South Plains Financial, Inc. · NASDAQ:SPFI
South Plains Financial — Q3 2025 Earnings Presentation
24 slides from South Plains Financial's earnings presentation, Oct 23, 2025
Slide 1: South Plains Financial Third Quarter 2025 Earnings Presentation
South Plains Financial Third Quarter 2025 Earnings Presentation October 23, 2025
Slide 2: Safe Harbor Statement and Other Disclosures
Safe Harbor Statement and Other Disclosures FORWARD-LOOKING STATEMENTS This presentation contains, and future oral and written statements of South Plains Financial, Inc. (“South Plains”, “SPFI”, or the “Company”) and City Bank (“City Bank” or the “Bank”) may contain, forward-looking statements withi
Slide 3: Today's Speakers
Today’s Speakers ▪ Elected to the board of directors of First State Bank of Morton, Texas, in 1972 and employed by it in 1979 Curtis C. Griffith ▪ Elected Chairman of the First State Bank of Morton board Chairman & Chief Executive in 1984 Officer ▪ Chairman of the Board of City Bank and the Company
Slide 4: Third Quarter 2025 Highlights
Third Quarter 2025 Highlights Net Income Net Interest Margin (1) Loans Held for Investment Return on Average Assets $16.3 M (“NIM”) 4.05% (“HFI”) $3.05 B (“ROAA”) 1.47% EPS - Diluted Total Deposits Average Yield on Loans Efficiency Ratio $0.96 $3.88 B 6.92% 60.69% ➢ Net income for 3Q’25 was $16.3 mi
Slide 5: Loan Portfolio
Loan Portfolio Total Loans HFI 3Q'25 Highlights $ in Millions ✓ Loans HFI decreased by $45.5 million from 2Q'25, primarily as a result of a decrease of $46.5 million in $3,099 multi-family property loans mainly due to the payoff $3,055 $3,076 $3,054 $3,037 of two loans totaling $39.6 million, partia
Slide 6: Attractive Markets Poised for Organic Growth
Attractive Markets Poised for Organic Growth ✓ Largest MSA in Texas and fourth largest in the ✓ Sixth largest city in Texas and 22nd largest in nation the U.S. ✓ Steadily expanding population that accounts ✓ Population growth has outpaced the country for over 26% of the state’s population over the l
Slide 7: Major Metropolitan Market Loan Growth
Major Metropolitan Market Loan Growth Total Metropolitan Market Loans (1) 3Q'25 Highlights $ in Millions ✓ Loans HFI in our major metropolitan markets(1) remained unchanged at $1.01 billion during $1,049 $1,058 3Q'25 $1,040 $1,014 $1,014 ✓ Our major metropolitan market loan portfolio represents 33.2
Slide 8: Loan HFI Portfolio
Loan HFI Portfolio Loan Mix Fixed vs. Variable Rate Fixed - Matures over 1 year Other Commercial 23% Fixed - Matures 12mo or less Consumer, 2% C&D, 5% Residential 9% C&D, 7% Variable - Immediately Repricable Auto, 8% 42% Variable - Mature or Reprice 12mo 20% or less Variable - Mature or Reprice over
Slide 9: Non-Owner Occupied CRE Portfolio
Non-Owner Occupied CRE Portfolio NOO CRE(1) Sector Breakdown Details ✓ NOO CRE was 37.1% of total loans HFI, down Other C&D, 23% from 38.3% at June 30, 2025 Residential Construction, 9% Multi-family, 19% ✓ NOO CRE portfolio is made up of $771.3 million of income producing loans and $362.6 million of
Slide 10: Indirect Auto Overview
Indirect Auto Overview Indirect Auto Credit Breakdown Indirect Auto Highlights 3.5% ✓ Indirect auto loans totaled $238.6 million at 4.4% September 30, 2025, compared to $240.6 million at June 30, 2025 5.8% ✓ Strong credit quality in the sector, positioned for resiliency across economic cycles(1): 18
Slide 11: Noninterest Income Overview
Noninterest Income Overview Noninterest Income 3Q'25 Highlights $ in Millions $13.3 ✓ Noninterest income was $11.2 million for 3Q'25, $14.0 compared to $12.2 million for 2Q’25 $12.2 $12.0 $11.2 ✓ The decrease of $1.0 million was due primarily $10.6 $10.6 to a decrease in mortgage banking revenues –
Slide 12: Mortgage Banking Revenue
Mortgage Banking Revenue Mortgage Servicing Rights Adjustments $ in Thousands 3Q'25 2Q'25 1Q'25 4Q'24 3Q'24 Mortgage Banking Revenue $ 2,575 3,606 2,113 4,955 1,890 MSR FV Adj. $ (925) (156) (1,585) 1,450 (2,060) MBR Excluding MSR FV Adj $ 3,500 3,762 3,698 3,505 3,950 MSR FV Adj. QoQ Delta $ (769)
Slide 13: Diversified Revenue Stream
Diversified Revenue Stream Nine Months Ended September 30, 2025 Total Revenues Noninterest Income $158.0 million $33.9 million Investment Trust, 6% Services, 4% Other, 15% Net Interest Service Charges Income, 79% on Deposits, 19% Mortgage, 24% Noninterest Income, 21% Interchange Fees, 31% 13 Source:
Slide 14: Net Interest Income and NIM
Net Interest Income and NIM Net Interest Income & NIM (1) 3Q'25 Highlights $ in Millions $42.5 $43.0 ✓ Net interest income (“NII”) of $43.0 million, $38.5 $38.5 an increase from $42.5 million in 2Q'25 $37.3 ✓ 3Q'25 NIM decreased 2 bps to 4.05% as compared to 4.07% in 2Q’25, however: 4.05% o 3Q’25 NI
Slide 15: Deposit Portfolio
Deposit Portfolio Total Deposits 3Q'25 Highlights $ in Millions ✓ Total deposits of $3.88 billion at 3Q'25, an increase of $142.2 million from 2Q'25 $3,881 $3,793 $3,719 $3,621 $3,739 o The increase in deposits was due to organic growth in both retail and commercial deposits $1,050 ✓ Cost of interes
Slide 16: Granular Deposit Base & Ample Liquidity
Granular Deposit Base & Ample Liquidity Total Deposit Base Total Borrowing Capacity Breakdown $1.99 Billion Rural Commercial: FHLB: Markets: 47% $1,303 80% Retail: FRB: $689 45% Metro Markets: 20% Public Funds: 8% Dollars in millions ✓ Average deposit account size is approximately $37 thousand ✓ Cit
Slide 17: Credit Quality
Credit Quality Credit Quality Ratios 3Q'25 Highlights ✓ Provision for credit losses of $500 thousand 0.81% 0.79% in 3Q'25, compared to $2.5 million in 2Q'25 0.59% 0.58% o The decrease in provision for 3Q’25 0.34% 0.32% was largely attributable to a decrease 0.26% 0.16% 0.21% 0.25% in specific reserv
Slide 18: Investment Securities
Investment Securities Securities & Cash 3Q'25 Highlights $ in Millions ✓ Investment securities totaled $571.1 million, a $1.1 million increase from 2Q'25 $471 $536 $635 $471 $359 ✓ All municipal bonds are in Texas; fair value hedges of $118 million $607 $577 $572 $570 $571 ✓ All MBS, CMO, and Asset
Slide 19: Noninterest Expense and Efficiency
Noninterest Expense and Efficiency Noninterest Expense 3Q'25 Highlights $36.0 $ in Millions 150.0% ✓ Noninterest expense decreased $519 $34.0 $33.5 130.0% thousand from 2Q’25, largely the result of a $33.1 $33.0 $33.0 decrease of $581 thousand in professional $32.0 110.0% service expenses related pr
Slide 20: Balance Sheet Growth and Development
Balance Sheet Growth and Development Balance Sheet Highlights Tangible Book Value Per Share (1) $ in Millions $4,479 $4,338 $3,881 $3,719 $28.14 $3,037 $3,054 $26.70 $26.05 $25.75 $25.40 $443 $478 Total Assets Total Loans Total Total 3Q24 4Q24 1Q25 2Q25 3Q25 HFI Deposits Stockholders' Equity 30-Sep-
Slide 21: Strong Capital Base
Strong Capital Base Tangible Common Equity to Tangible Assets Ratio(1) Common Equity Tier 1 Ratio 14.41% 10.25% 9.77% 9.92% 9.98% 13.86% 9.64% 13.53% 13.59% 13.25% 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 Tier 1 Capital to Average Assets Ratio Total Capital to Risk-Weighted Assets Ratio 12.
Slide 22: SPFI's Core Purpose and Values Align
SPFI’s Core Purpose and Values Align Centered on Relationship-Based Business THE POWER OF RELATIONSHIPS At SPFI, we build lifelong, trusted relationships so you know you always have someone in your corner that understands you, cares about you, and stands ready to help. Our Core Purpose is: To use th
Slide 23: Appendix
South Plains Financial, Inc. Appendix
Slide 24: Non-GAAP Financial Measures
Non-GAAP Financial Measures For the quarter ended September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024 Pre-tax, pre-provision income Net income $ 16,318 $ 14,605 $ 12,294 $ 16,497 $ 11,212 Income tax expense 4,342 4,020 3,408 4,222 3,094 Provision for credit losses 50
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