Exhibit 99.1
South Plains Financial, Inc. Reports Third Quarter 2024 Financial Results
LUBBOCK, Texas, October 23, 2024 (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 ended September 30, 2024.
Third Quarter 2024 Highlights
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Net income for the third quarter of 2024 was $11.2 million, compared to $11.1 million for the second quarter of 2024 and $13.5 million for the third quarter of 2023.
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Diluted earnings per share for the third quarter of 2024 was $0.66, compared to $0.66 for the second quarter of 2024 and $0.78 for the third quarter of 2023.
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Average cost of deposits for the third quarter of 2024 was 247 basis points, compared to 243 basis points for the second quarter of 2024 and 207 basis points for the
third quarter of 2023.
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Net interest margin, calculated on a tax-equivalent basis, was 3.65% for the third quarter of 2024, compared to 3.63% for the second quarter of 2024 and 3.52% for the
third quarter of 2023.
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Nonperforming assets to total assets were 0.59% at September 30, 2024, compared to 0.57% at June 30, 2024 and 0.12% at September 30, 2023.
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Return on average assets for the third quarter of 2024 was 1.05% annualized, compared to 1.07% annualized for the second quarter of 2024 and 1.27% annualized for the
third quarter of 2023.
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Tangible book value (non-GAAP) per share was $25.75 as of September 30, 2024, compared to $24.15 as of June 30, 2024 and $21.07 as of September 30, 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 September 30, 2024 were 17.61%, 13.25%,
and 11.76%, respectively. These ratios significantly exceeded the minimum regulatory levels necessary to be deemed “well-capitalized”.
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Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “I’m pleased with our third quarter results, which I believe demonstrate that the Bank is
performing at a high level. We remain well capitalized and focused on managing our loan portfolio as the credit environment continues to normalize. Against this backdrop, we are maintaining our credit discipline and not stretching to chase loan
growth. We are also building liquidity as we expect the Federal Reserve to continue reducing their market interest rate to stimulate economic growth looking to the year ahead. Importantly, we are seeing a level of optimism from our customers that we
have not seen over the last seven to eight quarters and our new business production pipeline is the strongest that it has been in more than two years. Looking forward, we remain confident in the credit profile of our loan portfolio and are cautiously
optimistic that we will see loan growth accelerate in the quarters ahead. Additionally, we are beginning to see deposit cost pressures ease, which we expect will be supportive of our net interest margin as well as continued deposit growth.”
Results of Operations, Quarter Ended September 30, 2024
Net Interest Income
Net interest income was $37.3 million for the third quarter of 2024, compared to $35.9 million for the second quarter of 2024 and $35.7 million for the
third quarter of 2023. Net interest margin, calculated on a tax-equivalent basis, was 3.65% for the third quarter of 2024, compared to 3.63% for the second quarter of 2024 and 3.52% for the third quarter of 2023. The average yield on loans was 6.68%
for the third quarter of 2024, compared to 6.60% for the second quarter of 2024 and 6.10% for the third quarter of 2023. The average cost of deposits was 247 basis points for the third quarter of 2024, which is 4 basis points higher than the second
quarter of 2024 and 40 basis points higher than the third quarter of 2023.
Interest income was $61.6 million for the third quarter of 2024, compared to $59.2 million for the second quarter of 2024 and $56.5 million for the third
quarter of 2023. Interest income increased $2.4 million in the third quarter of 2024 from the second quarter of 2024, which was primarily comprised of an increase of $934 thousand in loan interest income and an increase of $1.5 million in interest
income on other interest-earning assets. The growth in loan interest income was due to a rise of 8 basis points in the yield on loans, partially offset by a decrease in average loans of $12.7 million. The increase in interest income on other
interest-earning assets was predominately a result of increased liquidity from growth in deposits and a net decrease in loans during the third quarter. Interest income increased $5.1 million in the third quarter of 2024 compared to the third quarter
of 2023. This increase was primarily due to an increase of average loans of $64.2 million and higher market interest rates during the period, resulting in growth of $5.3 million in loan interest income.
Interest expense was $24.3 million for the third quarter of 2024, compared to $23.3 million for the second quarter of 2024 and $20.8 million for the
third quarter of 2023. Interest expense increased $1.0 million compared to the second quarter of 2024 and increased $3.5 million compared to the third quarter of 2023. The $1.0 million increase was primarily as a result of growth in average
interest-bearing deposits of $64.4 million. The $3.5 million increase was primarily as a result of growth in average interest-bearing deposits of $111.2 million and a 43 basis point increase in the cost of interest-bearing liabilities.
Noninterest Income and Noninterest Expense
Noninterest income was $10.6 million for the third quarter of 2024, compared to $12.7 million for the second quarter of 2024 and $12.3 million for the
third quarter of 2023. The decrease from the second quarter of 2024 was primarily due to a decrease of $1.5 million in mortgage banking revenues, mainly from a decrease of $1.4 million in the fair value adjustment of the mortgage servicing rights
assets as interest rates that affect the value declined in the third quarter of 2024. Additionally, there was a decrease of $750 thousand in bank card services and interchange revenue mainly as a result of incentives received during the second
quarter of 2024 and a decrease of $315 thousand in income from investments in Small Business Investment Companies. The decrease in noninterest income for the third quarter of 2024 as compared to the third quarter of 2023 was primarily due to a
decrease of $2.7 million in mortgage banking activities revenue mainly from a decline of $2.7 million in the fair value adjustment of the mortgage servicing rights assets as interest rates that affect the value declined in the third quarter of 2024.
