South Plains Financial, Inc. Reports Fourth Quarter and Year-End 2025 Financial Results
Rhea-AI Summary
South Plains Financial (NASDAQ:SPFI) reported fourth-quarter and full-year 2025 results on January 26, 2026. Q4 net income was $15.3M and diluted EPS was $0.90. Full year 2025 net income was $58.5M and diluted EPS was $3.44, a 17.8% EPS increase versus 2024. Net interest margin (tax-equivalent) was 4.00% in Q4 and expanded 33 bps year-over-year for 2025. Total assets were $4.48B and deposits were $3.87B at year-end. Tangible book value per share rose to $29.05 (+14% YoY). The company entered a definitive agreement on December 1, 2025 to acquire BOH Holdings and Bank of Houston (BOH had ~$772M assets at 9/30/25). A conference call was scheduled for January 26, 2026 at 5:00 p.m. ET.
Positive
- EPS +17.8% YoY to $3.44 for full year 2025
- Tangible book value +14% to $29.05 at 12/31/2025
- NIM +33 bps YoY for full year 2025
- Deposits +7.0% YoY to $3.87B at 12/31/2025
Negative
- Q4 net income down to $15.3M vs $16.3M in Q3 2025
- Q4 diluted EPS declined to $0.90 vs $0.96 in Q3 2025
- Provision for credit losses increased to $1.8M in Q4 2025 from $0.5M in Q3 2025
- Noninterest expense +$3.1M YoY to $33.0M in Q4 2025
News Market Reaction – SPFI
On the day this news was published, SPFI declined 2.20%, reflecting a moderate negative market reaction. Argus tracked a peak move of +2.1% during that session. Our momentum scanner triggered 6 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $16M from the company's valuation, bringing the market cap to $713.28M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
SPFI was down 3.85% with regional bank peers also weaker: EGBN -3.55%, CAC -3.08%, FCBC -4.04%, HIFS -1.84%, IBCP -2.02%. The decline aligns with broader regional bank softness, though momentum scanners did not flag a sector-wide move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 13 | Earnings call notice | Neutral | +0.7% | Announced timing and access details for the Q4 2025 earnings call. |
| Oct 23 | Quarterly earnings | Positive | +0.9% | Reported Q3 2025 results with solid net income, EPS, and strong capital ratios. |
| Oct 09 | Earnings call notice | Neutral | -1.9% | Scheduled Q3 2025 earnings release and conference call logistics. |
| Jul 16 | Quarterly earnings | Positive | +10.4% | Strong Q2 2025 results with higher net income, EPS, and margin improvement. |
| Jul 09 | Earnings call notice | Neutral | +0.7% | Announced Q2 2025 earnings release date and investor call details. |
Earnings-related news has generally seen modestly positive share reactions, especially when accompanied by solid financial performance metrics.
Recent history shows South Plains using quarterly earnings to highlight steady profitability, margin expansion, and balance sheet growth. Q2 and Q3 2025 results featured rising net income, improving net interest margin, and strong capital ratios. Earnings call announcements in July, October, and January produced small price moves, while the strong Q2 2025 report saw a double‑digit gain. Today’s full‑year and Q4 2025 results extend themes of earnings growth, loan and deposit expansion, and robust capital, continuing that trajectory.
Historical Comparison
Over the past year, SPFI earnings‑tagged news produced an average move of 2.94%, mostly positive. Today’s -3.85% reaction runs counter to that pattern and is notably weaker.
Earnings updates across Q2 and Q3 2025 and now full‑year 2025 show rising net income, expanding net interest margin, and sustained strong capital ratios, reflecting steady operational progress.
Market Pulse Summary
This announcement details Q4 and full‑year 2025 performance, highlighting higher net income, improved net interest margin, and growth in tangible book value and total assets to $4.48 billion. Asset quality metrics, including nonperforming asset ratios and charge‑offs, remained low, while capital ratios stayed strong. Compared with earlier quarters, the bank continues its strategy of organic loan and deposit growth, technology investment, and the pending BOH acquisition. Investors may focus on margin sustainability, expense discipline, and credit trends in upcoming periods.
Key Terms
net interest margin financial
tangible book value financial
basis points financial
noninterest income financial
noninterest expense financial
provision for credit losses financial
allowance for credit losses financial
nonperforming assets financial
AI-generated analysis. Not financial advice.
LUBBOCK, Texas, Jan. 26, 2026 (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 and year ended December 31, 2025.
