Financial Performance - Net interest income for Q1 2025 was $38.5 million, unchanged from Q4 2024, and up from $35.4 million in Q1 2024[4] - Net income for Q1 2025 was $12.3 million, down from $16.5 million in Q4 2024, but up from $10.9 million in Q1 2024[6] - Noninterest income for Q1 2025 was $10.6 million, down from $13.3 million in Q4 2024, primarily due to a decrease in mortgage banking revenues[8] - Noninterest expense increased to $33.0 million in Q1 2025, compared to $29.9 million in Q4 2024, largely due to higher personnel expenses[9] - Basic net earnings per share for Q1 2025 were $0.75, compared to $1.01 in Q4 2024, a decrease of 25.7%[26] - Net income for Q1 2025 was $12,294,000, down 25.5% from $16,497,000 in Q4 2024[26] - The pre-tax, pre-provision income for the quarter ended March 31, 2025, was $16,122,000, down from $21,919,000 for the quarter ended December 31, 2024, a decrease of 26.5%[34] Asset and Loan Growth - Loans held for investment increased to $3.08 billion as of March 31, 2025, a 2.7% annualized increase from Q4 2024[10] - Total assets increased to $4,405,209,000 in Q1 2025 from $4,232,239,000 in Q4 2024, reflecting a growth of 4.1%[26] - Total loans held for investment rose to $3,075,860,000 in Q1 2025, up from $3,055,054,000 in Q4 2024, an increase of 0.7%[26] - As of March 31, total assets amounted to $4,405,209,000, compared to $4,423,232,000 as of December 31[30] - Net loans held for investment were $3,032,892,000, a decrease from $3,011,817,000[30] - Total assets as of March 31, 2025, were $4,405,209,000, an increase from $4,232,239,000 as of December 31, 2024, indicating a growth of 4.07%[34] Deposit Trends - Total deposits rose to $3.79 billion, a 4.7% increase from $3.62 billion at the end of Q4 2024[11] - Total deposits as of March 31, 2025, were $3,792,519,000, up from $3,620,876,000 as of December 31, 2024, indicating a growth of 4.74%[34] - Demand deposits decreased to $934,775 thousand from $958,334 thousand year-over-year[28] Nonperforming Assets and Credit Quality - Nonperforming assets to total assets ratio improved to 0.16% as of March 31, 2025, down from 0.58% at the end of Q4 2024[14] - Nonperforming loans decreased significantly to $6,467,000 in Q1 2025 from $24,023,000 in Q4 2024, a reduction of 73.1%[26] - The provision for credit losses for the quarter ended March 31, 2025, was $420,000, a significant decrease from $1,200,000 for the quarter ended December 31, 2024[34] Equity and Book Value - The tangible book value per share increased to $26.05 as of March 31, 2025, up from $25.40 at the end of Q4 2024[6] - Book value per share increased to $27.33 as of March 31, 2025, from $26.67 as of December 31, 2024, reflecting a growth of 2.47%[34] - Tangible common equity increased to $422,859,000 as of March 31, 2025, from $417,914,000 as of December 31, 2024, marking a rise of 0.47%[34] - The total stockholders' equity to total assets ratio was 10.07% as of March 31, 2025, compared to 10.37% as of December 31, 2024, showing a decline of 0.30 percentage points[34] Interest Income and Expense - Interest income for Q1 2025 was $59,922,000, a decrease of 2.3% from $61,324,000 in Q4 2024[26] - Total interest income reached $59,922,258, up from $58,727,000, indicating a year-over-year increase of about 2.03%[31] - Total interest-earning assets increased to $4,125,130 thousand, generating interest income of $60,142 thousand, with a yield of 5.91%[28] - Total interest-bearing liabilities rose to $2,854,619 thousand, with interest expense of $21,395 thousand, resulting in an average yield of 3.04%[28] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to enhance service offerings and operational efficiency[31]
South Plains Financial(SPFI) - 2025 Q1 - Quarterly Results