South Plains Financial, Inc. Reports First Quarter 2025 Financial Results
South Plains Financial (NASDAQ:SPFI) reported Q1 2025 financial results with net income of $12.3 million, down from $16.5 million in Q4 2024 but up from $10.9 million in Q1 2024. Diluted EPS was $0.72, compared to $0.96 in Q4 2024 and $0.64 in Q1 2024.
Key metrics include:
- Net interest margin improved to 3.81% from 3.75% in Q4 2024
- Average cost of deposits decreased to 219 basis points from 229 basis points in Q4
- Loans held for investment grew to $3.08 billion, up 2.7% annualized
- Total deposits increased 4.7% to $3.79 billion
- Nonperforming assets to total assets improved to 0.16% from 0.58%
The company repurchased 250,000 shares for $8.3 million during Q1 2025, with approximately $7 million remaining under their share repurchase program.
South Plains Financial (NASDAQ:SPFI) ha riportato i risultati finanziari del primo trimestre 2025 con un utile netto di 12,3 milioni di dollari, in calo rispetto ai 16,5 milioni del quarto trimestre 2024, ma in aumento rispetto ai 10,9 milioni del primo trimestre 2024. L'EPS diluito è stato di 0,72 dollari, rispetto a 0,96 nel quarto trimestre 2024 e 0,64 nel primo trimestre 2024.
I principali indicatori includono:
- Il margine di interesse netto è migliorato al 3,81% dal 3,75% del quarto trimestre 2024
- Il costo medio dei depositi è diminuito a 219 punti base dai 229 del trimestre precedente
- I prestiti detenuti per investimento sono cresciuti a 3,08 miliardi di dollari, con un incremento annualizzato del 2,7%
- I depositi totali sono aumentati del 4,7%, raggiungendo 3,79 miliardi di dollari
- Gli attivi non performanti sul totale degli attivi sono migliorati allo 0,16% dallo 0,58%
Durante il primo trimestre 2025, la società ha riacquistato 250.000 azioni per 8,3 milioni di dollari, con circa 7 milioni di dollari ancora disponibili nel programma di riacquisto azionario.
South Plains Financial (NASDAQ:SPFI) reportó los resultados financieros del primer trimestre de 2025 con un ingreso neto de 12,3 millones de dólares, una disminución respecto a los 16,5 millones del cuarto trimestre de 2024, pero un aumento desde los 10,9 millones del primer trimestre de 2024. Las ganancias diluidas por acción (EPS) fueron de 0,72 dólares, comparado con 0,96 en el cuarto trimestre de 2024 y 0,64 en el primer trimestre de 2024.
Los indicadores clave incluyen:
- El margen de interés neto mejoró a 3,81% desde 3,75% en el cuarto trimestre de 2024
- El costo promedio de los depósitos disminuyó a 219 puntos base desde 229 puntos base en el trimestre anterior
- Los préstamos mantenidos para inversión crecieron a 3,08 mil millones de dólares, con un aumento anualizado del 2,7%
- Los depósitos totales aumentaron un 4,7%, alcanzando 3,79 mil millones de dólares
- Los activos no productivos en relación con el total de activos mejoraron a 0,16% desde 0,58%
La compañía recompró 250,000 acciones por 8,3 millones de dólares durante el primer trimestre de 2025, quedando aproximadamente 7 millones de dólares disponibles en su programa de recompra de acciones.
South Plains Financial (NASDAQ:SPFI)는 2025년 1분기 재무 실적을 발표했으며, 순이익은 1,230만 달러로 2024년 4분기 1,650만 달러에서 감소했으나 2024년 1분기 1,090만 달러보다는 증가했습니다. 희석 주당순이익(EPS)은 0.72달러로 2024년 4분기 0.96달러, 2024년 1분기 0.64달러와 비교됩니다.
주요 지표는 다음과 같습니다:
- 순이자마진은 2024년 4분기 3.75%에서 3.81%로 개선됨
- 예금 평균 비용은 229bp에서 219bp로 하락
- 투자 목적 대출금은 30억 8천만 달러로 연율 2.7% 증가
- 총 예금은 37억 9천만 달러로 4.7% 증가
- 부실 자산 비율은 총 자산 대비 0.58%에서 0.16%로 개선
회사는 2025년 1분기 동안 25만 주를 830만 달러에 자사주 매입했으며, 약 700만 달러가 자사주 매입 프로그램에 남아 있습니다.
