South Plains Financial, Inc. Reports First Quarter 2025 Financial Results

LUBBOCK, Texas, April 24, 2025 (GLOBE NEWSWIRE) -- 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 March 31, 2025. First Quarter 2025 Highlights Net income for the first quarter of 2025 was $12.3 million, compared to $16.5 million for the fourth quarter of 2024 and $10.9 million for the first quarter of 2024.Diluted earnings per share for the first quarter of 2025 was $0.72, compared to $0.96 for the fourth quarter of 2024 and $0.64 for the first quarter of 2024.Average cost of deposits for the first quarter of 2025 was 219 basis points, compared to 229 basis points for the fourth quarter of 2024 and 241 basis points for the first quarter of 2024.Net interest margin, on a tax-equivalent basis, was 3.81% for the first quarter of 2025, compared to 3.75% for the fourth quarter of 2024 and 3.56% for the first quarter of 2024.Nonperforming assets to total assets were 0.16% at March 31, 2025, compared to 0.58% at December 31, 2024 and 0.10% at March 31, 2024.Return on average assets for the first quarter of 2025 was 1.16%, compared to 1.53% for the fourth quarter of 2024 and 1.04% for the first quarter of 2024.Tangible book value (non-GAAP) per share was $26.05 as of March 31, 2025, compared to $25.40 as of December 31, 2024 and $23.56 as of March 31, 2024. The consolidated total risk-based capital ratio, common equity tier 1 risk-based capital ratio, and tier 1 leverage ratio at March 31, 2025 were 17.93%, 13.59%, and 12.04%, respectively. Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “We delivered strong first quarter results highlighted by solid deposit growth, healthy margin expansion as our cost of funds continued to improve, and loan growth that was in line with our expectations. Additionally, the credit quality of our loan portfolio continued to strengthen in the quarter which is a testament to our conservative culture and proactive approach to managing credit. While the outlook is uncertain, we believe that we are in an advantageous position relative to our peers and are actively looking to expand in both our metropolitan and rural markets. We have the liquidity, capital, and team to take advantage of opportunities that come our way. While the economy may slow and businesses may reduce their risk appetites, we will be ready to meet the needs of our customers in these uncertain times. We will also continue to add experienced lenders who fit our culture and want to bring their customers to a better, more stable bank. However, we will maintain our conservative credit culture and will never sacrifice credit quality for growth as we work to maintain the strong credit quality of our loan portfolio. While we see many opportunities to continue growing the Bank, we believe our share price does not reflect the value that we are creating. As a result, we spent $8.3 million to repurchase 250,000 shares in the first quarter, leaving approximately $7 million under our previously announced share repurchase program.” Results of Operations, Quarter Ended March 31, 2025 Net Interest Income Net interest income was $38.5 million for the first quarter of 2025, compared to $38.5 million for the fourth quarter of 2024 and $35.4 million for the first quarter of 2024. Net interest margin, calculated on a tax-equivalent basis, was 3.81% for the first quarter of 2025, compared to 3.75% for the fourth quarter of 2024 and 3.56% for the first quarter of 2024. The average yield on loans was 6.67% for the first quarter of 2025, compared to 6.69% for the fourth quarter of 2024 and 6.53% for the first quarter of 2024. The average cost of deposits was 219 basis points for the first quarter of 2025, which is 10 basis points lower than the fourth quarter of 2024 and 22 basis points lower than the first quarter of 2024. Interest income was $59.9 million for the first quarter of 2025, compared to $61.3 million for the fourth quarter of 2024 and $58.7 million for the first quarter of 2024. Interest income decreased $1.4 million in the first quarter of 2025 from the fourth quarter of 2024, which was primarily comprised of a decrease of $692 thousand in loan interest income and a decrease of $408 thousand in interest income on other earning assets. The decline in interest income was due primarily to fewer days in the first quarter as compared to the fourth quarter of 2024. Interest income increased $1.2 million in the first quarter of 2025 compared to the first quarter of 2024. This increase was primarily due to an increase of average loans of $60.0 million and higher loan interest