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
June 30, 2021.
Second Quarter 2021 Highlights
- Net income for the second quarter of 2021 was $13.7 million,
compared to $15.2 million for the first quarter of 2021 and $5.6
million for the second quarter of 2020.
- Diluted earnings per share for the second quarter of 2021 was
$0.74, compared to $0.82 for the first quarter of 2021 and $0.31
for the second quarter of 2020.
- Pre-tax, pre-provision income (non-GAAP) for the second quarter
of 2021 was $15.1 million, compared to $19.0 million for the first
quarter of 2021 and $20.1 million for the second quarter of
2020.
- Average cost of deposits for the second quarter of 2021
decreased to 27 basis points, compared to 29 basis points for the
first quarter of 2021 and 39 basis points for the second quarter of
2020.
- The Company had a negative provision for loan losses in the
second quarter of 2021 of $2.0 million, compared to provisions for
loan losses of $89,000 for the first quarter of 2021 and $13.1
million for the second quarter of 2020.
- Nonperforming assets to total assets were 0.37% at June 30,
2021, compared to 0.42% at March 31, 2021 and 0.33% at June 30,
2020.
- Return on average assets for the second quarter of 2021 was
1.46% annualized, compared to 1.66% annualized for the first
quarter of 2021 and 0.64% annualized for the second quarter of
2020.
- Tangible book value (non-GAAP) per share was $20.43 as of June
30, 2021, compared to $19.28 per share as of March 31, 2021 and
$17.06 per share as of June 30, 2020.
Curtis Griffith, South Plains’ Chairman and
Chief Executive Officer, commented, “Economic activity continued to
accelerate across Texas through the second quarter of 2021 as can
be seen in our improved loan growth of 2.7% as compared to the
first quarter of 2021 as well as our loan pipeline which ended the
second quarter at a three year high. While demand is improving, we
also see an opportunity to expand our loan portfolio and have
implemented an initiative to grow our banking team by more than 30%
over the next two years with a focus on our major metropolitan
markets of Dallas and Houston. We believe we have significant
earnings power sitting on our balance sheet given our low cost of
funds combined with our excess liquidity as our loan to deposit
ratio was 73% at June 30, 2021. As we execute on our plan and
redeploy our excess liquidity into attractive, higher yielding
loans, we believe our margins will begin to expand and our earnings
growth will accelerate. That said, we will not sacrifice credit
quality for growth and will maintain our conservative credit
culture as we expand our loan portfolio. I am also pleased that the
credit quality of our loan portfolio continued to improve through
the second quarter of 2021, allowing us to begin to release reserve
for loan losses. Given our strong fundamentals, improving loan
growth outlook, and strong credit quality of our loan portfolio, we
continued repurchasing shares of our common stock in the second
quarter of 2021 given the attractive value that we see.”
Results of Operations, Quarter Ended June 30,
2021
Net Interest Income
Net interest income was $29.6 million for the
second quarter of 2021, compared to $29.5 million for the first
quarter of 2021 and $30.4 million for the second quarter of 2020.
Net interest margin was 3.42% for the second quarter of 2021,
compared to 3.52% for the first quarter of 2021 and 3.79% for the
second quarter of 2020. The average yield on loans was 4.97% for
the second quarter of 2021, compared to 5.07% for the first quarter
of 2021 and 5.06% for the second quarter of 2020. The average cost
of deposits was 27 basis points for the second quarter of 2021,
representing a two basis point decrease from the first quarter of
2021 and a 12 basis point decrease from the second quarter of
2020.
Interest income was $33.0 million for the second
quarter of 2021, compared to $33.0 million for the first quarter of
2021 and $34.0 million for the second quarter of 2020. Although
interest income was flat in the second quarter of 2021 compared to
the first quarter of 2021, there was a change in the mix of loan
interest income. In the second quarter of 2021, interest and fees
on Small Business Administration (“SBA”) Paycheck Protection
Program (“PPP”) loans declined $721 thousand compared to the first
quarter of 2021, as the average balance of PPP loans decreased
$22.5 million during the second quarter of 2021, offset by an
increase in interest income on non-PPP loans of $801 thousand, due
to growth of $48.7 million in average non-PPP loans during the
second quarter of 2021. Interest income decreased by $1.0 million
in the second quarter of 2021 compared to the second quarter of
2020 primarily due to lower interest rates on loans, securities,
and other interest-earning assets, partially offset by growth in
average securities and other interest-earning assets. During the
second quarter of 2021, the Company recognized $1.9 million in
PPP-related fees. At June 30, 2021, the Company had $4.6 million of
deferred PPP fees that have not been accreted to income, the
majority of which are expected to be recognized as PPP loans
continue to be forgiven by the SBA over the next several
quarters.
Interest expense was $3.4 million for the second
quarter of 2021, compared to $3.4 million for the first quarter of
2021 and $3.6 million for the second quarter of 2020. Interest
expense and the cost of interest-bearing liabilities were both
consistent as compared to the first quarter of 2021. The decrease
from the second quarter of 2020 was primarily due to lower interest
rates paid on interest-bearing liabilities, partially offset by
growth in average interest-bearing liabilities. The increase of
$105.2 million in average interest-bearing liabilities was largely
due to growth in deposits.
