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 and
year ended December 31, 2021.
Fourth Quarter 2021 Highlights
- Net income for the fourth quarter
of 2021 was $14.6 million, compared to $15.2 million for the third
quarter of 2021 and $15.9 million for the fourth quarter of
2020.
- Diluted earnings per share for the
fourth quarter of 2021 was $0.79, compared to $0.82 for the third
quarter of 2021 and $0.87 for the fourth quarter of 2020.
- Pre-tax, pre-provision income
(non-GAAP) for the fourth quarter of 2021 was $18.2 million,
compared to $18.9 million for the third quarter of 2021 and $20.0
million for the fourth quarter of 2020.
- Average cost of deposits for the
fourth quarter of 2021 decreased to 23 basis points, compared to 25
basis points for the third quarter of 2021 and 31 basis points for
the fourth quarter of 2020.
- Nonperforming assets to total
assets were 0.30% at December 31, 2021, compared to 0.32% at
September 30, 2021 and 0.45% at December 31, 2020.
- Return on average assets for the
fourth quarter of 2021 was 1.50% annualized, compared to 1.61%
annualized for the third quarter of 2021 and 1.76% annualized for
the fourth quarter of 2020.
Full Year 2021 Highlights
- Total assets were $3.9 billion at
December 31, 2021, compared to $3.6 billion at December 31,
2020.
- Full year net income of $58.6
million in 2021, compared to $45.4 million in 2020.
- Diluted earnings per share of $3.17
in 2021, compared to $2.47 in 2020.
- Loans held for investment grew
$216.0 million, or 9.7%, during 2021.
- Efficiency ratio of 67.1% in 2021,
compared to 63.0% in 2020.
- Tangible book value (non-GAAP) per
share of $21.51 at December 31, 2021, compared to $18.97 at
December 31, 2020.
- Return on average assets of 1.56%
for the full year 2021, compared to 1.31% for 2020.
Curtis Griffith, South Plains’ Chairman and
Chief Executive Officer, commented, “Looking back on 2021, we
believe our team delivered another year of strong financial results
highlighted by 9.7% organic loan growth, year over year, which
exceeded our goal of mid-single digit growth. Strength in our local
Texas markets combined with the successful execution of our plan to
grow our lending team contributed to these results. Importantly, we
are approximately halfway to our goal of adding 20 new lenders to
our 60-lender team and remain pleased with the quality of bankers
that we continue to recruit and hire. This provides us with
confidence in our ability to maintain mid to high single-digit loan
growth in 2022 as we work to deploy our excess liquidity into
attractive yielding organic loans. As we unlock the latent earnings
power on our balance sheet, we believe that we will begin to offset
the expected decline in our mortgage banking revenues, as we work
to deliver sustained earnings and book value growth. That said, we
will remain disciplined on credit quality as we grow the Company
and remain very pleased with the performance of our enterprise risk
management system, which has enabled our team to effectively manage
the credit of our loan portfolio through the pandemic.”
Results of Operations, Quarter Ended December 31,
2021
Net Interest Income
Net interest income was $31.4 million for the
fourth quarter of 2021, compared to $31.2 million for the third
quarter of 2021 and $30.4 million for the fourth quarter of 2020.
Net interest margin, calculated on a tax-equivalent basis, was
3.50% for the fourth quarter of 2021, compared to 3.58% for the
third quarter of 2021 and 3.64% for the fourth quarter of 2020. The
average yield on loans was 4.90% for the fourth quarter of 2021,
compared to 4.99% for the third quarter of 2021 and 5.10% for the
fourth quarter of 2020. The average cost of deposits was 23 basis
points for the fourth quarter of 2021, representing a two basis
point decrease from the third quarter of 2021 and an 8 basis point
decrease from the fourth quarter of 2020.
Interest income was $34.6 million for the fourth
quarter of 2021, compared to $34.4 million for the third quarter of
2021 and $34.0 million for the fourth quarter of 2020. Interest
income increased $162 thousand in the fourth quarter of 2021 from
the third quarter of 2021 due primarily to an increase of $264
thousand in loan interest income as a result of the growth of $66.1
million in average loans outstanding, partially offset by a
decrease of 9 basis points in the yield on loans, during the fourth
quarter of 2021. Further, there was approximately four basis points
of yield from several large loan payoffs during the fourth quarter
of 2021. In the fourth quarter of 2021, interest and fees on Small
Business Administration (“SBA”) Paycheck Protection Program (“PPP”)
loans declined $729 thousand compared to the third quarter of 2021,
as the average balance of PPP loans outstanding decreased $38.6
million during the fourth quarter of 2021 due to PPP loan
forgiveness payments received from the SBA during the quarter.
Interest income increased $616 thousand in the fourth quarter of
2021 compared to the fourth quarter of 2020, mainly as a result
that average loans outstanding were $165.8 million higher,
partially offset by a reduction of 20 basis points in the related
yield and a decrease of $1.3 million in PPP-related interest and
fees in the fourth quarter of 2021. During the fourth quarter of
2021, the Company recognized $1.0 million in deferred PPP-related
SBA fees. At December 31, 2021, the Company had $1.9 million of
deferred PPP fees that have not been accreted to income, the
majority of which are expected to be recognized as PPP loans
continue to be forgiven by the SBA over the next several
quarters.
