# SOUTH PLAINS FINANCIAL, INC. (SPFI)

Informational only - not investment advice.

CIK: 0001163668
SIC: 6022 State Commercial Banks
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6022 State Commercial Banks](/industry/6022/)
Latest 10-K filed: 2026-03-05
SEC page: https://www.sec.gov/edgar/browse/?CIK=1163668
Filing source: https://www.sec.gov/Archives/edgar/data/1163668/000114036126008087/ef20060591_10k.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-05 · accession 0001140361-26-008087 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001163668.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 251,998,000 USD | 2025 | verified |
| Net income | 58,471,000 USD | 2025 | verified |
| Assets | 4,480,500,000 USD | 2025 | verified |
| Free cash flow | 71,829,000 USD | 2025 | computed |
| Net margin | 23.20% | 2025 | computed |
| Revenue YoY | +4.61% | 2025 | computed |
| ROE | 11.84% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | SPFI | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 23.2% | 21.9% | 59 | 149 |
| Revenue growth | 4.6% | 6.0% | 46 | 148 |
| FCF margin | 28.5% | 23.8% | 70 | 133 |
| ROE | 11.8% | 9.6% | 74 | 149 |
| ROA | 1.3% | 1.1% | 74 | 149 |
| Liabilities / equity | 8.07 | 8.04 | 52 | 149 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6022 State Commercial Banks, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 251998000 | USD | 2025 | 2026-03-05 |
| Net income | 58471000 | USD | 2025 | 2026-03-05 |
| Assets | 4480500000 | USD | 2025 | 2026-03-05 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001163668.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 118,094,000 | 132,942,000 | 138,231,000 | 135,036,000 | 161,168,000 | 212,033,000 | 240,899,000 | 251,998,000 |
| Net income |  | 29,290,000 | 29,220,000 | 45,353,000 | 58,614,000 | 58,240,000 | 62,745,000 | 49,717,000 | 58,471,000 |
| Diluted EPS |  | 1.98 | 1.71 | 2.47 | 3.17 | 3.23 | 3.62 | 2.92 | 3.44 |
| Operating cash flow |  | 26,920,000 | 30,484,000 | 5,627,000 | 96,271,000 | 123,590,000 | 58,539,000 | 59,381,000 | 77,490,000 |
| Capital expenditures |  | 3,134,000 | 3,997,000 | 3,310,000 | 2,920,000 | 4,469,000 | 4,681,000 | 3,354,000 | 5,661,000 |
| Dividends paid |  | 30,045,000 | 1,079,000 | 2,528,000 | 5,385,000 | 8,012,000 | 8,745,000 | 9,154,000 | 10,101,000 |
| Share buybacks |  |  | 0.00 | 293,000 | 9,227,000 | 22,699,000 | 17,763,000 | 1,340,000 | 8,526,000 |
| Assets |  | 2,712,745,000 | 3,237,167,000 | 3,599,160,000 | 3,901,855,000 | 3,944,063,000 | 4,204,793,000 | 4,232,239,000 | 4,480,500,000 |
| Liabilities |  | 2,499,970,000 | 2,930,985,000 | 3,229,112,000 | 3,494,428,000 | 3,587,049,000 | 3,797,679,000 | 3,793,290,000 | 3,986,663,000 |
| Stockholders' equity | 158,206,000 | 154,580,000 | 306,182,000 | 370,048,000 | 407,427,000 | 357,014,000 | 407,114,000 | 438,949,000 | 493,837,000 |
| Cash and cash equivalents |  | 245,989,000 | 158,099,000 | 300,307,000 | 486,821,000 | 234,883,000 | 330,158,000 | 359,082,000 | 552,439,000 |
| Free cash flow |  | 23,786,000 | 26,487,000 | 2,317,000 | 93,351,000 | 119,121,000 | 53,858,000 | 56,027,000 | 71,829,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 24.80% | 21.98% | 32.81% | 43.41% | 36.14% | 29.59% | 20.64% | 23.20% |
| Return on equity |  | 18.95% | 9.54% | 12.26% | 14.39% | 16.31% | 15.41% | 11.33% | 11.84% |
| Return on assets |  | 1.08% | 0.90% | 1.26% | 1.50% | 1.48% | 1.49% | 1.17% | 1.31% |
| Liabilities / equity |  | 16.17 | 9.57 | 8.73 | 8.58 | 10.05 | 9.33 | 8.64 | 8.07 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001163668.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.86 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.53 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 1.71 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 56,528,000 | 13,494,000 | 0.78 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 57,236,000 | 10,324,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 58,727,000 | 10,874,000 | 0.64 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 59,208,000 | 11,134,000 | 0.66 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 61,640,000 | 11,212,000 | 0.66 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 61,324,000 | 16,497,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 59,922,000 | 12,294,000 | 0.72 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 64,135,000 | 14,605,000 | 0.86 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 64,520,000 | 16,318,000 | 0.96 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 63,421,000 | 15,254,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 62,632,000 | 14,545,000 | 0.85 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 75,003,000 | 18,992,000 | 0.96 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from SPFI's latest 10-K: [/company/SPFI/business/](/company/SPFI/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from SPFI's latest 10-K: [/company/SPFI/risk-factors/](/company/SPFI/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1163668/000114036126031701/ef20074919_10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-08-06
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations for the periods covered by this Quarterly Report on Form 10-Q (this “Form 10-Q”) and
should be read in conjunction with our consolidated financial statements and the accompanying notes thereto included in this Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Annual Report on Form
10-K”) filed with the U.S. Securities and Exchange Commission (the “SEC”) pursuant to Rule 424(b) of the Securities Act of 1933, as amended (the “Securities Act”), on March 5, 2026. Unless we state otherwise or the context otherwise requires,
references in this Form 10-Q to “we,” “our,” “us” and “the Company” refer to South Plains Financial, Inc., a Texas corporation, our wholly-owned banking subsidiary, City Bank, a Texas banking association, and our other consolidated subsidiaries.
References in this Form 10-Q to the “Bank” refer to City Bank.

