South Plains Financial Inc 2025年季度报告

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedMarch 31, 2025 OR South Plains Financial, Inc. (Exact name of registrant as specified in its charter) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☐Accelerated filer☒Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ As of May 1, 2025, the registrant had16,227,687shares of common stock, par value $1.00 per share, outstanding. TABLE OF CONTENTS PagePART I.FINANCIAL INFORMATION3Item 1.Consolidated Financial Statements3Consolidated Balance Sheets (Unaudited)3Consolidated Statements of Comprehensive Income (Unaudited)4Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)5Consolidated Statements of Cash Flows (Unaudited)6Notes to Consolidated Financial Statements (Unaudited)7Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations26Item 3.Quantitative and Qualitative Disclosures About Market Risk45Item 4.Controls and Procedures45PART II.OTHER INFORMATION46Item 1.Legal Proceedings46Item 1A.Risk Factors46Item 2.Unregistered Sales of Equity Securities and Use of Proceeds46Item 3.Defaults Upon Senior Securities46Item 4.Mine Safety Disclosures47Item 5.Other Information47Item 6.Exhibits48Signatures49 SOUTH PLAINS FINANCIAL, INC. AND SUBSIDIARIESCONSOLIDATEDBALANCE SHEETS(Dollars in thousands, except per share data) ASSETSCash and due from banks$56,006$54,114Interest-bearing deposits in banks480,294304,968Cash and cash equivalents536,300359,082Securities available for sale571,527577,240Loans held for sale ($11,127and $13,791at fair value at March 31, 2025 and December 31, 2024, respectively)13,93120,542Loans held for investment3,075,8603,055,054Allowance for credit losses on loans(42,968)(43,237)Loans held for investment, net3,032,8923,011,817Accrued interest receivable17,74321,687Premises and equipment, net50,87352,951Bank-owned life insurance76,45976,054Goodwill19,31519,315Intangible assets, net1,5691,720Mortgage servicing rights24,90626,292Deferred tax asset, net21,94422,840Other assets37,75042,699Total assets$4,405,209$4,232,239 SOUTH PLAINS FINANCIAL, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OFCHANGES INSTOCKHOLDERS’ EQUITY(Unaudited)(Dollars in thousands, except per share data) SOUTH PLAINS FINANCIAL, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Unaudited) 1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations– South Plains Financial, Inc. (“SPFI”) is a Texas corporation and registered bank holding company that conducts its principal activities through itssubsidiaries from offices located throughout Texas and Eastern New Mexico. Principal activities include commercial and retail banking, along with investment, trust, andmortgage services.The following were subsidiaries of SPFI as of March 31, 2025: Basis of Presentation and Consolidation–The consolidated financial statements in this Quarterly Report on Form 10-Q for the three months ended March 31, 2025 (this “Form 10-Q”) include the accounts of SPFI and its wholly-owned consolidated subsidiaries (collectively referred to as the “Company”) identified above. All significant intercompany balances and transactions have beeneliminated in consolidation. The interim consolidated financial statements in this Form 10-Q have not been audited by an independent registered public accounting firm, but in the opinion of management,reflect all adjustments necessary for a fair presentation of the Company’s financial position, results of