secwatch.observer — SEC 8-K summary
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Issuer:     SOUTH PLAINS FINANCIAL, INC. (SPFI)
CIK:        0001163668
Form:       8-K
Filed at:   2024-01-26T23:59:59+00:00
Accession:  0001140361-24-003974
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

South Plains Q4 net income $10.3M ($0.61 EPS), down from $12.6M YoY; full year EPS $3.62
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- Net income Q4 2023 $10.3M vs $13.5M Q3 2023 and $12.6M Q4 2022.
- Net interest margin (tax-equiv) 3.52% flat QoQ; deposit cost rose to 224 bps from 207 bps Q3.
- Loans held for investment grew 9.7% YoY to $3.01B; nonperforming assets only 0.14% of total assets.
- Tangible book value per share $23.47, up 11.4% from Q3; $15M buyback program exhausted.
- Windmark sale in Q2 netted $22.9M gain; redeemed $12.4M in subordinated notes in Dec 2023.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1163668/000114036124003974/0001140361-24-003974-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1163668/000114036124003974/ef20019822_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-24-003974

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