South Plains Financial, Inc. Reports Third Quarter 2025 Financial Results
South Plains Financial (NASDAQ:SPFI) reported third quarter 2025 results on October 23, 2025. Net income was $16.3 million and diluted EPS was $0.96. Net interest income was $43.0 million and tax-equivalent net interest margin was 4.05%. Return on average assets was 1.47%.
Loans held for investment were $3.05 billion (down 1.5% sequentially); deposits were $3.88 billion (up 3.8% sequentially and 4.3% YoY). Tangible book value per share (non-GAAP) was $28.14. Capital ratios remained strong: consolidated total risk-based 17.34%, CET1 14.41%, tier 1 leverage 12.37%. Management cited technology investments, planned lending-team expansion up to 20%, and selective M&A discussions.
South Plains Financial (NASDAQ:SPFI) ha riportato i risultati del terzo trimestre 2025 il 23 ottobre 2025. Utile netto è stato di 16,3 milioni di dollari e l’EPS diluito è stato 0,96 dollari. Reddito da interessi netti è stato di 43,0 milioni di dollari e il margine di interesse netto equivalente alle imposte è stato 4,05%. Rendimento medio sugli attivi è stato 1,47%.
Prestiti detenuti per investimento erano 3,05 miliardi di dollari (in calo dell'1,5% sequenziale); depositi erano 3,88 miliardi di dollari (in aumento del 3,8% sequenziale e 4,3% su base annua). Valore contabile tangibile per azione (non GAAP) era 28,14 dollari. I rapporti patrimoniali sono rimasti solidi: consolidato rapporto di rischio basato sul totale 17,34%, CET1 14,41%, leva di livello 1 12,37%. La direzione ha citato investimenti tecnologici, l'espansione pianificata del team di prestito fino al 20% e discussioni mirate su fusioni e acquisizioni.
South Plains Financial (NASDAQ:SPFI) informó los resultados del tercer trimestre de 2025 el 23 de octubre de 2025. Ingreso neto fue de 16,3 millones de dólares y EPS diluido fue 0,96 dólares. Ingresos netos por intereses fue de 43,0 millones de dólares y el margen neto de interés equivalente a impuestos fue 4,05%. Rentabilidad de los activos medios fue 1,47%.
Préstamos mantenidos para inversión fueron 3,05 mil millones de dólares (bajaron 1,5% secuencialmente); depósitos fueron 3,88 mil millones de dólares (subieron 3,8% secuencialmente y 4,3% interanual). Valor contable tangible por acción (no GAAP) fue 28,14 dólares. Los ratios de capital se mantuvieron sólidos: rendimiento total basado en el riesgo consolidado 17,34%, CET1 14,41%, apalancamiento de nivel 1 12,37%. La dirección citó inversiones en tecnología, expansión planificada del equipo de préstamos hasta 20% y discusiones selectivas sobre fusiones y adquisiciones.
South Plains Financial (NASDAQ:SPFI)는 2025년 10월 23일 2025년 3분기 실적을 발표했습니다. 순이익은 1,630만 달러였고 희석된 주당순이익은 0.96달러였습니다. 순이자이익은 43.0백만 달러였고 세후 이자수익과 등가의 순이자마진은 4.05%였습니다. 평균자산이익률은 1.47%였습니다.
투자목적 대출은 30.5억 달러로 순차적으로 1.5% 감소했고, 예금은 38.8억 달러로 순차적으로 3.8% 상승하며 연간 기준으로 4.3% 상승했습니다. 주당 실질장부가치 (비GAAP)는 28.14 달러였습니다. 자본비율은 여전히 견고했습니다: 합병 총 위험가중자본비율 17.34%, CET1 14.41%, 1단계 레버리지 12.37%. 경영진은 기술 투자, 대출팀 확장을 최대 20%까지 계획, 그리고 선별적 인수합병 논의를 언급했습니다.
South Plains Financial (NASDAQ:SPFI) a publié les résultats du troisième trimestre 2025 le 23 octobre 2025. Résultat net s'est élevé à 16,3 millions de dollars et EPS dilué à 0,96 dollar. Produit net d'intérêts s'est élevé à 43,0 millions de dollars et la marge nette d'intérêts équivalente après impôt était 4,05%. Rendement des actifs moyens était 1,47%.
