SPFI - Earnings call transcript Q2 2022 | South Plains Financial, Inc.

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Operator

Good morning, ladies and gentlemen, and welcome to the South Plains Financial, Inc.

Second Quarter 2022 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the call over to Mr. Steve Crockett, Chief Financial Officer and Treasurer of South Plains Financial. sir. ahead, go Please

Steven Crockett

Chief and be second everyone. X, the call. quarter are two of the Chairman here operator our of Cory participation A hours on President. With appreciate until our in call XXXX. today replay and our Griffith, our XXXX call Curtis of Officer; good you, August and We Newsom, will afternoon, this your me Executive available Thank conclusion earnings within conference website

to presentation News deck slide today’s of discussion website. the a Additionally, on available complement and our is section Events

Before future statement may and are and actual and cause harbor update we begin, Please by results. our on let other to website. are statements, the me not are in uncertainties remind safe made our forward-looking release press of presented earnings could anticipated everyone that results issued date, statements that as comments during see our made to contain any that duty this statements deck undertake required a to call do such was on factors risks, differ forward-looking variety materially harbor this of subject those and afternoon except available herein only subject law. of slide presentation slide as Any forward-looking two today’s today’s we those call All to statements. safe from

turn the non-GAAP over presentation. reconciliation can our these slide measures, this believe measures of to slide are we found of in which to useful comparable call, call I’ll non-GAAP our At and today’s earnings certain during Curtis. evaluating performance. discuss deck on be point, Additionally, A may we the XX the also in release GAAP measures most

Curtis Griffith

loan major will main increased good taken and Beginning quarter. combined strong loan the our discuss four. today’s $XX.X Cory of will growth, net together quarter the which million per call, to Steve review earnings the or income diluted the will diluted slide in organic with of have second Plains with first of to highlighted We review which results, results. you, share our as income commercial second Steve growth $X.XX detail lending our expand of share second Paso. diluted as per QX the Houston, power the morning. then by Mortgage or look stabilizing revenues, we net On robust Thank $XX.X in in and in half year. XXXX, our a more South on Banking the of and markets of common delivered second our detailed quarter per Dallas, $X.XX to of drivers million compares El share for more common $X.XX $XX.X common quarter of then I we million or ago year XXXX conclude capabilities

share $X.XX Our recovery, recovery interest related XXXX second previously per principal received results prepayment income discount, quarter four for the from to of income charged of benefited credits, loan purchase off penalties. and on credits

The total from We value rights. tax. was net these of our an in of investment increase and $X.XX per the mortgage fair share share also had items of per SBIC $X.XX servicing income

negative on their who are the our second organic As continued continue compared of quickly building that servicing existing loan in quarter increase we to our positive growth driven more we quarter a combined newly XXXX, hired portfolios earnings first a XXXX commercial portfolio The earnings reminder, our included annualized than strong XX.X% teams value our as lenders adjustment benefit the loan in anticipated from shared by to of to focus growth. and $X.XX with our first net of was fair rights per quarter primarily a experienced losses. tax the for mortgage loan provision

ago year initial enter hiring we've initial outlined quarter, and remained our success. As with third our completed largely which pleased the very we a plan, lender's we

Corey As as yielding Paso believe expansion Dallas, El cost deposits support our in commercial into Houston, have redeploy to given markets loans. further higher of place we we strive low the and we in potential to exists, that major our infrastructure the will discuss, significant growth

ample continue Additionally, fund end higher the bank yielding our we excess believe our liquidity at our earnings loans a upper that as the ratio we liquidity the significant given at as running compared mid to to represents This quarter. second over to have XX.X% comfort, fund of potential to growth, we loan-to-deposit time. range in the XX%

second historical inflection market more have as clear our largely Mortgage our results revenues moderated quarter Importantly, levels. that to Banking point, we believe

calls, discussed our MSR we XX% revenue, XX% adjustments fair quarter, Mortgage In first to bank bank excluding the and compares XX% quarter which in of mortgage was XX% to at revenues bank of large of revenue the total total quarter XX% XXXX in of expected we revenues XXXX. value total time. the our have second Banking the As on prior have to bottom over of revenue fourth

continues we demand volumes believe largely rates, for bottomed, in mortgage the which strength current housing given while strong enjoy Texas and refinance migration robust remains to growth. construction economy, and Given of have the job

bottom with year, excess continue combined Looking to the of line loan financial the quarter half strong to our second our we as liquidity. revenues to through to our our to growth flow benefits plans stabilize expect to continue second mortgage the of redeploy the

