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South Plains Financial (SPFI) Financials

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$36.38 +0.38 (+1.04%)
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Annual Income Statements for South Plains Financial

Annual Income Statements for South Plains Financial

This table shows South Plains Financial's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 58 63 50
Consolidated Net Income / (Loss)		 58 63 50
Net Income / (Loss) Continuing Operations		 58 63 50
Total Pre-Tax Income 		73 79 63
Total Revenue		 215 219 195
Net Interest Income / (Expense)		 138 140 147
Total Interest Income		 161 212 241
Loans and Leases Interest Income		 138 177 202
Investment Securities Interest Income		 20 25 24
Federal Funds Sold and Securities Borrowed Interest Income		 3.68 9.97 14
Total Interest Expense		 23 72 94
Deposits Interest Expense		 17 65 87
Long-Term Debt Interest Expense		 5.69 7.30 6.72
Total Non-Interest Income		 76 79 48
Service Charges on Deposit Accounts		 6.83 7.13 8.03
Other Service Charges		 44 23 25
Net Realized & Unrealized Capital Gains on Investments		 21 45 11
Investment Banking Income		 1.83 1.70 1.70
Other Non-Interest Income		 2.39 2.43 2.72
Provision for Credit Losses		 -2.62 4.61 4.30
Total Non-Interest Expense		 144 135 128
Salaries and Employee Benefits		 86 79 74
Net Occupancy & Equipment Expense		 20 20 20
Marketing Expense		 3.61 3.45 3.78
Other Operating Expenses		 34 33 29
Income Tax Expense		 15 17 14
Basic Earnings per Share		 $3.35 $3.73 $3.03
Weighted Average Basic Shares Outstanding		 17.05M 16.43M 16.49M
Diluted Earnings per Share		 $3.23 $3.62 $2.92
Weighted Average Diluted Shares Outstanding		 17.05M 16.43M 16.49M
Weighted Average Basic & Diluted Shares Outstanding		 17.05M 16.43M 16.49M
Cash Dividends to Common per Share		 $0.46 $0.52 $0.56

Quarterly Income Statements for South Plains Financial

This table shows South Plains Financial's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 15 13 9.24 30 13 10 11 11 11 16
Consolidated Net Income / (Loss)		 15 13 9.24 30 13 10 11 11 11 16
Net Income / (Loss) Continuing Operations		 15 13 9.24 30 13 10 11 11 11 16
Total Pre-Tax Income 		19 16 12 37 17 13 14 14 14 21
Total Revenue		 56 49 45 82 48 44 47 49 48 52
Net Interest Income / (Expense)		 35 36 34 35 36 35 35 36 37 39
Total Interest Income		 41 46 47 51 57 57 59 59 62 61
Loans and Leases Interest Income		 34 39 40 43 46 48 49 51 52 51
Investment Securities Interest Income		 5.35 5.99 6.36 6.47 6.26 6.38 6.32 6.09 6.10 5.80
Federal Funds Sold and Securities Borrowed Interest Income		 1.29 1.55 1.50 1.48 4.03 2.96 3.48 2.55 4.03 4.27
Total Interest Expense		 6.01 9.91 13 16 21 22 23 23 24 23
Deposits Interest Expense		 4.54 8.26 11 14 19 20 22 22 23 21
Long-Term Debt Interest Expense		 1.47 1.65 1.76 1.81 1.87 1.86 1.70 1.69 1.69 1.64
Total Non-Interest Income		 21 13 11 47 12 9.15 11 13 11 13
Service Charges on Deposit Accounts		 1.76 1.68 1.70 1.75 1.84 1.84 1.81 1.95 2.02 2.24
Other Service Charges		 14 7.16 5.08 7.33 6.50 4.24 5.75 6.80 4.89 7.65
Net Realized & Unrealized Capital Gains on Investments		 4.45 2.84 2.92 37 2.92 1.95 2.65 2.79 2.72 2.37
Investment Banking Income		 0.39 0.42 0.39 0.42 0.43 0.46 0.43 0.45 0.39 0.43
Other Non-Interest Income		 0.57 0.58 0.60 0.60 0.58 0.65 0.75 0.72 0.61 0.63
Provision for Credit Losses		 -0.78 0.25 1.01 3.70 -0.70 0.60 0.83 1.78 0.50 1.20
Total Non-Interest Expense		 37 33 32 40 31 31 32 33 33 30
Salaries and Employee Benefits		 23 19 19 23 19 18 19 19 19 17
Net Occupancy & Equipment Expense		 5.04 4.96 4.70 5.19 4.93 4.70 4.91 5.12 5.35 5.02
Marketing Expense		 0.91 1.22 0.94 0.78 0.85 0.88 0.75 0.86 1.02 1.15
Other Operating Expenses		 8.52 7.82 7.48 11 7.00 7.04 7.28 7.40 8.00 6.39
Income Tax Expense		 3.96 3.42 2.39 7.81 3.68 2.79 3.14 3.12 3.09 4.22
Basic Earnings per Share		 $0.89 $0.74 $0.54 $1.74 $0.80 $0.65 $0.66 $0.68 $0.68 $1.01
Weighted Average Basic Shares Outstanding		 17.00M 17.05M 17.06M 16.91M 16.48M 16.43M 16.42M 16.39M 16.39M 16.49M
Diluted Earnings per Share		 $0.86 $0.71 $0.53 $1.71 $0.78 $0.60 $0.64 $0.66 $0.66 $0.96
Weighted Average Diluted Shares Outstanding		 17.00M 17.05M 17.06M 16.91M 16.48M 16.43M 16.42M 16.39M 16.39M 16.49M
Weighted Average Basic & Diluted Shares Outstanding		 17.00M 17.05M 17.06M 16.91M 16.48M 16.43M 16.42M 16.39M 16.39M 16.49M