South Plains Financial (NASDAQ:SPFI) a publié ses résultats financiers du premier trimestre 2025 avec un bénéfice net de 12,3 millions de dollars, en baisse par rapport à 16,5 millions au quatrième trimestre 2024, mais en hausse par rapport à 10,9 millions au premier trimestre 2024. Le BPA dilué s'est établi à 0,72 dollar, contre 0,96 au quatrième trimestre 2024 et 0,64 au premier trimestre 2024.
Les indicateurs clés comprennent :
- La marge d'intérêt nette s'est améliorée à 3,81 % contre 3,75 % au quatrième trimestre 2024
- Le coût moyen des dépôts a diminué à 219 points de base contre 229 points de base au trimestre précédent
- Les prêts détenus pour investissement ont augmenté à 3,08 milliards de dollars, soit une croissance annualisée de 2,7 %
- Le total des dépôts a augmenté de 4,7 % pour atteindre 3,79 milliards de dollars
- Les actifs non performants par rapport au total des actifs se sont améliorés à 0,16 % contre 0,58 %
La société a racheté 250 000 actions pour 8,3 millions de dollars au cours du premier trimestre 2025, avec environ 7 millions de dollars restant dans leur programme de rachat d'actions.
South Plains Financial (NASDAQ:SPFI) meldete die Finanzergebnisse für das erste Quartal 2025 mit einem Nettogewinn von 12,3 Millionen US-Dollar, was einen Rückgang gegenüber 16,5 Millionen im vierten Quartal 2024, aber einen Anstieg gegenüber 10,9 Millionen im ersten Quartal 2024 darstellt. Das verwässerte Ergebnis je Aktie (EPS) betrug 0,72 US-Dollar, im Vergleich zu 0,96 im vierten Quartal 2024 und 0,64 im ersten Quartal 2024.
Wichtige Kennzahlen umfassen:
- Die Nettozinsmarge verbesserte sich von 3,75 % im vierten Quartal 2024 auf 3,81 %
- Die durchschnittlichen Einlagenkosten sanken von 229 Basispunkten im Quartal auf 219 Basispunkte
- Die für Investitionen gehaltenen Kredite wuchsen auf 3,08 Milliarden US-Dollar, ein annualisiertes Wachstum von 2,7 %
- Die Gesamteinlagen stiegen um 4,7 % auf 3,79 Milliarden US-Dollar
- Die notleidenden Vermögenswerte im Verhältnis zu den Gesamtvermögenswerten verbesserten sich von 0,58 % auf 0,16 %
Das Unternehmen kaufte im ersten Quartal 2025 250.000 Aktien für 8,3 Millionen US-Dollar zurück, wobei im Aktienrückkaufprogramm noch etwa 7 Millionen US-Dollar verfügbar sind.
- Net interest margin improved to 3.81% from 3.75% QoQ
- Deposits grew by $171.6 million (4.7%) in Q1 2025
- Nonperforming assets ratio improved significantly to 0.16% from 0.58%
- Net charge-offs decreased to 0.07% from 0.11% QoQ
- Book value per share increased to $27.33 from $26.67
- Net income decreased 25.5% QoQ to $12.3 million
- Diluted EPS declined 25% QoQ to $0.72
- Noninterest income decreased by $2.7 million QoQ
- Noninterest expense increased by $3.1 million QoQ
Insights
South Plains shows solid YoY growth with improved margins and credit quality, despite QoQ earnings decline from seasonal factors.
South Plains Financial reported Q1 2025 net income of
The bank's net interest margin improved to
Particularly noteworthy is the substantial improvement in credit quality, with nonperforming assets to total assets declining dramatically to
The bank demonstrated strong deposit gathering abilities with total deposits increasing
Management's decision to repurchase
The rise in noninterest expenses (
LUBBOCK, Texas, April 24, 2025 (GLOBE NEWSWIRE) -- South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City Bank (“City Bank” or the “Bank”), today reported its financial results for the quarter ended March 31, 2025.
