South Plains Financial (SPFI) 10-K 13 Mar 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Mar. 08, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Document Transition Report	false
Entity File Number	001-38895
Entity Registrant Name	South Plains Financial, Inc.
Entity Central Index Key	0001163668
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	75-2453320
Entity Address, Address Line One	5219 City Bank Parkway
Entity Address, City or Town	Lubbock
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	79407
City Area Code	806
Local Phone Number	792-7101
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	SPFI
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float				$ 306.4
Entity Common Stock, Shares Outstanding			17,047,883
Auditor Firm ID	686	410
Auditor Name	FORVIS, LLP	WEAVER AND TIDWELL, L.L.P.
Auditor Location	Houston, Texas	Fort Worth, Texas

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Cash and due from banks	$ 61,613	$ 68,425
Interest-bearing deposits in banks	173,270	418,396
Cash and cash equivalents	234,883	486,821
Securities available for sale	701,711	724,504
Loans held for sale ($10,038 and $47,593 at fair value at December 31, 2022 and 2021, respectively)	30,403	76,507
Loans held for investment	2,748,081	2,437,577
Allowance for loan losses	(39,288)	(42,098)
Loans held for investment, net	2,708,793	2,395,479
Accrued interest receivable	16,432	13,900
Premises and equipment, net	56,337	57,699
Bank-owned life insurance	73,174	71,978
Goodwill	19,508	19,508
Intangible assets, net	4,349	5,895
Mortgage servicing rights	27,474	19,700
Deferred tax asset, net	22,818	3,038
Other assets	48,181	26,826
Total assets	3,944,063	3,901,855
Deposits:
Noninterest-bearing	1,150,488	1,071,367
Interest-bearing	2,255,942	2,269,855
Total deposits	3,406,430	3,341,222
Accrued expenses and other liabilities	58,265	31,038
Subordinated debt	75,961	75,775
Junior subordinated deferrable interest debentures	46,393	46,393
Total liabilities	3,587,049	3,494,428
Stockholders' equity:
Common stock, $1 par value, 30,000,000 shares authorized; 17,027,197 issued in 2022 and 17,760,243 issued in 2021	17,027	17,760
Additional paid-in capital	112,834	133,215
Retained earnings	292,261	242,750
Accumulated other comprehensive income (loss)	(65,108)	13,702
Total stockholders' equity	357,014	407,427
Total liabilities and stockholders' equity	$ 3,944,063	$ 3,901,855

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Loans held for sale, fair value	$ 10,038	$ 47,593
Stockholders' equity:
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares issued (in shares)	17,027,197	17,760,243

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest income:
Loans, including fees	$ 137,954	$ 120,540	$ 121,733
Securities:
Taxable	15,010	9,445	12,267
Non taxable	4,529	4,639	3,546
Federal funds sold and interest-bearing deposits in banks	3,675	412	685
Total interest income	161,168	135,036	138,231
Interest expense:
Deposits	17,002	8,293	11,894
Notes payable & other borrowings	0	43	662
Subordinated debt	4,050	4,056	2,223
Junior subordinated deferrable interest debentures	1,640	880	1,167
Total interest expense	22,692	13,272	15,946
Net interest income	138,476	121,764	122,285
Provision for loan losses	(2,619)	(1,918)	25,570
Net interest income, after provision for loan losses	141,095	123,682	96,715
Noninterest income:
Service charges on deposit accounts	6,829	6,963	7,032
Income from insurance activities	10,826	8,314	7,644
Net gain on sales of loans	20,764	51,184	63,531
Bank card services and interchange fees	12,946	12,239	10,035
Other mortgage banking income	10,606	8,542	1,511
Realized gain on sale of securities	0	0	2,318
Investment commissions	1,825	1,934	1,698
Fiduciary fees	2,390	2,917	3,185
Other	9,959	5,376	4,649
Total noninterest income	76,145	97,469	101,603
Noninterest expense:
Salaries and employee benefits	86,323	93,360	89,220
Occupancy and equipment, net	15,987	14,560	14,658
Professional services	9,740	6,752	6,322
Marketing and development	3,614	3,225	3,088
IT and data services	3,780	4,007	3,574
Bank card expenses	5,376	4,995	4,253
Appraisal expenses	1,747	3,248	2,782
Other	17,522	17,883	17,818
Total noninterest expense	144,089	148,030	141,715
Income before income taxes	73,151	73,121	56,603
Income tax expense	14,911	14,507	11,250
Net income	$ 58,240	$ 58,614	$ 45,353
Earnings per share:
Basic (in dollars per share)	$ 3.35	$ 3.26	$ 2.51
Diluted (in dollars per share)	$ 3.23	$ 3.17	$ 2.47
Net income	$ 58,240	$ 58,614	$ 45,353
Other comprehensive income (loss):
Unrealized gain (loss) on securities available for sale	(114,367)	(15,479)	28,193
Less: Change in fair value on hedged state and municipal securities	14,607	5,812	(76)
Reclassification adjustment for (gain) loss included in net income	0	0	(2,318)
Tax effect	20,950	2,030	(5,418)
Other comprehensive income (loss)	(78,810)	(7,637)	20,381
Comprehensive income (loss)	$ (20,570)	$ 50,977	$ 65,734

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total	Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Accumulated Other Comprehensive Income (Loss) [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]
Balance at Dec. 31, 2019	$ 18,036	$ 140,492	$ 146,696	$ 958	$ 306,182
Balance (in shares) at Dec. 31, 2019	18,036,115
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 0	0	45,353	0	45,353
Cash dividends declared	0	0	(2,528)	0	(2,528)
Other comprehensive income (loss)	0	0	0	20,381	20,381
Exercise of employee stock options, net of shares for cashless exercise and net of shares for taxes	$ 59	(378)	0	0	(319)
Exercise of employee stock options, net of shares for cashless exercise and net of shares for taxes (in shares)	59,284
Repurchases of common stock	$ (19)	(274)	0	0	(293)
Repurchases of common stock (in shares)	(19,035)
Stock-based compensation	$ 0	1,272	0	0	1,272
Balance at Dec. 31, 2020	$ 18,076	141,112	189,521	21,339	370,048
Balance (in shares) at Dec. 31, 2020	18,076,364
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 0	0	58,614	0	58,614
Cash dividends declared	0	0	(5,385)	0	(5,385)
Other comprehensive income (loss)	0	0	0	(7,637)	(7,637)
Exercise of employee stock options, net of shares for cashless exercise and net of shares for taxes	$ 77	(702)	0	0	(625)
Exercise of employee stock options, net of shares for cashless exercise and net of shares for taxes (in shares)	77,408
Repurchases of common stock	$ (393)	(8,834)	0	0	(9,227)
Repurchases of common stock (in shares)	(393,529)
Stock-based compensation	$ 0	1,639	0	0	1,639
Balance at Dec. 31, 2021	$ 17,760	133,215	242,750	13,702	407,427
Balance (Topic 842 Related to Leases [Member]) at Dec. 31, 2021						$ 0	$ 0	$ (717)	$ 0	$ (717)
Balance (in shares) at Dec. 31, 2021	17,760,243
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 0	0	58,240	0	58,240
Cash dividends declared	0	0	(8,012)	0	(8,012)
Other comprehensive income (loss)	0	0	0	(78,810)	(78,810)
Exercise of employee stock options, net of shares for cashless exercise and net of shares for taxes	$ 127	(1,295)	0	0	(1,168)
Exercise of employee stock options, net of shares for cashless exercise and net of shares for taxes (in shares)	126,756
Repurchases of common stock	$ (860)	(21,839)	0	0	(22,699)
Repurchases of common stock (in shares)	(859,802)
Stock-based compensation	$ 0	2,753	0	0	2,753
Balance at Dec. 31, 2022	$ 17,027	$ 112,834	$ 292,261	$ (65,108)	$ 357,014
Balance (in shares) at Dec. 31, 2022	17,027,197

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY [Abstract]
Cash dividends, common (in dollars per share)	$ 0.46	$ 0.3	$ 0.14
Exercise of employee stock options, shares for cashless exercise (in shares)	141,762	82,004	69,855
Exercise of employee stock options, shares for taxes (in shares)	42,386	23,559	17,762

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 58,240	$ 58,614	$ 45,353
Adjustments to reconcile net income to net cash from operating activities:
Provision for loan losses	(2,619)	(1,918)	25,570
Depreciation and amortization	6,965	6,436	6,575
Accretion and amortization	4,072	4,513	3,166
Other gains, net	(166)	(729)	(2,539)
Net gain on sales of loans	(20,764)	(51,184)	(63,531)
Proceeds from sales of loans held for sale	783,212	1,577,953	1,434,173
Loans originated for sale	(719,413)	(1,500,995)	(1,442,913)
Deferred income tax expense (benefit)	1,359	1,453	(1,588)
Earnings on bank-owned life insurance	(1,196)	(1,247)	(1,334)
Stock-based compensation	2,753	1,639	1,272
Change in valuation of mortgage servicing rights	(4,705)	(1,455)	2,834
Net change in:
Accrued interest receivable and other assets	(1,067)	3,382	(3,082)
Accrued expenses and other liabilities	16,919	(191)	1,671
Net cash provided by operating activities	123,590	96,271	5,627
Activity in securities available for sale:
Purchases	(176,713)	(61,548)	(279,727)
Sales	0	0	94,514
Maturities, prepayments, and calls	81,253	120,325	114,850
Loan originations and principal collections, net	(311,459)	(218,458)	(84,991)
Cash paid for acquisition	0	0	(687)
Goodwill adjustment related to litigation settlement	0	0	460
Purchases of premises and equipment	(4,469)	(2,920)	(3,310)
Proceeds from sales of premises and equipment	480	1,458	222
Proceeds from sales of foreclosed assets	2,051	1,302	2,441
Net cash used in investing activities	(408,857)	(159,841)	(156,228)
Cash flows from financing activities:
Net change in deposits	65,208	366,871	277,494
Net change in short-term borrowings	0	(26,550)	(10,615)
Proceeds from subordinated debt issuance, net	0	0	49,070
Proceeds from notes payable and other borrowings	0	0	75,000
Payments to tax authorities for stock-based compensation	(1,168)	(625)	(319)
Payments made on notes payable and other borrowings	0	(75,000)	(95,000)
Cash dividends paid on common stock	(8,012)	(5,385)	(2,528)
Payments to repurchase common stock	(22,699)	(9,227)	(293)
Net cash provided by (used in) financing activities	33,329	250,084	292,809
Net change in cash and cash equivalents	(251,938)	186,514	142,208
Beginning cash and cash equivalents	486,821	300,307	158,099
Ending cash and cash equivalents	234,883	486,821	300,307
Supplemental disclosures of cash flow information:
Interest paid on deposits and borrowed funds	21,770	13,471	16,116
Income taxes paid	13,835	12,400	13,513
Supplemental schedule of noncash activities:
Loans transferred to foreclosed assets	764	927	1,867
Business combination measurement period adjustment	0	0	1,211
Additions to mortgage servicing rights	$ 3,069	$ 9,196	$ 9,829