Interest expense was $3.2 million for the fourth
quarter of 2021, compared to $3.3 million for the third quarter of
2021 and $3.6 million for the fourth quarter of 2020. Interest
expense declined 3.3% compared to the third quarter of 2021 as a
result of a reduction in interest rates on interest-bearing
deposits, partially offset by a higher average balance of these
deposits during the quarter. Interest expense decreased $468
thousand compared to the fourth quarter of 2020, with a reduction
of 10 basis points in interest rates on interest-bearing deposits
partially offset by an increase of $157.1 million in average
interest-bearing deposits.
Noninterest Income and Noninterest Expense
Noninterest income was $22.9 million for the
fourth quarter of 2021, compared to $25.8 million for the third
quarter of 2021 and $26.2 million for the fourth quarter of 2020.
The decline from the third quarter of 2021 was primarily due to a
decrease of $2.4 million in mortgage banking activities revenue and
the seasonal decrease of $1.6 million in income from insurance
activities. The decrease in mortgage banking revenues was mainly
the result of a reduction of $60.1 million in mortgage loan
originations. These decreases were partially offset by an increase
in bank card services and interchange fees of $434 thousand during
the fourth quarter of 2021, primarily from receiving an incentive
bonus related to volume on the Company’s debit card transactions.
Additionally, there was a gain on sale of real estate of $579
thousand in the fourth quarter of 2021 resulting from the sale of
land that was held for future expansion. The decrease in
noninterest income for the fourth quarter of 2021 as compared to
the fourth quarter of 2020 was primarily due to a decline of $4.5
million in mortgage banking activities revenue as a result of a
reduction of $143.6 million in mortgage loan originations. This
decrease was partially offset by the increases in bank card
services and interchange fees and gain on sale as noted above.
Noninterest expense was $36.1 million for the
fourth quarter of 2021, compared to $38.1 million for the third
quarter of 2021 and $36.5 million for the fourth quarter of 2020.
The decline from the third quarter of 2021 was primarily the result
of a decrease of $2.6 million in personnel expense due to the
seasonal decline of $1.1 million in commissions expense on
insurance activities and a reduction of $854 thousand in mortgage
commissions related to the decline in mortgage loan originations.
Partially offsetting these declines was an $881 thousand increase
in professional services from the third quarter of 2021. This
increase primarily relates to $386 thousand invested in planning
the Company’s transition of computing and data storage to the cloud
as well as further development of the new customer lead generation
initiative and an increase of $274,000 in legal expense. The
decrease in noninterest expense for the fourth quarter of 2021 as
compared to the fourth quarter of 2020 was primarily driven by a
$1.6 million decrease in personnel expense as mortgage commissions
were $2.1 million lower, based on the reduction in mortgage loan
originations, partially offset by personnel costs reflective of the
Company’s stated initiative of growing its loan officer capacity.
Also, professional services expense increased $657 thousand
primarily as noted above.
Loan Portfolio and Composition
Loans held for investment were $2.44 billion as
of December 31, 2021, compared to $2.43 billion as of September 30,
2021 and $2.22 billion as of December 31, 2020. The $8.5 million,
or 0.4%, increase during the fourth quarter of 2021 as compared to
the third quarter of 2021 was primarily the result of organic net
loan growth of $30.5 million, partially offset by a decrease due to
SBA forgiveness and repayments of $22.0 million in PPP loans during
the fourth quarter of 2021. The organic loan growth remained
relationship-focused and occurred in a majority of loan segments,
with the largest volume growth in commercial land development
loans, commercial retail loans, and direct energy loans.
Additionally, there was a $16.5 million reduction in hotel loans,
primarily from the early payoff of two credits, and a $10.3 million
payoff of a classified commercial credit during the fourth quarter
of 2021. As of December 31, 2021, loans held for investment
increased $216.0 million, or 9.7%, from December 31, 2020,
attributable to organic loan growth experienced in each quarter of
2021, partially offset by SBA forgiveness or repayments, net of
originations, of $129.8 million on PPP loans.
Agricultural production loans were $103.0
million as of December 31, 2021, compared to $119.3 million as of
September 30, 2021 and $105.9 million as of December 31, 2020. The
decrease of $16.4 million from the third quarter of 2021 is due to
typical seasonal repayments of these agricultural production
loans.
Deposits and Borrowings
Deposits totaled $3.34 billion as of December
31, 2021, compared to $3.21 billion as of September 30, 2021 and
$2.97 billion as of December 31, 2020. Deposits increased by $129.0
million, or 4.0%, in the fourth quarter of 2021 from September 30,
2021, with a majority of the increase relating to personal
accounts. As of December 31, 2021, deposits increased $366.9
million, or 12.3%, from December 31, 2020. The increase in deposits
since December 31, 2020 is primarily a result of organic growth as
well as existing customers depositing funds received from PPP loan
advances, stimulus checks, and generally maintaining higher
liquidity in response to the ongoing COVID-19 pandemic.
