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Mar 31, 2022
South Plains Financial Q1 2022 Earnings Report
South Plains Financial's financial results were reported for Q1 2022.
Key Takeaways
South Plains Financial reported a net income of $14.3 million and diluted earnings per share of $0.78 for the first quarter of 2022. The company experienced loan growth and deposit growth, while also seeing a negative provision for loan losses.
Net income for the first quarter of 2022 was $14.3 million.
Diluted earnings per share for the first quarter of 2022 was $0.78.
Loans held for investment grew $16.1 million, or 2.6% annualized.
The Company recorded a negative provision for loan losses of $2.1 million in the first quarter of 2022.
Forward Guidance
South Plains Financial is confident in its outlook for mid to high single digit loan growth for 2022.
Positive Outlook
- Underlying loan demand remains strong with solid momentum across all markets.
- Recent acquisitions by out-of-state banks are creating customer disruption and opening opportunities in Lubbock.
- Economic growth is strong in Dallas, Houston and El Paso.
- Recently hired lenders continue to ramp their portfolios, providing visibility to accelerating loan growth.
- Progress has been achieved in the Permian Basin through investments in employees, infrastructure and operations.
Challenges Ahead
- Decline in mortgage business due to rising interest rate environment.
- Uncertainty from the ongoing COVID-19 pandemic and its impact on the economy and customers.
- Potential need for additional or reversal provisions for loan losses in future periods.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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