Exhibit 99.1
South Plains Financial, Inc. Reports Fourth Quarter and Year-End 2024 Financial Results
LUBBOCK, Texas, January 24, 2025 (GLOBE NEWSWIRE) – 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 and year ended December 31, 2024.
Fourth Quarter 2024 Highlights
|
● |
Net income for the fourth quarter of 2024 was $16.5 million, compared to $11.2 million for the third quarter of 2024 and $10.3 million for the fourth quarter of
2023.
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|
● |
Diluted earnings per share for the fourth quarter of 2024 was $0.96, compared to $0.66 for the third quarter of 2024 and $0.61 for the fourth quarter of 2023.
|
|
● |
Average cost of deposits for the fourth quarter of 2024 was 229 basis points, compared to 247 basis points for the third quarter of 2024 and 224 basis points for
the fourth quarter of 2023.
|
|
● |
Net interest margin, calculated on a tax-equivalent basis, was 3.75% for the fourth quarter of 2024, compared to 3.65% for the third quarter of 2024 and 3.52% for
the fourth quarter of 2023.
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|
● |
Return on average assets for the fourth quarter of 2024 was 1.53% annualized, compared to 1.05% annualized for the third quarter of 2024 and 0.99% annualized for
the fourth quarter of 2023.
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|
● |
Tangible book value (non-GAAP) per share was $25.40 as of December 31, 2024, compared to $25.75 as of September 30, 2024 and $23.47 as of December 31, 2023.
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|
● |
The consolidated total risk-based capital ratio, common equity tier 1 risk-based capital ratio, and tier 1 leverage ratio at December 31, 2023 were 16.74%, 12.41%,
and 11.33%, respectively. These ratios significantly exceeded the minimum regulatory levels necessary to be deemed “well-capitalized”.
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Full Year 2024 Highlights
|
● |
Full year net income of $49.7 million in 2024, compared to $62.7 million in 2023.
|
|
● |
Diluted earnings per share of $2.92 in 2024, compared to $3.62 in 2023.
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|
● |
The Bank’s wholly-owned subsidiary, Windmark Insurance Agency, Inc. (“Windmark”), was sold in the second quarter of 2023 for $36.1 million, resulting in a gain, net
of related charges and taxes, of $22.9 million or $1.32 of diluted earnings per share.
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|
● |
Loans held for investment grew $40.9 million, or 1.4%, during 2024.
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|
● |
Total assets were $4.23 billion at December 31, 2024, compared to $4.20 billion at December 31, 2023.
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|
● |
Return on average assets of 1.17% for the full year 2024, compared to 1.54% for 2023.
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Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “I am very proud of our performance this past year as we successfully navigated a
challenging environment with a focus on delivering strong financial results. We tightly managed our liquidity to optimize our profitability and return metrics while maintaining our conservative approach to underwriting and risk management. We have
also managed the anticipated decline in our indirect auto portfolio as well as a heightened level of loan payoffs and paydowns that has obscured the strong, underlying loan production that has built through the year. Importantly, we are seeing a
growing level of optimism across our customer base that is translating into the strongest new business production pipeline that we have seen in more than two years. This bodes positively for the year ahead where we expect to deliver low to
mid-single digit loan growth for the full year 2025. Additionally, we are seeing deposit pricing fall across our markets which contributed to our strong margin expansion in the fourth quarter.”
Results of Operations, Quarter Ended December 31, 2024
Net Interest Income
Net interest income was $38.5 million for the fourth quarter of 2024, compared to $37.3 million for the third quarter of 2024 and $35.2 million for the
fourth quarter of 2023. Net interest margin, calculated on a tax-equivalent basis, was 3.75% for the fourth quarter of 2024, compared to 3.65% for the third quarter of 2024 and 3.52% for the fourth quarter of 2023. The average yield on loans was
6.69% for the fourth quarter of 2024, compared to 6.68% for the third quarter of 2024 and 6.29% for the fourth quarter of 2023. The average cost of deposits was 229 basis points for the fourth quarter of 2024, which is 18 basis points lower than
the third quarter of 2024 and 5 basis points higher than the fourth quarter of 2023.
Interest income was $61.3 million for the fourth quarter of 2024, compared to $61.6 million for the third quarter of 2024 and $57.2 million for the
fourth quarter of 2023. Interest income decreased $316 thousand in the fourth quarter of 2024 from the third quarter of 2024, which was primarily comprised of a decrease of $243 thousand in loan interest income. The decline in loan interest income
was due primarily to a decrease in average loans of $20.2 million. Interest income increased $4.1 million in the fourth quarter of 2024 compared to the fourth quarter of 2023. This increase was primarily due to an increase of average loans of $30.5
million and higher loan interest rates during the period, resulting in growth of $3.4 million in loan interest income.
Interest expense was $22.8 million for the fourth quarter of 2024, compared to $24.3 million for the third quarter of 2024 and $22.1 million for the
fourth quarter of 2023. Interest expense decreased $1.6 million compared to the third quarter of 2024 and increased $702 thousand compared to the fourth quarter of 2023. The $1.6 million decrease was primarily as a result of a 24 basis point
decline in the cost of interest-bearing deposits. The $702 thousand increase was primarily a result of growth in average interest-bearing deposits of $136.0 million.
