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, 2020.
Fourth Quarter 2020
Highlights
- Net income for the fourth quarter
of 2020 was $15.9 million, compared to $16.7 million for the third
quarter of 2020 and $10.1 million for the fourth quarter of
2019.
- Diluted earnings per share for the
fourth quarter of 2020 was $0.87, compared to $0.92 for the third
quarter of 2020 and $0.55 for the fourth quarter of 2019.
- Pre-tax, pre-provision income
(non-GAAP) for the fourth quarter of 2020 was $20.0 million,
compared to $26.9 million for the third quarter of 2020 and $13.7
million for the fourth quarter of 2019.
- Average cost of deposits for the
fourth quarter of 2020 decreased to 31 basis points, compared to 34
basis points for the third quarter of 2020 and 76 basis points for
the fourth quarter of 2019.
- The provision for loan losses for
the fourth quarter of 2020 was $141,000, compared to $6.1 million
for the third quarter of 2020 and $896,000 for the fourth quarter
of 2019.
- Nonperforming assets to total
assets were 0.45% at December 31, 2020, compared to 0.46% at
September 30, 2020 and 0.24% at December 31, 2019.
- Return on average assets for the
fourth quarter of 2020 was 1.76% annualized, compared to 1.88%
annualized for the third quarter of 2020 and 1.32% annualized for
the fourth quarter of 2019.
Full Year 2020 Highlights
- $3.6 billion in total assets at December 31, 2020, compared to
$3.2 billion at December 31, 2019.
- Full year net income of $45.4 million in 2020, compared to
$29.2 million in 2019.
- Diluted earnings per share of $2.47 in 2020, compared to $1.71
in 2019.
- Efficiency ratio of 63.0% in 2020, compared to 75.3% in
2019.
- Tangible book value (non-GAAP) per share of $18.97 at December
31, 2020, compared to $15.46 at December 31, 2019.
- Return on average assets of 1.31% for the full year 2020,
compared to 1.04% for 2019.
- Issued $50 million of subordinated notes in September
2020.
Curtis Griffith, South Plains’ Chairman and
Chief Executive Officer, commented, “While this past year presented
our Company with unprecedented challenges as a result of the global
COVID-19 pandemic, I could not be more pleased with the performance
of our employees and their commitment to both the Bank and our
customers. Our strong financial results for the fourth quarter and
full year 2020 would not have been possible without their tireless
efforts. We continue to weather the economic storm caused by the
ongoing COVID-19 pandemic and ended the year in a strong financial
position highlighted by our well-capitalized balance sheet and the
improving credit metrics of our loan portfolio. This can be seen in
our active loan modifications, which were 2.9% of our total
portfolio at December 31, 2020, which is a decline from 5.4% at
September 30, 2020. We believe our proactive approach to managing
our credit combined with our Enterprise Risk Management system has
enabled our team to effectively manage a difficult environment and
positioned the Company to take advantage of opportunities in the
year ahead as we strive to grow the Bank both organically and
through strategic acquisitions.”
Mr. Griffith continued, “Looking at our results
in more detail, we delivered pre-tax, pre-provision income of $20.0
million in the fourth quarter of 2020, representing 46% growth as
compared to $13.7 million in the fourth quarter of 2019. We also
grew book value per share to $20.47 at December 31, 2020, a rise of
21% as compared to book value per share of $16.98 at December 31,
2019. Importantly, we are delivering this growth while maintaining
a strict discipline on expenses as can be seen in our efficiency
ratio, which was 64.2% in the fourth quarter of 2020 as compared to
69.7% in the fourth quarter of 2019. Additionally, our annualized
return on average assets increased to 1.76% in the fourth quarter
of 2020 as compared to 1.32% in the fourth quarter of 2019. A clear
focus of our team has been to scale the Bank while delivering
returns in line or better to our peer group over time. While we
have more work to do in order to achieve our goal, I am very
pleased with the progress that our team achieved this past
year.”
Results of Operations, Quarter Ended
December 31, 2020
Net Interest Income
Net interest income was $30.4 million for the
fourth quarter of 2020, compared to $28.6 million for the fourth
quarter of 2019 and $31.3 million for the third quarter of
2020.
Interest income was $34.0 million for the fourth
quarter of 2020, compared to $34.8 million for the fourth quarter
of 2019 and $34.5 million for the third quarter of 2020. Interest
and fees on loans decreased by $429,000 from the fourth quarter of
2019 due to a decrease of 68 basis points in loan rates as a result
of the decline in the interest rate environment experienced in the
first quarter of 2020, partially offset by growth of $256.7 million
in average loans, primarily from the Small Business Administration
(“SBA”) Paycheck Protection Program (“PPP”) loans that were
originated largely in the second quarter of 2020. Interest income
decreased slightly in the fourth quarter of 2020 from the third
quarter of 2020 due to a decline of 17 basis points in non-PPP loan
rates and a decline of $55.9 million in average loans, partially
offset by the additional interest and fees on PPP loans. The PPP
loans yielded 5.02% during the fourth quarter of 2020, which
includes accretion of the related SBA lender fees for processing
PPP loans during the quarter. As of December 31, 2020, the Company
has originated approximately 2,100 PPP loans, totaling $218
million, and has received $7.8 million in PPP related SBA fees.