rates during the period, resulting in growth of $1.6 million in loan interest income. Interest expense was $21.4 million for the first quarter of 2025, compared to $22.8 million for the fourth quarter of 2024 and $23.4 million for the first quarter of 2024. Interest expense decreased $1.4 million compared to the fourth quarter of 2024 and decreased $2.0 million compared to the first quarter of 2024. The $1.4 million decrease was primarily as a result of a 19 basis point decline in the cost of interest-bearing deposits and fewer days in the quarter, partially offset by an increase of $50.0 million in average interest-bearing deposits in the first quarter of 2025 as compared to the fourth quarter of 2024. The $2.0 million decrease was primarily as a result of a 34 basis point decline in the cost of interest-bearing deposits, partially offset by an increase of $83.4 million in average interest-bearing deposits in the first quarter of 2025 as compared to the first quarter of 2024. Noninterest Income and Noninterest Expense Noninterest income was $10.6 million for the first quarter of 2025, compared to $13.3 million for the fourth quarter of 2024 and $11.4 million for the first quarter of 2024. The decrease from the fourth quarter of 2024 was primarily due to a decrease of $2.8 million in mortgage banking revenues, mainly as a result of a decrease of $3.0 million in the fair value adjustment of the mortgage servicing rights assets as interest rates that affect the value decreased in the first quarter of 2025. The decrease in noninterest income for the first quarter of 2025 as compared to the first quarter of 2024 was primarily due to a decrease of $1.8 million in mortgage banking activities revenue mainly from a decrease of $1.6 million in the fair value adjustment of the mortgage servicing rights assets as interest rates that affect the value decreased in the first quarter of 2025. This decrease in mortgage banking activities revenue was partially offset by growth in service charges on deposits revenue and bank card services and interchange revenue. Noninterest expense was $33.0 million for the first quarter of 2025, compared to $29.9 million for the fourth quarter of 2024 and $31.9 million for the first quarter of 2024. The $3.1 million increase from the fourth quarter of 2024 was largely the result of an increase of $2.1 million in personnel expenses, primarily from annual salary adjustments, increased health insurance costs as the fourth quarter of 2024 included annual rebates received, and increased annual incentive compensation expense. There were also increases in net occupancy expense, professional service expenses, and the ineffectiveness related to fair value hedges on municipal securities. The increase in noninterest expense for the first quarter of 2025 as compared to the first quarter of 2024 was largely the result of an increase of $453 thousand in personnel expenses, largely a result of annual salary adjustments. Loan Portfolio and Composition Loans held for investment were $3.08 billion as of March 31, 2025, compared to $3.06 billion as of December 31, 2024 and $3.01 billion as of March 31, 2024. The increase of $20.8 million, or 2.7% annualized, during the first quarter of 2025 as compared to the fourth quarter of 2024 occurred primarily as a result of organic loan growth experienced in commercial owner-occupied real estate loans and commercial goods and services loans, partially offset by a seasonal decrease in agricultural production loans. As of March 31, 2025, loans held for investment increased $64.1 million, or 2.1%, from March 31, 2024, primarily attributable to organic loan growth, occurring broadly across the real estate and commercial loan segments, partially offset by decreases in auto loans and other consumer loans. Deposits and Borrowings Deposits totaled $3.79 billion as of March 31, 2025, compared to $3.62 billion as of December 31, 2024 and $3.64 billion as of March 31, 2024. Deposits increased by $171.6 million, or 4.7%, in the first quarter of 2025 from December 31, 2024. Deposits increased by $153.9 million, or 4.2%, at March 31, 2025 as compared to March 31, 2024. Noninterest-bearing deposits were $966.5 million as of March 31, 2025, compared to $935.5 million as of December 31, 2024 and $974.2 million as of March 31, 2024. Noninterest-bearing deposits represented 25.5% of total deposits as of March 31, 2025. The quarterly change in total deposits was mainly due to a seasonal increase of $70.2 million in public fund deposits and strong organic growth in retail and commercial deposits. The year-over-year