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations The following are subsidiaries of SPFI: Wholly-Owned, Consolidated Subsidiaries: City Bank Bank subsidiary Windmark Insurance Agency, Inc. (“Windmark”) Non-bank subsidiary Ruidoso Retail, Inc. Non-bank subsidiary CB Provence, LLC Non-bank subsidiary CBT Brushy Creek, LLC Non-bank subsidiary CBT Properties, LLC Non-bank subsidiary Wholly-Owned, Equity Method Subsidiaries: South Plains Financial Capital Trusts (SPFCT) III-V Non-bank subsidiaries Basis of Presentation and Consolidation The Company’s consolidated financial statements are prepared and presented in accordance with generally accepted accounting principles (“GAAP”) in the U.S. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Determination of the adequacy of the allowance for loan losses is a material estimate that is particularly susceptible to significant change in the near term; the assumptions used in stock-based compensation, derivatives, mortgage servicing rights, Concentration of Credit Risk Comprehensive Income – C o Cash and Cash Equivalents The Company includes all cash on hand, balances due from other banks, and federal funds sold, all of which have original maturities within three months, as cash and cash equivalents in the accompanying consolidated financial statements. On March 15, 2020, the Federal Reserve Bank announced that it had reduced regulatory reserve requirements to zero percent effective on March 26, 2020; therefore, no cash is required to be maintained to satisfy regulatory reserve requirements. Securities of other comprehensive income (loss) When the fair value of a security is below its amortized cost, additional analysis is performed to determine whether an other-than-temporary impairment condition exists. The analysis considers (i) whether there is intent to sell securities prior to recovery and/or maturity, (ii) whether it is more likely than not that securities will have to be sold prior to recovery and/or maturity, and (iii) whether there is a credit loss component to the impairment. Often, the information available to conduct these assessments is limited and rapidly changing, making estimates of fair value subject to judgment. If actual information or conditions are different than estimated, the extent of the impairment of a security may be different than previously estimated, which could have a material effect on the Company’s results of operations and financial condition. Nonmarketable Equity Securities Loans Loans are placed on nonaccrual status when, in management’s opinion, collection of interest is unlikely, which typically occurs when principal or interest payments are more than ninety days past due. When interest accrual is discontinued, all unpaid accrued interest is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Allowance for Loan Losses The allowance for loan losses is evaluated on a quarterly basis by management and is based upon management’s review of the collectability of the loans in the Company’s loan portfolio in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, and prevailing economic conditions. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. The determination of the adequacy of the allowance for loan losses is based on estimates that are particularly susceptible to significant changes in the economic environment and market conditions. In connection with the determination of the estimated losses on loans, management obtains independent appraisals for significant collateral. Loans originated by the bank subsidiary are generally secured by specific items of collateral including real property, crops, livestock, consumer assets, and other business assets. While management uses available information to recognize losses on loans, further reductions in the carrying amounts of loans may be necessary based on various factors. In addition, regulatory agencies, as an integral part of their examination process, periodically review the estimated losses on loans. Such agencies may require the bank subsidiary to recognize additional losses based on their judgments about information available to them at the time of their examination. Because of these factors, it is reasonably possible that the estimated losses on loans may change materially in the near term. However, the amount of the change that is reasonably possible cannot be estimated. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. All loans rated substandard or worse and greater than $250 thousand are specifically reviewed to determine if they are impaired. Factors considered by management in determining whether a loan is impaired include payment status and the sources, amounts, and probabilities of estimated cash flow available to service debt in relation to amounts due according to contractual terms. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Loans that are determined to be impaired are then evaluated to determine estimated impairment, if any. GAAP allows impairment to be measured on a loan-by-loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Loans that are not individually determined to be impaired or are not subject to the specific review of impaired status are subject to the general valuation allowance portion of the allowance for loan losses. The Company may modify its loan agreement with a borrower. The modification will be considered a troubled debt restructuring (“TDR”) if the following criteria are met: (1) the borrower is experiencing a financial difficulty and (2) the Company makes a concession that it would not otherwise make. Concessions may include debt forgiveness, interest rate change, or maturity extension. Each of these loans is impaired and is evaluated for impairment, with a specific reserve recorded as necessary based on probable losses related to collateral and cash flow. A loan will no longer be required to be reported as restructured in calendar years following the restructure if the interest rate at the time of restructure is greater than or equal to the rate the Company was willing to accept for a new extension of credit with similar risk and the loan is in compliance with its modified terms. Acquired Loans Any loans the Company determines have evidence of deterioration of credit quality since origination, and it is probable, at acquisition, that all contractually required payments will not be collected, are considered to be purchase credit impaired loans The excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable discount and is recognized into interest income over the remaining life of the loan. Loans and Debt Securities Acquired with Deteriorated Credit Quality. Loans acquired through business combinations that do not meet the specific criteria of ASC 310-30 are accounted for under ASC 310-20 , Receivables—Nonrefundable Fees and Other Costs Acquired loans that met the criteria for impaired or nonaccrual of interest prior to the acquisition may be considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if the Company expects to fully collect the new carrying value (i.e. fair value) of the loans. As such, the Company may no longer consider the loan to be nonaccrual or nonperforming at the date of acquisition and may accrue interest on these loans, including the impact of any accretable discount. In addition, charge-offs on such loans would be first applied to the nonaccretable difference portion of the fair value adjustment. Mortgage Servicing Rights Under the fair value measurement method, the Company measures servicing rights at fair value at each reporting date and reports changes in the fair value of servicing rights in earnings in the period in which the changes occur, and are included with Other mortgage banking income in the consolidated financial statements. Servicing fee income, which is reported in the consolidated financial statements Other mortgage banking income Transfers of Financial Assets Loans Held for Sale under the fair value option Premises and Equipment Foreclosed Assets Bank-Owned Life Insurance ng consolidated financial statements Goodwill and Other Intangible Assets Core deposit intangible (“CDI”) is a measure of the value of checking and savings deposit relationships acquired in a business combination. The fair value of the CDI stemming from any given business combination is based on the present value of the expected cost savings attributable to the core deposit funding relative to an alternative source of funding. CDI is amortized over the estimated useful lives of the existing deposit relationships acquired, but does not exceed 10 years. Substantially all CDI is amortized using the sum of the years’ digits method. The remaining other intangible assets consist of customer relationship and employment agreement intangible assets and are amortized over their estimated useful lives of 5 years using the straight-line method. Mortgage Banking Derivatives In order to hedge the change in interest rates resulting from the commitments to fund the loans that will be sold through a best efforts contract, the Company enters into forward loans sales commitments for the future delivery of mortgage loans when interest rate locks are entered. At inception, these interest rate locks and the related forward loan sales commitments, adjusted for the expected exercise of the commitment before the loan is funded, are recorded with a zero value. Subsequent changes in fair value are estimated based on changes in mortgage interest rates from the date the interest rate on the loan is locked. In order to hedge the change in interest rates resulting from all other mortgage commitments to fund loans, the Company enters into forward sales of mortgage-backed securities contracts. At inception, these interest rate locks are recorded at fair value and are adjusted for the expected exercise of the commitment before the loan is funded. Subsequent changes in fair value are estimated based on changes in mortgage interest rates from the date the interest rate on the loan is locked. Changes in the fair values of these derivatives are included in net gain on sales of loans in the consolidated financial statements Derivatives Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in noninterest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as noninterest income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income (loss) are amortized into earnings over the same periods which the hedged transactions will affect earnings. Leases – During the second quarter of 2022, the Company adopted Accounting Standards Update (“ASU”) No. 2016-02 — Leases (Topic 842), effective as of January 1, 2022, using the alternative transition method under the option to apply the lease standard at its effective date without adjusting the prior period comparative financial statements. The Company elected the package of practical expedients to not reassess: (i) whether any existing contracts are or contain a lease, (ii) the lease classification of any existing leases, and (iii) initial direct costs related to existing leases. The Company also elected to apply additional practical expedients to include both the lease and nonlease components of all leases as a single component and account for it as a lease and to use hindsight for leases existing at the adoption date. The Company recorded a $9.4 million right-of-use (“ROU”) asset, offset by a $10.3 million lease liability, and a $717 thousand, net of tax, cumulative effect adjustment debit to retained earnings. Th ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized on the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses an estimated incremental collateralized borrowing rate at lease inception, on a collateralized basis, over a similar term, when determining the present value of lease payments. No significant judgments or assumptions were involved in developing the estimated operating lease liabilities as the Company’s operating lease liabilities largely represent the future rental expenses associated with operating leases, and the incremental borrowing rates are based on publicly available interest rates. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease. These options to extend or terminate are assessed on a lease-by-lease basis, and the ROU assets and lease liabilities are adjusted when it is reasonably certain that an option will be exercised. Rental expense for lease payments is recognized on a straight-line basis over the lease term and is included in occupancy and equipment, net within our Consolidated Statements of Comprehensive Income (Loss). Revenue Recognition – Service Charges on Deposit Accounts The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. Bank Card Services and Interchange Fees The Company earns bank card service and interchange fees from debit and credit cardholder transactions conducted through card payment networks. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. Bank card services income mainly represents fees charged to merchants to process their debit and credit card transactions, in addition to account management fees and service fees such as ATM use fees and are recognized at the time the transaction is executed. Investment Commissions and Fiduciary Trust Fees The Company earns investment commissions and fiduciary trust fees from its contracts with trust customers to manage assets for investment, and/or to transact on their accounts. These fees are primarily earned over time as the Company provides the contracted monthly or quarterly services and are generally assessed based on a tiered scale of the market value of assets under management (AUM) at month-end. Fees that are transaction based, including trade execution services, are recognized at the point in time that the transaction is executed, i.e., the trade date. Other related services provided include financial planning services and the fees the Company earns, which are based on a fixed fee schedule, are recognized when the services are rendered. In addition, certain trust customers have contracted with the Company to provide trust dissolution services, which are based on a unitary management fee treated as a single performance obligation. The Company’s performance obligation is satisfied over time based on the customer simultaneously receiving and consuming the benefits of the Company’s service. The unitary management fee is treated as variable consideration and is evaluated and included in the transaction price at the end of each reporting period (quarterly). Revenue is recognized based on a reasonable time based measure of progress towards the Company’s complete satisfaction of the performance obligation at the end of each respective reporting period, with the unearned amount based on progress measure being included in deferred contract liability. This variable consideration and the amount of revenue recognized is evaluated quarterly until the Company has entirely fulfilled its performance obligation, at which time the remaining unearned revenue is recognized. Gains/Losses on Sales of OREO The Company records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances the sale of OREO to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company adjusts the transaction price and related gain (loss) on sale if a significant financing component is present. Contract Balances A contract asset balance occurs when an entity performs a service for a customer before the customer pays consideration (resulting in a contract receivable) or before payment is due (resulting in a contract asset). A contract liability balance is an entity’s obligation to transfer a service to a customer for which the entity has already received payment (or payment is due) from the customer. The Company’s noninterest revenue streams are largely based on transactional activity, or standard month-end revenue accruals. Consideration is often received immediately or shortly after the Company satisfies its performance obligation and revenue is recognized. The Company does not typically enter into long-term revenue contracts with customers, and therefore, does not experience significant contract balances. The Company did not have any significant contract balances at December 31, 2022 and 2021. Contract Acquisition Costs In connection with the adoption of Topic 606, an entity is required to capitalize, and subsequently amortize into expense, certain incremental costs of obtaining a contract with a customer if these costs are expected to be recovered. The incremental costs of obtaining a contract are those costs that an entity incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained (for example, sales commission). The Company utilizes the practical expedient which allows entities to immediately expense contract acquisition costs when the asset that would have resulted from capitalizing these costs would have been amortized in one year or less. Upon adoption of Topic 606, the Company did not capitalize any contract acquisition cost. Insurance Activities The Company’s primary source of revenues for insurance activities are commissions from underwriting enterprises, based on a percentage of premiums paid by clients. These commissions and fees revenues are substantially recognized at a point in time on the effective date of the associated policies when control of the policy transfers to the client. Commissions are fixed at the contract effective date and generally are based on a percentage of premiums for insurance coverage. Commissions depend upon a large number of factors, including the type of risk being placed, the particular underwriting enterprise’s demand, the expected loss experience of the particular risk of coverage, and historical benchmarks surrounding the level of effort necessary for us to place and service the insurance contract. Stock-Based Compensation Advertising Income Taxes A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The State of Texas franchise tax is an income tax for financial reporting purposes under GAAP and the Company and its subsidiaries are subject to the modified tax as a combined group. Earnings per Share Basic earnings per share is net income divided by the weighted average number of common shares outstanding during the period. Shares held in the South Plains Financial, Inc. Fair Values of Financial Instruments Trust Assets Segment Information Reclassification consolidated financial statements Recent Accounting Pronouncements Updates to ASC are prescribed in ASU, which are not authoritative until incorporated into the ASC. ASU 2021-01, Reference Rate Reform (Topic 848) ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2019-12, Income Taxes, Simplifying the Accounting for Income Taxes (Topic 740). ASU 2017-04, Intangibles - Goodwill and Other (Topic 350). ASU 2016-13 Financial Instruments - Credit Losses (Topic 326). The FASB issued guidance to replace the incurred loss model with an expected loss model, which is referred to as the current expected credit loss (“CECL”) model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables, held to maturity securities, and debt securities. ASU 2016-13 is effective for the Company for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted CECL on January 1, 2023 and anticipates recognizing a one-time, after tax cumulative effect charge of approximately $900 thousand to retained earnings at the beginning of the first quarter of 2023, increasing the allowance for credit losses by approximately $100 thousand and increasing the off-balance sheet reserve for unfunded commitments by approximately $1.0 million . The allowance for credit losses at the transition date may vary from our estimate due to refinements in the loss estimation models or factors. Subsequent Events – The Company has evaluated subsequent events and transactions from December 31, 2022 through the date this Form 10-K was filed with the SEC for potential recognition or disclosure as required by GAAP.

