South Plains Q3 net income $11.2M, EPS $0.66 flat QoQ; NIM expands to 3.65%

SOUTH PLAINS FINANCIAL, INC.

2024-Q3 EPS reported $1.96

Net income $11.2M vs $11.1M Q2; diluted EPS $0.66 unchanged; YoY net income down from $13.5M.
Net interest margin (tax-equiv) 3.65% vs 3.63% Q2; average loan yield 6.68%, deposit cost 247bps.
Nonperforming assets to total assets rose to 0.59% from 0.57% Q2 and 0.12% YoY; $20M multi-family credit remains nonaccrual.
Tangible book value per share $25.75, up 6.6% from $24.15 Q2; deposits grew $94.8M QoQ to $3.72B.
CEO notes strongest loan pipeline in over two years; expects deposit cost pressures to ease and loan growth to accelerate.

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