Noninterest-bearing deposits were $1.07 billion
as of December 31, 2021, compared to $1.05 billion as of September
30, 2021 and $917.3 million as of December 31, 2020.
Noninterest-bearing deposits represented 32.1% of total deposits as
of December 31, 2021. The change in noninterest-bearing deposit
balances at December 31, 2021 compared to September 30, 2021 was an
increase of $17.1 million, or 1.6%. The change in
noninterest-bearing deposit balances at December 31, 2021 compared
to December 31, 2020 was an increase of $154.0 million, or 16.8%.
The changes from both compared periods is primarily a result of
organic growth as well as existing customers increasing their
deposit balances.
Asset Quality
As part of the Bank’s efforts to support its
customers and protect the Bank in response to the COVID-19
pandemic, the Bank has provided borrowers impacted by the COVID-19
pandemic with relief by offering varying forms of loan
modifications including 90-day payment deferrals, 6-month interest
only terms, or in certain select cases periods of longer than 6
months of interest only terms. As of December 31, 2021, there were
three total active loan modifications attributed to the COVID-19
pandemic totaling $15.9 million, or 0.7% of the Company’s loan
portfolio. All of these active modified loans at December 31, 2021
are in the hotel portfolio and have original modified terms that
extended up to 18 months. We expect that these remaining modified
loans will return to full payment status at the end of their
respective modification periods.
The Company did not record a provision for loan
losses in the fourth quarter of 2021 or in the third quarter of
2021, compared to a provision for loan losses of $141 thousand for
the fourth quarter of 2020. The Company experienced continued
growth in the non-PPP loan portfolio while classified loans
decreased by $20.3 million in the fourth quarter of 2021 and
annualized net charge-offs increased eight basis points in the
fourth quarter of 2021. As a result, the Company determined that no
adjustment to the allowance for loan losses was necessary in the
fourth quarter of 2021. There is continued uncertainty from the
ongoing COVID-19 pandemic (and any current or future variants
thereof) and the full extent of the impact on the economy and the
Company’s customers remains unknown at this time. Accordingly,
additional or reversal of provisions for loan losses may be
necessary in future periods.
The ratio of allowance for loan losses to loans
held for investment was 1.73% as of December 31, 2021, compared to
1.76% as of September 30, 2021 and 2.05% as of December 31, 2020.
The ratio of allowance for loan losses to non-PPP loans held for
investment was 1.76% as of December 31, 2021.
The ratio of nonperforming assets to total
assets as of December 31, 2021 was 0.30%, compared to 0.32% as of
September 30, 2021 and 0.45% at December 31, 2020. Annualized net
charge-offs were 0.11% for the fourth quarter of 2021, compared to
0.03% for the third quarter of 2021 and 0.11% for the fourth
quarter of 2020.
Conference Call
South Plains will host a conference call to
discuss its fourth quarter and year-end 2021 financial results
today, January 27, 2022, 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
13726192. The replay will be available until February 10, 2022.
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 insurance, 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 Common 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, among other things, the
ongoing COVID-19 pandemic and other future events. 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, general economic conditions, the extent of the impact
of the COVID-19 pandemic (and any current or future variants
thereof) on our customers, changes in interest rates, regulatory