power we value share our will earnings to price. South improve and reflected the we believe continue together, Taken in not is believe Plains, this currently of which

compared the shares shares shares quarter our view increased first to are approximately of through our XXXX, below second the repurchases of we trading XXXX. share Given intrinsic value, our the in XXX,XXX of that XXX,XXX repurchased quarter pace as having

repurchase continue strategically through shareholders to quarterly share while dividend. to steadily our plan, our utilize will returning our We capital

employment a XXth dividend. $X.XX This be share $X.XX on increase per paid this August week, our Texas above the loan healthy quarter's Board markets across and authorized to continue from a the experience of be for record to our is deliver quarterly As XXXX. share growth which the Xst, average. conclude, dividend our growth shareholders as consecutive To XXXX will GDP XXth, to national prior continues on August dividend per we economy

future light the for and loan culture, discipline the can continue the this rising on or cautiously high to year, which improve. sacrifice vigilant seen our we results as quality the to that year will remain our to economic optimistic in of activity remain confidence our will the single full to remain healthy expect credit digit success the to growth quarter's persistent growth the environment about provides to we metrics uncertainty be of continued have XXXX. in half bank. meeting our bringing second lenders inflation loan rate interest in pipelines levels, due continue we slow That new conditions and and While of in guidance said, This ensure also not we exceeding for our quality credit as maintain our mid-to-high credits credit

over turn to me call Cory. let the Now,

Cory Newsom

good everyone. Thank morning, you, Curtis and

in mortgage, million which retail, investment demand the with on, Loan or million sector, five. As given auto. for increased this loans repayments. $XXX.X a held $XX.X even was XXXX forgiveness the consumer annualized first Curtis and outlined by the on payoff XX.X% due Underlying reduction loans compared slide to SBA we commercial PPP was energy residential in in growth commercial relationship touched discussed of and of primarily quarter, $XX quarter to last stronger loan million as combined estate, quarter real a the

in yields X.XX%. loan our loans, the second PPP quarter were Excluding

which prepayment from X.XX%, loan of compares recoveries X.XX% quarter, Excluding and the first in XXXX. quarter in large loan our benefit penalties, which yields second to we the the were

ahead rate a to higher We cost competitive. new loans environment to the and of account trying decision have made we for while price rise stay to funding in ensure market, proactively a the eventual deliberate stay to

to primarily bank a major our It we are markets commercial that markets Dallas, and and Paso. is Turning highlight side to bank also in six. community smaller of Houston, a retail El in important our

community-oriented liquidity long-term Our deposits right to added on lenders of accomplish into who commercial is consisting relationships To have developing and markets. our excess customer this, culture redeploy done we commercial markets our focus who strategy values way. and share experienced low-cost our our the from

new six lenders good to is added our two quickly strategy experienced a is Our organic lenders we've Houston of A and leader on year. breakeven this continue the their over expectation while validation as our reaching market months bankers and of have where grown portfolios of our new commercial ahead our deliver in original commercial loan quarter of are average, growth solid strategy lending seasoned loan growth. our example a last

portfolio pipelines of XXXX, second grew Our the In which new their has estate. XXX% end Houston their built a real commercial business. compared team was approximately meaningful and team to started primarily quickly quarter loan quarter, in first to of generate our the the

Overall, El bring Paso in which major we include in is services new the and share focus grew on Additionally, management. Plains long-term our South slide generating loans during be as to second are they our on quarter seen business lenders deposits, markets other can and combined of can they loans seen be the seven. XX% type total like Houston of customer -- treasury new relationships Dallas, commercial our that relationships, developing

is that we we be and region. Permian commercial region very see Another Basin, continue the to the the lending about deposit in excited that given opportunities

payoff time This and quarter now loan in is position region's for and second during moved underlying of a large can us taken that lenders, to seen the in deliver attract we install the be the leaders a non-bank right mentioned to results. previously to team believe While structure. starting our it's despite good the experienced relationship a momentum

in to believe relationships we loan focus over our C&I can time, private that on portfolio double the developing we loan growing banking as We portfolio. while our also Basin continue Permian

customer share. loan South in our region within this from the more well hanging as commodity in to believe stronger benefits than to much a momentum benefit across is market focused building current growth fruit Getting improved is our continue the the Plains organic as low saw slide portfolio of also We our there take significant, Importantly, nine, community sectors. we growth of opportunity execution market to as tied various healthy markets environment. we base, ahead to in

loan This compared customer XXXX addition our to increased due dealerships high-quality continue was a million loans to demand by of quarter to million $XX.X and the base. Our few second portfolio indirect auto the strong car $XXX.X of to for XXXX. auto quarter the of first in as

or to and positions to we lines ingrained portfolio a recent score include better. on believe XXX varying across has approval maintained credit XX% to disciplined review been resilience our has implemented also banks a seasoned add loan as process team a We've hiring of from loan further larger which staff. process. underwriting our improved and underwriting economic presidents, to the credit underwriting loan of those culture professionals focus for our regional we This approach credit is we've continue cycles. indirect Along our of the strong Importantly, in our profile a a remaining portfolio auto has disciplined