Prêts détenus pour investissement étaient 3,05 milliards de dollars (en baisse de 1,5% séquentiellement); dépôts étaient 3,88 milliards de dollars (en hausse de 3,8% séquentiellement et 4,3% sur un an). Valeur comptable tangible par action (non-GAAP) était 28,14 dollars. Les ratios de capital sont restés solides: ratio total de risque consolidé 17,34%, CET1 14,41%, levier de premier rang 12,37%. La direction a cité des investissements technologiques, une expansion prévue de l'équipe de prêts jusqu'à 20%, et des discussions ciblées sur les fusions et acquisitions.
South Plains Financial (NASDAQ:SPFI) meldete die Ergebnisse des dritten Quartals 2025 am 23. Oktober 2025. Nettoeinkommen betrug 16,3 Mio. USD und verwässertes Ergebnis je Aktie war 0,96 USD. Nettozinsaufkommen betrug 43,0 Mio. USD und die steueräquivalente Nettozinsertrags-Marge betrug 4,05%. Rendite auf durchschnittliche Vermögenswerte lag bei 1,47%.
Auslagerte Darlehen für Investitionen betrugen 3,05 Mrd. USD (sequentiell -1,5%); Einlagen betrugen 3,88 Mrd. USD (sequentiell um 3,8% gestiegen und jährlich um 4,3%). Immaterieller Betrag pro Aktie (non-GAAP) betrug 28,14 USD. Kapitalquoten blieben stark: konsolidierte risiko-basiertes Gesamtkapital 17,34%, CET1 14,41%, Tier-1-Leverage 12,37%. Management nannte Investitionen in Technologie, geplante Erweiterung des Kreditteams um bis zu 20% und selektive F&A-Diskussionen.
South Plains Financial (NASDAQ:SPFI) أبلغت عن نتائج الربع الثالث من عام 2025 في 23 أكتوبر 2025. صافي الدخل كان 16,3 مليون دولار و< b>العائد المخفَّض للسهم كان 0,96 دولار. دخل الفوائد الصافية كان 43,0 مليون دولار والهامش الفوائد الصافي المعادل للضريبة كان 4,05%. العائد على الأصول المتوسطة كان 1,47%.
القروض المحفوظة للاستثمار كانت 3,05 مليار دولار (بانخفاض 1,5% على التوالي)؛ الودائع كانت 3,88 مليار دولار (ارتفاع 3,8% على التوالي و 4,3% على أساس سنوي). القيمة الدفترية الملموسة للسهم (غيرGAAP) كانت 28,14 دولار. نسب رأس المال بقيت قوية: نسبة المخاطر الإجمالية المدفوعة رأس المال 17,34%، CET1 14,41%، رافعة رأس المال من الدرجة الأولى 12,37%. أشارت الإدارة إلى استثمارات في التكنولوجيا، وتوسيع الفريق القرضي المخطط حتى 20%، ومناقشات اندماج اختيارات انتقائية.
South Plains Financial (NASDAQ:SPFI) 于2025年10月23日公布了2025年第三季度业绩。净利润为1630万美元，摊薄每股收益为0.96美元。净利息收入为4300万美元，税等效的净利息净率为4.05%。平均资产回报率为1.47%。
投资性贷款余额为30.5亿美元（环比下跌1.5%）；存款为38.8亿美元（环比上涨3.8%，同比上涨4.3%）。有形账面价值每股（非GAAP）为28.14美元。资本比率保持强劲：合并总风险基资本率17.34%，CET1 14.41%，一级杠杆 12.37%。管理层提到了科技投资、计划将放贷团队扩张至最多20%以及有关并购的有选择性讨论。
- Diluted EPS increased to $0.96 (Q3 2025)
- Deposits grew 3.8% sequentially to $3.88 billion
- Net interest income rose to $43.0 million
- Strong capital: CET1 ratio at 14.41%
- Tangible book value per share of $28.14
- Loans held for investment declined 1.5% sequentially to $3.05 billion
- Mortgage servicing rights write-down of $925 thousand reduced noninterest income
- Annualized net charge-offs rose to 0.16% in Q3 2025 from 0.06% in Q2 2025
- Higher-than-normal loan paydowns cited as a headwind to loan growth
Insights
Quarter shows clear earnings growth, improving credit metrics, stronger capital and deposit inflows — constructive for the franchise.