These fees are deferred and then accreted into interest income over
the life of the applicable loans. During the fourth quarter of
2020, the Company recognized $2.0 million in PPP related SBA fees.
The Company expects that the majority of PPP loans will be forgiven
over the next several quarters. At December 31, 2020, there was
$4.1 million of deferred fees that have not been accreted to
income.
Interest expense was $3.6 million for the fourth
quarter of 2020, compared to $6.1 million for the fourth quarter of
2019 and $3.2 million for the third quarter of 2020. The decrease
from the fourth quarter of 2019 was primarily due to a decrease in
the interest rate paid on interest-bearing liabilities of 58 basis
points, partially offset by an increase of $262.2 million in
average interest-bearing liabilities. The increase in average
interest-bearing liabilities was largely due to growth in deposits
from PPP loan funding and other government stimulus payments and
programs as well as organic growth and the issuance of $50.0
million in subordinated notes on September 29, 2020. Additionally,
the decrease in the rate paid on interest-bearing liabilities was
the result of the decline in the overall rate environment
experienced in the first quarter of 2020. The increase in interest
expense from the third quarter of 2020 was primarily due to the
interest expense on the $50.0 million in subordinated notes issued
on September 29, 2020, partially offset by a decrease in the
interest rate paid on interest-bearing deposits.
The average cost of deposits was 31 basis points
for the fourth quarter of 2020, representing a 45 basis point
decrease from the fourth quarter of 2019 and a three basis point
decrease from the third quarter of 2020.
The net interest margin was 3.64% for the fourth
quarter of 2020, compared to 4.03% for the fourth quarter of 2019
and 3.82% for the third quarter of 2020.
Noninterest Income and Noninterest
Expense
Noninterest income was $26.2 million for the
fourth quarter of 2020, compared to $16.7 million for the fourth
quarter of 2019 and $31.7 million for the third quarter of 2020.
The increase in noninterest income for the fourth quarter of 2020
as compared to the fourth quarter of 2019 was primarily due to
growth of $10.3 million in mortgage banking activities revenue as a
result of an additional $271.6 million in mortgage loan
originations. Additionally, there was a decrease in income from
insurance activities of $782,000 in the fourth quarter of 2020
related to the effect of adoption of the revenue recognition
standard for quarterly reporting in 2020, with a higher amount of
income now being recognized in the third quarter compared to being
recognized in the fourth quarter in previous years. The decrease
from the third quarter of 2020 was primarily due to a reduction of
$4.5 million in mortgage banking activities revenue as a result of
lower interest rate lock commitments in the fourth quarter and a
decrease of $1.1 million in income from insurance activities.
Noninterest expense was $36.5 million for the
fourth quarter of 2020, compared to $31.7 million for the fourth
quarter of 2019 and $36.0 million for the third quarter of 2020.
The increase in noninterest expense as compared to the fourth
quarter of 2019 was primarily driven by a $3.8 million increase in
personnel expense. This increase was predominantly related to an
additional $3.7 million in commissions paid on the higher volume of
mortgage loan originations. Appraisal expenses, principally for the
Company’s mortgage operations, increased $517,000 related to the
growth in mortgage production. Net occupancy expenses increased
$499,000 primarily from the completion of the Company’s acquisition
of West Texas State Bank in the middle of the fourth quarter of
2019 as well as additional locations for mortgage operations. The
increase from the third quarter of 2020 was primarily the result of
a recovery of $303,000 of legal expenses from the previously
disclosed settlement of a lawsuit in September 2020. Additionally,
there was increased marketing and business development in the
Company’s Permian Basin branches in the fourth quarter of 2020.
Loan Portfolio and
Composition
Loans held for investment were $2.22 billion as
of December 31, 2020, compared to $2.29 billion as of September 30,
2020 and $2.14 billion as of December 31, 2019. The $66.7 million
decrease during the fourth quarter of 2020 as compared to the third
quarter of 2020 was primarily the result of $41.8 million in
forgiveness and paydowns on PPP loans, seasonal paydowns of $28.0
million in agricultural operating loans, and the early payoff of a
$16.0 million state and municipality loan, offset by organic loan
growth. As of December 31, 2020, loans held for investment
increased $78.0 million from December 31, 2019, largely
attributable to the PPP loans primarily funded in the second
quarter of 2020, partially offset by the slower loan demand and
accelerated paydowns experienced during 2020.
The Economic Aid Act, signed into law on
December 27, 2020, authorized an additional $284.5 billion in new
PPP funding and extends the authority of lenders to make PPP loans
through March 31, 2021. The Company intends to participate in the
new round of the PPP.
Agricultural production loans were $105.9
million as of December 31, 2020, compared to $133.9 million as of
September 30, 2020 and $131.2 million as of December 31, 2019. The
Company did not experience the typical historical increase in
seasonal fundings on these agricultural production loans during the
third quarter of 2020, primarily as a result of drought conditions
or damaged crops and where the borrower received crop insurance
proceeds to pay down the loans.
