$SPFI

SOUTH PLAINS FINANCIAL, INC.

CIK:0001163668|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income:
Loans, including fees	$ 64,106	$ 53,886	$ 116,783	$ 104,456
Securities:
Taxable	4,238	4,700	8,523	9,392
Non-taxable	851	802	1,704	1,603
Federal funds sold and interest-bearing deposits in banks	5,808	4,747	10,625	8,606
Total interest income	75,003	64,135	137,635	124,057
Interest expense:
Deposits	23,716	20,062	42,594	39,889
Short-term borrowings	38	0	38	0
Subordinated debt	238	835	481	1,670
Junior subordinated deferrable interest debentures	662	735	1,321	1,468
Total interest expense	24,654	21,632	44,434	43,027
Net interest income	50,349	42,503	93,201	81,030
Provision for credit losses	350	2,500	610	2,920
Net interest income, after provision for credit losses	49,999	40,003	92,591	78,110
Noninterest income:
Service charges on deposit accounts	2,366	2,098	4,621	4,239
Net gain on sales of loans	2,733	2,655	5,065	5,246
Bank card services and interchange fees	4,110	3,771	7,326	7,150
Other mortgage banking income	2,114	951	3,700	473
Investment commissions	466	426	1,021	860
Fiduciary fees	802	694	1,591	1,432
Other	1,552	1,570	2,114	3,390
Total noninterest income	14,143	12,165	25,438	22,790
Noninterest expense:
Salaries and employee benefits	23,517	19,708	43,671	39,149
Occupancy and equipment, net	4,330	3,972	8,283	7,999
Professional services	1,850	1,874	4,805	3,604
Marketing and development	1,032	919	2,033	1,824
IT and data services	1,968	1,181	3,349	2,345
Bank card expenses	1,616	1,579	3,224	3,033
Other	5,551	4,310	10,025	8,619
Total noninterest expense	39,864	33,543	75,390	66,573
Income before income taxes	24,278	18,625	42,639	34,327
Income tax expense	5,286	4,020	9,102	7,428
Net income	$ 18,992	$ 14,605	$ 33,537	$ 26,899
Earnings per share:
Basic (in Dollars per share)	$ 0.99	$ 0.9	$ 1.9	$ 1.65
Diluted (in Dollars per share)	$ 0.96	$ 0.86	$ 1.82	$ 1.58
Net income	$ 18,992	$ 14,605	$ 33,537	$ 26,899
Other comprehensive income (loss):
Unrealized gains (losses) on securities available for sale	4,283	(1,341)	3,171	4,299
Less: Change in fair value on hedged state and municipal securities	263	(1,573)	237	(3,825)
Tax effect	(955)	612	(716)	(99)
Other comprehensive income (loss)	3,591	(2,302)	2,692	375
Comprehensive income	$ 22,583	$ 12,303	$ 36,229	$ 27,274

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 33,537	$ 26,899
Adjustments to reconcile net income to net cash from operating activities:
Provision for credit losses	610	2,920
Provision for foreclosed asset losses	100	0
Depreciation and amortization	3,472	2,939
Accretion and amortization	1,148	1,473
Other gains, net	(133)	(266)
Net gain on sales of loans	(5,065)	(5,246)
Proceeds from sales of loans held for sale	144,232	145,512
Loans originated for sale	(141,739)	(137,489)
Deferred income tax expense	432	(728)
Earnings on bank-owned life insurance	(933)	(805)
Stock-based compensation	1,541	1,323
Change in valuation of mortgage servicing rights	(765)	1,741
Net change in:
Accrued interest receivable and other assets	3,588	5,935
Accrued expenses and other liabilities	4,019	(3,367)
Net cash from operating activities	44,044	40,841
Cash flows from investing activities:
Purchases	(502,333)	(9,374)
Maturities, prepayments, and calls	523,316	19,533
Loan originations and principal collections, net	3,919	(45,880)
Net cash received from acquisition of BOH Holdings, Inc.	30,823	0
Purchases of premises and equipment	(2,390)	(2,862)
Proceeds from sales of premises and equipment	58	2,240
Proceeds from sales of foreclosed assets	1,487	974
Net cash from investing activities	54,880	(35,369)
Cash flows from financing activities:
Net change in deposits	170,704	118,062
Net change in short-term borrowings	(15,000)	1,352
Proceeds from common stock issuance	258	235
Payments to tax authorities for stock-based compensation	(700)	(277)
Cash dividends paid on common stock	(6,026)	(4,904)
Payments to repurchase common stock	(12,842)	(8,526)
Net cash from financing activities	136,394	105,942
Net change in cash and cash equivalents	235,318	111,414
Beginning cash and cash equivalents	552,439	359,082
Ending cash and cash equivalents	787,757	470,496
Supplemental disclosures of cash flow information:
Interest paid on deposits and borrowed funds	43,732	44,173
Income taxes paid	7,412	6,820
Supplemental schedule of noncash activities:
Loans transferred to foreclosed assets	539	981
Additions to mortgage servicing rights	$ 943	$ 583

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and due from banks	$ 61,177	$ 58,318
Interest-bearing deposits in banks	726,580	494,121
Cash and cash equivalents	787,757	552,439
Securities available for sale	555,427	567,540
Loans held for sale ($7,943 and $7,796 at fair value at June 30, 2026 and December 31, 2025, respectively)	11,622	9,993
Loans held for investment	3,771,434	3,144,502
Allowance for credit losses on loans	(53,076)	(45,131)
Loans held for investment, net	3,718,358	3,099,371
Accrued interest receivable	20,306	20,931
Premises and equipment, net	52,132	51,563
Bank-owned life insurance	89,841	77,694
Goodwill	66,592	19,315
Intangible assets, net	5,626	1,133
Mortgage servicing rights	25,749	24,041
Deferred tax asset, net	20,125	20,433
Other assets	37,671	36,047
Total assets	5,391,206	4,480,500
Deposits:
Noninterest-bearing	1,151,641	1,023,517
Interest-bearing	3,488,985	2,850,560
Total deposits	4,640,626	3,874,077
Accrued expenses and other liabilities	60,322	52,093
Subordinated debt	14,100	14,100
Junior subordinated deferrable interest debentures	46,393	46,393
Total liabilities	4,761,441	3,986,663
Stockholders’ equity:
Common stock, $1.00 par value per share, 30,000,000 shares authorized; 18,839,105 and 16,293,577 issued and outstanding at June 30, 2026 and December 31, 2025, respectively	18,839	16,294
Additional paid-in capital	194,245	91,065
Retained earnings	461,708	434,197
Accumulated other comprehensive loss	(45,027)	(47,719)
Total stockholders’ equity	629,765	493,837
Total liabilities and stockholders’ equity	$ 5,391,206	$ 4,480,500