Cautionary Notice Regarding Forward-Looking Statements

This Form 10-Q contains statements that we believe are “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”). These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words
or phrases such as “may,” “might,” “should,” “could,” “predict,” “potential,” “believe,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “strive,” “projection,” “goal,” “target,” “outlook,” “aim,” “would,”
“annualized” and “outlook,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations,
estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such
forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking
statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.

There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following:

[[GREPCENT_TABLE]]
[["","\u25cf","risks relating to the acquisition of BOH Holdings, Inc. (\u201cBOH\u201d) and acquisitions generally including disruption to current plans and operations and our ability to recognize the expected benefits and synergies of completed acquisitions;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","risks related to the integration of any other acquired businesses, including exposure to potential asset quality and credit quality risks and unknown or contingent liabilities, risks related to entering a new geographic market, the time and costs associated with integrating systems, technology platforms, procedures and personnel, the ability to retain key employees and maintain relationships with significant customers, the need for additional capital to finance such transactions, and possible failures in realizing the anticipated benefits from acquisitions;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","potential recession in the United States and our market areas;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","uncertainty or perceived instability in the banking industry as a whole;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","increased competition for deposits and related changes in deposit customer behavior;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the lingering inflationary pressures, and the risk of the resurgence of elevated levels of inflation, in the United States and our market areas, and its impact on market interest rates, the economy and credit quality;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","elevated asset prices;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","business and economic conditions, particularly those affecting our market areas, as well as the concentration of our business in such market areas;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the impact of pandemics, epidemics, or any other health-related crisis;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","high concentrations of loans secured by real estate located in our market areas;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","increases in unemployment rates in the United States and our market areas;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","risks associated with our commercial loan portfolio, including the risk for deterioration in value of the general business assets that secure such loans;"]]
[[/GREPCENT_TABLE]]

