SOUTH PLAINS FINANCIAL INC

For the period ended Sep 30, 2024. Filed Nov 6, 2024.

About this filing

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$43.080.0%Stored close · as of Nov 10, 2026

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Contents

Item 1. Consolidated Statements of Comprehensive Income (Unaudited)

COMPREHENSIVE INCOME (LOSS)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Interest income:
Loans, including fees	$51,505	$46,242	$151,008	$128,703
Securities:
Taxable	5,300	5,422	16,096	16,027
Non-taxable	803	833	2,419	3,057
Federal funds sold and interest-bearing deposits in banks	4,032	4,031	10,052	7,010
Total interest income	61,640	56,528	179,575	154,797
Interest expense:
Deposits	22,653	18,965	65,945	44,768
Notes payable & other borrowings	—	—	—	5
Subordinated debt	835	1,012	2,505	3,037
Junior subordinated deferrable interest debentures	858	862	2,575	2,402
Total interest expense	24,346	20,839	71,025	50,212
Net interest income	37,294	35,689	108,550	104,585
Provision for credit losses	495	(700)	3,100	4,010
Net interest income, after provision for credit losses	36,799	36,389	105,450	100,575
Noninterest income:
Service charges on deposit accounts	2,023	1,840	5,785	5,286
Income from insurance activities	28	30	92	1,478
Net gain on sales of loans	2,715	2,631	8,157	9,077
Bank card services and interchange fees	3,302	3,157	10,415	10,156
Other mortgage banking income (loss)	(825)	1,971	1,075	3,069
Investment commissions	391	430	1,275	1,239
Fiduciary fees	613	582	2,087	1,779
Gain on sale of subsidiary	—	290	—	33,778
Other	2,388	1,346	5,867	4,218
Total noninterest income	10,635	12,277	34,753	70,080
Noninterest expense:
Salaries and employee benefits	18,767	18,709	56,954	61,400
Occupancy and equipment, net	4,255	4,111	12,204	12,246
Professional services	1,807	1,560	5,028	4,924
Marketing and development	1,015	853	2,629	2,573
IT and data services	1,092	818	3,168	2,570
Bank card expenses	1,500	1,451	4,413	4,119
Appraisal expenses	246	283	702	862
Realized loss on sale of securities	—	—	—	3,409
Other	4,446	3,704	12,532	12,246
Total noninterest expense	33,128	31,489	97,630	104,349
Income before income taxes	14,306	17,177	42,573	66,306
Income tax expense	3,094	3,683	9,353	13,885
Net income	$11,212	$13,494	$33,220	$52,421

CONSOLIDATED STATEMENTS OFCOMPREHENSIVE INCOME (LOSS) (CONTINUED)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Earnings per share:
Basic	$0.68	$0.80	$2.02	$3.09
Diluted	$0.66	$0.78	$1.96	$3.01
Net income	$11,212	$13,494	$33,220	$52,421
Other comprehensive income (loss):
Unrealized gains (losses) on securities available for sale	25,268	(30,907)	14,997	(29,393)
Less: Change in fair value on hedged state and municipal securities	(4,196)	2,091	(3,274)	1,320
Reclassification adjustment for loss on sale of securities	—	—	—	3,409
Tax effect	(4,425)	6,051	(2,462)	5,179
Other comprehensive income (loss)	16,647	(22,765)	9,261	(19,485)
Comprehensive income (loss)	$27,859	$(9,271)	$42,481	$32,936

CONSOLIDATEDSTATEMENTS OFCHANGES IN

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.