South Plains Financial Q2 net income $15.9M ($0.88 EPS); loan growth 20.8% annualized

SOUTH PLAINS FINANCIAL, INC.

2022-Q2 EPS reported $1.66

Net income $15.9M ($0.88 diluted EPS) vs $14.3M ($0.78) Q1 2022 and $13.7M ($0.74) Q2 2021.
Loans held for investment grew $126.9M (20.8% annualized) from Q1 2022; organic net loan growth $148.2M.
No provision for loan losses in Q2; NPAs/total assets improved to 0.20% from 0.33% Q1 2022.
Net interest margin (tax-equivalent) expanded to 4.02% from 3.33% Q1; average cost of deposits 27 bps.
Repurchased ~257,000 shares in Q2 vs 106,000 in Q1, citing belief shares trade below intrinsic value.

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