South Plains Financial (SPFI) came out with quarterly earnings of $0.66 per share, beating the Zacks Consensus Estimate of $0.65 per share. This compares to earnings of $0.78 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 1.54%. A quarter ago, it was expected that this company would post earnings of $0.57 per share when it actually produced earnings of $0.66, delivering a surprise of 15.79%.Over the last four quarters, the co ...

Exhibit 99.1 South Plains Financial, Inc. Reports Third Quarter 2024 Financial Results LUBBOCK, Texas, October 23, 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 September 30, 2024. Third Quarter 2024 Highlights ● Net income for the third quarter of 2024 was $11.2 million, compared to $11.1 million for the second quarter of 2024 and $1 ...

Core Viewpoint - South Plains Financial, Inc. reported its financial results for the third quarter of 2024, showing stable net income and a slight decrease in loan balances, while maintaining strong capital ratios and a positive outlook for future loan growth [1][2][3]. Financial Performance - Net income for Q3 2024 was $11.2 million, slightly up from $11.1 million in Q2 2024 but down from $13.5 million in Q3 2023 [2]. - Diluted earnings per share remained stable at $0.66 compared to Q2 2024 but decreased from $0.78 in Q3 2023 [2]. - Net interest income increased to $37.3 million from $35.9 million in Q2 2024 and $35.7 million in Q3 2023 [4]. - Noninterest income decreased to $10.6 million from $12.7 million in Q2 2024 and $12.3 million in Q3 2023 [7]. Asset Quality - Nonperforming assets to total assets ratio was 0.59% as of September 30, 2024, up from 0.57% in Q2 2024 and significantly higher than 0.12% in Q3 2023 [12]. - The provision for credit losses was $495 thousand, down from $1.8 million in Q2 2024 and a negative provision of $700 thousand in Q3 2023 [11]. Loan Portfolio - Loans held for investment decreased to $3.04 billion as of September 30, 2024, from $3.09 billion in Q2 2024, but increased from $2.99 billion in Q3 2023 [9]. - The decrease was attributed to the payoff of short-term loans and a decline in consumer auto loans [9]. Deposits and Borrowings - Total deposits increased to $3.72 billion as of September 30, 2024, from $3.62 billion in Q2 2024 and the same amount in Q3 2023 [10]. - Noninterest-bearing deposits represented 26.9% of total deposits as of September 30, 2024 [10]. Capital Ratios - The consolidated total risk-based capital ratio was 17.61%, significantly exceeding the minimum regulatory levels [2]. - Book value per share increased to $27.04 as of September 30, 2024, from $25.45 in Q2 2024 [13]. Management Commentary - The CEO expressed confidence in the bank's performance, highlighting a strong business production pipeline and easing deposit cost pressures [3].

LUBBOCK, Texas, Oct. 17, 2024 (GLOBE NEWSWIRE) -- South Plains Financial, Inc. (NASDAQ:SPFI) ("South Plains"), the parent company of City Bank, today announced that its Board of Directors has declared a quarterly cash dividend of $0.15 per share of common stock, a 7% increase from the most recent quarterly cash dividend declared in July 2024. The dividend is payable on November 12, 2024 to shareholders of record as of the close of business on October 28, 2024. About South Plains Financial, Inc. South Plains ...

A downtrend has been apparent in South Plains Financial (SPFI) lately. While the stock has lost 8.2% over the past two weeks, it could witness a trend reversal as a hammer chart pattern was formed in its last trading session. This could mean that the bulls have been able to counteract the bears to help the stock find support. The formation of a hammer pattern is considered a technical indication of nearing a bottom with likely subsiding of selling pressure. But this is not the only factor that makes a bulli ...

South Plains Financial (SPFI) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following year ...

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].