South Plains Financial reported net income of
The company shows improving asset quality: provision for credit losses was
Key dependencies and near‑term items to watch include the pace of loan growth as paydowns normalize, the impact of mortgage servicing fair value adjustments on noninterest income, and progress on the planned lending team expansion and selective M&A discussions; monitor results over the next
LUBBOCK, Texas, Oct. 23, 2025 (GLOBE NEWSWIRE) -- South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City Bank (“City Bank” or the “Bank”), today reported its financial results for the quarter ended September 30, 2025.
Third Quarter 2025 Highlights
- Net income for the third quarter of 2025 was
$16.3 million , compared to$14.6 million for the second quarter of 2025 and$11.2 million for the third quarter of 2024. - Diluted earnings per share for the third quarter of 2025 was
$0.96 , compared to$0.86 for the second quarter of 2025 and$0.66 for the third quarter of 2024. - Average cost of deposits for the third quarter of 2025 was 210 basis points, compared to 214 basis points for the second quarter of 2025 and 247 basis points for the third quarter of 2024.
- Net interest margin, on a tax-equivalent basis, was
4.05% for the third quarter of 2025, compared to4.07% for the second quarter of 2025 and3.65% for the third quarter of 2024. - Return on average assets for the third quarter of 2025 was
1.47% , compared to1.34% for the second quarter of 2025 and1.05% for the third quarter of 2024. - Tangible book value (non-GAAP) per share was
$28.14 as of September 30, 2025, compared to$26.70 as of June 30, 2025 and$25.75 as of September 30, 2024. - The consolidated total risk-based capital ratio, common equity tier 1 risk-based capital ratio, and tier 1 leverage ratio at September 30, 2025 were
17.34% ,14.41% , and12.37% , respectively.
Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “We delivered strong third quarter results highlighted by solid earnings growth as we continued to experience net interest income expansion supported by our low cost, community-based deposit franchise. The credit quality of our loan portfolio also continued to improve as did our return on average assets. Our results demonstrate the strong foundation that we have purposefully built. We have added exceptional talent across the Bank while also making the necessary investments in our technology platform that positions South Plains to efficiently scale our operations as we grow. I believe the Bank is firmly positioned to accelerate our asset growth through both organic expansion and accretive M&A opportunities. While we have been experiencing higher than normal paydowns which has proved a headwind to loan growth, we expect an acceleration in growth next year aided by the expansion of our lending platform where we expect to further increase our lending team by up to
Results of Operations, Quarter Ended September 30, 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
On September 30, 2025, the Company redeemed
Asset Quality
The Company recorded a provision for credit losses in the third 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 third quarter 2025 financial results today, October 23, 2025, at 5:00 p.m., Eastern Time. Investors and analysts interested in participating in the call are invited to dial 1-877-407-9716 (international callers please dial 1-201-493-6779) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call and conference materials will be available on the Company’s website at https://www.spfi.bank/news-events/events.
A replay of the conference call will be available within two hours of the conclusion of the call and can be accessed on the investor section of the Company’s website as well as by dialing 1-844-512-2921 (international callers please dial 1-412-317-6671). The pin to access the telephone replay is 13756126. The replay will be available until November 6, 2025.
About South Plains Financial, Inc.
South Plains is the bank holding company for City Bank, a Texas state-chartered bank headquartered in Lubbock, Texas. City Bank is one of the largest independent banks in West Texas and has additional banking operations in the Dallas, El Paso, Greater Houston, the Permian Basin, and College Station, Texas markets, and the Ruidoso, New Mexico market. South Plains provides a wide range of commercial and consumer financial services to small and medium-sized businesses and individuals in its market areas. Its principal business activities include commercial and retail banking, along with investment, trust and mortgage services. Please visit https://www.spfi.bank for more information.
Non-GAAP Financial Measures
Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP financial measures include Tangible Book Value Per Share, Tangible Common Equity to Tangible Assets, and Pre-Tax, Pre-Provision Income. The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s financial position and performance. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures.
We classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the United States in our statements of income, balance sheets or statements of cash flows. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies.
A reconciliation of non-GAAP financial measures to GAAP financial measures is provided at the end of this press release.
Available Information
The Company routinely posts important information for investors on its web site (under www.spfi.bank and, more specifically, under the News & Events tab at www.spfi.bank/news-events/press-releases). The Company intends to use its web site as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD (Fair Disclosure) promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, investors should monitor the Company’s web site, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.
