secwatch.observer — SEC 8-K summary
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Issuer:     SOUTH PLAINS FINANCIAL, INC. (SPFI)
CIK:        0001163668
Form:       8-K
Filed at:   2024-10-23T23:59:59+00:00
Accession:  0001140361-24-044020
Event type: earnings
Sentiment:  positive
Materiality: 0.50
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1163668/000114036124044020/0001140361-24-044020-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1163668/000114036124044020/ef20037571_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-24-044020

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