Further, there was approximately $700 thousand in insurance proceeds received for property damage in the third quarter of 2024, which affected other noninterest income in both period comparisons.
Noninterest expense was $33.1 million for the third quarter of 2024, compared to $32.6 million for the second quarter of 2024 and $31.5 million for the
third quarter of 2023. The $556 thousand increase from the second quarter of 2024 was largely the result of a rise of $226 thousand in net occupancy expenses, primarily from increased utilities, growth of $155 thousand in marketing and development
expenses, and smaller increases in other noninterest expenses - including operational and fraud losses, losses on disposal of fixed assets, settlements, and charitable donations. These increases were partially offset by a decrease of $432 thousand in
personnel costs as there was an additional $350 thousand in accrued expense in the second quarter related to incentive-based compensation. The increase in noninterest expense for the third quarter of 2024 as compared to the third quarter of 2023 was
largely the result of an increase of $274 thousand in IT and data services related to the Company’s cloud project, an increase of $247 thousand in professional services mainly from legal expenses, and smaller increases in other noninterest expenses -
including losses on disposal of fixed assets, settlements, and charitable donations.
Loan Portfolio and Composition
Loans held for investment were $3.04 billion as of September 30, 2024, compared to $3.09 billion as of June 30, 2024 and $2.99 billion as of September
30, 2023. The $56.9 million, or 1.8%, decrease during the third quarter of 2024 as compared to the second quarter of 2024 occurred primarily as a result of the expected payoff of a $16 million short-term bridge note that was originated in the second
quarter of 2024, the early payoff of a $17 million residential land development loan, and an $18 million decrease in consumer auto loans. As of September 30, 2024, loans held for investment increased $43.8 million, or 1.5%, from September 30, 2023,
primarily attributable to strong organic loan growth, occurring mainly in multi-family property loans, direct-energy 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 $3.72 billion as of September 30, 2024, compared to $3.62 billion as of June 30, 2024 and $3.62 billion as of September 30, 2023.
Deposits increased by $94.8 million, or 2.6%, in the third quarter of 2024 from June 30, 2024. As of September 30, 2024, deposits increased $98.7 million, or 2.7%, from September 30, 2023. Noninterest-bearing deposits were $998.5 million as of
September 30, 2024, compared to $951.6 million as of June 30, 2024 and $1.05 billion as of September 30, 2023. Noninterest-bearing deposits represented 26.9% of total deposits as of September 30, 2024. The quarterly change in total deposits was
mainly due to organic growth in both noninterest-bearing and interest-bearing deposits. The year-over-year increase in total deposits was primarily the result of organic growth in interest-bearing deposits, given the overall focus in the banking
industry on improving liquidity, partially offset by a decline in noninterest-bearing deposits.
Asset Quality
The Company recorded a provision for credit losses in the third quarter of 2024 of $495 thousand, compared to $1.8 million in the second quarter of 2024
and a negative provision of $700 thousand in the third quarter of 2023. The provision during the third quarter of 2024 was largely attributable to net charge-off activity, partially offset by decreased loan balances.
The ratio of allowance for credit losses to loans held for investment was 1.41% as of September 30, 2024, compared to 1.40% as of June 30, 2024 and 1.41%
as of September 30, 2023.
The ratio of nonperforming assets to total assets was 0.59% as of September 30, 2024, compared to 0.57% as of June 30, 2024 and 0.12% as of September 30,
2023. The previously disclosed $20.0 million multi-family property credit, which was placed on nonaccrual status in the second quarter of 2024 after the maturity date was accelerated, was subsequently modified during the third quarter. The
modification included more stringent credit metrics. Although the loan remains in nonaccrual status, the loan continues to pay as agreed and is showing improving credit trends. Annualized net charge-offs were 0.11% for the third quarter of 2024,
compared to 0.10% for the second quarter of 2024 and 0.05% for the third quarter of 2023.
Capital
Book value per share increased to $27.04 at September 30, 2024, compared to $25.45 at June 30, 2024. The change was primarily driven by $8.9 million of
net income after dividends paid and an increase in accumulated other comprehensive income (“AOCI”) of $16.6 million. The increase in AOCI was attributed to the after-tax increase in fair value of our available for sale securities, net of fair value
hedges, as a result of decreases in long-term market interest rates during the period. Tangible common equity to tangible assets (non-GAAP) increased 33 basis points to 9.77% in the third quarter of 2024.
Conference Call
South Plains will host a conference call to discuss its third quarter 2024 financial results today, October 23, 2024, 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 13749147. The replay will be available until November 6, 2024.
