Workflow
South Plains Financial(SPFI)
icon
Search documents
Compared to Estimates, South Plains Financial (SPFI) Q2 Earnings: A Look at Key Metrics
ZACKS· 2024-07-18 23:00
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].
South Plains Financial (SPFI) Q2 Earnings and Revenues Beat Estimates
ZACKS· 2024-07-18 22:25
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 ...
South Plains Financial(SPFI) - 2024 Q2 - Quarterly Results
2024-07-18 20:30
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 Financial, Inc. Declares Quarterly Cash Dividend
Newsfilter· 2024-07-18 20:15
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 Financial, Inc. Declares Quarterly Cash Dividend
GlobeNewswire News Room· 2024-07-18 20:15
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 Financial, Inc. Reports Second Quarter 2024 Financial Results
GlobeNewswire News Room· 2024-07-18 20:10
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 ...
South Plains Financial, Inc. Announces Second Quarter 2024 Earnings Call
Newsfilter· 2024-07-09 12:30
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 ...
South Plains Financial, Inc. Announces Second Quarter 2024 Earnings Call
GlobeNewswire News Room· 2024-07-09 12:30
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. A replay of the conference call will be available within two hours of the conclusion of the call and can b ...
South Plains Financial(SPFI) - 2024 Q1 - Quarterly Report
2024-05-06 20:46
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission File Number: 001-38895 South Plains Financial, Inc. (Exact name of registrant as specified in its charter) Texas 75-2453320 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 ...
South Plains Financial(SPFI) - 2024 Q1 - Earnings Call Transcript
2024-04-25 23:10
Financial Data and Key Metrics Changes - For Q1 2024, diluted earnings per share increased to $0.64 from $0.61 in the linked quarter and $0.53 in the year-ago quarter [51] - Net interest income was $35.4 million, slightly up from $35.2 million in the linked quarter [23] - Net interest margin (NIM) improved to 3.56% from 3.52% in the linked quarter, driven by higher loan yields [24] Business Line Data and Key Metrics Changes - Loan portfolio grew by $22 million or 8.5% annualized to $1.06 billion in major metropolitan markets [17] - Indirect auto loan portfolio decreased by approximately $13 million to $273.4 million [19] - Non-interest income increased to $11.4 million from $9.1 million in the linked quarter, primarily due to a rise in mortgage banking revenues [20] Market Data and Key Metrics Changes - The company experienced modest deposit growth despite competitive pressures in the current banking environment [14] - Non-performing loans decreased to $3.4 million from $5.2 million at the end of 2023, indicating improved credit quality [25] - The average cost of deposits rose to 241 basis points, an increase of 17 basis points from the linked quarter [53] Company Strategy and Development Direction - The company is focused on building long-term customer relationships rather than transactional ones, emphasizing a solutions-based sales approach [15] - Investments in people, branches, and infrastructure are aimed at capturing high-quality loan and deposit relationships in the Permian Basin [9] - The company plans to continue paying dividends and has authorized a $10 million stock repurchase program, reflecting confidence in its intrinsic value [7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about organic growth opportunities despite recent headwinds affecting loan growth [18] - The company anticipates modest upward pressure on deposit costs in the second quarter, which could slightly impact NIM [25] - Management is confident in achieving low-single-digit loan growth for the year, supported by a strong pipeline [103] Other Important Information - The company remains well-capitalized with a tangible common equity to tangible assets ratio of 9.22% [26] - The board authorized an 8% increase in the quarterly dividend, marking the 20th consecutive dividend payment [7] Q&A Session Summary Question: What is the expected increase in fees from the treasury platform? - Management indicated a potential lift in fees of under 10% to 15% as a result of recent changes [31] Question: What is the appetite for stock buybacks versus M&A? - Management stated that while they will continue stock buybacks, they believe buying back shares provides immediate benefits compared to pursuing acquisitions in the current environment [62] Question: Is the mid-single-digit growth number still reasonable? - Management confirmed that despite exiting some credits, they remain confident in achieving low-single-digit growth, with potential for improvement in the second quarter [63][79] Question: How are new loan yields trending? - New loan yields are coming in higher than average, with a good mix of growth in multifamily and C&I business [85] Question: What is the outlook for non-interest bearing deposits? - Management is optimistic about maintaining non-interest bearing deposits around 26.5% of total deposits, despite competitive pressures [90]