The information contained on, or that may be accessed through, the Company’s web site is not incorporated by reference into, and is not a part of, this document.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect South Plains’ current views with respect to future events and South Plains’ financial performance. Any statements about South Plains’ expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. South Plains cautions that the forward-looking statements in this press release are based largely on South Plains’ expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond South Plains’ control. Factors that could cause such changes include, but are not limited to, the impact on us and our customers of a decline in general economic conditions and any regulatory responses thereto; slower economic growth rates or potential recession in the United States and our market areas; the impacts related to or resulting from uncertainty in the banking industry as a whole; increased competition for deposits in our market areas 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 or other external events, including as a result 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; 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, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | |||||||||||||||
| Selected Income Statement Data: | |||||||||||||||||||
| Interest income | $ | 64,520 | $ | 64,135 | $ | 59,922 | $ | 61,324 | $ | 61,640 | |||||||||
| Interest expense | 21,501 | 21,632 | 21,395 | 22,776 | 24,346 | ||||||||||||||
| Net interest income | 43,019 | 42,503 | 38,527 | 38,548 | 37,294 | ||||||||||||||
| Provision for credit losses | 500 | 2,500 | 420 | 1,200 | 495 | ||||||||||||||
| Noninterest income | 11,165 | 12,165 | 10,625 | 13,319 | 10,635 | ||||||||||||||
| Noninterest expense | 33,024 | 33,543 | 33,030 | 29,948 | 33,128 | ||||||||||||||
| Income tax expense | 4,342 | 4,020 | 3,408 | 4,222 | 3,094 | ||||||||||||||
| Net income | 16,318 | 14,605 | 12,294 | 16,497 | 11,212 | ||||||||||||||
| Per Share Data (Common Stock): | |||||||||||||||||||
| Net earnings, basic | $ | 1.00 | $ | 0.90 | $ | 0.75 | $ | 1.01 | $ | 0.68 | |||||||||
| Net earnings, diluted | 0.96 | 0.86 | 0.72 | 0.96 | 0.66 | ||||||||||||||
| Cash dividends declared and paid | 0.16 | 0.15 | 0.15 | 0.15 | 0.14 | ||||||||||||||
| Book value | 29.41 | 27.98 | 27.33 | 26.67 | 27.04 | ||||||||||||||
| Tangible book value (non-GAAP) | 28.14 | 26.70 | 26.05 | 25.40 | 25.75 | ||||||||||||||
| Weighted average shares outstanding, basic | 16,241,695 | 16,231,627 | 16,415,862 | 16,400,361 | 16,386,079 | ||||||||||||||
| Weighted average shares outstanding, dilutive | 16,990,546 | 16,886,993 | 17,065,599 | 17,161,646 | 17,056,959 | ||||||||||||||
| Shares outstanding at end of period | 16,247,839 | 16,230,475 | 16,235,647 | 16,455,826 | 16,386,627 | ||||||||||||||
| Selected Period End Balance Sheet Data: | |||||||||||||||||||
| Cash and cash equivalents | $ | 635,046 | $ | 470,496 | $ | 536,300 | $ | 359,082 | $ | 471,167 | |||||||||
| Investment securities | 571,138 | 570,000 | 571,527 | 577,240 | 606,889 | ||||||||||||||
| Total loans held for investment | 3,053,503 | 3,098,978 | 3,075,860 | 3,055,054 | 3,037,375 | ||||||||||||||
| Allowance for credit losses | 44,125 | 45,010 | 42,968 | 43,237 | 42,886 | ||||||||||||||
| Total assets | 4,479,437 | 4,363,674 | 4,405,209 | 4,232,239 | 4,337,659 | ||||||||||||||
| Interest-bearing deposits | 2,831,642 | 2,740,179 | 2,826,055 | 2,685,366 | 2,720,880 | ||||||||||||||
