South Plains Financial Q4 2023 Earnings Report

South Plains Financial's fourth quarter earnings decreased compared to the previous quarter and the same period last year.

Key Takeaways

South Plains Financial, Inc. reported net income of $10.3 million and diluted earnings per share of $0.61 for the fourth quarter of 2023. The company experienced loan growth and maintained strong credit quality, but net interest income and noninterest income decreased compared to the previous quarter. The average cost of deposits increased, and the company continued to repurchase shares.

Net income for Q4 2023 was $10.3 million, a decrease from both the previous quarter and the same quarter of the prior year.

Diluted earnings per share for Q4 2023 were $0.61, also lower than the previous quarter and the same quarter last year.

Loans held for investment grew by $20.6 million, or 2.8% annualized, during Q4 2023.

The company repurchased 218 thousand shares during the fourth quarter.