South Plains Financial Announces CEO Retirement
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 6 days ago
0mins
South Plains Financial announced the upcoming retirement of Curtis Griffith, chairman and CEO, to be effective December 31. Griffith will remain a director of the company and its wholly owned subsidiary, City Bank, and will continue to serve as chairman of the board. South Plains' board of directors has appointed Cory Newsom, director and president, as the company's CEO, effective upon Griffith's retirement on December 31. Griffith will serve as a consultant to the company beginning upon his retirement on December 31.
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Analyst Views on SPFI
Wall Street analysts forecast SPFI stock price to rise
3 Analyst Rating
2 Buy
1 Hold
0 Sell
Moderate Buy
Current: 40.590
Low
41.00
Averages
43.67
High
46.00
Current: 40.590
Low
41.00
Averages
43.67
High
46.00
About SPFI
South Plains Financial, Inc. is the bank holding company for City Bank (the Bank). The Bank is an independent bank 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. It provides a range of commercial and consumer financial services to small and medium-sized businesses and individuals in its market areas. Its principal business activities include commercial and retail banking, along with investment, trust and mortgage services. The Bank is primarily involved in real estate, commercial, agricultural and consumer lending activities with customers throughout Texas and Eastern New Mexico. It offers a variety of deposit products, including demand deposit accounts, interest-bearing products, savings accounts and certificates of deposits. It offers a range of traditional trust products and services along with several retirement services and products.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
South Plains Financial CEO Retirement and Succession Plan Announced
- Executive Retirement Announcement: South Plains Financial has announced that CEO and Chairman Curtis Griffith will retire on December 31, 2026, while remaining a director of the company and its wholly-owned subsidiary, City Bank, ensuring leadership continuity.
- Successor Appointment: The board has appointed current director and President Cory Newsom as the new CEO, effective upon Griffith's retirement, aiming for a smooth transition and maintaining operational stability within the company.
- Consultancy Agreement: The company has entered into a retirement and consultancy agreement with Griffith, who will continue to provide consulting services post-retirement, leveraging his extensive experience to support the company's long-term strategy.
- Stock Repurchase Plan: In connection with Griffith's retirement, the company plans to repurchase 300,000 shares of common stock owned by Griffith in a private transaction by June 30, 2026, aimed at enhancing shareholder value and optimizing capital structure.
See More
South Plains (SPFI) Q1 2026 Earnings Transcript
See More
South Plains Financial Q1 2026 Earnings Highlights
- Merger Completion and Earnings Outlook: South Plains Financial successfully completed its merger with Bank of Houston on April 1, expecting an 11% accretion to earnings in 2027 with a tangible book value earn-back of under three years, demonstrating the company's strategic execution in M&A integration.
- Loan and Deposit Dynamics: Although loans held for investment decreased by $41 million to $3.1 billion, the company experienced strong growth in unfunded loan commitments, with full-year loan growth guidance positioned towards the lower end of the mid-to-high single-digit range, reflecting changing market demand and a cautious growth strategy.
- Financial Performance and Cost Control: The first quarter net interest income was $43 million with a net interest margin of 4.04%, while deposits increased by $154 million or 4% from the linked quarter, and costs decreased by 4 basis points to 1.97%, showcasing effective measures in cost control and revenue enhancement.
- Macro Economic Challenges and Outlook: Management noted that inflationary pressures may limit the Federal Reserve's ability to further reduce interest rates, with loan growth facing headwinds from large payoffs, and seasonal pressures expected on deposit flows in the second quarter, emphasizing the importance of maintaining profitability in an uncertain economic environment.
See More
South Plains Financial Reports Q1 2026 Earnings
- Revenue Growth: South Plains Financial reported $54.15 million in revenue for Q1 2026, marking a 10.2% year-over-year increase, although it fell short of the market expectation of $54.29 million, indicating challenges in revenue growth.
- Earnings Per Share: The company posted an EPS of $0.85, up from $0.72 a year ago, yet it was below the consensus estimate of $0.88, reflecting volatility in profitability.
- Market Reaction: Despite the growth in revenue and EPS, the failure to meet analyst expectations may undermine investor confidence in the company's future performance, potentially affecting stock price movements.
- Key Metrics Analysis: Analysts emphasize that while headline numbers are important, a deeper analysis of key financial metrics provides better insights into predicting stock price performance, urging investors to focus on these long-term trends.
See More
South Plains Financial Q1 Earnings Beat Expectations
- Earnings Beat: South Plains Financial reported a Q1 GAAP EPS of $0.85, exceeding expectations by $0.04, which reflects the company's robust profitability and boosts investor confidence.
- Revenue Growth: The Q1 revenue of $54.15 million, up 10.2% year-over-year, fell short of expectations by $0.2 million, indicating challenges from increased market competition and economic conditions that may affect future growth strategies.
- Stock Repurchase Program: The company has approved a $10 million stock repurchase program aimed at enhancing EPS by reducing the number of shares outstanding, signaling management's confidence in the company's future prospects.
- Market Reaction: While revenue missed expectations, the earnings beat may have a positive short-term impact on stock prices, prompting investors to monitor subsequent market performance and potential strategic adjustments by the company.