Deposits and Borrowings
Deposits totaled $2.97 billion as of December
31, 2020, compared to $2.94 billion as of September 30, 2020 and
$2.70 billion as of December 31, 2019. Deposits increased $30.5
million, or 1.0%, in the fourth quarter of 2020 from September 30,
2020. As of December 31, 2020, deposits increased $277.5 million,
or 10.3%, from December 31, 2019. The increase in deposits since
December 31, 2019 is primarily a result of organic growth as well
as existing customers increasing their balances.
Noninterest-bearing deposits were $917.3 million
as of December 31, 2020, compared to $906.1 million as of September
30, 2020 and $790.9 million as of December 31, 2019.
Noninterest-bearing deposits represented 30.8% of total deposits as
of December 31, 2020. The increase in noninterest-bearing deposit
balances at December 31, 2020 compared to September 30, 2020 was
$11.3 million, or 1.2%. The increase in noninterest-bearing deposit
balances at December 31, 2020 compared to December 31, 2019 was
$126.4 million, or 16.0%, and is primarily a result of organic
growth as well as existing customers increasing their balances.
The Bank has utilized its lines of credit with
the Federal Home Loan Bank of Dallas (the “FHLB”) and the Federal
Reserve Bank of Dallas to supplement funding for origination of PPP
loans as needed. This included borrowing $75.0 million from the
FHLB for a three month term. This borrowing matured in July 2020
and was repaid in full.
On September 29, the Company issued $50.0
million in fixed-to-floating rate subordinated notes due in 2030.
These notes bear interest at a fixed rate of 4.50% for the first
five years, and the interest rate will reset quarterly thereafter
to the then current three-month Secured Overnight Financing Rate,
as published by the Federal Reserve Bank of New York, plus 438
basis points.
Asset Quality
As part of the Bank’s efforts to support its
customers and protect the Bank as a result of the COVID-19
pandemic, the Bank has provided borrowers 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. As of December
31, 2020, total active loan modifications attributed to COVID-19
were $64.1 million, or 2.9% of the Company’s loan portfolio, down
from $124.0 million, or 5.4% of the Company’s loan portfolio, at
September 30, 2020. Approximately 95% of the active modified loans
at December 31, 2020 are interest only periods longer than 6
months, primarily in the hotel portfolio.
The provision for loan losses recorded for the
fourth quarter of 2020 was $141,000 compared to $896,000 for the
fourth quarter of 2019 and $6.1 million for the third quarter of
2020. The decrease from the third quarter of 2020 is a result of a
modest improvement in the economy, a decline in the amount of loans
that are actively under a modification, and a decrease in
outstanding loan balances. There is continued uncertainty from the
ongoing COVID-19 pandemic and the full extent of the impact on the
economy and the Bank’s customers remains unknown at this time.
Accordingly, additional provisions for loan losses may be necessary
in future periods.
The allowance for loan losses to loans held for
investment was 2.05% as of December 31, 2020, compared to 2.01% as
of September 30, 2020 and 1.13% as of December 31, 2019. The
allowance for loan losses to non-PPP loans held for investment was
2.22% as of December 31, 2020.
The nonperforming assets to total assets ratio
as of December 31, 2020 was 0.45%, compared to 0.46% as of
September 30, 2020 and 0.24% at December 31, 2019.
Annualized net charge-offs were 0.11% for the
fourth quarter of 2020, compared to 0.10% for the third quarter of
2020 and 0.17% for the fourth quarter of 2019.
Conference Call
South Plains will host a conference call to
discuss its fourth quarter and year-end 2020 financial results
today, January 27, 2021 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
13714991. The replay will be available until February 10, 2021.
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 and Eastern New Mexico markets. 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, Adjusted Efficiency Ratio, 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 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 Quarterly