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 bank failures and any continuation of
uncertainty in the banking industry, including the associated impact to the Company and other financial institutions of any regulatory changes or other mitigation efforts taken by government agencies in response thereto; 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 the current elevated interest rate environment or future reductions in interest rates and a resulting
decline in net interest income; the resurgence of elevated levels of inflation or inflationary pressures, 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; 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 increased
regulatory requirements and costs related to the transition and physical 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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September 30,
2024
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June 30,
2024
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March 31,
2024
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December 31,
2023
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September 30,
2023
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Selected Income Statement Data:
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Interest income
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$
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61,640
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$
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59,208
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|
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$
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58,727
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|
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$
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57,236
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|
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$
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56,528
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Interest expense
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24,346
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|
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23,320
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23,359
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22,074
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|
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20,839
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Net interest income
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37,294
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35,888
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35,368
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35,162
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|
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35,689
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Provision for credit losses
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495
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1,775
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|
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830
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600
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(700
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)
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Noninterest income
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10,635
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12,709
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11,409
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9,146
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|
|
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12,277
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Noninterest expense
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33,128
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|
|
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32,572
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|
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31,930
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|
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30,597
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|
|
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31,489
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|
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Income tax expense
|
|
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3,094
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|
|
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3,116
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|
|
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3,143
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|
|
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2,787
|
|
|
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3,683
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|
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Net income
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11,212
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|
|
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11,134
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10,874
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10,324
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|
|
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13,494
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Per Share Data (Common Stock):
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Net earnings, basic
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$
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0.68
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$
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0.68
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|
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$
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0.66
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|
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$
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0.63
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|
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$
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0.80
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Net earnings, diluted
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0.66
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0.66
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0.64
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0.61
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|
|
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0.78
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Cash dividends declared and paid
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0.14
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|
|
|
0.14
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|
|
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0.13
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|
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0.13
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|
|
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0.13
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Book value
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27.04
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|
|
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25.45
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|
|
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24.87
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|
|
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24.80
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|
|
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22.39
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Tangible book value (non-GAAP)
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25.75
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|
|
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24.15
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|
|
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23.56
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|
|
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23.47
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|
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21.07
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Weighted average shares outstanding, basic
|
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16,386,079
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16,425,360
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16,429,919
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|
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16,443,908
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16,842,594
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Weighted average shares outstanding, dilutive
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17,056,959
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16,932,077
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16,938,857
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17,008,892
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17,354,182
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Shares outstanding at end of period
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16,386,627
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16,424,021
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16,431,755
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|
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16,417,099
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|
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16,600,442
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Selected Period End Balance Sheet Data:
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|
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|
|
|
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|
|
|
|
|
|
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Cash and cash equivalents
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$
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471,167
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|
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$
|
298,006
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|
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$
|
371,939
|
|
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$
|
330,158
|
|
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$
|
352,424
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|
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Investment securities
|
|
|
606,889
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|
|
|
591,031
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|
|
|
599,869
|
|
|
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622,762
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|
|
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584,969
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|
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Total loans held for investment
|
|
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3,037,375
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|
|
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3,094,273
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|
|
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3,011,799
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|
|
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3,014,153
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|
|
|
2,993,563
|
|
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Allowance for credit losses
|
|
|
42,886
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|
|
|
43,173
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|
|
|
42,174
|
|
|
|
42,356
|
|
|
|
42,075
|
|
|
Total assets
|
|
|
4,337,659
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|
|
|
4,220,936
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|
|
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4,218,993
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|
|
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4,204,793
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|
