South Plains Financial(US:SPFI)2026-01-26 21:30Financial Performance - Net income for the fourth quarter of 2025 was $15.3 million, a decrease from $16.3 million in the third quarter of 2025 and $16.5 million in the fourth quarter of 2024[5]. - Diluted earnings per share for the fourth quarter of 2025 was $0.90, down from $0.96 in the previous quarter and the same quarter last year[5]. - Full year net income for 2025 was $58.5 million, compared to $49.7 million in 2024, representing a year-over-year growth of 17.6%[5]. - Net income for the quarter was $15,254,000, down from $16,318,000 in the prior quarter, representing a decrease of approximately 6.5%[26]. - Net income for the three months ended December 31, 2025, was $15,254,000, a decrease of 7.5% from $16,497,000 in the same period of 2024[33]. - Income before income taxes for the three months ended December 31, 2025, was $19,086,000, a decrease of 7.9% from $20,719,000 in the same period of 2024[33]. - Income tax expense for the twelve months ended December 31, 2025, was $15,602,000, compared to $13,575,000 in 2024, indicating an increase of 15.0%[33]. Asset and Liability Management - Total assets were $4.48 billion as of December 31, 2025, up from $4.23 billion a year earlier, reflecting a growth of 5.9%[5]. - Total assets as of December 31, 2025, reached $4,464,793 thousand, up from $4,302,079 thousand a year earlier[28]. - Total liabilities were $3,986,663,000 as of December 31, 2025, compared to $3,793,290,000 as of December 31, 2024, representing an increase of approximately 5.1%[32]. - Total stockholders' equity reached $493,837,000 as of December 31, 2025, compared to $494,949,000 as of December 31, 2024, showing a slight decrease of about 0.2%[32]. - Total stockholders' equity to total assets ratio improved to 11.02% from 10.67% in the prior quarter, reflecting stronger capital position[27]. Loan and Deposit Growth - Loans held for investment increased by $89.4 million, or 2.9%, during 2025, reaching $3.14 billion by year-end[5][11]. - Net loans held for investment amounted to $3,099,371,000 as of December 31, 2025, up from $3,001,817,000 as of December 31, 2024, indicating a growth of about 3.3%[32]. - Total loans held for investment as of December 31, 2025, amounted to $3,144,500,000, compared to $3,055,054,000 as of December 31, 2024[34]. - Demand deposits increased to $1,032,323 thousand as of December 31, 2025, compared to $978,742 thousand a year earlier[28]. - Total deposits as of December 31, 2025, were $3,874,007,000, an increase from $3,620,876,000 as of December 31, 2024[34]. Income and Expense Analysis - Noninterest income for the fourth quarter of 2025 was $10.9 million, a decrease from $11.2 million in the third quarter of 2025 and $13.3 million in the fourth quarter of 2024[9]. - Total noninterest income for the three months ended December 31, 2025, was $10,934,000, a decrease of 17.9% from $13,319,000 in the same period of 2024[33]. - Total noninterest expense for the twelve months ended December 31, 2025, was $132,620,000, an increase of 4.3% from $127,578,000 in 2024[33]. - Net interest income for the same quarter was $42,950,000, compared to $43,019,000 in the prior quarter, reflecting a slight decline[26]. - Net interest income after provision for credit losses for the twelve months ended December 31, 2025, was $161,804,000, up 13.3% from $142,798,000 in 2024[33]. Credit Quality and Provisioning - Provision for credit losses increased to $1,775,000 from $500,000 in the previous quarter, indicating a more cautious outlook on credit quality[26]. - Nonperforming loans stood at $9,805,000, a slight increase from $9,709,000 in the previous quarter, indicating potential credit quality concerns[26]. - Provision for credit losses for the twelve months ended December 31, 2025, was $5,195,000, compared to $4,300,000 in 2024, reflecting an increase of 20.8%[33]. Capital Position - Tangible book value per share increased over 14% to $29.05 at the end of 2025, compared to $25.40 at the end of 2024[3][5]. - The company has maintained a strong capital position with additional paid-in capital of $91,065,997 as of December 31, 2025, compared to $28,787,000 as of December 31, 2024, reflecting a substantial increase of approximately 216.5%[32]. - Tangible common equity increased to $473,389,000 in Q4 2025, compared to $457,222,000 in Q3 2025[36]. - Book value per share improved to $30.31 in Q4 2025 from $29.41 in Q3 2025[36].