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
September 30, 2024.
Third Quarter 2024 Highlights
- Net income for the third quarter of
2024 was $11.2 million, compared to $11.1 million for the second
quarter of 2024 and $13.5 million for the third quarter of
2023.
- Diluted earnings per share for the
third quarter of 2024 was $0.66, compared to $0.66 for the second
quarter of 2024 and $0.78 for the third quarter of 2023.
- Average cost of deposits for the
third quarter of 2024 was 247 basis points, compared to 243 basis
points for the second quarter of 2024 and 207 basis points for the
third quarter of 2023.
- Net interest margin, calculated on
a tax-equivalent basis, was 3.65% for the third quarter of 2024,
compared to 3.63% for the second quarter of 2024 and 3.52% for the
third quarter of 2023.
- Nonperforming assets to total
assets were 0.59% at September 30, 2024, compared to 0.57% at June
30, 2024 and 0.12% at September 30, 2023.
- Return on average assets for the
third quarter of 2024 was 1.05% annualized, compared to 1.07%
annualized for the second quarter of 2024 and 1.27% annualized for
the third quarter of 2023.
- Tangible book value (non-GAAP) per
share was $25.75 as of September 30, 2024, compared to $24.15 as of
June 30, 2024 and $21.07 as of September 30, 2023.
- The consolidated total risk-based
capital ratio, Common Equity Tier 1 risk-based capital ratio, and
Tier 1 leverage ratio at September 30, 2024 were 17.61%, 13.25%,
and 11.76%, respectively. These ratios significantly exceeded the
minimum regulatory levels necessary to be deemed
“well-capitalized”.
Curtis Griffith, South Plains’ Chairman and
Chief Executive Officer, commented, “I’m pleased with our third
quarter results, which I believe demonstrate that the Bank is
performing at a high level. We remain well capitalized and focused
on managing our loan portfolio as the credit environment continues
to normalize. Against this backdrop, we are maintaining our credit
discipline and not stretching to chase loan growth. We are also
building liquidity as we expect the Federal Reserve to continue
reducing their market interest rate to stimulate economic growth
looking to the year ahead. Importantly, we are seeing a level of
optimism from our customers that we have not seen over the last
seven to eight quarters and our new business production pipeline is
the strongest that it has been in more than two years. Looking
forward, we remain confident in the credit profile of our loan
portfolio and are cautiously optimistic that we will see loan
growth accelerate in the quarters ahead. Additionally, we are
beginning to see deposit cost pressures ease, which we expect will
be supportive of our net interest margin as well as continued
deposit growth.”
Results of Operations, Quarter Ended September 30,
2024
Net Interest Income
Net interest income was $37.3 million for the
third quarter of 2024, compared to $35.9 million for the second
quarter of 2024 and $35.7 million for the third quarter of 2023.
Net interest margin, calculated on a tax-equivalent basis, was
3.65% for the third quarter of 2024, compared to 3.63% for the
second quarter of 2024 and 3.52% for the third quarter of 2023. The
average yield on loans was 6.68% for the third quarter of 2024,
compared to 6.60% for the second quarter of 2024 and 6.10% for the
third quarter of 2023. The average cost of deposits was 247 basis
points for the third quarter of 2024, which is 4 basis points
higher than the second quarter of 2024 and 40 basis points higher
than the third quarter of 2023.
Interest income was $61.6 million for the third
quarter of 2024, compared to $59.2 million for the second quarter
of 2024 and $56.5 million for the third quarter of 2023. Interest
income increased $2.4 million in the third quarter of 2024 from the
second quarter of 2024, which was primarily comprised of an
increase of $934 thousand in loan interest income and an increase
of $1.5 million in interest income on other interest-earning
assets. The growth in loan interest income was due to a rise of 8
basis points in the yield on loans, partially offset by a decrease
in average loans of $12.7 million. The increase in interest income
on other interest-earning assets was predominately a result of
increased liquidity from growth in deposits and a net decrease in
loans during the third quarter. Interest income increased $5.1
million in the third quarter of 2024 compared to the third quarter
of 2023. This increase was primarily due to an increase of average
loans of $64.2 million and higher market interest rates during the
period, resulting in growth of $5.3 million in loan interest
income.
Interest expense was $24.3 million for the third
quarter of 2024, compared to $23.3 million for the second quarter
of 2024 and $20.8 million for the third quarter of 2023. Interest
expense increased $1.0 million compared to the second quarter of
2024 and increased $3.5 million compared to the third quarter of
2023. The $1.0 million increase was primarily as a result of growth
in average interest-bearing deposits of $64.4 million. The $3.5
million increase was primarily as a result of growth in average
interest-bearing deposits of $111.2 million and a 43 basis point
increase in the cost of interest-bearing liabilities.
Noninterest Income and Noninterest Expense
Noninterest income was $10.6 million for the
third quarter of 2024, compared to $12.7 million for the second
quarter of 2024 and $12.3 million for the third quarter of 2023.