30

Table of Contents

[[GREPCENT_TABLE]]
[["","\u25cf","potential changes in the prices, values and sales volumes of commercial and residential real estate securing our real estate loans;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","risks associated with our agricultural loan portfolio, including the heightened sensitivity to weather conditions, commodity prices, and other factors generally outside the borrowers and our control;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","risks related to the significant amount of credit that we have extended to a limited number of borrowers and in a limited geographic area;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","public funds deposits comprising a relatively high percentage of our deposits;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","potential impairment on the goodwill we have recorded or may record in connection with business acquisitions;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","our ability to maintain our reputation;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","our ability to successfully manage our credit risk and the sufficiency of our allowance for credit losses;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","our ability to attract, hire and retain qualified management personnel;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","our dependence on our management team, including our ability to retain executive officers and key employees and their customer and community relationships;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","interest rate fluctuations, which could have an adverse effect on our profitability;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","competition from banks, credit unions and other financial services providers;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","our ability to keep pace with technological change or difficulties we may experience when implementing new technologies;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","cybersecurity risk, including 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 a cyber attack, could impact the Company\u2019s reputation, increase regulatory oversight, and impact the financial results of the Company;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","our ability to maintain effective internal control over financial reporting;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","employee error, fraudulent activity by employees or customers and inaccurate or incomplete information about our customers and counterparties;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","increased capital requirements imposed by banking regulators, which may require us to raise capital at a time when capital is not available on favorable terms or at all;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","our ability to maintain adequate liquidity and to raise necessary capital to fund our acquisition strategy and operations or to meet increased minimum regulatory capital levels;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","costs and effects of litigation, investigations or similar matters to which we may be subject, including any effect on our reputation;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","severe weather, natural disasters, military conflicts (including the conflicts in the Middle East, the possible expansion of such conflicts and potential geopolitical and economic consequences), acts of terrorism, geopolitical instability, domestic civil unrest or other external events, including as a result of the impact of the policies of the current U.S. presidential administration or Congress;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","uncertainty regarding United States fiscal debt, deficit and budget matters;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the impacts of tariffs, sanctions, and other trade policies of the United States and its global trading counterparts and the resulting impact on the Company and its customers;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the risks related to the development, implementation use and management of emerging technologies, including artificial intelligence and machine learning;"]]
[[/GREPCENT_TABLE]]

31

Table of Contents

[[GREPCENT_TABLE]]
[["","\u25cf","compliance with governmental and regulatory requirements, including the Dodd-Frank Act Wall Street Reform and Consumer Protection Act (\u201cDodd-Frank Act\u201d), Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 (\u201cEGRRCPA\u201d), and others relating to banking, consumer protection, securities and tax matters;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","changes in accounting principles and standards, including those related to loan loss recognition under the current expected credit loss, or CECL, methodology;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","changes in the laws, rules, regulations, interpretations or policies that apply to the Company\u2019s business and operations, and any additional regulations, or repeals that may be forthcoming as a result thereof, which could cause the Company to incur additional costs and adversely affect the Company\u2019s business environment, operations and financial results; and"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","our ability to navigate the uncertain impacts of current and future governmental monetary and fiscal policies, including the current and future policies of the Board of Governors of the Federal Reserve System (\u201cFederal Reserve\u201d) and as a result of initiatives of the Trump administration."]]
[[/GREPCENT_TABLE]]

The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this Form 10-Q and the risk factors set forth in our 2025
Annual Report on Form 10-K. Because of these risks and other uncertainties, our actual future results, performance or achievements, or industry results, may be materially different from the results indicated by the forward-looking statements in
this Form 10-Q. In addition, our past results of operations are not necessarily indicative of our future results. Accordingly, you should not rely on any forward-looking statements, which represent our beliefs, assumptions and estimat

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1163668/000114036126008087/ef20060591_10k.htm
Complete FY 2025 MD&A: /company/SPFI/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-03-05
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the
accompanying notes included in Item 8. Financial Statements and Supplementary Data. This discussion and analysis contains forward-looking statements that are subject to certain risks and uncertainties and are based on certain assumptions that we
believe are reasonable but may prove to be inaccurate. Certain risks, uncertainties and other factors, including those set forth under “Cautionary Note Regarding Forward-Looking Statements,” “Risk Factors” and elsewhere in this Report, may cause
actual results to differ materially from those projected results discussed in the forward-looking statements appearing in this discussion and analysis. Except as required by law, we assume no obligation to update any of these forward-looking
statements.

Discussion in this Form 10-K includes results of operations and financial condition for 2025 and 2024 and year-over-year comparisons between 2025 and 2024. For discussion on
results of operations and financial condition pertaining to 2024 and 2023 and year-over-year comparisons between 2024 and 2023, please refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II,
Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 7, 2025.

Overview

We are a bank holding company headquartered in Lubbock, Texas, and our wholly-owned subsidiary, 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. Through City Bank, we provide a wide range of commercial and consumer financial services to small and
medium-sized businesses and individuals in our market areas. Our principal business activities include commercial and retail banking, along with investment, trust and mortgage services.

