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
September 30, 2020.
Third Quarter 2020 Highlights
- Net income for the third quarter of
2020 was $16.7 million, compared to $5.6 million for the second
quarter of 2020 and $8.3 million for the third quarter of
2019.
- Diluted earnings per share for the
third quarter of 2020 was $0.92, compared to $0.31 for the second
quarter of 2020 and $0.45 for the third quarter of 2019.
- Pre-tax, pre-provision income
(non-GAAP) for the third quarter of 2020 was $26.9 million,
compared to $20.1 million for the second quarter of 2020 and $10.7
million for the third quarter of 2019.
- Average cost of deposits for the
third quarter of 2020 decreased to 34 basis points, compared to 39
basis points for the second quarter of 2020 and 98 basis points for
the third quarter of 2019.
- The provision for loan losses for
the third quarter of 2020 was $6.1 million, compared to $13.1
million for the second quarter of 2020 and $420,000 for the third
quarter of 2019.
- Nonperforming assets to total
assets were 0.46% at September 30, 2020, compared to 0.33% at June
30, 2020 and 0.31% at September 30, 2019.
- The adjusted (non-GAAP) efficiency
ratio for the third quarter of 2020 was 56.90%, compared to 63.28%
for the second quarter of 2020 and 73.62% for the third quarter of
2019.
- Return on average assets for the
third quarter of 2020 was 1.88% annualized, compared to 0.64%
annualized for the second quarter of 2020 and 1.18% annualized for
the third quarter of 2019.
- Book value per share was $19.52 as
of September 30, 2020, compared to $18.64 per share as of June 30,
2020 and $16.61 per share as of September 30, 2019.
- On September 29, 2020, the Company
completed an issuance of $50 million of subordinated notes.
Curtis Griffith, South Plains’ Chairman and
Chief Executive Officer, commented, “I am very pleased with our
performance as the Bank’s operations continue to run smoothly and
our customers have largely weathered the uncertain economic
environment to date. Our decision to allow our borrowers to modify
their loans to interest only payments early in the pandemic has
proven to be a sound one as this allowed our customers to build
cash and better manage their businesses. Importantly, we have
experienced a sharp decline in active modifications related to
COVID-19 during the third quarter, with only 5.4% of our portfolio
remaining in an active modification versus 19.9% of the portfolio
at June 30, 2020. While we are optimistic that our local economies
are improving with the pace of business accelerating, we continue
to manage our loan portfolio and reserves conservatively having
recorded a $6.1 million provision for loan loss in the third
quarter of 2020, which was largely qualitative, and compares
favorably to the $13.1 million provision in the second quarter of
2020. At quarter end, our allowance for loan loss was 2.01%.”
Mr. Griffith continued, “We also experienced
strong revenue growth in the quarter as the investments that we
have made in our mortgage business are generating strong results.
Over the last year, we have actively recruited seasoned mortgage
teams that have been instrumental in driving market share gains in
the builder and purchase markets. We have also maintained our
expense structure in this business as volumes have grown which has
contributed to strong margin gains and insulates us against the
eventual decline in refinance volumes. Turning to capital, we
opportunistically issued $50 million of fixed-to-floating rate
subordinated notes, that qualify as Tier 2 capital for regulatory
purposes, in the quarter at an attractive interest rate which will
position the Company to take advantage of any dislocations that may
occur in the market while providing protection if the pandemic were
to severely worsen, which is not our expectation. We continue to be
pleased with our acquisition of West Texas State Bank this past
year and see M&A as an attractive strategy to further expand
our geographic footprint in West Texas.” Results of
Operations, Quarter Ended September 30, 2020
Net Interest Income
Net interest income was $31.3 million for the
third quarter of 2020, compared to $26.6 million for the third
quarter of 2019 and $30.4 million for the second quarter of
2020.
Interest income was $34.5 million for the third
quarter of 2020, compared to $33.7 million for the third quarter of
2019 and $34.0 million for the second quarter of 2020. Interest and
fees on loans increased by $1.1 million from the third quarter of
2019 due to growth of $414.3 million in average loans, primarily
from the Company’s acquisition of West Texas State Bank (“WTSB”) as
well as the Small Business Administration (“SBA”) Paycheck
Protection Program (“PPP”) loans that were originated largely in
the second quarter of 2020, partially offset by a decrease of 63
basis points in non-PPP loan rates due to the decline in the
interest rate environment experienced in the first quarter of 2020.
Interest income increased slightly in the third quarter of 2020
from the second quarter of 2020 due to the additional interest and
fees on PPP loans. The PPP loans yielded 3.00% during the third
quarter of 2020, which includes accretion of the related SBA lender
fees for processing PPP loans during the quarter. As of September
30, 2020, the Company has originated approximately 2,100 PPP loans,
totaling $218 million, and has received $7.8 million in PPP related
SBA fees. These fees are deferred and then accreted into interest
income over the life of the applicable loans. During the third
quarter of 2020, the Company recognized $1.1 million in PPP related
SBA fees. The Company expects that the majority of PPP loans will
be forgiven over the next several quarters. At September 30, 2020,
there is $6.1 million of deferred fees that have not been accreted
to income.
