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South Plains Financial (SPFI) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates

Zacks Equity Research
·2-min read

For the quarter ended March 2024, South Plains Financial (SPFI) reported revenue of $46.78 million, up 3.9% over the same period last year. EPS came in at $0.64, compared to $0.53 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $45.2 million, representing a surprise of +3.49%. The company delivered an EPS surprise of +10.34%, with the consensus EPS estimate being $0.58.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

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Here is how South Plains Financial performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

  • Efficiency ratio: 67.9% versus 69.1% estimated by two analysts on average.

  • Net Interest Margin (FTE): 3.6% versus the two-analyst average estimate of 3.5%.

  • Average Balance - Total interest-earning assets: $4.02 billion compared to the $4.03 billion average estimate based on two analysts.

  • Nonperforming Loans: $3.38 million compared to the $6.11 million average estimate based on two analysts.

  • Net charge-offs (recoveries) to average loans outstanding (annualized): 0.1% versus the two-analyst average estimate of 0.1%.

  • Net Interest Income: $35.37 million compared to the $34.55 million average estimate based on two analysts.

  • Net Interest Income (FTE): $35.59 million compared to the $34.65 million average estimate based on two analysts.

  • Total Noninterest Income: $11.41 million versus $10.65 million estimated by two analysts on average.

View all Key Company Metrics for South Plains Financial here>>>

Shares of South Plains Financial have returned +0.3% over the past month versus the Zacks S&P 500 composite's -3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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South Plains Financial, Inc. (SPFI) : Free Stock Analysis Report

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Zacks Investment Research