considerations, competition and market expansion opportunities,
changes in non-interest expenditures or in the anticipated benefits
of such expenditures, 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, and other documents South Plains files with the
SEC from time to time. South Plains urges readers of this press
release to review the “Risk Factors” section of our most recent
Annual Report on Form 10-K, as well as the “Risk Factors” section
of 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 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 |
|
December 31,2021 |
|
September 30,2021 |
|
June 30,2021 |
|
March 31,2021 |
|
December 31,2020 |
Selected Income
Statement Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
34,600 |
|
|
$ |
34,438 |
|
|
$ |
33,016 |
|
|
$ |
32,982 |
|
|
$ |
33,984 |
|
Interest expense |
|
3,151 |
|
|
|
3,260 |
|
|
|
3,423 |
|
|
|
3,438 |
|
|
|
3,619 |
|
Net interest income |
|
31,449 |
|
|
|
31,178 |
|
|
|
29,593 |
|
|
|
29,544 |
|
|
|
30,365 |
|
Provision for loan losses |
|
- |
|
|
|
- |
|
|
|
(2,007 |
) |
|
|
89 |
|
|
|
141 |
|
Noninterest income |
|
22,928 |
|
|
|
25,791 |
|
|
|
22,250 |
|
|
|
26,500 |
|
|
|
26,172 |
|
Noninterest expense |
|
36,132 |
|
|
|
38,063 |
|
|
|
36,778 |
|
|
|
37,057 |
|
|
|
36,504 |
|
Income tax expense |
|
3,631 |
|
|
|
3,716 |
|
|
|
3,422 |
|
|
|
3,738 |
|
|
|
3,968 |
|
Net income |
|
14,614 |
|
|
|
15,190 |
|
|
|
13,650 |
|
|
|
15,160 |
|
|
|
15,924 |
|
Per Share Data (Common
Stock): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings, basic |
|
0.82 |
|
|
|
0.85 |
|
|
|
0.76 |
|
|
|
0.84 |
|
|
|
0.88 |
|
Net earnings, diluted |
|
0.79 |
|
|
|
0.82 |
|
|
|
0.74 |
|
|
|
0.82 |
|
|
|
0.87 |
|
Cash dividends declared and
paid |
|
0.09 |
|
|
|
0.09 |
|
|
|
0.07 |
|
|
|
0.05 |
|
|
|
0.05 |
|
Book value |
|
22.94 |
|
|
|
22.34 |
|
|
|
21.81 |
|
|
|
20.75 |
|
|
|
20.47 |
|
Tangible book value
(non-GAAP) |
|
21.51 |
|
|
|
20.90 |
|
|
|
20.35 |
|
|
|
19.28 |
|
|
|
18.97 |
|
Weighted average shares
outstanding, basic |
|
17,777,542 |
|
|
|
17,931,174 |
|
|
|
18,039,553 |
|
|
|
18,069,186 |
|
|
|
18,053,467 |
|
Weighted average shares
outstanding, dilutive |
|
18,433,038 |
|
|
|
18,463,697 |
|
|
|
18,553,050 |
|
|
|
18,511,120 |
|
|
|
18,366,129 |
|
Shares outstanding at end of
period |
|
17,760,243 |
|
|
|
17,824,094 |
|
|
|
18,014,398 |
|
|
|
18,053,229 |
|
|
|
18,076,364 |
|
Selected Period End
Balance Sheet Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
486,821 |
|
|
|
327,600 |
|
|
|
383,949 |
|
|
|
413,406 |
|
|
|
300,307 |
|
Investment securities |
|
724,504 |
|
|
|
752,562 |
|
|
|
777,613 |
|
|
|
777,208 |
|
|
|
803,087 |
|
Total loans held for
investment |
|
2,437,577 |
|
|
|
2,429,041 |
|
|
|
2,303,462 |
|
|
|
2,242,676 |
|
|
|
2,221,583 |
|
Allowance for loan losses |
|
42,098 |
|
|
|
42,768 |
|
|
|
42,963 |
|
|
|
45,019 |
|
|
|
45,553 |
|
Total assets |
|
3,901,855 |
|
|
|
3,774,175 |
|
|
|
3,712,915 |
|
|
|
3,732,894 |
|
|
|
3,599,160 |
|
Interest-bearing deposits |
|
2,269,855 |
|
|
|
2,157,981 |
|
|
|
2,159,554 |
|
|
|
2,193,427 |
|
|
|
2,057,029 |
|
Noninterest-bearing
deposits |
|
1,071,367 |
|
|
|
1,054,264 |
|
|
|
998,941 |
|
|
|
962,205 |
|
|
|
917,322 |
|
Total deposits |
|
3,341,222 |
|
|
|
3,212,245 |
|
|
|
3,158,495 |
|
|
|
3,155,632 |
|
|
|
2,974,351 |
|
Borrowings |
|
122,168 |
|
|
|
122,121 |
|
|
|
125,965 |
|
|
|
164,553 |
|
|
|
223,532 |
|
Total stockholders’
equity |
|
407,427 |
|
|
|
398,276 |
|
|
|
392,815 |
|
|
|
374,671 |
|
|
|
370,048 |
|
Summary Performance
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
1.50 |
% |
|
|
1.61 |
% |
|
|
1.46 |
% |
|
|
1.66 |
% |
|
|
1.76 |
% |
Return on average equity |
|
14.39 |
% |
|
|
15.24 |
% |
|
|
14.27 |
% |
|
|
16.51 |
% |
|
|
17.53 |
% |
Net interest margin (1) |
|
3.50 |
% |
|
|
3.58 |
% |
|
|
3.42 |
% |
|
|
3.52 |
% |
|
|
3.64 |
