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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.
Revenue by Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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