increase in total deposits was primarily the result of continued organic growth in retail and commercial deposits. Asset Quality The Company recorded a provision for credit losses in the first quarter of 2025 of $420 thousand, compared to $1.2 million in the fourth quarter of 2024 and $830 thousand in the first quarter of 2024. The provision during the first quarter of 2025 was largely attributable to net charge-off activity and increased loan balances, partially offset by improved credit quality as noted below in the nonperforming assets to total assets ratio. The ratio of allowance for credit losses to loans held for investment was 1.40% as of March 31, 2025, compared to 1.42% as of December 31, 2024 and 1.40% as of March 31, 2024. The ratio of nonperforming assets to total assets was 0.16% as of March 31, 2025, compared to 0.58% as of December 31, 2024 and 0.10% as of March 31, 2024. A $19.0 million credit was placed back on accrual status at the end of the first quarter of 2025, based on sustained payment performance and improved credit structure. This credit was repaid in full subsequent to March 31, 2025. Annualized net charge-offs were 0.07% for the first quarter of 2025, compared to 0.11% for the fourth quarter of 2024 and 0.13% for the first quarter of 2024. Capital Book value per share increased to $27.33 at March 31, 2025, compared to $26.67 at December 31, 2024. The change was primarily driven by $9.8 million of net income after dividends paid and by an increase in accumulated other comprehensive income of $2.7 million, partially offset by stock repurchases of $8.3 million. The tangible common equity to tangible assets ratio (non-GAAP) decreased 28 basis points to 9.64% in the first quarter of 2025, largely due to growth of $173.0 million in tangible assets. Conference Call South Plains will host a conference call to discuss its first quarter 2025 financial results today, April 24, 2025, 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 13752910. The replay will be available until May 8, 2025. 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 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 Share, Tangible Common Equity to Tangible Assets, 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 future events and South Plains’ financial performance. 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, the impact on us and our customers of a decline in general economic conditions and any regulatory responses thereto; potential recession in the United States and our market areas; the impacts related to or resulting from uncertainty in the banking industry as a whole; increased competition for deposits in our market areas and related changes in deposit customer behavior; the impact of changes in market interest rates, whether due to a continuation of the elevated interest rate environment or further reductions in interest rates and a resulting decline in net interest income; the lingering inflationary pressures, and the risk of the resurgence of elevated levels of inflation, in the United States and our market areas; the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; increases in unemployment rates in the United States and our market areas; adverse changes in customer spending and savings habits; declines in commercial real estate values and prices; a deterioration of the credit rating for U.S. long-term sovereign debt or uncertainty regarding United States fiscal debt, deficit and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events, including as a result of changes in U.S. presidential administrations or Congress; the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts and the resulting impact on the Company and its customers; competition and market expansion opportunities; changes in non-interest expenditures or in the anticipated benefits of such expenditures; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; potential costs related to the impacts of climate change; current or future litigation, regulatory examinations or other legal and/or regulatory actions; 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 and Quarterly Reports on Form 10-Q on file with the SEC, including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of such documents, and 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, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized and 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 applicable law. All forward-looking statements, express or implied, included in the press release are qualified in their entirety by this cautionary statement. 