South Plains Financial, Inc. (NASDAQ: SPFI)

South Plains Financial, Inc. is a bank holding company headquartered in Lubbock, Texas, and its wholly owned banking subsidiary City Bank provides a wide range of commercial and consumer financial services to small and medium sized businesses and individuals in its market areas. The company’s principal business activities include commercial and retail banking, along with investment, trust and mortgage services. As of December 31, 2025, South Plains Financial, Inc. reported total assets of $4.48 billion, gross loans held for investment of $3.14 billion, total deposits of $3.87 billion, and total shareholders’ equity of $493.8 million. The bank operates 24 full service banking locations across 7 Texas and New Mexico markets and maintains 7 loan production offices focused on mortgage origination. South Plains Financial, Inc. employed approximately 603 people, consisting of 545 full time and 58 part time staff, as of the same date.

South Plains Financial, Inc. generates revenue primarily from interest income on its loan and securities portfolios, service charges on deposit accounts, and fee income from its mortgage banking, trust services, and investment services divisions. Interest income is driven by a diversified loan portfolio that includes commercial real estate, commercial and industrial, and consumer loans, while the securities portfolio consists of high grade government agency, government guaranteed mortgage backed, and municipal securities. In the year ended December 31, 2025, mortgage banking contributed $10.7 million of noninterest income, trust services contributed $2.9 million, and investment services contributed $1.7 million. The company originated $269.3 million of mortgages during that year and retained servicing on approximately 57% of those loans, resulting in $1.8 billion of mortgages under servicing for third party investors. Trust services managed approximately $435 million of assets under management and investment services administered $684.4 million of assets under management, generating the respective fee income streams. Deposits remain the primary source of funding, supplemented by borrowings from the Federal Home Loan Bank of Dallas, the Federal Reserve Bank of Dallas, and other uncollateralized lines of credit.

South Plains Financial, Inc. holds a position as 1 of the largest independent banks in West Texas and competes with a wide range of financial institutions including local, regional and national commercial banks, credit unions, mortgage companies, trust companies, brokerage firms, consumer finance companies, mutual funds, securities firms, third party payment processors, and financial technology companies. Competitive advantages arise from its broad suite of financial solutions, a high quality customer service culture, a positive reputation in the communities it serves, long standing community relationships, and a strategic focus on being the community bank of choice in its markets. The company’s capital ratios exceeded the Basel III minimum requirements as of December 31, 2025, providing a solid financial foundation, and its diversified loan portfolio and disciplined underwriting practices help mitigate credit risk. Additionally, the bank’s presence in multiple geographic markets offers economic diversification and opportunities for cross market growth.

South Plains Financial, Inc. serves small and medium sized businesses and individuals across its Texas and New Mexico market areas, which include the Lubbock/South Plains market with 10 branches holding $2.5 billion in deposits, the Dallas market with 3 branches and 5 loan production offices holding $496.5 million in deposits, the El Paso market with 2 branches and 1 mortgage office holding $229.4 million in deposits, the Greater Houston market with 1 branch holding $52.8 million in deposits, the Bryan/College Station market with 1 branch holding $56.1 million in deposits, the Permian Basin market with 6 branches holding $361.3 million in deposits, and the Ruidoso, New Mexico market with 1 branch holding $200.5 million in deposits. The filing does not disclose specific customer names, so the customer base is described by the types of clients the company serves, namely small and medium sized enterprises and individual consumers seeking banking, mortgage, trust, and investment services.