Fourth Quarter 2025 Highlights
- Net income for the fourth quarter of 2025 was
$15.3 million , compared to$16.3 million for the third quarter of 2025 and$16.5 million for the fourth quarter of 2024. - Diluted earnings per share for the fourth quarter of 2025 was
$0.90 , compared to$0.96 for the third quarter of 2025 and$0.96 for the fourth quarter of 2024. - Average cost of deposits for the fourth quarter of 2025 was 201 basis points, compared to 210 basis points for the third quarter of 2025 and 229 basis points for the fourth quarter of 2024.
- Net interest margin, on a tax-equivalent basis, was
4.00% for the fourth quarter of 2025, compared to4.05% for the third quarter of 2025 and3.75% for the fourth quarter of 2024. - Return on average assets for the fourth quarter of 2025 was
1.36% , compared to1.47% for the third quarter of 2025 and1.53% for the fourth quarter of 2024. - Tangible book value (non-GAAP) per share was
$29.05 as of December 31, 2025, compared to$28.14 as of September 30, 2025 and$25.40 as of December 31, 2024. - The consolidated total risk-based capital ratio, common equity tier 1 risk-based capital ratio, and tier 1 leverage ratio at December 31, 2025 were
17.26% ,14.45% , and12.53% , respectively. - As previously reported, entered into a definitive agreement to acquire BOH Holdings, Inc. (“BOH”) and its banking subsidiary Bank of Houston on December 1, 2025. At September 30, 2025, BOH had approximately
$772 million in assets,$633 million in loans, and$629 million in deposits.
Full Year 2025 Highlights
- Full year net income of
$58.5 million in 2025, compared to$49.7 million in 2024. - Diluted earnings per share of
$3.44 in 2025, compared to$2.92 in 2024. - Loans held for investment grew
$89.4 million , or2.9% , during 2025. - Total assets were
$4.48 billion at December 31, 2025, compared to$4.23 billion at December 31, 2024. - Return on average assets of
1.33% for the full year 2025, compared to1.17% for 2024.
Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “We delivered strong results for the full year 2025 highlighted by
Results of Operations, Quarter Ended December 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 fourth 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 fourth quarter and year-end 2025 financial results today, January 26, 2026, 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 13757840. The replay will be available until February 9, 2026.
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 expected impact of the proposed transaction between South Plains and BOH and on the combined entities’ operations, financial condition, and financial results; the businesses of South Plains and BOH may not be combined successfully, or such combination may take longer to accomplish than expected; the cost savings from the proposed transaction may not be fully realized or may take longer to realize than expected; operating costs, customer loss and business disruption following the proposed transaction, including adverse effects on relationships with employees, may be greater than expected; regulatory approvals of the proposed transaction may not be obtained, or adverse conditions may be imposed in connection with regulatory approvals of the proposed transaction; the BOH shareholders may not approve the proposed transaction; the impact on us and our customers of a decline in general economic conditions and any regulatory responses thereto; slower economic growth rates or potential recession in the United States and our market areas uncertainty or perceived instability in the banking industry as a whole; increased competition for deposits in our market areas among traditional and nontraditional financial services companies, 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; changes in unemployment rates in the United States and our market areas; adverse changes in customer spending, borrowing 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 the impact of uncertain or changing political conditions, including federal government shutdowns and 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, domestic civil unrest or other external events, including as a result of the impact of the policies of the current U.S. presidential administration 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; changes in accounting principles and standards, including those related to loan loss recognition under the current expected credit loss, or CECL, methodology; and changes in applicable laws regulations, or policies in the United States. 