Turning compared of Mortgage mortgage loan business XX. on to XX% originations our XXXX. first decreased quarter slide the as to

back having appear have We as now aggressively business for as has Curtis and effort to continue deliberate mortgage declined noted. to to a profitability, reduced bottomed manage This been staff. off over volumes the our last year and have lenders steadily

We XX. primarily XXXX due quarter million slide income a to to quarter $X in in the second in to The million first the million Turning compared Banking of decrease was generated of activities of revenue. XXXX. $XX.X Mortgage $XX.X non-interest decrease

XXXX. the quarter For quarter of XX% decline which from of first income the in of was the XX% is bank XXXX, second non-interest a revenues,

downcycle experienced headwinds As improved can deliberate and are growth trough scale. infrastructure the managed stabilize, for our been have so major income, has where our largely lenders us, focused to the place conclude, aggressively Mortgage we we will half our commercial the quickly organic second MSAs this have Banking bank have positions as and the our of in our To year. and earnings faced looking now growth behind add non-interest which and strategy we to business we mortgage in believe the that that revenues through begin

Our opportunities markets. build continue these commercial loan we large well and team represent further in other MSAs our growth to our as market presence will to for selectively services as to add

rate. raise their healthy as Steve. demand over robust, we remained both the would the reserve of for benchmark cash as interest into continues see cash federal new turn deals. year to to balance I our We looking second the a optimistic target has to we remained loan to and remain levels to now consumer experienced cautious business but While like the have customers moderation go healthy half call and continue has

Steven Crockett

loan assets. was interest quarter to income earning interest primarily XXXX Thank on quarter the in quarter due increase Net you, to interest for as Starting increase Cory. slide was second compared interest and other income from increase million $X.X million XX. $XX.X of for The since in million $XX.X the securities and million XXXX. first the income of first $X.X

As Curtis remaining large during prepayment was of rates. redeployment, loan a million rising and million the quarter. of of loan on, and result from $X.X recoveries liquidity we growth, $X.X interest touched The penalties increase benefited second our

Looking that we well-positioned income as portfolio forward, rates we our we continue from benefit benefit and the to year. to grow in are interest anticipated believe rise for our the net through loan interest

forgiven remaining the PPP which to continued quarter adjustment PPP which as fee XX, loans several included of to an majority are At or second XXXX, in deferred in over by interest loans forgiven PPP next income the of SBA. During on income, recognized we accelerated June the be to the repaid income company recognized fees, had PPP the $XXX,XXX be XXXX, quarters. expected as the by $XXX,XXX SBA

the on X.XX% equivalent XXXX. tax quarter calculated of margin second the a in quarter compared first interest net in of basis XXXX, X.XX% as was Our to

million the the our Excluding recognized strong combined rising net X.XX%, margin quarter, recoveries environment. quarter. prepayment our driven loan This the up first was as loan we and was improvement organic rate points interest $X.X large that the with of penalties compared growth XX to by second basis in

average basis raise attributable continues primarily of lag from was the as deposits increase an our basis was XX Reserve interest to to to cost XX rate. rates Federal intentional The benchmark in target quarter. points, first the Our deposit their increase our increase points

The $XX.X payments primarily was first billion compared to quarter. deposits XXXX. due Turning withdrawing of million quarter XX. the $X.XX to slide tax decreased to during the large decrease Total to deposits customers to by make as

second the inflows saw turned Importantly, quarter, the in quarter. back as and early outflows we stabilized which moved to we through

the shift total a our XX.X% deposits base in in as experienced XXXX. of bearing first to of mix XX.X% compared deposits quarter also as increased We deposit positive non-interest to

slide XX. to Turning

to allowance portfolio XX, appropriately and March as loan continue XX, XXXX. reserved, our We to X.XX% total June believe XXXX remains was compared at that loans our to X.XX% at

