SPFI Q1 net income $14.3M ($0.78 EPS); loan growth 2.6% annualized, NIM 3.33%

SOUTH PLAINS FINANCIAL, INC.

2022-Q1 EPS reported $0.78

Net income of $14.3M down from $14.6M Q4 2021 and $15.2M Q1 2021; diluted EPS $0.78.
Net interest margin 3.33% vs 3.50% Q4 2021; net interest income $29.9M.
Negative provision for loan losses of $2.1M driven by improved credit metrics.
Loans held for investment grew $16.1M to $2.45B; deposits up $108.9M to $3.45B.
Noninterest income $23.7M included $4.5M MSR fair value adjustment; mortgage originations fell $79M.

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