South Plains Financial Reports Q2 2024 Results
Ticker: SPFI · Form: 10-Q · Filed: Aug 6, 2024 · CIK: 1163668
| Field | Detail |
|---|---|
| Company | South Plains Financial, Inc. (SPFI) |
| Form Type | 10-Q |
| Filed Date | Aug 6, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $1.00 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, earnings
TL;DR
SPFI Q2 earnings out, check the numbers.
AI Summary
South Plains Financial, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter and the first half of the year. Key financial metrics and operational details are provided in the filing, reflecting the company's performance in the current fiscal period.
Why It Matters
This filing provides investors and analysts with the latest financial performance data for South Plains Financial, Inc., crucial for understanding the bank's health and strategic direction.
Risk Assessment
Risk Level: medium — As a financial institution, South Plains Financial is subject to various market, credit, and regulatory risks inherent in the banking sector.
Key Numbers
- 20240630 — Period End Date (Reporting period for the 10-Q filing.)
- 20240806 — Filing Date (Date the 10-Q was officially submitted to the SEC.)
- 1231 — Fiscal Year End (Indicates the end of the company's fiscal year.)
Key Players & Entities
- SOUTH PLAINS FINANCIAL, INC. (company) — Filer
- 0001163668 (company) — Central Index Key
- LUBBOCK (location) — Business Address City
- TX (location) — Business Address State
- 20240630 (date) — Period of Report
- 20240806 (date) — Filing Date
FAQ
What was South Plains Financial's reported net income for the quarter ending June 30, 2024?
The filing does not explicitly state the net income figure in the provided snippet, but it covers the period ending June 30, 2024.
What is the company's primary business activity?
South Plains Financial, Inc. is classified under 'STATE COMMERCIAL BANKS' with SIC code 6022.
Where is South Plains Financial, Inc. headquartered?
The company's business and mailing address is 5219 City Bank Parkway, Lubbock, TX 79407-3544.
What is the SEC file number for this filing?
The SEC file number for this 10-Q filing is 001-38895.
What accounting standards updates are mentioned in the filing?
The filing references us-gaap:AccountingStandardsUpdate201613Member and srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember.
Filing Stats: 4,429 words · 18 min read · ~15 pages · Grade level 18.2 · Accepted 2024-08-06 17:16:38
Key Financial Figures
- $1.00 — ange on which registered Common Stock, $1.00 par value per share SPFI The Nasdaq
Filing Documents
- ef20030114_10q.htm (10-Q) — 4903KB
- ef20030114_ex31-1.htm (EX-31.1) — 12KB
- ef20030114_ex31-2.htm (EX-31.2) — 12KB
- ef20030114_ex32-1.htm (EX-32.1) — 5KB
- ef20030114_ex32-2.htm (EX-32.2) — 4KB
- 0001140361-24-035948.txt ( ) — 20722KB
- spfi-20240630.xsd (EX-101.SCH) — 63KB
- spfi-20240630_cal.xml (EX-101.CAL) — 87KB
- spfi-20240630_def.xml (EX-101.DEF) — 466KB
- spfi-20240630_lab.xml (EX-101.LAB) — 990KB
- spfi-20240630_pre.xml (EX-101.PRE) — 663KB
- ef20030114_10q_htm.xml (XML) — 5684KB
Notes to Consolidated Financial Statements (Unaudited)
Notes to Consolidated Financial Statements (Unaudited) 8 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 54 Item 4.
Controls and Procedures
Controls and Procedures 54 PART II. OTHER INFORMATION 56 Item 1.
Legal Proceedings
Legal Proceedings 56 Item 1A.
Risk Factors
Risk Factors 56 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 56 Item 3. Defaults Upon Senior Securities 56 Item 4. Mine Safety Disclosures 56 Item 5. Other Information 56 Item 6. Exhibits 57
Signatures
Signatures 58 Table of Contents PART I. FINANCIAL INFORMATION
Consolidated
Item 1. Consolidated
Financial Statements
Financial Statements SOUTH PLAINS FINANCIAL, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share data) June 30, 2024 December 31, 2023 (Unaudited) ASSETS Cash and due from banks $ 46,024 $ 62,821 Interest-bearing deposits in banks 251,982 267,337 Cash and cash equivalents 298,006 330,158 Securities available for sale 591,031 622,762 Loans held for sale ($ 12,252 and $ 6,615 at fair value at June 30, 2024 and December 31, 2023, respectively) 16,585 14,499 Loans held for investment 3,094,273 3,014,153 Allowance for credit losses on loans ( 43,173 ) ( 42,356 ) Loans held for investment, net 3,051,100 2,971,797 Accrued interest receivable 19,481 20,881 Premises and equipment, net 53,952 55,070 Bank-owned life insurance 75,254 74,504 Goodwill 19,315 19,315 Intangible assets, net 2,064 2,429 Mortgage servicing rights 26,426 26,569 Deferred tax asset, net 22,319 19,413 Other assets 45,403 47,396 Total assets $ 4,220,936 $ 4,204,793 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Noninterest-bearing $ 951,565 $ 974,201 Interest-bearing 2,672,948 2,651,952 Total deposits 3,624,513 3,626,153 Accrued expenses and other liabilities 68,177 61,358 Subordinated debt 63,868 63,775 Junior subordinated deferrable interest debentures 46,393 46,393 Total liabilities 3,802,951 3,797,679 Stockholders' equity: Common stock, $ 1.00 par value per share, 30,000,000 shares authorized; 16,424,021 and 16,417,099 issued and outstanding at June 30, 2024 and December 31, 2023 , respectively 16,424 16,417 Additional paid-in capital 97,766 97,107 Retained earnings 362,855 345,264 Accumulated other comprehensive loss ( 59,060 ) ( 51,674 ) Total stockholders' equity 417,985 407,114 Total liabilities and stockholders' equity $ 4,220,936 $ 4,204,793 The accompanying notes are an integral pa