SECURITIES

SECURITIES	12 Months Ended
	Dec. 31, 2022
SECURITIES [Abstract]
SECURITIES	2. SECURITIES The amortized cost and fair value of securities, with gross unrealized gains and losses, at year-end follow (dollars in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31 2022 Available for sale: State and municipal $ 259,429 $ 27 $ (34,401 ) $ 225,055 Residential mortgage-backed securities 386,783 — (57,938 ) 328,845 Commercial mortgage-backed securities 49,161 — (7,194 ) 41,967 Commercial collateralized mortgage obligations 76,189 — (551 ) 75,638 Asset-backed and other amortizing securities 20,907 — (1,813 ) 19,094 Other securities 12,000 — (888 ) 11,112 $ 804,469 $ 27 $ (102,785 ) $ 701,711 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2021 Available for sale: State and municipal $ 265,143 $ 10,615 $ (86 ) $ 275,672 Residential mortgage-backed securities 252,588 3,127 (4,114 ) 251,601 Commercial mortgage-backed securities 50,385 1,103 — 51,488 Commercial collateralized mortgage obligations 106,733 — (413 ) 106,320 Asset-backed and other amortizing securities 26,046 1,108 (218 ) 26,936 Other securities 12,000 487 — 12,487 $ 712,895 $ 16,440 $ (4,831 ) $ 724,504 The amortized cost and fair value of securities at December 31, 2022 are presented below by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Other securities are shown separately since they are not due at a single maturity date. Available for Sale Amortized Cost Fair Value Within 1 year $ 1,898 $ 1,906 After 1 year through 5 years 8,663 8,560 After 5 years through 10 years 19,508 18,388 After 10 years 241,360 207,313 Other 533,040 465,544 $ 804,469 $ 701,711 At December 31, 2022 and 2021, there were no holdings of securities of any one issuer, other than the U.S. government, its agencies, or its sponsored enterprises, in an amount greater than 10% of stockholders’ equity. Securities with a carrying value of approximately $464.1 million and $474.5 million at December 31, 2022 and 2021, respectively, were pledged to collateralize public deposits and for other purposes as required or permitted by law. The following table segregates securities with unrealized losses at year-end, by the period they have been in a loss position (dollars in thousands): Less than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss December 31, 2022 U.S. government and agencies $ — $ — $ — $ — $ — $ — State and municipal 162,746 23,538 57,675 10,863 220,421 34,401 Mortgage-backed securities - residential 220,752 27,967 108,080 29,971 328,832 57,938 Mortgage-backed securities - commercial 41,966 7,194 — — 41,966 7,194 Collateralized mortgage obligations 75,638 551 — — 75,638 551 Asset-backed and other amortizing securities 19,094 1,813 — — 19,094 1,813 Other securities 11,112 888 — — 11,112 888 $ 531,308 $ 61,951 $ 165,755 $ 40,834 $ 697,063 $ 102,785 December 31, 2021 U.S. government and agencies $ — $ — $ — $ — $ — $ — State and municipal 21,255 86 — — 21,255 86 Mortgage-backed securities - residential 56,398 1,197 64,764 2,917 121,162 4,114 Mortgage-backed securities - commercial — — — — — — Collateralized mortgage obligations 106,320 413 — — 106,320 413 Asset-backed and other amortizing securities 1,624 218 — — 1,624 218 Other securities — — — — — — $ 185,597 $ 1,914 $ 64,764 $ 2,917 $ 250,361 $ 4,831 There were 170 securities with an unrealized loss at December 31, 2022. Management does not believe that these losses are other than temporary as there is no intent to sell any of these securities before recovery and it is not probable that the Company will be required to sell any of these securities before recovery, and credit loss, if any, is not material. These unrealized losses are largely due to significant increases in market interest rates experienced during 2022 over the yields available at the time the underlying securities were purchased. The fair value is expected to recover as the securities approach their maturity date or if market yields for such investments decline in future periods. Management does not believe any of the securities are impaired due to reasons of credit quality. Accordingly, as of December 31, 2022, management believes the impairments detailed in the table above are temporary and no impairment loss has been realized in the Company’s consolidated financial statements.

LOANS HELD FOR INVESTMENT

LOANS HELD FOR INVESTMENT	12 Months Ended
	Dec. 31, 2022
LOANS HELD FOR INVESTMENT [Abstract]
LOANS HELD FOR INVESTMENT	3. LOANS HELD FOR INVESTMENT Loans held for investment are summarized by category at year-end as follows (dollars in thousands): December 31, 2022 2021 Commercial real estate $ 919,358 $ 755,444 Commercial - specialized 327,513 378,725 Commercial - general 484,783 460,024 Consumer: 1-4 family residential 460,124 387,690 Auto loans 321,476 240,719 Other consumer 81,308 68,113 Construction 153,519 146,862 2,748,081 2,437,577 Allowance for loan losses (39,288 ) (42,098 ) Loans, net $ 2,708,793 $ 2,395,479 The Company has certain lending policies, underwriting standards, and procedures in place that are designed to maximize loan income with an acceptable level of risk. Management reviews and approves these policies, underwriting standards, and procedures on a regular basis and makes changes as appropriate. Management receives frequent reports related to loan originations, quality, concentrations, delinquencies, non-performing, and potential problem loans. Diversification in the loan portfolio is a means of managing risk associated with fluctuations in economic conditions, both by type of loan and geography. Commercial – General and Specialized – Commercial loans are underwritten after evaluating and understanding the borrower’s ability to operate profitably. Underwriting standards have been designed to determine whether the borrower possesses sound business ethics and practices, evaluate current and projected cash flows to determine the ability of the borrower to repay their obligations, as agreed and ensure appropriate collateral is obtained to secure the loan. Commercial loans are primarily made based on the identified cash flows of the borrower and, secondarily, on the underlying collateral provided by the borrower. Most commercial loans are secured by the assets being financed or other business assets, such as real estate, accounts receivable, or inventory, and typically include personal guarantees. Owner-occupied real estate is included in commercial loans, as the repayment of these loans is generally dependent on the operations of the commercial borrower’s business rather than on income-producing properties or the sale of the properties. Commercial loans are grouped into two distinct sub-categories: specialized and general. Commercial related segments that are considered “specialized” include agricultural production and real estate loans, energy loans, and finance, investment, and insurance loans. Commercial related segments that contain a broader diversity of borrowers, sub-industries, or serviced industries are grouped into the “general category.” These include goods, services, restaurant & retail, construction, and other industries. Commercial Real Estate Construction Consumer Loans to consumers include 1-4 family residential loans, auto loans, and other loans for recreational vehicles or other purposes. The Company utilizes a computer-based credit scoring analysis to supplement its policies and procedures in underwriting consumer loans. The Company’s loan policy addresses types of consumer loans that may be originated and the collateral, if secured, which must be perfected. The relatively smaller individual dollar amounts of consumer loans that are spread over numerous individual borrowers also minimizes the Company’s risk. The Company generally requires mortgage title insurance and hazard insurance on 1-4 family residential loans. The allowance for loan losses was $39.3 million at December 31, 2022, compared to $42.1 million at December 31, 2021. The ratio of allowance for loan losses to loans held for investment was 1.43% at December 31, 2022 and 1.73% at December 31, 2021. The following table details the activity in the allowance for loan losses for the years ended December 31, 2022, 2021 and 2020 (dollars in thousands). Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. Beginning Balance Provision for Loan Losses Charge-offs Recoveries Ending Balance For the Year Ended December 31, 2022 Commercial real estate $ 17,245 $ (4,634 ) $ — $ 418 $ 13,029 Commercial - specialized 4,363 (1,745 ) (199 ) 1,006 3,425 Commercial - general 8,466 627 (328 ) 450 9,215 Consumer: 1-4 family residential 5,268 1,026 (140 ) 40 6,194 Auto loans 3,653 637 (508 ) 144 3,926 Other consumer 1,357 932 (1,167 ) 254 1,376 Construction 1,746 538 (166 ) 5 2,123 $ 42,098 $ (2,619 ) $ (2,508 ) $ 2,317 $ 39,288 For the Year Ended December 31, 2021 Commercial real estate $ 18,962 $ (1,826 ) $ — $ 109 $ 17,245 Commercial - specialized 5,760 (1,386 ) (172 ) 161 4,363 Commercial - general 9,227 (302 ) (677 ) 218 8,466 Consumer: 1-4 family residential 4,646 666 (52 ) 8 5,268 Auto loans 4,226 (90 ) (598 ) 115 3,653 Other consumer 1,671 339 (903 ) 250 1,357 Construction 1,061 681 — 4 1,746 $ 45,553 $ (1,918 ) $ (2,402 ) $ 865 $ 42,098 For the Year Ended December 31, 2020 Commercial real estate $ 5,049 $ 13,618 $ (7 ) $ 302 $ 18,962 Commercial - specialized 2,287 4,514 (1,162 ) 121 5,760 Commercial - general 9,609 1,219 (1,811 ) 210 9,227 Consumer: 1-4 family residential 2,093 2,478 (56 ) 131 4,646 Auto loans 3,385 1,814 (1,165 ) 192 4,226 Other consumer 1,341 1,300 (1,358 ) 388 1,671 Construction 433 627 — 1 1,061 $ 24,197 $ 25,570 $ (5,559 ) $ 1,345 $ 45,553 The following table shows the Company’s investment in loans disaggregated based on the method of evaluating impairment at the dates indicated (dollars in thousands): Recorded Investment Allowance for Loan Losses Individually Evaluated Collectively Evaluated Individually Evaluated Collectively Evaluated December 31, 2022 Commercial real estate $ — $ 919,358 $ — $ 13,029 Commercial - specialized — 327,513 — 3,425 Commercial - general 3,350 481,433 22 9,193 Consumer: 1-4 family residential 742 459,382 18 6,176 Auto loans — 321,476 — 3,926 Other consumer — 81,308 — 1,376 Construction 1,014 152,505 245 1,878 $ 5,106 $ 2,742,975 $ 285 $ 39,003 December 31, 2021 Commercial real estate $ 1,101 $ 754,343 $ 584 $ 16,661 Commercial - specialized — 378,725 — 4,363 Commercial - general 5,078 454,946 585 7,881 Consumer: 1-4 family residential 1,592 386,098 175 5,093 Auto loans — 240,719 — 3,653 Other consumer — 68,113 — 1,357 Construction — 146,862 — 1,746 $ 7,771 $ 2,429,806 $ 1,344 $ 40,754 Impaired loan information at the dates indicated follows (dollars in thousands): Unpaid Contractual Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance Average Recorded Investment December 31, 2022 Commercial real estate $ — $ — $ — $ — $ — $ 551 Commercial - specialized — — — — — — Commercial - general 3,350 799 2,551 3,350 22 4,214 Consumer: 1-4 family 742 486 256 742 18 1,167 Auto loans — — — — — — Other consumer — — — — — — Construction 1,014 686 328 1,014 245 507 $ 5,106 $ 1,971 $ 3,135 $ 5,106 $ 285 $ 6,439 December 31, 2021 Commercial real estate $ 1,101 $ — $ 1,101 $ 1,101 $ 584 $ 3,687 Commercial - specialized — — — — — — Commercial - general 5,078 1,143 3,935 5,078 585 4,852 Consumer: 1-4 family 1,592 880 712 1,592 175 1,857 Auto loans — — — — — — Other consumer — — — — — — Construction — — — — — — $ 7,771 $ 2,023 $ 5,748 $ 7,771 $ 1,344 $ 10,396 All impaired loans $250 thousand and greater were specifically evaluated for impairment. Interest income recognized using a cash-basis method on impaired loans for 2022, 2021 and 2020 was not significant. Additional funds committed to be advanced on impaired loans are not significant. The Company elects the fair value option for recording residential mortgage loans held for sale (mandatory) in accordance with GAAP. The Company had no nonaccrual mortgage loans held for sale (mandatory) recorded using the fair value option election at December 31, 2022, and 2021. The table below provides an age analysis on accruing past-due loans and nonaccrual loans at the dates indicated (dollars in thousands): 30-89 Days Past Due 90 Days or More Past Due Nonaccrual December 31, 2022 Commercial real estate $ 342 $ 27 $ — Commercial - specialized 25 13 38 Commercial - general 1,451 60 3,357 Consumer: 1-4 Family residential 1,389 1,653 1,356 Auto loans 707 85 — Other consumer 1,487 149 37 Construction 550 — 1,014 $ 5,951 $ 1,987 $ 5,802 December 31, 2021 Commercial real estate $ 393 $ 45 $ 1,101 Commercial - specialized 265 20 156 Commercial - general 4,032 97 5,236 Consumer: 1-4 Family residential 2,496 903 2,815 Auto loans 332 — — Other consumer 538 15 44 Construction 937 — 166 $ 8,993 $ 1,080 $ 9,518 The Company grades its loans on a thirteen-point grading scale. These grades fit in one of the following categories: (i) pass, (ii) special mention, (iii) substandard, (iv) doubtful, or (v) loss. Loans categorized as loss are charged-off immediately. The grading of loans reflect a judgment by the Company about the risks of default associated with the loan. The Company reviews the grades on loans as part of the Company’s on-going monitoring of the credit quality of the loan portfolio. Pass loans have financial factors or nature of collateral that are considered reasonable credit risks in the normal course of lending and encompass several grades that are assigned based on varying levels of risk, ranging from credits that are secured by cash or marketable securities, to watch credits which have all the characteristics of an acceptable credit risk but warrant more than the normal level of monitoring. Special mention loans have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of repayment prospects for the loans at some future date. Substandard loans are inadequately protected by the current net worth and paying capacity of the borrower or by the collateral pledged, if any. These loans have a well-defined weakness or weaknesses that jeopardize collection and present the distinct possibility that some loss will be sustained if the deficiencies are not corrected. A protracted workout on these credits is a distinct possibility. Prompt corrective action is therefore required to strengthen the Company’s position, and/or to reduce exposure and to assure that adequate remedial measures are taken by the borrower. Credit exposure becomes more likely in such credits and a serious evaluation of the secondary support to the credit is performed. Substandard loans can be accruing or can be nonaccrual depending on the circumstances of the individual loans. Doubtful loans have all the weaknesses inherent in substandard loans with the added characteristics that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions, and values highly questionable and improbable. All doubtful loans are on nonaccrual. The following table summarizes the internal classifications of loans at the dates indicated (dollars in thousands): Pass Special Mention Substandard Doubtful Total December 31, 2022 Commercial real estate $ 893,312 $ — $ 26,046 $ — $ 919,358 Commercial - specialized 326,987 — 526 — 327,513 Commercial - general 451,639 — 33,144 — 484,783 Consumer: 1-4 family residential 450,034 — 10,090 — 460,124 Auto loans 321,158 — 318 — 321,476 Other consumer 81,109 — 199 — 81,308 Construction 151,995 — 1,524 — 153,519 $ 2,676,234 $ — $ 71,847 $ — $ 2,748,081 December 31, 2021 Commercial real estate $ 713,852 $ — $ 41,592 $ — $ 755,444 Commercial - specialized 372,797 — 5,928 — 378,725 Commercial - general 450,790 1,676 7,558 — 460,024 Consumer: 1-4 family residential 379,458 — 8,232 — 387,690 Auto loans 239,869 — 850 — 240,719 Other consumer 67,822 — 291 — 68,113 Construction 146,696 — 166 — 146,862 $ 2,371,284 $ 1,676 $ 64,617 $ — $ 2,437,577 There were no loans modified as TDR during the years ended December 31, 2022, 2021, and 2020. Beginning in April 2020, the Company began offering deferral and modification of principal and/or interest payments to selected borrowers on a case-by-case basis in response to the COVID-19 pandemic. These additional modifications complied with the provisions of section 4013 of the Coronavirus Aid, Relief, and Economic Security Act and section 501 of the Consolidated Appropriations Act, 2021. As of December 31, 2022, the Company had no loans under an active modification subject to these deferral and modification agreements. As of December 31, 2021, the Company had 3 loans totaling approximately $15.9 million subject to these deferral and modification agreements, representing 0.65% of outstanding loans held for investment.