Interest expense was $3.2 million for the third
quarter of 2020, compared to $7.1 million for the third quarter of
2019 and $3.6 million for the second quarter of 2020. The decrease
from the third quarter of 2019 was primarily due to a decrease in
the interest rate paid on interest-bearing liabilities of 91 basis
points, partially offset by an increase of $303.4 million in
average interest-bearing liabilities. The increase in average
interest-bearing liabilities was largely due to the Company’s
acquisition of WTSB as well as growth in deposits from PPP loan
funding and other government stimulus payments and programs as well
as organic growth. Additionally, the decrease in the rate paid on
interest-bearing liabilities was the result of the decline in the
overall rate environment experienced in the first quarter of 2020.
The decrease in interest expense from the second quarter of 2020
was primarily due to a decrease in the interest rate paid on
interest-bearing liabilities of 6 basis points and by a decrease of
$28.3 million in average interest-bearing liabilities in the third
quarter of 2020. The average cost of deposits was 34 basis points
for the third quarter of 2020, representing a 64 basis point
decrease from the third quarter of 2019 and a 5 basis point
decrease from the second quarter of 2020. The decrease in average
interest-bearing liabilities was primarily due to paying back $95.0
million in advances from the Federal Home Loan Bank of Dallas
(“FHLB”), partially offset by organic growth of $41.3 million in
average interest-bearing deposits.
The net interest margin was 3.82% for the third
quarter of 2020, compared to 4.07% for the third quarter of 2019
and 3.79% for the second quarter of 2020.
Noninterest Income and Noninterest
Expense
Noninterest income was $31.7 million for the
third quarter of 2020, compared to $14.1 million for the third
quarter of 2019 and $24.9 million for the second quarter of 2020.
The increase in noninterest income for the third quarter of 2020
compared to the third quarter of 2019 was primarily due to growth
of $14.4 million in mortgage banking activities revenue as a result
of an additional $209.6 million in mortgage loan originations.
Additionally, there was an increase in income from insurance
activities of $2.2 million in the third quarter of 2020 related to
recent acquisitions as well as the effect of adoption of the
revenue recognition standard for quarterly reporting in 2020, which
has delayed the recognition of revenue until later in the year as
compared to previous years. The increase from the second quarter of
2020 was primarily due to growth of $3.5 million in mortgage
banking activities revenue as a result of an additional $31.8
million in mortgage loan originations and an increase of $2.3
million in income from insurance activities.
Noninterest expense was $36.0 million for the
third quarter of 2020, compared to $30.0 million for the third
quarter of 2019 and $35.2 million for the second quarter of 2020.
This increase in noninterest expense for the third quarter of 2020
compared to the third quarter of 2019 was primarily driven by a
$5.5 million increase in personnel expense. This increase was
predominately related to an additional $3.0 million in commissions
paid on the higher volume of mortgage loan originations and
personnel in the Bank’s branches in the Permian Basin that were
acquired in the fourth quarter of 2019 through the Company’s
acquisition of WTSB. The remaining other noninterest expenses
increased $428,000, or 3.6%, which encompasses the additional
variable mortgage expenses related to the growth in mortgage
production and other operating expenses and core deposit intangible
amortization from the acquisition of WTSB. The increase from the
second quarter of 2020 was primarily the result of an additional
$758,000 in commissions and higher other variable expenses as a
result of increased mortgage production and insurance activities.
This increase was partially offset by a recovery of $303,000 of
legal expenses from the previously disclosed settlement of a
lawsuit in September 2020 as well as other expense reductions.
Loan Portfolio and
Composition
Loans held for investment were $2.29 billion as
of September 30, 2020, compared to $2.33 billion as of June 30,
2020 and $1.96 billion as of September 30, 2019. The $43.5 million
decrease during the third quarter of 2020 as compared to the second
quarter of 2020 was primarily the result of paydowns of $10.1
million in non-residential consumer loans and $8.0 million in
direct energy loans as well as several large commercial real estate
loans that paid off early. As of September 30, 2020, loans held for
investment increased $325.6 million from September 30, 2019,
largely attributable to the PPP loans primarily funded in the
second quarter of 2020 and the WTSB acquisition in the fourth
quarter of 2019.
Agricultural production loans were $133.9
million as of September 30, 2020, compared to $131.5 million as of
June 30, 2020 and $166.8 million as of September 30, 2019. The
Company did not experience the typical historical increase in
seasonal fundings on these agricultural production loans during the
third quarter of 2020, primarily as a result of drought conditions
or damaged crops and where the borrower received crop insurance
proceeds to pay down the loans.
Deposits and Borrowings
Deposits totaled $2.94 billion as of September
30, 2020, compared to $2.95 billion as of June 30, 2020 and $2.29
billion as of September 30, 2019. Deposits decreased $4.0 million
in the third quarter of 2020 from June 30, 2020. As of September
30, 2020, deposits increased $657.8 million from September 30,
2019. The increase in deposits since September 30, 2019 is
primarily a result of organic growth as well as the assumption of
deposits from the WTSB acquisition in the fourth quarter of
2019.
Noninterest-bearing deposits were $906.1 million
as of September 30, 2020, compared to $940.9 million as of June 30,
2020 and $556.2 million as of September 30, 2019.
Noninterest-bearing deposits represented 30.8%, 31.9%, and 24.3% of
total deposits as of September 30, 2020, June 30, 2020, and
September 30, 2019, respectively. The decrease in
noninterest-bearing deposit balances at September 30, 2020 compared
to June 30, 2020 was largely the result of customer quarterly
estimated tax payments that were extended until July 15, 2020.