|
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4,186,440
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Interest-bearing deposits
|
|
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2,720,880
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|
|
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2,672,948
|
|
|
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2,664,397
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|
|
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2,651,952
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|
|
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2,574,361
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|
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Noninterest-bearing deposits
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|
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998,480
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|
|
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951,565
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|
|
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974,174
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|
|
|
974,201
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|
|
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1,046,253
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|
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Total deposits
|
|
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3,719,360
|
|
|
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3,624,513
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|
|
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3,638,571
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|
|
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3,626,153
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|
|
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3,620,614
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|
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Borrowings
|
|
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110,307
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|
|
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110,261
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|
|
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110,214
|
|
|
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110,168
|
|
|
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122,493
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|
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Total stockholders’ equity
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|
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443,122
|
|
|
|
417,985
|
|
|
|
408,712
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|
|
|
407,114
|
|
|
|
371,716
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|
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Summary Performance Ratios:
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
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Return on average assets (annualized)
|
|
|
1.05
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%
|
|
|
1.07
|
%
|
|
|
1.04
|
%
|
|
|
0.99
|
%
|
|
|
1.27
|
%
|
|
Return on average equity (annualized)
|
|
|
10.36
|
%
|
|
|
10.83
|
%
|
|
|
10.72
|
%
|
|
|
10.52
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%
|
|
|
14.01
|
%
|
|
Net interest margin (1)
|
|
|
3.65
|
%
|
|
|
3.63
|
%
|
|
|
3.56
|
%
|
|
|
3.52
|
%
|
|
|
3.52
|
%
|
|
Yield on loans
|
|
|
6.68
|
%
|
|
|
6.60
|
%
|
|
|
6.53
|
%
|
|
|
6.29
|
%
|
|
|
6.10
|
%
|
|
Cost of interest-bearing deposits
|
|
|
3.36
|
%
|
|
|
3.33
|
%
|
|
|
3.27
|
%
|
|
|
3.14
|
%
|
|
|
2.93
|
%
|
|
Efficiency ratio
|
|
|
68.80
|
%
|
|
|
66.72
|
%
|
|
|
67.94
|
%
|
|
|
68.71
|
%
|
|
|
65.34
|
%
|
|
Summary Credit Quality Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans
|
|
$
|
24,693
|
|
|
$
|
23,452
|
|
|
$
|
3,380
|
|
|
$
|
5,178
|
|
|
$
|
4,783
|
|
|
Nonperforming loans to total loans held for investment
|
|
|
0.81
|
%
|
|
|
0.76
|
%
|
|
|
0.11
|
%
|
|
|
0.17
|
%
|
|
|
0.16
|
%
|
|
Other real estate owned
|
|
|
973
|
|
|
|
755
|
|
|
|
862
|
|
|
|
912
|
|
|
|
242
|
|
|
Nonperforming assets to total assets
|
|
|
0.59
|
%
|
|
|
0.57
|
%
|
|
|
0.10
|
%
|
|
|
0.14
|
%
|
|
|
0.12
|
%
|
|
Allowance for credit losses to total loans held for investment
|
|
|
1.41
|
%
|
|
|
1.40
|
%
|
|
|
1.40
|
%
|
|
|
1.41
|
%
|
|
|
1.41
|
%
|
|
Net charge-offs to average loans outstanding (annualized)
|
|
|
0.11
|
%
|
|
|
0.10
|
%
|
|
|
0.13
|
%
|
|
|
0.08
|
%
|
|
|
0.05
|
%
|
| |
|
As of and for the quarter ended
|
|
| |
|
September 30
2024
|
|
|
June 30,
2024
|
|
|
March 31,
2024
|
|
|
December 31,
2023
|
|
|
September 30,
2023
|
|
|
Capital Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity to total assets
|
|
|
10.22
|
%
|
|
|
9.90
|
%
|
|
|
9.69
|
%
|
|
|
9.68
|
%
|
|
|
8.88
|
%
|
|
Tangible common equity to tangible assets (non-GAAP)
|
|
|
9.77
|
%
|
|
|
9.44
|
%
|
|
|
9.22
|
%
|
|
|
9.21
|
%
|
|
|
8.40
|
%
|
|
Common equity tier 1 to risk-weighted assets
|
|
|
13.25
|
%
|
|
|
12.61
|
%
|
|
|
12.67
|
%
|
|
|
12.41
|
%
|
|
|
12.19
|
%
|
|
Tier 1 capital to average assets
|
|
|
11.76
|
%
|
|
|
11.81
|
%
|
|
|
11.51
|
%
|
|
|
11.33
|
%
|
|
|
11.13
|
%
|
|
Total capital to risk-weighted assets
|
|
|
17.61
|
%
|
|
|
16.86
|
%
|
|
|
17.00
|
%
|
|
|
16.74
|
%
|
|
|
16.82
|
%
|
| (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, 2024
|
|
|
September 30, 2023
|
|
| |
|
|
|
|
|
|
| |
|
Average
Balance
|
|
|
Interest
|
|
|
Yield/Rate
|
|
|
Average
Balance
|
|
|
Interest
|
|
|
Yield/Rate
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
3,069,900
|
|
|
$
|
51,513
|
|
|
|
6.68
|
%
|
|
$
|
3,005,699
|
|
|
$
|
46,250
|
|
|
|
6.10
|
%
|
|
Debt securities - taxable
|
|
|
524,641
|
|
|
|
5,300
|
|
|
|
4.02
|
%
|
|
|
561,068
|
|
|
|
5,422
|
|
|
|
3.83
|
%
|
|
Debt securities - nontaxable
|
|
|
154,806
|
|
|
|
1,016
|
|
|
|
2.61
|
%
|
|
|
159,577
|
|
|
|
1,054
|
|
|
|
2.62
|
%
|
|
Other interest-bearing assets
|
|
|
336,887
|
|
|
|
4,032
|
|
|
|
4.76
|
%
|
|
|
325,201
|
|
|
|
4,031
|
|
|
|
4.92
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning assets
|
|
|
4,086,234
|
|
|
|
61,861
|
|
|
|
6.02
|
%
|
|
|
4,051,545
|
|
|
|
56,757
|
|
|
|
5.56
|
%
|
|
Noninterest-earning assets
|
|
|
172,922
|
|
|
|
|
|
|
|
|
|
|
|
177,216
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
4,259,156
|
|
|
|
|
|
|
|
|
|
|
$
|
4,228,761
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities & stockholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, Savings, MMDA’s
|
|
$
|
2,247,299
|
|
|
|
18,143
|
|
|
|
3.21
|
%
|
|
$
|
2,223,014
|
|
|
|
16,061
|
|
|
|
2.87
|
%
|
|
Time deposits
|
|
|
431,307
|
|
|
|
4,510
|
|
|
|
4.16
|
%
|
|
|
344,395
|
|
|
|
2,904
|
|
|
|
3.35
|
%
|
|
Short-term borrowings
|
|
|
3
|
|
|
|
-
|
|
|
|
0.00
|
%
|
|
|
3
|
|
|
|
-
|
|
|
|
0.00
|
%
|
|
Notes payable & other long-term borrowings
|
|
|
-
|
|
|
|
-
|
|
|
|
0.00
|
%
|
|
|
-
|
|
|
|
-
|
|
|
|
0.00
|
%
|
|
Subordinated debt
|
|
|
63,891
|
|
|
|
835
|
|
|
|
5.20
|
%
|
|
|
76,077
|
|
|
|
1,012
|
|
|
|
5.28
|
%
|
|
Junior subordinated deferrable interest debentures
|
|
|
46,393
|
|
|
|
858
|
|
|
|
7.36
|
%
|
|
|
46,393
|
|
|
|
862
|
|
|
|
7.37
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing liabilities
|
|
|
2,788,893
|
|
|
|
24,346
|
|
|
|
3.47
|
%
|
|
|
2,689,882
|
|
|
|
20,839
|
|
|
|
3.07
|
%
|
|
Demand deposits
|
|
|
976,048
|
|
|
|
|
|
|
|
|
|
|
|
1,071,175
|
|
|
|
|
|
|
|
|
|
|
Other liabilities
|
|
|
63,661
|
|
|
|
|
|
|
|
|
|
|
|
85,713
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity
|
|
|
430,554
|
|
|
|
|
|
|
|
|
|
|
|
381,991
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities & stockholders’ equity
|
|
$
|
4,259,156
|
|
|
|
|
|
|
|
|
|
|
$
|
4,228,761
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
|
|
|
$
|
37,515
|
|
|
|
|
|
|
|
|
|
|
$
|
35,918
|
|
|
|
|
|
|
Net interest margin (2)
|
|
|
|
|
|
|
|
|
|
|
3.65
|
%
|
|
|
|
|
|
|
|
|
|
|
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 Nine Months Ended
|
|
| |
|
September 30, 2024
|
|
|
September 30, 2023
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average
Balance
|
|
|
Interest
|
|
|
Yield/Rate
|
|
|
Average
Balance
|
|
|
Interest
|
|
|
Yield/Rate
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
3,055,679
|
|
|
$
|
151,031
|
|
|
|
6.60
|
%
|
|
$
|
2,892,887
|
|
|
$
|
128,724
|
|
|
|
5.95
|
%
|
|
Debt securities - taxable
|
|
|
537,425
|
|
|
|
16,096
|
|
|
|
4.00
|
%
|
|
|
574,159
|
|
|
|
16,027
|
|
|
|
3.73
|
%
|
|
Debt securities - nontaxable
|
|
|
155,489
|
|
|
|
3,062
|
|
|
|
2.63
|
%
|
|
|
194,492
|
|
|
|
3,870
|
|
|
|
2.66
|
%
|
|
Other interest-bearing assets
|
|
|
287,192
|
|
|
|
10,052
|
|
|
|
4.68
|
%
|
|
|
212,384
|
|
|
|
7,010
|
|
|
|
4.41
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning assets
|
|
|
4,035,785
|
|
|
|
180,241
|
|
|
|
5.97
|
%
|
|
|
3,873,922
|
|
|
|
155,631
|
|
|
|
5.37
|
%
|
|
Noninterest-earning assets
|
|
|
176,230
|
|
|
|
|
|
|
|
|
|
|
|
183,149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
4,212,015
|
|
|
|
|
|
|
|
|
|
|
$
|
4,057,071
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities & stockholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, Savings, MMDA’s
|
|
$
|
2,251,569
|
|
|
|
53,792
|
|
|
|
3.19
|
%
|
|
$
|
2,090,250
|
|
|
|
38,529
|
|
|
|
2.46
|
%
|
|
Time deposits
|
|
|
399,646
|
|
|
|
12,153
|
|
|
|
4.06
|
%
|
|
|
309,250
|
|
|
|
6,239
|
|
|
|
2.70
|
%
|
|
Short-term borrowings
|
|
|
3
|
|
|
|
-
|
|
|
|
0.00
|
%
|
|
|
111
|
|
|
|
5
|
|
|
|
6.02
|
%
|
|
Notes payable & other long-term borrowings
|
|
|
-
|
|
|
|
-
|
|
|
|
0.00
|
%
|
|
|
-
|
|
|
|
-
|
|
|
|
0.00
|
%
|
|
Subordinated debt
|
|
|
63,845
|
|
|
|
2,505
|
|
|
|
5.24
|
%
|
|
|
76,031
|
|
|
|
3,037
|
|
|
|
5.34
|
%
|
|
Junior subordinated deferrable interest debentures
|
|
|
46,393
|
|
|
|
2,575
|
|
|
|
7.41
|
%
|
|
|
46,393
|
|
|
|
2,402
|
|
|
|
6.92
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing liabilities
|
|
|
2,761,456
|
|
|
|
71,025
|
|
|
|
3.44
|
%
|
|
|
2,522,035
|
|
|
|
50,212
|
|
|
|
2.66
|
%
|
|
Demand deposits
|
|
|
964,829
|
|
|
|
|
|
|
|
|
|
|
|
1,085,345
|
|
|
|
|
|
|
|
|
|
|
Other liabilities
|
|
|
68,458
|
|
|
|
|
|
|
|
|
|
|
|
74,865
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity
|
|
|
417,272
|
|
|
|
|
|
|
|
|
|
|
|
374,826
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities & stockholders’ equity
|
|
$
|
4,212,015
|
|
|
|
|
|
|
|
|
|
|
$
|
4,057,071
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
|
|
|
$
|
109,216
|
|
|
|
|
|
|
|
|
|
|
$
|
105,419
|
|
|
|
|
|
|
Net interest margin (2)
|
|
|
|
|
|
|
|
|
|
|
3.61
|
%
|
|
|
|
|
|
|
|
|
|
|
3.64
|
%
|
| (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
|
|
| |
|
September 30,
2024
|
|
|
December 31,
2023
|
|
| |
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
$
|
60,863
|
|
|
$
|
62,821
|
|
|
Interest-bearing deposits in banks
|
|
|
410,304
|
|
|
|
267,337
|
|
|
Securities available for sale
|
|
|
606,889
|
|
|
|
622,762
|
|
|
Loans held for sale
|
|
|
11,389
|
|
|
|
14,499
|
|
|
Loans held for investment
|
|
|
3,037,375
|
|
|
|
3,014,153
|
|
|
Less: Allowance for credit losses
|
|
|
(42,886
|
)
|
|
|
(42,356
|
)
|
|
Net loans held for investment
|
|
|
2,994,489
|
|
|
|
2,971,797
|
|
|
Premises and equipment, net
|
|
|
53,323
|
|
|
|
55,070
|
|
|
Goodwill
|
|
|
19,315
|
|
|
|
19,315
|
|
|
Intangible assets
|
|
|
1,882
|
|
|
|
2,429
|
|
|
Mortgage servicing rights
|
|
|
24,573
|
|
|
|
26,569
|
|
|
Other assets
|
|
|
154,632
|
|
|
|
162,194
|
|
|
Total assets
|
|
$
|
4,337,659
|
|
|
$
|
4,204,793
|
|
| |
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits
|
|
$
|
998,480
|
|
|
$
|
974,201
|
|
|
Interest-bearing deposits
|
|
|
2,720,880
|
|
|
|
2,651,952
|
|
|
Total deposits
|
|
|
3,719,360
|
|
|
|
3,626,153
|
|
|
Subordinated debt
|
|
|
63,914
|
|
|
|
63,775
|
|
|
Junior subordinated deferrable interest debentures
|
|
|
46,393
|
|
|
|
46,393
|
|
|
Other liabilities
|
|
|
64,870
|
|
|
|
61,358
|
|
|
Total liabilities
|
|
|
3,894,537
|
|
|
|
3,797,679
|
|
|
Stockholders’ Equity
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
16,386
|
|
|
|
16,417
|
|
|
Additional paid-in capital
|
|
|
97,367
|
|
|
|
97,107
|
|
|
Retained earnings
|
|
|
371,782
|
|
|
|
345,264
|
|
|
Accumulated other comprehensive income (loss)
|
|
|
(42,413
|
)
|
|
|
(51,674
|
)
|
|
Total stockholders’ equity
|
|
|
443,122
|
|
|
|
407,114
|
|
|
Total liabilities and stockholders’ equity
|
|
$
|
4,337,659
|
|
|
$
|
4,204,793
|
|
South Plains Financial, Inc.