% |
Yield on loans |
|
4.90 |
% |
|
|
4.99 |
% |
|
|
4.97 |
% |
|
|
5.07 |
% |
|
|
5.10 |
% |
Cost of interest-bearing
deposits |
|
0.35 |
% |
|
|
0.37 |
% |
|
|
0.40 |
% |
|
|
0.41 |
% |
|
|
0.45 |
% |
Efficiency ratio |
|
66.07 |
% |
|
|
66.45 |
% |
|
|
70.52 |
% |
|
|
65.76 |
% |
|
|
64.19 |
% |
Summary Credit Quality
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans |
|
10,598 |
|
|
|
10,895 |
|
|
|
12,538 |
|
|
|
14,316 |
|
|
|
14,964 |
|
Nonperforming loans to total
loans held for investment |
|
0.43 |
% |
|
|
0.45 |
% |
|
|
0.54 |
% |
|
|
0.64 |
% |
|
|
0.67 |
% |
Other real estate owned |
|
1,032 |
|
|
|
1,081 |
|
|
|
1,146 |
|
|
|
1,377 |
|
|
|
1,353 |
|
Nonperforming assets to total
assets |
|
0.30 |
% |
|
|
0.32 |
% |
|
|
0.37 |
% |
|
|
0.42 |
% |
|
|
0.45 |
% |
Allowance for loan losses to
total loans held for investment |
|
1.73 |
% |
|
|
1.76 |
% |
|
|
1.87 |
% |
|
|
2.01 |
% |
|
|
2.05 |
% |
Net charge-offs to average loans
outstanding (annualized) |
|
0.11 |
% |
|
|
0.03 |
% |
|
|
0.01 |
% |
|
|
0.11 |
% |
|
|
0.11 |
% |
|
As of and for the quarter ended |
|
December 312021 |
|
September 30,2021 |
|
June 30,2021 |
|
March 31,2021 |
|
December 31,2020 |
Capital
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity to total assets |
|
10.44 |
% |
|
|
10.55 |
% |
|
|
10.58 |
% |
|
|
10.04 |
% |
|
|
10.28 |
% |
Tangible common equity to
tangible assets (non-GAAP) |
|
9.85 |
% |
|
|
9.94 |
% |
|
|
9.94 |
% |
|
|
9.39 |
% |
|
|
9.60 |
% |
Common equity tier 1 to
risk-weighted assets |
|
12.91 |
% |
|
|
12.68 |
% |
|
|
13.14 |
% |
|
|
13.23 |
% |
|
|
12.96 |
% |
Tier 1 capital to average
assets |
|
10.77 |
% |
|
|
10.83 |
% |
|
|
10.54 |
% |
|
|
10.35 |
% |
|
|
10.24 |
% |
Total capital to risk-weighted
assets |
|
18.40 |
% |
|
|
18.21 |
% |
|
|
18.95 |
% |
|
|
19.24 |
% |
|
|
19.08 |
% |
(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 |
|
December 31, 2021 |
|
December 31, 2020 |
|
|
|
|
|
AverageBalance |
|
InterestIncomeExpense |
|
Yield |
|
AverageBalance |
|
InterestIncomeExpense |
|
Yield |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, excluding PPP (1) |
$ |
2,469,703 |
|
$ |
29,940 |
|
|
4.81 |
% |
|
$ |
2,157,510 |
|
$ |
27,712 |
|
|
5.11 |
% |
Loans - PPP |
|
48,033 |
|
|
1,143 |
|
|
9.44 |
% |
|
|
194,413 |
|
|
2,452 |
|
|
5.02 |
% |
Debt securities - taxable |
|
507,948 |
|
|
2,174 |
|
|
1.70 |
% |
|
|
554,480 |
|
|
2,567 |
|
|
1.84 |
% |
Debt securities -
nontaxable |
|
219,812 |
|
|
1,458 |
|
|
2.63 |
% |
|
|
207,453 |
|
|
1,452 |
|
|
2.78 |
% |
Other interest-bearing
assets |
|
359,088 |
|
|
192 |
|
|
0.21 |
% |
|
|
242,241 |
|
|
137 |
|
|
0.22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets |
|
3,604,584 |
|
|
34,907 |
|
|
3.84 |
% |
|
|
3,356,097 |
|
|
34,320 |
|
|
4.07 |
% |
Noninterest-earning
assets |
|
260,211 |
|
|
|
|
|
|
|
|
252,574 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
$ |
3,864,795 |
|
|
|
|
|
|
|
$ |
3,608,671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities &
stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, Savings, MMA’s |
$ |
1,864,373 |
|
|
904 |
|
|
0.19 |
% |
|
$ |
1,720,778 |
|
|
1,138 |
|
|
0.26 |
% |
Time deposits |
|
337,449 |
|
|
1,016 |
|
|
1.19 |
% |
|
|
323,921 |
|
|
1,196 |
|
|
1.47 |
% |
Short-term borrowings |
|
4 |
|
|
- |
|
|
0.00 |
% |
|
|
18,344 |
|
|
2 |
|
|
0.04 |
% |
Notes payable & other
long-term borrowings |
|
- |
|
|
- |
|
|
0.00 |
% |
|
|
75,000 |
|
|
40 |
|
|
0.21 |
% |
Subordinated debt
securities |
|
75,752 |
|
|
1,012 |
|
|
5.30 |
% |
|
|
75,572 |
|
|
1,013 |
|
|
5.33 |
% |
Junior subordinated deferrable
interest debentures |
|
46,393 |
|
|
219 |
|
|
1.87 |
% |
|
|
46,393 |
|
|
230 |
|
|
1.97 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities |
|
2,323,971 |
|
|
3,151 |
|
|
0.54 |
% |
|
|
2,260,008 |
|
|
3,619 |
|
|
0.64 |
% |