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 March 31,2025 December 31,2024 September 30,2024 June 30,2024 March 31,2024Selected Income Statement Data: Interest income$59,922 $61,324 $61,640 $59,208 $58,727 Interest expense 21,395 22,776 24,346 23,320 23,359 Net interest income 38,527 38,548 37,294 35,888 35,368 Provision for credit losses 420 1,200 495 1,775 830 Noninterest income 10,625 13,319 10,635 12,709 11,409 Noninterest expense 33,030 29,948 33,128 32,572 31,930 Income tax expense 3,408 4,222 3,094 3,116 3,143 Net income 12,294 16,497 11,212 11,134 10,874 Per Share Data (Common Stock): Net earnings, basic$0.75 $1.01 $0.68 $0.68 $0.66 Net earnings, diluted 0.72 0.96 0.66 0.66 0.64 Cash dividends declared and paid 0.15 0.15 0.14 0.14 0.13 Book value 27.33 26.67 27.04 25.45 24.87 Tangible book value (non-GAAP) 26.05 25.40 25.75 24.15 23.56 Weighted average shares outstanding, basic 16,415,862 16,400,361 16,386,079 16,425,360 16,429,919 Weighted average shares outstanding, dilutive 17,065,599 17,161,646 17,056,959 16,932,077 16,938,857 Shares outstanding at end of period 16,235,647 16,455,826 16,386,627 16,424,021 16,431,755 Selected Period End Balance Sheet Data: Cash and cash equivalents$536,300 $359,082 $471,167 $298,006 $371,939 Investment securities 571,527 577,240 606,889 591,031 599,869 Total loans held for investment 3,075,860 3,055,054 3,037,375 3,094,273 3,011,799 Allowance for credit losses 42,968 43,237 42,886 43,173 42,174 Total assets 4,405,209 4,232,239 4,337,659 4,220,936 4,218,993 Interest-bearing deposits 2,826,055 2,685,366 2,720,880 2,672,948 2,664,397 Noninterest-bearing deposits 966,464 935,510 998,480 951,565 974,174 Total deposits 3,792,519 3,620,876 3,719,360 3,624,513 3,638,571 Borrowings 110,400 110,354 110,307 110,261 110,214 Total stockholders’ equity 443,743 438,949 443,122 417,985 408,712 Summary Performance Ratios: Return on average assets (annualized) 1.16% 1.53% 1.05% 1.07% 1.04%Return on average equity (annualized) 11.30% 14.88% 10.36% 10.83% 10.72%Net interest margin(1) 3.81% 3.75% 3.65% 3.63% 3.56%Yield on loans 6.67% 6.69% 6.68% 6.60% 6.53%Cost of interest-bearing deposits 2.93% 3.12% 3.36% 3.33% 3.27%Efficiency ratio 66.90% 57.50% 68.80% 66.72% 67.94%Summary Credit Quality Data: Nonperforming loans$6,467 $24,023 $24,693 $23,452 $3,380 Nonperforming loans to total loans held for investment 0.21% 0.79% 0.81% 0.76% 0.11%Other real estate owned$600 $530 $973 $755 $862 Nonperforming assets to total assets 0.16% 0.58% 0.59% 0.57% 0.10%Allowance for credit losses to total loans held for investment 1.40% 1.42% 1.41% 1.40% 1.40%Net charge-offs to average loans outstanding (annualized) 0.07% 0.11% 0.11% 0.10% 0.13% As of and for the quarter ended March 312025 December 31,2024 September 30,2024 June 30,2024 March 31,2024Capital Ratios: Total stockholders’ equity to total assets 10.07% 10.37% 10.22% 9.90% 9.69%Tangible common equity to tangible assets (non-GAAP) 9.64% 9.92% 9.77% 9.44% 9.22%Common equity tier 1 to risk-weighted assets 13.59% 13.53% 13.25% 12.61% 12.67%Tier 1 capital to average assets 12.04% 12.04% 11.76% 11.81% 11.51%Total capital to risk-weighted assets 17.93% 17.86% 17.61% 16.86% 17.00% (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 March 31, 2025 March 31, 2024 AverageBalance Interest Yield/Rate AverageBalance Interest Yield/RateAssets Loans$3,074,568 $50,577 6.67% $3,014,537 $48,940 6.53%Debt securities - taxable 510,354 4,692 3.73% 554,081 5,511 4.00%Debt securities - nontaxable 153,229 1,014 2.68% 156,254 1,024 2.64%Other interest-bearing assets 386,979 3,859 4.04% 298,969 3,475 4.67% Total interest-earning assets 4,125,130 60,142 5.91% 4,023,841 58,950 5.89%Noninterest-earning assets 171,683 184,293 Total assets$4,296,813 $4,208,134 Liabilities & stockholders’ equity NOW, Savings, MMDA’s$2,302,344 15,511 2.73% $2,285,981 17,997 3.17%Time deposits 441,895 4,316 3.96% 374,852 3,666 3.93%Short-term borrowings 3 - 0.00% 3 - 0.00%Notes payable & other long-term borrowings - - 0.00% - - 0.00%Subordinated debt 63,984 835 5.29% 63,798 835 5.26%Junior subordinated deferrable interest debentures 46,393 733 6.41% 46,393 861 7.46% Total interest-bearing liabilities 2,854,619 21,395 3.04% 2,771,027 23,359 3.39%Demand deposits 934,775 958,334 Other liabilities 66,073 70,860 Stockholders’ equity 441,346 407,913 Total liabilities & stockholders’ equity$4,296,813 $4,208,134 Net interest income $38,747 $35,591 Net interest margin(2) 3.81% 3.56% (1) Average loan balances include nonaccrual loans and loans held for sale.