South Plains Q1 Net Income Falls to $14.5M While NIM Rises to 4.04%
South Plains Financial reported Q1 net income of $14.5M and diluted EPS of $0.85, down from $15.3M and $0.90 in Q4 but above $12.3M and $0.72 a year ago. Net interest margin rose to 4.04%, deposit costs were 1.97%, and tangible book value reached $29.65 post-April 1 BOH merger.
1. Q1 2026 Financial Performance
South Plains generated net income of $14.5 million in Q1, compared with $15.3 million in Q4 2025 and $12.3 million a year earlier. Diluted EPS were $0.85 versus $0.90 in the prior quarter and $0.72 in Q1 2025, while net interest margin expanded to 4.04% and average deposit costs fell to 1.97%.
2. Capital and Book Value
Tangible book value per share rose to $29.65 as of March 31, 2026, from $29.05 at December-end and $26.05 a year ago. The consolidated total risk-based capital ratio stood at 17.61%, common equity tier 1 ratio at 14.80%, and tier 1 leverage ratio at 12.68%, reflecting continued balance sheet strength.
3. BOH Merger Completed
Effective April 1, the company merged BOH Holdings into South Plains and Bank of Houston into City Bank. BOH contributed $685.0 million in assets, $631.9 million in loans and $595.6 million in deposits, bolstering scale and enhancing the company’s presence in key Texas markets.