A Business at a Glance
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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, trust and mortgage services. We had total assets of $4.23 billion, gross loans held for investment of $3.06 billion, total deposits of $3.62 billion, and total shareholders’ equity of $438.
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 210M | 195M | 219M | 215M | 219M | 224M |
| Net Income | 60M | 50M | 63M | 58M | 59M | 45M |
| EPS | $3.51 | $2.92 | $3.62 | $3.23 | $3.17 | $2.47 |
| Free Cash Flow | 64M | 56M | 54M | 119M | 93M | 2.3M |
| ROIC | 12.5% | 11.3% | 15.4% | 16.3% | 14.4% | 12.3% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.00 | 8.64 | 9.33 | 10.05 | 8.58 | 0.07 |
| Dividends/Share | $0.61 | $0.54 | $0.50 | $0.44 | $0.29 | $0.14 |
| Operating Income | 7.0M | 7.7M | 5.5M | 10.0M | 5.4M | 6.2M |
| Operating Margin | 3.3% | 3.9% | 2.5% | 4.6% | 2.5% | 2.8% |
| ROE | 12.5% | 11.8% | 15.4% | 16.3% | 14.4% | 12.3% |
| Shares Outstanding | 16M | 17M | 17M | 18M | 18M | 18M |
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | |||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 148M | 161M | 224M | 219M | 215M | 219M | 195M | 210M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 5.4M | 5.3M | 6.2M | 5.4M | 10.0M | 5.5M | 7.7M | 7.0M |
| Op. Margin | 3.7% | 3.3% | 2.8% | 2.5% | 4.6% | 2.5% | 3.9% | 3.3% |
| Net Income | 29M | 29M | 45M | 59M | 58M | 63M | 50M | 60M |
| Net Margin | 19.8% | 18.1% | 20.3% | 26.7% | 27.1% | 28.7% | 25.5% | 28.5% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||||
| ROIC | 18.9% | 9.5% | 12.3% | 14.4% | 16.3% | 15.4% | 11.3% | 12.5% |
| ROE | 18.9% | 9.5% | 12.3% | 14.4% | 16.3% | 15.4% | 11.8% | 12.5% |
| ROA | 1.1% | 0.9% | 1.3% | 1.5% | 1.5% | 1.5% | 1.2% | 161.2% |
| Cash Flow | ||||||||
| Op. Cash Flow | 27M | 30M | 5.6M | 96M | 124M | 59M | 59M | 69M |
| Free Cash Flow | 24M | 26M | 2.3M | 93M | 119M | 54M | 56M | 64M |
| Owner Earnings | 22M | 24M | -2.2M | 88M | 114M | 50M | 51M | 60M |
| CapEx | 3.1M | 4.0M | 3.3M | 2.9M | 4.5M | 4.7M | 3.4M | 5.6M |
| Maint. CapEx | 5.2M | 5.2M | 6.6M | 6.4M | 7.0M | 6.4M | 6.5M | 6.5M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 5.2M | 5.2M | 6.6M | 6.4M | 7.0M | 6.4M | 6.5M | 6.5M |
| CapEx/OCF | N/A | 13.1% | 58.8% | 3.0% | 3.6% | 8.0% | 5.6% | 8.2% |
| Capital Allocation | ||||||||
| Dividends Paid | 30M | 1.1M | 2.5M | 5.4M | 8.0M | 8.7M | 9.2M | 10.0M |
| Dividend Yield | N/A | 0.4% | 1.0% | 1.4% | 1.8% | 2.1% | 1.8% | 1.4% |
| Share Buybacks | 0 | 0 | 293K | 9.2M | 23M | 18M | 1.3M | 1.3M |
| Buyback Yield | N/A | N/A | 0.1% | 1.9% | 4.8% | 3.6% | 0.2% | 0.2% |
| Stock-Based Comp | 0 | 853K | 1.3M | 1.6M | 2.8M | 2.2M | 2.3M | 2.3M |
| Debt Repayment | 2.2M | 19M | 11M | 27M | 0 | 0 | 0 | 0 |
| Balance Sheet | ||||||||
| Net Debt | -228M | -121M | -274M | N/A | N/A | N/A | N/A | -635M |
| Cash & Equiv. | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 635M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | 0.11 | 0.12 | 0.07 | 8.58 | 10.05 | 9.33 | 8.64 | 0.00 |
| Interest Coverage | 0.2 | 0.2 | 0.4 | 0.4 | 0.4 | 0.1 | 0.1 | 0.1 |
| Equity | 155M | 306M | 370M | 407M | 357M | 407M | 439M | 478M |
| Total Assets | 2.7B | 3.2B | 3.6B | 3.9B | 3.9B | 4.2B | 4.2B | 37M |
| Total Liabilities | 2.5B | 2.9B | 3.2B | 3.5B | 3.6B | 3.8B | 3.8B | 1.0B |
| Intangibles | N/A | 19M | 20M | 20M | 20M | 19M | 19M | 19M |
| Retained Earnings | 120M | 147M | 190M | 243M | 292M | 345M | 386M | 386M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | ||||||||
