SOUTH PLAINS FINANCIAL INC
For the period ended Sep 30, 2024. Filed Nov 6, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 6, 2024
SPFI$42.45-1.0%Stored close · as of Nov 6, 2026
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Consolidated Financial Statements Consolidated Balance Sheets (Unaudited)
CONSOLIDATEDBALANCE SHEETS
| September 30, 2024 | December 31, 2023 | |
|---|---|---|
| (Unaudited) | ||
| ASSETS | ||
| Cash and due from banks | $60,863 | $62,821 |
| Interest-bearing deposits in banks | 410,304 | 267,337 |
| Cash and cash equivalents | 471,167 | 330,158 |
| Securities available for sale | 606,889 | 622,762 |
| Loans held for sale ($9,490 and $6,615 at fair value at September 30, 2024 and December 31, 2023, respectively) | 11,389 | 14,499 |
| Loans held for investment | 3,037,375 | 3,014,153 |
| Allowance for credit losses on loans | (42,886) | (42,356) |
| Loans held for investment, net | 2,994,489 | 2,971,797 |
| Accrued interest receivable | 19,155 | 20,881 |
| Premises and equipment, net | 53,323 | 55,070 |
| Bank-owned life insurance | 75,649 | 74,504 |
| Goodwill | 19,315 | 19,315 |
| Intangible assets, net | 1,882 | 2,429 |
| Mortgage servicing rights | 24,573 | 26,569 |
| Deferred tax asset, net | 18,889 | 19,413 |
| Other assets | 40,939 | 47,396 |
| Total assets | $4,337,659 | $4,204,793 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Deposits: | ||
| Noninterest-bearing | $998,480 | $974,201 |
| Interest-bearing | 2,720,880 | 2,651,952 |
| Total deposits | 3,719,360 | 3,626,153 |
| Accrued expenses and other liabilities | 64,870 | 61,358 |
| Subordinated debt | 63,914 | 63,775 |
| Junior subordinated deferrable interest debentures | 46,393 | 46,393 |
| Total liabilities | 3,894,537 | 3,797,679 |
| Stockholders’ equity: | ||
| Common stock, $1.00 par value per share, 30,000,000 shares authorized; 16,386,627 and 16,417,099 issued and outstanding at September 30, 2024 and December 31, 2023, respectively | 16,386 | 16,417 |
| Additional paid-in capital | 97,367 | 97,107 |
| Retained earnings | 371,782 | 345,264 |
| Accumulated other comprehensive loss | (42,413) | (51,674) |
| Total stockholders’ equity | 443,122 | 407,114 |
| Total liabilities and stockholders’ equity | $4,337,659 | $4,204,793 |
CONSOLIDATED STATEMENTS OF
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