First Quarter 2025 Highlights
- Net income for the first quarter of 2025 was
$12.3 million , compared to$16.5 million for the fourth quarter of 2024 and$10.9 million for the first quarter of 2024. - Diluted earnings per share for the first quarter of 2025 was
$0.72 , compared to$0.96 for the fourth quarter of 2024 and$0.64 for the first quarter of 2024. - Average cost of deposits for the first quarter of 2025 was 219 basis points, compared to 229 basis points for the fourth quarter of 2024 and 241 basis points for the first quarter of 2024.
- Net interest margin, on a tax-equivalent basis, was
3.81% for the first quarter of 2025, compared to3.75% for the fourth quarter of 2024 and3.56% for the first quarter of 2024. - Nonperforming assets to total assets were
0.16% at March 31, 2025, compared to0.58% at December 31, 2024 and0.10% at March 31, 2024. - Return on average assets for the first quarter of 2025 was
1.16% , compared to1.53% for the fourth quarter of 2024 and1.04% for the first quarter of 2024. - Tangible book value (non-GAAP) per share was
$26.05 as of March 31, 2025, compared to$25.40 as of December 31, 2024 and$23.56 as of March 31, 2024. - The consolidated total risk-based capital ratio, common equity tier 1 risk-based capital ratio, and tier 1 leverage ratio at March 31, 2025 were
17.93% ,13.59% , and12.04% , respectively.
Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “We delivered strong first quarter results highlighted by solid deposit growth, healthy margin expansion as our cost of funds continued to improve, and loan growth that was in line with our expectations. Additionally, the credit quality of our loan portfolio continued to strengthen in the quarter which is a testament to our conservative culture and proactive approach to managing credit. While the outlook is uncertain, we believe that we are in an advantageous position relative to our peers and are actively looking to expand in both our metropolitan and rural markets. We have the liquidity, capital, and team to take advantage of opportunities that come our way. While the economy may slow and businesses may reduce their risk appetites, we will be ready to meet the needs of our customers in these uncertain times. We will also continue to add experienced lenders who fit our culture and want to bring their customers to a better, more stable bank. However, we will maintain our conservative credit culture and will never sacrifice credit quality for growth as we work to maintain the strong credit quality of our loan portfolio. While we see many opportunities to continue growing the Bank, we believe our share price does not reflect the value that we are creating. As a result, we spent
Results of Operations, Quarter Ended March 31, 2025
Net Interest Income
Net interest income was
Interest income was
Interest expense was
Noninterest Income and Noninterest Expense
Noninterest income was
Noninterest expense was
Loan Portfolio and Composition
Loans held for investment were
Deposits and Borrowings
Deposits totaled
Asset Quality
The Company recorded a provision for credit losses in the first quarter of 2025 of
The ratio of allowance for credit losses to loans held for investment was
The ratio of nonperforming assets to total assets was
Capital
Book value per share increased to
Conference Call
South Plains will host a conference call to discuss its first quarter 2025 financial results today, April 24, 2025, at 5:00 p.m., Eastern Time. Investors and analysts interested in participating in the call are invited to dial 1-877-407-9716 (international callers please dial 1-201-493-6779) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call and conference materials will be available on the Company’s website at https://www.spfi.bank/news-events/events.
A replay of the conference call will be available within two hours of the conclusion of the call and can be accessed on the investor section of the Company’s website as well as by dialing 1-844-512-2921 (international callers please dial 1-412-317-6671). The pin to access the telephone replay is 13752910. The replay will be available until May 8, 2025.
About South Plains Financial, Inc.
South Plains is the bank holding company for City Bank, a Texas state-chartered bank headquartered in Lubbock, Texas. City Bank is one of the largest independent banks in West Texas and has additional banking operations in the Dallas, El Paso, Greater Houston, the Permian Basin, and College Station, Texas markets, and the Ruidoso, New Mexico market. South Plains provides a wide range of commercial and consumer financial services to small and medium-sized businesses and individuals in its market areas. Its principal business activities include commercial and retail banking, along with investment, trust and mortgage services. Please visit https://www.spfi.bank for more information.
Non-GAAP Financial Measures
Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP financial measures include Tangible Book Value Per Share, Tangible Common Equity to Tangible Assets, and Pre-Tax, Pre-Provision Income. The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s financial position and performance. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures.
We classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the United States in our statements of income, balance sheets or statements of cash flows. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies.
A reconciliation of non-GAAP financial measures to GAAP financial measures is provided at the end of this press release.
Available Information
The Company routinely posts important information for investors on its web site (under www.spfi.bank and, more specifically, under the News & Events tab at www.spfi.bank/news-events/press-releases). The Company intends to use its web site as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD (Fair Disclosure) promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, investors should monitor the Company’s web site, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.
The information contained on, or that may be accessed through, the Company’s web site is not incorporated by reference into, and is not a part of, this document.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect South Plains’ current views with respect to future events and South Plains’ financial performance. Any statements about South Plains’ expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. South Plains cautions that the forward-looking statements in this press release are based largely on South Plains’ expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond South Plains’ control. Factors that could cause such changes include, but are not limited to, the impact on us and our customers of a decline in general economic conditions and any regulatory responses thereto; potential recession in the United States and our market areas; the impacts related to or resulting from uncertainty in the banking industry as a whole; increased competition for deposits in our market areas and related changes in deposit customer behavior; the impact of changes in market interest rates, whether due to a continuation of the elevated interest rate environment or further reductions in interest rates and a resulting decline in net interest income; the lingering inflationary pressures, and the risk of the resurgence of elevated levels of inflation, in the United States and our market areas; the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; increases in unemployment rates in the United States and our market areas; adverse changes in customer spending and savings habits; declines in commercial real estate values and prices; a deterioration of the credit rating for U.S. long-term sovereign debt or uncertainty regarding United States fiscal debt, deficit and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events, including as a result of changes in U.S. presidential administrations or Congress; the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts and the resulting impact on the Company and its customers; competition and market expansion opportunities; changes in non-interest expenditures or in the anticipated benefits of such expenditures; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; potential costs related to the impacts of climate change; current or future litigation, regulatory examinations or other legal and/or regulatory actions; and changes in applicable laws and regulations. Additional information regarding these risks and uncertainties to which South Plains’ business and future financial performance are subject is contained in South Plains’ most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q on file with the SEC, including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of such documents, and other documents South Plains files or furnishes with the SEC from time to time, which are available on the SEC’s website, www.sec.gov. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements due to additional risks and uncertainties of which South Plains is not currently aware or which it does not currently view as, but in the future may become, material to its business or operating results. Due to these and other possible uncertainties and risks, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized and readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Any forward-looking statements presented herein are made only as of the date of this press release, and South Plains does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, new information, the occurrence of unanticipated events, or otherwise, except as required by applicable law. All forward-looking statements, express or implied, included in the press release are qualified in their entirety by this cautionary statement.
| Contact: | Mikella Newsom, Chief Risk Officer and Secretary |
| (866) 771-3347 | |
| investors@city.bank |
Source: South Plains Financial, Inc.
South Plains Financial, Inc.
Consolidated Financial Highlights - (Unaudited)
(Dollars in thousands, except share data)
| As of and for the quarter ended | |||||||||||||||||||
