South Plains Financial
South Plains Financial, headquartered in Lubbock, Texas, is the parent company of City Bank, which operates across Texas and New Mexico. The company reported a net income of $10.9 million for the first quarter of 2024 and has been recognized by Forbes and S&P Global Market Intelligence for its performance.
Headquarters and General Information
South Plains Financial is headquartered in Lubbock, Texas. It serves as the parent company of City Bank, a Texas-based community bank that has locations across Texas and New Mexico. The company provides a wide range of commercial and consumer financial services to small and medium-sized businesses as well as individuals. Principal business activities include commercial and retail banking, investment, trust, and mortgage services.
Financial Performance in First Quarter 2024
In the first quarter of 2024, South Plains Financial reported a net income of $10.9 million and diluted earnings per share of $0.64. Net interest income was $35.4 million, with interest income at $58.7 million, and interest expense at $23.4 million. Noninterest income was $11.4 million, while noninterest expense stood at $31.9 million. The company recorded a provision for credit losses amounting to $830 thousand.
Banking Metrics as of March 31, 2024
As of March 31, 2024, South Plains Financial reported several key banking metrics. The average cost of deposits during the first quarter was 241 basis points. The net interest margin was 3.56%. Nonperforming assets to total assets were recorded at 0.10%. Return on average assets was reported at 1.04% annualized. The tangible book value per share was $23.56, with the book value per share increasing to $24.87.
Capital Ratios as of March 31, 2024
The consolidated total risk-based capital ratio for South Plains Financial as of March 31, 2024, was 17.00%. The Common Equity Tier 1 risk-based capital ratio stood at 12.67%, and the Tier 1 leverage ratio was 11.51%.
Recognitions and Awards
South Plains Financial achieved notable recognitions in 2023 and 2024. It was named one of America’s Best Banks by Forbes in 2024, ranking 12th. Additionally, it was recognized as a Best Performing Community Bank for 2023 by S&P Global Market Intelligence, ranking 28th.