Noninterest Income and Noninterest Expense
Noninterest income was $22.3 million for the
second quarter of 2021, compared to $26.5 million for the first
quarter of 2021 and $24.9 million for the second quarter of 2020.
The decrease from the first quarter of 2021 was primarily due to a
decline of $5.1 million in mortgage banking activities revenue.
This is reflective of a decrease of $56.9 million in mortgage loan
originations and a decrease of $1.6 million in the fair value
adjustment to the Company’s mortgage servicing rights. The decrease
in noninterest income for the second quarter of 2021 as compared to
the second quarter of 2020 was primarily due to a decline of $4.2
million in mortgage banking activities revenue as a result of $61
million less in interest rate lock commitments and a decline in
gain on sale margins. This decrease was partially offset by growth
in bank card services and interchange revenue and other noninterest
income items.
Noninterest expense was $36.8 million for the
second quarter of 2021, compared to $37.1 million for the first
quarter of 2021 and $35.2 million for the second quarter of 2020.
The decrease from the first quarter of 2021 was primarily the
result of a decrease of $940 thousand in personnel expense related
to a decline in mortgage production and lower health insurance
costs, after having been elevated in the first quarter of 2021.
This decrease was partially offset by increases in marketing and
business development expenses, bank card expenses, and other
noninterest expenses. The increase in noninterest expense for the
second quarter of 2021 as compared to the second quarter of 2020
was primarily driven by a $1.8 million increase in personnel
expense. This increase was predominantly related to $1.4 million in
higher commissions paid on mortgage loan originations and a rise in
salary and other personnel expenses to support mortgage
activities.
As part of the Bank’s information technology
roadmap, management is implementing a process to begin
transitioning the Company’s computing and data storage to the
cloud. This is expected to deliver increased security, more
seamless maintenance, and lower costs. The Bank is also refocusing
its advertising to digital media to improve new customer lead
generation. The Bank’s technology initiatives are expected to
modestly add to noninterest expense starting in the second half of
2021.
Loan Portfolio and Composition
Loans held for investment were $2.30 billion as
of June 30, 2021, compared to $2.24 billion as of March 31, 2021
and $2.33 billion as of June 30, 2020. The $60.8 million, or 2.7%,
increase during the second quarter of 2021 as compared to the first
quarter of 2021 was primarily the result of organic net loan growth
of $120.1 million, partially offset by a net decrease of $59.3
million in PPP loans as the Company funded $13.9 million in new PPP
loans and received repayments of $73.1 million on PPP loans, during
the second quarter of 2021. The organic loan growth occurred in a
majority of loan segments, with the largest volume growth in
residential construction, multifamily properties, and agricultural
production loans. As of June 30, 2021, loans held for investment
decreased $28.3 million from June 30, 2020, largely attributable to
net payments on PPP loans of $99.7 million as of June 30, 2021,
partially offset by organic loan growth experienced in the first
and second quarters of 2021 after slower loan demand and
accelerated repayments by customers on non-PPP loans noted in
2020.
Agricultural production loans were $96.2 million
as of June 30, 2021, compared to $80.5 million as of March 31, 2021
and $131.5 million as of June 30, 2020. The increase from the first
quarter of 2021 is due to typical seasonal funding on these
agricultural production loans. The decrease from the second quarter
of 2020 is primarily due to the loss of several large
customers.
Deposits and Borrowings
Deposits totaled $3.16 billion as of June 30,
2021, compared to $3.16 billion as of March 31, 2021 and $2.95
billion as of June 30, 2020. Deposits slightly increased by $2.9
million, or 0.1%, in the second quarter of 2021 from March 31,
2021. As of June 30, 2021, deposits increased $277.5 million, or
10.3%, from June 30, 2020. The increase in deposits since June 30,
2020 is primarily a result of organic growth as well as existing
customers depositing funds received from PPP loan advances,
stimulus checks, and generally maintaining higher liquidity in
response to the ongoing COVID-19 pandemic. This growth was
partially offset by a decrease of $15.9 million in downstream
correspondent bank deposits during the second quarter of 2021. This
decrease is a result of City Bank no longer offering cash letter
and courier services to these banks.
Noninterest-bearing deposits were $998.9 million
as of June 30, 2021, compared to $962.2 million as of March 31,
2021 and $940.9 million as of June 30, 2020. Noninterest-bearing
deposits represented 31.6% of total deposits as of June 30, 2021.
The change in noninterest-bearing deposit balances at June 30, 2021
compared to March 31, 2021 was an increase of $36.7 million, or
3.8%. The change in noninterest-bearing deposit balances at June
30, 2021 compared to June 30, 2020 was an increase of $58.1
million, or 6.2%. The changes from both compared periods is
primarily a result of organic growth as well as existing customers
increasing their balances.
City Bank prepaid $50.0 million and $25.0
million of advances from the Federal Home Loan Bank of Dallas in
March 2021 and April 2021, respectively, with no related prepayment
fee. Additionally, fed funds purchased from downstream
correspondent banks decreased $13.6 million during the second
quarter of 2021.
