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Sep 30, 2024
South Plains Financial Q3 2024 Earnings Report
Reported financial results for the quarter ended September 30, 2024.
Key Takeaways
South Plains Financial, Inc. reported net income of $11.2 million for Q3 2024, with diluted earnings per share of $0.66. The company saw an increase in net interest income and remains well-capitalized.
Net income for the third quarter of 2024 was $11.2 million.
Diluted earnings per share for the third quarter of 2024 was $0.66.
Net interest margin was 3.65% for the third quarter of 2024.
Nonperforming assets to total assets were 0.59% at September 30, 2024.
Revenue by Segment
Forward Guidance
South Plains Financial is cautiously optimistic about loan growth acceleration and expects deposit cost pressures to ease, supporting the net interest margin and deposit growth.
Positive Outlook
- The Bank is performing at a high level.
- The Company remains well capitalized.
- The Company is focused on managing their loan portfolio as the credit environment continues to normalize.
- The Company is building liquidity as they expect the Federal Reserve to continue reducing their market interest rate to stimulate economic growth looking to the year ahead.
- The Company is seeing a level of optimism from their customers that they have not seen over the last seven to eight quarters and their new business production pipeline is the strongest that it has been in more than two years.
Challenges Ahead
- The Company is maintaining their credit discipline and not stretching to chase loan growth.
- The Company is exposed to the impact on us and our customers of a decline in general economic conditions and any regulatory responses thereto.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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