experience XX the second we first quarter during did loss quarter. to for basis portfolio offset non-performing as of not by credit in points assets quarter, second loan our total loan the assets metrics from improving the XX improvements the to points to quarter in declined were continue During basis a record provision our XXXX. loan These as we growth in

the in hotel and which July, is of rising $XX the ahead future we there was million an to losses or our economic about loan received provision credit expense non-interest portfolio. and a subsequently necessary of environment in Skipping mortgage to million in be lending due of payoff decline quality higher costs market, slide million Additionally, commissions rate our compensation. persistent and million based to continued originations full in uncertainty and hires Nevertheless, approximately high the quarter classified expense of future in $X.X $XX.X the commercial a personnel credit in new and periods. and primarily may contraction levels further XX, additional to as first other inflation for improves quarter reversal offset $XX.X conditions to expenses the incentive XXXX partially related to related XXXX. the mortgage second loan compared The due decrease due was of in variable by a

the of than we to quarter with expense quarter to XXXX. expect to second Looking be third in better the XXXX, slightly non-interest line of

turn tax, for paid back after net in now during by quarter hedges dividends related value offset The with of tangible of Book the tangible by the of sale of of XXXX. mainly X.XX% the decreased million. fair income securities a common $XX partially well-capitalized, value at fair I a rate the our quarter remarks. $XX.X XX. for XXXX. assets XXXX, net rising of the value the per at available change was Curtis interest to end securities $X will $XX.XX the X.XX% by of remain call first end Moving decline ahead of of the value and quarter was driven to share decline from The result slide to We environment. in fair equity concluding the decline to a million of second second

Curtis Griffith

our mortgage our strong our highs Steve. you, is Thank an point team organic to lending growth, represent results while business more declined has traditional driving conclude, To in as our historic from business, quarter inflection loan second levels.

improve is both earnings believe we add forward, our continue existing commercial our relationships. new from to newly drive major of community the and our Looking power South as markets set and markets, our to hired Plains while lenders growth in loan lenders loans

have we bank the and remained the United States. the that that tightening of inflationary achieved to like as occur and for Plains, current of very none in please open the I second hard through today. persistence Fed's quarter with without their storms again the would and have filled line South a which many success for optimism the work, positions Importantly, to any on bank focused future pleased policy the be growth would employees customers. lie environment through and given may disciplined time we our with of credit, their result I opportunities weather the you that possible am of thank commitment the for the Operator, this your questions. Thank for our for the ahead.

Operator

Brady our a comes time, be KBW. your session. And Gailey proceed from And with with Instructions] conducting question-and-answer [Operator we'll line first at this Please question question. of the

Brady Gailey

Good you. guys. morning, Thank Hey.

Steven Crockett

morning, Good Brady.

Curtis Griffith

morning. Good

Brady Gailey

third pretty better So, in going or you It good expense XQ. is the the inline all second be quarter quarter. some control showed than like to sounds

this about year it way up expenses Is single of guys better to in the low expenses mid relative that to be think it year. flat now? you to like know the last I So, seems to past may about talked digit. kind But we've hold being able

Curtis Griffith

Steve?

Steven Crockett

Again, past the with dropped. back side in have what those as that side. a is down, has we of variable had come Steve. expenses mortgage I have was as And Brady. Yeah, would lot This on the that. that -- agree on those

able been control to that we've So, better. a little

at So, that's forecasting point, we're this relatively it flat. how

Brady Gailey

And you that lines. then, quite energy here, quarter $XX the even losing million loan growth

at see. to great some next the about potentially often just we've thinking a of into year that that. like growth? that's to to back sounds on especially all about kind half So, how booking Maybe growth. loan you're It head talked better past we you of than do brakes and the digit know as loan the this you in I of recession? Would the kind cause year, single mid of high this hit

Curtis Griffith

just our range really own I things be kind of going are You today, at probably right the of growth just going question. economy optimistic of answered any the difficult. a your as make if high-end XXXX. run better now, could we cooling think sharp but or loan to very -- yeah, we're I'd that, getting cautiously for they But we're say about national

that's jump all to saying the see out make I we not that's recession at much in environment up definitely hitting could everything is increases least is going let's think, by things because really trying double-digit recessionary and happens yet. how -- say mildly we're yeah, the there. the -- to And So, of XXXX, with true And opinion, a rate the we're still and tough reason just we're tightening then. what personal affect growth all be does

get we've results been have -- of long Texas I in new growth. lenders got place. us optimistic. both overly any -- We're clouds think the But dark great and comment? and ones I horizon great is potential got with there's economy that And just think, a getting our you a on not still some a got get Cory, seasoned our time. out great. team we'll We've more still loan