The decrease from the second quarter of 2024 was primarily due to a
decrease of $1.5 million in mortgage banking revenues, mainly from
a decrease of $1.4 million in the fair value adjustment of the
mortgage servicing rights assets as interest rates that affect the
value declined in the third quarter of 2024. Additionally, there
was a decrease of $750 thousand in bank card services and
interchange revenue mainly as a result of incentives received
during the second quarter of 2024 and a decrease of $315 thousand
in income from investments in Small Business Investment Companies.
The decrease in noninterest income for the third quarter of 2024 as
compared to the third quarter of 2023 was primarily due to a
decrease of $2.7 million in mortgage banking activities revenue
mainly from a decline of $2.7 million in the fair value adjustment
of the mortgage servicing rights assets as interest rates that
affect the value declined in the third quarter of 2024. Further,
there was approximately $700 thousand in insurance proceeds
received for property damage in the third quarter of 2024, which
affected other noninterest income in both period comparisons.
Noninterest expense was $33.1 million for the
third quarter of 2024, compared to $32.6 million for the second
quarter of 2024 and $31.5 million for the third quarter of 2023.
The $556 thousand increase from the second quarter of 2024 was
largely the result of a rise of $226 thousand in net occupancy
expenses, primarily from increased utilities, growth of $155
thousand in marketing and development expenses, and smaller
increases in other noninterest expenses - including operational and
fraud losses, losses on disposal of fixed assets, settlements, and
charitable donations. These increases were partially offset by a
decrease of $432 thousand in personnel costs as there was an
additional $350 thousand in accrued expense in the second quarter
related to incentive-based compensation. The increase in
noninterest expense for the third quarter of 2024 as compared to
the third quarter of 2023 was largely the result of an increase of
$274 thousand in IT and data services related to the Company’s
cloud project, an increase of $247 thousand in professional
services mainly from legal expenses, and smaller increases in other
noninterest expenses - including losses on disposal of fixed
assets, settlements, and charitable donations.
Loan Portfolio and Composition
Loans held for investment were $3.04 billion as
of September 30, 2024, compared to $3.09 billion as of June 30,
2024 and $2.99 billion as of September 30, 2023. The $56.9 million,
or 1.8%, decrease during the third quarter of 2024 as compared to
the second quarter of 2024 occurred primarily as a result of the
expected payoff of a $16 million short-term bridge note that was
originated in the second quarter of 2024, the early payoff of a $17
million residential land development loan, and an $18 million
decrease in consumer auto loans. As of September 30, 2024, loans
held for investment increased $43.8 million, or 1.5%, from
September 30, 2023, primarily attributable to strong organic loan
growth, occurring mainly in multi-family property loans,
direct-energy loans, and single-family property loans, partially
offset by decreases in consumer auto loans and construction, land,
and development loans.
Deposits and Borrowings
Deposits totaled $3.72 billion as of September
30, 2024, compared to $3.62 billion as of June 30, 2024 and $3.62
billion as of September 30, 2023. Deposits increased by $94.8
million, or 2.6%, in the third quarter of 2024 from June 30, 2024.
As of September 30, 2024, deposits increased $98.7 million, or
2.7%, from September 30, 2023. Noninterest-bearing deposits were
$998.5 million as of September 30, 2024, compared to $951.6 million
as of June 30, 2024 and $1.05 billion as of September 30, 2023.
Noninterest-bearing deposits represented 26.9% of total deposits as
of September 30, 2024. The quarterly change in total deposits was
mainly due to organic growth in both noninterest-bearing and
interest-bearing deposits. The year-over-year increase in total
deposits was primarily the result of organic growth in
interest-bearing deposits, given the overall focus in the banking
industry on improving liquidity, partially offset by a decline in
noninterest-bearing deposits.
Asset Quality
The Company recorded a provision for credit
losses in the third quarter of 2024 of $495 thousand, compared to
$1.8 million in the second quarter of 2024 and a negative provision
of $700 thousand in the third quarter of 2023. The provision during
the third quarter of 2024 was largely attributable to net
charge-off activity, partially offset by decreased loan
balances.
The ratio of allowance for credit losses to
loans held for investment was 1.41% as of September 30, 2024,
compared to 1.40% as of June 30, 2024 and 1.41% as of September 30,
2023.
The ratio of nonperforming assets to total
assets was 0.59% as of September 30, 2024, compared to 0.57% as of
June 30, 2024 and 0.12% as of September 30, 2023. The previously
disclosed $20.0 million multi-family property credit, which was
placed on nonaccrual status in the second quarter of 2024 after the
maturity date was accelerated, was subsequently modified during the
third quarter. The modification included more stringent credit
metrics. Although the loan remains in nonaccrual status, the loan
continues to pay as agreed and is showing improving credit trends.
Annualized net charge-offs were 0.11% for the third quarter of
2024, compared to 0.10% for the second quarter of 2024 and 0.05%
for the third quarter of 2023.
