South Plains Financial Q2 Net Income Jumps on BOH Acquisition, NIM Hits 4%
SPFI sits 25% above its 52-week low of $35.34.
Summary
South Plains Financial reported Q2 net income of $19 million, or $0.96 per share, driven by the completed BOH Holdings acquisition. The deal added approximately $667 million in interest-earning assets and $611 million in interest-bearing liabilities, boosting net interest income to $50.3 million and net interest margin to 4.00%. Noninterest income also rose on higher mortgage banking and card revenues. The results reflect the first full quarter incorporating Bank of Houston, following the CEO transition announced in June. With shares trading near a 52-week high and a strong loan pipeline, the acquisition positions the bank for continued expansion in high-growth Texas markets.
At the time of this announcement, SPFI was trading at $44.25 on NASDAQ in the Finance sector, with a market capitalization of approximately $847.2M. The 52-week trading range was $35.34 to $45.09. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.