| March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | |||||||||||||||
| Selected Income Statement Data: | |||||||||||||||||||
| Interest income | $ | 59,922 | $ | 61,324 | $ | 61,640 | $ | 59,208 | $ | 58,727 | |||||||||
| Interest expense | 21,395 | 22,776 | 24,346 | 23,320 | 23,359 | ||||||||||||||
| Net interest income | 38,527 | 38,548 | 37,294 | 35,888 | 35,368 | ||||||||||||||
| Provision for credit losses | 420 | 1,200 | 495 | 1,775 | 830 | ||||||||||||||
| Noninterest income | 10,625 | 13,319 | 10,635 | 12,709 | 11,409 | ||||||||||||||
| Noninterest expense | 33,030 | 29,948 | 33,128 | 32,572 | 31,930 | ||||||||||||||
| Income tax expense | 3,408 | 4,222 | 3,094 | 3,116 | 3,143 | ||||||||||||||
| Net income | 12,294 | 16,497 | 11,212 | 11,134 | 10,874 | ||||||||||||||
| Per Share Data (Common Stock): | |||||||||||||||||||
| Net earnings, basic | $ | 0.75 | $ | 1.01 | $ | 0.68 | $ | 0.68 | $ | 0.66 | |||||||||
| Net earnings, diluted | 0.72 | 0.96 | 0.66 | 0.66 | 0.64 | ||||||||||||||
| Cash dividends declared and paid | 0.15 | 0.15 | 0.14 | 0.14 | 0.13 | ||||||||||||||
| Book value | 27.33 | 26.67 | 27.04 | 25.45 | 24.87 | ||||||||||||||
| Tangible book value (non-GAAP) | 26.05 | 25.40 | 25.75 | 24.15 | 23.56 | ||||||||||||||
| Weighted average shares outstanding, basic | 16,415,862 | 16,400,361 | 16,386,079 | 16,425,360 | 16,429,919 | ||||||||||||||
| Weighted average shares outstanding, dilutive | 17,065,599 | 17,161,646 | 17,056,959 | 16,932,077 | 16,938,857 | ||||||||||||||
| Shares outstanding at end of period | 16,235,647 | 16,455,826 | 16,386,627 | 16,424,021 | 16,431,755 | ||||||||||||||
| Selected Period End Balance Sheet Data: | |||||||||||||||||||
| Cash and cash equivalents | $ | 536,300 | $ | 359,082 | $ | 471,167 | $ | 298,006 | $ | 371,939 | |||||||||
| Investment securities | 571,527 | 577,240 | 606,889 | 591,031 | 599,869 | ||||||||||||||
| Total loans held for investment | 3,075,860 | 3,055,054 | 3,037,375 | 3,094,273 | 3,011,799 | ||||||||||||||
| Allowance for credit losses | 42,968 | 43,237 | 42,886 | 43,173 | 42,174 | ||||||||||||||
| Total assets | 4,405,209 | 4,232,239 | 4,337,659 | 4,220,936 | 4,218,993 | ||||||||||||||
| Interest-bearing deposits | 2,826,055 | 2,685,366 | 2,720,880 | 2,672,948 | 2,664,397 | ||||||||||||||
| Noninterest-bearing deposits | 966,464 | 935,510 | 998,480 | 951,565 | 974,174 | ||||||||||||||
| Total deposits | 3,792,519 | 3,620,876 | 3,719,360 | 3,624,513 | 3,638,571 | ||||||||||||||
| Borrowings | 110,400 | 110,354 | 110,307 | 110,261 | 110,214 | ||||||||||||||
| Total stockholders’ equity | 443,743 | 438,949 | 443,122 | 417,985 | 408,712 | ||||||||||||||
| Summary Performance Ratios: | |||||||||||||||||||
| Return on average assets (annualized) | 1.16 | % | 1.53 | % | 1.05 | % | 1.07 | % | 1.04 | % | |||||||||
| Return on average equity (annualized) | 11.30 | % | 14.88 | % | 10.36 | % | 10.83 | % | 10.72 | % | |||||||||
| Net interest margin(1) | 3.81 | % | 3.75 | % | 3.65 | % | 3.63 | % | 3.56 | % | |||||||||
| Yield on loans | 6.67 | % | 6.69 | % | 6.68 | % | 6.60 | % | 6.53 | % | |||||||||
| Cost of interest-bearing deposits | 2.93 | % | 3.12 | % | 3.36 | % | 3.33 | % | 3.27 | % | |||||||||
| Efficiency ratio | 66.90 | % | 57.50 | % | 68.80 | % | 66.72 | % | 67.94 | % | |||||||||
| Summary Credit Quality Data: | |||||||||||||||||||
| Nonperforming loans | $ | 6,467 | $ | 24,023 | $ | 24,693 | $ | 23,452 | $ | 3,380 | |||||||||
| Nonperforming loans to total loans held for investment | 0.21 | % | 0.79 | % | 0.81 | % | 0.76 | % | 0.11 | % | |||||||||
| Other real estate owned | $ | 600 | $ | 530 | $ | 973 | $ | 755 | $ | 862 | |||||||||
| Nonperforming assets to total assets | 0.16 | % | 0.58 | % | 0.59 | % | 0.57 | % | 0.10 | % | |||||||||
| Allowance for credit losses to total loans held for investment | 1.40 | % | 1.42 | % | 1.41 | % | 1.40 | % | 1.40 | % | |||||||||
| Net charge-offs to average loans outstanding (annualized) | 0.07 | % | 0.11 | % | 0.11 | % | 0.10 | % | 0.13 | % | |||||||||
| As of and for the quarter ended | |||||||||||||||||||
| March 31 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | |||||||||||||||
| Capital Ratios: | |||||||||||||||||||
| Total stockholders’ equity to total assets | 10.07 | % | 10.37 | % | 10.22 | % | 9.90 | % | 9.69 | % | |||||||||
| Tangible common equity to tangible assets (non-GAAP) | 9.64 | % | 9.92 | % | 9.77 | % | 9.44 | % | 9.22 | % | |||||||||
| Common equity tier 1 to risk-weighted assets | 13.59 | % | 13.53 | % | 13.25 | % | 12.61 | % | 12.67 | % | |||||||||
| Tier 1 capital to average assets | 12.04 | % | 12.04 | % | 11.76 | % | 11.81 | % | 11.51 | % | |||||||||
| Total capital to risk-weighted assets | 17.93 | % | 17.86 | % | 17.61 | % | 16.86 | % | 17.00 | % | |||||||||
(1) Net interest margin is calculated as the annual net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets.