Capital
Book value per share increased to $27.04 at
September 30, 2024, compared to $25.45 at June 30, 2024. The change
was primarily driven by $8.9 million of net income after dividends
paid and an increase in accumulated other comprehensive income
(“AOCI”) of $16.6 million. The increase in AOCI was attributed to
the after-tax increase in fair value of our available for sale
securities, net of fair value hedges, as a result of decreases in
long-term market interest rates during the period. Tangible common
equity to tangible assets (non-GAAP) increased 33 basis points to
9.77% in the third quarter of 2024.
Conference Call
South Plains will host a conference call to
discuss its third quarter 2024 financial results today, October 23,
2024, 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
13749147. The replay will be available until November 6, 2024.
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 bank failures and any continuation of
uncertainty in the banking industry, including the associated
impact to the Company and other financial institutions of any
regulatory changes or other mitigation efforts taken by government
agencies in response thereto; 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 the
current elevated interest rate environment or future reductions in
interest rates and a resulting decline in net interest income; the
resurgence of elevated levels of inflation or inflationary
pressures, 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; declines in commercial real estate values and
prices; 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; the impact of changes in U.S.
presidential administrations or Congress; 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 increased regulatory requirements and costs
related to the transition and physical 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 |
|
September 30,2024 |
|
June 30,2024 |
|
March 31,2024 |
|
December 31,2023 |
|
September 30,2023 |
Selected Income
Statement Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
61,640 |
|
|
$ |
59,208 |
|
|
$ |
58,727 |
|
|
$ |
57,236 |
|
|
$ |
56,528 |
|
Interest expense |
|
24,346 |
|
|
|
23,320 |
|
|
|
23,359 |
|
|
|
22,074 |
|
|
|
20,839 |
|
Net interest income |
|
37,294 |
|
|
|
35,888 |
|
|
|
35,368 |
|
|
|
35,162 |
|
|
|
35,689 |
|
Provision for credit
losses |
|
495 |
|
|
|
1,775 |
|
|
|
830 |
|
|
|
600 |
|
|
|
(700 |
) |
Noninterest income |
|
10,635 |
|
|
|
12,709 |
|
|
|
11,409 |
|
|
|
9,146 |
|
|
|
12,277 |
|
Noninterest expense |
|
33,128 |
|
|
|
32,572 |
|
|
|
31,930 |
|
|
|
30,597 |
|
|
|
31,489 |
|
Income tax expense |
|
3,094 |
|
|
|
3,116 |
|
|
|
3,143 |
|
|
|
2,787 |
|
|
|
3,683 |
|
Net income |
|
11,212 |
|
|
|
11,134 |
|
|
|
10,874 |
|
|
|
10,324 |
|
|
|
13,494 |
|
Per Share Data (Common
Stock): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings, basic |
$ |
0.68 |
|
|
$ |
0.68 |
|
|
$ |
0.66 |
|
|
$ |
0.63 |
|
|
$ |
0.80 |
|
Net earnings, diluted |
|
0.66 |
|
|
|
0.66 |
|
|
|
0.64 |
|
|
|
0.61 |
|
|
|
0.78 |
|
Cash dividends declared and
paid |
|
0.14 |
|
|
|
0.14 |
|
|
|
0.13 |
|
|
|
0.13 |
|
|
|
0.13 |
|
Book value |
|
27.04 |
|
|
|
25.45 |
|
|
|
24.87 |
|
|
|
24.80 |
|
|
|
22.39 |
|
Tangible book value
(non-GAAP) |
|
25.75 |
|
|
|
24.15 |
|
|
|
23.56 |
|
|
|
23.47 |
|
|
|
21.07 |
|
Weighted average shares
outstanding, basic |
|
16,386,079 |
|
|
|
16,425,360 |
|
|
|
16,429,919 |
|
|
|
16,443,908 |
|
|
|
16,842,594 |
|
Weighted average shares
outstanding, dilutive |
|
17,056,959 |
|
|
|
16,932,077 |
|
|
|
