South Plains Q2 earnings: net income $11.1M, EPS $0.66; NPA ratio rises to 0.57%

SOUTH PLAINS FINANCIAL, INC.

2024-Q2 EPS reported $1.30

Net income $11.1M ($0.66 diluted EPS) vs $10.9M ($0.64) Q1 2024 and $29.7M ($1.71) Q2 2023 (latter included $33.5M gain on Windmark sale).
Net interest margin expanded to 3.63% (tax-equivalent) from 3.56% Q1 2024; net interest income $35.9M, up $0.5M QoQ.
Nonperforming assets to total assets rose to 0.57% from 0.10% Q1 2024 driven by a $20.6M multi-family loan placed on nonaccrual.
Loans held for investment grew $82.5M (2.7%) QoQ to $3.09B; deposits declined $14.1M to $3.62B.
Quarterly cash dividend declared at $0.14 per share, payable Aug 12 to holders of record July 29.

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