South Plains Financial, Inc.
Average Balances and Yields - (Unaudited)
(Dollars in thousands)
| For the Three Months Ended | |||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | ||||||||||||||||||||||
| Average Balance | Interest | Yield/Rate | Average Balance | Interest | Yield/Rate | ||||||||||||||||||
| Assets | |||||||||||||||||||||||
| Loans | $ | 3,074,568 | $ | 50,577 | 6.67 | % | $ | 3,014,537 | $ | 48,940 | 6.53 | % | |||||||||||
| Debt securities - taxable | 510,354 | 4,692 | 3.73 | % | 554,081 | 5,511 | 4.00 | % | |||||||||||||||
| Debt securities - nontaxable | 153,229 | 1,014 | 2.68 | % | 156,254 | 1,024 | 2.64 | % | |||||||||||||||
| Other interest-bearing assets | 386,979 | 3,859 | 4.04 | % | 298,969 | 3,475 | 4.67 | % | |||||||||||||||
| Total interest-earning assets | 4,125,130 | 60,142 | 5.91 | % | 4,023,841 | 58,950 | 5.89 | % | |||||||||||||||
| Noninterest-earning assets | 171,683 | 184,293 | |||||||||||||||||||||
| Total assets | $ | 4,296,813 | $ | 4,208,134 | |||||||||||||||||||
| Liabilities & stockholders’ equity | |||||||||||||||||||||||
| NOW, Savings, MMDA’s | $ | 2,302,344 | 15,511 | 2.73 | % | $ | 2,285,981 | 17,997 | 3.17 | % | |||||||||||||
| Time deposits | 441,895 | 4,316 | 3.96 | % | 374,852 | 3,666 | 3.93 | % | |||||||||||||||
| Short-term borrowings | 3 | - | 0.00 | % | 3 | - | 0.00 | % | |||||||||||||||
| Notes payable & other long-term borrowings | - | - | 0.00 | % | - | - | 0.00 | % | |||||||||||||||
| Subordinated debt | 63,984 | 835 | 5.29 | % | 63,798 | 835 | 5.26 | % | |||||||||||||||
| Junior subordinated deferrable interest debentures | 46,393 | 733 | 6.41 | % | 46,393 | 861 | 7.46 | % | |||||||||||||||
| Total interest-bearing liabilities | 2,854,619 | 21,395 | 3.04 | % | 2,771,027 | 23,359 | 3.39 | % | |||||||||||||||
| Demand deposits | 934,775 | 958,334 | |||||||||||||||||||||
| Other liabilities | 66,073 | 70,860 | |||||||||||||||||||||
| Stockholders’ equity | 441,346 | 407,913 | |||||||||||||||||||||
| Total liabilities & stockholders’ equity | $ | 4,296,813 | $ | 4,208,134 | |||||||||||||||||||
| Net interest income | $ | 38,747 | $ | 35,591 | |||||||||||||||||||
| Net interest margin(2) | 3.81 | % | 3.56 | % | |||||||||||||||||||
(1) Average loan balances include nonaccrual loans and loans held for sale.
