SOUTH PLAINS FINANCIAL, INC. SPFI
South Plains Financial, Inc. (the "Company" or "SPFI") is a bank holding company headquartered in Lubbock, Texas, and City Bank, SPFI's wholly-owned banking subsidiary, is one of
the largest independent banks in West Texas ("City Bank" or the "Bank"). The Company is hereafter collectively referred to as "we," "us" or "our."
We have additional banking operations in the Dallas, El Paso, Greater Houston, the Permian Basin, and College Station, Texas markets, and the Ruidoso, New Mexico market. Through
City Bank, we provide a wide range of commercial and consumer financial services to small and medium-sized businesses and individuals in our market areas. Our principal business activities include commercial and retail banking, along with investment,
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $252.0M | $240.9M | $212.0M | $161.2M | $135.0M | $138.2M | $132.9M | $118.1M | — |
| Interest expense | $167.0M | $147.1M | $139.7M | $138.5M | $13.3M | $15.9M | $28.4M | $22.5M | — |
| Pre-tax income | $74.1M | $63.3M | $79.4M | $73.2M | $73.1M | $56.6M | $36.7M | $25.4M | — |
| Income tax | $15.6M | $13.6M | $16.7M | $14.9M | $14.5M | $11.2M | $7.5M | $3.9M | — |
| Net income | $58.5M | $49.7M | $62.7M | $58.2M | $58.6M | $45.4M | $29.2M | $29.3M | — |
| EPS, basic | 3.59 | 3.03 | 3.73 | 3.35 | 3.26 | 2.51 | 1.74 | 1.98 | — |
| EPS, diluted | 3.44 | 2.92 | 3.62 | 3.23 | 3.17 | 2.47 | 1.71 | 1.98 | — |
| Shares, diluted (wtd. avg.) | $17.0M | $17.0M | $17.3M | $18.0M | $18.5M | $18.3M | $17.0M | $14.8M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $552.4M | $359.1M | $330.2M | $234.9M | $486.8M | $300.3M | $158.1M | $246.0M | $294.6M |
| Property, plant and equipment | $51.6M | $53.0M | $55.1M | $56.3M | $57.7M | $60.3M | $61.9M | $59.8M | — |
| Goodwill | $19.3M | $19.3M | $19.3M | $19.5M | $19.5M | $19.5M | $18.8M | $0 | $0 |
| Other intangibles | $1.1M | $1.7M | $2.4M | $4.3M | $5.9M | $7.6M | $8.6M | $0 | — |
| Total assets | $4.48B | $4.23B | $4.20B | $3.94B | $3.90B | $3.60B | $3.24B | $2.71B | — |
| Short-term debt | — | — | — | — | $0 | $26.6M | $37.2M | $17.7M | — |
| Total liabilities | $3.99B | $3.79B | $3.80B | $3.59B | $3.49B | $3.23B | $2.93B | $2.50B | — |
| Retained earnings | $434.2M | $385.8M | $345.3M | $292.3M | $242.8M | $189.5M | $146.7M | $119.8M | — |
| Total equity | $493.8M | $438.9M | $407.1M | $357.0M | $407.4M | $370.0M | $306.2M | $154.6M | $158.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $77.5M | $59.4M | $58.5M | $123.6M | $96.3M | $5.6M | $30.5M | $26.9M | — |
| Depreciation and amortisation | $5.8M | $6.5M | $6.4M | $7.0M | $6.4M | $6.6M | $5.2M | $5.2M | — |
| Stock-based compensation | $2.6M | $2.3M | $2.2M | $2.8M | $1.6M | $1.3M | $853.0K | $0 | — |
| Capital expenditure | $5.7M | $3.4M | $4.7M | $4.5M | $2.9M | $3.3M | $4.0M | $3.1M | — |
| Investing cash flow | -$68.2M | -$13.9M | -$143.4M | -$408.9M | -$159.8M | -$156.2M | -$213.5M | -$184.1M | — |
| Financing cash flow | $184.1M | -$16.5M | $180.1M | $33.3M | $250.1M | $292.8M | $95.1M | $108.6M | — |
| Dividends paid | $10.1M | $9.2M | $8.7M | $8.0M | $5.4M | $2.5M | $1.1M | $30.0M | — |
| Buybacks | $8.5M | $1.3M | $17.8M | $22.7M | $9.2M | $293.0K | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-013355.
Others in SIC 6022
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BNY | Bank of New York Mellon Corp | $111.84B | 22.3x | 7.8% |
| STT | STATE STREET CORP | $53.36B | 20.7x | 7.3% |
| FITB | FIFTH THIRD BANCORP | $49.76B | 15.5x | -5.0% |
| MTB | M&T BANK CORP | $34.64B | 14.1x | 7.5% |
| NTRS | NORTHERN TRUST CORP | $34.15B | 21.4x | 6.1% |
| CFG | CITIZENS FINANCIAL GROUP INC/RI | $29.81B | 18.3x | 6.7% |
| FCNCA | FIRST CITIZENS BANCSHARES INC /DE/ | $25.48B | 13.4x | -2.2% |
| EWBC | EAST WEST BANCORP INC | $17.92B | 13.7x | 2.4% |