The Bank has utilized its lines of credit with
FHLB and the Federal Reserve Bank of Dallas to supplement funding
for origination of PPP loans as needed. This included borrowing
$75.0 million from FHLB for a three month term. This borrowing
matured in July 2020 and was repaid in full.
On September 29, the Company issued $50.0
million in 10 year fixed-to-floating rate subordinated notes on
September 29, 2020. These notes bear interest at a fixed rate of
4.50% for the first five years, and the interest rate will reset
quarterly thereafter to the then current three-month Secured
Overnight Financing Rate, as published by the Federal Reserve Bank
of New York, plus 438 basis points.
Asset Quality
As part of the Bank’s efforts to support its
customers and protect the Bank as a result of the COVID-19
pandemic, the Bank has offered varying forms of loan modifications
including 90-day payment deferrals, 6-month interest only terms, or
in certain select cases periods of longer than 6 months of interest
only, to provide borrowers relief. As of September 30, 2020, total
active loan modifications attributed to COVID-19 were $124.0
million, or 5.4% of the Company’s loan portfolio, down from $464.4
million, or 19.9% of the Company’s loan portfolio, at June 30,
2020. The modified loan breakdown as of September 30, 2020 is: 36%
are 6 months interest only, 7% are 90 day payment deferrals on
commercial customers, 57% are interest only periods longer than 6
months, primarily in the hotel portfolio, and less than 1% are
payment deferrals of one to four months on consumer loans.
The provision for loan losses recorded for the
third quarter of 2020 was $6.1 million, compared to $420,000 for
the third quarter of 2019 and $13.1 million for the second quarter
of 2020. The increase in the provision for loan losses in the third
quarter of 2020 compared to the third quarter of 2019 is a result
of economic effects from COVID-19, the decline in the oil and gas
industry, and the change in credit quality and increase in
nonperforming assets. The decrease from the second quarter of 2020
is a result of a modest improvement in the economy as well as a
decline in the amount of loans that are actively under a
modification. There is continued uncertainty from COVID-19 and the
full extent of the impact on the economy and the Bank’s customers
is unknown at this time. Accordingly, additional provisions for
loan losses may be necessary in future periods.
The allowance for loan losses to loans held for
investment was 2.01% as of September 30, 2020, compared to 1.74% as
of June 30, 2020 and 1.23% as of September 30, 2019. The allowance
for loan losses to non-PPP loans held for investment was 2.22% as
of September 30, 2020.
The nonperforming assets to total assets ratio
as of September 30, 2020 was 0.46%, compared to 0.33% as of June
30, 2020 and 0.31% at September 30, 2019. The increase in the third
quarter of 2020 related to a $5.4 million relationship in the
transportation industry that was put on nonaccrual. The loans have
performed as agreed but were placed on nonaccrual status due to
stress in the borrower’s industry. The borrower paid off $2.1
million of this debt in October 2020.
Annualized net charge-offs were 0.10 % for the
third quarter of 2020, compared to 0.27% for the second quarter of
2020 and 0.08% for the third quarter of 2019.
Conference Call
South Plains will host a conference call to
discuss its third quarter 2020 financial results today, October 27,
2020 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
13711893. The replay will be available until November 10, 2020.
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 and Eastern New Mexico markets. 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 insurance, 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 Common Share, Tangible Common Equity to
Tangible Assets, Adjusted Efficiency Ratio, 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 Lititgation
Reform Act of 1995. These forward-looking statements reflect South
Plains’ current views with respect to, among other things, the
ongoing COVID-19 pandemic and other future events. 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, general economic conditions, the extent of the impact
of the COVID-19 pandemic on our customers, changes in interest
rates, regulatory considerations, competition and market expansion
opportunities, changes in non-interest expenditures or in the
anticipated benefits of such expenditures, 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 Report
on Form 10-Q on file with the SEC, and other documents South Plains
files with the SEC from time to time. South Plains urges readers of
this press release to review the “Risk Factors” section of our most
recent Annual Report on Form 10-K Quarterly Report on Form 10-Q, as
well as the “Risk Factors” section of other documents South Plains
files with the SEC from time to time. 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, 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 law.