| EPS | 1.98 | 1.71 | 2.47 | 3.17 | 3.23 | 3.62 | 2.92 | 3.51 |
| Owner EPS | 1.47 | 1.43 | -0.12 | 4.77 | 6.32 | 2.88 | 2.97 | 3.72 |
| Book Value | 10.45 | 17.92 | 20.15 | 22.03 | 19.80 | 23.49 | 25.78 | 29.41 |
| Cash Flow/Share | 1.82 | 1.78 | 0.31 | 5.21 | 6.85 | 3.38 | 3.49 | 4.08 |
| Dividends/Share | 2.03 | 0.06 | 0.14 | 0.29 | 0.44 | 0.50 | 0.54 | 0.61 |
| Shares Out. | 14.8M | 17.1M | 18.4M | 18.5M | 18.0M | 17.3M | 17.0M | 16.2M |
| Valuation | ||||||||
| P/E Ratio | N/A | 11.1 | 7.1 | 8.2 | 8.1 | 7.9 | 11.7 | 12.6 |
| P/FCF | N/A | 12.2 | 138.4 | 5.1 | 4.0 | 9.1 | 10.4 | 11.3 |
| EV/EBIT | N/A | 38.6 | 7.6 | N/A | N/A | N/A | N/A | 12.2 |
| Price/Book | N/A | 1.1 | 0.9 | 1.2 | 1.3 | 1.2 | 1.3 | 1.5 |
| Price/Sales | N/A | 1.7 | 1.2 | 1.8 | 2.1 | 1.9 | 2.6 | 3.4 |
| FCF Yield | N/A | 8.2% | 0.7% | 19.5% | 25.2% | 10.9% | 9.6% | 8.8% |
| Market Cap | N/A | 324M | 321M | 479M | 472M | 493M | 584M | 720M |
| Avg. Price | N/A | 15.78 | 14.24 | 21.32 | 25.37 | 24.04 | 29.49 | 44.30 |
| Year-End Price | N/A | 18.96 | 17.46 | 25.91 | 26.18 | 28.42 | 34.29 | 44.30 |
SOUTH PLAINS FINANCIAL, INC. passes 3 of 9 quality checks, indicating weak fundamentals.
SOUTH PLAINS FINANCIAL, INC. trades at 12.6x trailing earnings, compared to its 15-year median P/E of 8.1x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 11.3x vs a median of 9.1x. The company's 5-year average ROIC is 13.9%. Total shareholder yield (dividends + buybacks) is 1.6%. At current prices, the estimated annualized return to fair value is +31.9%.
SOUTH PLAINS FINANCIAL, INC. (SPFI) has a current P/E ratio of 12.6, compared to its historical median P/E of 8.1. The stock is currently considered Expensive based on its historical valuation range.
SOUTH PLAINS FINANCIAL, INC. (SPFI) has a 5-year average return on invested capital (ROIC) of 13.9%. This indicates solid capital allocation.
SOUTH PLAINS FINANCIAL, INC. (SPFI) has a market capitalization of $720M. It is classified as a small-cap stock.
Yes, SOUTH PLAINS FINANCIAL, INC. (SPFI) pays a dividend with a trailing twelve-month yield of 1.38%. The company also returns capital through share buybacks, with a buyback yield of 0.19%.
Based on historical P/E analysis, SOUTH PLAINS FINANCIAL, INC. (SPFI) appears expensive. The current P/E of 12.6 is 55% above its historical median of 8.1. The estimated fair value CAGR (P/E method) is 9.7%.
SOUTH PLAINS FINANCIAL, INC. (SPFI) operates in the State Commercial Banks industry, within the Financials sector.
SOUTH PLAINS FINANCIAL, INC. (SPFI) reported annual revenue of $195 million in its most recent fiscal year, based on SEC EDGAR filings.
SOUTH PLAINS FINANCIAL, INC. (SPFI) has a net profit margin of 25.5%. This is a strong margin indicating high profitability.
SOUTH PLAINS FINANCIAL, INC. (SPFI) generated $56 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
SOUTH PLAINS FINANCIAL, INC. (SPFI) has a debt-to-equity ratio of 8.64. This indicates higher leverage, which may increase financial risk.
SOUTH PLAINS FINANCIAL, INC. (SPFI) reported earnings per share (EPS) of $2.92 in its most recent fiscal year.
SOUTH PLAINS FINANCIAL, INC. (SPFI) has a return on equity (ROE) of 11.8%. This indicates moderate shareholder returns.
The Ledger Terminal provides 7 years of financial data for SOUTH PLAINS FINANCIAL, INC. (SPFI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
SOUTH PLAINS FINANCIAL, INC. (SPFI) has a book value per share of $25.78, based on its most recent annual SEC filing.
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