Annual Cash Flow Statements for South Plains Financial

This table details how cash moves in and out of South Plains Financial's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -252 95 29
Net Cash From Operating Activities		 124 59 59
Net Cash From Continuing Operating Activities		 124 59 59
Net Income / (Loss) Continuing Operations		 58 63 50
Consolidated Net Income / (Loss)		 58 63 50
Provision For Loan Losses		 -2.62 4.75 4.41
Depreciation Expense		 6.97 6.41 6.51
Amortization Expense		 4.07 3.38 2.84
Non-Cash Adjustments to Reconcile Net Income		 41 -13 -6.26
Changes in Operating Assets and Liabilities, net		 16 -5.84 2.17
Net Cash From Investing Activities		 -409 -143 -14
Net Cash From Continuing Investing Activities		 -409 -143 -14
Purchase of Property, Leasehold Improvements and Equipment		 -4.47 -4.68 -3.35
Purchase of Investment Securities		 -488 -470 -351
Sale of Property, Leasehold Improvements and Equipment		 0.48 0.97 0.38
Divestitures		 0.00 36 0.00
Sale and/or Maturity of Investments		 83 294 340
Net Cash From Financing Activities		 33 180 -17
Net Cash From Continuing Financing Activities		 33 180 -17
Net Change in Deposits		 65 220 -5.28
Repayment of Debt		 0.00 -12 0.00
Repurchase of Common Equity		 -23 -18 -1.34
Payment of Dividends		 -8.01 -8.75 -9.15
Other Financing Activities, Net		 -1.17 -0.73 -0.76
Cash Interest Paid		 22 70 93
Cash Income Taxes Paid		 14 19 13

Quarterly Cash Flow Statements for South Plains Financial

This table details how cash moves in and out of South Plains Financial's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents		 -46 -95 93 -32 57 -22 42 -74 173 -112
Net Cash From Operating Activities		 29 4.65 25 0.35 26 6.56 19 18 18 4.17
Net Cash From Continuing Operating Activities		 29 4.65 25 0.35 26 6.56 19 18 18 4.17
Net Income / (Loss) Continuing Operations		 15 13 9.24 30 13 10 11 11 11 16
Consolidated Net Income / (Loss)		 15 13 9.24 30 13 10 11 11 11 16
Provision For Loan Losses		 -0.78 0.25 1.01 3.80 -0.70 0.65 0.83 1.78 0.50 1.31
Depreciation Expense		 1.77 1.69 1.70 1.54 1.54 1.63 1.63 1.63 1.66 1.60
Amortization Expense		 1.01 0.98 0.99 0.99 0.75 0.65 0.59 0.75 0.75 0.75
Non-Cash Adjustments to Reconcile Net Income		 10 -2.78 12 -33 0.95 7.03 -1.33 -1.22 6.27 -9.99
Changes in Operating Assets and Liabilities, net		 1.87 -8.12 0.61 -2.94 10 -14 6.57 4.10 -2.51 -5.99
Net Cash From Investing Activities		 -98 -39 -31 -94 -3.95 -14 12 -75 64 -15
Net Cash From Continuing Investing Activities		 -98 -39 -31 -94 -3.95 -14 12 -75 64 -15
Purchase of Property, Leasehold Improvements and Equipment		 -1.30 -1.18 -1.56 -1.89 -1.23 0.00 -0.47 -1.08 -0.77 -1.03
Purchase of Investment Securities		 -109 -59 -42 -191 -15 -222 -299 -84 55 -24
Sale of Property, Leasehold Improvements and Equipment		 0.01 0.24 0.64 0.25 0.04 0.03 0.00 0.07 - 0.31
Sale and/or Maturity of Investments		 13 21 11 63 12 209 312 9.15 9.16 10
Net Cash From Financing Activities		 23 -61 99 62 35 -15 10 -17 92 -102
Net Cash From Continuing Financing Activities		 23 -61 99 62 35 -15 10 -17 92 -102
Net Change in Deposits		 35 -54 102 66 46 5.54 12 -14 95 -98
Payment of Dividends		 -2.08 -2.04 -2.21 -2.21 -2.19 -2.14 -2.13 -2.29 -2.29 -2.45
Other Financing Activities, Net		 -0.09 -0.88 -0.34 0.00 -0.05 -0.34 -0.13 - - -0.63
Cash Interest Paid		 6.33 8.82 13 15 21 21 24 21 26 21
Cash Income Taxes Paid		 5.71 5.35 0.00 1.08 15 3.16 0.00 3.63 4.70 4.21

