secwatch.observer — SEC 8-K summary
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Issuer:     SOUTH PLAINS FINANCIAL, INC. (SPFI)
CIK:        0001163668
Form:       8-K
Filed at:   2024-07-18T23:59:59+00:00
Accession:  0001140361-24-033493
Event type: earnings
Sentiment:  neutral
Materiality: 0.65
Item codes: 2.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1163668/000114036124033493/0001140361-24-033493-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1163668/000114036124033493/ef20032642_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-24-033493

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