---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-23-021005"
form_type: "8-K"
ticker: "SPFI"
cik: "0001163668"
company_name: "SOUTH PLAINS FINANCIAL, INC."
filed_at: "2023-04-27T23:59:59+00:00"
generated_at: "2026-06-16T08:18:02.655268+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# South Plains Financial Q1 net income falls 36% to $9.2M; sells Windmark

## Summary
- Net income $9.2M ($0.53 diluted EPS) vs $14.3M ($0.78) Q1 2022; down 36%.
- Deposits grew 12% annualized to $3.51B; uninsured/uncollateralized improved to 17% from 26%.
- NIM (tax-equivalent) 3.75% vs 3.88% Q4 2022; avg deposit cost 136 bps vs 97 bps.
- Provision for credit losses $1.0M vs $248K prior Q; NPA ratio 0.19%.
- Post-quarter: sold Windmark Insurance Agency to Alliant Insurance for undisclosed cash.

## SEC filing metadata
- accession: 0001140361-23-021005
- form_type: 8-K
- ticker: SPFI
- cik: 0001163668
- company_name: SOUTH PLAINS FINANCIAL, INC.
- filed_at: 2023-04-27T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1163668/000114036123021005/0001140361-23-021005-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1163668/000114036123021005/brhc20052107_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-23-021005
- JSON: https://secwatch.observer/filing/0001140361-23-021005.json
- Plain text: https://secwatch.observer/filing/0001140361-23-021005.txt

## Key facts
- Earnings Releases
  SOUTH PLAINS FINANCIAL, INC. reported the quarter ended March 31, 2023 results: net income $9.2 million, EPS $0.53.
  - Period: the quarter ended March 31, 2023
  - Net income: $9.2 million
  - EPS: $0.53
  - Result: reported results
  source text: South Plains Financial, Inc. Reports First Quarter 2023 Financial Results
  evidence_url: https://www.sec.gov/Archives/edgar/data/1163668/000114036123021005/0001140361-23-021005-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.