Cory Newsom

I -- to keep really be if Curtis. Yeah. And always that some strong. with bank thing in to one the really, we're at is But -- with our is, you pipeline And we've said that's stuff I positioned look agree this out a there. recession opportunistic going

to but happen, want think overzealous in be don't pretty we can positive. we mean, what I I we're think So,

Brady Gailey

me, finally for just the then, on And buyback. share Alright.

here, as especially this a or Should run activity step-up in of strong the we XQ quarter view second had buyback? an for the the quarter. kind just You new nice was rate in from

Curtis Griffith

our Well, board the keep do as way it buying on have long kind stock. we we're going our of is as we internal And metrics back. at it, to believe looks it undervalued, valuation our of

we're our board that So, plan. we've levels comfortable terminating not got the the and is with

Steven Crockett

Yeah. opportunity to have Brady, did larger I the a quarter look that. of just block couple We on add. would transactions at the during

that. We'll that, we -- up. when come can do don't know those how but continue you so, like And we take just necessarily advantage, to often I

Curtis Griffith

But price the there of second because there will block numbers, we different. future. took Steve were and the kind opportunity in that To the quarter of it our right, in as was and so couple skew pointed of -- arose out, it do purchases so a we advantage was

Brady Gailey

Okay. That’s great Thank you, guys. color.

Steven Crockett

you. Thank

Curtis Griffith

Thanks Brady.

Operator

proceed next Brad question. question the comes with your from of Milsaps Piper with Our line Please Sandler.

Bradley Milsaps

guys. Good Hey. morning,

Curtis Griffith

Good morning, Brad.

Steven Crockett

How are you doing?

Bradley Milsaps

terms Doing this well. Thanks. are in number Thanks I questions. my curious of guys for remarks. apologize prepared was your have I in you where if the Cory, missed But lenders hired. taking you just of I

I were you point. XX at targeting think one

I were -- halfway been you roughly think had there. you

in Just kind apologize number what if prepared of I that was? your missed that remarks. I curious

Cory Newsom

line but confident were. on, bit on it. on very the XX, and at But think that. about a number. any stretch, stopping basically got stuff umber of Yeah. quite working that we've by We're we on put XX actually I we not that hiring still don't where hit the the feel we We're we're finish range probably

Bradley Milsaps

that terms brought Great. I'm Okay. plenty there's capacity. of stride still those their you said in have now the are kind based growth those coming in of Houston. Great. folks annualized are like on -- those what it of just of And sounds -- sure folks guys out hitting you

Cory Newsom

a example, no an but is anomaly it's us. Houston means by great Yeah. for

rigorous the that metro we've all as the the look up that make been as here But ever and all want able markets, a we because that we said markets about good like -- forget accomplish do. the effort on, before about well. through the at culture in somebody they things we and really we but If can't talent. to the been we've we We pretty it's that have just go as metro able we're you bring Plains. along, talked mean, same sure actually to we South we've of pick I to

And -- thing to And we've you the it's been see look breakeven they that when and the very, way are at able measure and so, very been out. for profitable, a good worked to quickly those us. it's turning then how

Curtis Griffith

on some I -- great hirings relationships faster still but and there's out room doesn't And lenders maybe lot customer we those. to in in strategy. still business in be think going the have brought come our bring on to allowed a we're usual in good part to Permian are of Houston in in. have a hiring on there We're us Specifically continue with to not we for great really lenders place ramp additional and do are guess, relationships, a markets, still still stopping And than fairly That's not mean and some run new, them. we These us. for of in leadership other it just long-term This up any I'll key say, good those a and that. period working changes have well we hire to lenders was it's those market people. going

Cory Newsom

mean, we've some And expenses. approaches some with the -- taken from I

the and all square without in in properties expand with be those added overhead to bringing got If look comes it. just footage we've markets at other in, existing just you the able some of to metro that we're

on it's done it you, and program we've been really been we put -- I had we've never will But focused into hiring So, not good very in I that -- keep and mean, forward. the a tell way play. business we we much moving the didn't

Bradley Milsaps

helpful. little That's Steve, want the bit. just margin on maybe And Great. touch to a

nice had quarter. this expansion core You

from in in threes, is guys kind you see I curious bigger now, you of hikes think were four. little how kind rate high just benefiting but terms guys to a of the bond of margin you pre-COVID close Obviously, the of continued kind expansion? portfolio

