South Plains Financial(US:SPFI)2023-07-26 01:37Financial Performance - Second quarter diluted earnings per share was $1.71, compared to $0.53 for the first quarter of 2023[55] - Net income was $29.7 million[36] - Net Interest Margin ("NIM") was 3.65%[36] - The average yield on loans was 5.94%[36] Loan and Deposit Growth - Loans Held for Investment ("HFI") reached $2.98 billion[36] - Loans grew $190.4 million, or 6.8%, during the second quarter as compared to the first quarter of 2023[36, 55] - Deposits grew $66.5 million, or 1.9%, during the second quarter as compared to the first quarter of 2023[36] - Total deposits reached $3.57 billion[107] Non-Interest Income and Expense - Noninterest income was $47.1 million[28, 117] - The company completed the sale of Windmark for $35.5 million on April 1, 2023[20] - Efficiency ratio was 49.39%[174] Credit Quality - The ratio of Allowance for Credit Losses ("ACL") to loans HFI was 1.45% at 6/30/2023[129] - Classified loans declined $3.5 million during the second quarter to $67.4 million from $70.9 million at March 31, 2023[36]