16,938,857 |
|
|
|
17,008,892 |
|
|
|
17,354,182 |
|
Shares outstanding at end of
period |
|
16,386,627 |
|
|
|
16,424,021 |
|
|
|
16,431,755 |
|
|
|
16,417,099 |
|
|
|
16,600,442 |
|
Selected Period End
Balance Sheet Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
471,167 |
|
|
$ |
298,006 |
|
|
$ |
371,939 |
|
|
$ |
330,158 |
|
|
$ |
352,424 |
|
Investment securities |
|
606,889 |
|
|
|
591,031 |
|
|
|
599,869 |
|
|
|
622,762 |
|
|
|
584,969 |
|
Total loans held for
investment |
|
3,037,375 |
|
|
|
3,094,273 |
|
|
|
3,011,799 |
|
|
|
3,014,153 |
|
|
|
2,993,563 |
|
Allowance for credit
losses |
|
42,886 |
|
|
|
43,173 |
|
|
|
42,174 |
|
|
|
42,356 |
|
|
|
42,075 |
|
Total assets |
|
4,337,659 |
|
|
|
4,220,936 |
|
|
|
4,218,993 |
|
|
|
4,204,793 |
|
|
|
4,186,440 |
|
Interest-bearing deposits |
|
2,720,880 |
|
|
|
2,672,948 |
|
|
|
2,664,397 |
|
|
|
2,651,952 |
|
|
|
2,574,361 |
|
Noninterest-bearing
deposits |
|
998,480 |
|
|
|
951,565 |
|
|
|
974,174 |
|
|
|
974,201 |
|
|
|
1,046,253 |
|
Total deposits |
|
3,719,360 |
|
|
|
3,624,513 |
|
|
|
3,638,571 |
|
|
|
3,626,153 |
|
|
|
3,620,614 |
|
Borrowings |
|
110,307 |
|
|
|
110,261 |
|
|
|
110,214 |
|
|
|
110,168 |
|
|
|
122,493 |
|
Total stockholders’
equity |
|
443,122 |
|
|
|
417,985 |
|
|
|
408,712 |
|
|
|
407,114 |
|
|
|
371,716 |
|
Summary Performance
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
(annualized) |
|
1.05 |
% |
|
|
1.07 |
% |
|
|
1.04 |
% |
|
|
0.99 |
% |
|
|
1.27 |
% |
Return on average equity
(annualized) |
|
10.36 |
% |
|
|
10.83 |
% |
|
|
10.72 |
% |
|
|
10.52 |
% |
|
|
14.01 |
% |
Net interest margin (1) |
|
3.65 |
% |
|
|
3.63 |
% |
|
|
3.56 |
% |
|
|
3.52 |
% |
|
|
3.52 |
% |
Yield on loans |
|
6.68 |
% |
|
|
6.60 |
% |
|
|
6.53 |
% |
|
|
6.29 |
% |
|
|
6.10 |
% |
Cost of interest-bearing
deposits |
|
3.36 |
% |
|
|
3.33 |
% |
|
|
3.27 |
% |
|
|
3.14 |
% |
|
|
2.93 |
% |
Efficiency ratio |
|
68.80 |
% |
|
|
66.72 |
% |
|
|
67.94 |
% |
|
|
68.71 |
% |
|
|
65.34 |
% |
Summary Credit Quality
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans |
$ |
24,693 |
|
|
$ |
23,452 |
|
|
$ |
3,380 |
|
|
$ |
5,178 |
|
|
$ |
4,783 |
|
Nonperforming loans to total
loans held for investment |
|
0.81 |
% |
|
|
0.76 |
% |
|
|
0.11 |
% |
|
|
0.17 |
% |
|
|
0.16 |
% |
Other real estate owned |
|
973 |
|
|
|
755 |
|
|
|
862 |
|
|
|
912 |
|
|
|
242 |
|
Nonperforming assets to total
assets |
|
0.59 |
% |
|
|
0.57 |
% |
|
|
0.10 |
% |
|
|
0.14 |
% |
|
|
0.12 |
% |
Allowance for credit losses to
total loans held for investment |
|
1.41 |
% |
|
|
1.40 |
% |
|
|
1.40 |
% |
|
|
1.41 |
% |
|
|
1.41 |
% |
Net charge-offs to average
loans outstanding (annualized) |
|
0.11 |
% |
|
|
0.10 |
% |
|
|
0.13 |
% |
|
|
0.08 |
% |
|
|
0.05 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the quarter ended |
|
September 302024 |
|
June 30,2024 |
|
March 31,2024 |
|
December 31,2023 |
|
September 30,2023 |
Capital
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity to total assets |
|
10.22 |
% |
|
|
9.90 |
% |
|
|
9.69 |
% |
|
|
9.68 |
% |
|
|
8.88 |
% |
Tangible common equity to
tangible assets (non-GAAP) |
|
9.77 |
% |
|
|
9.44 |
% |
|
|
9.22 |
% |
|
|
9.21 |
% |
|
|
8.40 |
% |
Common equity tier 1 to
risk-weighted assets |
|
13.25 |
% |
|
|
12.61 |
% |
|
|
12.67 |
% |
|
|
12.41 |
% |
|
|
12.19 |
% |
Tier 1 capital to average
assets |
|
11.76 |
% |
|
|
11.81 |
% |
|
|
11.51 |
% |
|
|
11.33 |
% |
|
|
11.13 |
% |
Total capital to risk-weighted
assets |
|
17.61 |
% |
|
|
16.86 |
% |
|
|
17.00 |
% |
|
|
16.74 |
% |
