While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies. Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors rely on traditional forms of ...

The upward trend in estimate revisions for this company reflects growing optimism of analysts on its earnings prospects, which should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. This insight is at the core of our stock rating tool -- the Zacks Rank. For South Plains Financial, strong agreement among the covering analysts in revising earnings estimates upward has resulted in meani ...

South Plains Financial, Inc. (NASDAQ:SPFI) Q2 2024 Results Conference Call July 18, 2024 5:00 PM ET Company Participants Steve Crockett - Chief Financial Officer and Treasurer Curtis Griffith - Chairman and CEO Cory Newsom - President Brent Bates - Chief Credit Officer Conference Call Participants Brett Rabatin - Hovde Group Joe Yanchunis - Raymond James Woody Lay - KBW Stephen Scouten - Piper Sandler Operator Good afternoon, ladies and gentlemen, and welcome to South Plains Financial, Inc. Second Quarter 2 ...

Core Viewpoint - South Plains Financial (SPFI) reported a significant year-over-year decline in revenue for the quarter ended June 2024, despite an increase in earnings per share (EPS) compared to the previous year [1]. Financial Performance - Revenue for the quarter was $48.6 million, down 40.5% year-over-year, but exceeded the Zacks Consensus Estimate of $46.5 million by 4.51% [1][4]. - EPS for the quarter was $0.66, compared to $0.55 a year ago, representing a surprise of 15.79% against the consensus estimate of $0.57 [1][4]. - The efficiency ratio was reported at 66.7%, better than the estimated 69.6% by analysts [2]. - Total interest-earning assets averaged $4 billion, slightly below the estimated $4.04 billion [2]. - Nonperforming loans were reported at $23.45 million, significantly higher than the estimated $3.87 million [2]. - Net interest margin (FTE) was 3.6%, slightly above the estimated 3.5% [2]. - Net interest income was $35.89 million, exceeding the estimated $34.79 million [2]. - Total noninterest income was $12.71 million, also above the estimated $11.69 million [2]. Market Performance - Shares of South Plains Financial have returned +18.6% over the past month, outperforming the Zacks S&P 500 composite's +2.1% change [6]. - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [6].

This quarterly report represents an earnings surprise of 15.79%. A quarter ago, it was expected that this company would post earnings of $0.58 per share when it actually produced earnings of $0.64, delivering a surprise of 10.34%. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. While South Plains Financial has underperformed the market so far this year, the q ...

Exhibit 99.1 South Plains Financial, Inc. Reports Second Quarter 2024 Financial Results ● Net income for the second quarter of 2024 was $11.1 million, compared to $10.9 million for the first quarter of 2024 and $29.7 million for the second quarter of 2023. The decrease in net income for the second quarter of 2024 as compared to the second quarter of 2023 was primarily due to the sale of Windmark Insurance Agency, Inc. ("Windmark") in the second quarter of 2023, which resulted in a gain of $33.5 million befo ...

South Plains is the bank holding company for City Bank, a Texas state-chartered bank headquartered in Lubbock, Texas. City Bank is one of the largest independent banks in West Texas and has additional banking operations in the Dallas, El Paso, Greater Houston, the Permian Basin, and College Station, Texas markets, and the Ruidoso, New Mexico market. South Plains provides a wide range of commercial and consumer financial services to small and medium-sized businesses and individuals in its market areas. Its p ...

South Plains is the bank holding company for City Bank, a Texas state-chartered bank headquartered in Lubbock, Texas. City Bank is one of the largest independent banks in West Texas and has additional banking operations in the Dallas, El Paso, Greater Houston, the Permian Basin, and College Station, Texas markets, and the Ruidoso, New Mexico market. South Plains provides a wide range of commercial and consumer financial services to small and medium-sized businesses and individuals in its market areas. Its p ...

LUBBOCK, Texas, July 18, 2024 (GLOBE NEWSWIRE) -- South Plains Financial, Inc. (NASDAQ:SPFI) ("South Plains" or the "Company"), the parent company of City Bank ("City Bank" or the "Bank"), today reported its financial results for the quarter ended June 30, 2024. Second Quarter 2024 Highlights Net income for the second quarter of 2024 was $11.1 million, compared to $10.9 million for the first quarter of 2024 and $29.7 million for the second quarter of 2023. The decrease in net income for the second quarter o ...

LUBBOCK, Texas, July 09, 2024 (GLOBE NEWSWIRE) -- South Plains Financial, Inc. (NASDAQ:SPFI) ("South Plains" or the "Company"), the parent company of City Bank, today announced that its second quarter 2024 financial results will be released after market close on Thursday, July 18, 2024. The Company will host a conference call and webcast at 5:00 p.m. ET on the same day to discuss the financial results. South Plains is the bank holding company for City Bank, a Texas state-chartered bank headquartered in Lubb ...