Contact: |
Mikella Newsom, Chief Risk Officer and Secretary |
|
(866)
771-3347 |
|
investors@city.bank |
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 |
|
September 30, 2020 |
|
June 30, 2020 |
|
March 31, 2020 |
|
December 31, 2019 |
|
September 30, 2019 |
Selected Income Statement Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
34,503 |
|
|
$ |
34,007 |
|
|
$ |
35,737 |
|
|
$ |
34,764 |
|
|
$ |
33,665 |
|
Interest
expense |
|
3,230 |
|
|
|
3,559 |
|
|
|
5,538 |
|
|
|
6,140 |
|
|
|
7,097 |
|
Net interest
income |
|
31,273 |
|
|
|
30,448 |
|
|
|
30,199 |
|
|
|
28,624 |
|
|
|
26,568 |
|
Provision
for loan losses |
|
6,062 |
|
|
|
13,133 |
|
|
|
6,234 |
|
|
|
896 |
|
|
|
420 |
|
Noninterest
income |
|
31,660 |
|
|
|
24,896 |
|
|
|
18,875 |
|
|
|
16,740 |
|
|
|
14,115 |
|
Noninterest
expense |
|
35,993 |
|
|
|
35,207 |
|
|
|
34,011 |
|
|
|
31,714 |
|
|
|
30,028 |
|
Income tax
expense |
|
4,147 |
|
|
|
1,389 |
|
|
|
1,746 |
|
|
|
2,645 |
|
|
|
1,977 |
|
Net
income |
|
16,731 |
|
|
|
5,615 |
|
|
|
7,083 |
|
|
|
10,109 |
|
|
|
8,258 |
|
Per
Share Data (Common Stock): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings, basic |
|
0.93 |
|
|
|
0.31 |
|
|
|
0.39 |
|
|
|
0.56 |
|
|
|
0.46 |
|
Net
earnings, diluted |
|
0.92 |
|
|
|
0.31 |
|
|
|
0.38 |
|
|
|
0.55 |
|
|
|
0.45 |
|
Cash
dividends declared and paid |
|
0.03 |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
|
0.03 |
|
Book
value |
|
19.52 |
|
|
|
18.64 |
|
|
|
18.10 |
|
|
|
16.98 |
|
|
|
16.61 |
|
Tangible
book value |
|
18.00 |
|
|
|
17.06 |
|
|
|
16.54 |
|
|
|
15.46 |
|
|
|
16.47 |
|
Weighted
average shares outstanding, basic |
|
18,059,174 |
|
|
|
18,061,705 |
|
|
|
18,043,105 |
|
|
|
18,010,065 |
|
|
|
17,985,429 |
|
Weighted
average shares outstanding, dilutive |
|
18,256,161 |
|
|
|
18,224,630 |
|
|
|
18,461,922 |
|
|
|
18,415,656 |
|
|
|
18,363,033 |
|
Shares
outstanding at end of period |
|
18,059,174 |
|
|
|
18,059,174 |
|
|
|
18,056,014 |
|
|
|
18,036,115 |
|
|
|
18,004,323 |
|
Selected Period End Balance Sheet Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
290,885 |
|
|
|
256,101 |
|
|
|
136,062 |
|
|
|
158,099 |
|
|
|
244,645 |
|
Investment
securities |
|
726,329 |
|
|
|
730,674 |
|
|
|
734,791 |
|
|
|
707,650 |
|
|
|
401,335 |
|
Total loans
held for investment |
|
2,288,234 |
|
|
|
2,331,716 |
|
|
|
2,108,805 |
|
|
|
2,143,623 |
|
|
|
1,962,609 |
|
Allowance
for loan losses |
|
46,076 |
|
|
|
40,635 |
|
|
|
29,074 |
|
|
|
24,197 |
|
|
|
24,176 |
|
Total
assets |
|
3,542,666 |
|
|
|
3,584,532 |
|
|
|
3,216,563 |
|
|
|
3,237,167 |
|
|
|
2,795,582 |
|
Interest-bearing deposits |
|
2,037,743 |
|
|
|
2,006,984 |
|
|
|
1,924,902 |
|
|
|
1,905,936 |
|
|
|
1,729,741 |
|
Noninterest-bearing deposits |
|
906,059 |
|
|
|
940,853 |
|
|
|
740,946 |
|
|
|
790,921 |
|
|
|
556,233 |
|
Total
deposits |
|
2,943,802 |
|
|
|
2,947,837 |
|
|
|
2,665,848 |
|
|
|
2,696,857 |
|
|
|
2,285,974 |
|
Borrowings |
|
204,704 |
|
|
|
252,430 |
|
|
|
185,265 |
|
|
|
205,030 |
|
|
|
177,720 |
|
Total
stockholders’ equity |
|
352,568 |
|
|
|
336,534 |
|
|
|
326,890 |
|
|
|
306,182 |
|
|
|
299,027 |
|
Summary Performance Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets |
|
1.88 |
% |
|
|
0.64 |
% |
|
|
0.89 |
% |
|
|
1.32 |
% |
|
|
1.18 |
% |
Return on
average equity |
|
19.32 |
% |
|
|
6.81 |
% |
|
|
9.00 |
% |
|
|
13.25 |
% |
|
|
11.10 |
% |
Net interest
margin (1) |
|
3.82 |
% |
|
|
3.79 |
% |
|
|
4.13 |
% |
|
|
4.03 |
% |
|
|
4.07 |
% |
Yield on
loans |
|
5.08 |
% |
|
|
5.06 |
% |
|
|
5.76 |
% |
|
|
5.79 |
% |
|
|
5.91 |
% |
Cost of
interest-bearing deposits |
|
0.50 |
% |
|
|
0.56 |
% |
|
|
0.91 |
% |
|
|
1.06 |
% |
|
|
1.30 |
% |
Efficiency
ratio |
|
56.90 |
% |
|
|
63.28 |
% |
|
|
69.10 |
% |
|
|
69.71 |
% |
|
|
73.62 |
% |
Summary Credit Quality Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans |
|
15,006 |
