Business
South Plains Financial, Inc. Reports Second Quarter 2024 Financial Results
LUBBOCK, Texas, July 18, 2024 (GLOBE NEWSWIRE) -- South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City
About this update from South Plains Financial, Inc.
[{"type":"text","content":"LUBBOCK, Texas, July 18, 2024 (GLOBE NEWSWIRE) -- South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City Bank (“City Bank” or the “Bank”), today reported its financial results for the quarter ended June 30, 2024. Second Quarter 2024 Highlights Net income for the second quarter of 2024 was $11.1 million, compared to $10.9 million for the first quarter of 2024 and $29.7 million for the second quarter of 2023. The decrease in net income for the second quarter of 2024 as compared to the second quarter of 2023 was primarily due to the sale of Windmark Insurance Agency, Inc. (“Windmark”) in the second quarter of 2023, which resulted in a gain of $33.5 million before taxes and related expenses.Diluted earnings per share for the second quarter of 2024 was $0.66, compared to $0.64 for the first quarter of 2024 and $1.71 for the second quarter of 2023.Average cost of deposits for the second quarter of 2024 was 243 basis points, compared to 241 basis points for the first quarter of 2024 and 169 basis points for the second quarter of 2023.Net interest margin, calculated on a tax-equivalent basis, was 3.63% for the second quarter of 2024, compared to 3.56% for the first quarter of 2024 and 3.65% for the second quarter of 2023.Nonperforming assets to total assets were 0.57% at June 30, 2024, compared to 0.10% at March 31, 2024 and 0.51% at June 30, 2023.Return on average assets for the second quarter of 2024 was 1.07% annualized, compared to 1.04% annualized for the first quarter of 2024 and 2.97% annualized for the second quarter of 2023.Tangible book value (non-GAAP) per share was $24.15 as of June 30, 2024, compared to $23.56 as of March 31, 2024 and $21.82 as of June 30, 2023.The 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. These ratios significantly exceeded the minimum regulatory levels necessary to be deemed “well-capitalized”. Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “Our second quarter results demonstrate our successful efforts to drive profitability and returns as we continue to strive to be a high performing bank. Strength in the quarter came from robust loan growth which lifted the yield on our loan portfolio...