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South Plains Financial, Inc. operates as a bank holding company for City Bank that provides commercial and consumer financial services to small and medium-sized businesses and individuals. It offers deposit products, including demand deposit accounts, interest-bearing products, savings accounts, and certificate of deposits. The company also provides traditional trust products and services; debit and credit cards; retirement services and products, including real estate administration, family trust administration, revocable and irrevocable trusts, charitable trusts for individuals and corporations, self-directed individual retirement accounts, simplified employee pensions plans, employee stock ownership plans, defined benefit plans, and profit-sharing plans. In addition, it offers investment services, such as self-directed IRAs, money market funds, mutual funds, annuities and tax-deferred annuities, stocks and bonds, investments for non-U.S. residents, treasury bills, treasury notes and bonds, and tax-exempt municipal bonds. Further, the company provides commercial real estate loans; general and specialized commercial loans, including agricultural production and real estate, energy, finance, investment, and insurance loans, as well as loans to goods, services, restaurant and retail, construction, and other industries; residential construction loans; and 1-4 family residential loans, auto loans, and other loans for recreational vehicles or other purposes; and mortgage banking services. The company was founded in 1941 and is headquartered in Lubbock, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $206M | - | $58M | $72M | 11.8% | 8.7% | 17.6% |
| 2024 | $189M | - | $50M | $56M | 11.3% | 7.4% | -20.8% |
| 2023 | $176M | - | $63M | $54M | 15.4% | -15.8% | 7.7% |
| 2022 | $209M | - | $58M | $119M | 16.3% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 209.24 | 176.23 | 189.30 | 205.79 |
| Operating Revenue | - | 209.24 | 176.23 | 189.30 | 205.79 |
| Selling General And Administration | - | 89.94 | 82.83 | 78.12 | 80.97 |
| Interest Income | - | 161.17 | 212.03 | 240.90 | 252 |
| Interest Expense | - | 22.69 | 72.29 | 93.80 | 85 |
| Net Interest Income | - | 138.48 | 139.75 | 147.10 | 167 |
| Pretax Income | - | 73.15 | 79.42 | 63.29 | 74.07 |
| Tax Provision | - | 14.91 | 16.67 | 13.58 | 15.60 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 7.09 | 0 | 0 |
| Net Income Continuous Operations | - | 58.24 | 62.74 | 49.72 | 58.47 |
| Net Income From Continuing And Discontinued Operation | - | 58.24 | 62.74 | 49.72 | 58.47 |
| Net Income From Continuing Operation Net Minority Interest | - | 58.24 | 62.74 | 49.72 | 58.47 |
| Net Income | - | 58.24 | 62.74 | 49.72 | 58.47 |
| Net Income Common Stockholders | - | 58.24 | 62.74 | 49.72 | 58.47 |
| Net Income Including Noncontrolling Interests | - | 58.24 | 62.74 | 49.72 | 58.47 |
| Normalized Income | - | 58.24 | 36.06 | 49.72 | 58.47 |
| Diluted NI Availto Com Stockholders | - | 58.24 | 62.74 | 49.72 | 58.47 |
| Basic Average Shares | - | 17.03 | 16.42 | 16.46 | 16.29 |
| Diluted Average Shares | - | 17.03 | 16.42 | 16.46 | 16.29 |
| Reconciled Depreciation | - | 6.96 | 6.41 | 6.51 | 5.81 |
| Total Unusual Items | - | 0 | 33.78 | 0 | 0 |
| Total Unusual Items Excluding Goodwill | - | 0 | 33.78 | 0 | 0 |
| Special Income Charges | - | 0 | 33.78 | 0 | 0 |
| Gain On Sale Of Business | - | 0 | 33.78 | 0 | 0 |
| Gain On Sale Of Security | - | 0 | -3.41 | 0 | 0 |
| General And Administrative Expense | - | 86.32 | 79.38 | 74.34 | 76.95 |
| Other Gand A | 4.01 | - | - | - | - |
| Salaries And Wages | - | 86.32 | 79.38 | 74.34 | 76.95 |
| Selling And Marketing Expense | - | 3.61 | 3.45 | 3.78 | 4.02 |
| Occupancy And Equipment | - | 15.99 | 16.10 | 16.10 | 16.05 |
| Professional Expense And Contract Services Expense | - | 9.74 | 6.43 | 6.58 | 7.31 |
| Other Non Interest Expense | - | 23.05 | 20.62 | 20.90 | 22.19 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| South Plains Financial, Inc.this co. | SPFI | $786M | 13.45 | 1.59 | 11.8% | - |
| Employers Holdings, Inc. | EIG | $811M | 75.12 | 0.85 | 1.1% | - |
| loanDepot, Inc. | LDI | $811M | -12.94 | 3.46 | -26.7% | - |
| First Community Bankshares, Inc. | FCBC | $811M | 16.61 | 1.62 | 9.7% | - |
| Bowhead Specialty Holdings Inc. | BOW | $801M |
| - |
| - |
| - |
| - |
| - |
| - |
| 14.90 |
| 1.78 |
| 12.0% |
| - |
| Great Southern Bancorp, Inc. | GSBC | $789M | 11.12 | 1.24 | 11.2% | - |
| Peapack-Gladstone Financial Corporation | PGC | $778M | 20.84 | 1.18 | 5.7% | - |
| Southern Missouri Bancorp, Inc. | SMBC | $760M | 12.98 | 1.40 | 10.8% | - |
| Capital City Bank Group, Inc. | CCBG | $757M | 12.29 | 1.37 | 11.1% | - |
| Peer Median | - | 13.94 | 1.38 | 10.3% | - | |