|
|
|
10,472 |
|
|
|
7,112 |
|
|
|
6,045 |
|
|
|
6,456 |
|
Nonperforming loans to total loans held for investment |
|
0.66 |
% |
|
|
0.45 |
% |
|
|
0.34 |
% |
|
|
0.28 |
% |
|
|
0.33 |
% |
Other real
estate owned |
|
1,336 |
|
|
|
1,335 |
|
|
|
1,944 |
|
|
|
1,883 |
|
|
|
2,296 |
|
Nonperforming assets to total assets |
|
0.46 |
% |
|
|
0.33 |
% |
|
|
0.28 |
% |
|
|
0.24 |
% |
|
|
0.31 |
% |
Allowance
for loan losses to total loans held for investment |
|
2.01 |
% |
|
|
1.74 |
% |
|
|
1.38 |
% |
|
|
1.13 |
% |
|
|
1.23 |
% |
Net
charge-offs to average loans outstanding (annualized) |
|
0.10 |
% |
|
|
0.27 |
% |
|
|
0.25 |
% |
|
|
0.17 |
% |
|
|
0.08 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the quarter ended |
|
September 30 2020 |
|
June 30, 2020 |
|
March 31, 2020 |
|
December 31, 2019 |
|
September 30, 2019 |
Capital Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity to total assets |
|
9.95 |
% |
|
|
9.39 |
% |
|
|
10.16 |
% |
|
|
9.46 |
% |
|
|
10.70 |
% |
Tangible
common equity to tangible assets |
|
9.25 |
% |
|
|
8.66 |
% |
|
|
9.37 |
% |
|
|
8.69 |
% |
|
|
10.62 |
% |
Common
equity tier 1 to risk-weighted assets |
|
12.49 |
% |
|
|
10.47 |
% |
|
|
11.24 |
% |
|
|
11.06 |
% |
|
|
13.10 |
% |
Tier 1
capital to average assets |
|
10.01 |
% |
|
|
9.60 |
% |
|
|
10.34 |
% |
|
|
10.74 |
% |
|
|
12.17 |
% |
Total
capital to risk-weighted assets |
|
18.67 |
% |
|
|
14.32 |
% |
|
|
15.23 |
% |
|
|
14.88 |
% |
|
|
17.38 |
% |
(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 |
|
September 30, 2020 |
|
September 30, 2019 |
|
|
|
|
|
Average Balance |
|
Interest Income
Expense |
|
Yield |
|
Average Balance |
|
Interest Income
Expense |
|
Yield |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, excluding PPP (1) |
$ |
2,195,507 |
|
$ |
29,162 |
|
|
5.28 |
% |
|
$ |
1,993,507 |
|
$ |
29,695 |
|
|
5.91 |
% |
Loans -
PPP |
|
212,337 |
|
|
1,602 |
|
|
3.00 |
% |
|
|
- |
|
|
- |
|
|
0.00 |
% |
Debt
securities - taxable |
|
525,301 |
|
|
2,613 |
|
|
1.98 |
% |
|
|
287,128 |
|
|
1,956 |
|
|
2.70 |
% |
Debt
securities - nontaxable |
|
187,400 |
|
|
1,343 |
|
|
2.85 |
% |
|
|
32,993 |
|
|
286 |
|
|
3.44 |
% |
Other
interest-bearing assets |
|
168,922 |
|
|
105 |
|
|
0.25 |
% |
|
|
284,579 |
|
|
1,831 |
|
|
2.55 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning assets |
|
3,289,467 |
|
|
34,825 |
|
|
4.21 |
% |
|
|
2,598,207 |
|
|
33,768 |
|
|
5.16 |
% |
Noninterest-earning assets |
|
247,338 |
|
|
|
|
|
|
|
|
181,139 |
|
|
|
|
|
|
Total assets |
$ |
3,536,805 |
|
|
|
|
|
|
|
$ |
2,779,346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities & stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW,
Savings, MMA’s |
$ |
1,695,476 |
|
|
1,213 |
|
|
0.28 |
% |
|
$ |
1,399,727 |
|
|
4,057 |
|
|
1.15 |
% |
Time
deposits |
|
322,535 |
|
|
1,304 |
|
|
1.61 |
% |
|
|
315,376 |
|
|
1,570 |
|
|
1.98 |
% |
Short-term
borrowings |
|
12,080 |
|
|
3 |
|
|
0.10 |
% |
|
|
12,468 |
|
|
58 |
|
|
1.85 |
% |
Notes
payable & other long-term borrowings |
|
95,870 |
|
|
65 |
|
|
0.27 |
% |
|
|
95,000 |
|
|
523 |
|
|
2.18 |
% |
Subordinated
debt securities |
|
26,472 |
|
|
403 |
|
|
6.06 |
% |
|
|
26,472 |
|
|
404 |
|
|
6.05 |
% |
Junior
subordinated deferrable interest debentures |
|
46,393 |
|
|
242 |
|
|
2.08 |
% |
|
|
46,393 |
|
|
485 |
|
|
4.15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing liabilities |
|
2,198,826 |
|
|
3,230 |
|
|
0.58 |
% |
|
|
1,895,436 |
|
|
7,097 |
|
|
1.49 |
% |
Demand
deposits |
|
944,420 |
|
|
|
|
|
|
|
|
555,501 |
|
|
|
|
|
|
Other
liabilities |
|
49,008 |
|
|
|
|
|
|
|
|
33,339 |
|
|
|
|
|
|
Stockholders’ equity |
|
344,551 |
|
|
|
|
|
|
|
|
295,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities & stockholders’ equity |
$ |
3,536,805 |
|
|
|
|
|
|
|
$ |
2,779,346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
|
|
$ |
31,595 |
