secwatch.observer — SEC 8-K summary
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Issuer:     SOUTH PLAINS FINANCIAL, INC. (SPFI)
CIK:        0001163668
Form:       8-K
Filed at:   2023-04-27T23:59:59+00:00
Accession:  0001140361-23-021005
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1163668/000114036123021005/0001140361-23-021005-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1163668/000114036123021005/brhc20052107_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-23-021005

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