South Plains profit rises to $19 million
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- South Plains Financial reported Q2 net income of $19 million and diluted EPS of $0.96.
- Net interest income rose to $50.3 million after the Bank of Houston acquisition added earning assets and liabilities.
- South Plains is integrating Bank of Houston while preparing for Cory Newsom to become CEO at year-end.
South Plains Financial (NASDAQ:SPFI) reported Q2 net income of $19 million and diluted EPS of $0.96, supported by its BOH acquisition.
Net income increased from $14.5 million in Q1 and $14.6 million last year, while diluted EPS rose from $0.85 and $0.86.
Loans reached $3.77 billion, deposits rose to $4.64 billion, and the tax-equivalent net interest margin slipped to 4.00%.
The April 1 acquisition added $631.9 million of loans and $595.6 million of deposits, alongside $35.4 million of organic quarterly loan growth.
Meanwhile, Griffith will retire as CEO on December 31 but remain chairman, while President Cory Newsom will assume the chief executive role.
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