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].
Compared to Estimates, South Plains Financial (SPFI) Q2 Earnings: A Look at Key Metrics