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 impacted by the COVID-19
pandemic with 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 June 30, 2021, total active loan
modifications attributed to COVID-19 were $36.6 million, or 1.6% of
the Company’s loan portfolio, down from $46.9 million, or 2.1% of
the Company’s loan portfolio, at March 31, 2021. Approximately 96%
of these active modified loans at June 30, 2021 are in the hotel
portfolio. We expect that these remaining loans on deferral will
return to full payment status at the end of their respective
deferral period.
The Company recorded a negative provision for
loan losses in the second quarter of 2021 of $2.0 million compared
to provisions for loan losses of $89 thousand for the first quarter
of 2021 and $13.1 million for the second quarter of 2020. The
reversal of provision in the second quarter of 2021 is primarily
due to the general improvement in the economy, a decline in the
amount of loans that are actively under a modification, and a
decrease in nonperforming loans. 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 1.87% as of June 30, 2021, compared to 2.01% as of
March 31, 2021 and 1.74% as of June 30, 2020. The allowance for
loan losses to non-PPP loans held for investment was 1.96% as of
June 30, 2021.
The nonperforming assets to total assets ratio
as of June 30, 2021 was 0.37%, compared to 0.42% as of March 31,
2021 and 0.33% at June 30, 2020. Annualized net charge-offs were
0.01% for the second quarter of 2021, compared to 0.11% for the
first quarter of 2021 and 0.27% for the second quarter of 2020.
Conference Call
South Plains will host a conference call to
discuss its second quarter 2021 financial results today, July 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
13720800. The replay will be available until August 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, 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 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 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, 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 |
| |
June 30,2021 |
|
March 31,2021 |
|
December 31,2020 |
|
September 30,2020 |
|
June 30,2020 |
| Selected Income
Statement Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
33,016 |
|
|
$ |
32,982 |
|
|
$ |
33,984 |
|
|
$ |
34,503 |
|
|
$ |
34,007 |
|
| Interest expense |
|
3,423 |
|
|
|
3,438 |
|
|
|
3,619 |
|
|
|
3,230 |
|
|
|
3,559 |
|
| Net interest income |
|
29,593 |
|
|
|
29,544 |
|
|
|
30,365 |
|
|
|
31,273 |
|
|
|
30,448 |
|
| Provision for loan losses |
|
(2,007) |
|
|
|
89 |
|
|
|
141 |
|
|
|
6,062 |
|
|
|
13,133 |
|
| Noninterest income |
|
22,250 |
|
|
|
26,500 |
|
|
|
26,172 |
|
|
|
31,660 |
|
|
|
24,896 |
|
| Noninterest expense |
|
36,778 |
|
|
|
37,057 |
|
|
|
36,504 |
|
|
|
35,993 |
|
|
|
35,207 |
|
| Income tax expense |
|
3,422 |
|
|
|
3,738 |
|
|
|
3,968 |
|
|
|
4,147 |
|
|
|
1,389 |
|
| Net income |
|
13,650 |
|
|
|
15,160 |
|
|
|
15,924 |
|
|
|
16,731 |
|
|
|
5,615 |
|
| Per Share Data (Common
Stock): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net earnings, basic |
|
0.76 |
|
|
|
0.84 |
|
|
|
0.88 |
|
|
|
0.93 |
|
|
|
0.31 |
|
| Net earnings, diluted |
|
0.74 |
|
|
|
0.82 |
|
|
|
0.87 |
|
|
|
0.92 |
|
|
|
0.31 |
|
| Cash dividends declared and
paid |
|
0.07 |
|
|
|
0.05 |
|
|
|
0.05 |
|
|
|
0.03 |
|
|
|
0.03 |
|
| Book value |
|
21.89 |
|
|
|
20.75 |
|
|
|
20.47 |
|
|
|
19.52 |
|
|
|
18.64 |
|
| Tangible book value |
|
20.43 |
|
|
|
19.28 |
|
|
|
18.97 |
|
|
|
18.00 |
|
|
|
17.06 |
|
| Weighted average shares
outstanding, basic |
|
18,039,553 |
|
|
|
18,069,186 |
|
|
|
18,053,467 |
|
|
|
18,059,174 |
|
|
|
18,061,705 |
|
| Weighted average shares