FORECLOSED ASSETS

FORECLOSED ASSETS	12 Months Ended
	Dec. 31, 2022
FORECLOSED ASSETS [Abstract]
FORECLOSED ASSETS	4. FORECLOSED ASSETS Foreclosed assets activity was as follows for the periods presented below (dollars in thousands): For the Year Ended December 31, 2022 2021 2020 Beginning balance $ 1,032 $ 1,353 $ 1,883 Additions 764 927 1,867 Sales, net (1,627 ) (1,248 ) (2,397 ) Current year valuation write-down — — — Ending balance $ 169 $ 1,032 $ 1,353 There was no activity in the valuation allowance for the years ended December 31, 2022, 2021 and 2020. Net expenses related to foreclosed assets include the following for the periods presented below (dollars in thousands): For the Year Ended December 31, 2022 2021 2020 Net gain on sales $ (424 ) $ (44 ) $ (40 ) Current year valuation write-down — — — Operating expenses, net of rental income 65 57 75 Foreclosed assets expense, net $ (359 ) $ 13 $ 35

PREMISES AND EQUIPMENT

PREMISES AND EQUIPMENT	12 Months Ended
	Dec. 31, 2022
PREMISES AND EQUIPMENT [Abstract]
PREMISES AND EQUIPMENT	5. PREMISES AND EQUIPMENT Detail of premises and equipment at year-end follows (dollars in thousands): December 31, 2022 2021 Land $ 10,065 $ 10,065 Buildings and improvements 63,995 65,986 Furniture and equipment 47,967 48,281 Construction in process 2,378 659 124,405 124,991 Less accumulated depreciation (68,068 ) (67,292 ) Premises and equipment, net $ 56,337 $ 57,699 Depreciation expense for the years ended December 31, 2022, 2021 and 2020 was approximately $5.1, $4.8, and $4.8 million, respectively.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2022
LEASES [Abstract]
LEASES	6. LEASES Lessee Arrangements The Company leases space, primarily for branch facilities and small equipment under operating leases. The Company’s leases often include one or more options to renew at the Company’s discretion, and some of the Company’s leases include options to terminate within one year. When it is reasonably certain that the Company will exercise the option to renew or extend the lease term, that option is included in estimating the value of the ROU asset and lease liability. The Company’s leases contain customary restrictions and covenants and do not contain any residual value guarantees. The Company has certain intercompany leases and subleases between its subsidiaries, and these transactions and balances have been eliminated in consolidation and are not reflected in the tables and information presented below. As of December 31, 2022 and 2021, the Company had no finance leases. The balance sheet components of the Company’s leases are as follows (in thousands): December 31, 2022 Operating lease right of use assets (included in Other assets $ 7,938 Operating lease liabilities (included in Accrued expenses and other liabilities 8,897 The Company does not generally enter into leases which contain variable payments, other than due to the passage of time. Operating lease costs, including short-term lease costs were $2.9 million, $2.5 million and $2.4 million, respectively for the years ended December 31, 2022,2021 and 2020, respectively Supplemental cash flow information related to leases is as follows (in thousands): Year Ended December 31, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,976 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ — For operating leases, the Company’s weighted average remaining lease terms in years and weighted average discount rate was 9.83 and 4.65%, respectively, as of December 31, 2022. Future undiscounted lease payments at December 31, 2022, under operating lease agreements, are presented below (in thousands). 2023 $ 1,866 2024 1,426 2025 1,027 2026 1,026 2027 987 Thereafter 5,038 Total minimum lease payments 11,370 Less: Amount representing interest 2,473 Lease liabilities $ 8,897 As of December 31, 2022, the Company had no significant additional operating leases that have not yet commenced. Lessor Arrangements The Company leases certain facilities and office space under operating lease agreements to outside parties. Operating lease income for the years ended December 31, 2022, 2021, and 2020 was $800 thousand, $890 thousand, and $856 thousand, respectively and is included in occupancy and equipment, net

GOODWILL AND INTANGIBLES

GOODWILL AND INTANGIBLES	12 Months Ended
	Dec. 31, 2022
GOODWILL AND INTANGIBLES [Abstract]
GOODWILL AND INTANGIBLES	7. GOODWILL AND INTANGIBLES The Company had goodwill of $19.5 million at December 31, 2022 and December 31, 2021. Other intangible assets, which consist of CDI, customer lists, and employment agreements at the dates indicated are summarized below (dollars in thousands): December 31, 2022 2021 Amortized intangible assets: Customer relationship intangibles $ 6,679 $ 6,679 Less: Accumulated amortization (3,420 ) (2,469 ) 3,259 4,210 Other intangibles 2,972 2,972 Less: Accumulated amortization (1,882 ) (1,287 ) 1,090 1,685 Other intangible assets, net $ 4,349 $ 5,895 Amortization expense for other intangibles for the years ended December 31, 2022, 2021, and 2020 totaled $1.5 million, $1.7 million, and $1.7 million, respectively. The estimated amount of amortization expense for core deposit intangible and other intangible assets to be recognized over the next five years is as follows (dollars in thousands): CDI Other Intangible Total 2023 $ 830 $ 594 $ 1,424 2024 708 441 1,149 2025 587 55 642 2026 466 — 466 2027 344 — 344

MORTGAGE SERVICING RIGHTS

MORTGAGE SERVICING RIGHTS	12 Months Ended
	Dec. 31, 2022
MORTGAGE SERVICING RIGHTS [Abstract]
MORTGAGE SERVICING RIGHTS	8. MORTGAGE SERVICING RIGHTS The following table reflects the changes in fair value of the Company’s mortgage servicing rights asset included in the Consolidated Balance Sheets, and other information related to the serviced portfolio for the periods or dates presented (dollars in thousands): Year Ended December 31, 2022 2021 2020 Beginning balance $ 19,700 $ 9,049 $ 2,054 Additions 3,069 9,196 9,829 Valuation adjustment 4,705 1,455 (2,834 ) Ending balance $ 27,474 $ 19,700 $ 9,049 December 31, 2022 2021 Mortgage loans serviced for others $ 2,046,490 $ 1,953,095 Mortgage servicing rights assets as a percentage of serviced mortgage loans 1.34 % 1.01 % The following table reflects the key assumptions used in measuring the fair value of the Company’s mortgage servicing rights as of the dates indicated: December 31, 2022 2021 Weighted average constant prepayment rate 7.47 % 12.35 % Weighted average discount rate 9.15 % 9.14 % Weighted average life in years 7.91 6.03

