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South Plains Financial (SPFI) Reports Q3 Earnings: What Key Metrics Have to Say

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].