SPFI earnings analysis
What we found in SPFI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
South Plains Financial, Inc. reported Q1 2026 net income of $14.5 million, equating to diluted earnings per share of $0.85, a notable increase from $12.3 million and $0.72 per share in Q1 2025. However, the results fell slightly short of both the consensus EPS estimate of $0.88 and revenue estimate of $54.35 million, reporting actual revenues of $54.147 million. Despite these headwinds, net interest income and noninterest income both saw positive growth, reflecting strong overall performance amid increased expenses.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth Year-over-Year
- Revenue increased to $54.147 million in Q1 2026 from $50.965 million in Q1 2025, a 6.9% increase.
- EPS Improvement
- Diluted EPS rose to $0.85 in Q1 2026 from $0.72 in Q1 2025, a 18.1% year-over-year increase.
- Net Interest Margin Expansion
- Net interest margin improved from 3.81% in Q1 2025 to 4.04% in Q1 2026.
- Increased Net Interest Income
- Net interest income for Q1 2026 reached $43.1 million, up from $38.8 million in Q1 2025.
- Growth in Total Deposits
- Total deposits grew by 4.0% to $4.03 billion compared to $3.87 billion as of December 31, 2025.
- Acquisition Impact
- Strategic acquisition of BOH Holdings in April 2026 expected to enhance future growth and financial performance.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Exceeded Estimate on Noninterest Expense
- Noninterest expense increased to $35.5 million in Q1 2026, up from $33.0 million in Q1 2025, contributing to earnings pressure.
- Acquisition Costs
- Acquisition-related expenses of $1.5 million in Q1 2026 may impact future profitability.
- Investment Losses
- A $801,000 loss in SBIC investments noted in the quarter poses a risk to revenue stability.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.85
What they said about what is next.
Management provided no numeric forward guidance in this report.
The filing reads about the same as the one before it.
What came before.
- 10-K · March 5, 2026
- SPFI’s 2025 10-K emphasizes a community-bank strategy anchored in West Texas and an announced acquisition of BOH (agreement dated December 1, 2025) expected to close in Q2 2026. Financially, 2025 showed modest revenue…
- 10-K · March 7, 2025
- South Plains Financial (SPFI) emphasizes a community-bank strategy anchored in West Texas with targeted geographic expansion across Texas and New Mexico. As of December 31, 2024 the company reports $4.23 billion in…
- 10-Q · August 6, 2024
- South Plains Financial reported Q2 results with diluted EPS of $0.66 and total revenue of $48,597,000 for the three months ended June 30, 2024. Net interest income strengthened modestly while loan balances grew;…
- 10-K · March 15, 2024
- South Plains Financial (SPFI) positions itself as a community/regional bank focused on West Texas with 25 full-service branches across seven markets and a relationship-driven lending culture. The company reports $4.20…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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