secwatch.observer — SEC 8-K summary
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Issuer:     SOUTH PLAINS FINANCIAL, INC. (SPFI)
CIK:        0001163668
Form:       8-K
Filed at:   2024-04-25T23:59:59+00:00
Accession:  0001140361-24-022078
Event type: earnings
Sentiment:  positive
Materiality: 0.65
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

South Plains Q1 net income $10.9M ($0.64 EPS); NIM expands to 3.56%
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- Net income $10.9M vs $10.3M Q4 2023 and $9.2M Q1 2023; diluted EPS $0.64.
- Net interest margin (tax-equivalent) 3.56%, up from 3.52% Q4 2023; loan yield 6.53%.
- Nonperforming assets to total assets 0.10%, improved from 0.14% at Q4 2023.
- Average cost of deposits 241 bps vs 224 bps Q4 2023; deposit growth modest.
- Provision for credit losses $830k; tangible book value per share $23.56.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1163668/000114036124022078/0001140361-24-022078-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1163668/000114036124022078/ef20027709_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-24-022078

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer