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what it is
South Plains takes deposits, makes loans, and earns the spread between what it pays you and what it charges borrowers.
how it gets paid
Last year South Plains made $252M in revenue. commercial lending was the main engine at $96M, or 38% of sales.
why it's growing
Revenue grew 4.6% last year. Quarterly EPS in the base data went from $0.61 in 4Q23 to $0.96 in 4Q24.
what just happened
The last reported quarter showed $53.88M in revenue and $0.90 in EPS, with earnings ahead of forecasts.
At a glance
B+ balance sheet — decent shape, but not bulletproof
70/100 earnings predictability — reasonably predictable
11.3x trailing p/e — the market's not buying it — or you found a deal
1.7% dividend yield — cash in your pocket every quarter
$2.92 fy2024 eps est
xvary composite: 58/100 — below average
What they do
South Plains takes deposits, makes loans, and earns the spread between what it pays you and what it charges borrowers.
This is a relationship bank. You keep your checking account, your payroll, and your loan officer in one place. Leaving is annoying, which is the whole point. It runs with 528 employees and is buying Bank of Houston for $105.9 million, so your local bank is trying to get less local without losing the local feel.
How they make money
$252M
annual revenue · their business grew +4.6% last year
commercial lending
$96M
commercial real estate lending
$63M
consumer and construction lending
$38M
agriculture and energy lending
$30M
deposit and other banking services
$25M
The products that matter
makes commercial loans
Commercial Banking
$478M loans cited · 2.9% growth
it provided over $478M in loans for small businesses and farms in 2025, but full-year loan growth was only 2.9%. that's the number that decides whether earnings keep climbing or flatten out.
core engine
consumer deposits and lending
Consumer Banking
tied to the $206.7M spread line
this business feeds the same $206.7M net interest income pool. the disclosure is thin here, which means you should focus less on segment labels and more on whether total spread income stabilizes.
funding base
fees outside lending spreads
Non-Interest Income
$45.3M · +4.6%
this is the smaller line item, but it matters because it grew 4.6% while the core spread business came under pressure. if you want diversification, this is where to look.
18% of mix
Key numbers
11.3x
price / profit
You pay $11.30 for each $1 of trailing earnings. Plain English: the market is not pricing this like a hot growth bank. So what: if profits simply hold, the stock already looks inexpensive.
14%
debt share
Long-term debt is 14% of capital. Plain English: borrowed money is a modest part of the balance sheet. So what: leverage is present, but not doing stand-up comedy levels of work.
1.7%
dividend yield
Your cash payout is modest. Plain English: this is not paying you much to wait. So what: the thesis depends more on earnings stability than income.
70
earnings consistency
A 70 predictability score says results have been fairly steady. Plain English: this bank is more grinder than lottery ticket. So what: stability supports a lower-risk valuation case.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 75 / 100
- long-term debt $110M (14% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for SPFI right now.
source: institutional data · return history unavailable
What just happened
beat estimates
The last reported quarter showed $53.88M in revenue and $0.90 in EPS, with earnings ahead of forecasts.
Quarterly EPS in the base data went from $0.61 in 4Q23 to $0.96 in 4Q24. Plain English: profit recovered late in the year. So what: that rebound helps explain why trailing EPS reached $3.58 even with a $2.92 full-year 2024 figure.
$53.88M
revenue
$0.90
eps
+2.27%
eps beat
the number that mattered
The number that mattered was $0.96 in 4Q24 EPS, up from $0.61 a year earlier, because it showed earnings power snapped back before the acquisition story even starts.
source: company earnings report, 2026
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What could go wrong
the #1 risk is net interest income erosion at a texas regional bank with only 2.9% loan growth.
high
decreasing net interest income trajectory
analysts are already calling this out directly. net interest income was $206.7M, or 82% of revenue. if that line rolls over, the whole earnings story gets smaller fast.
exposes most of the bank's revenue base
high
loan growth stays stuck around 2.9%
loan growth is how a bank expands its earning assets. In human-speak: more loans usually means more future revenue. at 2.9%, SPFI is growing, but not in a way that leaves room for sloppy execution.
pressures future revenue growth
med
texas banking competition
there is no structural moat here. local banks fight on rates, relationships, and underwriting. that can squeeze deposit costs on one side and loan pricing on the other.
can compress spreads and growth at the same time
med
integration and capital allocation discipline
the BOH deal and the $10M repurchase program both use management attention and capital. if the acquisition underdelivers or buybacks arrive before growth improves, you get financial engineering instead of a better bank.
can waste capital even with a cheap-looking p/e
a 28.29% net margin is a cushion, not a moat. if the $206.7M net interest income line keeps shrinking, the market will stop treating 11.3x earnings as a bargain and start treating it as a warning.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the key metric
net interest income
it was $206.7M and makes up 82% of revenue. if this line stabilizes, the cheap multiple gets more interesting. if it slips again, that's the whole bear case getting louder.
trend
loan growth above 2.9%
you want to see the loan book grow faster than last year's 2.9%. not because growth fixes everything, but because flat-to-slow lending is how a regional bank drifts into multiple compression.
next check-in
the next earnings report
Q4 gave you a familiar pattern: EPS beat, revenue miss. the next print needs to answer whether that was noise or the new operating reality.
execution risk
BOH integration and the $10M buyback
both can help if management executes well. both can also distract from the actual job, which is turning a bigger balance sheet into better growth and steadier spread income.
Analyst rankings
earnings predictability
70 / 100
in human-speak, analysts think the numbers are reasonably steady, but not steady enough to ignore a bad quarter.
valuation
11.3x trailing p/e
you're paying $11.30 for every $1 the bank earned over the last year. cheap versus the broader market. only cheap enough if earnings hold.
balance sheet
B+
better than fragile, worse than elite. that matters because slowing banks need balance-sheet flexibility more than fast-growing ones do.
source: institutional data
Institutional activity
institutional ownership data for SPFI is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$40
current price
n/a
target midpoint · n/a from current
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