(2) Net interest margin is calculated as the annualized net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets.
South Plains Financial, Inc.
Consolidated Balance Sheets
(Unaudited)
(Dollars in thousands)
| As of | |||||||
| March 31, 2025 | December 31, 2024 | ||||||
| Assets | |||||||
| Cash and due from banks | $ | 56,006 | $ | 54,114 | |||
| Interest-bearing deposits in banks | 480,294 | 304,968 | |||||
| Securities available for sale | 571,527 | 577,240 | |||||
| Loans held for sale | 13,931 | 20,542 | |||||
| Loans held for investment | 3,075,860 | 3,055,054 | |||||
| Less: Allowance for credit losses | (42,968 | ) | (43,237 | ) | |||
| Net loans held for investment | 3,032,892 | 3,011,817 | |||||
| Premises and equipment, net | 50,873 | 52,951 | |||||
| Goodwill | 19,315 | 19,315 | |||||
| Intangible assets | 1,569 | 1,720 | |||||
| Mortgage servicing rights | 24,906 | 26,292 | |||||
| Other assets | 153,896 | 163,280 | |||||
| Total assets | $ | 4,405,209 | $ | 4,232,239 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Noninterest-bearing deposits | $ | 966,464 | $ | 935,510 | |||
| Interest-bearing deposits | 2,826,055 | 2,685,366 | |||||
| Total deposits | 3,792,519 | 3,620,876 | |||||
| Subordinated debt | 64,007 | 63,961 | |||||
| Junior subordinated deferrable interest debentures | 46,393 | 46,393 | |||||
| Other liabilities | 58,547 | 62,060 | |||||
| Total liabilities | 3,961,466 | 3,793,290 | |||||
| Stockholders’ Equity | |||||||
| Common stock | 16,236 | 16,456 | |||||
| Additional paid-in capital | 89,799 | 97,287 | |||||
| Retained earnings | 395,652 | 385,827 | |||||
| Accumulated other comprehensive income (loss) | (57,944 | ) | (60,621 | ) | |||
| Total stockholders’ equity | 443,743 | 438,949 | |||||
| Total liabilities and stockholders’ equity | $ | 4,405,209 | $ | 4,232,239 | |||
South Plains Financial, Inc.
Consolidated Statements of Income
(Unaudited)
(Dollars in thousands)
| Three Months Ended | |||||||
| March 31, 2025 | March 31, 2024 | ||||||
| Interest income: | |||||||
| Loans, including fees | $ | 50,570 | $ | 48,932 | |||
| Other | 9,352 | 9,795 | |||||
| Total interest income | 59,922 | 58,727 | |||||
| Interest expense: | |||||||
| Deposits | 19,827 | 21,663 | |||||
| Subordinated debt | 835 | 835 | |||||
| Junior subordinated deferrable interest debentures | 733 | 861 | |||||
| Other | - | - | |||||
| Total interest expense | 21,395 | 23,359 | |||||
| Net interest income | 38,527 | 35,368 | |||||
| Provision for credit losses | 420 | 830 | |||||
| Net interest income after provision for credit losses | 38,107 | 34,538 | |||||
| Noninterest income: | |||||||
| Service charges on deposits | 2,141 | 1,813 | |||||
| Income from insurance activities | 28 | 34 | |||||
| Mortgage banking activities | 2,113 | 3,945 | |||||
| Bank card services and interchange fees | 3,379 | 3,061 | |||||
| Other | 2,964 | 2,556 | |||||
| Total noninterest income | 10,625 | 11,409 | |||||
| Noninterest expense: | |||||||
| Salaries and employee benefits | 19,441 | 18,988 | |||||
| Net occupancy expense | 4,027 | 3,920 | |||||
| Professional services | 1,730 | 1,483 | |||||
| Marketing and development | 905 | 754 | |||||
| Other | 6,927 | 6,785 | |||||
| Total noninterest expense | 33,030 | 31,930 | |||||
| Income before income taxes | 15,702 | 14,017 | |||||
| Income tax expense | 3,408 | 3,143 | |||||
| Net income | $ | 12,294 | $ | 10,874 | |||
South Plains Financial, Inc.