Reports on Form 10-Q, 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, 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, 2020 |
|
September 30, 2020 |
|
June 30, 2020 |
|
March 31, 2020 |
|
December 31, 2019 |
|
Selected Income Statement Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
33,984 |
|
|
$ |
34,503 |
|
|
$ |
34,007 |
|
|
$ |
35,737 |
|
|
$ |
34,764 |
|
|
Interest expense |
|
3,619 |
|
|
|
3,230 |
|
|
|
3,559 |
|
|
|
5,538 |
|
|
|
6,140 |
|
|
Net interest income |
|
30,365 |
|
|
|
31,273 |
|
|
|
30,448 |
|
|
|
30,199 |
|
|
|
28,624 |
|
|
Provision for loan losses |
|
141 |
|
|
|
6,062 |
|
|
|
13,133 |
|
|
|
6,234 |
|
|
|
896 |
|
|
Noninterest income |
|
26,172 |
|
|
|
31,660 |
|
|
|
24,896 |
|
|
|
18,875 |
|
|
|
16,740 |
|
|
Noninterest expense |
|
36,504 |
|
|
|
35,993 |
|
|
|
35,207 |
|
|
|
34,011 |
|
|
|
31,714 |
|
|
Income tax expense |
|
3,968 |
|
|
|
4,147 |
|
|
|
1,389 |
|
|
|
1,746 |
|
|
|
2,645 |
|
|
Net income |
|
15,924 |
|
|
|
16,731 |
|
|
|
5,615 |
|
|
|
7,083 |
|
|
|
10,109 |
|
|
Per Share Data (Common Stock): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings, basic |
|
0.88 |
|
|
|
0.93 |
|
|
|
0.31 |
|
|
|
0.39 |
|
|
|
0.56 |
|
|
Net earnings, diluted |
|
0.87 |
|
|
|
0.92 |
|
|
|
0.31 |
|
|
|
0.38 |
|
|
|
0.55 |
|
|
Cash dividends declared and paid |
|
0.05 |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
Book value |
|
20.47 |
|
|
|
19.52 |
|
|
|
18.64 |
|
|
|
18.10 |
|
|
|
16.98 |
|
|
Tangible book value |
|
18.97 |
|
|
|
18.00 |
|
|
|
17.06 |
|
|
|
16.54 |
|
|
|
15.46 |
|
|
Weighted average shares outstanding, basic |
|
18,053,467 |
|
|
|
18,059,174 |
|
|
|
18,061,705 |
|
|
|
18,043,105 |
|
|
|
18,010,065 |
|
|
Weighted average shares outstanding, dilutive |
|
18,366,129 |
|
|
|
18,256,161 |
|
|
|
18,224,630 |
|
|
|
18,461,922 |
|
|
|
18,415,656 |
|
|
Shares outstanding at end of period |
|
18,076,364 |
|
|
|
18,059,174 |
|
|
|
18,059,174 |
|
|
|
18,056,014 |
|
|
|
18,036,115 |
|
|
Selected Period End Balance Sheet Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
300,307 |
|
|
|
290,885 |
|
|
|
256,101 |
|
|
|
136,062 |
|
|
|
158,099 |
|
|
Investment securities |
|
803,087 |
|
|
|
726,329 |
|
|
|
730,674 |
|
|
|
734,791 |
|
|
|
707,650 |
|
|
Total loans held for investment |
|
2,221,583 |
|
|
|
2,288,234 |
|
|
|
2,331,716 |
|
|
|
2,108,805 |
|
|
|
2,143,623 |
|
|
Allowance for loan losses |
|
45,553 |
|
|
|
46,076 |
|
|
|
40,635 |
|
|
|
29,074 |
|
|
|
24,197 |
|
|
Total assets |
|
3,599,160 |
|
|
|
3,542,666 |
|
|
|
3,584,532 |
|
|
|
3,216,563 |
|
|
|
3,237,167 |
|
|
Interest-bearing deposits |
|
2,057,029 |
|
|
|
2,037,743 |
|
|
|
2,006,984 |
|
|
|
1,924,902 |
|
|
|
1,905,936 |
|
|
Noninterest-bearing deposits |
|
917,322 |
|
|
|
906,059 |
|
|
|
940,853 |
|
|
|
740,946 |
|
|
|
790,921 |
|
|
Total deposits |
|
2,974,351 |
|
|
|
2,943,802 |
|
|
|
2,947,837 |
|
|
|
2,665,848 |
|
|
|
2,696,857 |
|
|
Borrowings |
|
223,532 |
|
|
|
204,704 |
|
|
|
252,430 |
|
|
|
185,265 |
|
|
|
205,030 |
|
|
Total stockholders’ equity |
|
370,048 |
|
|
|
352,568 |
|
|
|
336,534 |
|
|
|
326,890 |
|
|
|
306,182 |
|
|
Summary Performance Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
1.76 |
% |
|
|
1.88 |
% |
|
|
0.64 |
% |
|
|
0.89 |
% |
|
|
1.32 |
% |
|
Return on average equity |
|
17.53 |
% |
|
|
19.32 |
% |
|
|
6.81 |
% |
|
|
9.00 |
% |
|
|
13.25 |
% |
|
Net interest margin (1) |
|
3.64 |
% |
|
|
3.82 |
% |
|
|
3.79 |
% |
|
|
4.13 |
% |
|
|
4.03 |
% |
|
Yield on loans |
|
5.10 |
% |
|
|
5.08 |
% |
|
|
5.06 |
% |
|
|
5.76 |
% |
|
|
5.79 |
% |
|
Cost of interest-bearing deposits |
|
0.45 |
% |
|
|
0.50 |
% |
|
|
0.56 |
% |
|
|
0.91 |
% |
|
|
1.06 |
% |
|
Efficiency ratio |
|
64.19 |
% |
|
|
56.90 |
% |
|
|
63.28 |
% |
|
|
69.10 |
% |
|
|
69.71 |
% |
|
Summary Credit Quality Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans |
|
14,965 |
|
|
|
15,006 |
|
|
|
10,472 |
|
|
|
7,112 |
|
|
|
6,045 |
|
|
Nonperforming loans to total loans held for investment |
|
0.67 |
% |
|
|
0.66 |
% |
|
|
0.45 |
% |
|
|
0.34 |
% |
|
|
0.28 |
% |
|
Other real estate owned |
|