| Noninterest-bearing deposits | 1,049,501 | 998,759 | 966,464 | 935,510 | 998,480 | ||||||||||||||
| Total deposits | 3,881,143 | 3,738,938 | 3,792,519 | 3,620,876 | 3,719,360 | ||||||||||||||
| Borrowings | 60,493 | 111,799 | 110,400 | 110,354 | 110,307 | ||||||||||||||
| Total stockholders’ equity | 477,802 | 454,074 | 443,743 | 438,949 | 443,122 | ||||||||||||||
| Summary Performance Ratios: | |||||||||||||||||||
| Return on average assets (annualized) | 1.47 | % | 1.34 | % | 1.16 | % | 1.53 | % | 1.05 | % | |||||||||
| Return on average equity (annualized) | 13.89 | % | 13.05 | % | 11.30 | % | 14.88 | % | 10.36 | % | |||||||||
| Net interest margin(1) | 4.05 | % | 4.07 | % | 3.81 | % | 3.75 | % | 3.65 | % | |||||||||
| Yield on loans | 6.92 | % | 6.99 | % | 6.67 | % | 6.69 | % | 6.68 | % | |||||||||
| Cost of interest-bearing deposits | 2.87 | % | 2.91 | % | 2.93 | % | 3.12 | % | 3.36 | % | |||||||||
| Efficiency ratio | 60.69 | % | 61.11 | % | 66.90 | % | 57.50 | % | 68.80 | % | |||||||||
| Summary Credit Quality Data: | |||||||||||||||||||
| Nonperforming loans | $ | 9,709 | $ | 10,463 | $ | 6,467 | $ | 24,023 | $ | 24,693 | |||||||||
| Nonperforming loans to total loans held for investment | 0.32 | % | 0.34 | % | 0.21 | % | 0.79 | % | 0.81 | % | |||||||||
| Other real estate owned | $ | 1,827 | $ | 535 | $ | 600 | $ | 530 | $ | 973 | |||||||||
| Nonperforming assets to total assets | 0.26 | % | 0.25 | % | 0.16 | % | 0.58 | % | 0.59 | % | |||||||||
| Allowance for credit losses to total loans held for investment | 1.45 | % | 1.45 | % | 1.40 | % | 1.42 | % | 1.41 | % | |||||||||
| Net charge-offs to average loans outstanding (annualized) | 0.16 | % | 0.06 | % | 0.07 | % | 0.11 | % | 0.11 | % | |||||||||
| As of and for the quarter ended | |||||||||||||||||||
| September 30 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | |||||||||||||||
| Capital Ratios: | |||||||||||||||||||
| Total stockholders’ equity to total assets | 10.67 | % | 10.41 | % | 10.07 | % | 10.37 | % | 10.22 | % | |||||||||
| Tangible common equity to tangible assets (non-GAAP) | 10.25 | % | 9.98 | % | 9.64 | % | 9.92 | % | 9.77 | % | |||||||||
| Common equity tier 1 to risk-weighted assets | 14.41 | % | 13.86 | % | 13.59 | % | 13.53 | % | 13.25 | % | |||||||||
| Tier 1 capital to average assets | 12.37 | % | 12.12 | % | 12.04 | % | 12.04 | % | 11.76 | % | |||||||||
| Total capital to risk-weighted assets | 17.34 | % | 18.17 | % | 17.93 | % | 17.86 | % | 17.61 | % | |||||||||
(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, 2025 | September 30, 2024 | ||||||||||||||||||
| Average Balance | Interest | Yield/Rate | Average Balance | Interest | Yield/Rate | ||||||||||||||
| Assets | |||||||||||||||||||
| Loans(1) | $ | 3,093,465 | $ | 53,935 | 6.92 | % | $ | 3,069,900 | $ | 51,513 | 6.68 | % | |||||||
| Debt securities - taxable | 498,302 | 4,638 | 3.69 | % | 524,641 | 5,300 | 4.02 | % | |||||||||||
| Debt securities - nontaxable | 155,028 | 1,080 | 2.76 | % | 154,806 | 1,016 | 2.61 | % | |||||||||||
| Other interest-bearing assets | 489,621 | 5,101 | 4.13 | % | 336,887 | 4,032 | 4.76 | % | |||||||||||
| Total interest-earning assets | 4,236,416 | 64,754 | 6.06 | % | 4,086,234 | 61,861 | 6.02 | % | |||||||||||
| Noninterest-earning assets | 167,437 | 172,922 | |||||||||||||||||
| Total assets | $ | 4,403,853 | $ | 4,259,156 | |||||||||||||||
| Liabilities & stockholders’ equity | |||||||||||||||||||
