SOUTH PLAINS FINANCIAL INC
For the period ended Dec 31, 2024. Filed Mar 7, 2025.
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FY2024 · Filed Mar 7, 2025
SPFI$43.080.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Comprehensive Income (Loss)
COMPREHENSIVE INCOME (LOSS)
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Interest income: | |||
| Loans, including fees | $202,270 | $176,598 | $137,954 |
| Securities: | |||
| Taxable | 21,090 | 21,590 | 15,010 |
| Non-taxable | 3,220 | 3,872 | 4,529 |
| Federal funds sold and interest-bearing deposits in banks | 14,319 | 9,973 | 3,675 |
| Total interest income | 240,899 | 212,033 | 161,168 |
| Interest expense: | |||
| Deposits | 87,081 | 64,987 | 17,002 |
| Notes payable & other borrowings | — | 5 | — |
| Subordinated debt | 3,339 | 4,018 | 4,050 |
| Junior subordinated deferrable interest debentures | 3,381 | 3,276 | 1,640 |
| Total interest expense | 93,801 | 72,286 | 22,692 |
| Net interest income | 147,098 | 139,747 | 138,476 |
| Provision for credit losses | 4,300 | 4,610 | (2,619) |
| Net interest income, after provision for credit losses | 142,798 | 135,137 | 141,095 |
| Noninterest income: | |||
| Service charges on deposit accounts | 8,026 | 7,130 | 6,829 |
| Income from insurance activities | 123 | 1,515 | 10,826 |
| Net gain on sales of loans | 10,524 | 11,027 | 20,764 |
| Bank card services and interchange fees | 13,640 | 13,323 | 12,946 |
| Other mortgage banking income (loss) | 3,662 | 2,790 | 10,606 |
| Investment commissions | 1,704 | 1,698 | 1,825 |
| Fiduciary fees | 2,719 | 2,433 | 2,390 |
| Gain on sale of subsidiary | — | 33,778 | — |
| Other | 7,674 | 5,532 | 9,959 |
| Total noninterest income | 48,072 | 79,226 | 76,145 |
| Noninterest expense: | |||
| Salaries and employee benefits | 74,338 | 79,377 | 86,323 |
| Occupancy and equipment, net | 16,105 | 16,102 | 15,987 |
| Professional services | 6,583 | 6,433 | 9,740 |
| Marketing and development | 3,782 | 3,453 | 3,614 |
| IT and data services | 4,286 | 3,410 | 3,780 |
| Bank card expenses | 5,873 | 5,557 | 5,376 |
| Appraisal expenses | 953 | 1,087 | 1,747 |
| Realized loss on sale of securities | — | 3,409 | — |
| Other | 15,658 | 16,118 | 17,522 |
| Total noninterest expense | 127,578 | 134,946 | 144,089 |
| Income before income taxes | 63,292 | 79,417 | 73,151 |
| Income tax expense | 13,575 | 16,672 | 14,911 |
| Net income | $49,717 | $62,745 | $58,240 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (CONTINUED)
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Earnings per share: | |||
| Basic | $3.03 | $3.73 | $3.35 |
| Diluted | $2.92 | $3.62 | $3.23 |
| Net income | $49,717 | $62,745 | $58,240 |
| Other comprehensive income (loss): | |||
| Unrealized gains (losses) on securities available for sale | (9,706) | 17,282 | (114,367) |
| Less: Change in fair value on hedged state and municipal securities | (1,619) | (3,686) | 14,607 |
| Reclassification adjustment for loss on sale of securities | — | 3,409 | — |
| Tax effect | 2,378 | (3,571) | 20,950 |
| Other comprehensive income (loss) | (8,947) | 13,434 | (78,810) |
| Comprehensive income (loss) | $40,770 | $76,179 | $(20,570) |
CONSOLIDATED STATEMENTS OFCHANGES IN
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