1,353 |
|
|
|
1,336 |
|
|
|
1,335 |
|
|
|
1,944 |
|
|
|
1,883 |
|
|
Nonperforming assets to total assets |
|
0.45 |
% |
|
|
0.46 |
% |
|
|
0.33 |
% |
|
|
0.28 |
% |
|
|
0.24 |
% |
|
Allowance for loan losses to total loans held for investment |
|
2.05 |
% |
|
|
2.01 |
% |
|
|
1.74 |
% |
|
|
1.38 |
% |
|
|
1.13 |
% |
|
Net charge-offs to average loans outstanding (annualized) |
|
0.11 |
% |
|
|
0.10 |
% |
|
|
0.27 |
% |
|
|
0.25 |
% |
|
|
0.17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
As of and
for the quarter ended |
| |
December 31 2020 |
|
September 30, 2020 |
|
June 30, 2020 |
|
March 31, 2020 |
|
December 31, 2019 |
|
Capital Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity to total assets |
|
10.28 |
% |
|
|
9.95 |
% |
|
|
9.39 |
% |
|
|
10.16 |
% |
|
|
9.46 |
% |
| Tangible
common equity to tangible assets |
|
9.60 |
% |
|
|
9.25 |
% |
|
|
8.66 |
% |
|
|
9.37 |
% |
|
|
8.69 |
% |
| Common
equity tier 1 to risk-weighted assets |
|
12.96 |
% |
|
|
12.49 |
% |
|
|
10.47 |
% |
|
|
11.24 |
% |
|
|
11.06 |
% |
| Tier 1
capital to average assets |
|
10.24 |
% |
|
|
10.01 |
% |
|
|
9.60 |
% |
|
|
10.34 |
% |
|
|
10.74 |
% |
| Total
capital to risk-weighted assets |
|
19.08 |
% |
|
|
18.67 |
% |
|
|
14.32 |
% |
|
|
15.23 |
% |
|
|
14.88 |
% |
|
(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, 2020 |
|
December 31, 2019 |
|
|
|
|
|
|
|
Average Balance |
|
Interest Income
Expense |
|
Yield |
|
Average Balance |
|
Interest Income
Expense |
|
Yield |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, excluding PPP (1) |
$ |
2,157,510 |
|
$ |
27,712 |
|
|
5.11 |
% |
|
$ |
2,095,238 |
|
$ |
30,602 |
|
|
5.79 |
% |
|
Loans - PPP |
|
194,413 |
|
|
2,452 |
|
|
5.02 |
% |
|
|
- |
|
|
- |
|
|
0.00 |
% |
|
Debt securities - taxable |
|
554,480 |
|
|
2,567 |
|
|
1.84 |
% |
|
|
426,074 |
|
|
2,789 |
|
|
2.60 |
% |
|
Debt securities - nontaxable |
|
207,453 |
|
|
1,452 |
|
|
2.78 |
% |
|
|
52,376 |
|
|
442 |
|
|
3.35 |
% |
|
Other interest-bearing assets |
|
242,241 |
|
|
137 |
|
|
0.22 |
% |
|
|
259,829 |
|
|
1,064 |
|
|
1.62 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning assets |
|
3,356,097 |
|
|
34,320 |
|
|
4.07 |
% |
|
|
2,833,517 |
|
|
34,897 |
|
|
4.89 |
% |
|
Noninterest-earning assets |
|
252,574 |
|
|
|
|
|
|
|
|
199,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
3,608,671 |
|
|
|
|
|
|
|
$ |
3,032,867 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities & stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, Savings, MMA’s |
$ |
1,720,778 |
|
|
1,138 |
|
|
0.26 |
% |
|
$ |
1,474,185 |
|
|
3,149 |
|
|
0.85 |
% |
|
Time deposits |
|
323,921 |
|
|
1,196 |
|
|
1.47 |
% |
|
|
336,859 |
|
|
1,687 |
|
|
1.99 |
% |
|
Short-term borrowings |
|
18,344 |
|
|
2 |
|
|
0.04 |
% |
|
|
18,650 |
|
|
64 |
|
|
1.36 |
% |
|
Notes payable & other long-term borrowings |
|
75,000 |
|
|
40 |
|
|
0.21 |
% |
|
|
95,217 |
|
|
401 |
|
|
1.67 |
% |
|
Subordinated debt securities |
|
75,572 |
|
|
1,013 |
|
|
5.33 |
% |
|
|
26,472 |
|
|
403 |
|
|
6.04 |
% |
|
Junior subordinated deferrable interest debentures |
|
46,393 |
|
|
230 |
|
|
1.97 |
% |
|
|
46,393 |
|
|
436 |
|
|
3.73 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing liabilities |
|
2,260,008 |
|
|
3,619 |
|
|
0.64 |
% |
|
|
1,997,776 |
|
|
6,140 |
|
|
1.22 |
% |
|
Demand deposits |
|
942,799 |
|
|
|
|
|
|
|
|
708,308 |
|
|
|
|
|
|
|
Other liabilities |
|
44,556 |
|
|
|
|
|
|
|
|
24,178 |
|
|
|
|
|
|
|
Stockholders’ equity |
|
361,308 |
|
|
|
|
|
|
|
|
302,605 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities & stockholders’ equity |
$ |
3,608,671 |
|
|
|
|
|
|
|
$ |
3,032,867 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
$ |
30,701 |
|
|
|
|
|
|
|
$ |
28,757 |
|
|
|
|
Net interest margin (2) |
|
|
|
|
|
|
|
3.64 |
% |
|
|
|
|
|
|
|
|
4.03 |
% |
|
(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, 2020 |
|
December 31, 2019 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Average Balance |
|
Interest Income
Expense |
|
Yield |
|
Average Balance |
|
Interest Income
Expense |
|
Yield |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, excluding PPP (1) |
$ |
2,181,118 |
|
$ |
