South Plains Financial Q2: $19M Net Income, BOH Merger Closes, Dividend Lifted 6%
SPFI sits 25% above its 52-week low of $35.34.
Summary
South Plains Financial posted Q2 net income of $19.0 million ($0.96/share), closed the BOH Holdings merger, and raised its quarterly dividend 6% to $0.18 per share.
Key Events · Earnings and Guidance · SPFI
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Q2 Net Income Hits $19.0M
Driven by the BOH acquisition and organic growth, net income reached $19.0 million, or $0.96 per diluted share, up from $14.5 million in Q1 2026 and $14.6 million in Q2 2025.
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BOH Merger Completed, Adding Scale
Closing on April 1, 2026, the BOH Holdings merger added $685 million in assets, $631.9 million in loans, and $595.6 million in deposits, strengthening the Houston presence.
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Dividend Raised 6% to $0.18/Share
The board declared a quarterly cash dividend of $0.18 per share, a 6% increase from the prior quarter, payable August 10 to shareholders of record July 27.
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Balance Sheet Growth & Strong Capital
Total assets reached $5.39 billion, loans $3.77 billion, and deposits $4.64 billion. Tangible book value per share stood at $29.57, with a CET1 ratio of 14.10%.
Analysis · SPFI · Finance
A strong second quarter saw net income climb to $19.0 million, or $0.96 per diluted share, fueled by the completed acquisition of BOH Holdings. The deal added $685 million in assets and reshaped the balance sheet, lifting loans to $3.77 billion and deposits to $4.64 billion. Credit quality remains a bright spot, with nonperforming assets at just 0.19% of total assets. Signaling confidence in the combined franchise's earnings power, the board raised the quarterly dividend by 6% to $0.18 per share. The results confirm the merger is already accretive and integration is on track, with tangible book value earnback expected in under three years.
At the time of this filing, 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 filing was assessed with positive market sentiment and an importance score of 7 out of 10.