South Plains Financial reports Q1 EPS 64c, consensus 57c

Tangible book value per share was $23.56 as of March 31, 2024, compared to $23.47 as of December 31, 2023 and $20.19 as of March 31, 2023. The consolidated total risk-based capital ratio, Common Equity Tier 1 risk-based capital ratio, and Tier 1 leverage ratio at March 31, 2024 were 17.00%, 12.67%, and 11.51%, respectively. These ratios significantly exceeded the minimum regulatory levels necessary to be deemed “well-capitalized”. Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “I am pleased with our first quarter results as we have started to see our net interest margin stabilize driven by improved loan yields and the very early signs of deposit cost pressures starting to ease. Additionally, our loan production was strong through the first quarter though it was largely offset by our typical seasonal agricultural paydowns as well as the early payoffs of several loans that we have been working to move out of the Bank. We continue to aggressively manage the credit quality of our loan portfolio which can be seen by our ratio of nonperforming assets to total assets which was 10 basis points at the end of the first quarter. Lastly, while competition for deposits remains a challenge in the current banking environment, we delivered modest deposit growth as our community-based deposit franchise remains a competitive advantage and we believe provides adequate liquidity to fund loan growth as we move through the year.”