Annual Balance Sheets for South Plains Financial

This table presents South Plains Financial's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets		 3,944 4,205 4,232
Cash and Due from Banks		 62 63 54
Interest Bearing Deposits at Other Banks		 173 267 305
Trading Account Securities		 732 637 598
Loans and Leases, Net of Allowance		 -39 -42 -43
Allowance for Loan and Lease Losses		 39 42 43
Premises and Equipment, Net		 56 55 53
Goodwill		 20 19 19
Intangible Assets		 4.35 2.43 1.72
Other Assets		 2,936 3,203 3,245
Total Liabilities & Shareholders' Equity		 3,944 4,205 4,232
Total Liabilities		 3,587 3,798 3,793
Non-Interest Bearing Deposits		 1,150 974 936
Interest Bearing Deposits		 2,256 2,652 2,685
Long-Term Debt		 122 110 110
Other Long-Term Liabilities		 58 61 62
Total Equity & Noncontrolling Interests		 357 407 439
Total Preferred & Common Equity		 357 407 439
Total Common Equity		 357 407 439
Common Stock		 130 114 114
Retained Earnings		 292 345 386
Accumulated Other Comprehensive Income / (Loss)		 -65 -52 -61

Quarterly Balance Sheets for South Plains Financial

This table presents South Plains Financial's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024
Total Assets		 3,993 4,058 4,150 4,186 4,219 4,221 4,338
Cash and Due from Banks		 53 379 64 45 41 46 61
Interest Bearing Deposits at Other Banks		 277 277 231 308 331 252 410
Trading Account Securities		 738 719 650 605 616 608 618
Loans and Leases, Net of Allowance		 -40 -40 -43 -42 -42 -43 -43
Allowance for Loan and Lease Losses		 40 40 43 42 42 43 43
Premises and Equipment, Net		 57 56 56 56 54 54 53
Goodwill		 20 20 19 19 19 19 19
Intangible Assets		 4.72 3.99 2.83 2.62 2.25 2.06 1.88
Other Assets		 2,883 2,971 3,169 3,193 3,198 3,283 3,217
Total Liabilities & Shareholders' Equity		 3,993 4,058 4,150 4,186 4,219 4,221 4,338
Total Liabilities		 3,651 3,690 3,758 3,815 3,810 3,803 3,895
Non-Interest Bearing Deposits		 1,262 1,111 1,101 1,046 974 952 998
Interest Bearing Deposits		 2,198 2,397 2,474 2,574 2,664 2,673 2,721
Long-Term Debt		 122 122 122 122 110 110 110
Other Long-Term Liabilities		 68 60 61 72 61 68 65
Total Equity & Noncontrolling Interests		 342 368 392 372 409 418 443
Total Preferred & Common Equity		 342 368 392 372 409 418 443
Total Common Equity		 342 368 392 372 409 418 443
Common Stock		 134 130 128 119 114 114 114
Retained Earnings		 282 298 326 337 354 363 372
Accumulated Other Comprehensive Income / (Loss)		 -74 -60 -62 -85 -59 -59 -42

