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South Plains Financial Inc. (SPFI+0.25%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total assets of $4.23 billion, with gross loans held for investment at $3.06 billion and total deposits at $3.62 billion. The company's total shareholders' equity was $438.9 million.
Net income for the year was $49.7 million, a decrease from $62.7 million in the previous year. This decrease was primarily due to a reduction in noninterest income.
Net interest income increased to $147.1 million from $139.7 million in the prior year, while the provision for credit losses was $4.3 million, slightly down from $4.6 million.
Noninterest income dropped to $48.1 million from $79.2 million, largely due to the absence of a gain on the sale of a subsidiary recorded in the previous year.
Noninterest expenses decreased to $127.6 million from $134.9 million, with a notable reduction in salaries and employee benefits.
The company reported a net interest margin of 3.65%, up slightly from 3.61% in the previous year.
South Plains Financial's allowance for credit losses was $43.2 million, representing 1.42% of total loans held for investment.
The company's securities portfolio decreased to $577.2 million, with a decline in the fair value of available-for-sale securities.
The filing also details the company's capital ratios, with a total risk-based capital ratio of 17.86% and a tier 1 leverage ratio of 12.04%, both indicating a well-capitalized status.
The report highlights the company's liquidity position, with cash and cash equivalents totaling $359.1 million and significant borrowing capacity from the Federal Home Loan Bank and Federal Reserve Bank.
South Plains Financial continues to focus on its operations in Texas and Eastern New Mexico, with a diversified loan portfolio primarily in real estate, commercial, agricultural, and consumer lending.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the South Plains Financial Inc. annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.