See More
South Plains Financial to Release Q1 2026 Financial Results
- Earnings Release Schedule: South Plains Financial is set to release its Q1 2026 financial results after market close on April 28, 2026, which is expected to provide investors with crucial financial data and business performance insights, aiding market assessments of the company's operational status.
- Conference Call Details: The company will host a conference call at 5:00 PM ET on the same day, allowing investors and analysts to dial in 10 minutes prior to engage directly with management, thereby enhancing investor relations and communication.
- Live Webcast Availability: The conference call will be available via a live audio webcast on the company's website, enabling real-time access to earnings discussions, which increases transparency and attracts more investor interest, further solidifying the company's market position.
- Replay Service: A replay of the call will be accessible within two hours post-conclusion, allowing investors who missed the live event to obtain key information through phone or website access, thereby enhancing information accessibility and convenience.
See More
South Plains Financial CEO Retirement and Succession Plan Announced
- Executive Retirement Announcement: South Plains Financial has announced that CEO and Chairman Curtis Griffith will retire on December 31, 2026, while remaining a director of the company and its wholly-owned subsidiary, City Bank, ensuring leadership continuity.
- Successor Appointment: The board has appointed current director and President Cory Newsom as the new CEO, effective upon Griffith's retirement, aiming for a smooth transition and maintaining operational stability within the company.
- Consultancy Agreement: The company has entered into a retirement and consultancy agreement with Griffith, who will continue to provide consulting services post-retirement, leveraging his extensive experience to support the company's long-term strategy.
- Stock Repurchase Plan: In connection with Griffith's retirement, the company plans to repurchase 300,000 shares of common stock owned by Griffith in a private transaction by June 30, 2026, aimed at enhancing shareholder value and optimizing capital structure.
See More
South Plains (SPFI) Q1 2026 Earnings Transcript
See More
South Plains Financial Q1 2026 Earnings Highlights
- Merger Completion and Earnings Outlook: South Plains Financial successfully completed its merger with Bank of Houston on April 1, expecting an 11% accretion to earnings in 2027 with a tangible book value earn-back of under three years, demonstrating the company's strategic execution in M&A integration.
- Loan and Deposit Dynamics: Although loans held for investment decreased by $41 million to $3.1 billion, the company experienced strong growth in unfunded loan commitments, with full-year loan growth guidance positioned towards the lower end of the mid-to-high single-digit range, reflecting changing market demand and a cautious growth strategy.
- Financial Performance and Cost Control: The first quarter net interest income was $43 million with a net interest margin of 4.04%, while deposits increased by $154 million or 4% from the linked quarter, and costs decreased by 4 basis points to 1.97%, showcasing effective measures in cost control and revenue enhancement.
- Macro Economic Challenges and Outlook: Management noted that inflationary pressures may limit the Federal Reserve's ability to further reduce interest rates, with loan growth facing headwinds from large payoffs, and seasonal pressures expected on deposit flows in the second quarter, emphasizing the importance of maintaining profitability in an uncertain economic environment.
See More
South Plains Financial Reports Q1 2026 Earnings
- Revenue Growth: South Plains Financial reported $54.15 million in revenue for Q1 2026, marking a 10.2% year-over-year increase, although it fell short of the market expectation of $54.29 million, indicating challenges in revenue growth.
- Earnings Per Share: The company posted an EPS of $0.85, up from $0.72 a year ago, yet it was below the consensus estimate of $0.88, reflecting volatility in profitability.
- Market Reaction: Despite the growth in revenue and EPS, the failure to meet analyst expectations may undermine investor confidence in the company's future performance, potentially affecting stock price movements.
- Key Metrics Analysis: Analysts emphasize that while headline numbers are important, a deeper analysis of key financial metrics provides better insights into predicting stock price performance, urging investors to focus on these long-term trends.
See More
South Plains Financial Q1 Earnings Beat Expectations
- Earnings Beat: South Plains Financial reported a Q1 GAAP EPS of $0.85, exceeding expectations by $0.04, which reflects the company's robust profitability and boosts investor confidence.
- Revenue Growth: The Q1 revenue of $54.15 million, up 10.2% year-over-year, fell short of expectations by $0.2 million, indicating challenges from increased market competition and economic conditions that may affect future growth strategies.
- Stock Repurchase Program: The company has approved a $10 million stock repurchase program aimed at enhancing EPS by reducing the number of shares outstanding, signaling management's confidence in the company's future prospects.
- Market Reaction: While revenue missed expectations, the earnings beat may have a positive short-term impact on stock prices, prompting investors to monitor subsequent market performance and potential strategic adjustments by the company.
See More
South Plains Financial to Release Q1 2026 Financial Results
- Earnings Release Schedule: South Plains Financial is set to release its Q1 2026 financial results after market close on April 28, 2026, which is expected to provide investors with crucial financial data and business performance insights, aiding market assessments of the company's operational status.
- Conference Call Details: The company will host a conference call at 5:00 PM ET on the same day, allowing investors and analysts to dial in 10 minutes prior to engage directly with management, thereby enhancing investor relations and communication.
- Live Webcast Availability: The conference call will be available via a live audio webcast on the company's website, enabling real-time access to earnings discussions, which increases transparency and attracts more investor interest, further solidifying the company's market position.
- Replay Service: A replay of the call will be accessible within two hours post-conclusion, allowing investors who missed the live event to obtain key information through phone or website access, thereby enhancing information accessibility and convenience.
See More