Annual Metrics And Ratios for South Plains Financial

This table displays calculated financial ratios and metrics derived from South Plains Financial's official financial filings.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - -
Revenue Growth		 -2.10% 2.03% -10.87%
EBITDA Growth		 0.14% 5.97% -18.57%
EBIT Growth		 0.04% 8.57% -20.30%
NOPAT Growth		 -0.64% 7.74% -20.76%
Net Income Growth		 -0.64% 7.74% -20.76%
EPS Growth		 1.89% 12.07% -19.34%
Operating Cash Flow Growth		 28.38% -52.63% 1.44%
Free Cash Flow Firm Growth		 -11.53% -77.11% -28.73%
Invested Capital Growth		 -9.48% 7.91% 6.19%
Revenue Q/Q Growth		 -2.45% -2.10% 4.03%
EBITDA Q/Q Growth		 -2.60% -3.59% 11.81%
EBIT Q/Q Growth		 -2.92% -3.56% 13.66%
NOPAT Q/Q Growth		 -3.31% -3.53% 14.18%
Net Income Q/Q Growth		 -3.31% -3.53% 14.18%
EPS Q/Q Growth		 -2.42% -2.95% 14.06%
Operating Cash Flow Q/Q Growth		 -10.13% 3.38% -3.87%
Free Cash Flow Firm Q/Q Growth		 -6.91% -28.93% 212.89%
Invested Capital Q/Q Growth		 3.29% 4.67% -0.75%
Profitability Metrics		 - - -
EBITDA Margin		 39.23% 40.74% 37.22%
EBIT Margin		 34.08% 36.27% 32.43%
Profit (Net Income) Margin		 27.14% 28.65% 25.47%
Tax Burden Percent		 79.62% 79.01% 78.55%
Interest Burden Percent		 100.00% 100.00% 100.00%
Effective Tax Rate		 20.38% 20.99% 21.45%
Return on Invested Capital (ROIC)		 11.54% 12.59% 9.32%
ROIC Less NNEP Spread (ROIC-NNEP)		 11.54% 12.59% 9.32%
Return on Net Nonoperating Assets (RNNOA)		 3.69% 3.83% 2.43%
Return on Equity (ROE)		 15.24% 16.42% 11.75%
Cash Return on Invested Capital (CROIC)		 21.50% 4.98% 3.32%
Operating Return on Assets (OROA)		 1.86% 1.95% 1.50%
Return on Assets (ROA)		 1.48% 1.54% 1.18%
Return on Common Equity (ROCE)		 15.24% 16.42% 11.75%
Return on Equity Simple (ROE_SIMPLE)		 16.31% 15.41% 11.33%
Net Operating Profit after Tax (NOPAT)		 58 63 50
NOPAT Margin		 27.14% 28.65% 25.47%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 51.12% 46.74% 50.47%
Operating Expenses to Revenue		 67.14% 61.63% 65.37%
Earnings before Interest and Taxes (EBIT)		 73 79 63
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 84 89 73
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 1.25 1.15 1.29
Price to Tangible Book Value (P/TBV)		 1.34 1.21 1.36
Price to Revenue (P/Rev)		 2.09 2.13 2.91
Price to Earnings (P/E)		 7.69 7.44 11.41
Dividend Yield		 1.75% 1.84% 1.62%
Earnings Yield		 13.00% 13.45% 8.77%
Enterprise Value to Invested Capital (EV/IC)		 0.70 0.48 0.58
Enterprise Value to Revenue (EV/Rev)		 1.56 1.13 1.63
Enterprise Value to EBITDA (EV/EBITDA)		 3.98 2.76 4.38
Enterprise Value to EBIT (EV/EBIT)		 4.59 3.10 5.03
Enterprise Value to NOPAT (EV/NOPAT)		 5.76 3.93 6.40
Enterprise Value to Operating Cash Flow (EV/OCF)		 2.71 4.21 5.36
Enterprise Value to Free Cash Flow (EV/FCFF)		 3.09 9.93 17.99
Leverage & Solvency		 - - -
Debt to Equity		 0.34 0.27 0.25
Long-Term Debt to Equity		 0.34 0.27 0.25
Financial Leverage		 0.32 0.30 0.26
Leverage Ratio		 10.26 10.66 9.97
Compound Leverage Factor		 10.26 10.66 9.97
Debt to Total Capital		 25.52% 21.30% 20.09%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 25.52% 21.30% 20.09%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00%
Common Equity to Total Capital		 74.48% 78.70% 79.91%
Debt to EBITDA		 1.45 1.23 1.52
Net Debt to EBITDA		 -1.34 -2.47 -3.42
Long-Term Debt to EBITDA		 1.45 1.23 1.52
Debt to NOPAT		 2.10 1.76 2.22
Net Debt to NOPAT		 -1.93 -3.51 -5.00
Long-Term Debt to NOPAT		 2.10 1.76 2.22
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00%
Liquidity Ratios		 - - -
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 108 25 18
Operating Cash Flow to CapEx		 3,098.27% 1,576.60% 1,996.67%
Free Cash Flow to Firm to Interest Expense		 4.78 0.34 0.19
Operating Cash Flow to Interest Expense		 5.45 0.81 0.63
Operating Cash Flow Less CapEx to Interest Expense		 5.27 0.76 0.60
Efficiency Ratios		 - - -
Asset Turnover		 0.05 0.05 0.05
Fixed Asset Turnover		 3.76 3.93 3.61
Capital & Investment Metrics		 - - -
Invested Capital		 479 517 549
Invested Capital Turnover		 0.43 0.44 0.37
Increase / (Decrease) in Invested Capital		 -50 38 32
Enterprise Value (EV)		 335 247 318
Market Capitalization		 448 467 567
Book Value per Share		 $21.00 $24.70 $26.78
Tangible Book Value per Share		 $19.60 $23.38 $25.50
Total Capital		 479 517 549
Total Debt		 122 110 110
Total Long-Term Debt		 122 110 110
Net Debt		 -113 -220 -249
Capital Expenditures (CapEx)		 3.99 3.71 2.97
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 122 110 110
Total Depreciation and Amortization (D&A)		 11 9.79 9.35
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $3.35 $3.73 $3.03
Adjusted Weighted Average Basic Shares Outstanding		 17.05M 16.43M 16.49M
Adjusted Diluted Earnings per Share		 $3.23 $3.62 $2.92
Adjusted Weighted Average Diluted Shares Outstanding		 17.05M 16.43M 16.49M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 17.05M 16.43M 16.49M
Normalized Net Operating Profit after Tax (NOPAT)		 58 63 50
Normalized NOPAT Margin		 27.14% 28.65% 25.47%
Pre Tax Income Margin		 34.08% 36.27% 32.43%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 3.22 1.10 0.67
NOPAT to Interest Expense		 2.57 0.87 0.53
EBIT Less CapEx to Interest Expense		 3.05 1.05 0.64
NOPAT Less CapEx to Interest Expense		 2.39 0.82 0.50
Payout Ratios		 - - -
Dividend Payout Ratio		 13.76% 13.94% 18.41%
Augmented Payout Ratio		 52.73% 42.25% 21.11%