116,753 |
|
|
5.35 |
% |
|
$ |
1,997,783 |
|
$ |
117,074 |
|
|
5.86 |
% |
| Loans -
PPP |
|
144,514 |
|
|
5,130 |
|
|
3.55 |
% |
|
|
- |
|
|
- |
|
|
0.00 |
% |
| Debt
securities - taxable |
|
547,107 |
|
|
11,852 |
|
|
2.17 |
% |
|
|
317,947 |
|
|
8,608 |
|
|
2.71 |
% |
| Debt
securities - nontaxable |
|
158,482 |
|
|
4,489 |
|
|
2.83 |
% |
|
|
37,232 |
|
|
1,289 |
|
|
3.46 |
% |
| Other
interest-bearing assets |
|
184,262 |
|
|
1,100 |
|
|
0.60 |
% |
|
|
284,031 |
|
|
6,412 |
|
|
2.26 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning assets |
|
3,215,483 |
|
|
139,324 |
|
|
4.33 |
% |
|
|
2,636,993 |
|
|
133,383 |
|
|
5.06 |
% |
|
Noninterest-earning assets |
|
249,536 |
|
|
|
|
|
|
|
|
182,967 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
3,465,019 |
|
|
|
|
|
|
|
$ |
2,819,960 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities & stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NOW,
Savings, MMA’s |
$ |
1,653,088 |
|
|
6,337 |
|
|
0.38 |
% |
|
$ |
1,448,320 |
|
|
16,436 |
|
|
1.13 |
% |
| Time
deposits |
|
331,623 |
|
|
5,557 |
|
|
1.68 |
% |
|
|
319,811 |
|
|
6,055 |
|
|
1.89 |
% |
| Short-term
borrowings |
|
19,404 |
|
|
104 |
|
|
0.54 |
% |
|
|
16,231 |
|
|
290 |
|
|
1.79 |
% |
| Notes
payable & other long-term borrowings |
|
107,045 |
|
|
558 |
|
|
0.52 |
% |
|
|
95,054 |
|
|
2,024 |
|
|
2.13 |
% |
| Subordinated
debt securities |
|
38,747 |
|
|
2,223 |
|
|
5.74 |
% |
|
|
26,786 |
|
|
1,616 |
|
|
6.03 |
% |
| Junior
subordinated deferrable interest debentures |
|
46,393 |
|
|
1,167 |
|
|
2.52 |
% |
|
|
46,393 |
|
|
1,946 |
|
|
4.19 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing liabilities |
|
2,196,300 |
|
|
15,946 |
|
|
0.73 |
% |
|
|
1,952,595 |
|
|
28,367 |
|
|
1.45 |
% |
| Demand
deposits |
|
888,653 |
|
|
|
|
|
|
|
|
570,428 |
|
|
|
|
|
|
| Other
liabilities |
|
41,573 |
|
|
|
|
|
|
|
|
29,891 |
|
|
|
|
|
|
|
Stockholders’ equity |
|
338,493 |
|
|
|
|
|
|
|
|
267,046 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities & stockholders’ equity |
$ |
3,465,019 |
|
|
|
|
|
|
|
$ |
2,819,960 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest
income |
|
|
|
$ |
123,378 |
|
|
|
|
|
|
|
$ |
105,016 |
|
|
|
| Net interest
margin (2) |
|
|
|
|
|
|
|
3.84 |
% |
|
|
|
|
|
|
|
|
3.98 |
% |
|
(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, 2020 |
|
December 31, 2019 |
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Cash and due from banks |
$ |
76,146 |
|
|
$ |
56,246 |
|
|
Interest-bearing deposits in banks |
|
224,161 |
|
|
|
101,853 |
|
|
Federal funds sold |
|
- |
|
|
|
— |
|
|
Investment securities |
|
803,087 |
|
|
|
707,650 |
|
|
Loans held for sale |
|
111,477 |
|
|
|
49,035 |
|
|
Loans held for investment |
|
2,221,583 |
|
|
|
2,143,623 |
|
|
Less: Allowance for loan losses |
|
(45,553 |
) |
|
|
(24,197 |
) |
|
Net loans held for investment |
|
2,176,030 |
|
|
|
2,119,426 |
|
|
Premises and equipment, net |
|
60,331 |
|
|
|
61,873 |
|
|
Goodwill |
|
19,508 |
|
|
|
18,757 |
|
|
Intangible assets |
|
7,562 |
|
|
|
8,632 |
|
|
Other assets |
|
120,858 |
|
|
|
113,695 |
|
|
Total assets |
$ |
3,599,160 |
|
|
$ |
3,237,167 |
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity
Liabilities |
|
|
|
|
|
|
Noninterest bearing deposits |
$ |
917,322 |
|
|
$ |
790,921 |
|
|
Interest-bearing deposits |
|
2,057,029 |
|
|
|
1,905,936 |
|
|
Total deposits |
|
2,974,351 |
|
|
|
2,696,857 |
|
|
Other borrowings |
|
101,550 |
|
|
|
132,165 |
|
|
Subordinated debt securities |
|
75,589 |
|
|
|
26,472 |
|
|
Trust preferred subordinated debentures |
|
46,393 |
|
|
|
46,393 |
|
|
Other liabilities |
|
31,229 |
|
|
|
29,098 |
|
|
Total liabilities |
|
3,229,112 |
|
|
|
2,930,985 |
|
|
Stockholders’ Equity |
|
|
|
|
|
|
Common stock |
|
18,076 |
|
|
|
18,036 |
|
|
Additional paid-in capital |
|
141,112 |
|
|
|
140,492 |
|
|
Retained earnings |
|
189,521 |
|
|
|
146,696 |
|
|
Accumulated other comprehensive income (loss) |
|
21,339 |
|
|
|
958 |
|
|
Total stockholders’ equity |
|
370,048 |
|
|
|
306,182 |
|
|
Total liabilities and stockholders’ equity |
$ |
3,599,160 |
|
|
$ |
3,237,167 |
|
|
|
|
|
|
|
|
|
|
South Plains Financial, Inc.