Demand deposits |
|
1,093,352 |
|
|
|
|
|
|
|
|
942,799 |
|
|
|
|
|
|
Other liabilities |
|
44,620 |
|
|
|
|
|
|
|
|
44,556 |
|
|
|
|
|
|
Stockholders’ equity |
|
402,852 |
|
|
|
|
|
|
|
|
361,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities &
stockholders’ equity |
$ |
3,864,795 |
|
|
|
|
|
|
|
$ |
3,608,671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
$ |
31,756 |
|
|
|
|
|
|
|
$ |
30,701 |
|
|
|
Net interest margin (2) |
|
|
|
|
|
|
|
3.50 |
% |
|
|
|
|
|
|
|
|
3.64 |
% |
(1) Average loan balances include nonaccrual
loans and loans held for sale.(2) Net interest margin is calculated
as the annualized net 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 Twelve Months Ended |
|
December 31, 2021 |
|
December 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
AverageBalance |
|
InterestIncomeExpense |
|
Yield |
|
AverageBalance |
|
InterestIncomeExpense |
|
Yield |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, excluding PPP (1) |
$ |
2,302,413 |
|
$ |
112,255 |
|
|
4.88 |
% |
|
$ |
2,181,118 |
|
$ |
116,753 |
|
|
5.35 |
% |
Loans - PPP |
|
117,788 |
|
|
8,290 |
|
|
7.04 |
% |
|
|
144,514 |
|
|
5,130 |
|
|
3.55 |
% |
Debt securities - taxable |
|
532,272 |
|
|
9,292 |
|
|
1.75 |
% |
|
|
547,107 |
|
|
11,852 |
|
|
2.17 |
% |
Debt securities -
nontaxable |
|
219,385 |
|
|
5,872 |
|
|
2.68 |
% |
|
|
158,482 |
|
|
4,489 |
|
|
2.83 |
% |
Other interest-bearing
assets |
|
336,081 |
|
|
565 |
|
|
0.17 |
% |
|
|
184,262 |
|
|
1,100 |
|
|
0.60 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets |
|
3,507,939 |
|
|
136,274 |
|
|
3.88 |
% |
|
|
3,215,483 |
|
|
139,324 |
|
|
4.33 |
% |
Noninterest-earning
assets |
|
261,140 |
|
|
|
|
|
|
|
|
249,536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
$ |
3,769,079 |
|
|
|
|
|
|
|
$ |
3,465,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities &
stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, Savings, MMA’s |
$ |
1,841,678 |
|
|
4,163 |
|
|
0.23 |
% |
|
$ |
1,653,088 |
|
|
6,337 |
|
|
0.38 |
% |
Time deposits |
|
329,509 |
|
|
4,130 |
|
|
1.25 |
% |
|
|
331,623 |
|
|
5,557 |
|
|
1.68 |
% |
Short-term borrowings |
|
8,045 |
|
|
5 |
|
|
0.06 |
% |
|
|
19,404 |
|
|
104 |
|
|
0.54 |
% |
Notes payable & other
long-term borrowings |
|
19,641 |
|
|
38 |
|
|
0.19 |
% |
|
|
107,045 |
|
|
558 |
|
|
0.52 |
% |
Subordinated debt
securities |
|
75,699 |
|
|
4,056 |
|
|
5.36 |
% |
|
|
38,747 |
|
|
2,223 |
|
|
5.74 |
% |
Junior subordinated deferrable
interest debentures |
|
46,393 |
|
|
880 |
|
|
1.90 |
% |
|
|
46,393 |
|
|
1,167 |
|
|
2.52 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities |
|
2,320,965 |
|
|
13,272 |
|
|
0.57 |
% |
|
|
2,196,300 |
|
|
15,946 |
|
|
0.73 |
% |
Demand deposits |
|
1,016,835 |
|
|
|
|
|
|
|
|
888,653 |
|
|
|
|
|
|
Other liabilities |
|
42,654 |
|
|
|
|
|
|
|
|
41,573 |
|
|
|
|
|
|
Stockholders’ equity |
|
388,625 |
|
|
|
|
|
|
|
|
338,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities &
stockholders’ equity |
$ |
3,769,079 |
|
|
|
|
|
|
|
$ |
3,465,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
$ |
123,002 |
|
|
|
|
|
|
|
$ |
123,378 |
|
|
|
Net interest margin (2) |
|
|
|
|
|
|
|
3.51 |
% |
|
|
|
|
|
|
|
|
3.84 |
% |
(1) Average loan balances include nonaccrual
loans and loans held for sale.(2) Net interest margin is calculated
as the annualized net 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 |
|
December 31,2021 |
|
December 31,2020 |
|
|
|
|
|
|
Assets |
|
|
|
|
|
Cash and due from banks |
$ |
68,425 |
|
|
$ |
76,146 |
|
Interest-bearing deposits in
banks |
|
418,396 |
|
|
|
224,161 |
|
Federal funds sold |
|
— |
|
|
|
— |
|
Investment securities |
|
724,504 |
|
|
|
803,087 |
|
Loans held for sale |
|
76,507 |
|
|
|
111,477 |
|
Loans held for investment |
|
2,437,577 |
|
|
|
2,221,583 |
|
Less: Allowance for loan
losses |
|
(42,098 |