Quarterly Metrics And Ratios for South Plains Financial

This table displays calculated financial ratios and metrics derived from South Plains Financial's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 -1.63% -9.89% -16.10% 46.04% -14.41% -9.57% 3.94% -40.51% -0.08% 17.06%
EBITDA Growth		 2.60% -10.71% -30.37% 76.31% -12.29% -17.76% 13.35% -58.44% -14.18% 49.88%
EBIT Growth		 2.72% -12.07% -34.65% 88.56% -11.55% -18.27% 20.47% -61.99% -16.71% 58.03%
NOPAT Growth		 1.76% -13.64% -35.26% 86.89% -12.71% -18.20% 17.63% -62.49% -16.91% 59.79%
Net Income Growth		 1.76% -13.64% -35.26% 86.89% -12.71% -18.20% 17.63% -62.49% -16.91% 59.79%
EPS Growth		 4.88% -10.13% -32.05% 94.32% -9.30% -15.49% 20.75% -61.40% -15.38% 60.00%
Operating Cash Flow Growth		 247.24% -74.99% -64.07% -98.14% -11.00% 41.23% -24.49% 5,093.43% -31.93% -36.40%
Free Cash Flow Firm Growth		 37.81% -20.04% -36.31% -96.49% -123.15% -143.90% -162.81% -255.98% -189.05% 43.73%
Invested Capital Growth		 -10.82% -9.48% -3.71% 5.75% 6.49% 7.91% 5.82% 2.68% 11.98% 6.19%
Revenue Q/Q Growth		 0.18% -12.56% -8.15% 81.52% -41.29% -7.63% 5.57% 3.89% -1.37% 8.22%
EBITDA Q/Q Growth		 -2.20% -15.71% -23.45% 179.43% -51.35% -20.97% 5.50% 2.45% 0.46% 38.02%
EBIT Q/Q Growth		 -2.33% -17.39% -27.47% 222.25% -54.19% -23.67% 6.91% 1.66% 0.39% 44.83%
NOPAT Q/Q Growth		 -2.68% -18.35% -26.76% 221.11% -54.54% -23.49% 5.33% 2.39% 0.70% 47.14%
Net Income Q/Q Growth		 -2.68% -18.35% -26.76% 221.11% -54.54% -23.49% 5.33% 2.39% 0.70% 47.14%
EPS Q/Q Growth		 -2.27% -17.44% -25.35% 222.64% -54.39% -23.08% 6.67% 3.13% 0.00% 45.45%
Operating Cash Flow Q/Q Growth		 56.65% -84.25% 446.29% -98.62% 7,401.14% -75.01% 192.07% -5.13% -1.68% -76.66%
Free Cash Flow Firm Q/Q Growth		 48.92% -12.41% -55.19% -94.00% -1,082.78% -66.11% 35.89% 85.10% -1,721.24% 67.66%
Invested Capital Q/Q Growth		 -4.60% 3.29% 2.29% 4.92% -3.94% 4.67% 0.32% 1.80% 4.77% -0.75%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 39.62% 38.19% 31.83% 48.99% 40.60% 34.73% 34.71% 34.23% 34.87% 44.47%
EBIT Margin		 34.65% 32.74% 25.85% 45.90% 35.81% 29.59% 29.97% 29.32% 29.85% 39.95%
Profit (Net Income) Margin		 27.58% 25.76% 20.54% 36.33% 28.13% 23.30% 23.25% 22.91% 23.39% 31.81%
Tax Burden Percent		 79.60% 78.67% 79.45% 79.17% 78.56% 78.74% 77.58% 78.13% 78.37% 79.62%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 20.40% 21.33% 20.55% 20.83% 21.44% 21.26% 22.42% 21.87% 21.63% 20.38%
Return on Invested Capital (ROIC)		 12.33% 10.96% 8.46% 16.82% 13.13% 10.24% 10.17% 8.25% 8.38% 11.64%
ROIC Less NNEP Spread (ROIC-NNEP)		 12.33% 10.96% 8.46% 16.82% 13.13% 10.24% 10.17% 8.25% 8.38% 11.64%
Return on Net Nonoperating Assets (RNNOA)		 4.07% 3.51% 2.74% 5.44% 4.51% 3.12% 3.05% 2.37% 2.39% 3.03%
Return on Equity (ROE)		 16.40% 14.46% 11.21% 22.27% 17.64% 13.35% 13.21% 10.62% 10.77% 14.67%
Cash Return on Invested Capital (CROIC)		 23.67% 21.50% 14.43% 7.80% 7.29% 4.98% 7.10% 6.15% -2.99% 3.32%
Operating Return on Assets (OROA)		 1.96% 1.79% 1.32% 2.62% 1.96% 1.59% 1.60% 1.31% 1.31% 1.85%
Return on Assets (ROA)		 1.56% 1.41% 1.05% 2.07% 1.54% 1.25% 1.24% 1.03% 1.03% 1.47%