|
|
|
|
|
|
|
$ |
26,671 |
|
|
|
Net interest
margin (2) |
|
|
|
|
|
|
|
3.82 |
% |
|
|
|
|
|
|
|
|
4.07 |
% |
(1) |
Average loan balances include nonaccrual loans and loans held for
sale. |
(2) |
Net interest margin is calculated as the annualized net 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 Nine Months Ended |
|
September 30, 2020 |
|
September 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance |
|
Interest Income
Expense |
|
Yield |
|
Average Balance |
|
Interest Income
Expense |
|
Yield |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, excluding PPP (1) |
$ |
2,188,988 |
|
$ |
89,041 |
|
|
5.43 |
% |
|
$ |
1,965,297 |
|
$ |
86,471 |
|
|
5.88 |
% |
Loans -
PPP |
|
127,880 |
|
|
2,678 |
|
|
2.80 |
% |
|
|
- |
|
|
- |
|
|
0.00 |
% |
Debt
securities - taxable |
|
544,650 |
|
|
9,285 |
|
|
2.28 |
% |
|
|
281,904 |
|
|
5,819 |
|
|
2.76 |
% |
Debt
securities - nontaxable |
|
142,158 |
|
|
3,037 |
|
|
2.85 |
% |
|
|
32,184 |
|
|
847 |
|
|
3.52 |
% |
Other
interest-bearing assets |
|
164,936 |
|
|
963 |
|
|
0.78 |
% |
|
|
292,099 |
|
|
5,348 |
|
|
2.45 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning assets |
|
3,168,612 |
|
|
105,004 |
|
|
4.43 |
% |
|
|
2,571,484 |
|
|
98,485 |
|
|
5.12 |
% |
Noninterest-earning assets |
|
248,523 |
|
|
|
|
|
|
|
|
177,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
3,417,135 |
|
|
|
|
|
|
|
$ |
2,748,991 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities & stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW,
Savings, MMA’s |
$ |
1,630,524 |
|
|
5,199 |
|
|
0.43 |
% |
|
$ |
1,439,699 |
|
|
13,287 |
|
|
1.23 |
% |
Time
deposits |
|
334,189 |
|
|
4,361 |
|
|
1.74 |
% |
|
|
314,128 |
|
|
4,368 |
|
|
1.86 |
% |
Short-term
borrowings |
|
19,758 |
|
|
102 |
|
|
0.69 |
% |
|
|
15,425 |
|
|
226 |
|
|
1.96 |
% |
Notes
payable & other long-term borrowings |
|
117,726 |
|
|
518 |
|
|
0.59 |
% |
|
|
95,000 |
|
|
1,623 |
|
|
2.28 |
% |
Subordinated
debt securities |
|
26,472 |
|
|
1,210 |
|
|
6.11 |
% |
|
|
26,890 |
|
|
1,213 |
|
|
6.03 |
% |
Junior
subordinated deferrable interest debentures |
|
46,393 |
|
|
937 |
|
|
2.70 |
% |
|
|
46,393 |
|
|
1,510 |
|
|
4.35 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing liabilities |
|
2,175,062 |
|
|
12,327 |
|
|
0.76 |
% |
|
|
1,937,535 |
|
|
22,227 |
|
|
1.53 |
% |
Demand
deposits |
|
870,606 |
|
|
|
|
|
|
|
|
524,468 |
|
|
|
|
|
|
Other
liabilities |
|
40,579 |
|
|
|
|
|
|
|
|
31,795 |
|
|
|
|
|
|
Stockholders’ equity |
|
330,888 |
|
|
|
|
|
|
|
|
255,193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities & stockholders’ equity |
$ |
3,417,135 |
|
|
|
|
|
|
|
$ |
2,748,991 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
|
|
$ |
92,677 |
|
|
|
|
|
|
|
$ |
76,258 |
|
|
|
Net interest
margin (2) |
|
|
|
|
|
|
|
3.91 |
% |
|
|
|
|
|
|
|
|
3.96 |
% |
(1) |
Average loan balances include nonaccrual loans and loans held for
sale. |
(2) |
Net interest margin is calculated as the annualized net 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 |
|
September 30, 2020 |
|
December 31, 2019 |
|
|
|
|
|
|
Assets |
|
|
|
|
|
Cash and due from banks |
$ |
43,750 |
|
|
$ |
56,246 |
|
Interest-bearing deposits in banks |
|
245,785 |
|
|
|
101,853 |
|
Federal
funds sold |
|
1,350 |
|
|
|
— |
|
Investment
securities |
|
726,329 |
|
|
|
707,650 |
|
Loans held
for sale |
|
76,507 |
|
|
|
49,035 |
|
Loans held
for investment |
|
2,288,234 |
|
|
|
2,143,623 |
|
Less:
Allowance for loan losses |
|
(46,076 |
) |
|
|
(24,197 |
) |
Net loans
held for investment |
|
2,242,158 |
|
|
|
2,119,426 |
|
Premises and
equipment, net |
|
61,399 |
|
|
|
61,873 |
|
Goodwill |
|
19,508 |
|
|
|
18,757 |
|
Intangible
assets |
|
7,994 |
|
|
|
8,632 |
|
Other
assets |
|
117,886 |
|
|
|
113,695 |
|
Total
assets |
$ |
3,542,666 |
|
|
$ |
3,237,167 |
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity
Liabilities |
|
|
|
|
|
Noninterest
bearing deposits |
$ |
906,059 |
|
|
$ |
790,921 |
|
Interest-bearing deposits |
|
2,037,743 |
|
|
|
1,905,936 |
|
Total
deposits |
|
2,943,802 |
|
|
|
2,696,857 |
|
Other
borrowings |
|
82,765 |
|
|
|
132,165 |
|
Subordinated
debt securities |
|
75,546 |
|
|
|
26,472 |
|
Trust
preferred subordinated debentures |
|
46,393 |
|
|
|
46,393 |
|
Other
liabilities |
|
41,592 |
|
|
|
29,098 |
|
Total
liabilities |
|
3,190,098 |
|
|
|
2,930,985 |
|
Stockholders’ Equity |
|
|
|
|
|
Common
stock |
|
18,059 |
|
|
|
18,036 |
|
Additional
paid-in capital |
|
141,245 |
|
|
|
140,492 |
|
Retained
earnings |
|
174,501 |
|
|
|
146,696 |
|
Accumulated
other comprehensive income (loss) |
|
18,763 |
|
|
|
958 |
|
Total
stockholders’ equity |
|
352,568 |
|
|
|
306,182 |
|
Total
liabilities and stockholders’ equity |
$ |
3,542,666 |
|
|
$ |
3,237,167 |
|
|
|
|
|
|
|
|
|
South Plains Financial,
Inc. Consolidated Statements of
Income(Unaudited)(Dollars in
thousands)
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, 2020 |
|
September 30, 2019 |
|
September 30, 2020 |
|
September 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
Loans,
including fees |
$ |
30,724 |
|
$ |
29,652 |
|
$ |
91,600 |
|
$ |
86,342 |
Other |
|
3,779 |
|
|
4,013 |
|
|
12,647 |
|
|
11,836 |
Total
Interest income |
|
34,503 |
|
|
33,665 |
|
|
104,247 |
|
|
98,178 |
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
2,517 |
|
|
5,627 |
|
|
9,560 |
|
|
17,655 |
Subordinated
debt securities |
|
403 |
|
|
404 |
|
|
1,210 |
|
|
1,213 |
Trust
preferred subordinated debentures |
|
242 |
|
|
485 |
|
|
937 |
|
|
1,510 |
Other |
|
68 |
|
|
581 |
|
|
620 |
|
|
1,849 |
Total
Interest expense |
|
3,230 |
|
|
7,097 |
|
|
12,327 |
|
|
22,227 |
Net interest
income |
|
31,273 |
|
|
26,568 |
|
|
91,920 |
|
|
75,951 |
Provision for loan losses |
|
6,062 |
|
|
420 |
|
|
25,429 |
|
|
1,903 |
Net interest
income after provision for loan losses |
|
25,211 |
|
|
26,148 |
|
|
66,491 |
|
|
74,048 |
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
Service
charges on deposits |
|
1,749 |
|
|
2,101 |
|
|
5,171 |
|
|
5,985 |
Income from
insurance activities |
|
3,303 |
|
|
1,114 |
|
|
5,484 |
|
|
4,074 |
Mortgage
banking activities |
|
21,409 |
|
|
6,991 |
|
|
48,117 |
|
|
18,509 |
Bank card
services and interchange fees |
|
2,608 |
|
|
2,192 |
|
|
7,190 |
|
|
6,273 |
Other |
|
2,591 |
|
|
1,717 |
|
|
7,151 |
|
|
5,052 |
Total
Noninterest income |
|
31,660 |
|
|
14,115 |
|
|
75,431 |
|
|
39,893 |
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits |
|
23,672 |
|
|
18,135 |
|
|
66,103 |
|
|
56,044 |
Net
occupancy expense |
|
3,710 |
|
|
3,486 |
|
|
10,896 |
|
|
10,309 |
Professional
services |
|
1,177 |
|
|
1,852 |
|
|
4,710 |
|
|
5,169 |
Marketing
and development |
|
615 |
|
|
762 |
|
|
2,189 |
|
|
2,275 |
Other |
|
6,819 |
|
|
5,793 |
|
|
21,313 |
|
|
16,197 |
Total
noninterest expense |
|
35,993 |
|
|
30,028 |
|
|
105,211 |
|
|
89,994 |
Income before income taxes |
|
20,878 |
|
|
10,235 |
|
|
36,711 |
|
|
23,947 |
Income tax
expense (benefit) |
|
4,147 |
|
|
1,977 |
|
|
7,282 |
|
|
4,836 |
Net
income |
$ |
16,731 |
|
$ |
8,258 |
|
$ |
29,429 |
|
$ |
19,111 |
|
|
|
|
|
|
|
|
|
|
|
|
South Plains Financial, Inc. Loan
Composition(Unaudited)(Dollars in
thousands)
|
As of |
|
September 30, 2020 |
|
December 31, 2019 |
|
|
|
|
|
|
Loans: |
|
|
|
|
|
Commercial
Real Estate |
$ |
655,432 |
|
$ |
658,195 |
Commercial -
Specialized |
|
340,458 |
|
|
309,505 |
Commercial -
General |
|
578,181 |
|
|
441,398 |
Consumer: |
|
|
|
|
|
1-4 Family Residential |
|
372,114 |
|
|
362,796 |
Auto Loans |
|
193,023 |
|
|
215,209 |
Other Consumer |
|
68,877 |
|
|
74,000 |
Construction |
|
80,149 |
|
|
82,520 |
Total loans held for investment |
$ |
2,288,234 |
|
$ |
2,143,623 |
|
|
|
|
|
|
South Plains Financial, Inc.
