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PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2023
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION [Abstract]  
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION
18.
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

Condensed financial information of South Plains Financial, Inc. follows (dollars in thousands):

CONDENSED BALANCE SHEETS

   
December 31,
  
   
2023
    
2022
  
ASSETS
  

 
Cash and cash equivalents
  
$
87,167
    
$
98,996
  
Investment in banking subsidiary
    
420,677
      
373,308
  
Investment in other subsidiary
    
51
      
51
  
Other assets
    
12,592
      
9,214
  
Total assets
  
$
520,487
    
$
481,569
  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY
                
Debt
  
$
110,168
    
$
122,354
  
Accrued expenses and other liabilities
    
3,205
      
2,201
  
Stockholders’ equity
    
407,114
      
357,014
  
Total liabilities and stockholders’ equity
  
$
520,487
    
$
481,569
  

CONDENSED STATEMENTS OF INCOME

 
  
Year Ended December 31,
  
   
2023
    
2022
    
2021
  
Dividends
  
$
35,000
    
$
40,375
    
$
48,250
  
Other income
    
100
      
52
      
26
  
Interest expense
    
(7,294
)
    
(5,689
)
    
(4,936
)
Other expense
    
(1,897
)
    
(1,768
)
    
(1,466
)
Income before income tax and undistributed subsidiary income
    
25,909
      
32,970
      
41,874
  
Income tax benefit
    
(1,904
)
    
(1,555
)
    
(1,339
)
Equity in undistributed subsidiary income
    
34,932
      
23,715
      
15,401
  
Net income
  
$
62,745
    
$
58,240
    
$
58,614
  

CONDENSED STATEMENTS OF CASH FLOWS

   
Year Ended December 31,
  
   
2023
    
2022
    
2021
  
Cash flows from operating activities:
                  
Net income
  
$
62,745
    
$
58,240
    
$
58,614
  
Adjustments:
                        
Equity in undistributed subsidiary income
    
(34,932
)
    
(23,715
)
    
(15,401
)
Amortization of debt issuance costs
    
186
      
186
      
186
  
Stock based compensation
    
2,157
      
2,753
      
1,639
  
Change in other assets
    
(3,378
)
    
(3,201
)
    
(1,765
)
Change in other liabilities
    
1,004
      
369
      
317
  
Net cash provided by operating activities
    
27,782
      
34,632
      
43,590
  
                         
Cash flows from financing activities:
                        
Repayments of long-term borrowings
    
(12,372
)
    
—
      
—
  
Payments to tax authorities for stock-based compensation
    
(731
)
    
(1,168
)
    
(625
)
Payments to repurchase common stock
    
(17,763
)
    
(22,699
)
    
(9,227
)
Cash dividends paid on common stock
    
(8,745
)
    
(8,012
)
    
(5,385
)
Net cash provided by (used in) financing activities
    
(39,611
)
    
(31,879
)
    
(15,237
)
                         
Net change in cash and cash equivalents
    
(11,829
)
    
2,753
      
28,353
  
Beginning cash and cash equivalents
    
98,996
      
96,243
      
67,890
  
Ending cash and cash equivalents
  
$
87,167
    
$
98,996
    
$
96,243