Return on Common Equity (ROCE)		 16.40% 14.46% 11.21% 22.27% 17.64% 13.35% 13.21% 10.62% 10.77% 14.67%
Return on Equity Simple (ROE_SIMPLE)		 17.62% 0.00% 14.46% 17.09% 17.50% 0.00% 15.75% 10.96% 9.83% 0.00%
Net Operating Profit after Tax (NOPAT)		 15 13 9.24 30 13 10 11 11 11 16
NOPAT Margin		 27.58% 25.76% 20.54% 36.33% 28.13% 23.30% 23.25% 22.91% 23.39% 31.81%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 51.54% 50.80% 55.29% 36.00% 51.06% 53.16% 52.70% 51.80% 52.43% 45.42%
Operating Expenses to Revenue		 66.74% 66.75% 71.90% 49.57% 65.65% 69.06% 68.26% 67.02% 69.12% 57.74%
Earnings before Interest and Taxes (EBIT)		 19 16 12 37 17 13 14 14 14 21
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 22 19 14 40 19 15 16 17 17 23
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 1.35 1.25 0.96 0.96 1.18 1.15 1.07 1.06 1.25 1.29
Price to Tangible Book Value (P/TBV)		 1.45 1.34 1.03 1.01 1.25 1.21 1.13 1.11 1.31 1.36
Price to Revenue (P/Rev)		 2.09 2.09 1.72 1.62 1.95 2.13 1.97 2.35 2.95 2.91
Price to Earnings (P/E)		 7.64 7.69 6.66 5.60 6.72 7.44 6.77 9.63 12.71 11.41
Dividend Yield		 1.62% 1.75% 2.31% 2.28% 1.97% 1.84% 1.96% 1.97% 1.60% 1.62%
Earnings Yield		 13.08% 13.00% 15.03% 17.87% 14.89% 13.45% 14.78% 10.38% 7.87% 8.77%
Enterprise Value to Invested Capital (EV/IC)		 0.54 0.70 0.00 0.39 0.42 0.48 0.34 0.48 0.35 0.58
Enterprise Value to Revenue (EV/Rev)		 1.15 1.56 0.00 0.87 0.92 1.13 0.79 1.35 1.03 1.63
Enterprise Value to EBITDA (EV/EBITDA)		 2.92 3.98 0.00 2.12 2.24 2.76 1.91 3.75 2.96 4.38
Enterprise Value to EBIT (EV/EBIT)		 3.35 4.59 0.00 2.39 2.51 3.10 2.13 4.33 3.46 5.03
Enterprise Value to NOPAT (EV/NOPAT)		 4.20 5.76 0.00 3.01 3.18 3.93 2.70 5.54 4.42 6.40
Enterprise Value to Operating Cash Flow (EV/OCF)		 1.84 2.71 0.00 3.37 3.65 4.21 3.32 3.62 3.12 5.36
Enterprise Value to Free Cash Flow (EV/FCFF)		 2.17 3.09 0.00 5.17 5.92 9.93 4.85 7.91 0.00 17.99
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.36 0.34 0.33 0.31 0.33 0.27 0.27 0.26 0.25 0.25
Long-Term Debt to Equity		 0.36 0.34 0.33 0.31 0.33 0.27 0.27 0.26 0.25 0.25
Financial Leverage		 0.33 0.32 0.32 0.32 0.34 0.30 0.30 0.29 0.29 0.26
Leverage Ratio		 10.49 10.26 10.67 10.74 11.46 10.66 10.66 10.33 10.46 9.97
Compound Leverage Factor		 10.49 10.26 10.67 10.74 11.46 10.66 10.66 10.33 10.46 9.97
Debt to Total Capital		 26.35% 25.52% 24.96% 23.80% 24.79% 21.30% 21.24% 20.87% 19.93% 20.09%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 26.35% 25.52% 24.96% 23.80% 24.79% 21.30% 21.24% 20.87% 19.93% 20.09%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 73.65% 74.48% 75.04% 76.20% 75.21% 78.70% 78.76% 79.13% 80.07% 79.91%
Debt to EBITDA		 1.42 1.45 1.57 1.29 1.32 1.23 1.21 1.63 1.70 1.52
Net Debt to EBITDA		 -2.40 -1.34 -6.85 -1.82 -2.48 -2.47 -2.87 -2.77 -5.55 -3.42
Long-Term Debt to EBITDA		 1.42 1.45 1.57 1.29 1.32 1.23 1.21 1.63 1.70 1.52
Debt to NOPAT		 2.03 2.10 2.30 1.83 1.88 1.76 1.71 2.41 2.53 2.22
Net Debt to NOPAT		 -3.45 -1.93 -10.03 -2.58 -3.54 -3.51 -4.07 -4.10 -8.29 -5.00
Long-Term Debt to NOPAT		 2.03 2.10 2.30 1.83 1.88 1.76 1.71 2.41 2.53 2.22
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 72 63 28 1.69 -17 -28 -18 -2.64 -48 -16
