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.
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 reported its financial results across the last four years through Q4 2024, showing several key trends in income, cash flow, and balance sheet items.
Positive Trends:
- Net interest income has grown steadily, from $34.3 million in Q1 2023 to $38.5 million in Q4 2024, reflecting improved loan and lease interest income.
- Total non-interest income increased over the past year, reaching $13.3 million in Q4 2024, up from $9.1 million in Q4 2023, benefiting from higher service charges and realized gains.
- Net income attributable to common shareholders grew from $9.2 million in Q1 2023 to $16.5 million in Q4 2024, nearly doubling in under two years.
- Diluted earnings per share improved significantly, from $0.53 in Q1 2023 to $0.96 in Q4 2024, showing enhanced profitability per share.
- The company’s total assets increased steadily from approximately $3.99 billion in Q3 2022 to $4.34 billion by Q3 2024, indicating balance sheet growth.
- Common equity rose from approximately $342 million in Q3 2022 to $443 million in Q3 2024, supporting capital strength.
- Cash dividends per share slightly increased from $0.12 in Q1 2023 to $0.14 in Q3 2024, indicating a stable or improving dividend policy.
Neutral Aspects:
- Provision for credit losses fluctuated but remained relatively modest (around $0.6 million to $1.2 million quarterly in 2024), indicating cautious risk management.
- The weighted average shares outstanding have remained stable around 16.4 to 17 million shares, indicating minimal dilution pressure.
- Allowance for loan and lease losses and net loans and leases remained relatively stable, indicating consistent credit quality management.
Negative Trends:
- Interest expense on deposits has increased from about $4.5 million in Q3 2022 to over $21 million by Q4 2024, reflecting rising funding costs which could pressure margins.
- Total non-interest expenses increased from $31-32 million in early 2023 and fluctuated to almost $33 million or higher in later 2024, pressuring operating leverage.
- Net cash used in financing activities showed a large outflow of over $101 million in Q4 2024 compared to inflows in prior quarters, indicating significant deposit outflows or debt repayments.
- The company’s net change in cash and equivalents declined sharply in Q4 2024 by $112 million after some quarters of strong positive changes, signaling liquidity variability.
- Accumulated other comprehensive loss remains a material negative equity component (~-$42 million in Q3 2024), which could indicate unrealized losses or currency adjustments impacting shareholders’ equity.
Summary: South Plains Financial has shown consistent growth in revenue, net income, and equity capital over the last several quarters and years. Earnings per share nearly doubled, demonstrating improving profitability on a per-share basis. However, rising interest expenses and non-interest operating costs have increased, impacting margins and cash flow. The company also experienced significant swings in cash from financing activities, including large deposit changes leading to net cash reductions. Retained earnings growth and increased dividends are positive signs for shareholder returns, but investors should watch for volatility in liquidity and expense pressures going forward.
08/28/25 11:41 PM ETAI Generated. May Contain Errors.