|
|
16.82 |
% |
(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 |
|
September 30, 2024 |
|
September 30, 2023 |
|
|
|
|
|
AverageBalance |
|
Interest |
|
Yield/Rate |
|
AverageBalance |
|
Interest |
|
Yield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
3,069,900 |
|
$ |
51,513 |
|
|
6.68 |
% |
|
$ |
3,005,699 |
|
$ |
46,250 |
|
|
6.10 |
% |
Debt securities - taxable |
|
524,641 |
|
|
5,300 |
|
|
4.02 |
% |
|
|
561,068 |
|
|
5,422 |
|
|
3.83 |
% |
Debt securities -
nontaxable |
|
154,806 |
|
|
1,016 |
|
|
2.61 |
% |
|
|
159,577 |
|
|
1,054 |
|
|
2.62 |
% |
Other interest-bearing
assets |
|
336,887 |
|
|
4,032 |
|
|
4.76 |
% |
|
|
325,201 |
|
|
4,031 |
|
|
4.92 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets |
|
4,086,234 |
|
|
61,861 |
|
|
6.02 |
% |
|
|
4,051,545 |
|
|
56,757 |
|
|
5.56 |
% |
Noninterest-earning
assets |
|
172,922 |
|
|
|
|
|
|
|
|
177,216 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
$ |
4,259,156 |
|
|
|
|
|
|
|
$ |
4,228,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities &
stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, Savings, MMDA’s |
$ |
2,247,299 |
|
|
18,143 |
|
|
3.21 |
% |
|
$ |
2,223,014 |
|
|
16,061 |
|
|
2.87 |
% |
Time deposits |
|
431,307 |
|
|
4,510 |
|
|
4.16 |
% |
|
|
344,395 |
|
|
2,904 |
|
|
3.35 |
% |
Short-term borrowings |
|
3 |
|
|
- |
|
|
0.00 |
% |
|
|
3 |
|
|
- |
|
|
0.00 |
% |
Notes payable & other
long-term borrowings |
|
- |
|
|
- |
|
|
0.00 |
% |
|
|
- |
|
|
- |
|
|
0.00 |
% |
Subordinated debt |
|
63,891 |
|
|
835 |
|
|
5.20 |
% |
|
|
76,077 |
|
|
1,012 |
|
|
5.28 |
% |
Junior subordinated deferrable
interest debentures |
|
46,393 |
|
|
858 |
|
|
7.36 |
% |
|
|
46,393 |
|
|
862 |
|
|
7.37 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities |
|
2,788,893 |
|
|
24,346 |
|
|
3.47 |
% |
|
|
2,689,882 |
|
|
20,839 |
|
|
3.07 |
% |
Demand deposits |
|
976,048 |
|
|
|
|
|
|
|
|
1,071,175 |
|
|
|
|
|
|
Other liabilities |
|
63,661 |
|
|
|
|
|
|
|
|
85,713 |
|
|
|
|
|
|
Stockholders’ equity |
|
430,554 |
|
|
|
|
|
|
|
|
381,991 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
& stockholders’ equity |
$ |
4,259,156 |
|
|
|
|
|
|
|
$ |
4,228,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
$ |
37,515 |
|
|
|
|
|
|
|
$ |
35,918 |
|
|
|
Net interest margin (2) |
|
|
|
|
|
|
|
3.65 |
% |
|
|
|
|
|
|
|
|
3.52 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.Average Balances and Yields
- (Unaudited)(Dollars in thousands) |
|
|
For the Nine Months Ended |
|
September 30, 2024 |
|
September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
AverageBalance |
|
Interest |
|
Yield/Rate |
|
AverageBalance |
|
Interest |
|
Yield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
3,055,679 |
|
$ |
151,031 |
|
|
6.60 |
% |
|
$ |
2,892,887 |
|
$ |
128,724 |
|
|
5.95 |
% |
Debt securities - taxable |
|
537,425 |
|
|
16,096 |
|
|
4.00 |
% |
|
|
574,159 |
|
|
16,027 |
|
|
3.73 |
% |
Debt securities -
nontaxable |
|
155,489 |
|
|
3,062 |
|
|
2.63 |
% |
|
|
194,492 |
|
|
3,870 |
|
|
2.66 |
% |
Other interest-bearing
assets |
|
287,192 |
|
|
10,052 |
|
|
4.68 |
% |
|
|
212,384 |
|
|
7,010 |
|
|
4.41 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets |
|
4,035,785 |
|
|
180,241 |
|
|
5.97 |
% |
|
|
3,873,922 |
|
|
155,631 |
|
|
5.37 |
% |
Noninterest-earning
assets |
|
176,230 |
|
|
|
|
|
|
|
|
183,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
$ |
4,212,015 |
|
|
|
|
|
|
|
$ |
4,057,071 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities &
stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, Savings, MMDA’s |
$ |
2,251,569 |
|
|
53,792 |
|
|
3.19 |
% |
|
$ |
2,090,250 |
|
|
38,529 |
|
|
2.46 |
% |
Time deposits |
|
399,646 |
|
|
12,153 |
|
|
4.06 |
% |
|
|
309,250 |
|
|
6,239 |
|
|
2.70 |
% |
Short-term borrowings |
|
3 |
|
|
- |
|
|
0.00 |
% |
|
|
111 |
|
|
5 |
|
|
6.02 |
% |
Notes payable & other
long-term borrowings |
|
- |
|
|
- |
|
|
0.00 |
% |
|
|
- |
|
|
- |
|
|
0.00 |
% |
Subordinated debt |
|
63,845 |
|
|
2,505 |
|
|
5.24 |
% |
|
|
76,031 |
|
|
3,037 |
|
|
5.34 |
% |
Junior subordinated deferrable
interest debentures |
|
46,393 |
|
|
2,575 |
|
|
7.41 |
% |
|
|
46,393 |
|
|
2,402 |
|
|
6.92 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities |
|
2,761,456 |
|
|
71,025 |
|
|
3.44 |
% |
|
|
2,522,035 |
|
|
50,212 |
|
|
2.66 |
% |
Demand deposits |
|
964,829 |
|
|
|
|
|
|
|
|
1,085,345 |
|
|
|
|
|
|
Other liabilities |
|
68,458 |
|
|
|
|
|
|
|
|
74,865 |
|
|
|
|
|
|
Stockholders’ equity |
|
417,272 |
|
|
|
|
|
|
|
|
374,826 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
& stockholders’ equity |
$ |
4,212,015 |
|
|
|
|
|
|
|
$ |
4,057,071 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
$ |
109,216 |
|
|
|
|
|
|
|
$ |
105,419 |
|
|
|
Net interest margin (2) |
|
|
|
|
|
|
|
3.61 |
% |
|
|
|
|
|
|
|
|
3.64 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
September 30,2024 |
|
December 31,2023 |
|
|
|
|
|
|
Assets |
|
|
|
|
|
Cash and due from banks |
$ |
60,863 |
|
|
$ |
62,821 |
|
Interest-bearing deposits in
banks |
|
410,304 |
|
|
|
267,337 |
|
Securities available for
sale |
|
606,889 |
|
|
|
622,762 |
|
Loans held for sale |
|
11,389 |
|
|
|
14,499 |
|
Loans held for investment |
|
3,037,375 |
|
|
|
3,014,153 |
|
Less: Allowance for
credit losses |
|
(42,886 |
) |
|
|
(42,356 |
) |
Net loans held for
investment |
|
2,994,489 |
|
|
|
2,971,797 |
|
Premises and equipment,
net |
|
53,323 |
|
|
|
55,070 |
|
Goodwill |
|
19,315 |
|
|
|
19,315 |
|
Intangible assets |
|
1,882 |
|
|
|
2,429 |
|
Mortgage servicing rights |
|
24,573 |
|
|
|
26,569 |
|
Other assets |
|
154,632 |
|
|
|
162,194 |
|
Total assets |
$ |
4,337,659 |
|
|
$ |
4,204,793 |
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
Noninterest-bearing
deposits |
$ |
998,480 |
|
|
$ |
974,201 |
|
Interest-bearing deposits |
|
2,720,880 |
|
|
|
2,651,952 |
|
Total deposits |
|
3,719,360 |
|
|
|
3,626,153 |
|
Subordinated debt |
|
63,914 |
|
|
|
63,775 |
|
Junior subordinated deferrable
interest debentures |
|
46,393 |
|
|
|
46,393 |
|
Other liabilities |
|
64,870 |
|
|
|
61,358 |
|
Total liabilities |
|
3,894,537 |
|
|
|
3,797,679 |
|
Stockholders’
Equity |
|
|
|
|
|
Common stock |
|
16,386 |
|
|
|
16,417 |
|
Additional paid-in
capital |
|
97,367 |
|
|
|
97,107 |
|
Retained earnings |
|
371,782 |
|
|
|
345,264 |
|
Accumulated other
comprehensive income (loss) |
|
(42,413 |
) |
|
|
(51,674 |
) |
Total stockholders’
equity |
|
443,122 |
|
|
|
407,114 |
|
Total liabilities and
stockholders’ equity |
$ |
4,337,659 |
|
|
$ |
4,204,793 |
|
|
South Plains
Financial, Inc.Consolidated Statements of
Income(Unaudited)(Dollars in
thousands) |
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30,2024 |
|
September 30,2023 |
|
September 30,2024 |
|
September 30,2023 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income: |
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
$ |
51,505 |
|
$ |
46,242 |
|
|
$ |
151,008 |
|
$ |
128,703 |
Other |
|
10,135 |
|
|
10,286 |
|
|
|
28,567 |
|
|
26,094 |
Total interest income |
|
61,640 |
|
|
56,528 |
|