outstanding, dilutive |
|
18,553,050 |
|
|
|
18,511,120 |
|
|
|
18,366,129 |
|
|
|
18,256,161 |
|
|
|
18,224,630 |
|
| Shares outstanding at end of
period |
|
18,014,398 |
|
|
|
18,053,229 |
|
|
|
18,076,364 |
|
|
|
18,059,174 |
|
|
|
18,059,174 |
|
| Selected Period End
Balance Sheet Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
383,949 |
|
|
|
413,406 |
|
|
|
300,307 |
|
|
|
290,885 |
|
|
|
256,101 |
|
| Investment securities |
|
777,613 |
|
|
|
777,208 |
|
|
|
803,087 |
|
|
|
726,329 |
|
|
|
730,674 |
|
| Total loans held for
investment |
|
2,303,462 |
|
|
|
2,242,676 |
|
|
|
2,221,583 |
|
|
|
2,288,234 |
|
|
|
2,331,716 |
|
| Allowance for loan losses |
|
42,963 |
|
|
|
45,019 |
|
|
|
45,553 |
|
|
|
46,076 |
|
|
|
40,635 |
|
| Total assets |
|
3,714,354 |
|
|
|
3,732,894 |
|
|
|
3,599,160 |
|
|
|
3,542,666 |
|
|
|
3,584,532 |
|
| Interest-bearing deposits |
|
2,159,554 |
|
|
|
2,193,427 |
|
|
|
2,057,029 |
|
|
|
2,037,743 |
|
|
|
2,006,984 |
|
| Noninterest-bearing
deposits |
|
998,941 |
|
|
|
962,205 |
|
|
|
917,322 |
|
|
|
906,059 |
|
|
|
940,853 |
|
| Total deposits |
|
3,158,495 |
|
|
|
3,155,632 |
|
|
|
2,974,351 |
|
|
|
2,943,802 |
|
|
|
2,947,837 |
|
| Borrowings |
|
125,965 |
|
|
|
164,553 |
|
|
|
223,532 |
|
|
|
204,704 |
|
|
|
252,430 |
|
| Total stockholders’
equity |
|
394,254 |
|
|
|
374,671 |
|
|
|
370,048 |
|
|
|
352,568 |
|
|
|
336,534 |
|
| Summary Performance
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on average assets |
|
1.46% |
|
|
|
1.66% |
|
|
|
1.76% |
|
|
|
1.88% |
|
|
|
0.64% |
|
| Return on average equity |
|
14.23% |
|
|
|
16.51% |
|
|
|
17.53% |
|
|
|
19.32% |
|
|
|
6.81% |
|
| Net interest margin (1) |
|
3.42% |
|
|
|
3.52% |
|
|
|
3.64% |
|
|
|
3.82% |
|
|
|
3.79% |
|
| Yield on loans |
|
4.97% |
|
|
|
5.07% |
|
|
|
5.10% |
|
|
|
5.08% |
|
|
|
5.06% |
|
| Cost of interest-bearing
deposits |
|
0.40% |
|
|
|
0.41% |
|
|
|
0.45% |
|
|
|
0.50% |
|
|
|
0.56% |
|
| Efficiency ratio |
|
70.52% |
|
|
|
65.76% |
|
|
|
64.19% |
|
|
|
56.90% |
|
|
|
63.28% |
|
| Summary Credit Quality
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nonperforming loans |
|
12,538 |
|
|
|
14,316 |
|
|
|
14,964 |
|
|
|
15,006 |
|
|
|
10,472 |
|
| Nonperforming loans to total
loans held for investment |
|
0.54% |
|
|
|
0.64% |
|
|
|
0.67% |
|
|
|
0.66% |
|
|
|
0.45% |
|
| Other real estate owned |
|
1,146 |
|
|
|
1,377 |
|
|
|
1,353 |
|
|
|
1,336 |
|
|
|
1,335 |
|
| Nonperforming assets to total
assets |
|
0.37% |
|
|
|
0.42% |
|
|
|
0.45% |
|
|
|
0.46% |
|
|
|
0.33% |
|
| Allowance for loan losses to
total loans held for investment |
|
1.87% |
|
|
|
2.01% |
|
|
|
2.05% |
|
|
|
2.01% |
|
|
|
1.74% |
|
| Net charge-offs to average loans
outstanding (annualized) |
|
0.01% |
|
|
|
0.11% |
|
|
|
0.11% |
|
|
|
0.10% |
|
|
|
0.27% |
|
| |
As of and for the quarter ended |
| |
June 302021 |
|
March 31,2021 |
|
December 31,2020 |
|
September 30,2020 |
|
June 30,2020 |
| Capital
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity to total assets |
|
10.61% |
|
|
|
10.04% |
|
|
|
10.28% |
|
|
|
9.95% |
|
|
|
9.39% |
|
| Tangible common equity to
tangible assets |
|
9.98% |
|
|
|
9.39% |
|
|
|
9.60% |
|
|
|
9.25% |
|
|
|
8.66% |
|
| Common equity tier 1 to
risk-weighted assets |
|
13.12% |
|
|
|
13.23% |
|
|
|
12.96% |
|
|
|
12.49% |
|
|
|
10.47% |
|
| Tier 1 capital to average
assets |
|
10.54% |
|
|
|
10.35% |
|
|
|
10.24% |
|
|
|
10.01% |
|
|
|
9.60% |
|
| Total capital to risk-weighted
assets |
|
18.92% |
|
|
|
19.24% |
|
|
|
19.08% |
|
|
|
18.67% |
|
|
|
14.32% |
|
(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 |
| |
June 30, 2021 |
|
June 30, 2020 |
| |
|
|
|
| |
AverageBalance |
|
InterestIncomeExpense |
|
Yield |
|
AverageBalance |