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 | |||||||||||||||
| December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | |||||||||||
| Selected Income Statement Data: | |||||||||||||||
| Interest income | $ | 63,421 | $ | 64,520 | $ | 64,135 | $ | 59,922 | $ | 61,324 | |||||
| Interest expense | 20,471 | 21,501 | 21,632 | 21,395 | 22,776 | ||||||||||
| Net interest income | 42,950 | 43,019 | 42,503 | 38,527 | 38,548 | ||||||||||
| Provision for credit losses | 1,775 | 500 | 2,500 | 420 | 1,200 | ||||||||||
| Noninterest income | 10,934 | 11,165 | 12,165 | 10,625 | 13,319 | ||||||||||
| Noninterest expense | 33,023 | 33,024 | 33,543 | 33,030 | 29,948 | ||||||||||
| Income tax expense | 3,832 | 4,342 | 4,020 | 3,408 | 4,222 | ||||||||||
| Net income | 15,254 | 16,318 | 14,605 | 12,294 | 16,497 | ||||||||||
| Per Share Data (Common Stock): | |||||||||||||||
| Net earnings, basic | $ | 0.94 | $ | 1.00 | $ | 0.90 | $ | 0.75 | $ | 1.01 | |||||
| Net earnings, diluted | 0.90 | 0.96 | 0.86 | 0.72 | 0.96 | ||||||||||
| Cash dividends declared and paid | 0.16 | 0.16 | 0.15 | 0.15 | 0.15 | ||||||||||
| Book value | 30.31 | 29.41 | 27.98 | 27.33 | 26.67 | ||||||||||
| Tangible book value (non-GAAP) | 29.05 | 28.14 | 26.70 | 26.05 | 25.40 | ||||||||||
| Weighted average shares outstanding, basic | 16,248,336 | 16,241,695 | 16,231,627 | 16,415,862 | 16,400,361 | ||||||||||
| Weighted average shares outstanding, dilutive | 16,996,517 | 16,990,546 | 16,886,993 | 17,065,599 | 17,161,646 | ||||||||||
| Shares outstanding at end of period | 16,293,577 | 16,247,839 | 16,230,475 | 16,235,647 | 16,455,826 | ||||||||||
| Selected Period End Balance Sheet Data: | |||||||||||||||
| Cash and cash equivalents | $ | 552,439 | $ | 635,046 | $ | 470,496 | $ | 536,300 | $ | 359,082 | |||||
| Investment securities | 567,540 | 571,138 | 570,000 | 571,527 | 577,240 | ||||||||||
| Total loans held for investment | 3,144,502 | 3,053,503 | 3,098,978 | 3,075,860 | 3,055,054 | ||||||||||
| Allowance for credit losses | 45,131 | 44,125 | 45,010 | 42,968 | 43,237 | ||||||||||
| Total assets | 4,480,500 | 4,479,437 | 4,363,674 | 4,405,209 | 4,232,239 | ||||||||||
| Interest-bearing deposits | 2,850,560 | 2,831,642 | 2,740,179 | 2,826,055 | 2,685,366 | ||||||||||
| Noninterest-bearing deposits | 1,023,517 | 1,049,501 | 998,759 | 966,464 | 935,510 | ||||||||||
| Total deposits | 3,874,077 | 3,881,143 | 3,738,938 | 3,792,519 | 3,620,876 | ||||||||||
| Borrowings | 60,493 | 60,493 | 111,799 | 110,400 | 110,354 | ||||||||||
| Total stockholders’ equity | 493,837 | 477,802 | 454,074 | 443,743 | 438,949 | ||||||||||
| Summary Performance Ratios: | |||||||||||||||
| Return on average assets (annualized) | |||||||||||||||
| Return on average equity (annualized) | |||||||||||||||
| Net interest margin (1) | |||||||||||||||
| Yield on loans | |||||||||||||||
| Cost of interest-bearing deposits | |||||||||||||||
| Efficiency ratio | |||||||||||||||
| Summary Credit Quality Data: | |||||||||||||||
| Nonperforming loans | $ | 9,805 | $ | 9,709 | $ | 10,463 | $ | 6,467 | $ | 24,023 | |||||
| Nonperforming loans to total loans held for investment | |||||||||||||||
| Other real estate owned | $ | 1,749 | $ | 1,827 | $ | 535 | $ | 600 | $ | 530 | |||||
| Nonperforming assets to total assets | |||||||||||||||
| Allowance for credit losses to total loans held for investment | |||||||||||||||
