South Plains Financial, Inc.(SPFI) and its subsidiaries have released their unaudited consolidated financial statements for the first quarter of 2023. The reports show a net income of $9.24 million, reflecting the company's performance during the period. Additionally, the company reported revenue of $47.45 million for the same quarter.
The financial statements provide a comprehensive overview of the company's assets, liabilities, and stockholders' equity as of March 31, 2023. Key financial indicators and performance metrics for the quarter are presented, including interest income, interest expense, provision for credit losses, noninterest income, noninterest expense, and earnings per share.
Let's delve deeper into the consolidated financial statements to gain insights into South Plains Financial, Inc.'s financial performance for the first quarter of 2023.
Net Income/Loss
South Plains Financial, Inc. recorded a net income of $9.24 million for the three months ended March 31, 2023. This figure indicates the profit generated by the company during the first quarter of the year.
Revenue
During the first quarter of 2023, South Plains Financial, Inc. achieved a revenue of $47.45 million. This revenue represents the total amount of money earned by the company from its various business operations and sources.
Consolidated Balance Sheets
As of March 31, 2023, South Plains Financial, Inc.'s consolidated balance sheets show total assets amounting to $4.06 billion. The assets consist of cash and cash equivalents, securities available for sale, loans held for sale, loans held for investment, and various other assets. On the other hand, the total liabilities, including deposits, accrued expenses, subordinated debt, and other liabilities, amounted to $3.69 billion.
Consolidated Statements of Comprehensive Income (Loss)
The consolidated statements of comprehensive income for the first quarter of 2023 reveal that the company generated a net interest income of $34.32 million after accounting for interest income and interest expense. A provision for credit losses of $1.01 million was also recorded during this period.
Noninterest income contributed significantly to the company's revenue with a total of $10.69 million, derived from various sources such as service charges on deposit accounts, income from insurance activities, net gain on sales of loans, bank card services, and other fees.
However, the company also incurred noninterest expenses of $32.36 million, including salaries and employee benefits, occupancy and equipment costs, professional services, and other operating expenses.
Consolidated Statements of Changes in Stockholders' Equity
The statements of changes in stockholders' equity demonstrate the fluctuations in the company's equity accounts during the first quarter of 2023. The total stockholders' equity increased to $367.96 million, reflecting the combined impact of net income, other comprehensive income, stock-based compensation, and dividends paid.
Consolidated Statements of Cash Flows
South Plains Financial, Inc. generated $25.38 million in net cash from operating activities during the first quarter of 2023. The cash flows from operating activities were primarily influenced by net income, provision for credit losses, and changes in various working capital accounts.
The company invested $31.33 million in activities such as purchases and maturities of securities available for sale and equipment.
From a financing perspective, the company saw a net increase in deposits of $101.62 million, paid cash dividends, and repurchased common stock.
South Plains Financial, Inc. reported a profitable first quarter of 2023, with a net income of $9.24 million and revenue of $47.45 million. The company's financial statements provide a comprehensive overview of its financial health and performance during the mentioned period. As always, investors and stakeholders are encouraged to review the complete financial statements, including the accompanying notes, for a more detailed analysis of South Plains Financial, Inc.'s operations and prospects.