|
InterestIncomeExpense |
|
Yield |
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, excluding PPP (1) |
$ |
2,211,825 |
|
$ |
27,084 |
|
|
4.91 |
% |
|
$ |
2,204,441 |
|
$ |
28,825 |
|
|
5.26 |
% |
| Loans - PPP |
|
156,977 |
|
|
2,277 |
|
|
5.82 |
% |
|
|
171,304 |
|
|
1,076 |
|
|
2.53 |
% |
| Debt securities - taxable |
|
543,527 |
|
|
2,377 |
|
|
1.75 |
% |
|
|
547,971 |
|
|
3,080 |
|
|
2.26 |
% |
| Debt securities -
nontaxable |
|
220,006 |
|
|
1,465 |
|
|
2.67 |
% |
|
|
160,142 |
|
|
1,192 |
|
|
2.99 |
% |
| Other interest-bearing
assets |
|
370,634 |
|
|
122 |
|
|
0.13 |
% |
|
|
174,753 |
|
|
124 |
|
|
0.29 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest-earning
assets |
|
3,502,969 |
|
|
33,325 |
|
|
3.82 |
% |
|
|
3,258,611 |
|
|
34,297 |
|
|
4.23 |
% |
| Noninterest-earning
assets |
|
255,093 |
|
|
|
|
|
|
|
|
247,571 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
assets |
$ |
3,758,062 |
|
|
|
|
|
|
|
$ |
3,506,182 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities &
stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NOW, Savings, MMA’s |
$ |
1,873,699 |
|
|
1,150 |
|
|
0.25 |
% |
|
$ |
1,650,159 |
|
|
1,330 |
|
|
0.32 |
% |
| Time deposits |
|
326,043 |
|
|
1,036 |
|
|
1.27 |
% |
|
|
326,561 |
|
|
1,430 |
|
|
1.76 |
% |
| Short-term borrowings |
|
6,429 |
|
|
1 |
|
|
0.06 |
% |
|
|
16,449 |
|
|
6 |
|
|
0.15 |
% |
| Notes payable & other
long-term borrowings |
|
4,121 |
|
|
3 |
|
|
0.29 |
% |
|
|
161,099 |
|
|
96 |
|
|
0.24 |
% |
| Subordinated debt
securities |
|
75,682 |
|
|
1,012 |
|
|
5.36 |
% |
|
|
26,472 |
|
|
403 |
|
|
6.12 |
% |
| Junior subordinated deferrable
interest debentures |
|
46,393 |
|
|
221 |
|
|
1.91 |
% |
|
|
46,393 |
|
|
294 |
|
|
2.55 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest-bearing
liabilities |
|
2,332,367 |
|
|
3,423 |
|
|
0.59 |
% |
|
|
2,227,133 |
|
|
3,559 |
|
|
0.64 |
% |
| Demand deposits |
|
1,002,737 |
|
|
|
|
|
|
|
|
901,761 |
|
|
|
|
|
|
| Other liabilities |
|
38,315 |
|
|
|
|
|
|
|
|
45,576 |
|
|
|
|
|
|
| Stockholders’ equity |
|
384,643 |
|
|
|
|
|
|
|
|
331,712 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities &
stockholders’ equity |
$ |
3,758,062 |
|
|
|
|
|
|
|
$ |
3,506,182 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income |
|
|
|
$ |
29,902 |
|
|
|
|
|
|
|
$ |
30,738 |
|
|
|
| Net interest margin (2) |
|
|
|
|
|
|
|
3.42 |
% |
|
|
|
|
|
|
|
|
3.79 |
% |
(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 Six Months Ended |
| |
June 30, 2021 |
|
June 30, 2020 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
AverageBalance |
|
InterestIncomeExpense |
|
Yield |
|
AverageBalance |
|
InterestIncomeExpense |
|
Yield |
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, excluding PPP (1) |
$ |
2,187,470 |
|
$ |
53,367 |
|
|
4.92 |
% |
|
$ |
2,185,728 |
|
$ |
59,879 |
|
|
5.51 |
% |
| Loans - PPP |
|
168,238 |
|
|
5,275 |
|
|
6.32 |
% |
|
|
85,652 |
|
|
1,076 |
|
|
2.53 |
% |
| Debt securities - taxable |
|
544,761 |
|
|
4,809 |
|
|
1.78 |
% |
|
|
554,324 |
|
|
6,672 |
|
|
2.42 |
% |
| Debt securities -
nontaxable |
|
218,351 |
|
|
2,946 |
|
|
2.72 |
% |
|
|
119,538 |
|
|
1,694 |
|
|
2.85 |
% |
| Other interest-bearing
assets |
|
350,434 |
|
|
222 |
|
|
0.13 |
% |
|
|
162,944 |
|
|
858 |
|
|
1.06 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest-earning
assets |
|
3,469,253 |
|
|
66,619 |
|
|
3.87 |
% |
|
|
3,108,186 |
|
|
70,179 |
|
|
4.54 |
% |
| Noninterest-earning
assets |
|
262,351 |
|
|
|
|
|
|
|
|
249,114 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
assets |
$ |
3,731,604 |
|
|
|
|
|
|
|
$ |
3,357,300 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities &
stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NOW, Savings, MMA’s |