Loan Composition
(Unaudited)
(Dollars in thousands)
| As of | |||||||
| March 31, 2025 | December 31, 2024 | ||||||
| Loans: | |||||||
| Commercial Real Estate | $ | 1,126,800 | $ | 1,119,063 | |||
| Commercial - Specialized | 366,796 | 388,955 | |||||
| Commercial - General | 584,705 | 557,371 | |||||
| Consumer: | |||||||
| 1-4 Family Residential | 569,799 | 566,400 | |||||
| Auto Loans | 261,629 | 254,474 | |||||
| Other Consumer | 64,090 | 64,936 | |||||
| Construction | 102,041 | 103,855 | |||||
| Total loans held for investment | $ | 3,075,860 | $ | 3,055,054 | |||
South Plains Financial, Inc.
Deposit Composition
(Unaudited)
(Dollars in thousands)
| As of | |||||||
| March 31, 2025 | December 31, 2024 | ||||||
| Deposits: | |||||||
| Noninterest-bearing deposits | $ | 966,464 | $ | 935,510 | |||
| NOW & other transaction accounts | 1,302,642 | 498,718 | |||||
| MMDA & other savings | 1,082,596 | 1,741,988 | |||||
| Time deposits | 440,817 | 444,660 | |||||
| Total deposits | $ | 3,792,519 | $ | 3,620,876 | |||
South Plains Financial, Inc.
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(Dollars in thousands)
| For the quarter ended | |||||||||||||||||||
| March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | |||||||||||||||
| Pre-tax, pre-provision income | |||||||||||||||||||
| Net income | $ | 12,294 | $ | 16,497 | $ | 11,212 | $ | 11,134 | $ | 10,874 | |||||||||
| Income tax expense | 3,408 | 4,222 | 3,094 | 3,116 | 3,143 | ||||||||||||||
| Provision for credit losses | 420 | 1,200 | 495 | 1,775 | 830 | ||||||||||||||
| Pre-tax, pre-provision income | $ | 16,122 | $ | 21,919 | $ | 14,801 | $ | 16,025 | $ | 14,847 | |||||||||
| As of | |||||||||||||||||||
| March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | |||||||||||||||
| Tangible common equity | |||||||||||||||||||
| Total common stockholders’ equity | $ | 443,743 | $ | 438,949 | $ | 443,122 | $ | 417,985 | $ | 408,712 | |||||||||
| Less: goodwill and other intangibles | (20,884 | ) | (21,035 | ) | (21,197 | ) | (21,379 | ) | (21,562 | ) | |||||||||
| Tangible common equity | $ | 422,859 | $ | 417,914 | $ | 421,925 | $ | 396,606 | $ | 387,150 | |||||||||
| Tangible assets | |||||||||||||||||||
| Total assets | $ | 4,405,209 | $ | 4,232,239 | $ | 4,337,659 | $ | 4,220,936 | $ | 4,218,993 | |||||||||
| Less: goodwill and other intangibles | (20,884 | ) | (21,035 | ) | (21,197 | ) | (21,379 | ) | (21,562 | ) | |||||||||
| Tangible assets | $ | 4,384,325 | $ | 4,211,204 | $ | 4,316,462 | $ | 4,199,557 | $ | 4,197,431 | |||||||||
| Shares outstanding | 16,235,647 | 16,455,826 | 16,386,627 | 16,424,021 | 16,431,755 | ||||||||||||||
| Total stockholders’ equity to total assets | 10.07 | % | 10.37 | % | 10.22 | % | 9.90 | % | 9.69 | % | |||||||||
| Tangible common equity to tangible assets | 9.64 | % | 9.92 | % | 9.77 | % | 9.44 | % | 9.22 | % | |||||||||
| Book value per share | $ | 27.33 | $ | 26.67 | $ | 27.04 | $ | 25.45 | $ | 24.87 | |||||||||
| Tangible book value per share | $ | 26.05 | $ | 25.40 | $ | 25.75 | $ | 24.15 | $ | 23.56 | |||||||||
FAQ
What was South Plains Financial's (SPFI) earnings per share in Q1 2025?
How much did SPFI spend on share repurchases in Q1 2025?
What was SPFI's deposit growth in Q1 2025?
How did SPFI's loan portfolio perform in Q1 2025?
What was SPFI's asset quality in Q1 2025?