Consolidated Statements of Income
(Unaudited)
(Dollars in thousands)
| |
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
| |
|
September 30,
2024
|
|
|
September 30,
2023
|
|
|
September 30,
2024
|
|
|
September 30,
2023
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees
|
|
$
|
51,505
|
|
|
$
|
46,242
|
|
|
$
|
151,008
|
|
|
$
|
128,703
|
|
|
Other
|
|
|
10,135
|
|
|
|
10,286
|
|
|
|
28,567
|
|
|
|
26,094
|
|
|
Total interest income
|
|
|
61,640
|
|
|
|
56,528
|
|
|
|
179,575
|
|
|
|
154,797
|
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
22,653
|
|
|
|
18,965
|
|
|
|
65,945
|
|
|
|
44,768
|
|
|
Subordinated debt
|
|
|
835
|
|
|
|
1,012
|
|
|
|
2,505
|
|
|
|
3,037
|
|
|
Junior subordinated deferrable interest debentures
|
|
|
858
|
|
|
|
862
|
|
|
|
2,575
|
|
|
|
2,402
|
|
|
Other
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
5
|
|
|
Total interest expense
|
|
|
24,346
|
|
|
|
20,839
|
|
|
|
71,025
|
|
|
|
50,212
|
|
|
Net interest income
|
|
|
37,294
|
|
|
|
35,689
|
|
|
|
108,550
|
|
|
|
104,585
|
|
|
Provision for credit losses
|
|
|
495
|
|
|
|
(700
|
)
|
|
|
3,100
|
|
|
|
4,010
|
|
|
Net interest income after provision for credit losses
|
|
|
36,799
|
|
|
|
36,389
|
|
|
|
105,450
|
|
|
|
100,575
|
|
|
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposits
|
|
|
2,023
|
|
|
|
1,840
|
|
|
|
5,785
|
|
|
|
5,286
|
|
|
Income from insurance activities
|
|
|
28
|
|
|
|
30
|
|
|
|
92
|
|
|
|
1,478
|
|
|
Mortgage banking activities
|
|
|
1,890
|
|
|
|
4,602
|
|
|
|
9,232
|
|
|
|
12,146
|
|
|
Bank card services and interchange fees
|
|
|
3,302
|
|
|
|
3,157
|
|
|
|
10,415
|
|
|
|
10,156
|
|
|
Gain on sale of subsidiary
|
|
|
—
|
|
|
|
290
|
|
|
|
—
|
|
|
|
33,778
|
|
|
Other
|
|
|
3,392
|
|
|
|
2,358
|
|
|
|
9,229
|
|
|
|
7,236
|
|
|
Total noninterest income
|
|
|
10,635
|
|
|
|
12,277
|
|
|
|
34,753
|
|
|
|
70,080
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
|
18,767
|
|
|
|
18,709
|
|
|
|
56,954
|
|
|
|
61,400
|
|
|
Net occupancy expense
|
|
|
4,255
|
|
|
|
4,111
|
|
|
|
12,204
|
|
|
|
12,246
|
|
|
Professional services
|
|
|
1,807
|
|
|
|
1,560
|
|
|
|
5,028
|
|
|
|
4,924
|
|
|
Marketing and development
|
|
|
1,015
|
|
|
|
853
|
|
|
|
2,629
|
|
|
|
2,573
|
|
|
Other
|
|
|
7,284
|
|
|
|
6,256
|
|
|
|
20,815
|
|
|
|
23,206
|
|
|
Total noninterest expense
|
|
|
33,128
|
|
|
|
31,489
|
|
|
|
97,630
|
|
|
|
104,349
|
|
|
Income before income taxes
|
|
|
14,306
|
|
|
|
17,177
|
|
|
|
42,573
|
|
|
|
66,306
|
|
|
Income tax expense
|
|
|
3,094
|
|
|
|
3,683
|
|
|
|
9,353
|
|
|
|
13,885
|
|
|
Net income
|
|
$
|
11,212
|
|
|
$
|
13,494
|
|
|
$
|
33,220
|
|
|
$
|
52,421
|
|
South Plains Financial, Inc.
Loan Composition
(Unaudited)
(Dollars in thousands)
| |
|
As of
|
|
| |
|
September 30,
2024
|
|
|
December 31,
2023
|
|
| |
|
|
|
|
|
|
|
Loans:
|
|
|
|
|
|
|
|
Commercial Real Estate
|
|
$
|
1,120,448
|
|
|
$
|
1,081,056
|
|
|
Commercial - Specialized
|
|
|
406,255
|
|
|
|
372,376
|
|
|
Commercial - General
|
|
|
526,448
|
|
|
|
517,361
|
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
1-4 Family Residential
|
|
|
562,401
|
|
|
|
534,731
|
|
|
Auto Loans
|
|
|
253,509
|
|
|
|
305,271
|
|
|
Other Consumer
|
|
|
65,789
|
|
|
|
74,168
|
|
|
Construction
|
|
|
102,525
|
|
|
|
129,190
|
|
|
Total loans held for investment
|
|
$
|
3,037,375
|
|
|
$
|
3,014,153
|
|
South Plains Financial, Inc.
Deposit Composition
(Unaudited)
(Dollars in thousands)
| |
|
As of
|
|
| |
|
September 30,
2024
|
|
|
December 31,
2023
|
|
| |
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
Noninterest-bearing deposits
|
|
$
|
998,480
|
|
|
$
|
974,201
|
|
|
NOW & other transaction accounts
|
|
|
496,176
|
|
|
|
562,066
|
|
|
MMDA & other savings
|
|
|
1,780,337
|
|
|
|
1,722,170
|
|
|
Time deposits
|
|
|
444,367
|
|
|
|
367,716
|
|
|
Total deposits
|
|
$
|
3,719,360
|
|
|
$
|
3,626,153
|
|
South Plains Financial, Inc.