40

Table of Contents

On December 1, 2025, SPFI, and BOH Holdings, Inc., a Texas corporation (“BOH”), entered into an Agreement and Plan of Reorganization (the “Reorganization Agreement”), providing for the
acquisition by SPFI of BOH through the merger of BOH with and into SPFI, with SPFI surviving the merger (the “Merger”). At December 31, 2025, BOH had $745.1 million in assets, $624.5 million in total gross loans, and $603.0 million in deposits.
Pursuant to the terms and subject to the conditions of the Reorganization Agreement, which has been unanimously approved by the boards of directors of each of SPFI and BOH, each share of BOH common stock issued and outstanding immediately prior
to the effective time of the Merger (the “effective time”) will be converted into the right to receive, without interest, 0.1925 shares of SPFI common stock, subject to adjustment pursuant to the terms of the Reorganization Agreement (the
“Exchange Ratio”), plus cash in lieu of any fractional shares.

Based on the closing price of $37.79 for SPFI common stock on November 28, 2025, the Merger would have an aggregate value of approximately $105.9 million, though the transaction value is likely
to change until closing due to fluctuations in the price of SPFI common stock. Immediately following the consummation of the Merger, Bank of Houston, a Texas state banking association and wholly-owned subsidiary of BOH, will merge with and into
City Bank, with City Bank surviving the merger. The Merger is expected to close during the second quarter of 2026, subject to the satisfaction of customary closing conditions, including the receipt of all required regulatory approvals and the
approval of BOH’s shareholders.

Selected Financial Data

The following table sets forth certain of our selected financial data for, and as of the end of, each of the periods indicated (dollars in thousands, except per share data).

[[GREPCENT_TABLE]]
[["","","As of and for the Year Ended December 31,"],["","","2025","","","2024","","","2023"],["Selected Income Statement Data:"],["Net interest income","","$","166,999","","","$","147,098","","","$","139,747"],["Provision for credit losses","","","5,195","","","","4,300","","","","4,610"],["Noninterest income","","","44,889","","","","48,072","","","","79,226"],["Noninterest expense","","","132,620","","","","127,578","","","","134,946"],["Income tax expense","","","15,602","","","","13,575","","","","16,672"],["Net income","","","58,471","","","","49,717","","","","62,745"],["Share and Per Share Data:"],["Earnings per share (basic)","","$","3.59","","","$","3.03","","","$","3.73"],["Earnings per share (diluted)","","","3.44","","","","2.92","","","","3.62"],["Dividends per share","","","0.62","","","","0.56","","","","0.52"],["Tangible book value per share(1)","","","29.05","","","","25.40","","","","23.47"],["Selected Period End Balance Sheet Data:"],["Cash and cash equivalents","","$","552,439","","","$","359,082","","","$","330,158"],["Investment securities","","","567,540","","","","577,240","","","","622,762"],["Gross loans held for investment","","","3,144,502","","","","3,055,054","","","","3,014,153"],["Allowance for credit losses on loans","","","45,131","","","","43,237","","","","42,356"],["Total assets","","","4,480,500","","","","4,232,239","","","","4,204,793"],["Total deposits","","","3,874,077","","","","3,620,876","","","","3,626,153"],["Borrowings","","","60,493","","","","110,354","","","","110,168"],["Total stockholders\u2019 equity","","","493,837","","","","438,949","","","","407,114"],["Performance Ratios:"],["Return on average assets","","","1.33","%","","","1.17","%","","","1.54","%"],["Return on average stockholders\u2019 equity","","","12.70","%","","","11.75","%","","","16.58","%"],["Net interest margin(2)","","","3.98","%","","","3.65","%","","","3.61","%"],["Efficiency ratio(3)","","","62.32","%","","","65.07","%","","","61.33","%"],["Credit Quality Ratios:"],["Nonperforming assets to total assets(4)","","","0.26","%","","","0.58","%","","","0.14","%"],["Nonperforming loans to total loans held for investment(5)","","","0.31","%","","","0.79","%","","","0.17","%"],["Allowance for credit losses on loans to nonperforming loans(5)","","","460.29","%","","","179.98","%","","","818.00","%"],["Allowance for credit losses on loans to total loans held for investment","","","1.44","%","","","1.42","%","","","1.41","%"],["Net loan charge-offs to average loans","","","0.10","%","","","0.11","%","","","0.07","%"],["Capital Ratios:"],["Total stockholders\u2019 equity to total assets","","","11.02","%","","","10.37","%","","","9.68","%"],["Tangible common equity to tangible assets(1)","","","10.61","%","","","9.92","%","","","9.21","%"],["Common equity tier 1 capital ratio","","","14.45","%","","","13.53","%","","","12.41","%"],["Tier 1 leverage ratio","","","12.53","%","","","12.04","%","","","11.33","%"],["Tier 1 risk-based capital ratio","","","15.70","%","","","14.80","%","","","13.69","%"],["Total risk-based capital ratio","","","17.26","%","","","17.86","%","","","16.74","%"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["(1)","Represents a non-GAAP financial measure. See our reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures under the caption \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u2014 Non-GAAP Financial Measures.\u201d"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["(2)","Net interest margin is calculated as the annual net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["(3)","The efficiency ratio is calculated by dividing noninterest expense by the sum of net interest income on a tax-equivalent basis and noninterest income."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["(4)","Nonperforming assets consist of nonperforming loans plus foreclosed assets."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["(5)","Nonperforming loans include nonaccrual loans and loans past due 90 days or more."]]
[[/GREPCENT_TABLE]]