Noninterest Income and Noninterest Expense
Noninterest income was $13.3 million for the fourth quarter of 2024, compared to $10.6 million for the third quarter of 2024 and $9.1 million for the
fourth quarter of 2023. The increase from the third quarter of 2024 was primarily due to an increase of $3.1 million in mortgage banking revenues, mainly from an increase of $3.5 million in the fair value adjustment of the mortgage servicing rights
assets as interest rates that affect the value increased in the fourth quarter of 2024. This growth was partially offset by approximately $700 thousand in insurance proceeds received for property damage in the third quarter of 2024. The increase in
noninterest income for the fourth quarter of 2024 as compared to the fourth quarter of 2023 was primarily due to an increase of $3.3 million in mortgage banking activities revenue mainly from a rise of $3.0 million in the fair value adjustment of
the mortgage servicing rights assets as interest rates that affect the value increased in the fourth quarter of 2024.
Noninterest expense was $29.9 million for the fourth quarter of 2024, compared to $33.1 million for the third quarter of 2024 and $30.6 million for the
fourth quarter of 2023. The $3.2 million decrease from the third quarter of 2024 was largely the result of a decline of $1.4 million in personnel expenses, primarily from decreased health insurance costs of $668 thousand, as annual rebates were
received in the fourth quarter, and a reduction of $400 thousand in mortgage commissions as mortgage activity slowed in the fourth quarter. There were also decreases in net occupancy expense, professional service expenses, and the ineffectiveness
related to fair value hedges on municipal securities. The decrease in noninterest expense for the fourth quarter of 2024 as compared to the fourth quarter of 2023 was largely the result of a decrease of $593 thousand in personnel expenses, related
to the decline in health insurance costs previously noted.
Loan Portfolio and Composition
Loans held for investment were $3.06 billion as of December 31, 2024, compared to $3.04 billion as of September 30, 2024 and $3.01 billion as of
December 31, 2023. The $17.7 million, or 2.3% annualized, increase during the fourth quarter of 2024 as compared to the third quarter of 2024 occurred primarily as a result of organic loan growth experienced in commercial owner-occupied real estate
loans. As of December 31, 2024, loans held for investment increased $40.9 million, or 1.4%, from December 31, 2023, primarily attributable to organic loan growth, occurring mainly in multi-family property loans, direct-energy loans, commercial
owner-occupied real estate loans, and single-family property loans, partially offset by decreases in consumer auto loans and construction, land, and development loans.
Deposits and Borrowings
Deposits totaled $3.62 billion as of December 31, 2024, compared to $3.72 billion as of September 30, 2024 and $3.63 billion as of December 31, 2023.
Deposits decreased by $94.8 million, or 2.6%, in the fourth quarter of 2024 from September 30, 2024. As of December 31, 2024, deposits were essentially unchanged, from December 31, 2023. Noninterest-bearing deposits were $935.5 million as of
December 31, 2024, compared to $998.5 million as of September 30, 2024 and $974.2 million as of December 31, 2023. Noninterest-bearing deposits represented 25.8% of total deposits as of December 31, 2024. The quarterly change in total deposits was
mainly due to the seasonal decline in escrow accounts of approximately $35 million and a planned reduction of approximately $50 million in customer sweep deposits as part of balance sheet management. Deposits were essentially unchanged,
year-over-year, with an increase in interest-bearing deposits offset by a decline in noninterest-bearing deposits.
Asset Quality
The Company recorded a provision for credit losses in the fourth quarter of 2024 of $1.2 million, compared to $495 thousand in the third quarter of
2024 and $600 thousand in the fourth quarter of 2023. The provision during the fourth quarter of 2024 was largely attributable to net charge-off activity and increased loan balances.
The ratio of allowance for credit losses to loans held for investment was 1.42% as of December 31, 2024, compared to 1.41% as of September 30, 2024 and
1.41% as of December 31, 2023.
The ratio of nonperforming assets to total assets was 0.58% as of December 31, 2024, compared to 0.59% as of September 30, 2024 and 0.14% as of
December 31, 2023. Annualized net charge-offs were 0.11% for the fourth quarter of 2024, compared to 0.11% for the third quarter of 2024 and 0.08% for the fourth quarter of 2023.
Capital
Book value per share decreased to $26.67 at December 31, 2024, compared to $27.04 at September 30, 2024. The change was primarily driven by a decrease
in accumulated other comprehensive income (“AOCI”) of $18.2 million, partially offset by $14.0 million of net income after dividends paid. The decrease in AOCI was attributed to the after-tax decrease in fair value of our available for sale
securities, net of fair value hedges, as a result of increases in long-term market interest rates during the period. The tangible common equity to tangible assets ratio (non-GAAP) increased 15 basis points to 9.92% in the fourth quarter of 2024.
Conference Call
South Plains will host a conference call to discuss its fourth quarter and year-end 2024 financial results today, January 24, 2025, at 10:00 a.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 13750452. The replay will be available until February 7, 2025.