| Net charge-offs to average loans outstanding (annualized) | |||||||||||||||
| As of and for the quarter ended | |||||||||||||||
| December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | |||||||||||
| Capital Ratios: | |||||||||||||||
| Total stockholders’ equity to total assets | |||||||||||||||
| Tangible common equity to tangible assets (non-GAAP) | |||||||||||||||
| Common equity tier 1 to risk-weighted assets | |||||||||||||||
| Tier 1 capital to average assets | |||||||||||||||
| Total capital to risk-weighted assets | |||||||||||||||
| (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, 2025 | December 31, 2024 | |||||||||||||||||
| Average Balance | Interest | Yield/Rate | Average Balance | Interest | Yield/Rate | |||||||||||||
| Assets | ||||||||||||||||||
| Loans (1) | $ | 3,087,949 | $ | 52,825 | $ | 3,049,718 | $ | 51,270 | ||||||||||
| Debt securities – taxable | 502,249 | 4,604 | 518,646 | 4,994 | ||||||||||||||
| Debt securities – nontaxable | 154,306 | 1,087 | 154,203 | 1,014 | ||||||||||||||
| Other interest-bearing assets | 541,202 | 5,140 | 390,090 | 4,267 | ||||||||||||||
| Total interest-earning assets | 4,285,706 | 63,656 | 4,112,657 | 61,545 | ||||||||||||||
| Noninterest-earning assets | 179,087 | 189,422 | ||||||||||||||||
| Total assets | $ | 4,464,793 | $ | 4,302,079 | ||||||||||||||
| Liabilities & stockholders’ equity | ||||||||||||||||||
| NOW, Savings, MMDA’s | $ | 2,394,006 | 15,654 | $ | 2,249,062 | 16,570 | ||||||||||||
| Time deposits | 429,660 | 3,887 | 445,173 | 4,566 | ||||||||||||||
| Short-term borrowings | 3 | – | 3 | – | ||||||||||||||
| Notes payable & other long-term borrowings | – | – | – | – | ||||||||||||||
| Subordinated debt | 14,100 | 225 | 63,938 | 834 | ||||||||||||||
| Junior subordinated deferrable interest debentures | 46,393 | 705 | 46,393 | 806 | ||||||||||||||
| Total interest-bearing liabilities | 2,884,162 | 20,471 | 2,804,569 | 22,776 | ||||||||||||||
| Demand deposits | 1,032,323 | 978,742 | ||||||||||||||||
| Other liabilities | 62,488 | 77,732 | ||||||||||||||||
| Stockholders’ equity | 485,820 | 441,036 | ||||||||||||||||
| Total liabilities & stockholders’ equity | $ | 4,464,793 | $ | 4,302,079 | ||||||||||||||
| Net interest income | $ | 43,185 | $ | 38,769 | ||||||||||||||
| Net interest margin (2) | ||||||||||||||||||
| (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 Twelve Months Ended | ||||||||||||||||||
| December 31, 2025 | December 31, 2024 | |||||||||||||||||
| Average Balance | Interest | Yield/Rate | Average Balance | Interest | Yield/Rate | |||||||||||||
| Assets | ||||||||||||||||||
| Loans (1) | $ | 3,087,635 | $ | 211,231 | $ | 3,054,189 | $ | 202,301 | ||||||||||
| Debt securities – taxable | 504,853 | 18,634 | 532,730 | 21,090 | ||||||||||||||
| Debt securities – nontaxable | 153,691 | 4,196 | 155,168 | 4,076 | ||||||||||||||
| Other interest-bearing assets | 468,655 | 18,847 | 312,917 | 14,319 | ||||||||||||||
| Total interest-earning assets | 4,214,834 | 252,908 | 4,055,004 | 241,786 | ||||||||||||||
| Noninterest-earning assets | 171,720 | 179,527 | ||||||||||||||||
| Total assets | $ | 4,386,554 | $ | 4,234,531 | ||||||||||||||
| Liabilities & stockholders’ equity | ||||||||||||||||||
| NOW, Savings, MMDA’s | $ | 2,337,103 | 63,062 | $ | 2,250,942 | 70,362 | ||||||||||||
| Time deposits | 433,760 | 16,293 | 411,028 | 16,719 | ||||||||||||||
| Short-term borrowings | 8 | – | 3 | – | ||||||||||||||
| Notes payable & other long-term borrowings | – | – | – | – | ||||||||||||||
| Subordinated debt | 51,412 | 2,730 | 63,868 | 3,339 | ||||||||||||||
| Junior subordinated deferrable interest debentures | 46,393 | 2,914 | 46,393 | 3,381 | ||||||||||||||
| Total interest-bearing liabilities | 2,868,676 | 84,999 | 2,772,234 | 93,801 | ||||||||||||||
| Demand deposits | 991,899 | 968,307 | ||||||||||||||||
| Other liabilities | 65,476 | 70,777 | ||||||||||||||||
| Stockholders’ equity | 460,503 | 423,213 | ||||||||||||||||