| NOW, Savings, MMDA’s | $ | 2,325,281 | 16,007 | 2.73 | % | $ | 2,247,299 | 18,143 | 3.21 | % | |||||||||
| Time deposits | 424,788 | 3,918 | 3.66 | % | 431,307 | 4,510 | 4.16 | % | |||||||||||
| Short-term borrowings | 7 | - | 0.00 | % | 3 | - | 0.00 | % | |||||||||||
| Notes payable & other long-term borrowings | - | - | 0.00 | % | - | - | 0.00 | % | |||||||||||
| Subordinated debt | 63,534 | 835 | 5.21 | % | 63,891 | 835 | 5.20 | % | |||||||||||
| Junior subordinated deferrable interest debentures | 46,393 | 741 | 6.34 | % | 46,393 | 858 | 7.36 | % | |||||||||||
| Total interest-bearing liabilities | 2,860,003 | 21,501 | 2.98 | % | 2,788,893 | 24,346 | 3.47 | % | |||||||||||
| Demand deposits | 1,010,159 | 976,048 | |||||||||||||||||
| Other liabilities | 67,753 | 63,661 | |||||||||||||||||
| Stockholders’ equity | 465,938 | 430,554 | |||||||||||||||||
| Total liabilities & stockholders’ equity | $ | 4,403,853 | $ | 4,259,156 | |||||||||||||||
| Net interest income | $ | 43,253 | $ | 37,515 | |||||||||||||||
| Net interest margin(2) | 4.05 | % | 3.65 | % | |||||||||||||||
(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, 2025 | September 30, 2024 | ||||||||||||||||||
| Average Balance | Interest | Yield/Rate | Average Balance | Interest | Yield/Rate | ||||||||||||||
| Assets | |||||||||||||||||||
| Loans(1) | $ | 3,087,530 | $ | 158,406 | 6.86 | % | $ | 3,055,679 | $ | 151,031 | 6.60 | % | |||||||
| Debt securities - taxable | 505,721 | 14,030 | 3.71 | % | 537,425 | 16,096 | 4.00 | % | |||||||||||
| Debt securities - nontaxable | 153,486 | 3,109 | 2.71 | % | 155,489 | 3,062 | 2.63 | % | |||||||||||
| Other interest-bearing assets | 444,473 | 13,707 | 4.12 | % | 287,192 | 10,052 | 4.68 | % | |||||||||||
| Total interest-earning assets | 4,191,210 | 189,252 | 6.04 | % | 4,035,785 | 180,241 | 5.97 | % | |||||||||||
| Noninterest-earning assets | 168,628 | 176,230 | |||||||||||||||||
| Total assets | $ | 4,359,838 | $ | 4,212,015 | |||||||||||||||
| Liabilities & stockholders’ equity | |||||||||||||||||||
| NOW, Savings, MMDA’s | $ | 2,318,134 | 47,408 | 2.73 | % | $ | 2,251,569 | 53,792 | 3.19 | % | |||||||||
| Time deposits | 435,127 | 12,406 | 3.81 | % | 399,646 | 12,153 | 4.06 | % | |||||||||||
| Short-term borrowings | 9 | - | 0.00 | % | 3 | - | 0.00 | % | |||||||||||
| Notes payable & other long-term borrowings | - | - | 0.00 | % | - | - | 0.00 | % | |||||||||||
| Subordinated debt | 63,850 | 2,505 | 5.25 | % | 63,845 | 2,505 | 5.24 | % | |||||||||||
| Junior subordinated deferrable interest debentures | 46,393 | 2,209 | 6.37 | % | 46,393 | 2,575 | 7.41 | % | |||||||||||
| Total interest-bearing liabilities | 2,863,513 | 64,528 | 3.01 | % | 2,761,456 | 71,025 | 3.44 | % | |||||||||||
| Demand deposits | 978,426 | 964,829 | |||||||||||||||||
| Other liabilities | 65,835 | 68,458 | |||||||||||||||||
| Stockholders’ equity | 452,064 | 417,272 | |||||||||||||||||
| Total liabilities & stockholders’ equity | $ | 4,359,838 | $ | 4,212,015 | |||||||||||||||
| Net interest income | $ | 124,724 | $ | 109,216 | |||||||||||||||
| Net interest margin(2) | 3.98 | % | 3.61 | % | |||||||||||||||
(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, 2025 | December 31, 2024 | ||||||
| Assets | |||||||
| Cash and due from banks | $ | 56,071 | $ | 54,114 | |||
| Interest-bearing deposits in banks | 578,975 | 304,968 | |||||
| Securities available for sale | 571,138 | 577,240 | |||||
| Loans held for sale | 13,046 | 20,542 | |||||
| Loans held for investment | 3,053,503 | 3,055,054 | |||||