) |
|
|
(45,553 |
) |
Net loans held for
investment |
|
2,395,479 |
|
|
|
2,176,030 |
|
Premises and equipment,
net |
|
57,699 |
|
|
|
60,331 |
|
Goodwill |
|
19,508 |
|
|
|
19,508 |
|
Intangible assets |
|
5,895 |
|
|
|
7,562 |
|
Mortgage servicing assets |
|
19,700 |
|
|
|
9,049 |
|
Other assets |
|
115,742 |
|
|
|
111,809 |
|
Total assets |
$ |
3,901,855 |
|
|
$ |
3,599,160 |
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity Liabilities |
|
|
|
|
|
Noninterest bearing
deposits |
$ |
1,071,367 |
|
|
$ |
917,322 |
|
Interest-bearing deposits |
|
2,269,855 |
|
|
|
2,057,029 |
|
Total deposits |
|
3,341,222 |
|
|
|
2,974,351 |
|
Other borrowings |
|
- |
|
|
|
101,550 |
|
Subordinated debt
securities |
|
75,775 |
|
|
|
75,589 |
|
Trust preferred subordinated
debentures |
|
46,393 |
|
|
|
46,393 |
|
Other liabilities |
|
31,038 |
|
|
|
31,229 |
|
Total liabilities |
|
3,494,428 |
|
|
|
3,229,112 |
|
Stockholders’
Equity |
|
|
|
|
|
Common stock |
|
17,760 |
|
|
|
18,076 |
|
Additional paid-in
capital |
|
133,215 |
|
|
|
141,112 |
|
Retained earnings |
|
242,750 |
|
|
|
189,521 |
|
Accumulated other
comprehensive income (loss) |
|
13,702 |
|
|
|
21,339 |
|
Total stockholders’
equity |
|
407,427 |
|
|
|
370,048 |
|
Total liabilities and
stockholders’ equity |
$ |
3,901,855 |
|
|
$ |
3,599,160 |
|
|
|
|
|
|
|
|
|
|
South Plains
Financial, Inc.Consolidated Statements of
Income(Unaudited)(Dollars in
thousands) |
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
December 31,2021 |
|
December 31,2020 |
|
December 31,2021 |
|
December 31,2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
$ |
31,082 |
|
|
$ |
30,133 |
|
|
$ |
120,540 |
|
|
$ |
121,733 |
|
Other |
|
3,518 |
|
|
|
3,851 |
|
|
|
14,496 |
|
|
|
16,498 |
|
Total Interest income |
|
34,600 |
|
|
|
33,984 |
|
|
|
135,036 |
|
|
|
138,231 |
|
Interest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
1,920 |
|
|
|
2,334 |
|
|
|
8,293 |
|
|
|
11,894 |
|
Subordinated debt securities |
|
1,012 |
|
|
|
1,013 |
|
|
|
4,056 |
|
|
|
2,223 |
|
Trust preferred subordinated
debentures |
|
219 |
|
|
|
230 |
|
|
|
880 |
|
|
|
1,167 |
|
Other |
|
- |
|
|
|
42 |
|
|
|
43 |
|
|
|
662 |
|
Total Interest expense |
|
3,151 |
|
|
|
3,619 |
|
|
|
13,272 |
|
|
|
15,946 |
|
Net interest income |
|
31,449 |
|
|
|
30,365 |
|
|
|
121,764 |
|
|
|
122,285 |
|
Provision for loan
losses |
|
- |
|
|
|
141 |
|
|
|
(1,918 |
) |
|
|
25,570 |
|
Net interest income after
provision for loan losses |
|
31,449 |
|
|
|
30,224 |
|
|
|
123,682 |
|
|
|
96,715 |
|
Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposits |
|
1,940 |
|
|
|
1,861 |
|
|
|
6,963 |
|
|
|
7,032 |
|
Income from insurance
activities |
|
2,168 |
|
|
|
2,160 |
|
|
|
8,314 |
|
|
|
7,644 |
|
Mortgage banking activities |
|
12,397 |
|
|
|
16,925 |
|
|
|
59,726 |
|
|
|
65,042 |
|
Bank card services and
interchange fees |
|
3,479 |
|
|
|
2,845 |
|
|
|
12,239 |
|
|
|
10,035 |
|
Other |
|
2,944 |
|
|
|
2,381 |
|
|
|
10,227 |
|
|
|
9,532 |
|
Total Noninterest income |
|
22,928 |
|
|
|
26,172 |
|
|
|
97,469 |
|
|
|
101,603 |
|
Noninterest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
21,549 |
|
|
|
23,117 |
|
|
|
93,360 |
|
|
|
89,220 |
|
Net occupancy expense |
|
3,600 |
|
|
|
3,762 |
|
|
|
14,560 |
|
|
|
14,658 |
|
Professional services |
|
2,269 |
|
|
|
1,612 |
|
|
|
6,752 |
|
|
|
6,322 |
|
Marketing and development |
|
1,068 |
|
|
|
899 |
|
|
|
3,225 |
|
|
|
3,088 |
|
Other |
|
7,646 |
|
|
|
7,114 |
|
|
|
30,133 |
|
|
|
28,427 |
|
Total noninterest expense |
|
36,132 |
|
|
|
36,504 |
|
|
|
148,030 |
|
|
|
141,715 |
|
Income before income
taxes |
|
18,245 |
|
|
|
19,892 |
|
|
|
73,121 |
|
|
|
56,603 |
|
Income tax expense (benefit) |
|
3,631 |
|
|
|
3,968 |
|
|
|
14,507 |
|
|
|
11,250 |
|
Net income |
$ |
14,614 |
|
|
$ |
15,924 |
|
|
$ |
58,614 |
|
|
$ |
