Core Viewpoint - South Plains Financial, Inc. reported strong first quarter results for 2025, showcasing solid deposit growth, improved margins, and loan growth in line with expectations, while maintaining a conservative credit culture [3][4][6]. 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][26]. - Net interest margin increased to 3.81% in Q1 2025 from 3.75% in Q4 2024 and 3.56% in Q1 2024 [4][27]. - Interest income was $59.9 million in Q1 2025, down from $61.3 million in Q4 2024 but up from $58.7 million in Q1 2024 [5][26]. - Net income for Q1 2025 was $12.3 million, compared to $16.5 million in Q4 2024 and $10.9 million in Q1 2024 [6][26]. - Diluted earnings per share were $0.72 in Q1 2025, down from $0.96 in Q4 2024 and up from $0.64 in Q1 2024 [6][26]. Asset Quality - The ratio of nonperforming assets to total assets improved to 0.16% as of March 31, 2025, down from 0.58% at the end of Q4 2024 and 0.10% in Q1 2024 [14][27]. - The provision for credit losses was $420,000 in Q1 2025, down from $1.2 million in Q4 2024 and $830,000 in Q1 2024 [12][26]. Loan and Deposit Growth - Loans held for investment increased to $3.08 billion as of March 31, 2025, up from $3.06 billion at the end of Q4 2024 and $3.01 billion in Q1 2024 [10][26]. - Total deposits reached $3.79 billion as of March 31, 2025, compared to $3.62 billion at the end of Q4 2024 and $3.64 billion in Q1 2024, reflecting a 4.7% increase from the previous quarter [11][26]. Capital and Shareholder Returns - Book value per share increased to $27.33 as of March 31, 2025, compared to $26.67 at the end of Q4 2024 [15][26]. - The company repurchased 250,000 shares for $8.3 million in Q1 2025, with approximately $7 million remaining under the share repurchase program [3][6].
South Plains Financial, Inc. Reports First Quarter 2025 Financial Results