| Total liabilities & stockholders’ equity | $ | 4,386,554 | $ | 4,234,531 | ||||||||||||||
| Net interest income | $ | 167,909 | $ | 147,985 | ||||||||||||||
| Net interest margin (2) | ||||||||||||||||||
| (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 | ||||||
| December 31, 2025 | December 31, 2024 | |||||
| Assets | ||||||
| Cash and due from banks | $ | 58,318 | $ | 54,114 | ||
| Interest-bearing deposits in banks | 494,121 | 304,968 | ||||
| Securities available for sale | 567,540 | 577,240 | ||||
| Loans held for sale | 9,993 | 20,542 | ||||
| Loans held for investment | 3,144,502 | 3,055,054 | ||||
| Less: Allowance for credit losses | (45,131) | (43,237) | ||||
| Net loans held for investment | 3,099,371 | 3,011,817 | ||||
| Premises and equipment, net | 51,563 | 52,951 | ||||
| Goodwill | 19,315 | 19,315 | ||||
| Intangible assets | 1,133 | 1,720 | ||||
| Mortgage servicing rights | 24,041 | 26,292 | ||||
| Other assets | 155,105 | 163,280 | ||||
| Total assets | $ | 4,480,500 | $ | 4,232,239 | ||
| Liabilities and Stockholders’ Equity | ||||||
| Noninterest-bearing deposits | $ | 1,023,517 | $ | 935,510 | ||
| Interest-bearing deposits | 2,850,560 | 2,685,366 | ||||
| Total deposits | 3,874,077 | 3,620,876 | ||||
| Short-term borrowings | – | – | ||||
| Subordinated debt | 14,100 | 63,961 | ||||
| Junior subordinated deferrable interest debentures | 46,393 | 46,393 | ||||
| Other liabilities | 52,093 | 62,060 | ||||
| Total liabilities | 3,986,663 | 3,793,290 | ||||
| Stockholders’ Equity | ||||||
| Common stock | 16,294 | 16,456 | ||||
| Additional paid-in capital | 91,065 | 97,287 | ||||
| Retained earnings | 434,197 | 385,827 | ||||
| Accumulated other comprehensive income (loss) | (47,719) | (60,621) | ||||
| Total stockholders’ equity | 493,837 | 438,949 | ||||
| Total liabilities and stockholders’ equity | $ | 4,480,500 | $ | 4,232,239 | ||
South Plains Financial, Inc.
Consolidated Statements of Income
(Unaudited)
(Dollars in thousands)
| Three Months Ended | Twelve Months Ended | |||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||
| Interest income: | ||||||||||||
| Loans, including fees | $ | 52,818 | $ | 51,262 | $ | 211,202 | $ | 202,270 | ||||
| Other | 10,603 | 10,062 | 40,796 | 38,629 | ||||||||
| Total interest income | 63,421 | 61,324 | 251,998 | 240,899 | ||||||||
| Interest expense: | ||||||||||||
| Deposits | 19,541 | 21,136 | 79,355 | 87,081 | ||||||||
| Subordinated debt | 225 | 834 | 2,730 | 3,339 | ||||||||
| Junior subordinated deferrable interest debentures | 705 | 806 | 2,914 | 3,381 | ||||||||
| Other | – | – | – | – | ||||||||
| Total interest expense | 20,471 | 22,776 | 84,999 | 93,801 | ||||||||
| Net interest income | 42,950 | 38,548 | 166,999 | 147,098 | ||||||||
| Provision for credit losses | 1,775 | 1,200 | 5,195 | 4,300 | ||||||||
| Net interest income after provision for credit losses | 41,175 | 37,348 | 161,804 | 142,798 | ||||||||
| Noninterest income: | ||||||||||||
| Service charges on deposits | 2,318 | 2,241 | 8,823 | 8,026 | ||||||||
| Mortgage banking activities | 2,390 | 4,955 | 10,684 | 14,187 | ||||||||
| Bank card services and interchange fees | 3,359 | 3,225 | 13,912 | 13,640 | ||||||||
| Other | 2,867 | 2,898 | 11,470 | 12,219 | ||||||||
| Total noninterest income | 10,934 | 13,319 | 44,889 | 48,072 | ||||||||
| Noninterest expense: | ||||||||||||
| Salaries and employee benefits | 18,385 | 17,384 | 76,947 | 74,338 | ||||||||
| Net occupancy expense | 4,006 | 3,901 | 16,051 | 16,105 | ||||||||
| Professional services | 2,413 | 1,555 | 7,310 | 6,583 | ||||||||
| Marketing and development | 1,220 | 1,153 | 4,023 | 3,782 | ||||||||
| Other | 6,999 | 5,955 | 28,289 | 26,770 | ||||||||
| Total noninterest expense | 33,023 | 29,948 | 132,620 | 127,578 | ||||||||
| Income before income taxes | 19,086 | 20,719 | 74,073 | 63,292 | ||||||||
| Income tax expense | 3,832 | 4,222 | 15,602 | 13,575 | ||||||||
| Net income | $ | 15,254 | $ | 16,497 | $ | 58,471 | $ | 49,717 | ||||
South Plains Financial, Inc.
