Why did SPFI's Q3 earnings fall short of forecasts?

South Plains Financial's (SPFI) Q3 earnings fell short of forecasts due to several key factors:

1. **Revenue Shortfall**: The company's total revenue for Q3 was $47.93 million, which was slightly below the forecasted $49.41 million. This shortfall, although relatively small, contributed to the overall miss in earnings expectations.

|code|Ticker|Name|Date|Total Revenue|Diluted EPS|market_code|
|---|---|---|---|---|---|---|
|SPFI|SPFI.O|South Plains|2023 Q4|4.4308E7||185|
|SPFI|SPFI.O|South Plains|2024 Q1|4.6777E7|0.64|185|
|SPFI|SPFI.O|South Plains|2024 Q2|4.8597E7|0.66|185|
|SPFI|SPFI.O|South Plains|2024 Q3|4.7929E7|0.66|185|

2. **EPS Surprise**: The diluted EPS for Q3 was $0.66, which was below the expected EPS of $0.68. This slight shortfall in earnings per share, when combined with the revenue shortfall, led to the overall earnings falling short of forecasts.

3. **Interest Rate Risks**: The company faces significant interest rate risk, which can impact its revenue streams and overall liquidity. This risk factor could have influenced the company's financial performance, contributing to the earnings shortfall.

In summary, South Plains Financial's Q3 earnings fell short of forecasts due to a combination of slightly lower-than-expected revenue and EPS, along with the impact of interest rate risks.