South Plains Financial, Inc. reports a decrease in net income in the second quarter of 2024

From Globe Newswire: 2024-07-18 16:10:00

South Plains Financial, Inc. (NASDAQ:SPFI) reported a net income of $11.1 million for the second quarter of 2024, down from $29.7 million in the same quarter of 2023 due to the sale of Windmark Insurance Agency, Inc. Diluted earnings per share were $0.66, and net interest margin was 3.63%.

Net interest income for South Plains was $35.9 million in the second quarter of 2024, with an average yield on loans of 6.60%. Interest income was $59.2 million, while interest expense was $23.3 million. Noninterest income was $12.7 million, and noninterest expense was $32.6 million.

The Company’s consolidated total risk-based capital ratio, Common Equity Tier 1 risk-based capital ratio, and Tier 1 leverage ratio at June 30, 2024 were 16.86%, 12.61%, and 11.81%, respectively, exceeding regulatory requirements. Chairman and CEO Curtis Griffith emphasized the bank’s focus on credit quality, profitability, and liquidity management.



Read more at Globe Newswire:: South Plains Financial, Inc. Reports Second Quarter 2024