secwatch.observer — SEC 8-K summary
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Issuer:     SOUTH PLAINS FINANCIAL, INC. (SPFI)
CIK:        0001163668
Form:       8-K
Filed at:   2025-04-24T23:59:59+00:00
Accession:  0001140361-25-015462
Event type: earnings
Sentiment:  positive
Materiality: 0.65
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1163668/000114036125015462/0001140361-25-015462-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1163668/000114036125015462/ef20047853_8-k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-25-015462

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