South Plains Financial, Inc. (NASDAQ: SPFI) (“South Plains” or “the company”) is $4.4 billion asset bank holding company for City Bank (“the bank”), a Texas chartered bank headquartered in Lubbock, TX. The bank operates a 24-branch footprint serving several geographic markets in Texas including Lubbock, Houston, College Station, and Dallas, with an additional presence in Ruidoso, NM.
Principal business activities include commercial and retail banking, along with investment, trust, and mortgage services to small businesses and customers in the company’s footprint.
The $3.1 billion loan portfolio is commercially oriented, with investor CRE (including multi-family) and C&I loans (including owner-occupied loans) each at 26% of total loans and C&D at 11% of loans. The remainder of the portfolio includes residential loans (29%), consumer (11%), agriculture (5%), and other loans (1%).
Key Credit Considerations
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