Welcome to our dedicated page for South Plains Financial news (Ticker: SPFI), a resource for investors and traders seeking the latest updates and insights on South Plains Financial stock.
South Plains Financial, Inc. (Symbol: SPFI) is a dynamic bank holding company that offers a comprehensive suite of financial services to both commercial and individual clients, with a primary focus on small and medium-sized businesses. As a pivotal player in the financial sector, SPFI is dedicated to delivering exceptional value through its various services, which include commercial and retail banking, insurance, investment, trust, and mortgage services.
The company operates under two main segments: banking and insurance. In the banking segment, South Plains Financial provides a variety of traditional financial services such as loan offerings, deposit accounts, and cash management solutions. The insurance segment, on the other hand, encompasses various risk management products designed to meet the needs of both businesses and individuals.
Recent Achievements and Projects:
- Second Quarter 2023 Highlights: The company reported robust results, showcasing strong net interest income and well-managed noninterest expenses.
- Third Quarter 2023 Highlights: Continued growth in loan portfolio and improved asset quality were notable achievements. The company's deposits and borrowings also reflected a healthy balance sheet.
- First Quarter 2024 Highlights: SPFI maintained its momentum with solid results in its operating segments, further strengthening its financial position.
South Plains Financial’s commitment to excellence is evident in its consistent performance and strategic initiatives aimed at long-term growth. The company's forward-looking statements indicate a positive outlook, driven by its robust financial measures and a strong foundation in both its banking and insurance segments.
Overall, South Plains Financial, Inc. stands out for its comprehensive range of services, strong financial health, and dedication to serving both individual and business clients. Investors looking for a reliable financial services provider may find SPFI to be a promising option.
South Plains Financial, Inc. (NASDAQ:SPFI) announced a quarterly cash dividend of $0.11 per share on April 21, 2022. The dividend will be payable on May 16, 2022 to shareholders of record as of the close of business on May 2, 2022. This declaration underscores the company's commitment to returning value to its shareholders and demonstrates its ongoing financial stability.
South Plains Financial, Inc. (NASDAQ:SPFI) announced the release of its first quarter 2022 financial results on April 26, 2022, after market close. A conference call is scheduled for the same day at 5:00 p.m. Eastern Time to discuss the results. Investors can participate by calling 1-877-407-9716 or via a live audio webcast available on the company's website. A replay of the call will be accessible shortly after its conclusion and available until May 10, 2022.
South Plains Financial (NASDAQ:SPFI) reported Q4 2021 net income of $14.6 million, a decline from $15.2 million in Q3 2021 and $15.9 million in Q4 2020. Diluted EPS was $0.79, down from $0.82 and $0.87 in the previous quarters. Full-year net income reached $58.6 million, up from $45.4 million in 2020, with diluted EPS at $3.17, a significant increase. Total assets rose to $3.9 billion. The efficiency ratio worsened to 67.1% from 63.0% in 2020. Despite these challenges, the company achieved 9.7% organic loan growth in 2021, exceeding its mid-single-digit growth target.
South Plains Financial (NASDAQ:SPFI) announced a quarterly cash dividend of $0.11 per share, reflecting an increase of $0.02 over the previous quarter. The dividend is payable on February 14, 2022, to shareholders on record as of January 31, 2022. South Plains is the parent company of City Bank, one of the largest independent banks in West Texas, providing a multitude of commercial and consumer banking services across Texas and parts of New Mexico. This dividend increase signals confidence in the company's financial health and commitment to returning value to shareholders.
South Plains Financial, Inc. (NASDAQ:SPFI) will announce its fourth quarter and full year 2021 financial results on January 27, 2022, after market close. Following the announcement, the Company will host a conference call and webcast at 5:00 PM ET to discuss the results. Interested investors can dial in or access the webcast via the Company’s website. A replay of the call will be available shortly after its conclusion and accessible until February 10, 2022. South Plains is the parent company of City Bank, offering a wide range of financial services across Texas and New Mexico.
South Plains Financial (NASDAQ:SPFI) announced a new stock repurchase program to buy back up to $10 million of its common stock, effective from November 6, 2021 to November 6, 2022. This new plan follows the expiration of the current repurchase program, and any remaining shares from the expiring plan will not transfer to the new one. The initiative aims to enhance shareholder value and reflects the company's confidence in its financial position.
South Plains Financial, Inc. (NASDAQ:SPFI) reported a net income of $15.2 million for Q3 2021, up from $13.7 million in Q2 2021 but down from $16.7 million in Q3 2020. Diluted EPS was $0.82 compared to $0.74 in the previous quarter. The average cost of deposits decreased to 0.25%. Loans held for investment grew by 5.5% to $2.43 billion. Nonperforming assets declined to 0.32%. The company did not record a provision for loan losses compared to $2 million in Q2 2021. As part of its growth strategy, South Plains repurchased approximately 190,000 shares.
South Plains Financial, Inc. (NASDAQ:SPFI) announced a quarterly cash dividend of $0.09 per share on October 21, 2021. The dividend is set to be paid on November 16, 2021 to shareholders on record as of November 1, 2021. This decision reflects the company’s commitment to returning value to shareholders while maintaining financial stability. As an independent bank in West Texas, South Plains offers a range of financial services, aiming to support small and medium-sized businesses and individuals.
South Plains Financial, Inc. (NASDAQ:SPFI) will release its third quarter 2021 financial results post-market on October 26, 2021. A conference call for investors will follow at 5:00 p.m. Eastern Time, with access details provided for participants to dial in or join via webcast. A replay will be accessible soon after the call's conclusion, lasting until November 9, 2021. The company, headquartered in Lubbock, Texas, operates City Bank and offers various financial services across multiple Texas markets and New Mexico.
South Plains Financial (NASDAQ:SPFI) reported its financial results for Q2 2021, revealing a net income of $13.7 million, down from $15.2 million in Q1 2021 and up from $5.6 million in Q2 2020. Diluted earnings per share were $0.74, compared to $0.82 and $0.31 in the respective prior periods. Pre-tax, pre-provision income was $15.1 million, a decline from $19 million in Q1 2021. Nonperforming assets fell to 0.37% of total assets. The Company plans to expand its banking team by 30% over the next two years to enhance loan growth.
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