45,353 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South
Plains Financial, Inc.Loan
Composition(Unaudited)(Dollars in
thousands) |
|
|
|
As of |
|
December 31,2021 |
|
December 31,2020 |
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
|
Commercial Real Estate |
$ |
755,444 |
|
|
$ |
663,344 |
|
Commercial - Specialized |
|
378,725 |
|
|
|
311,686 |
|
Commercial - General |
|
460,024 |
|
|
|
518,309 |
|
Consumer: |
|
|
|
|
|
|
|
1-4 Family Residential |
|
387,690 |
|
|
|
360,315 |
|
Auto Loans |
|
240,719 |
|
|
|
205,840 |
|
Other Consumer |
|
68,113 |
|
|
|
67,595 |
|
Construction |
|
146,862 |
|
|
|
94,494 |
|
Total loans held for
investment |
$ |
2,437,577 |
|
|
$ |
2,221,583 |
|
|
|
|
|
|
|
|
|
|
South
Plains Financial, Inc.Deposit
Composition(Unaudited)(Dollars in
thousands) |
|
|
|
As of |
|
December 31,2021 |
|
December 31,2020 |
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
Noninterest-bearing demand
deposits |
$ |
1,071,367 |
|
|
$ |
917,322 |
|
NOW & other transaction
accounts |
|
465,741 |
|
|
|
332,829 |
|
MMDA & other savings |
|
1,464,376 |
|
|
|
1,398,699 |
|
Time deposits |
|
339,738 |
|
|
|
325,501 |
|
Total
deposits |
$ |
3,341,222 |
|
|
$ |
2,974,351 |
|
|
|
|
|
|
|
|
|
|
South
Plains Financial, Inc.Reconciliation of Non-GAAP
Financial Measures (Unaudited)(Dollars in
thousands) |
|
|
|
As of and for the quarter ended |
|
December 31,2021 |
|
September 30,2021 |
|
June 30,2021 |
|
March 31,2021 |
|
December 31,2020 |
Pre-tax, pre-provision
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
14,614 |
|
|
$ |
15,190 |
|
|
$ |
13,650 |
|
|
$ |
15,160 |
|
|
$ |
15,924 |
|
Income tax expense |
|
3,631 |
|
|
|
3,716 |
|
|
|
3,422 |
|
|
|
3,738 |
|
|
|
3,968 |
|
Provision for loan losses |
|
- |
|
|
|
- |
|
|
|
(2,007 |
) |
|
|
89 |
|
|
|
141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax, pre-provision
income |
$ |
18,245 |
|
|
$ |
18,906 |
|
|
$ |
15,065 |
|
|
$ |
18,987 |
|
|
$ |
20,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South
Plains Financial, Inc.Reconciliation of Non-GAAP
Financial Measures (Unaudited)(Dollars in
thousands) |
|
|
|
As of |
|
December 31,2021 |
|
September 30,2021 |
|
June 30,2021 |
|
March 31,2021 |
|
December 31,2020 |
Tangible common
equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total common stockholders’ equity |
$ |
407,427 |
|
|
$ |
398,276 |
|
|
$ |
392,815 |
|
|
$ |
374,671 |
|
|
$ |
370,048 |
|
Less: goodwill and other
intangibles |
|
(25,403 |
) |
|
|
(25,804 |
) |
|
|
(26,226 |
) |
|
|
(26,648 |
) |
|
|
(27,070 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity |
$ |
382,024 |
|
|
$ |
372,472 |
|
|
$ |
366,589 |
|
|
$ |
348,023 |
|
|
$ |
342,978 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
3,901,855 |
|
|
$ |
3,774,175 |
|
|
$ |
3,712,915 |
|
|
$ |
3,732,894 |
|
|
$ |
3,599,160 |
|
Less: goodwill and other
intangibles |
|
(25,403 |
) |
|
|
(25,804 |
) |
|
|
(26,226 |
) |
|
|
(26,648 |
) |
|
|
(27,070 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
assets |
$ |
3,876,452 |
|
|
$ |
3,748,371 |
|
|
$ |
3,686,689 |
|
|
$ |
3,706,246 |
|
|
$ |
3,572,090 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding |
|
17,760,243 |
|
|
|
17,824,094 |
|
|
|
18,014,398 |
|
|
|
18,053,229 |
|
|
|
18,076,364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity to
total assets |
|
10.44 |
% |
|
|
10.55 |
% |
|
|
10.58 |
% |
|
|
10.04 |
% |
|
|
10.28 |
% |
Tangible common equity to
tangible assets |
|
9.85 |
% |
|
|
9.94 |
% |
|
|
9.94 |
% |
|
|
9.39 |
% |
|
|
9.60 |
% |
Book value per share |
$ |
22.94 |
|
|
$ |
22.34 |
|
|
$ |
21.81 |
|
|
$ |
20.75 |
|
|
$ |
20.47 |
|
Tangible book value per
share |
$ |
21.51 |
|
|
$ |
20.90 |
|
|
$ |
20.35 |
|
|
$ |
19.28 |
|
|
$ |
18.97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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