|
|
179,575 |
|
|
154,797 |
Interest
expense: |
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
22,653 |
|
|
18,965 |
|
|
|
65,945 |
|
|
44,768 |
Subordinated debt |
|
835 |
|
|
1,012 |
|
|
|
2,505 |
|
|
3,037 |
Junior subordinated deferrable
interest debentures |
|
858 |
|
|
862 |
|
|
|
2,575 |
|
|
2,402 |
Other |
|
- |
|
|
- |
|
|
|
- |
|
|
5 |
Total interest expense |
|
24,346 |
|
|
20,839 |
|
|
|
71,025 |
|
|
50,212 |
Net interest income |
|
37,294 |
|
|
35,689 |
|
|
|
108,550 |
|
|
104,585 |
Provision for credit
losses |
|
495 |
|
|
(700 |
) |
|
|
3,100 |
|
|
4,010 |
Net interest income after
provision for credit losses |
|
36,799 |
|
|
36,389 |
|
|
|
105,450 |
|
|
100,575 |
Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposits |
|
2,023 |
|
|
1,840 |
|
|
|
5,785 |
|
|
5,286 |
Income from insurance
activities |
|
28 |
|
|
30 |
|
|
|
92 |
|
|
1,478 |
Mortgage banking
activities |
|
1,890 |
|
|
4,602 |
|
|
|
9,232 |
|
|
12,146 |
Bank card services and
interchange fees |
|
3,302 |
|
|
3,157 |
|
|
|
10,415 |
|
|
10,156 |
Gain on sale of
subsidiary |
|
— |
|
|
290 |
|
|
|
— |
|
|
33,778 |
Other |
|
3,392 |
|
|
2,358 |
|
|
|
9,229 |
|
|
7,236 |
Total noninterest income |
|
10,635 |
|
|
12,277 |
|
|
|
34,753 |
|
|
70,080 |
Noninterest
expense: |
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
18,767 |
|
|
18,709 |
|
|
|
56,954 |
|
|
61,400 |
Net occupancy expense |
|
4,255 |
|
|
4,111 |
|
|
|
12,204 |
|
|
12,246 |
Professional services |
|
1,807 |
|
|
1,560 |
|
|
|
5,028 |
|
|
4,924 |
Marketing and development |
|
1,015 |
|
|
853 |
|
|
|
2,629 |
|
|
2,573 |
Other |
|
7,284 |
|
|
6,256 |
|
|
|
20,815 |
|
|
23,206 |
Total noninterest expense |
|
33,128 |
|
|
31,489 |
|
|
|
97,630 |
|
|
104,349 |
Income before income
taxes |
|
14,306 |
|
|
17,177 |
|
|
|
42,573 |
|
|
66,306 |
Income tax expense |
|
3,094 |
|
|
3,683 |
|
|
|
9,353 |
|
|
13,885 |
Net
income |
$ |
11,212 |
|
$ |
13,494 |
|
|
$ |
33,220 |
|
$ |
52,421 |
|
South
Plains Financial, Inc.Loan
Composition(Unaudited)(Dollars in
thousands) |
|
|
As of |
|
September 30,2024 |
|
December 31,2023 |
|
|
|
|
|
|
Loans: |
|
|
|
|
|
Commercial Real Estate |
$ |
1,120,448 |
|
$ |
1,081,056 |
Commercial - Specialized |
|
406,255 |
|
|
372,376 |
Commercial - General |
|
526,448 |
|
|
517,361 |
Consumer: |
|
|
|
|
|
1-4 Family Residential |
|
562,401 |
|
|
534,731 |
Auto Loans |
|
253,509 |
|
|
305,271 |
Other Consumer |
|
65,789 |
|
|
74,168 |
Construction |
|
102,525 |
|
|
129,190 |
Total loans held for
investment |
$ |
3,037,375 |
|
$ |
3,014,153 |
|
South
Plains Financial, Inc.Deposit
Composition(Unaudited)(Dollars in
thousands) |
|
|
As of |
|
September 30,2024 |
|
December 31,2023 |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
Noninterest-bearing
deposits |
$ |
998,480 |
|
$ |
974,201 |
NOW & other transaction
accounts |
|
496,176 |
|
|
562,066 |
MMDA & other savings |
|
1,780,337 |
|
|
1,722,170 |
Time deposits |
|
444,367 |
|
|
367,716 |
Total
deposits |
$ |
3,719,360 |
|
$ |
3,626,153 |
|
South
Plains Financial, Inc.Reconciliation of Non-GAAP
Financial Measures (Unaudited)(Dollars in
thousands) |
|
|
For the quarter ended |
|
September 30,2024 |
|
June 30,2024 |
|
March 31,2024 |
|
December 31,2023 |
|
September 30,2023 |
Pre-tax, pre-provision
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
11,212 |
|
|
$ |
11,134 |
|
|
$ |
10,874 |
|
|
$ |
10,324 |
|
|
$ |
13,494 |
|
Income tax expense |
|
3,094 |
|
|
|
3,116 |
|
|
|
3,143 |
|
|
|
2,787 |
|
|
|
3,683 |
|
Provision for credit
losses |
|
495 |
