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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% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 209.25 | 176.23 | 189.30 | 205.79 |
| Pretax Income | 73.15 | 79.42 | 63.29 | 74.07 |
| Tax Provision | 14.91 | 16.67 | 13.57 | 15.60 |
| Net Income | 58.24 | 62.74 | 49.72 | 58.47 |
| Net Income Common Stockholders | 58.24 | 62.74 | 49.72 | 58.47 |
| Interest Expense | 22.69 | 72.29 | 93.80 | 85 |
| Interest Income | 161.17 | 212.03 | 240.90 | 252 |
| Selling General And Administration | 89.94 | 82.83 | 78.12 | 80.97 |
| Normalized Income | 58.24 | 36.06 | 49.72 | 58.47 |
| Basic EPS | 3.42 | 3.82 | 3.02 | 3.59 |
| Diluted EPS | 3.42 | 3.82 | 3.02 | 3.44 |
| Tax Effect Of Unusual Items | 0 | 7.09 | 0 | 0 |
| Tax Rate For Calcs | 0.20 | 0.21 | 0.21 | 0.21 |
| Total Unusual Items | 0 | 33.78 | 0 | 0 |
| Total Unusual Items Excluding Goodwill | 0 | 33.78 | 0 | 0 |
| Net Income From Continuing Operation Net Minority Interest | 58.24 | 62.74 | 49.72 | 58.47 |
| Reconciled Depreciation | 6.96 | 6.41 | 6.51 | 5.81 |
| Net Interest Income | 138.48 | 139.75 | 147.10 | 167 |
| Net Income From Continuing And Discontinued Operation | 58.24 | 62.74 | 49.72 | 58.47 |
| Diluted Average Shares | 17.03 | 16.42 | 16.46 | 16.98 |
| Basic Average Shares | 17.03 | 16.42 | 16.46 | 16.28 |
| Diluted NI Availto Com Stockholders | 58.24 | 62.74 | 49.72 | 58.47 |
| Net Income Including Noncontrolling Interests | 58.24 | 62.74 | 49.72 | 58.47 |
| Net Income Continuous Operations | 58.24 | 62.74 | 49.72 | 58.47 |
| 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 |
| Selling And Marketing Expense | 3.61 | 3.45 | 3.78 | 4.02 |
| General And Administrative Expense | 86.32 | 79.38 | 74.34 | 76.95 |
| Other Gand A | 0 | 0 | 0 | 0 |
| Salaries And Wages | 86.32 | 79.38 | 74.34 | 76.95 |
| Operating Revenue | 209.25 | 176.23 | 189.30 | 205.79 |
| Occupancy And Equipment | 15.99 | 16.10 | 16.11 | 16.05 |
| Professional Expense And Contract Services Expense | 9.74 | 6.43 | 6.58 | 7.31 |
| Other Non Interest Expense | 23.05 | 20.61 | 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 | $663M | 11.37↑ premium | 1.34 | 11.8% | - |
| Green Dot Corporation | GDOT | $681M | - | 0.76 | -11.1% | - |
| LendingTree, Inc. | TREE | $675M | 4.49 | 2.32 | 52.8% | 11.25 |
| Financial Institutions, Inc. | FISI | $670M | 8.86 | 1.09 | 11.9% | - |
| Alerus Financial Corporation | ALRS |
| $658M |
| 37.87 |
| 1.16 |
| 3.1% |
| - |
| Tiptree Inc. | TIPT | $648M | - | 1.27 | 4.6% | -19.70 |
| Better Home & Finance Holding Company | BETR | $644M | - | 16.83 | -446.1% | - |
| Community West Bancshares | CWBC | $640M | 10.93 | 1.08 | 9.3% | - |
| Shore Bancshares, Inc. | SHBI | $640M | 10.17 | 1.08 | 10.1% | - |
| Peer Median | - | 10.17 | 1.12 | 7.0% | -4.22 | |