Loan Composition
(Unaudited)
(Dollars in thousands)
| As of | ||||||
| December 31, 2025 | December 31, 2024 | |||||
| Loans: | ||||||
| Commercial Real Estate | $ | 1,064,625 | $ | 1,119,063 | ||
| Commercial – Specialized | 409,351 | 388,955 | ||||
| Commercial – General | 659,323 | 557,371 | ||||
| Consumer: | ||||||
| 1-4 Family Residential | 589,851 | 566,400 | ||||
| Auto Loans | 259,157 | 254,474 | ||||
| Other Consumer | 62,092 | 64,936 | ||||
| Construction | 100,103 | 103,855 | ||||
| Total loans held for investment | $ | 3,144,502 | $ | 3,055,054 | ||
South Plains Financial, Inc.
Deposit Composition
(Unaudited)
(Dollars in thousands)
| As of | ||||||
| December 31, 2025 | December 31, 2024 | |||||
| Deposits: | ||||||
| Noninterest-bearing deposits | $ | 1,023,517 | $ | 935,510 | ||
| NOW & other transaction accounts | 1,307,596 | 498,718 | ||||
| MMDA & other savings | 1,111,529 | 1,741,988 | ||||
| Time deposits | 431,435 | 444,660 | ||||
| Total deposits | $ | 3,874,077 | $ | 3,620,876 | ||
South Plains Financial, Inc.
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(Dollars in thousands)
| For the quarter ended | |||||||||||||||
| December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | |||||||||||
| Pre-tax, pre-provision income | |||||||||||||||
| Net income | $ | 15,254 | $ | 16,318 | $ | 14,605 | $ | 12,294 | $ | 16,497 | |||||
| Income tax expense | 3,832 | 4,342 | 4,020 | 3,408 | 4,222 | ||||||||||
| Provision for credit losses | 1,775 | 500 | 2,500 | 420 | 1,200 | ||||||||||
| Pre-tax, pre-provision income | $ | 20,861 | $ | 21,160 | $ | 21,125 | $ | 16,122 | $ | 21,919 | |||||
| As of | |||||||||||||||
| December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | |||||||||||
| Tangible common equity | |||||||||||||||
| Total common stockholders’ equity | $ | 493,837 | $ | 477,802 | $ | 454,074 | $ | 443,743 | $ | 438,949 | |||||
| Less: goodwill and other intangibles | (20,448) | (20,580) | (20,732) | (20,884) | (21,035) | ||||||||||
| Tangible common equity | $ | 473,389 | $ | 457,222 | $ | 433,342 | $ | 422,859 | $ | 417,914 | |||||
| Tangible assets | |||||||||||||||
| Total assets | $ | 4,480,500 | $ | 4,479,437 | $ | 4,363,674 | $ | 4,405,209 | $ | 4,232,239 | |||||
| Less: goodwill and other intangibles | (20,448) | (20,580) | (20,732) | (20,884) | (21,035) | ||||||||||
| Tangible assets | $ | 4,460,052 | $ | 4,458,857 | $ | 4,342,942 | $ | 4,384,325 | $ | 4,211,204 | |||||
| Shares outstanding | 16,293,577 | 16,247,839 | 16,230,475 | 16,235,647 | 16,455,826 | ||||||||||
| Total stockholders’ equity to total assets | |||||||||||||||
| Tangible common equity to tangible assets | |||||||||||||||
| Book value per share | $ | 30.31 | $ | 29.41 | $ | 27.98 | $ | 27.33 | $ | 26.67 | |||||
| Tangible book value per share | $ | 29.05 | $ | 28.14 | $ | 26.70 | $ | 26.05 | $ | 25.40 | |||||
FAQ
What were South Plains Financial (SPFI) Q4 2025 earnings and EPS?
How did South Plains Financial (SPFI) perform for the full year 2025?
What happened to South Plains Financial (SPFI) net interest margin and deposit costs in Q4 2025?
Did South Plains Financial (SPFI) complete any acquisitions in 2025?
How did loans and deposits change at South Plains Financial (SPFI) in 2025?
When was the South Plains Financial (SPFI) earnings conference call scheduled?
