Sector: Financials | Industry: Banks |
See Regulatory Filings on SEC |
Company Contact | |
Address: | 5219 City Bank Pkwy LUBBOCK TX 79407-3544 |
Tel: | N/A |
Website: | https://www.spfi.bank |
IR: | See website |
Key People | ||
Curtis C. Griffith Chairman of the Board, Chief Executive Officer | Cory T. Newsom President, Director | Steven B. Crockett Chief Financial Officer, Treasurer | Mikella D. Newsom Chief Risk Officer, Secretary |
Business Overview |
South Plains Financial, Inc. is the bank holding company for City Bank (the Bank). The Bank is an independent bank 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. The Bank provides a range of commercial and consumer financial services to small and medium-sized businesses and individuals in its market areas. The Banks principal business activities include commercial and retail banking, along with investment, trust, and mortgage services. The Bank is primarily involved in real estate, commercial, agricultural and consumer lending activities with customers throughout Texas and Eastern New Mexico. The Bank operates about 25 full-service banking locations across seven geographic markets. The Bank also operates about eight loan production offices both in its banking markets and in certain key areas in Texas that focus on mortgage loan origination. |
Financial Overview |
For the fiscal year ended 31 December 2023, South Plains Financial Inc interest income increased 32% to $212M. Net interest income after loan loss provision decreased 4% to $135.1M. Net income increased 8% to $62.7M. Net interest income after loan loss provision reflects Banking segment decrease of 4% to $135.1M, Net Interest Margin - Total - % decrease of 3% to 3.61%. |
Employees: | 547 as of Dec 31, 2023 |
Reporting Currency: | U.S. Dollars |
Enterprise value: | $476.57M as of Dec 31, 2023 |
Annual revenue (TTM): | $212.03M as of Dec 31, 2023 |
EBITDA (TTM): | $93.12M as of Dec 31, 2023 |
Net annual income (TTM): | $62.75M as of Dec 31, 2023 |
Free cash flow (TTM): | $45.11M as of Dec 31, 2023 |
Net Debt Last Fiscal Year: | $47.35M as of Dec 31, 2023 |
Shares outstanding: | 16,432,851 as of Mar 18, 2024 |
TTM: Trailing Twelve Months EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization |