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Jun 30, 2024
South Plains Financial Q2 2024 Earnings Report
Reported financial results for the second quarter of 2024.
Key Takeaways
South Plains Financial reported a net income of $11.1 million for Q2 2024, with diluted earnings per share of $0.66. The net interest margin was 3.63%, and the return on average assets was 1.07%.
Net income for the second quarter of 2024 was $11.1 million.
Diluted earnings per share for the second quarter of 2024 was $0.66.
Net interest margin was 3.63% for the second quarter of 2024.
Nonperforming assets to total assets were 0.57% at June 30, 2024.
South Plains Financial
South Plains Financial
South Plains Financial Revenue by Segment
Revenue by Segment
Mortgage Banking Activities Revenue
CapyFin.comService Charges on Deposits Revenue
CapyFin.comBank Card Services and Interchange Fees Revenue
CapyFin.comOther Noninterest Income Revenue
CapyFin.com Forward Guidance
South Plains Financial believes they are in a solid position due to the credit quality of their loan portfolio, ample opportunities for organic growth, and significantly exceeding minimum regulatory capital levels.
Positive Outlook
- Credit quality of loan portfolio is strong.
- Ample opportunities to drive organic growth across markets.
- Significantly exceeds minimum regulatory levels necessary for the Company and the Bank to be deemed well capitalized.
- Competitive pressures for deposits have started to ease.
- New loan yields have remained robust, leading to solid net interest margin expansion.
Challenges Ahead
- Potential recession in the United States and market areas.
- Impacts related to bank failures and uncertainty in the banking industry.
- Increased competition for deposits in market areas.
- Impact of changes in market interest rates.
- Persistence of current inflationary pressures.