SPFI Q1 net income $12.3M ($0.72 EPS) vs $10.9M a year ago; NIM 3.81%, credit quality improves

SOUTH PLAINS FINANCIAL, INC.

2025-Q1 EPS reported $0.72

Net income $12.3M (diluted EPS $0.72) versus $10.9M ($0.64) in Q1 2024; sequentially down from $16.5M.
Net interest margin (tax-equiv) improved to 3.81% from 3.75% in Q4 2024 and 3.56% a year ago; deposit cost fell 10 bps.
Nonperforming assets to total assets fell to 0.16% from 0.58% at year-end; $19M credit returned to accrual and repaid post-quarter.
Deposits increased $171.6M (4.7%) from Q4 2024 to $3.79B; loans held for investment grew $20.8M (2.7% annualized).
SPFI repurchased 250,000 shares for $8.3M in Q1; ~$7M remains under buyback program.

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