DEPOSITS

DEPOSITS	12 Months Ended
	Dec. 31, 2022
DEPOSITS [Abstract]
DEPOSITS	9. DEPOSITS Time deposits that met or exceeded the Federal Deposit Insurance Corporation (“FDIC”) Insurance limit of $250,000 The scheduled maturities of time deposits at December 31, 2022 follows (dollars in thousands): 2023 $ 222,411 2024 50,912 2025 5,557 2026 2,892 2027 4,013 Thereafter 414 $ 286,199

BORROWING ARRANGEMENTS

BORROWING ARRANGEMENTS	12 Months Ended
	Dec. 31, 2022
BORROWING ARRANGEMENTS [Abstract]
BORROWING ARRANGEMENTS	10. BORROWING ARRANGEMENTS Short-term borrowings There were no balances as of December 31, 2022 and 2021 related to federal funds purchased or FHLB short-term advances. Federal funds purchased are short-term borrowings that generally have one-day maturities. Lines of credit The bank subsidiary has a line of credit with FHLB. The amount of the line is determined by FHLB on a quarterly basis. The line is primarily used to purchase Federal funds or to secure letters of credit to pledge as collateral against certain public deposits. The line is collateralized by a blanket floating lien on all first mortgage loans and commercial real estate loans as well as all FHLB stock, which has a carrying amount of $2.8 million at December 31, 2022 and 2021. The available capacity of the line was $920.2 million and $903.9 million with no outstanding borrowings The bank subsidiary also has a line of credit with the Federal Reserve Bank of Dallas (“FRB”). The amount of the line is determined on a monthly basis by FRB. The line is collateralized by a blanket floating lien on all agriculture, commercial, and consumer loans. The amount of the line was $648.3 million and $593.6 million at December 31, 2022 and 2021, respectively. This line was not used at December 31, 2022 or 2021. The bank subsidiary also has uncollateralized lines of credit with multiple banks. The total amount of the lines was $160.0 million and $160.0 million as of December 31, 2022 and 2021, respectively. These lines were not used at December 31, 2022 or 2021. Notes payable and other borrowings The bank had no FHLB advances outstanding at December 31, 2022 or 2021 Junior subordinated deferrable interest debentures and trust preferred securities The Company established grantor trusts (“trusts”) that issued obligated mandatorily redeemable preferred securities (“TPS”); the Company issued junior subordinated deferrable interest debentures (debentures) to the trusts. The trusts are not consolidated and the debentures issued by the Company to the trusts are reflected in the Company’s consolidated balance sheets. The Company records interest expense on the debentures in its consolidated financial statements. The common capital securities issued by the trusts ($1.4 million) are included in other assets in the Company’s consolidated balance sheets under the equity method of accounting. The amount of the capital securities represents the Company’s maximum exposure to loss. The Company is required by the Board of Governors of the Federal Reserve System (“Federal Reserve”) to maintain certain levels of capital for bank regulatory purposes. The debentures issued by the trusts to the Company, less the common capital securities of the trusts, continue to qualify as Tier 1 capital, subject to limitation to 25% of Tier 1 capital, under guidance issued by the Federal Reserve. Although the trusts are not consolidated in these consolidated financial statements, the TPS remain outstanding with terms substantially the same as the debentures. The Company’s interest payments on its debentures are the sole source of repayment for the TPS. Additionally, the Company guarantees payment of interest and principal on the TPS. The terms of the debentures and TPS allow for interest to be deferred for up to five years consecutively. During this time, shareholder dividends are not allowed to be paid. The following table is a detail of the debentures and TPS at December 31, 2022: Issue Date Amount of TPS Amount of Debentures Stated Maturity Date of TPS and Debentures (1) Interest Rate of TPS and Debentures (2)(3) South Plains Financial Capital Trust III 2004 $ 10,000 $ 10,310 2034 3-mo. LIBOR + 265bps; 6.97% South Plains Financial Capital Trust IV 2005 20,000 20,619 2035 3-mo. LIBOR + 139bps; 6.16% South Plains Financial Capital Trust V 2007 15,000 15,464 2037 3-mo. LIBOR + 150bps; 6.27% Total $ 45,000 $ 46,393 (1) May be redeemed five years from the issue date, the Company has no current plans to redeem; (2) Interest payable quarterly with principal due at maturity; (3) Rate as of last reset date. Subordinated debt In December 2018, the Company issued $26.5 million in subordinated notes. Notes totaling $12.4 million have a maturity date of December 2028 December 2030 Wall Street Journal On September 29, 2020, the Company issued $50.0 million in subordinated notes. Proceeds were reduced by approximately $926 thousand in debt issuance costs. The notes have a maturity date of September 2030 semi-annually, are unsecured, and may be called by the Company at any time after the remaining maturity is five years or less. Additionally, these notes qualify for Tier 2 capital treatment, subject to regulatory limitations. As of December 31, 2022 and 2021, the total amount of subordinated notes outstanding was $76.5 million less approximately $511 thousand and $697 thousand of remaining debt issuance costs, respectively, for a total balance of $76.0 million and $75.8 million, respectively.

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS	12 Months Ended
	Dec. 31, 2022
EMPLOYEE BENEFITS [Abstract]
EMPLOYEE BENEFITS	11. EMPLOYEE BENEFITS The Company sponsors the South Plains Financial, Inc. ESOP. Effective May 9, 2019, the ESOP was restated and amended. The 401(k) related assets, which consisted of participants’ elective and rollover accounts, were transferred to the newly formed City Bank 401(k) Plan. The ESOP covers all employees who have completed one month of service. The ESOP may be leveraged to purchase shares of SPFI stock. Shares are released from collateral and allocated to active employees, in proportion to annual debt service. The Company recognizes any debt of the ESOP as notes payable and the shares pledged as collateral are deducted from the stockholders’ equity as unearned ESOP shares in the accompanying consolidated balance sheets. All ESOP shares were allocated as of December 31, 2022 and 2021. Through 2019, the Company made contributions to the ESOP as approved by the Board of Directors on an annual basis. These contributions, plus dividends received, were used to service any ESOP debt and repurchase allocated shares from participants and terminating vested participants. There were no Company contributions made to the ESOP in 2022, 2021 and 2020. As of December 31, 2022 and 2021, the number of shares held by the ESOP were 2,574,100 and 2,795,762, respectively. On December 30, 2022, the board of directors of the Company adopted resolutions to terminate the ESOP, effective as of December 31, 2022. Upon termination of the ESOP, all ESOP participants became fully vested in their ESOP benefits without regard to whether they were fully vested in such benefits as of the effective date of the termination. Following the completion of the final accounting and allocation of ESOP assets, the ESOP administrator will send applicable distribution forms to all ESOP participants and beneficiaries. As a result of the ESOP termination, all ESOP assets will be distributed to the ESOP participants in a lump sum distribution of cash and Company stock, without consideration as to whether the participant consents to such distribution. However, in the event that an ESOP participant’s account exceeds $1,000 and the participant fails to consent to the distribution, the participant’s account balance will be distributed to an individual retirement account for the participant’s benefit. Furthermore, if an ESOP participant’s account balance is $10,000 or less and the participant elects to receive a cash distribution, then such account balance will be distributed to the ESOP participant in a lump sum cash payment. Under the provisions of the 401(k) Plan, participants may elect to contribute pre-tax salary deferrals and direct investment of those salary deferrals among investments offered in the 401(k) Plan. The Company may elect to contribute a safe harbor match equal to 100% of the first 5% of the participants’ compensation contributed. The expense for Company contributions to the 401(k) Plan was $1.9 million in 2022, . Employee Health Benefits Non-Qualified Plans

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2022
STOCK-BASED COMPENSATION [Abstract]
STOCK-BASED COMPENSATION	12. STOCK-BASED COMPENSATION Equity Incentive Plan The 2019 Equity Incentive Plan (“Plan”) was approved by the Company’s Board of Directors on January 16, 2019 and by its shareholders on March 6, 2019. The purpose of the Plan is to: (i) attract and retain the best available personnel for positions of substantial responsibility, (ii) provide additional incentive to employees, directors and consultants, and (iii) promote the success of the Company’s business. This Plan permits the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance units, performance shares, and other stock-based awards. The maximum aggregate number of shares of common stock that may be issued pursuant to all awards under the Plan was 3,916,180 at December 31, 2022. The maximum aggregate number of shares that may be issued under the Plan may be increased annually by up to 3% of the total issued and outstanding common shares of the Company at the beginning of each fiscal year. The fair value of each option award is estimated on the date of grant using the Black-Scholes model that uses the assumptions noted in the table below. Expected volatilities are based on historical volatilities of the Company’s common stock and similar peer company averages. The Company uses historical data to estimate option exercise and post-vesting termination behavior. The expected term of options granted represents the period of time that options granted are expected to be outstanding, which takes in to account that the options are not transferable. The risk-free interest rate for the expected term of the option is based on U.S. Treasury yield curve in effect at the time of the grant. Options A summary of activity in the Plan during the year ended December 31, 2022 is presented in the table below (dollars in thousands, except per share data): Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life in Years Aggregate Intrinsic Value Year Ended December 31, 2022 Outstanding at beginning of year: 1,602,028 $ 15.42 $ 19,405 Granted 45,203 29.40 — Exercised (282,276 ) 14.18 (3,769 ) Forfeited (7,449 ) 19.30 (61 ) Expired (3,317 ) 18.27 (39 ) Balance, December 31, 2022 1,354,189 $ 16.11 5.69 $ 15,536 Exercisable at end of period 1,027,161 $ 14.62 5.03 $ 13,250 Vested at end of period 1,027,161 $ 14.62 5.03 $ 13,250 A summary of assumptions used to calculate the fair values of the awards granted during the periods noted is presented below: Year Ended December 31, 2022 2021 2020 Expected volatility 40.20% to 40.29% 41.20% to 41.32% 27.46 % Expected dividend yield 1.30 % 1.00 % 0.70 % Expected term (years) 6.1 6.3 6.1 to 6.2 6.2 Risk-free interest rate 1.56% to 1.95% 0.52% to 0.83% 1.44 % Weighted average grant date fair value $ 10.54 $ 7.07 5.68 The total intrinsic value of options exercised during the years ended December 31, 2022, 2021, and 2020 was $3.9 million, $2.1 million, and $1.1 million, respectively. Restricted Stock Awards and Units A summary of activity in the Plan during the year ended December 31, 2022 is presented in the table below: Number of Shares Weighted-Average Grant Date Fair Value Year Ended December 31, 2022 Outstanding at beginning of year: 42,767 $ 19.35 Granted 74,891 28.87 Exercised (28,628 ) 20.99 Forfeited (4,688 ) 28.16 Balance, December 31, 2022 84,342 $ 26.76 Restricted stock units granted under the Plan typically vest from one For the years ended December 31, 2022, 2021, and 2020 the Company recorded stock-based compensation expense related to the Plan of $2.8 million, $1.6 million and $1.3 million, respectively. The total unrecognized compensation cost for the awards outstanding under the Plan at December 31, 2022 was $2.5 million and will be recognized over a weighted average remaining period of 1.61 years. The total fair value of restricted stock units vested during the years ended December 31, 2022, 2021, and 2020 was $601 thousand, $489 thousand, and $489 thousand, respectively.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2022
INCOME TAXES [Abstract]
INCOME TAXES	13. INCOME TAXES The components of income tax expense (benefit) was as follows for the periods indicated (dollars in thousands): Years Ended December 31, 2022 2021 2020 Current expense Federal $ 13,250 $ 12,834 $ 12,590 State 302 220 248 Deferred expense (benefit) Federal 1,359 1,453 (1,588 ) Total $ 14,911 $ 14,507 $ 11,250 Effective tax rates differ from the federal statutory rate of 21% applied to income before income taxes due to the following for the periods indicated (dollars in thousands): Year Ended December 31, 2022 2021 2020 Federal statutory rate times financial statement income $ 15,362 $ 15,355 $ 11,887 Effect of: Tax-exempt income (953 ) (978 ) (863 ) State taxes, net of federal benefit 239 174 196 Earnings from bank owned life insurance (251 ) (262 ) (280 ) Non-deductible expenses 409 281 248 Other, net 105 (63 ) 62 Total $ 14,911 $ 14,507 $ 11,250 Effective tax rate 20.38 % 19.84 % 19.87 % Year-end deferred tax assets and liabilities were due to the following as of the periods indicated (dollars in thousands): December 31, 2022 2021 Deferred tax assets Allowance for loan losses $ 8,251 $ 8,840 Deferred compensation 6,118 5,772 Leases 201 — Nonaccrual loans 71 21 Unrealized gain on available-for-sale securities 21,579 — Other 286 202 Total deferred tax assets 36,506 14,835 Deferred tax liabilities Depreciation (2,672 ) (2,496 ) Intangibles (505 ) (586 ) Prepaid expenses (355 ) (547 ) Mortgage servicing rights (5,770 ) (4,137 ) Unrealized gain on available-for-sale securities — (2,438 ) Other (4,386 ) (1,593 ) Total deferred tax liabilities (13,688 ) (11,797 ) Net deferred tax asset $ 22,818 $ 3,038