$ |
1,840,831 |
|
|
2,254 |
|
|
0.25 |
% |
|
$ |
1,598,048 |
|
|
3,986 |
|
|
0.50 |
% |
| Time deposits |
|
325,213 |
|
|
2,089 |
|
|
1.30 |
% |
|
|
340,016 |
|
|
3,057 |
|
|
1.81 |
% |
| Short-term borrowings |
|
15,726 |
|
|
5 |
|
|
0.06 |
% |
|
|
23,597 |
|
|
99 |
|
|
0.84 |
% |
| Notes payable & other
long-term borrowings |
|
39,283 |
|
|
38 |
|
|
0.20 |
% |
|
|
128,654 |
|
|
453 |
|
|
0.71 |
% |
| Subordinated debt
securities |
|
75,659 |
|
|
2,031 |
|
|
5.41 |
% |
|
|
26,472 |
|
|
807 |
|
|
6.13 |
% |
| Junior subordinated deferrable
interest debentures |
|
46,393 |
|
|
444 |
|
|
1.93 |
% |
|
|
46,393 |
|
|
695 |
|
|
3.01 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest-bearing
liabilities |
|
2,343,105 |
|
|
6,861 |
|
|
0.59 |
% |
|
|
2,163,180 |
|
|
9,097 |
|
|
0.85 |
% |
| Demand deposits |
|
969,040 |
|
|
|
|
|
|
|
|
833,699 |
|
|
|
|
|
|
| Other liabilities |
|
40,958 |
|
|
|
|
|
|
|
|
36,364 |
|
|
|
|
|
|
| Stockholders’ equity |
|
378,501 |
|
|
|
|
|
|
|
|
324,057 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities &
stockholders’ equity |
$ |
3,731,604 |
|
|
|
|
|
|
|
$ |
3,357,300 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income |
|
|
|
$ |
59,758 |
|
|
|
|
|
|
|
$ |
61,082 |
|
|
|
| Net interest margin (2) |
|
|
|
|
|
|
|
3.47 |
% |
|
|
|
|
|
|
|
|
3.95 |
% |
(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 |
| |
June 30,2021 |
|
December 31,2020 |
| |
|
|
|
|
|
| Assets |
|
|
|
|
|
|
Cash and due from banks |
$ |
67,915 |
|
|
$ |
76,146 |
|
| Interest-bearing deposits in
banks |
|
316,034 |
|
|
|
224,161 |
|
| Federal funds sold |
|
— |
|
|
|
— |
|
| Investment securities |
|
777,613 |
|
|
|
803,087 |
|
| Loans held for sale |
|
79,938 |
|
|
|
111,477 |
|
| Loans held for investment |
|
2,303,462 |
|
|
|
2,221,583 |
|
| Less: Allowance for loan
losses |
|
(42,963) |
|
|
|
(45,553) |
|
| Net loans held for
investment |
|
2,260,499 |
|
|
|
2,176,030 |
|
| Premises and equipment,
net |
|
59,127 |
|
|
|
60,331 |
|
| Goodwill |
|
19,508 |
|
|
|
19,508 |
|
| Intangible assets |
|
6,718 |
|
|
|
7,562 |
|
| Other assets |
|
127,002 |
|
|
|
120,858 |
|
| Total assets |
$ |
3,714,354 |
|
|
$ |
3,599,160 |
|
| |
|
|
|
|
|
| Liabilities and
Stockholders’ Equity Liabilities |
|
|
|
|
|
| Noninterest bearing
deposits |
$ |
998,941 |
|
|
$ |
917,322 |
|
| Interest-bearing deposits |
|
2,159,554 |
|
|
|
2,057,029 |
|
| Total deposits |
|
3,158,495 |
|
|
|
2,974,351 |
|
| Other borrowings |
|
3,890 |
|
|
|
101,550 |
|
| Subordinated debt
securities |
|
75,682 |
|
|
|
75,589 |
|
| Trust preferred subordinated
debentures |
|
46,393 |
|
|
|
46,393 |
|
| Other liabilities |
|
35,640 |
|
|
|
31,229 |
|
| Total liabilities |
|
3,320,100 |
|
|
|
3,229,112 |
|
| Stockholders’
Equity |
|
|
|
|
|
| Common stock |
|
18,014 |
|
|
|
18,076 |
|
| Additional paid-in
capital |
|
140,212 |
|
|
|
141,112 |
|
| Retained earnings |
|
216,164 |
|
|
|
189,521 |
|
| Accumulated other
comprehensive income (loss) |
|
19,864 |
|
|
|
21,339 |
|
| Total stockholders’
equity |
|
394,254 |
|
|
|
370,048 |
|
| Total liabilities and
stockholders’ equity |
$ |
3,714,354 |
|
|
$ |
3,599,160 |
|
| |
|
|
|
|
|
|
|
South Plains Financial,
Inc.Consolidated Statements of
Income(Unaudited)(Dollars in
thousands)
| |
Three Months Ended |
|
Six Months Ended |
| |
June 30,2021 |
|
June 30,2020 |
|
June 30,2021 |
|
June 30,2020 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Interest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
$ |
29,360 |
|
|
$ |
29,861 |
|
$ |
58,640 |
|
|
$ |
60,876 |
| Other |
|
3,656 |
|
|
|
4,146 |
|
|
7,358 |
|
|
|
8,868 |
| Total Interest income |
|
33,016 |
|
|
|
34,007 |
|
|
65,998 |
|
|
|
69,744 |