Operating Cash Flow to CapEx		 2,286.67% 494.15% 2,764.16% 21.37% 2,211.79% 0.00% 4,042.19% 1,801.49% 2,312.03% 581.06%
Free Cash Flow to Firm to Interest Expense		 11.95 6.34 2.14 0.10 -0.80 -1.25 -0.76 -0.11 -1.97 -0.68
Operating Cash Flow to Interest Expense		 4.91 0.47 1.93 0.02 1.26 0.30 0.82 0.78 0.73 0.18
Operating Cash Flow Less CapEx to Interest Expense		 4.70 0.37 1.86 -0.08 1.20 0.30 0.80 0.74 0.70 0.15
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.06 0.05 0.05 0.06 0.05 0.05 0.05 0.04 0.04 0.05
Fixed Asset Turnover		 3.81 3.76 3.63 4.10 3.96 3.93 4.00 3.40 3.42 3.61
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 464 479 490 514 494 517 519 528 553 549
Invested Capital Turnover		 0.45 0.43 0.41 0.46 0.47 0.44 0.44 0.36 0.36 0.37
Increase / (Decrease) in Invested Capital		 -56 -50 -19 28 30 38 29 14 59 32
Enterprise Value (EV)		 253 335 -180 202 207 247 174 254 192 318
Market Capitalization		 460 448 354 375 437 467 436 441 553 567
Book Value per Share		 $19.68 $21.00 $21.58 $22.97 $21.98 $24.70 $24.87 $25.46 $27.04 $26.78
Tangible Book Value per Share		 $18.29 $19.60 $20.21 $21.68 $20.68 $23.38 $23.56 $24.15 $25.75 $25.50
Total Capital		 464 479 490 514 494 517 519 528 553 549
Total Debt		 122 122 122 122 122 110 110 110 110 110
Total Long-Term Debt		 122 122 122 122 122 110 110 110 110 110
Net Debt		 -208 -113 -534 -173 -230 -220 -262 -188 -361 -249
Capital Expenditures (CapEx)		 1.29 0.94 0.92 1.64 1.19 -0.03 0.47 1.01 0.77 0.72
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 122 122 122 122 122 110 110 110 110 110
Total Depreciation and Amortization (D&A)		 2.78 2.67 2.69 2.53 2.30 2.28 2.22 2.38 2.41 2.35
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.89 $0.74 $0.54 $1.74 $0.80 $0.65 $0.66 $0.68 $0.68 $1.01
Adjusted Weighted Average Basic Shares Outstanding		 17.00M 17.05M 17.06M 16.91M 16.48M 16.43M 16.42M 16.39M 16.39M 16.49M
Adjusted Diluted Earnings per Share		 $0.86 $0.71 $0.53 $1.71 $0.78 $0.60 $0.64 $0.66 $0.66 $0.96
Adjusted Weighted Average Diluted Shares Outstanding		 17.00M 17.05M 17.06M 16.91M 16.48M 16.43M 16.42M 16.39M 16.39M 16.49M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 17.00M 17.05M 17.06M 16.91M 16.48M 16.43M 16.42M 16.39M 16.39M 16.49M
Normalized Net Operating Profit after Tax (NOPAT)		 15 13 9.24 30 13 10 11 11 11 16
Normalized NOPAT Margin		 27.58% 25.76% 20.54% 36.33% 28.13% 23.30% 23.25% 22.91% 23.39% 31.81%
Pre Tax Income Margin		 34.65% 32.74% 25.85% 45.90% 35.81% 29.59% 29.97% 29.32% 29.85% 39.95%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 3.23 1.62 0.89 2.31 0.82 0.59 0.60 0.61 0.59 0.91
NOPAT to Interest Expense		 2.57 1.27 0.70 1.83 0.65 0.47 0.47 0.48 0.46 0.72
EBIT Less CapEx to Interest Expense		 3.02 1.52 0.82 2.21 0.77 0.60 0.58 0.57 0.56 0.88
NOPAT Less CapEx to Interest Expense		 2.36 1.18 0.63 1.73 0.59 0.47 0.45 0.43 0.43 0.69
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 12.57% 13.76% 15.54% 12.75% 13.30% 13.94% 13.46% 19.08% 20.30% 18.41%
Augmented Payout Ratio		 49.22% 52.73% 52.54% 36.68% 37.33% 42.25% 41.11% 53.02% 36.93% 21.11%

