South Plains Financial Stock Price, News & Analysis

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.

South Plains Financial, Inc. (NASDAQ:SPFI), the parent company of City Bank, announced a quarterly cash dividend of $0.12 per share, a 9% increase from April 2022. The dividend will be payable on August 15, 2022, to shareholders of record by August 1, 2022. This decision reflects the company's commitment to returning value to shareholders amidst its operational growth in key Texas and New Mexico markets.

South Plains Financial, Inc. (NASDAQ:SPFI) announced the release of its second quarter 2022 financial results on July 22, 2022, before market open. The Company will host a conference call at 11:00 a.m. ET that day to discuss these results. Interested investors and analysts can participate by dialing in or accessing the live audio webcast via the Company’s website. A replay will be available shortly after the call until August 5, 2022. South Plains operates as a major banking entity in Texas and provides diverse financial services.

South Plains Financial (NASDAQ:SPFI) announced a new stock repurchase program for up to $15 million of its common stock, set to begin after the expiration of the current repurchase program. The existing program has approximately $1.6 million remaining. The new program will conclude on May 21, 2023, unless terminated or extended by the board. Repurchases will be made through open market purchases or private transactions, considering stock performance and market conditions. This initiative aims to enhance shareholder value.

South Plains Financial (NASDAQ:SPFI) reported a net income of $14.3 million for Q1 2022, slightly down from $14.6 million in Q4 2021 and $15.2 million in Q1 2021. The diluted earnings per share was $0.78, compared to $0.79 in the previous quarter. The company experienced growth in loans of $16.1 million, or 2.6% annualized. While deposits rose by $109 million, the net interest margin decreased to 3.33%. A provision for loan losses of $2.1 million was recorded, reflecting improved credit metrics. The outlook remains positive for mid to high single-digit loan growth in 2022.

South Plains Financial, Inc. (NASDAQ:SPFI) announced a quarterly cash dividend of $0.11 per share on April 21, 2022. The dividend will be payable on May 16, 2022 to shareholders of record as of the close of business on May 2, 2022. This declaration underscores the company's commitment to returning value to its shareholders and demonstrates its ongoing financial stability.

South Plains Financial, Inc. (NASDAQ:SPFI) announced the release of its first quarter 2022 financial results on April 26, 2022, after market close. A conference call is scheduled for the same day at 5:00 p.m. Eastern Time to discuss the results. Investors can participate by calling 1-877-407-9716 or via a live audio webcast available on the company's website. A replay of the call will be accessible shortly after its conclusion and available until May 10, 2022.

South Plains Financial (NASDAQ:SPFI) reported Q4 2021 net income of $14.6 million, a decline from $15.2 million in Q3 2021 and $15.9 million in Q4 2020. Diluted EPS was $0.79, down from $0.82 and $0.87 in the previous quarters. Full-year net income reached $58.6 million, up from $45.4 million in 2020, with diluted EPS at $3.17, a significant increase. Total assets rose to $3.9 billion. The efficiency ratio worsened to 67.1% from 63.0% in 2020. Despite these challenges, the company achieved 9.7% organic loan growth in 2021, exceeding its mid-single-digit growth target.