Deposit Composition (Unaudited)
(Dollars in thousands)
|
As of |
|
September 30, 2020 |
|
December 31, 2019 |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
Noninterest-bearing demand deposits |
$ |
906,059 |
|
$ |
790,921 |
NOW &
other transaction accounts |
|
323,955 |
|
|
318,379 |
MMDA &
other savings |
|
1,391,620 |
|
|
1,231,534 |
Time
deposits |
|
322,168 |
|
|
356,023 |
Total deposits |
$ |
2,943,802 |
|
$ |
2,696,857 |
|
|
|
|
|
|
South Plains Financial,
Inc. Reconciliation of Non-GAAP Financial
Measures(Unaudited)(Dollars in
thousands)
|
As of and for the quarter ended |
|
September 30, 2020 |
|
June 30, 2020 |
|
March 31, 2020 |
|
December 31, 2019 |
|
September 30, 2019 |
Efficiency ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense |
$ |
35,993 |
|
|
$ |
35,207 |
|
|
$ |
34,011 |
|
|
$ |
31,714 |
|
|
$ |
30,028 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
$ |
31,273 |
|
|
$ |
30,448 |
|
|
$ |
30,199 |
|
|
$ |
28,624 |
|
|
$ |
26,568 |
|
Tax
equivalent yield adjustment |
|
322 |
|
|
|
290 |
|
|
|
145 |
|
|
|
133 |
|
|
|
103 |
|
Noninterest
income |
|
31,660 |
|
|
|
24,896 |
|
|
|
18,875 |
|
|
|
16,740 |
|
|
|
14,115 |
|
Total
income |
$ |
63,255 |
|
|
$ |
55,634 |
|
|
$ |
49,219 |
|
|
$ |
45,497 |
|
|
$ |
40,786 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio |
|
56.90 |
% |
|
|
63.28 |
% |
|
|
69.10 |
% |
|
|
69.71 |
% |
|
|
73.62 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense |
$ |
35,993 |
|
|
$ |
35,207 |
|
|
$ |
34,011 |
|
|
$ |
31,714 |
|
|
$ |
30,028 |
|
Less:
net loss on sale of securities |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(27 |
) |
|
|
- |
|
Adjusted
noninterest expense |
$ |
35,993 |
|
|
$ |
35,207 |
|
|
$ |
34,011 |
|
|
$ |
31,687 |
|
|
$ |
30,028 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
income |
$ |
63,255 |
|
|
$ |
55,634 |
|
|
$ |
49,219 |
|
|
$ |
45,497 |
|
|
$ |
40,786 |
|
Less:
net gain on sale of securities |
|
- |
|
|
|
- |
|
|
|
(2,318 |
) |
|
|
- |
|
|
|
- |
|
Adjusted
total income |
$ |
63,255 |
|
|
$ |
55,634 |
|
|
$ |
46,901 |
|
|
$ |
45,497 |
|
|
$ |
40,786 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
efficiency ratio |
|
56.90 |
% |
|
|
63.28 |
% |
|
|
72.52 |
% |
|
|
69.65 |
% |
|
|
73.62 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax, pre-provision income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
$ |
16,731 |
|
|
$ |
5,615 |
|
|
$ |
7,083 |
|
|
$ |
10,109 |
|
|
$ |
8,258 |
|
Income tax
expense |
|
4,147 |
|
|
|
1,389 |
|
|
|
1,746 |
|
|
|
2,645 |
|
|
|
1,977 |
|
Provision
for loan losses |
|
6,062 |
|
|
|
13,133 |
|
|
|
6,234 |
|
|
|
896 |
|
|
|
420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax,
pre-provision income |
$ |
26,940 |
|
|
$ |
20,137 |
|
|
$ |
15,063 |
|
|
$ |
13,650 |
|
|
$ |
10,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Plains Financial, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited) (Dollars in
thousands)
|
As of |
|
September 30, 2020 |
|
December 31, 2019 |
Tangible common equity |
|
|
|
|
|
Total common stockholders’ equity |
$ |
352,568 |
|
|
$ |
306,182 |
|
Less:
goodwill and other intangibles |
|
(27,502 |
) |
|
|
(27,389 |
) |
|
|
|
|
|
|
Tangible common equity |
$ |
325,066 |
|
|
$ |
278,793 |
|
|
|
|
|
|
|
Tangible assets |
|
|
|
|
|
Total
assets |
$ |
3,542,666 |
|
|
$ |
3,237,167 |
|
Less:
goodwill and other intangibles |
|
(27,502 |
) |
|
|
(27,389 |
) |
|
|
|
|
|
|
Tangible assets |
$ |
3,515,164 |
|
|
$ |
3,209,778 |
|
|
|
|
|
|
|
Shares
outstanding |
|
18,059,174 |
|
|
|
18,036,115 |
|
|
|
|
|
|
|
Total
stockholders’ equity to total assets |
|
9.95 |
% |
|
|
9.46 |
% |
Tangible
common equity to tangible assets |
|
9.25 |
% |
|
|
8.69 |
% |
Book value
per share |
$ |
19.52 |
|
|
$ |
16.98 |
|
Tangible
book value per share |
$ |
18.00 |
|
|
$ |
15.46 |
|
Grafico Azioni South Plains Financial (NASDAQ:SPFI)
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Grafico Azioni South Plains Financial (NASDAQ:SPFI)
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