South Plains Financial, Inc. (SPFI) Stock

South Plains Financial, Inc. (SPFI) is a Financials stock trading at $44.19 (as of 2026-08-21), with a market capitalization of $846.05M and a trailing P/E of 13.9. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

South Plains Financial, Inc. is a bank holding company for City Bank that provides commercial and consumer financial services to small and medium-sized businesses and individuals. It operates through Banking and Insurance segments, offering deposit products, lending (including commercial real estate and various loan categories), and insurance and related services such as crop insurance, trust and investment services, and mortgage banking with online and mobile banking.

Understand South Plains Financial, Inc.: how it makes money

South Plains Financial, Inc. operates as a bank holding company for City Bank, providing deposit products and making commercial and consumer loans (including commercial real estate, indirect auto, and other lending) and it also operates an Insurance segment for additional financial services.

The profit engine is the spread between what the bank earns on interest-bearing loans and what it pays on deposits, with results shaped by loan originations and repayment flows, plus credit performance (non-performing loans, classified loans, and charge-offs).

Business quality (Solid): In its latest reported quarter (ended 2026-03-31), the company reported an operating margin of 29.3%, and its operating drivers appear most tied to credit quality and ongoing lending activity, especially across commercial real estate and indirect auto exposures.

Valuation: At 12× earnings, SPFI trades in line with the Banking average (13×). Note: one-time items can distort reported P/E.

Bull case

Credit quality monitoring is explicit: Investors can track core credit stress indicators such as Annualized Net Charge-Offs and Non-Performing Loans, alongside delinquency measures in indirect auto (for example, Thirty-Plus Days Past Due Loans (Indirect Auto)).
Lending book includes defined areas of focus: The company reports Commercial Real Estate Exposure and holds Loans Held for Investment in Major Metropolitan Markets (Dallas, Houston, and El Paso), which helps investors understand where credit and interest-earning risk is concentrated.

Bear case

Commercial real estate concentration can raise downside risk: The company reports Commercial Real Estate Exposure, so deterioration in that collateral segment could pressure loan performance and credit costs.
Restructuring and classifications can signal stress: The company reports Classified Loans and Active Loan Modifications (including Active Loan Modifications Attributed to COVID-19), which can indicate borrowers needing relief and may precede higher losses.

Valuation — source: SEC EDGAR (first-party)
Price	$44.19
Market Cap	$846.05M
P/E Ratio	13.9
EV / EBITDA	1.5
Price / Book	1.68
Price / Sales	3.32
FCF Yield	7.3%
DCF Value (model)	$73.81
DCF Upside vs Price	67.0%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$252.00M
Net Margin	23.2%
Revenue Growth (YoY)	4.5%
EPS Growth (YoY)	18.7%
FCF Growth (YoY)	-40.6%

Valuation vs Sector & Industry
Stock P/E	13.9
Sector P/E (Financials)	15.1
Industry P/E (Banking)	13.0
vs Sector	-7.7%
vs Industry	7.4%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Insider Sells (12mo)	2
Top Institutional Holder	BlackRock, Inc. ($48.27M)
Institutional Holders Tracked	10

Company
Sector	Financials
Industry	Banking
CEO	Curtis C. Griffith
Employees	528
Country	US
IPO Date	2019-05-09

Related Companies (Business model: Universal / Commercial Bank; 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.