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, New Mexico market. 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 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 Share, Tangible Common Equity to Tangible Assets, 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 Litigation Reform Act of 1995. These
forward-looking statements reflect South Plains’ current views with respect to future events and South Plains’ financial performance. 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, the impact on us and our customers of a decline in general economic conditions and any regulatory responses thereto; potential recession in the United States and our market areas; the impacts related to or resulting from
uncertainty in the banking industry as a whole; increased competition for deposits in our market areas and related changes in deposit customer behavior; the impact of changes in market interest rates, whether due to a continuation of the elevated
interest rate environment or further reductions in interest rates and a resulting decline in net interest income; the lingering inflationary pressures, and the risk of the resurgence of elevated levels of inflation, in the United States and our
market areas; the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; increases in unemployment rates in the United States and our market areas;
declines in commercial real estate values and prices; uncertainty regarding United States fiscal debt, deficit and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure,
or those of our third-party vendors or other service providers, including as a result of cyber attacks; severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events; the impact of changes in U.S.
presidential administrations or Congress, including potential changes in U.S. and international trade policies and the resulting impact on the Company and its customers; competition and market expansion opportunities; changes in non-interest
expenditures or in the anticipated benefits of such expenditures; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; potential costs related to
the impacts of climate change; current or future litigation, regulatory examinations or other legal and/or regulatory actions; 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 Reports on Form 10-Q on file with the SEC, including the sections entitled “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” of such documents, and other documents South Plains files or furnishes with the SEC from time to time, which are available on the SEC’s website, www.sec.gov.
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, the Company can give no assurance that the results contemplated in the forward-looking
statements will be realized and 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 applicable law.
All forward-looking statements, express or implied, included in the press release are qualified in their entirety by this cautionary statement.
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Contact:
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Mikella Newsom, Chief Risk Officer and Secretary
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(866) 771-3347
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investors@city.bank
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Source: South Plains Financial, Inc.
South Plains Financial, Inc.
Consolidated Financial Highlights - (Unaudited)
(Dollars in thousands, except share data)
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As of and for the quarter ended
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| |
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December 31,
2024
|
|
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September 30,
2024
|
|
|
June 30,
2024
|
|
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March 31,
2024
|
|
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December 31,
2023
|
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|
Selected Income Statement Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
$
|
61,324
|
|
|
$
|
61,640
|
|
|
$
|
59,208
|
|
|
$
|
58,727
|
|
|
$
|
57,236
|
|
|
Interest expense
|
|
|
22,776
|
|
|
|
24,346
|
|
|
|
23,320
|
|
|
|
23,359
|
|
|
|
22,074
|
|
|
Net interest income
|
|
|
38,548
|
|
|
|
37,294
|
|
|
|
35,888
|
|
|
|
35,368
|
|
|
|
35,162
|
|
|
Provision for credit losses
|
|
|
1,200
|
|
|
|
495
|
|
|
|
1,775
|
|
|
|
830
|
|
|
|
600
|
|
|
Noninterest income
|
|
|
13,319
|
|
|
|
10,635
|
|
|
|
12,709
|
|
|
|
11,409
|
|
|
|
9,146
|
|
|
Noninterest expense
|
|
|
29,948
|
|
|
|
33,128
|
|
|
|
32,572
|
|
|
|
31,930
|
|
|
|
30,597
|
|
|
Income tax expense
|
|
|
4,222
|
|
|
|
3,094
|
|
|
|
3,116
|
|
|
|
3,143
|
|
|
|
2,787
|
|
|
Net income
|
|
|
16,497
|
|
|
|
11,212
|
|
|
|
11,134
|
|
|
|
10,874
|
|
|
|
10,324
|
|
|
Per Share Data (Common Stock):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings, basic
|
|
$
|
1.01
|
|
|
$
|
0.68
|
|
|
$
|
0.68
|
|
|
$
|
0.66
|
|
|
$
|
0.63
|
|
|
Net earnings, diluted
|
|
|
0.96
|
|
|
|
0.66
|
|
|
|
0.66
|
|
|
|
0.64
|
|
|
|
0.61
|
|
|
Cash dividends declared and paid
|
|
|
0.15
|
|
|
|
0.14
|
|
|
|
0.14
|
|
|
|
0.13
|
|
|
|
0.13
|
|
|
Book value
|
|
|
26.67
|
|
|
|
27.04
|
|
|
|
25.45
|
|
|
|
24.87
|
|
|
|
24.80
|
|
|
Tangible book value (non-GAAP)
|
|
|
25.40
|
|
|
|
25.75
|
|
|
|
24.15
|
|
|
|
23.56
|
|
|
|
23.47
|
|
|
Weighted average shares outstanding, basic
|
|
|
16,400,361
|
|
|
|
16,386,079
|
|
|
|
16,425,360
|
|
|
|
16,429,919
|
|
|
|
16,443,908
|
|
|
Weighted average shares outstanding, dilutive
|
|
|
17,161,646
|
|
|
|
17,056,959
|
|
|
|
16,932,077
|
|
|
|
16,938,857
|
|
|
|
17,008,892
|
|
|
Shares outstanding at end of period
|
|
|
16,455,826
|
|
|
|
16,386,627
|
|
|
|
16,424,021
|
|
|
|
16,431,755
|
|
|
|
16,417,099
|
|
|
Selected Period End Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
359,082
|
|
|
$
|
471,167
|
|
|
$
|
298,006
|
|
|
$
|
371,939
|
|
|
$
|
330,158
|
|
|
Investment securities
|
|
|
577,240
|
|
|
|
606,889
|
|
|
|
591,031
|
|
|
|
599,869
|
|
|
|
622,762
|
|
|
Total loans held for investment
|
|
|
3,055,054
|
|
|
|
3,037,375
|
|
|
|
3,094,273
|
|
|
|
3,011,799
|
|
|
|
3,014,153
|
|
|
Allowance for credit losses
|
|
|
43,237
|
|
|
|
42,886
|
|
|
|
43,173
|
|
|
|
42,174
|
|
|
|
42,356
|
|
|
Total assets
|
|
|
4,232,239
|
|
|
|
4,337,659
|
|
|
|
4,220,936
|
|
|
|
4,218,993
|
|
|
|
4,204,793
|
|
|
Interest-bearing deposits
|
|
|
2,685,366
|
|
|
|
2,720,880
|
|
|
|
2,672,948
|
|
|
|
2,664,397
|
|
|
|
2,651,952
|
|
|
Noninterest-bearing deposits
|
|
|
935,510
|
|
|
|
998,480
|
|
|
|
951,565
|
|
|
|
974,174
|
|
|
|
974,201
|
|
|
Total deposits
|
|
|
3,620,876
|
|
|
|
3,719,360
|
|
|
|
3,624,513
|
|
|
|
3,638,571
|
|
|
|
3,626,153
|
|
|
Borrowings
|
|
|
110,354
|
|
|
|
110,307
|
|
|
|
110,261
|
|
|
|
110,214
|
|
|
|
110,168
|
|
|
Total stockholders’ equity
|
|
|
438,949
|
|
|
|
443,122
|
|
|
|
417,985
|
|
|
|
408,712
|
|
|
|
407,114
|
|
|
Summary Performance Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets (annualized)
|
|
|
1.53
|
%
|
|
|
1.05
|
%
|
|
|
1.07
|
%
|
|
|
1.04
|
%
|
|
|
0.99
|
%
|
|
Return on average equity (annualized)
|
|
|
14.88
|
%
|
|
|
10.36
|
%
|
|
|
10.83
|
%
|
|
|
10.72
|
%
|
|
|
10.52
|
%
|
|
Net interest margin (1)
|
|
|
3.75
|
%
|
|
|
3.65
|
%
|
|
|
3.63
|
%
|
|
|
3.56
|
%
|
|
|
3.52
|
%
|
|
Yield on loans
|
|
|
6.69
|
%
|
|
|
6.68
|
%
|
|
|
6.60
|
%
|
|
|
6.53
|
%
|
|
|
6.29
|
%
|
|
Cost of interest-bearing deposits
|
|
|
3.12
|
%
|
|
|
3.36
|
%
|
|
|
3.33
|
%
|
|
|
3.27
|
%
|
|
|
3.14
|
%
|
|
Efficiency ratio
|
|
|
57.50
|
%
|
|
|
68.80
|
%
|
|
|
66.72
|
%
|
|
|
67.94
|
%
|
|
|
68.71
|
%
|
|
Summary Credit Quality Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans
|
|
$
|
24,023
|
|
|
$
|
24,693
|
|
|
$
|
23,452
|
|
|
$
|
3,380
|
|
|
$
|
5,178
|
|
|
Nonperforming loans to total loans held for investment
|
|
|
0.79
|
%
|
|
|
0.81
|
%
|
|
|
0.76
|
%
|
|
|
0.11
|
%
|
|
|
0.17
|
%
|
|
Other real estate owned
|
|
|
530
