782,000. The tangible book value per share dropped to $18.61 from $19.50. South Plains repurchased 366,000 shares in the quarter.

South Plains Financial, Inc. (NASDAQ:SPFI) has declared a quarterly cash dividend of $0.12 per share, payable on November 15, 2022. Shareholders on record as of the close of business on October 31, 2022 will receive this dividend. As a parent company of City Bank, South Plains plays a significant role in the financial services sector across West Texas and beyond, offering a range of banking and financial solutions.

South Plains Financial, Inc. (NASDAQ:SPFI) announced its third quarter 2022 financial results will be released on October 21, 2022, before market open. The Company will host a conference call at 11:00 a.m. ET on the same day to discuss these results. Interested participants can join the call by dialing 1-877-407-9716 or via a live audio webcast available on their website. A replay will be accessible shortly after the call and until November 4, 2022. South Plains is the parent company of City Bank, providing various banking services in Texas and New Mexico.

South Plains Financial (NASDAQ: SPFI) reported a net income of $15.9 million for Q2 2022, up from $14.3 million in Q1 2022 and $13.7 million in Q2 2021. Diluted EPS increased to $0.88 compared to $0.78 in Q1 2022. The company experienced a strong 20.8% annualized growth in loans held for investment, totaling $2.58 billion. Nonperforming assets decreased to 0.20% of total assets. However, tangible book value per share fell to $19.49 from $20.49 in Q1. The company sees potential for improved earnings and expanded share buybacks.