41

Table of Contents

Results of Operations

Net income for the year ended December 31, 2025 was $58.5 million, or $3.44 per diluted share, compared to $49.7 million, or $2.92 per diluted share, for the year ended December 31, 2024. The
increase in net income was primarily the result of an increase of $19.9 million in net interest income, partially offset by a decrease of $3.2 million in noninterest income and an increase of $5.0 million in noninterest expenses. Details of the
changes in the various components are further discussed below.

Return on average assets was 1.33% and return on average equity was 12.70% for the year ended December 31, 2025, compared to 1.17% and 11.75%, respectively, for the year ended December 31,
2024. The increase in return on average assets was primarily due to the increase in net income of 17.6%, relative to an increase of 3.6% in total average assets.

Net Interest Income

Net interest income is the principal source of the Company’s net income and represents the difference between interest income (interest and fees earned on assets, primarily loans and investment
securities) and interest expense (interest paid on deposits and borrowed funds). We generate interest income from interest-earning assets that we own, including loans and investment securities. We incur interest expense from interest-bearing
liabilities, including interest-bearing deposits and other borrowings, notably FHLB advances and subordinated notes. To evaluate net interest income, we measure and monitor (i) yields on our loans and other interest-earning assets, (ii) the costs
of our deposits and other funding sources, (iii) our net interest spread and (iv) our net interest margin. Net interest spread is the difference between rates earned on interest-earning assets and rates paid on interest-bearing liabilities. Net
interest margin is calculated as the annualized net interest income on a fully tax-equivalent basis divided by average interest-earning assets.

Changes in the market interest rates and interest rates we earn on interest-earning assets or pay on interest-bearing liabilities, as well as the volume and types of interest-earning assets,
interest-bearing and noninterest-bearing liabilities, are usually the largest drivers of periodic changes in net interest spread, net interest margin and net interest income.

The following table presents, for the periods indicated, information about: (i) weighted average balances, the total dollar amount of interest income from interest-earning assets and the
resultant average yields; (ii) average balances, the total dollar amount of interest expense on interest-bearing liabilities and the resultant average rates; (iii) net interest income; (iv) the interest rate spread; and (v) the net interest
margin. For purposes of this table, interest income, net interest margin and net interest spread are shown on a fully tax-equivalent basis.

42

Table of Contents

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/SPFI/mda/fy2025/
All MD&A years: /company/SPFI/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/SPFI/mda/fy2024/): filed 2025-03-07; accession 0001140361-25-007609 (https://www.sec.gov/Archives/edgar/data/1163668/000114036125007609/ef20039031_10k.htm)
- [FY 2023 MD&A](/company/SPFI/mda/fy2023/): filed 2024-03-15; accession 0001140361-24-013519 (https://www.sec.gov/Archives/edgar/data/1163668/000114036124013519/ef20015269_10k.htm)
- [FY 2022 MD&A](/company/SPFI/mda/fy2022/): filed 2023-03-13; accession 0001140361-23-011435 (https://www.sec.gov/Archives/edgar/data/1163668/000114036123011435/brhc10049609_10k.htm)
- [FY 2021 MD&A](/company/SPFI/mda/fy2021/): filed 2022-03-08; accession 0001140361-22-008216 (https://www.sec.gov/Archives/edgar/data/1163668/000114036122008216/brhc10034805_10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6022 State Commercial Banks) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/SPFI.md · JSON record: /company/SPFI.json · verified financials: /company/SPFI/financials.json / /company/SPFI/financials.csv · machine TOC for the whole site: /llms.txt