| Less: Allowance for credit losses | (44,125 | ) | (43,237 | ) | |||
| Net loans held for investment | 3,009,378 | 3,011,817 | |||||
| Premises and equipment, net | 51,809 | 52,951 | |||||
| Goodwill | 19,315 | 19,315 | |||||
| Intangible assets | 1,265 | 1,720 | |||||
| Mortgage servicing rights | 24,458 | 26,292 | |||||
| Other assets | 153,982 | 163,280 | |||||
| Total assets | $ | 4,479,437 | $ | 4,232,239 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Noninterest-bearing deposits | $ | 1,049,501 | $ | 935,510 | |||
| Interest-bearing deposits | 2,831,642 | 2,685,366 | |||||
| Total deposits | 3,881,143 | 3,620,876 | |||||
| Short-term borrowings | - | — | |||||
| Subordinated debt | 14,100 | 63,961 | |||||
| Junior subordinated deferrable interest debentures | 46,393 | 46,393 | |||||
| Other liabilities | 59,999 | 62,060 | |||||
| Total liabilities | 4,001,635 | 3,793,290 | |||||
| Stockholders’ Equity | |||||||
| Common stock | 16,248 | 16,456 | |||||
| Additional paid-in capital | 91,116 | 97,287 | |||||
| Retained earnings | 421,542 | 385,827 | |||||
| Accumulated other comprehensive income (loss) | (51,104 | ) | (60,621 | ) | |||
| Total stockholders’ equity | 477,802 | 438,949 | |||||
| Total liabilities and stockholders’ equity | $ | 4,479,437 | $ | 4,232,239 | |||
| South Plains Financial, Inc. Consolidated Statements of Income (Unaudited) (Dollars in thousands) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | ||||||||||||
| Interest income: | |||||||||||||||
| Loans, including fees | $ | 53,928 | $ | 51,505 | $ | 158,384 | $ | 151,008 | |||||||
| Other | 10,592 | 10,135 | 30,193 | 28,567 | |||||||||||
| Total interest income | 64,520 | 61,640 | 188,577 | 179,575 | |||||||||||
| Interest expense: | |||||||||||||||
| Deposits | 19,925 | 22,653 | 59,814 | 65,945 | |||||||||||
| Subordinated debt | 835 | 835 | 2,505 | 2,505 | |||||||||||
| Junior subordinated deferrable interest debentures | 741 | 858 | 2,209 | 2,575 | |||||||||||
| Other | - | - | - | - | |||||||||||
| Total interest expense | 21,501 | 24,346 | 64,528 | 71,025 | |||||||||||
| Net interest income | 43,019 | 37,294 | 124,049 | 108,550 | |||||||||||
| Provision for credit losses | 500 | 495 | 3,420 | 3,100 | |||||||||||
| Net interest income after provision for credit losses | 42,519 | 36,799 | 120,629 | 105,450 | |||||||||||
| Noninterest income: | |||||||||||||||
| Service charges on deposits | 2,266 | 2,023 | 6,505 | 5,785 | |||||||||||
| Mortgage banking activities | 2,575 | 1,890 | 8,294 | 9,232 | |||||||||||
| Bank card services and interchange fees | 3,403 | 3,302 | 10,553 | 10,415 | |||||||||||
| Other | 2,921 | 3,420 | 8,603 | 9,321 | |||||||||||
| Total noninterest income | 11,165 | 10,635 | 33,955 | 34,753 | |||||||||||
| Noninterest expense: | |||||||||||||||
| Salaries and employee benefits | 19,413 | 18,767 | 58,562 | 56,954 | |||||||||||
| Net occupancy expense | 4,046 | 4,255 | 12,045 | 12,204 | |||||||||||
| Professional services | 1,293 | 1,807 | 4,897 | 5,028 | |||||||||||
| Marketing and development | 979 | 1,015 | 2,803 | 2,629 | |||||||||||
| Other | 7,293 | 7,284 | 21,290 | 20,815 | |||||||||||
| Total noninterest expense | 33,024 | 33,128 | 99,597 | 97,630 | |||||||||||
| Income before income taxes | 20,660 | 14,306 | 54,987 | 42,573 | |||||||||||
| Income tax expense | 4,342 | 3,094 | 11,770 | 9,353 | |||||||||||
| Net income | $ | 16,318 | $ | 11,212 | $ | 43,217 | $ | 33,220 | |||||||
| South Plains Financial, Inc. Loan Composition (Unaudited) (Dollars in thousands) | |||||||