(2) Net interest margin is calculated as the annualized net interest 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 March 31,2025 December 31,2024 Assets Cash and due from banks$56,006 $54,114 Interest-bearing deposits in banks 480,294 304,968 Securities available for sale 571,527 577,240 Loans held for sale 13,931 20,542 Loans held for investment 3,075,860 3,055,054 Less: Allowance for credit losses (42,968) (43,237)Net loans held for investment 3,032,892 3,011,817 Premises and equipment, net 50,873 52,951 Goodwill 19,315 19,315 Intangible assets 1,569 1,720 Mortgage servicing rights 24,906 26,292 Other assets 153,896 163,280 Total assets$4,405,209 $4,232,239 Liabilities and Stockholders’ Equity Noninterest-bearing deposits$966,464 $935,510 Interest-bearing deposits 2,826,055 2,685,366 Total deposits 3,792,519 3,620,876 Subordinated debt 64,007 63,961 Junior subordinated deferrable interest debentures 46,393 46,393 Other liabilities 58,547 62,060 Total liabilities 3,961,466 3,793,290 Stockholders’ Equity Common stock 16,236 16,456 Additional paid-in capital 89,799 97,287 Retained earnings 395,652 385,827 Accumulated other comprehensive income (loss) (57,944) (60,621)Total stockholders’ equity 443,743 438,949 Total liabilities and stockholders’ equity$4,405,209 $4,232,239 South Plains Financial, Inc.Consolidated Statements of Income(Unaudited)(Dollars in thousands) Three Months Ended March 31,2025 March 31,2024 Interest income: Loans, including fees$50,570 $48,932 Other 9,352 9,795 Total interest income 59,922 58,727 Interest expense: Deposits 19,827 21,663 Subordinated debt 835 835 Junior subordinated deferrable interest debentures 733 861 Other - - Total interest expense 21,395 23,359 Net interest income 38,527 35,368 Provision for credit losses 420 830 Net interest income after provision for credit losses 38,107 34,538 Noninterest income: Service charges on deposits 2,141 1,813 Income from insurance activities 28 34 Mortgage banking activities 2,113 3,945 Bank card services and interchange fees 3,379 3,061 Other 2,964 2,556 Total noninterest income 10,625 11,409 Noninterest expense: Salaries and employee benefits 19,441 18,988 Net occupancy expense 4,027 3,920 Professional services 1,730 1,483 Marketing and development 905 754 Other 6,927 6,785 Total noninterest expense 33,030 31,930 Income before income taxes 15,702 14,017 Income tax expense 3,408 3,143 Net income$12,294 $10,874 South Plains Financial, Inc.Loan Composition(Unaudited)(Dollars in thousands) As of March 31,2025 December 31,2024 Loans: Commercial Real Estate$1,126,800 $1,119,063 Commercial - Specialized 366,796 388,955 Commercial - General 584,705 557,371 Consumer: 1-4 Family Residential 569,799 566,400 Auto Loans 261,629 254,474 Other Consumer 64,090 64,936 Construction 102,041 103,855 Total loans held for investment$3,075,860 $3,055,054 South Plains Financial, Inc.Deposit Composition(Unaudited)(Dollars in thousands) As of March 31,2025 December 31,2024 Deposits: Noninterest-bearing deposits$966,464 $935,510 NOW & other transaction accounts 1,302,642 498,718 MMDA & other savings 1,082,596 1,741,988 Time deposits 440,817 444,660 Total deposits$3,792,519 $3,620,876 South Plains Financial, Inc.Reconciliation of Non-GAAP Financial Measures (Unaudited)(Dollars in thousands) For the quarter ended March 31,2025 December 31,2024 September 30,2024 June 30,2024 March 31,2024Pre-tax, pre-provision income Net income$12,294 $16,497 $11,212 $11,134 $10,874 Income tax expense 3,408 4,222 3,094 3,116 3,143 Provision for credit losses 420 1,200 495 1,775 830 Pre-tax, pre-provision income$16,122 $21,919 $14,801 $16,025 $14,847 As of March 31,2025 December 31,2024 September 30,2024 June 30,2024 March 31,2024Tangible common equity Total common stockholders’ equity$443,743 $438,949 $443,122 $417,985 $408,712 Less: goodwill and other intangibles (20,884) (21,035) (21,197) (21,379) (21,562) Tangible common equity$422,859 $417,914 $421,925 $396,606 $387,150 Tangible assets Total assets$4,405,209 $4,232,239 $4,337,659 $4,220,936 $4,218,993 Less: goodwill and other intangibles (20,884) (21,035) (21,197) (21,379) (21,562) Tangible assets$4,384,325 $4,211,204 $4,316,462 $4,199,557 $4,197,431 Shares outstanding 16,235,647 16,455,826 16,386,627 16,424,021 16,431,755 Total stockholders’ equity to total assets 10.07% 10.37% 10.22% 9.90% 9.69%Tangible common equity to tangible assets 9.64% 9.92% 9.77% 9.44% 9.22%Book value per share$27.33 $26.67 $27.04 $25.45 $24.87 Tangible book value per share$26.05 $25.40 $25.75 $24.15 $23.56

South Plains Financial, Inc. Reports First Quarter 2025 Financial Results

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