|
|
|
|
973
|
|
|
|
755
|
|
|
|
862
|
|
|
|
912
|
|
|
Nonperforming assets to total assets
|
|
|
0.58
|
%
|
|
|
0.59
|
%
|
|
|
0.57
|
%
|
|
|
0.10
|
%
|
|
|
0.14
|
%
|
|
Allowance for credit losses to total loans held for investment
|
|
|
1.42
|
%
|
|
|
1.41
|
%
|
|
|
1.40
|
%
|
|
|
1.40
|
%
|
|
|
1.41
|
%
|
|
Net charge-offs to average loans outstanding (annualized)
|
|
|
0.11
|
%
|
|
|
0.11
|
%
|
|
|
0.10
|
%
|
|
|
0.13
|
%
|
|
|
0.08
|
%
|
| |
|
As of and for the quarter ended
|
|
| |
|
December 31
2024
|
|
|
September 30,
2024
|
|
|
June 30,
2024
|
|
|
March 31,
2024
|
|
|
December 31,
2023
|
|
|
Capital Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity to total assets
|
|
|
10.37
|
%
|
|
|
10.22
|
%
|
|
|
9.90
|
%
|
|
|
9.69
|
%
|
|
|
9.68
|
%
|
|
Tangible common equity to tangible assets (non-GAAP)
|
|
|
9.92
|
%
|
|
|
9.77
|
%
|
|
|
9.44
|
%
|
|
|
9.22
|
%
|
|
|
9.21
|
%
|
|
Common equity tier 1 to risk-weighted assets
|
|
|
13.53
|
%
|
|
|
13.25
|
%
|
|
|
12.61
|
%
|
|
|
12.67
|
%
|
|
|
12.41
|
%
|
|
Tier 1 capital to average assets
|
|
|
12.04
|
%
|
|
|
11.76
|
%
|
|
|
11.81
|
%
|
|
|
11.51
|
%
|
|
|
11.33
|
%
|
|
Total capital to risk-weighted assets
|
|
|
17.86
|
%
|
|
|
17.61
|
%
|
|
|
16.86
|
%
|
|
|
17.00
|
%
|
|
|
16.74
|
%
|
| (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
|
|
| |
|
December 31, 2024
|
|
|
December 31, 2023
|
|
| |
|
|
|
|
|
|
| |
|
Average
Balance
|
|
|
Interest
|
|
|
Yield/Rate
|
|
|
Average
Balance
|
|
|
Interest
|
|
|
Yield/Rate
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
3,049,718
|
|
|
$
|
51,270
|
|
|
|
6.69
|
%
|
|
$
|
3,019,228
|
|
|
$
|
47,903
|
|
|
|
6.29
|
%
|
|
Debt securities - taxable
|
|
|
518,646
|
|
|
|
4,994
|
|
|
|
3.83
|
%
|
|
|
560,143
|
|
|
|
5,563
|
|
|
|
3.94
|
%
|
|
Debt securities - nontaxable
|
|
|
154,203
|
|
|
|
1,014
|
|
|
|
2.62
|
%
|
|
|
157,341
|
|
|
|
1,032
|
|
|
|
2.60
|
%
|
|
Other interest-bearing assets
|
|
|
390,090
|
|
|
|
4,267
|
|
|
|
4.35
|
%
|
|
|
255,454
|
|
|
|
2,963
|
|
|
|
4.60
|
%
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning assets
|
|
|
4,112,657
|
|
|
|
61,545
|
|
|
|
5.95
|
%
|
|
|
3,992,166
|
|
|
|
57,461
|
|
|
|
5.71
|
%
|
|
Noninterest-earning assets
|
|
|
189,422
|
|
|
|
|
|
|
|
|
|
|
|
156,541
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
4,302,079
|
|
|
|
|
|
|
|
|
|
|
$
|
4,148,707
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities & stockholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, Savings, MMDA’s
|
|
$
|
2,249,062
|
|
|
|
16,570
|
|
|
|
2.93
|
%
|
|
$
|
2,201,190
|
|
|
|
16,894
|
|
|
|
3.04
|
%
|
|
Time deposits
|
|
|
445,173
|
|
|
|
4,566
|
|
|
|
4.08
|
%
|
|
|
357,067
|
|
|
|
3,325
|
|
|
|
3.69
|
%
|
|
Short-term borrowings
|
|
|
3
|
|
|
|
-
|
|
|
|
0.00
|
%
|
|
|
3
|
|
|
|
-
|
|
|
|
0.00
|
%
|
|
Notes payable & other long-term borrowings
|
|
|
-
|
|
|
|
-
|
|
|
|
0.00
|
%
|
|
|
-
|
|
|
|
-
|
|
|
|
0.00
|
%
|
|
Subordinated debt
|
|
|
63,938
|
|
|
|
834
|
|
|
|
5.19
|
%
|
|
|
73,740
|
|
|
|
981
|
|
|
|
5.28
|
%
|
|
Junior subordinated deferrable interest debentures
|
|
|
46,393
|
|
|
|
806
|
|
|
|
6.91
|
%
|
|
|
46,393
|
|
|
|
874
|
|
|
|
7.47
|
%
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing liabilities
|
|
|
2,804,569
|
|
|
|
22,776
|
|
|
|
3.23
|
%
|
|
|
2,678,393
|
|
|
|
22,074
|
|
|
|
3.27
|
%
|
|
Demand deposits
|
|
|
978,742
|
|
|
|
|
|
|
|
|
|
|
|
1,021,091
|
|
|
|
|
|
|
|
|
|
|
Other liabilities
|
|
|
77,732
|
|
|
|
|
|
|
|
|
|
|
|
59,808
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity
|
|
|
441,036
|
|
|
|
|
|
|
|
|
|
|
|
389,415
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities & stockholders’ equity
|
|
$
|
4,302,079
|
|
|
|
|
|
|
|
|
|
|
$
|
4,148,707
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
|
|
|
$
|
38,769
|
|
|
|
|
|
|
|
|
|
|
$
|
35,387
|
|
|
|
|
|
|
Net interest margin (2)
|
|
|
|
|
|
|
|
|
|
|
3.75
|
%
|
|
|
|
|
|
|
|
|
|
|
3.52
|
%
|
| (1) |
Average loan balances include nonaccrual loans and loans held for sale.