| As of | |||||||
| September 30, 2025 | December 31, 2024 | ||||||
| Loans: | |||||||
| Commercial Real Estate | $ | 1,035,903 | $ | 1,119,063 | |||
| Commercial - Specialized | 377,783 | 388,955 | |||||
| Commercial - General | 629,256 | 557,371 | |||||
| Consumer: | |||||||
| 1-4 Family Residential | 592,578 | 566,400 | |||||
| Auto Loans | 256,281 | 254,474 | |||||
| Other Consumer | 63,727 | 64,936 | |||||
| Construction | 97,952 | 103,855 | |||||
| Total loans held for investment | $ | 3,053,480 | $ | 3,055,054 | |||
| South Plains Financial, Inc. Deposit Composition (Unaudited) (Dollars in thousands) | |||||||
| As of | |||||||
| September 30, 2025 | December 31, 2024 | ||||||
| Deposits: | |||||||
| Noninterest-bearing deposits | $ | 1,049,501 | $ | 935,510 | |||
| NOW & other transaction accounts | 1,291,756 | 498,718 | |||||
| MMDA & other savings | 1,114,945 | 1,741,988 | |||||
| Time deposits | 424,941 | 444,660 | |||||
| Total deposits | $ | 3,881,143 | $ | 3,620,876 | |||
| South Plains Financial, Inc. Reconciliation of Non-GAAP Financial Measures (Unaudited) (Dollars in thousands) | |||||||||||||||||||
| For the quarter ended | |||||||||||||||||||
| September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | |||||||||||||||
| Pre-tax, pre-provision income | |||||||||||||||||||
| Net income | $ | 16,318 | $ | 14,605 | $ | 12,294 | $ | 16,497 | $ | 11,212 | |||||||||
| Income tax expense | 4,342 | 4,020 | 3,408 | 4,222 | 3,094 | ||||||||||||||
| Provision for credit losses | 500 | 2,500 | 420 | 1,200 | 495 | ||||||||||||||
| Pre-tax, pre-provision income | $ | 21,160 | $ | 21,125 | $ | 16,122 | $ | 21,919 | $ | 14,801 | |||||||||
| As of | |||||||||||||||||||
| September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | |||||||||||||||
| Tangible common equity | |||||||||||||||||||
| Total common stockholders’ equity | $ | 477,802 | $ | 454,074 | $ | 443,743 | $ | 438,949 | $ | 443,122 | |||||||||
| Less: goodwill and other intangibles | (20,580 | ) | (20,732 | ) | (20,884 | ) | (21,035 | ) | (21,197 | ) | |||||||||
| Tangible common equity | $ | 457,222 | $ | 433,342 | $ | 422,859 | $ | 417,914 | $ | 421,925 | |||||||||
| Tangible assets | |||||||||||||||||||
| Total assets | $ | 4,479,437 | $ | 4,363,674 | $ | 4,405,209 | $ | 4,232,239 | $ | 4,337,659 | |||||||||
| Less: goodwill and other intangibles | (20,580 | ) | (20,732 | ) | (20,884 | ) | (21,035 | ) | (21,197 | ) | |||||||||
| Tangible assets | $ | 4,458,857 | $ | 4,342,942 | $ | 4,384,325 | $ | 4,211,204 | $ | 4,316,462 | |||||||||
| Shares outstanding | 16,247,839 | 16,230,475 | 16,235,647 | 16,455,826 | 16,386,627 | ||||||||||||||
| Total stockholders’ equity to total assets | 10.67 | % | 10.41 | % | 10.07 | % | 10.37 | % | 10.22 | % | |||||||||
| Tangible common equity to tangible assets | 10.25 | % | 9.98 | % | 9.64 | % | 9.92 | % | 9.77 | % | |||||||||
| Book value per share | $ | 29.41 | $ | 27.98 | $ | 27.33 | $ | 26.67 | $ | 27.04 | |||||||||
| Tangible book value per share | $ | 28.14 | $ | 26.70 | $ | 26.05 | $ | 25.40 | $ | 25.75 | |||||||||
FAQ
What were South Plains Financial (SPFI) Q3 2025 EPS and net income?
How did SPFI loans and deposits change in Q3 2025?
What was SPFI's net interest margin and net interest income in Q3 2025?
What capital and tangible book metrics did SPFI report on September 30, 2025?
Did SPFI mention plans for lending expansion or M&A after Q3 2025?
How did mortgage servicing valuations affect SPFI's Q3 2025 results?