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2022
RELATED-PARTY TRANSACTIONS [Abstract]
RELATED-PARTY TRANSACTIONS	14. RELATED-PARTY TRANSACTIONS Direct and indirect loans to executive officers, directors, significant stockholders and their related affiliates as of December 31, 2022 and 2021 aggregated approximately $9.7 million and $12.2 million, respectively. There were no charge-offs related to these loans in 2022 or 2021 and advance and repayment activity was routine. Deposits from these related parties in the consolidated financial statements were not significant.

OFF-BALANCE-SHEET ACTIVITIES, C

OFF-BALANCE-SHEET ACTIVITIES, COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2022
OFF-BALANCE-SHEET ACTIVITIES, COMMITMENTS AND CONTINGENCIES [Abstract]
OFF-BALANCE-SHEET ACTIVITIES, COMMITMENTS AND CONTINGENCIES	15. OFF-BALANCE-SHEET ACTIVITIES, COMMITMENTS AND CONTINGENCIES Financial instruments with off-balance-sheet risk The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Company’s consolidated financial statements. The Company’s exposure to credit loss is represented by the contractual amount of these commitments. The Company follows the same credit policies in making commitments as it does for recorded instruments. Financial instruments whose contract amounts represent credit risk outstanding at year-end follow (dollars in thousands): December 31, 2022 2021 Commitments to grant loans and unfunded commitments under lines of credit $ 682,296 $ 542,338 Standby letters-of-credit 13,864 12,418 Commitments to grant loans and extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The commitments for lines of credit may expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if it is deemed necessary by the Company, is based on management’s credit evaluation of the customer. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those letters of credit are primarily issued to support public and private borrowing arrangements. Essentially all letters of credit issued have expiration dates within one year. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Company requires collateral supporting those commitments if deemed necessary. Litigation The Company is a defendant in legal actions arising from time to time in the normal course of business. Management believes that the ultimate liability, if any, arising from these matters will not materially affect the consolidated financial statements, based on information known as of the date the consolidated financial statements were available to be issued. FHLB Letters of Credit – The Company has used FHLB letters of credit to pledge to certain public deposits. There were no FHLB letters of credit outstanding at December 31, 2022 or 2021.

CAPITAL AND REGULATORY MATTERS

CAPITAL AND REGULATORY MATTERS	12 Months Ended
	Dec. 31, 2022
CAPITAL AND REGULATORY MATTERS [Abstract]
CAPITAL AND REGULATORY MATTERS	16. CAPITAL AND REGULATORY MATTERS The Company and its bank subsidiary are subject to various regulatory capital requirements administered by its banking regulators. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s and its bank subsidiary’s financial statements. Under capital guidelines and the regulatory framework for prompt corrective action, the Company and its bank subsidiary must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Prompt corrective action provisions are not applicable to bank holding companies. In July 2013, the Federal Reserve published final rules for the adoption of the Basel III regulatory capital framework (“Basel III”). Basel III, among other things, (i) introduced a new capital measure called Common Equity Tier 1 (“CET1”), (ii) specified that Tier 1 capital consists of CET1 and Additional Tier 1 Capital instruments meeting specified requirements, (iii) defined CET1 narrowly by requiring that most deductions/adjustments to regulatory capital measures be made to CET1 and not to the other components of capital and (iv) expanded the scope of the deductions/adjustments as compared to existing regulations. Basel III became effective for the Company and its bank subsidiary on January 1, 2016 with certain transition provisions fully phased-in on January 1, 2019. Quantitative measures established by regulation to ensure capital adequacy require the Company and its bank subsidiary to maintain minimum amounts and ratios (set forth in the following table) of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined) and of Tier 1 capital (as defined) to average assets (as defined). Management believes, as of December 31, 2022 and 2021, that the Company and its bank subsidiary met all capital adequacy requirements to which they are subject. As of December 31, 2022, the bank subsidiary was well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, an institution must maintain minimum total risk-based, Tier 1 risk-based, and Tier 1 leverage ratios as set forth in the following tables. There are no conditions or events since December 31, 2022 that management believes have changed the bank subsidiary’s category. The Company and its bank subsidiary’s actual capital amounts and ratios follow (dollars in thousands): Actual Minimum Required Under BASEL III Fully Phased-In To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio December 31, 2022: Total Capital to Risk Weighted Assets: Consolidated $ 559,094 16.58 % $ 354,045 10.50 % N/A N/A City Bank 454,427 13.48 % 353,967 10.50 % $ 337,112 10.00 % Tier I Capital to Risk Weighted Assets: Consolidated 443,265 13.15 % 286,608 8.50 % N/A N/A City Bank 414,559 12.30 % 286,545 8.50 % 269,689 8.00 % Common Equity Tier 1 to Risk Weighted Assets: Consolidated 398,265 11.81 % 236,030 7.00 % N/A N/A City Bank 414,559 12.30 % 235,978 7.00 % 219,122 6.50 % Tier I Capital to Average Assets: Consolidated 443,265 11.03 % 161,662 4.00 % N/A N/A City Bank 414,559 10.32 % 161,574 4.00 % 200,774 5.00 % December 31, 2021 Total Capital to Risk Weighted Assets: Consolidated $ 524,836 18.40 % $ 299,521 10.50 % N/A N/A City Bank 425,748 14.93 % 299,465 10.50 % $ 285,205 10.00 % Tier I Capital to Risk Weighted Assets: Consolidated 413,322 14.49 % 242,469 8.50 % N/A N/A City Bank 390,015 13.67 % 242,424 8.50 % 228,164 8.00 % Common Equity Tier 1 to Risk Weighted Assets: Consolidated 368,322 12.91 % 199,681 7.00 % N/A N/A City Bank 390,015 13.67 % 199,644 7.00 % 185,383 6.50 % Tier I Capital to Average Assets: Consolidated 413,322 10.77 % 154,592 4.00 % N/A N/A City Bank 390,015 10.16 % 154,503 4.00 % 191,859 5.00 % State banking regulations place certain restrictions on dividends paid by banks to their shareholders. Dividends paid by the Company’s bank subsidiary would be prohibited if the effect thereof would cause the bank subsidiary’s capital to be reduced below applicable minimum capital requirements.

DERIVATIVES

DERIVATIVES	12 Months Ended
	Dec. 31, 2022
DERIVATIVES [Abstract]
DERIVATIVES	17. DERIVATIVES The Company utilizes interest rate swap agreements as part of its asset-liability management strategy to help manage its interest rate risk position. These interest rate swaps are designated and qualify as fair value hedges and are entered into to reduce exposure to changes in fair value of fixed rate financial instruments. The notional amount of the interest rate swaps do not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amounts and the other terms of the individual interest rate swap agreements. The following table reflects the changes in fair value hedges included in the Consolidated Statements of Comprehensive Income (Loss) for the periods indicated (dollars in thousands): Year Ended December 31, Interest Rate Contracts Location 2022 2021 2020 Change in fair value of interest rate swaps hedging investment securities Other noninterest expense $ 14,439 $ 5,710 $ (25 ) Change in fair value of hedged investment securities Other noninterest expense (14,607 ) (5,812 ) 77 Change in fair value of interest rate swaps hedging fixed rate loans Interest income - Loans 911 498 (576 ) Change in fair value of hedged fixed rate loans Interest income - Loans (918 ) (512 ) 580 The following table reflects the fair value hedges included in the Consolidated Balance Sheets as of December 31: 2022 2021 Notional Amount Fair Value Notional Amount Fair Value Included in other liabilities Interest rate swaps related to fixed rate loans $ — $ — $ 9,775 $ 429 Interest rate swaps related to state and municipal securities — — — — Included in other assets Interest rate swaps related to fixed rate loans 9,493 482 — — Interest rate swaps related to state and municipal securities 123,760 20,125 123,760 5,686 Mortgage banking derivatives These derivatives are not designated as hedging instruments. The net gains (losses) relating to free standing derivative instruments used for risk management are summarized below for the periods indicated (dollars in thousands): For the Year Ended December 31, Location 2022 2021 2020 Gain (loss) on mortgage banking derivatives Net gain (loss) on sales of loans $ (1,109 ) $ (1,792 ) $ 2,655 The following table reflects the amount and fair value of mortgage banking derivatives in the Consolidated Balance Sheets as of December 31 (dollars in thousands): December 31, 2022 December 31, 2021 Notional Amount Fair Value Notional Amount Fair Value Included in other assets: Forward contracts related to mortgage loans held for sale $ 23,500 $ 186 $ — $ — Interest rate lock commitments 27,348 369 104,437 1,642 Total included in other assets $ 50,848 $ 555 $ 104,437 $ 1,642 Included in other liabilities: Forward contracts related to mortgage loans held for sale $ 5,615 $ 128 $ 93,120 $ 106 Interest rate lock commitments — — — — Total included in other liabilities $ 5,615 $ 128 $ 93,120 $ 106 The Company had received cash collateral of $18.9 and $4.8 million to offset asset derivative positions on its interest rate swaps at December 31, 2022 and 2021, respectively. This amount is reported in other liabilities in the Consolidated Balance Sheets. The Company had advanced $1.1 and 1.1 million to offset liability derivative positions on its interest rate swaps at December 31, 2022 and 2021, respectively. Additionally, the Company had advanced $440 thousand and $440 thousand on its mortgage forward contracts at December 31, 2022 and 2021, respectively. The advanced cash collateral amounts are reported in cash and due from banks in the Consolidated Balance Sheets.