Steven Crockett

Yeah.

the we less the been still even We're little We in purchases. show factoring quarter asset-sensitive. good just the that of the asset-sensitive NIM probably have during were quarter, slightly the the last on historically bit and did growth came of through. We in on some than a we securities But expansion end at large based items are. loan

Just it There's going be a to where the so, -- healthy was that It's side. to keep of we lower definitely little a ago. than out of couple loan lot hope NIM. a there I bit years mean, on probably competition

June. -- be some based bit the will part middle more maybe -- did little interest So, gone last have the a did the last increases rates on while That little a add loan of we timing see there. the QX up, I just of of in would that when part rates was on we competitively, are those QX. slightly in increase on bit side. rates. It That up down showed of probably for for expense, the an only

will interest be up quarter So, more or expense bit next a so. little

Cory Newsom

products proactive think that. be in we've And we're products that will had trying very some -- this deposit in specific And also some approach is we're we out about mean, that -- it's markets that to got Cory. not I help markets some we We're us rolling manage how better. those

So, we're kind of excited that. about

Curtis Griffith

too. we're I especially at on our beta of -- the so right wide rate -- but very markets deposit might in least give markets, more some in a our disparity little CDs, We're color for seeing in now actual Fed we favorable are to and deposit very banks trying rates. between a our seeing like are markets the increases maintain far, most just in rates,

deposit to rates, dramatic. course, going but if I see we increased be to are anything think So, don't going stays everybody that it's

Bradley Milsaps

these Are through some you every of question final driving just a your again to maybe to in curious is XX% looks of increase, up kind six function just usually Just But And that quarter, huge Great. of harder a bit it differently year-over-year. close the what's of year kind a it grower. least I know me. maybe like insurance leg Is first the for tracking doing in takes at due there? business aren't is know helps. large not third that X%, I numbers. kind the another of But XX% received. a months numbers, insurance? but payments the you this business market anything little up

Cory Newsom

rainfall -- and with Cory have markets. cycle to of coming had -- of and earlier, to mean filed in color one this. lack claims and probably the stuff happening we've Those add will But the when of some if our I between that in is Steve things. this some are premiums some of

just track. it those that's -- how so, And

don't think anything ordinary. it's So, the out I of

I stabilize year. the on think, probably of the it'll end

Steven Crockett

I would agree.

Some is timing little of bit just a issues. that

small probably very expense acquisitions on have up last numbers, couple those a We a bit done have of were that side revenue well. some little the incrementally to as but could would just added be the that year, of

So, nothing anything be significant -- on shouldn't insurance.

Curtis Griffith

more clarity. And little a

remember, Our insurance business, is crop federal insurance business.

some up the not things markets think of other standardized like in of P&C -- insurance or whatever. would as collecting anything they dry here little that in returns farmers policies one but really on did It's is in on I on than now, benefits couple acquisitions that we the have pick These It's on But -- loans. farmers well to are the spring. which of right and and to a conditions any recognize do their up on the the from. based to there. allows we far does because coverage, or mentioned, we premium we have it the fully fundings other run crop have than we guys going Cory agency income don't side, now get that out traditional this might Ag year don't are paid earlier hard are credit than as cycles a like have So, normal helped And received their our a those a risks probably as that that our actually rate. actually very us --

Bradley Milsaps

guys. color. you, Thank Great. the Appreciate all

Cory Newsom

Thank you.

Curtis Griffith

Thanks Brad.

Operator

the reached Curtis have back turn to I'll Griffith we for the session. over the of call And remarks. question-and-answer end closing now

Curtis Griffith

operator. you, Thank

has. our mortgage to business levels seasonal existing very our strong It Just cycles, believe by now We it growth some with has lenders more historical and both our driven pleased results. we're always as has that to quarter our returned and team. loan second new been from summarize,

So, see us moving half not that. from the of year we we're the impact to think second that anything will that negatively into going

continue those be in take can. also markets the try to markets as Houston our Our where robust in across we and major advantage opportunities community Plains, see and to South growth opportunities we strong, tend economic Dallas, of company well we Texas as both El Paso. our expand markets as very And to we you the to hard very questions. very and And to you a be time in more us have organic please footprints to out have, we good that, if your on market Texas any focus to time today. to going share It's thank the And grow our our for for in that we put line. reach growth, banking. we're bottom dollars And grow

Operator

time. And you participation. And this lines your conference. this concludes today's may at you disconnect for your Thank

South Plains Financial (SPFI) 22 Jul 222022 Q2 Earnings call transcript