|
| (2) |
Net interest margin is calculated as the annualized 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 Twelve Months Ended
|
|
| |
|
December 31, 2024
|
|
|
December 31, 2023
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average
Balance
|
|
|
Interest
|
|
|
Yield/Rate
|
|
|
Average
Balance
|
|
|
Interest
|
|
|
Yield/Rate
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
3,054,189
|
|
|
$
|
202,301
|
|
|
|
6.62
|
%
|
|
$
|
2,924,473
|
|
|
$
|
176,627
|
|
|
|
6.04
|
%
|
|
Debt securities - taxable
|
|
|
532,730
|
|
|
|
21,090
|
|
|
|
3.96
|
%
|
|
|
570,655
|
|
|
|
21,590
|
|
|
|
3.78
|
%
|
|
Debt securities - nontaxable
|
|
|
155,168
|
|
|
|
4,076
|
|
|
|
2.63
|
%
|
|
|
185,205
|
|
|
|
4,901
|
|
|
|
2.65
|
%
|
|
Other interest-bearing assets
|
|
|
312,917
|
|
|
|
14,319
|
|
|
|
4.58
|
%
|
|
|
223,152
|
|
|
|
9,973
|
|
|
|
4.47
|
%
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning assets
|
|
|
4,055,004
|
|
|
|
241,786
|
|
|
|
5.96
|
%
|
|
|
3,903,485
|
|
|
|
213,091
|
|
|
|
5.46
|
%
|
|
Noninterest-earning assets
|
|
|
179,527
|
|
|
|
|
|
|
|
|
|
|
|
176,495
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
4,234,531
|
|
|
|
|
|
|
|
|
|
|
$
|
4,079,980
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities & stockholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, Savings, MMDA’s
|
|
$
|
2,250,942
|
|
|
|
70,362
|
|
|
|
3.13
|
%
|
|
$
|
2,117,985
|
|
|
|
55,423
|
|
|
|
2.62
|
%
|
|
Time deposits
|
|
|
411,028
|
|
|
|
16,719
|
|
|
|
4.07
|
%
|
|
|
321,205
|
|
|
|
9,564
|
|
|
|
2.98
|
%
|
|
Short-term borrowings
|
|
|
3
|
|
|
|
-
|
|
|
|
0.00
|
%
|
|
|
84
|
|
|
|
5
|
|
|
|
5.95
|
%
|
|
Notes payable & other long-term borrowings
|
|
|
-
|
|
|
|
-
|
|
|
|
0.00
|
%
|
|
|
-
|
|
|
|
-
|
|
|
|
0.00
|
%
|
|
Subordinated debt
|
|
|
63,868
|
|
|
|
3,339
|
|
|
|
5.23
|
%
|
|
|
75,458
|
|
|
|
4,018
|
|
|
|
5.32
|
%
|
|
Junior subordinated deferrable interest debentures
|
|
|
46,393
|
|
|
|
3,381
|
|
|
|
7.29
|
%
|
|
|
46,393
|
|
|
|
3,276
|
|
|
|
7.06
|
%
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing liabilities
|
|
|
2,772,234
|
|
|
|
93,801
|
|
|
|
3.38
|
%
|
|
|
2,561,125
|
|
|
|
72,286
|
|
|
|
2.82
|
%
|
|
Demand deposits
|
|
|
968,307
|
|
|
|
|
|
|
|
|
|
|
|
1,069,280
|
|
|
|
|
|
|
|
|
|
|
Other liabilities
|
|
|
70,777
|
|
|
|
|
|
|
|
|
|
|
|
71,102
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity
|
|
|
423,213
|
|
|
|
|
|
|
|
|
|
|
|
378,473
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities & stockholders’ equity
|
|
$
|
4,234,531
|
|
|
|
|
|
|
|
|
|
|
$
|
4,079,980
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
|
|
|
$
|
147,985
|
|
|
|
|
|
|
|
|
|
|
$
|
140,805
|
|
|
|
|
|
|
Net interest margin (2)
|
|
|
|
|
|
|
|
|
|
|
3.65
|
%
|
|
|
|
|
|
|
|
|
|
|
3.61
|
%
|
| (1) |
Average loan balances include nonaccrual loans and loans held for sale.
|
| (2) |
Net interest margin is calculated as the annualized net interest 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
|
|
| |
|
December 31,
2024
|
|
|
December 31,
2023
|
|
| |
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
$
|
54,114
|
|
|
$
|
62,821
|
|
|
Interest-bearing deposits in banks
|
|
|
304,968
|
|
|
|
267,337
|
|
|
Securities available for sale
|
|
|
577,240
|
|
|
|
622,762
|
|
|
Loans held for sale
|
|
|
20,542
|
|
|
|
14,499
|
|
|
Loans held for investment
|
|
|
3,055,054
|
|
|
|
3,014,153
|
|
|
Less: Allowance for credit losses
|
|
|
(43,237
|
)
|
|
|
(42,356
|
)
|
|
Net loans held for investment
|
|
|
3,011,817
|
|
|
|
2,971,797
|
|
|
Premises and equipment, net
|
|
|
52,951
|
|
|
|
55,070
|
|
|
Goodwill
|
|
|
19,315
|
|
|
|
19,315
|
|
|
Intangible assets
|
|
|
1,720
|
|
|
|
2,429
|
|
|
Mortgage servicing rights
|
|
|
26,292
|
|
|
|
26,569
|
|
|
Other assets
|
|
|
163,280
|
|
|
|
162,194
|
|
|
Total assets
|
|
$
|
4,232,239
|
|
|
$
|
4,204,793
|
|
| |
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits
|
|
$
|
935,510
|
|
|
$
|
974,201
|
|
|
Interest-bearing deposits
|
|
|
2,685,366
|
|
|
|
2,651,952
|
|
|
Total deposits
|
|
|
3,620,876
|
|
|
|
3,626,153
|
|
|
Subordinated debt
|
|
|
63,961
|
|
|
|
63,775
|
|
|
Junior subordinated deferrable interest debentures
|
|
|
46,393
|
|
|
|
46,393
|
|
|
Other liabilities
|
|
|
62,060
|
|
|
|
61,358
|
|
|
Total liabilities
|
|
|
3,793,290
|
|
|
|
3,797,679
|
|
|
Stockholders’ Equity
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
16,456
|
|
|
|
16,417
|
|
|
Additional paid-in capital
|
|
|
97,287
|
|
|
|
97,107
|
|
|
Retained earnings
|
|
|
385,827
|
|
|
|
345,264
|
|
|
Accumulated other comprehensive income (loss)
|
|
|
(60,621
|
)
|
|
|
(51,674
|
)
|
|
Total stockholders’ equity
|
|
|
438,949
|
|
|
|
407,114
|
|
|
Total liabilities and stockholders’ equity
|
|
$
|
4,232,239
|
|
|
$
|
4,204,793
|
|
South Plains Financial, Inc.
