South Plains Financial Inc (NASDAQ: SPFI) is a Texas-based bank holding company that operates through its subsidiary City Bank, providing commercial banking, mortgage origination, trust, and financial services across Texas and New Mexico. The company earns revenue primarily through net interest income on loans and deposits, supplemented by noninterest income from mortgage loan sales on the secondary market, mortgage servicing fees, and trust and asset servicing operations. As of the 10-K filed March 5, 2026, SPFI operated 24 full-service banking locations across seven geographic markets and 7 loan production offices focused on mortgage origination. The company has grown through six acquisitions dating to 1991, including the 2019 acquisition of West Texas State Bank with approximately $430 million in assets. A pending acquisition of BOH Holdings and its subsidiary Bank of Houston was announced December 1, 2025, with City Bank as the surviving banking entity. SPFI competes with local, regional, and national commercial banks, credit unions, mortgage companies, trust companies, brokerage firms, and financial technology companies within its markets.

Revenue model

Net interest income from loans and deposits forms the primary revenue stream. Noninterest income is generated through mortgage loan origination and secondary market sales, mortgage servicing fees (on $24.0 million of mortgage servicing rights as of December 31, 2025), and trust and investment management services.

Products and services

Commercial banking deposits and loans, residential mortgage origination, secondary market mortgage sales, mortgage servicing rights, trust and fiduciary services, investment management, asset servicing.

Customers and end markets

Retail and commercial banking customers in West Texas, El Paso, Greater Houston, Bryan/College Station, the Permian Basin, and Ruidoso, New Mexico. End markets include community banking, residential real estate, and wealth management.

Value-chain role

Community bank and financial intermediary. Originates and retains or sells mortgage loans on the secondary market while retaining servicing rights. Provides fiduciary and asset management services through trust operations.

Geographic exposure

Primary operations in Texas markets including Lubbock, El Paso (two branches, $229.4 million deposits), Greater Houston (one branch, $52.8 million deposits), Bryan/College Station (one branch, $56.1 million deposits), and the Permian Basin (six branches, $361.3 million deposits), plus Ruidoso, New Mexico (one branch, $200.5 million deposits), as of FY2025.

Competitors

Local community banks, Regional commercial banks, National commercial banks, Credit unions, Mortgage companies, Trust companies, Brokerage firms, Consumer finance companies, Financial technology companies

Source: SEC 10-K, filed 2026-03-05

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