Consolidated Statements of Income
(Unaudited) (Dollars in
thousands)
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 31, 2020 |
|
December 31, 2019 |
|
December 31, 2020 |
|
December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
$ |
30,133 |
|
$ |
30,562 |
|
$ |
121,733 |
|
$ |
116,904 |
|
Other |
|
3,851 |
|
|
4,202 |
|
|
16,498 |
|
|
16,038 |
|
Total Interest income |
|
33,984 |
|
|
34,764 |
|
|
138,231 |
|
|
132,942 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
2,334 |
|
|
4,836 |
|
|
11,894 |
|
|
22,491 |
|
Subordinated debt securities |
|
1,013 |
|
|
403 |
|
|
2,223 |
|
|
1,616 |
|
Trust preferred subordinated debentures |
|
230 |
|
|
436 |
|
|
1,167 |
|
|
1,946 |
|
Other |
|
42 |
|
|
465 |
|
|
662 |
|
|
2,314 |
|
Total Interest expense |
|
3,619 |
|
|
6,140 |
|
|
15,946 |
|
|
28,367 |
|
Net interest income |
|
30,365 |
|
|
28,624 |
|
|
122,285 |
|
|
104,575 |
|
Provision for loan losses |
|
141 |
|
|
896 |
|
|
25,570 |
|
|
2,799 |
|
Net interest income after provision for loan losses |
|
30,224 |
|
|
27,728 |
|
|
96,715 |
|
|
101,776 |
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposits |
|
1,861 |
|
|
2,144 |
|
|
7,032 |
|
|
8,129 |
|
Income from insurance activities |
|
2,160 |
|
|
2,942 |
|
|
7,644 |
|
|
7,016 |
|
Mortgage banking activities |
|
16,925 |
|
|
6,617 |
|
|
65,042 |
|
|
25,126 |
|
Bank card services and interchange fees |
|
2,845 |
|
|
2,419 |
|
|
10,035 |
|
|
8,692 |
|
Other |
|
2,381 |
|
|
2,618 |
|
|
9,532 |
|
|
7,670 |
|
Total Noninterest income |
|
26,172 |
|
|
16,740 |
|
|
101,603 |
|
|
56,633 |
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
23,117 |
|
|
19,348 |
|
|
89,220 |
|
|
75,392 |
|
Net occupancy expense |
|
3,762 |
|
|
3,263 |
|
|
14,658 |
|
|
13,572 |
|
Professional services |
|
1,612 |
|
|
2,165 |
|
|
6,322 |
|
|
7,334 |
|
Marketing and development |
|
899 |
|
|
742 |
|
|
3,088 |
|
|
3,017 |
|
Other |
|
7,114 |
|
|
6,196 |
|
|
28,427 |
|
|
22,393 |
|
Total noninterest expense |
|
36,504 |
|
|
31,714 |
|
|
141,715 |
|
|
121,708 |
|
Income before income taxes |
|
19,892 |
|
|
12,754 |
|
|
56,603 |
|
|
36,701 |
|
Income tax expense (benefit) |
|
3,968 |
|
|
2,645 |
|
|
11,250 |
|
|
7,481 |
|
Net income |
$ |
15,924 |
|
$ |
10,109 |
|
$ |
45,353 |
|
$ |
29,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
South Plains Financial, Inc.
Loan Composition (Unaudited)
(Dollars in thousands)
|
|
As of |
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
|
Commercial Real Estate |
$ |
663,344 |
|
|
$ |
658,195 |
|
Commercial - Specialized |
|
311,686 |
|
|
|
309,505 |
|
Commercial - General |
|
518,309 |
|
|
|
441,398 |
|
Consumer: |
|
|
|
|
|
|
|
1-4 Family Residential |
|
360,315 |
|
|
|
362,796 |
|
Auto Loans |
|
205,840 |
|
|
|
215,209 |
|
Other Consumer |
|
67,595 |
|
|
|
74,000 |
|
Construction |
|
94,494 |
|
|
|
82,520 |
|
Total loans held for investment |
$ |
2,221,583 |
|
|
$ |
2,143,623 |
|
|
|
|
|
|
|
|
South Plains Financial, Inc.