Key Financial Trends

South Plains Financial (NASDAQ: SPFI) has shown a generally positive financial trajectory over the past several quarters and years based on the analysis of its income statement, balance sheet, and cash flow statement data that spans four years.

Key positive trends observed:

  • Net Interest Income has steadily increased from $35.1 million in Q3 2022 to $38.5 million in Q4 2024, showing robust core banking income growth.
  • Non-Interest Income grew from $20.9 million in Q3 2022 to $13.3 million in Q4 2024 quarterly, with investment securities gains and service charges providing consistent contributions.
  • Net Income attributable to common shareholders increased from $13.5 million in Q3 2022 to $16.5 million in Q4 2024, reflecting improved profitability.
  • Earnings per Share (diluted) rose from $0.60 in Q4 2022 to $0.96 in Q4 2024, demonstrating growing shareholder value despite relatively stable share count.
  • Total Assets grew from approximately $4.0 billion in Q3 2022 to $4.3 billion in Q3 2024, indicating asset base expansion and potential for future earnings growth.
  • Total Equity increased from approximately $342 million in Q3 2022 to $443 million in Q3 2024, strengthening the bank’s capital position.
  • Operating cash flow remained consistently positive, with Q4 2024 reporting $4.17 million in net cash from operations and similar positive operating cash in prior quarters, supporting financial flexibility.
  • Dividends per share have increased slightly from $0.12-$0.13 in 2022/early 2023 to $0.14 by Q3 2024, indicating management’s confidence in earnings sustainability.

Neutral factors to monitor:

  • While total revenue has generally trended upward, certain quarters show fluctuations in non-interest income, attributable to gains and losses in investment securities which can be volatile.
  • Allowance for loan and lease losses has fluctuated modestly with a balance close to $42-43 million; provision for credit losses varies but remains low relative to earnings, suggesting stable credit quality but still a key area to watch.

Potential challenges or negatives:

  • Significant swings in net cash from investing activities as the company actively purchases and sells investment securities; especially large purchases in early 2024 may impact liquidity.
  • Notable fluctuations in deposit funding with large increases and decreases quarter-over-quarter (e.g., Q3 2024 saw a decline of about $98 million in deposits vs large increases in prior periods), which can affect funding stability.
  • Interest expense on deposits and long-term debt has increased moderately over time, which may pressure net interest margins if interest income growth slows.
  • Accumulated Other Comprehensive Income (AOCI) reported as negative and fairly sizable (around -$42 million to -$84 million over the years) reflecting unrealized losses mainly in securities, which affects equity and can be a risk if market conditions deteriorate.

Summary: South Plains Financial exhibits strong fundamentals with consistent growth in net interest income, profitability, and capital base over the last two years. The company's earnings and dividend growth highlight shareholder value creation. However, investors should keep an eye on investment security exposure volatility, deposit fluctuations, and increasing interest expenses that could pressure margins. Overall, the financial statements suggest solid performance with manageable risks, positioning SPFI as a bank growing steadily in its regional footprint.

08/08/25 11:59 AMAI Generated. May Contain Errors.

Frequently Asked Questions About South Plains Financial's Financials

When does South Plains Financial's financial year end?

According to the most recent income statement we have on file, South Plains Financial's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has South Plains Financial's net income changed over the last 2 years?

South Plains Financial's net income appears to be on a downward trend, with a most recent value of $49.72 million in 2024, falling from $58.24 million in 2022. The previous period was $62.75 million in 2023. Check out South Plains Financial's forecast to explore projected trends and price targets.

How has South Plains Financial's revenue changed over the last 2 years?

Over the last 2 years, South Plains Financial's total revenue changed from $214.62 million in 2022 to $195.17 million in 2024, a change of -9.1%.

How much debt does South Plains Financial have?

South Plains Financial's total liabilities were at $3.79 billion at the end of 2024, a 0.1% decrease from 2023, and a 5.7% increase since 2022.

How much cash does South Plains Financial have?

In the past 2 years, South Plains Financial's cash and equivalents has ranged from $54.11 million in 2024 to $62.82 million in 2023, and is currently $54.11 million as of their latest financial filing in 2024.

How has South Plains Financial's book value per share changed over the last 2 years?

Over the last 2 years, South Plains Financial's book value per share changed from 21.00 in 2022 to 26.78 in 2024, a change of 27.5%.


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This page (NASDAQ:SPFI) was last updated on 8/8/2025 by MarketBeat.com Staff
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