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(Dollars in thousands)
| |
|
For the quarter ended
|
|
| |
|
September 30,
2024
|
|
|
June 30,
2024
|
|
|
March 31,
2024
|
|
|
December 31,
2023
|
|
|
September 30,
2023
|
|
|
Pre-tax, pre-provision income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
11,212
|
|
|
$
|
11,134
|
|
|
$
|
10,874
|
|
|
$
|
10,324
|
|
|
$
|
13,494
|
|
|
Income tax expense
|
|
|
3,094
|
|
|
|
3,116
|
|
|
|
3,143
|
|
|
|
2,787
|
|
|
|
3,683
|
|
|
Provision for credit losses
|
|
|
495
|
|
|
|
1,775
|
|
|
|
830
|
|
|
|
600
|
|
|
|
(700
|
)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax, pre-provision income
|
|
$
|
14,801
|
|
|
$
|
16,025
|
|
|
$
|
14,847
|
|
|
$
|
13,711
|
|
|
$
|
16,477
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense
|
|
$
|
33,128
|
|
|
$
|
32,572
|
|
|
$
|
31,930
|
|
|
$
|
30,597
|
|
|
$
|
31,489
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
37,294
|
|
|
|
35,888
|
|
|
|
35,368
|
|
|
|
35,162
|
|
|
|
35,689
|
|
|
Tax equivalent yield adjustment
|
|
|
221
|
|
|
|
223
|
|
|
|
223
|
|
|
|
225
|
|
|
|
229
|
|
|
Noninterest income
|
|
|
10,635
|
|
|
|
12,709
|
|
|
|
11,409
|
|
|
|
9,146
|
|
|
|
12,277
|
|
|
Total income
|
|
|
48,150
|
|
|
|
48,820
|
|
|
|
47,000
|
|
|
|
44,533
|
|
|
|
48,195
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
|
|
|
68.80
|
%
|
|
|
66.72
|
%
|
|
|
67.94
|
%
|
|
|
68.71
|
%
|
|
|
65.34
|
%
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense
|
|
$
|
33,128
|
|
|
$
|
32,572
|
|
|
$
|
31,930
|
|
|
$
|
30,597
|
|
|
$
|
31,489
|
|
|
Less: Subsidiary transaction and related expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Less: net loss on sale of securities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Adjusted noninterest expense
|
|
|
33,128
|
|
|
|
32,572
|
|
|
|
31,930
|
|
|
|
30,597
|
|
|
|
31,489
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income
|
|
|
48,150
|
|
|
|
48,820
|
|
|
|
47,000
|
|
|
|
44,533
|
|
|
|
48,195
|
|
|
Less: gain on sale of subsidiary
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(290
|
)
|
|
Adjusted total income
|
|
|
48,150
|
|
|
|
48,820
|
|
|
|
47,000
|
|
|
|
44,533
|
|
|
|
47,905
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted efficiency ratio
|
|
|
68.80
|
%
|
|
|
66.72
|
%
|
|
|
67.94
|
%
|
|
|
68.71
|
%
|
|
|
65.73
|
%
|
| |
|
As of
|
|
| |
|
September 30,
2024
|
|
|
June 30,
2024
|
|
|
March 31,
2024
|
|
|
December 31,
2023
|
|
|
September 30,
2023
|
|
|
Tangible common equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total common stockholders’ equity
|
|
$
|
443,122
|
|
|
$
|
417,985
|
|
|
$
|
$ 408,712
|
|
|
$
|
$ 407,114
|
|
|
$
|
$ 371,716
|
|
|
Less: goodwill and other intangibles
|
|
|
(21,197
|
)
|
|
|
(21,379
|
)
|
|
|
(21,562
|
)
|
|
|
(21,744
|
)
|
|
|
(21,936
|
)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
|
|
$
|
421,925
|
|
|
$
|
396,606
|
|
|
$
|
$ 387,150
|
|
|
$
|
$ 385,370
|
|
|
$
|
$ 349,780
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
4,337,659
|
|
|
$
|
4,220,936
|
|
|
$
|
$ 4,218,993
|
|
|
$
|
$ 4,204,793
|
|
|
$
|
$ 4,186,440
|
|
|
Less: goodwill and other intangibles
|
|
|
(21,197
|
)
|
|
|
(21,379
|
)
|
|
|
(21,562
|
)
|
|
|
(21,744
|
)
|
|
|
(21,936
|
)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible assets
|
|
$
|
4,316,462
|
|
|
$
|
4,199,557
|
|
|
$
|
$ 4,197,431
|
|
|
$
|
$ 4,183,049
|
|
|
$
|
$ 4,164,504
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding
|
|
|
16,386,627
|
|
|
|
16,424,021
|
|
|
|
16,431,755
|
|
|
|
16,417,099
|
|
|
|
16,600,442
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity to total assets
|
|
|
10.22
|
%
|
|
|
9.90
|
%
|
|
|
9.69
|
%
|
|
|
9.68
|
%
|
|
|
8.88
|
%
|
|
Tangible common equity to tangible assets
|
|
|
9.77
|
%
|
|
|
9.44
|
%
|
|
|
9.22
|
%
|
|
|
9.21
|
%
|
|
|
8.40
|
%
|
|
Book value per share
|
|
$
|
27.04
|
|
|
$
|
25.45
|
|
|
$
|
24.87
|
|
|
$
|
24.80
|
|
|
$
|
22.39
|
|
|
Tangible book value per share
|
|
$
|
25.75
|
|
|
$
|
24.15
|
|
|
$
|
23.56
|
|
|
$
|
23.47
|
|
|
$
|
21.07
|
|