Deposit Composition (Unaudited)
(Dollars in thousands)
|
|
As of |
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
$ |
917,322 |
|
|
$ |
790,921 |
|
NOW & other transaction accounts |
|
332,829 |
|
|
|
318,379 |
|
MMDA & other savings |
|
1,398,699 |
|
|
|
1,231,534 |
|
Time deposits |
|
325,501 |
|
|
|
356,023 |
|
Total deposits |
$ |
2,974,351 |
|
|
$ |
2,696,857 |
|
|
|
|
|
|
|
|
South Plains Financial,
Inc.Reconciliation of Non-GAAP Financial Measures
(Unaudited)(Dollars in thousands)
|
|
As of and for the quarter ended |
|
|
December 31, 2020 |
|
September 30, 2020 |
|
June 30, 2020 |
|
March 31, 2020 |
|
December 31, 2019 |
|
Efficiency ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense |
$ |
36,504 |
|
|
$ |
35,993 |
|
|
$ |
35,207 |
|
|
$ |
34,011 |
|
|
$ |
31,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
30,365 |
|
|
$ |
31,273 |
|
|
$ |
30,448 |
|
|
$ |
30,199 |
|
|
$ |
28,624 |
|
|
Tax equivalent yield adjustment |
|
336 |
|
|
|
322 |
|
|
|
290 |
|
|
|
145 |
|
|
|
133 |
|
|
Noninterest income |
|
26,172 |
|
|
|
31,660 |
|
|
|
24,896 |
|
|
|
18,875 |
|
|
|
16,740 |
|
|
Total income |
$ |
56,873 |
|
|
$ |
63,255 |
|
|
$ |
55,634 |
|
|
$ |
49,219 |
|
|
$ |
45,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
64.19 |
% |
|
|
56.90 |
% |
|
|
63.28 |
% |
|
|
69.10 |
% |
|
|
69.71 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense |
$ |
36,504 |
|
|
$ |
35,993 |
|
|
$ |
35,207 |
|
|
$ |
34,011 |
|
|
$ |
31,714 |
|
|
Less: net loss on sale of securities |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(27 |
) |
|
Adjusted noninterest expense |
$ |
36,504 |
|
|
$ |
35,993 |
|
|
$ |
35,207 |
|
|
$ |
34,011 |
|
|
$ |
31,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income |
$ |
56,873 |
|
|
$ |
63,255 |
|
|
$ |
55,634 |
|
|
$ |
49,219 |
|
|
$ |
45,497 |
|
|
Less: net gain on sale of securities |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,318 |
) |
|
|
- |
|
|
Adjusted total income |
$ |
56,873 |
|
|
$ |
63,255 |
|
|
$ |
55,634 |
|
|
$ |
46,901 |
|
|
$ |
45,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted efficiency ratio |
|
64.19 |
% |
|
|
56.90 |
% |
|
|
63.28 |
% |
|
|
72.52 |
% |
|
|
69.65 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax, pre-provision income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
15,924 |
|
|
$ |
16,731 |
|
|
$ |
5,615 |
|
|
$ |
7,083 |
|
|
$ |
10,109 |
|
|
Income tax expense |
|
3,968 |
|
|
|
4,147 |
|
|
|
1,389 |
|
|
|
1,746 |
|
|
|
2,645 |
|
|
Provision for loan losses |
|
141 |
|
|
|
6,062 |
|
|
|
13,133 |
|
|
|
6,234 |
|
|
|
896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax, pre-provision income |
$ |
20,033 |
|
|
$ |
26,940 |
|
|
$ |
20,137 |
|
|
$ |
15,063 |
|
|
$ |
13,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Plains Financial, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited) (Dollars in thousands)
|
|
As of |
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
Tangible common equity |
|
|
|
|
|
|
|
Total common stockholders’ equity |
$ |
370,048 |
|
|
|
$ |
306,182 |
|
|
Less: goodwill and other intangibles |
|
(27,070 |
) |
|
|
|
(27,389 |
) |
|
|
|
|
|
|
|
|
|
Tangible common equity |
$ |
342,978 |
|
|
|
$ |
278,793 |
|
|
|
|
|
|
|
|
|
|
Tangible assets |
|
|
|
|
|
|
|
Total assets |
$ |
3,599,160 |
|
|
|
$ |
3,237,167 |
|
|
Less: goodwill and other intangibles |
|
(27,070 |
) |
|
|
|
(27,389 |
) |
|
|
|
|
|
|
|
|
|
Tangible assets |
$ |
3,572,090 |
|
|
|
$ |
3,209,778 |
|
|
|
|
|
|
|
|
|
|
Shares outstanding |
|
18,076,364 |
|
|
|
|
18,036,115 |
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity to total assets |
|
10.28 |
% |
|
|
|
9.46 |
% |
|
Tangible common equity to tangible assets |
|
9.60 |
% |
|
|
|
8.69 |
% |
|
Book value per share |
$ |
20.47 |
|
|
|
$ |
16.98 |
|
|
Tangible book value per share |
$ |
18.97 |
|
|
|
$ |
15.46 |
|
South Plains Financial (NASDAQ:SPFI)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
South Plains Financial (NASDAQ:SPFI)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024