Consolidated Statements of Income
(Unaudited)
(Dollars in thousands)
| |
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
| |
|
December 31,
2024
|
|
|
December 31,
2023
|
|
|
December 31,
2024
|
|
|
December 31,
2023
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees
|
|
$
|
51,262
|
|
|
$
|
47,895
|
|
|
$
|
202,270
|
|
|
$
|
176,598
|
|
|
Other
|
|
|
10,062
|
|
|
|
9,341
|
|
|
|
38,629
|
|
|
|
35,435
|
|
|
Total interest income
|
|
|
61,324
|
|
|
|
57,236
|
|
|
|
240,899
|
|
|
|
212,033
|
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
21,136
|
|
|
|
20,219
|
|
|
|
87,081
|
|
|
|
64,987
|
|
|
Subordinated debt
|
|
|
834
|
|
|
|
981
|
|
|
|
3,339
|
|
|
|
4,018
|
|
|
Junior subordinated deferrable interest debentures
|
|
|
806
|
|
|
|
874
|
|
|
|
3,381
|
|
|
|
3,276
|
|
|
Other
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
5
|
|
|
Total interest expense
|
|
|
22,776
|
|
|
|
22,074
|
|
|
|
93,801
|
|
|
|
72,286
|
|
|
Net interest income
|
|
|
38,548
|
|
|
|
35,162
|
|
|
|
147,098
|
|
|
|
139,747
|
|
|
Provision for credit losses
|
|
|
1,200
|
|
|
|
600
|
|
|
|
4,300
|
|
|
|
4,610
|
|
|
Net interest income after provision for credit losses
|
|
|
37,348
|
|
|
|
34,562
|
|
|
|
142,798
|
|
|
|
135,137
|
|
|
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposits
|
|
|
2,241
|
|
|
|
1,844
|
|
|
|
8,026
|
|
|
|
7,130
|
|
|
Income from insurance activities
|
|
|
31
|
|
|
|
37
|
|
|
|
123
|
|
|
|
1,515
|
|
|
Mortgage banking activities
|
|
|
4,955
|
|
|
|
1,671
|
|
|
|
14,187
|
|
|
|
13,817
|
|
|
Bank card services and interchange fees
|
|
|
3,225
|
|
|
|
3,167
|
|
|
|
13,640
|
|
|
|
13,323
|
|
|
Gain on sale of subsidiary
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
33,778
|
|
|
Other
|
|
|
2,867
|
|
|
|
2,427
|
|
|
|
12,096
|
|
|
|
9,663
|
|
|
Total noninterest income
|
|
|
13,319
|
|
|
|
9,146
|
|
|
|
48,072
|
|
|
|
79,226
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
|
17,384
|
|
|
|
17,977
|
|
|
|
74,338
|
|
|
|
79,377
|
|
|
Net occupancy expense
|
|
|
3,901
|
|
|
|
3,856
|
|
|
|
16,105
|
|
|
|
16,102
|
|
|
Professional services
|
|
|
1,555
|
|
|
|
1,509
|
|
|
|
6,583
|
|
|
|
6,433
|
|
|
Marketing and development
|
|
|
1,153
|
|
|
|
880
|
|
|
|
3,782
|
|
|
|
3,453
|
|
|
Other
|
|
|
5,955
|
|
|
|
6,375
|
|
|
|
26,770
|
|
|
|
29,581
|
|
|
Total noninterest expense
|
|
|
29,948
|
|
|
|
30,597
|
|
|
|
127,578
|
|
|
|
134,946
|
|
|
Income before income taxes
|
|
|
20,719
|
|
|
|
13,111
|
|
|
|
63,292
|
|
|
|
79,417
|
|
|
Income tax expense
|
|
|
4,222
|
|
|
|
2,787
|
|
|
|
13,575
|
|
|
|
16,672
|
|
|
Net income
|
|
$
|
16,497
|
|
|
$
|
10,324
|
|
|
$
|
49,717
|
|
|
$
|
62,745
|
|
South Plains Financial, Inc.
