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South Plains Financial, Inc.

South Plains Financial, Inc.

NASDAQ•SPFI
CEO: Mr. Curtis C. Griffith
Sector: Financial Services
Industry: Banks - Regional
Listing Date: 2019-05-09
South Plains Financial, Inc. operates as a bank holding company for City Bank that provides commercial and consumer financial services to small and medium-sized businesses and individuals. The company operates through two segments, Banking and Insurance. It offers deposit products, including demand deposit accounts, interest-bearing products, savings accounts, and certificate of deposits. The company also provides commercial real estate loans; general and specialized commercial loans, including agricultural production and real estate, energy, finance, investment, and insurance loans, as well as loans to goods, services, restaurant and retail, construction, and other industries; residential construction loans; and 1-4 family residential loans, auto loans, and other loans for recreational vehicles or other purposes. In addition, it offers crop insurance products; trust products and services; investment services; mortgage banking services; online and mobile banking services; and debit and credit cards. The company was founded in 1941 and is headquartered in Lubbock, Texas.
Contact Information
5219 City Bank Parkway, Lubbock, TX, 79407, United States
806-792-7101
www.spfi.bank
Market Cap
$607.02M
P/E (TTM)
10.2
14.2
Dividend Yield
1.7%
52W High
$42.38
52W Low
$30.01
52W Range
59%
4.0
F-Score
Modified Piotroski Analysis
Based on 8-year fundamentals
Average • 4 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2017-2024

Financial Dashboard

Q3 2025 Data

Revenue

$43.18M-38.98%
4-Quarter Trend

EPS

$1.00+47.06%
4-Quarter Trend

FCF

$27.08M+58.36%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Strong Nine-Month Net Income Net income reached $43.2M YTD, up 30.1% from $33.2M last year; diluted EPS $2.55, ROA 1.33% annualized.
Net Interest Margin Expansion Q3 NIM improved significantly to 4.05% (vs 3.65% prior year); YTD NIM 3.98% vs 3.61% driven by loan yields.
Improved Asset Quality Metrics Nonaccrual loans dropped sharply to $8.5M (0.28% of HFI) from $22.1M (0.72%) at December 31, 2024.
Deposit Base Growth Total deposits grew 7.2% to $3.88B; noninterest-bearing deposits increased to 27.1% of total funding sources.

Risk Factors

Economic Growth Slowdown Risk Slower economic growth, potential recession, and lingering inflation pressure could negatively impact credit quality and asset values.
Interest Rate Sensitivity Management Managing interest rate risk exposure via swaps; potential for adverse effects on profitability from future rate fluctuations.
Commercial Real Estate Concentration High concentration in CRE loans (37.2% of HFI); performance remains subject to volatile real estate market conditions.
Regulatory Capital Requirements Must maintain capital ratios above Basel III minimums plus 2.50% conservation buffer; potential for future capital needs.

Outlook

Credit Quality Monitoring Focus Management closely monitors credit risk, especially for modified loans; additional provisions may be necessary based on economic forecasts.
Mortgage Banking Activity Decline Mortgage banking income decreased YTD due to lower loan originations, reflecting reduced activity in the secondary market.
Capital Strategy Maintenance Management intends to maintain 'well capitalized' status, potentially requiring future capital raises to support ongoing business growth.
Technology Implementation Risks Company faces risks related to keeping pace with technological change or difficulties experienced when implementing new technologies.

Peer Comparison

Revenue (TTM)

Customers Bancorp, Inc.CUBI
$1.32B
-6.4%
Mid Penn Bancorp, Inc.MPB
$328.18M
+23.3%
Independent Bank CorporationIBCP
$316.78M
+3.9%

Gross Margin (Latest Quarter)

MetroCity Bankshares, Inc.MCBS
62.7%
+2.6 pp
SmartFinancial, Inc.SMBK
0.0%
+0.0 pp
Mid Penn Bancorp, Inc.MPB
0.0%
+0.0 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
CUBI$2.17B12.59.2%6.1%
THFF$674.78M9.112.7%3.2%
MPB$672.75M13.46.9%1.2%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-16.1%
Growth Under Pressure
4Q Net Income CAGR
-0.4%
Stable Profitability
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 6, 2025|
    Revenue: $43.18M-39.0%
    |
    EPS: $1.00+47.1%
    Meet

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 5, 2025|
    Revenue: $76.30M+8.4%
    |
    EPS: $0.90+32.4%
    Beat

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 6, 2025|
    Revenue: $69.09M+0.5%
    |
    EPS: $0.75+13.6%
    Beat

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 7, 2025|
    Revenue: $283.10M+13.9%
    |
    EPS: $3.03-20.7%
    Beat

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 6, 2024|
    Revenue: $70.78M+5.5%
    |
    EPS: $0.68-15.0%
    Meet

  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 6, 2024|
    Revenue: $70.40M+17.9%
    |
    EPS: $0.68-60.9%
    Beat

  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 6, 2024|
    Revenue: $68.74M+21.0%
    |
    EPS: $0.66+22.2%
    Beat

  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Mar 15, 2024|
    Revenue: $248.52M+7.1%
    |
    EPS: $3.82+11.7%
    Beat