| Interest
expense: |
|
|
|
|
|
|
|
|
|
|
|
| Deposits |
|
2,186 |
|
|
|
2,760 |
|
|
4,343 |
|
|
|
7,043 |
| Subordinated debt securities |
|
1,012 |
|
|
|
403 |
|
|
2,031 |
|
|
|
807 |
| Trust preferred subordinated
debentures |
|
221 |
|
|
|
294 |
|
|
444 |
|
|
|
695 |
| Other |
|
4 |
|
|
|
102 |
|
|
43 |
|
|
|
552 |
| Total Interest expense |
|
3,423 |
|
|
|
3,559 |
|
|
6,861 |
|
|
|
9,097 |
| Net interest income |
|
29,593 |
|
|
|
30,448 |
|
|
59,137 |
|
|
|
60,647 |
| Provision for loan
losses |
|
(2,007) |
|
|
|
13,133 |
|
|
(1,918) |
|
|
|
19,367 |
| Net interest income after
provision for loan losses |
|
31,600 |
|
|
|
17,315 |
|
|
61,055 |
|
|
|
41,280 |
| Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
|
| Service charges on deposits |
|
1,599 |
|
|
|
1,439 |
|
|
3,172 |
|
|
|
3,422 |
| Income from insurance
activities |
|
1,240 |
|
|
|
1,022 |
|
|
2,352 |
|
|
|
2,181 |
| Mortgage banking activities |
|
13,711 |
|
|
|
17,955 |
|
|
32,527 |
|
|
|
26,708 |
| Bank card services and
interchange fees |
|
3,073 |
|
|
|
2,344 |
|
|
5,715 |
|
|
|
4,582 |
| Other |
|
2,627 |
|
|
|
2,136 |
|
|
4,984 |
|
|
|
4,560 |
| Total Noninterest income |
|
22,250 |
|
|
|
24,896 |
|
|
48,750 |
|
|
|
43,771 |
| Noninterest
expense: |
|
|
|
|
|
|
|
|
|
|
|
| Salaries and employee
benefits |
|
23,377 |
|
|
|
21,621 |
|
|
47,695 |
|
|
|
42,431 |
| Net occupancy expense |
|
3,499 |
|
|
|
3,586 |
|
|
7,064 |
|
|
|
7,186 |
| Professional services |
|
1,522 |
|
|
|
1,961 |
|
|
3,095 |
|
|
|
3,533 |
| Marketing and development |
|
812 |
|
|
|
806 |
|
|
1,380 |
|
|
|
1,574 |
| Other |
|
7,568 |
|
|
|
7,233 |
|
|
14,601 |
|
|
|
14,494 |
| Total noninterest expense |
|
36,778 |
|
|
|
35,207 |
|
|
73,835 |
|
|
|
69,218 |
| Income before income
taxes |
|
17,072 |
|
|
|
7,004 |
|
|
35,970 |
|
|
|
15,833 |
| Income tax expense (benefit) |
|
3,422 |
|
|
|
1,389 |
|
|
7,160 |
|
|
|
3,135 |
| Net income |
$ |
13,650 |
|
|
$ |
5,615 |
|
$ |
28,810 |
|
|
$ |
12,698 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
South Plains Financial, Inc.Loan
Composition(Unaudited)(Dollars in
thousands)
| |
As of |
| |
June 30,2021 |
|
December 31,2020 |
|
|
|
|
|
|
|
| Loans: |
|
|
|
|
|
| Commercial Real Estate |
$ |
682,017 |
|
$ |
663,344 |
| Commercial - Specialized |
|
323,576 |
|
|
311,686 |
| Commercial - General |
|
492,314 |
|
|
518,309 |
| Consumer: |
|
|
|
|
|
|
1-4 Family Residential |
|
375,302 |
|
|
360,315 |
|
Auto Loans |
|
230,570 |
|
|
205,840 |
|
Other Consumer |
|
68,098 |
|
|
67,595 |
| Construction |
|
131,585 |
|
|
94,494 |
| Total loans held for
investment |
$ |
2,303,462 |
|
$ |
2,221,583 |
|
|
|
|
|
|
|
South Plains Financial, Inc.Deposit
Composition(Unaudited)(Dollars in
thousands)
| |
As of |
| |
June 30,2021 |
|
December 31,2020 |
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
| Noninterest-bearing demand
deposits |
$ |
998,941 |
|
$ |
917,322 |
| NOW & other transaction
accounts |
|
361,616 |
|
|
332,829 |
| MMDA & other savings |
|
1,470,525 |
|
|
1,398,699 |
| Time deposits |
|
327,413 |
|
|
325,501 |
| Total
deposits |
$ |
3,158,495 |
|
$ |
2,974,351 |
| |
|
|
|
|
|
South Plains Financial,
Inc.Reconciliation of Non-GAAP Financial Measures
(Unaudited)(Dollars in thousands)
| |
As of and for the quarter ended |
| |
June 30,2021 |
|
March 31,2021 |
|
December 31,2020 |
|
September 30,2020 |
|
June 30,2020 |
| Efficiency
ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense |
$ |
36,778 |
|
|
$ |
37,057 |
|
|
$ |
36,504 |
|
|
$ |
35,993 |
|
|
$ |
35,207 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income |
$ |
29,593 |
|
|
$ |
29,544 |
|
|
$ |
30,365 |
|
|
$ |
31,273 |
|
|
$ |
30,448 |
|
| Tax equivalent yield
adjustment |
|
309 |
|
|
|
312 |
