South Plains Financial(SPFI)

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South Plains Financial (SPFI) Reports Q3 Earnings: What Key Metrics Have to Say
ZACKS· 2024-10-24 00:05
Core Viewpoint - South Plains Financial (SPFI) reported a slight decline in revenue and earnings for the quarter ended September 2024, with key financial metrics showing mixed results compared to analyst estimates [1]. Financial Performance - Revenue for the quarter was $47.93 million, a year-over-year decline of 0.1%, and a surprise of -1.99% compared to the Zacks Consensus Estimate of $48.9 million [1]. - Earnings per share (EPS) was $0.66, down from $0.78 a year ago, with an EPS surprise of +1.54% against the consensus estimate of $0.65 [1]. - The efficiency ratio was reported at 68.8%, higher than the estimated 67.5% [1]. - Average balance of total interest-earning assets was $4.09 billion, exceeding the average estimate of $4.03 billion [1]. - Nonperforming loans amounted to $24.69 million, slightly above the estimated $24.33 million [1]. - Net interest margin (FTE) was 3.7%, surpassing the average estimate of 3.6% [1]. - Net charge-offs to average loans outstanding (annualized) were 0.1%, better than the average estimate of 0.2% [1]. - Net interest income was $37.29 million, exceeding the estimate of $36.81 million [1]. - Total noninterest income was $10.64 million, below the average estimate of $12.07 million [1]. Stock Performance - Shares of South Plains Financial have returned +3.3% over the past month, outperforming the Zacks S&P 500 composite's +2.7% change [2]. - The stock currently holds a Zacks Rank 1 (Strong Buy), indicating potential for outperformance in the near term [2].
South Plains Financial (SPFI) Q3 Earnings Surpass Estimates
ZACKS· 2024-10-23 23:01
Company Performance - South Plains Financial (SPFI) reported quarterly earnings of $0.66 per share, exceeding the Zacks Consensus Estimate of $0.65 per share, but down from $0.78 per share a year ago, indicating an earnings surprise of 1.54% [1] - The company posted revenues of $47.93 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 1.99%, and slightly down from $47.97 million year-over-year [1] - Over the last four quarters, South Plains Financial has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [1] Market Outlook - South Plains Financial shares have increased approximately 18.6% since the beginning of the year, compared to the S&P 500's gain of 22.7% [2] - The company's earnings outlook is crucial for investors, as empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions [3] - The current consensus EPS estimate for the coming quarter is $0.64 on revenues of $48.85 million, and for the current fiscal year, it is $2.56 on revenues of $193 million [4] Industry Context - The Zacks Industry Rank for Banks - Southeast, which includes South Plains Financial, is currently in the bottom 33% of over 250 Zacks industries, indicating potential challenges for stock performance [5] - National Bankshares (NKSH), another company in the same industry, is expected to report quarterly earnings of $0.52 per share, unchanged from the previous year, with revenues projected to be $11.64 million, reflecting an 8.2% increase year-over-year [5]
South Plains Financial(SPFI) - 2024 Q3 - Quarterly Results
2024-10-23 20:30
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 ...
South Plains Financial, Inc. Reports Third Quarter 2024 Financial Results
GlobeNewswire News Room· 2024-10-23 20:10
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].
South Plains Financial, Inc. Announces 7% Increase to Quarterly Cash Dividend
GlobeNewswire News Room· 2024-10-17 20:10
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 ...
Bears are Losing Control Over South Plains Financial (SPFI), Here's Why It's a 'Buy' Now
ZACKS· 2024-10-04 14:56
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) Upgraded to Strong Buy: What Does It Mean for the Stock?
ZACKS· 2024-09-26 17:01
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 ...
Should Value Investors Buy South Plains Financial (SPFI) Stock?
ZACKS· 2024-08-01 14:46
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 ...
Can South Plains Financial (SPFI) Run Higher on Rising Earnings Estimates?
ZACKS· 2024-07-25 17:22
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(SPFI) - 2024 Q2 - Earnings Call Transcript
2024-07-18 23:45
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 ...