|
|
|
1,775 |
|
|
|
830 |
|
|
|
600 |
|
|
|
(700 |
) |
Pre-tax, pre-provision
income |
$ |
14,801 |
|
|
$ |
16,025 |
|
|
$ |
14,847 |
|
|
$ |
13,711 |
|
|
$ |
16,477 |
|
Efficiency
Ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense |
$ |
33,128 |
|
|
$ |
32,572 |
|
|
$ |
31,930 |
|
|
$ |
30,597 |
|
|
$ |
31,489 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
37,294 |
|
|
|
35,888 |
|
|
|
35,368 |
|
|
|
35,162 |
|
|
|
35,689 |
|
Tax equivalent yield
adjustment |
|
221 |
|
|
|
223 |
|
|
|
223 |
|
|
|
225 |
|
|
|
229 |
|
Noninterest income |
|
10,635 |
|
|
|
12,709 |
|
|
|
11,409 |
|
|
|
9,146 |
|
|
|
12,277 |
|
Total income |
|
48,150 |
|
|
|
48,820 |
|
|
|
47,000 |
|
|
|
44,533 |
|
|
|
48,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
68.80 |
% |
|
|
66.72 |
% |
|
|
67.94 |
% |
|
|
68.71 |
% |
|
|
65.34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense |
$ |
33,128 |
|
|
$ |
32,572 |
|
|
$ |
31,930 |
|
|
$ |
30,597 |
|
|
$ |
31,489 |
|
Less: Subsidiary transaction
and related expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Less: net loss on sale
of securities |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted noninterest
expense |
|
33,128 |
|
|
|
32,572 |
|
|
|
31,930 |
|
|
|
30,597 |
|
|
|
31,489 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income |
|
48,150 |
|
|
|
48,820 |
|
|
|
47,000 |
|
|
|
44,533 |
|
|
|
48,195 |
|
Less: gain on sale of
subsidiary |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(290 |
) |
Adjusted total income |
|
48,150 |
|
|
|
48,820 |
|
|
|
47,000 |
|
|
|
44,533 |
|
|
|
47,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted efficiency ratio |
|
68.80 |
% |
|
|
66.72 |
% |
|
|
67.94 |
% |
|
|
68.71 |
% |
|
|
65.73 |
% |
|
As of |
|
September 30,2024 |
|
June 30,2024 |
|
March 31,2024 |
|
December 31,2023 |
|
September 30,2023 |
Tangible common
equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total common stockholders’ equity |
$ |
443,122 |
|
|
$ |
417,985 |
|
|
$ |
408,712 |
|
|
$ |
407,114 |
|
|
$ |
371,716 |
|
Less: goodwill and other
intangibles |
|
(21,197 |
) |
|
|
(21,379 |
) |
|
|
(21,562 |
) |
|
|
(21,744 |
) |
|
|
(21,936 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity |
$ |
421,925 |
|
|
$ |
396,606 |
|
|
$ |
387,150 |
|
|
$ |
385,370 |
|
|
$ |
349,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
4,337,659 |
|
|
$ |
4,220,936 |
|
|
$ |
4,218,993 |
|
|
$ |
4,204,793 |
|
|
$ |
4,186,440 |
|
Less: goodwill and other
intangibles |
|
(21,197 |
) |
|
|
(21,379 |
) |
|
|
(21,562 |
) |
|
|
(21,744 |
) |
|
|
(21,936 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
assets |
$ |
4,316,462 |
|
|
$ |
4,199,557 |
|
|
$ |
4,197,431 |
|
|
$ |
4,183,049 |
|
|
$ |
4,164,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding |
|
16,386,627 |
|
|
|
16,424,021 |
|
|
|
16,431,755 |
|
|
|
16,417,099 |
|
|
|
16,600,442 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity to
total assets |
|
10.22 |
% |
|
|
9.90 |
% |
|
|
9.69 |
% |
|
|
9.68 |
% |
|
|
8.88 |
% |
Tangible common equity to
tangible assets |
|
9.77 |
% |
|
|
9.44 |
% |
|
|
9.22 |
% |
|
|
9.21 |
% |
|
|
8.40 |
% |
Book value per share |
$ |
27.04 |
|
|
$ |
25.45 |
|
|
$ |
24.87 |
|
|
$ |
24.80 |
|
|
$ |
22.39 |
|
Tangible book value per
share |
$ |
25.75 |
|
|
$ |
24.15 |
|
|
$ |
23.56 |
|
|
$ |
23.47 |
|
|
$ |
21.07 |
|
South Plains Financial (NASDAQ:SPFI)
Graphique Historique de l'Action
De Oct 2024 à Nov 2024
South Plains Financial (NASDAQ:SPFI)
Graphique Historique de l'Action
De Nov 2023 à Nov 2024