PARENT COMPANY ONLY CONDENSED F

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2022
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION [Abstract]
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION	18. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION Condensed financial information of South Plains Financial, Inc. follows (dollars in thousands): CONDENSED BALANCE SHEETS December 31, 2022 2021 ASSETS Cash and cash equivalents $ 98,996 $ 96,243 Investment in banking subsidiary 373,308 429,119 Investment in other subsidiary 51 51 Other assets 9,214 6,013 Total assets $ 481,569 $ 531,426 LIABILITIES AND STOCKHOLDERS’ EQUITY Debt $ 122,354 $ 122,168 Accrued expenses and other liabilities 2,201 1,831 Stockholders’ equity 357,014 407,427 Total liabilities and stockholders’ equity $ 481,569 $ 531,426 CONDENSED STATEMENTS OF INCOME Year Ended December 31, 2022 2021 2020 Dividends $ 40,375 $ 48,250 $ 20,500 Other income 52 26 115 Interest expense (5,689 ) (4,936 ) (3,390 ) Other expense (1,768 ) (1,466 ) (1,572 ) Income before income tax and undistributed subsidiary income 32,970 41,874 15,653 Income tax benefit (1,555 ) (1,339 ) (1,018 ) Equity in undistributed subsidiary income 23,715 15,401 28,682 Net Income $ 58,240 $ 58,614 $ 45,353 CONDENSED STATEMENTS OF CASH FLOWS Year Ended December 31, 2022 2021 2020 Cash flows from operating activities: Net income $ 58,240 $ 58,614 $ 45,353 Adjustments: Equity in undistributed subsidiary income (23,715 ) (15,401 ) (28,682 ) Amortization of debt issuance costs 186 186 47 Stock based compensation 2,753 1,639 1,272 Change in other assets (3,201 ) (1,765 ) (342 ) Change in other liabilities 369 317 131 Net cash provided by operating activities 34,632 43,590 17,779 Cash flows from financing activities: Proceeds from long-term borrowings — — 49,070 Payments to tax authorities for stock-based compensation (1,168 ) (625 ) (319 ) Payments to repurchase common stock (22,699 ) (9,227 ) (293 ) Cash dividends paid on common stock (8,012 ) (5,385 ) (2,528 ) Net cash provided by (used in) financing activities (31,879 ) (15,237 ) 45,930 Net change in cash and cash equivalents 2,753 28,353 63,709 Beginning cash and cash equivalents 96,243 67,890 4,181 Ending cash and cash equivalents $ 98,996 $ 96,243 $ 67,890

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2022
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	19. EARNINGS PER SHARE The factors used in the earnings per share computation follow (dollars in thousands, except per share data): December 31, 2022 2021 2020 Net income $ 58,240 $ 58,614 $ 45,353 Weighted average common shares outstanding - basic 17,373,138 17,953,624 18,054,373 Effect of dilutive securities: Stock based compensation awards 646,690 538,594 284,660 Weighted average common shares outstanding - diluted 18,019,828 18,492,218 18,339,033 Basic earnings per share $ 3.35 $ 3.26 $ 2.51 Diluted earnings per share $ 3.23 $ 3.17 $ 2.47

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2022
SEGMENT INFORMATION [Abstract]
SEGMENT INFORMATION	20. SEGMENT INFORMATION Financial results by reportable segment are detailed below for the periods indicated (dollars in thousands): Banking Insurance Consolidated For the Year Ended December 31, 2022 Net interest income $ 138,476 $ — $ 138,476 Provision for loan losses 2,619 — 2,619 Noninterest income 65,496 10,649 76,145 Noninterest expense (137,236 ) (6,853 ) (144,089 ) Income before income taxes 69,355 3,796 73,151 Income tax (expense) benefit (14,110 ) (801 ) (14,911 ) Net income $ 55,245 $ 2,995 $ 58,240 Total assets $ 3,929,232 $ 14,831 $ 3,944,063 Banking Insurance Consolidated For the Year Ended December 31, 2021 Net interest income (expense) $ 121,764 $ — $ 121,764 Provision for loan losses 1,918 — 1,918 Noninterest income 89,334 8,135 97,469 Noninterest expense (142,111 ) (5,919 ) (148,030 ) Income before income taxes 70,905 2,216 73,121 Income tax (expense) benefit (14,091 ) (416 ) (14,507 ) Net income $ 56,814 $ 1,800 $ 58,614 Total assets $ 3,890,751 $ 11,104 $ 3,901,855 Banking Insurance Consolidated For the Year Ended December 31, 2020 Net interest income (expense) $ 122,285 $ — $ 122,285 Provision for loan losses (25,570 ) — (25,570 ) Noninterest income 94,010 7,593 101,603 Noninterest expense (135,985 ) (5,730 ) (141,715 ) Income before income taxes 54,740 1,863 56,603 Income tax (expense) benefit (10,804 ) (446 ) (11,250 ) Net income $ 43,936 $ 1,417 $ 45,353 Total assets $ 3,584,828 $ 14,332 $ 3,599,160

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	12 Months Ended
	Dec. 31, 2022
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	21. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table details the changes in accumulated other comprehensive income (loss) by component, net of tax for the periods indicated (dollars in thousands): Gains and (Losses) on Cash Flow Hedges Unrealized Gains and (Losses) on Securities Available for Sale Total For the Year Ended December 31, 2022 Beginning balance $ 4,532 $ 9,170 $ 13,702 Other comprehensive income (loss) before reclassification 11,540 (90,350 ) (78,810 ) Amounts reclassified from other comprehensive — — — Net current period other comprehensive income (loss) 11,540 (90,350 ) (78,810 ) Ending balance $ 16,072 $ (81,180 ) $ (65,108 ) For the Year Ended December 31, 2021 Beginning balance $ (60 ) $ 21,399 $ 21,339 Other comprehensive income (loss) before reclassification 4,592 (12,229 ) (7,637 ) Amounts reclassified from other comprehensive — — — Net current period other comprehensive income (loss) 4,592 (12,229 ) (7,637 ) Ending balance $ 4,532 $ 9,170 $ 13,702 For the Year Ended December 31, 2020 Beginning balance $ — $ 958 $ 958 Other comprehensive income (loss) before reclassification (60 ) 22,272 22,212 Amounts reclassified from other comprehensive — (1,831 ) (1,831 ) Net current period other comprehensive income (loss) (60 ) 20,441 20,381 Ending balance $ (60 ) $ 21,399 $ 21,339 Amounts reclassified are shown on the Consolidated Statements of Comprehensive Income (Loss).

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	12 Months Ended
	Dec. 31, 2022
FAIR VALUE DISCLOSURES [Abstract]
FAIR VALUE DISCLOSURES	22. FAIR VALUE DISCLOSURES Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or most advantageous) market used to measure the fair value of the asset or liability is not adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact and (iv) willing to transact. Valuation techniques that are consistent with the market approach, the income approach and/or the cost approach are required by GAAP. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset. Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy for valuation inputs gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: ● Level 1 Inputs ● Level 2 Inputs ● Level 3 Inputs The following table summarizes fair value measurements as of December 31 (dollars in thousands): Level 1 Level 2 Level 3 Total December 31, 2022 Assets (liabilities) measured at fair value on a recurring basis: Securities available for sale: State and municipal $ — $ 225,055 $ — $ 225,055 Residential mortgage-backed securities — 328,845 — 328,845 Commercial mortgage-backed securities — 41,967 — 41,967 Commercial collateralized mortgage obligations — 75,638 — 75,638 Asset-backed and other amortizing securities — 19,094 — 19,094 Other securities — 11,112 — 11,112 Loans held for sale (mandatory) — 10,038 — 10,038 Mortgage servicing rights — — 27,474 27,474 Asset derivatives — 21,162 — 21,162 Liability derivatives — (128 ) — (128 ) Assets measured at fair value on a non-recurring basis: Impaired loans — — 4,821 4,821 Level 1 Level 2 Level 3 Total December 31, 2021 Assets (liabilities) measured at fair value on a recurring basis: Securities available for sale: State and municipal $ — $ 275,672 $ — $ 275,672 Residential mortgage-backed securities — 251,601 — 251,601 Commercial mortgage-backed securities — 51,488 — 51,488 Commercial collateralized mortgage obligations — 106,320 — 106,320 Asset-backed and other amortizing securities — 26,936 — 26,936 Other securities — 12,487 — 12,487 Loans held for sale (mandatory) — 47,593 — 47,593 Mortgage servicing rights — — 19,700 19,700 Asset derivatives — 7,328 — 7,328 Liability derivatives — (535 ) — (535 ) Assets measured at fair value on a non-recurring basis: Impaired loans — — 6,427 6,427 Securities Mortgage servicing rights Mortgage servicing rights are reported at fair value using Level 3 inputs. The mortgage servicing rights asset is valued by projecting net servicing cash flows, which are then discounted to estimate the fair value. The fair value of the mortgage servicing rights asset is impacted by a variety of factors, including prepayment speeds, default rates, and discount rates, which are significant unobservable inputs. Mortgage servicing rights are the only Level 3 asset measured at fair value on a recurring basis, see Note 8 for the Level 3 change activity for the years ended December 31, 2022 and 2021. Derivatives Impaired loans Fair Values of Assets Recorded on a Recurring Basis for which the Fair Value Option has been Elected Loans held for sale (mandatory) Derivatives and Hedging The total fair value option impact on noninterest income for loans held for sale for mandatory delivery is included in Net gain on sales of loans in the consolidated statements of comprehensive income (loss). For the years ended December 31, 2022, 2021, and 2020 this amount totaled The following table presents quantitative information about recurring and non-recurring Level 3 fair value measurements at December 31 (dollars in thousands): Fair Value Valuation Techniques Unobservable Inputs Range of Discounts December 31, 2022 Non-recurring Impaired loans $ 4,821 Third party appraisals or inspections Collateral discounts and selling costs 20%-100 % Recurring: Mortgage servicing rights 27,474 Discounted cash flows Constant prepayment rate 7.47 % Discount rate 9.15 % December 31, 2021 Non-recurring Impaired loans $ 6,427 Third party appraisals or inspections Collateral discounts and selling costs 20%-100 % Recurring: Mortgage servicing rights 19,700 Discounted cash flows Constant prepayment rate 12.35 % Discount rate 9.14 % The following table summarizes carrying value measurements as of December 31(dollars in thousands): Carrying Amount Level 1 Level 2 Level 3 Total December 31, 2022 Financial assets: Cash and cash equivalents $ 234,883 $ 234,883 $ — $ — $ 234,883 Loans held for investment, net 2,708,793 — — 2,662,609 2,662,609 Loans held for sale (best efforts) 20,365 — 20,745 — 20,745 Accrued interest receivable 16,432 — 16,432 — 16,432 Financial liabilities: Deposits 3,406,430 — 3,405,222 — 3,405,222 Accrued interest payable 2,836 — 2,836 — 2,836 Junior subordinated deferrable interest debentures 46,393 — 34,606 — 34,606 Subordinated debt 75,961 — 70,835 — 70,835 Carrying Amount Level 1 Level 2 Level 3 Total December 31, 2021 Financial assets: Cash and cash equivalents $ 486,821 $ 486,821 $ — $ — $ 486,821 Loans held for investment, net 2,395,479 — — 2,397,079 2,397,079 Loans held for sale (best efforts) 28,914 — 29,500 — 29,500 Accrued interest receivable 13,900 — 13,900 — 13,900 Financial liabilities: Deposits 3,341,222 3,004,091 339,797 — 3,343,888 Accrued interest payable 1,914 — 1,914 — 1,914 Junior subordinated deferrable interest debentures 46,393 — 45,690 — 45,690 Subordinated debt 75,775 — 77,939 — 77,939