|
|
|
336 |
|
|
|
322 |
|
|
|
290 |
|
| Noninterest income |
|
22,250 |
|
|
|
26,500 |
|
|
|
26,172 |
|
|
|
31,660 |
|
|
|
24,896 |
|
| Total income |
$ |
52,152 |
|
|
$ |
56,356 |
|
|
$ |
56,873 |
|
|
$ |
63,255 |
|
|
$ |
55,634 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Efficiency ratio |
|
70.52% |
|
|
|
65.76% |
|
|
|
64.19% |
|
|
|
56.90% |
|
|
|
63.28% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest expense |
$ |
36,778 |
|
|
$ |
37,057 |
|
|
$ |
36,504 |
|
|
$ |
35,993 |
|
|
$ |
35,207 |
|
| Less: net loss on sale
of securities |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Adjusted noninterest
expense |
$ |
36,778 |
|
|
$ |
37,057 |
|
|
$ |
36,504 |
|
|
$ |
35,993 |
|
|
$ |
35,207 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total income |
$ |
52,152 |
|
|
$ |
56,356 |
|
|
$ |
56,873 |
|
|
$ |
63,255 |
|
|
$ |
55,634 |
|
| Less: net gain on sale
of securities |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Adjusted total income |
$ |
52,152 |
|
|
$ |
56,356 |
|
|
$ |
56,873 |
|
|
$ |
63,255 |
|
|
$ |
55,634 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted efficiency ratio |
|
70.52% |
|
|
|
65.76% |
|
|
|
64.19% |
|
|
|
56.90% |
|
|
|
63.28% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pre-tax, pre-provision
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
$ |
13,650 |
|
|
$ |
15,160 |
|
|
$ |
15,924 |
|
|
$ |
16,731 |
|
|
$ |
5,615 |
|
| Income tax expense |
|
3,422 |
|
|
|
3,738 |
|
|
|
3,968 |
|
|
|
4,147 |
|
|
|
1,389 |
|
| Provision for loan losses |
|
(2,007) |
|
|
|
89 |
|
|
|
141 |
|
|
|
6,062 |
|
|
|
13,133 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pre-tax, pre-provision
income |
$ |
15,065 |
|
|
$ |
18,987 |
|
|
$ |
20,033 |
|
|
$ |
26,940 |
|
|
$ |
20,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Plains Financial,
Inc.Reconciliation of Non-GAAP Financial Measures
(Unaudited)(Dollars in thousands)
| |
As of |
| |
June 30,2021 |
|
March 31,2021 |
|
December 31,2020 |
|
September 30,2020 |
|
June 30,2020 |
| Tangible common
equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total common stockholders’ equity |
$ |
394,254 |
|
|
$ |
374,671 |
|
|
$ |
370,048 |
|
|
$ |
352,568 |
|
|
$ |
336,534 |
|
| Less: goodwill and other
intangibles |
|
(26,226) |
|
|
|
(26,648) |
|
|
|
(27,070) |
|
|
|
(27,502) |
|
|
|
(28,414) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tangible common
equity |
$ |
368,028 |
|
|
$ |
348,023 |
|
|
$ |
342,978 |
|
|
$ |
325,066 |
|
|
$ |
308,120 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tangible
assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
$ |
3,714,354 |
|
|
$ |
3,732,894 |
|
|
$ |
3,599,160 |
|
|
$ |
3,542,666 |
|
|
$ |
3,584,532 |
|
| Less: goodwill and other
intangibles |
|
(26,226) |
|
|
|
(26,648) |
|
|
|
(27,070) |
|
|
|
(27,502) |
|
|
|
(28,414) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tangible
assets |
$ |
3,688,128 |
|
|
$ |
3,706,246 |
|
|
$ |
3,572,090 |
|
|
$ |
3,515,164 |
|
|
$ |
3,556,118 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares outstanding |
|
18,014,398 |
|
|
|
18,053,229 |
|
|
|
18,076,364 |
|
|
|
18,059,174 |
|
|
|
18,059,174 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total stockholders’ equity to
total assets |
|
10.61% |
|
|
|
10.04% |
|
|
|
10.28% |
|
|
|
9.95% |
|
|
|
9.39% |
|
| Tangible common equity to
tangible assets |
|
9.98% |
|
|
|
9.39% |
|
|
|
9.60% |
|
|
|
9.25% |
|
|
|
8.66% |
|
| Book value per share |
$ |
21.89 |
|
|
$ |
20.75 |
|
|
$ |
20.47 |
|
|
$ |
19.52 |
|
|
$ |
18.64 |
|
| Tangible book value per
share |
$ |
20.43 |
|
|
$ |
19.28 |
|
|
$ |
18.97 |
|
|
$ |
18.00 |
|
|
$ |
17.06 |
|
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