Loan Composition
(Unaudited)
(Dollars in thousands)
| |
|
As of
|
|
| |
|
December 31,
2024
|
|
|
December 31,
2023
|
|
| |
|
|
|
|
|
|
|
Loans:
|
|
|
|
|
|
|
|
Commercial Real Estate
|
|
$
|
1,119,063
|
|
|
$
|
1,081,056
|
|
|
Commercial - Specialized
|
|
|
388,955
|
|
|
|
372,376
|
|
|
Commercial - General
|
|
|
557,371
|
|
|
|
517,361
|
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
1-4 Family Residential
|
|
|
566,400
|
|
|
|
534,731
|
|
|
Auto Loans
|
|
|
254,474
|
|
|
|
305,271
|
|
|
Other Consumer
|
|
|
64,936
|
|
|
|
74,168
|
|
|
Construction
|
|
|
103,855
|
|
|
|
129,190
|
|
|
Total loans held for investment
|
|
$
|
3,055,054
|
|
|
$
|
3,014,153
|
|
South Plains Financial, Inc.
Deposit Composition
(Unaudited)
(Dollars in thousands)
| |
|
As of
|
|
| |
|
December 31,
2024
|
|
|
December 31,
2023
|
|
| |
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
Noninterest-bearing deposits
|
|
$
|
935,510
|
|
|
$
|
974,201
|
|
|
NOW & other transaction accounts
|
|
|
498,718
|
|
|
|
562,066
|
|
|
MMDA & other savings
|
|
|
1,741,988
|
|
|
|
1,722,170
|
|
|
Time deposits
|
|
|
444,660
|
|
|
|
367,716
|
|
|
Total deposits
|
|
$
|
3,620,876
|
|
|
$
|
3,626,153
|
|
South Plains Financial, Inc.
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(Dollars in thousands)
| |
|
For the quarter ended
|
|
| |
|
December 31,
2024
|
|
|
September 30,
2024
|
|
|
June 30,
2024
|
|
|
March 31,
2024
|
|
|
December 31,
2023
|
|
|
Pre-tax, pre-provision income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
16,497
|
|
|
$
|
11,212
|
|
|
$
|
11,134
|
|
|
$
|
10,874
|
|
|
$
|
10,324
|
|
|
Income tax expense
|
|
|
4,222
|
|
|
|
3,094
|
|
|
|
3,116
|
|
|
|
3,143
|
|
|
|
2,787
|
|
|
Provision for credit losses
|
|
|
1,200
|
|
|
|
495
|
|
|
|
1,775
|
|
|
|
830
|
|
|
|
600
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax, pre-provision income
|
|
$
|
21,919
|
|
|
$
|
14,801
|
|
|
$
|
16,025
|
|
|
$
|
14,847
|
|
|
$
|
13,711
|
|
| |
|
As of
|
|
| |
|
December 31,
2024
|
|
|
September 30,
2024
|
|
|
June 30,
2024
|
|
|
March 31,
2024
|
|
|
December 31,
2023
|
|
|
Tangible common equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total common stockholders’ equity
|
|
$
|
438,949
|
|
|
$
|
443,122
|
|
|
$
|
$ 417,985
|
|
|
$
|
$ 408,712
|
|
|
$
|
$ 407,114
|
|
|
Less: goodwill and other intangibles
|
|
|
(21,035
|
)
|
|
|
(21,197
|
)
|
|
|
(21,379
|
)
|
|
|
(21,562
|
)
|
|
|
(21,744
|
)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
|
|
$
|
417,914
|
|
|
$
|
421,925
|
|
|
$
|
$ 396,606
|
|
|
$
|
$ 387,150
|
|
|
$
|
$ 385,370
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
4,232,239
|
|
|
$
|
4,337,659
|
|
|
$
|
$ 4,220,936
|
|
|
$
|
$ 4,218,993
|
|
|
$
|
$ 4,204,793
|
|
|
Less: goodwill and other intangibles
|
|
|
(21,035
|
)
|
|
|
(21,197
|
)
|
|
|
(21,379
|
)
|
|
|
(21,562
|
)
|
|
|
(21,744
|
)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible assets
|
|
$
|
4,211,204
|
|
|
$
|
4,316,462
|
|
|
$
|
$ 4,199,557
|
|
|
$
|
$ 4,197,431
|
|
|
$
|
$ 4,183,049
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding
|
|
|
16,455,826
|
|
|
|
16,386,627
|
|
|
|
16,424,021
|
|
|
|
16,431,755
|
|
|
|
16,417,099
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity to total assets
|
|
|
10.37
|
%
|
|
|
10.22
|
%
|
|
|
9.90
|
%
|
|
|
9.69
|
%
|
|
|
9.68
|
%
|
|
Tangible common equity to tangible assets
|
|
|
9.92
|
%
|
|
|
9.77
|
%
|
|
|
9.44
|
%
|
|
|
9.22
|
%
|
|
|
9.21
|
%
|
|
Book value per share
|
|
$
|
26.67
|
|
|
$
|
27.04
|
|
|
$
|
25.45
|
|
|
$
|
24.87
|
|
|
$
|
24.80
|
|
|
Tangible book value per share
|
|
$
|
25.40
|
|
|
$
|
25.75
|
|
|
$
|
24.15
|
|
|
$
|
23.56
|
|
|
$
|
23.47
|
|