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2022
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	23. SUBSEQUENT EVENTS Dividend Declaration On January 19, 2023, the Company declared a cash dividend of $0.13 per share of common stock to be paid on February 13, 2023 to all shareholders of record as of January 30, 2023.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Nature of Operations	Nature of Operations The following are subsidiaries of SPFI: Wholly-Owned, Consolidated Subsidiaries: City Bank Bank subsidiary Windmark Insurance Agency, Inc. (“Windmark”) Non-bank subsidiary Ruidoso Retail, Inc. Non-bank subsidiary CB Provence, LLC Non-bank subsidiary CBT Brushy Creek, LLC Non-bank subsidiary CBT Properties, LLC Non-bank subsidiary Wholly-Owned, Equity Method Subsidiaries: South Plains Financial Capital Trusts (SPFCT) III-V Non-bank subsidiaries
Consolidation	Basis of Presentation and Consolidation
Basis of Presentation	The Company’s consolidated financial statements are prepared and presented in accordance with generally accepted accounting principles (“GAAP”) in the U.S. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”)
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Determination of the adequacy of the allowance for loan losses is a material estimate that is particularly susceptible to significant change in the near term; the assumptions used in stock-based compensation, derivatives, mortgage servicing rights,
Concentration of Credit Risk	Concentration of Credit Risk
Comprehensive Income (Loss)	Comprehensive Income – C o
Cash and Cash Equivalents	Cash and Cash Equivalents The Company includes all cash on hand, balances due from other banks, and federal funds sold, all of which have original maturities within three months, as cash and cash equivalents in the accompanying consolidated financial statements. On March 15, 2020, the Federal Reserve Bank announced that it had reduced regulatory reserve requirements to zero percent effective on March 26, 2020; therefore, no cash is required to be maintained to satisfy regulatory reserve requirements.
Securities	Securities of other comprehensive income (loss) When the fair value of a security is below its amortized cost, additional analysis is performed to determine whether an other-than-temporary impairment condition exists. The analysis considers (i) whether there is intent to sell securities prior to recovery and/or maturity, (ii) whether it is more likely than not that securities will have to be sold prior to recovery and/or maturity, and (iii) whether there is a credit loss component to the impairment. Often, the information available to conduct these assessments is limited and rapidly changing, making estimates of fair value subject to judgment. If actual information or conditions are different than estimated, the extent of the impairment of a security may be different than previously estimated, which could have a material effect on the Company’s results of operations and financial condition.
Nonmarketable Equity Securities	Nonmarketable Equity Securities
Loans	Loans Loans are placed on nonaccrual status when, in management’s opinion, collection of interest is unlikely, which typically occurs when principal or interest payments are more than ninety days past due. When interest accrual is discontinued, all unpaid accrued interest is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.
Allowance for Loan Losses	Allowance for Loan Losses The allowance for loan losses is evaluated on a quarterly basis by management and is based upon management’s review of the collectability of the loans in the Company’s loan portfolio in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, and prevailing economic conditions. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. The determination of the adequacy of the allowance for loan losses is based on estimates that are particularly susceptible to significant changes in the economic environment and market conditions. In connection with the determination of the estimated losses on loans, management obtains independent appraisals for significant collateral. Loans originated by the bank subsidiary are generally secured by specific items of collateral including real property, crops, livestock, consumer assets, and other business assets. While management uses available information to recognize losses on loans, further reductions in the carrying amounts of loans may be necessary based on various factors. In addition, regulatory agencies, as an integral part of their examination process, periodically review the estimated losses on loans. Such agencies may require the bank subsidiary to recognize additional losses based on their judgments about information available to them at the time of their examination. Because of these factors, it is reasonably possible that the estimated losses on loans may change materially in the near term. However, the amount of the change that is reasonably possible cannot be estimated. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. All loans rated substandard or worse and greater than $250 thousand are specifically reviewed to determine if they are impaired. Factors considered by management in determining whether a loan is impaired include payment status and the sources, amounts, and probabilities of estimated cash flow available to service debt in relation to amounts due according to contractual terms. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Loans that are determined to be impaired are then evaluated to determine estimated impairment, if any. GAAP allows impairment to be measured on a loan-by-loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Loans that are not individually determined to be impaired or are not subject to the specific review of impaired status are subject to the general valuation allowance portion of the allowance for loan losses. The Company may modify its loan agreement with a borrower. The modification will be considered a troubled debt restructuring (“TDR”) if the following criteria are met: (1) the borrower is experiencing a financial difficulty and (2) the Company makes a concession that it would not otherwise make. Concessions may include debt forgiveness, interest rate change, or maturity extension. Each of these loans is impaired and is evaluated for impairment, with a specific reserve recorded as necessary based on probable losses related to collateral and cash flow. A loan will no longer be required to be reported as restructured in calendar years following the restructure if the interest rate at the time of restructure is greater than or equal to the rate the Company was willing to accept for a new extension of credit with similar risk and the loan is in compliance with its modified terms.
Acquired Loans	Acquired Loans Any loans the Company determines have evidence of deterioration of credit quality since origination, and it is probable, at acquisition, that all contractually required payments will not be collected, are considered to be purchase credit impaired loans The excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable discount and is recognized into interest income over the remaining life of the loan. Loans and Debt Securities Acquired with Deteriorated Credit Quality. Loans acquired through business combinations that do not meet the specific criteria of ASC 310-30 are accounted for under ASC 310-20 , Receivables—Nonrefundable Fees and Other Costs Acquired loans that met the criteria for impaired or nonaccrual of interest prior to the acquisition may be considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if the Company expects to fully collect the new carrying value (i.e. fair value) of the loans. As such, the Company may no longer consider the loan to be nonaccrual or nonperforming at the date of acquisition and may accrue interest on these loans, including the impact of any accretable discount. In addition, charge-offs on such loans would be first applied to the nonaccretable difference portion of the fair value adjustment.
Mortgage Servicing Rights	Mortgage Servicing Rights Under the fair value measurement method, the Company measures servicing rights at fair value at each reporting date and reports changes in the fair value of servicing rights in earnings in the period in which the changes occur, and are included with Other mortgage banking income in the consolidated financial statements. Servicing fee income, which is reported in the consolidated financial statements Other mortgage banking income
Transfers of Financial Assets	Transfers of Financial Assets
Loans Held for Sale	Loans Held for Sale under the fair value option
Premises and Equipment	Premises and Equipment
Foreclosed Assets	Foreclosed Assets
Bank-Owned Life Insurance	Bank-Owned Life Insurance ng consolidated financial statements
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Core deposit intangible (“CDI”) is a measure of the value of checking and savings deposit relationships acquired in a business combination. The fair value of the CDI stemming from any given business combination is based on the present value of the expected cost savings attributable to the core deposit funding relative to an alternative source of funding. CDI is amortized over the estimated useful lives of the existing deposit relationships acquired, but does not exceed 10 years. Substantially all CDI is amortized using the sum of the years’ digits method. The remaining other intangible assets consist of customer relationship and employment agreement intangible assets and are amortized over their estimated useful lives of 5 years using the straight-line method.
Mortgage Banking Derivatives	Mortgage Banking Derivatives In order to hedge the change in interest rates resulting from the commitments to fund the loans that will be sold through a best efforts contract, the Company enters into forward loans sales commitments for the future delivery of mortgage loans when interest rate locks are entered. At inception, these interest rate locks and the related forward loan sales commitments, adjusted for the expected exercise of the commitment before the loan is funded, are recorded with a zero value. Subsequent changes in fair value are estimated based on changes in mortgage interest rates from the date the interest rate on the loan is locked. In order to hedge the change in interest rates resulting from all other mortgage commitments to fund loans, the Company enters into forward sales of mortgage-backed securities contracts. At inception, these interest rate locks are recorded at fair value and are adjusted for the expected exercise of the commitment before the loan is funded. Subsequent changes in fair value are estimated based on changes in mortgage interest rates from the date the interest rate on the loan is locked. Changes in the fair values of these derivatives are included in net gain on sales of loans in the consolidated financial statements
Derivatives	Derivatives Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in noninterest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as noninterest income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income (loss) are amortized into earnings over the same periods which the hedged transactions will affect earnings.
Leases	Leases – During the second quarter of 2022, the Company adopted Accounting Standards Update (“ASU”) No. 2016-02 — Leases (Topic 842), effective as of January 1, 2022, using the alternative transition method under the option to apply the lease standard at its effective date without adjusting the prior period comparative financial statements. The Company elected the package of practical expedients to not reassess: (i) whether any existing contracts are or contain a lease, (ii) the lease classification of any existing leases, and (iii) initial direct costs related to existing leases. The Company also elected to apply additional practical expedients to include both the lease and nonlease components of all leases as a single component and account for it as a lease and to use hindsight for leases existing at the adoption date. The Company recorded a $9.4 million right-of-use (“ROU”) asset, offset by a $10.3 million lease liability, and a $717 thousand, net of tax, cumulative effect adjustment debit to retained earnings. Th ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized on the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses an estimated incremental collateralized borrowing rate at lease inception, on a collateralized basis, over a similar term, when determining the present value of lease payments. No significant judgments or assumptions were involved in developing the estimated operating lease liabilities as the Company’s operating lease liabilities largely represent the future rental expenses associated with operating leases, and the incremental borrowing rates are based on publicly available interest rates. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease. These options to extend or terminate are assessed on a lease-by-lease basis, and the ROU assets and lease liabilities are adjusted when it is reasonably certain that an option will be exercised. Rental expense for lease payments is recognized on a straight-line basis over the lease term and is included in occupancy and equipment, net within our Consolidated Statements of Comprehensive Income (Loss).
Revenue Recognition	Revenue Recognition – Service Charges on Deposit Accounts The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. Bank Card Services and Interchange Fees The Company earns bank card service and interchange fees from debit and credit cardholder transactions conducted through card payment networks. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. Bank card services income mainly represents fees charged to merchants to process their debit and credit card transactions, in addition to account management fees and service fees such as ATM use fees and are recognized at the time the transaction is executed. Investment Commissions and Fiduciary Trust Fees The Company earns investment commissions and fiduciary trust fees from its contracts with trust customers to manage assets for investment, and/or to transact on their accounts. These fees are primarily earned over time as the Company provides the contracted monthly or quarterly services and are generally assessed based on a tiered scale of the market value of assets under management (AUM) at month-end. Fees that are transaction based, including trade execution services, are recognized at the point in time that the transaction is executed, i.e., the trade date. Other related services provided include financial planning services and the fees the Company earns, which are based on a fixed fee schedule, are recognized when the services are rendered. In addition, certain trust customers have contracted with the Company to provide trust dissolution services, which are based on a unitary management fee treated as a single performance obligation. The Company’s performance obligation is satisfied over time based on the customer simultaneously receiving and consuming the benefits of the Company’s service. The unitary management fee is treated as variable consideration and is evaluated and included in the transaction price at the end of each reporting period (quarterly). Revenue is recognized based on a reasonable time based measure of progress towards the Company’s complete satisfaction of the performance obligation at the end of each respective reporting period, with the unearned amount based on progress measure being included in deferred contract liability. This variable consideration and the amount of revenue recognized is evaluated quarterly until the Company has entirely fulfilled its performance obligation, at which time the remaining unearned revenue is recognized. Gains/Losses on Sales of OREO The Company records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances the sale of OREO to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company adjusts the transaction price and related gain (loss) on sale if a significant financing component is present. Contract Balances A contract asset balance occurs when an entity performs a service for a customer before the customer pays consideration (resulting in a contract receivable) or before payment is due (resulting in a contract asset). A contract liability balance is an entity’s obligation to transfer a service to a customer for which the entity has already received payment (or payment is due) from the customer. The Company’s noninterest revenue streams are largely based on transactional activity, or standard month-end revenue accruals. Consideration is often received immediately or shortly after the Company satisfies its performance obligation and revenue is recognized. The Company does not typically enter into long-term revenue contracts with customers, and therefore, does not experience significant contract balances. The Company did not have any significant contract balances at December 31, 2022 and 2021. Contract Acquisition Costs In connection with the adoption of Topic 606, an entity is required to capitalize, and subsequently amortize into expense, certain incremental costs of obtaining a contract with a customer if these costs are expected to be recovered. The incremental costs of obtaining a contract are those costs that an entity incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained (for example, sales commission). The Company utilizes the practical expedient which allows entities to immediately expense contract acquisition costs when the asset that would have resulted from capitalizing these costs would have been amortized in one year or less. Upon adoption of Topic 606, the Company did not capitalize any contract acquisition cost. Insurance Activities The Company’s primary source of revenues for insurance activities are commissions from underwriting enterprises, based on a percentage of premiums paid by clients. These commissions and fees revenues are substantially recognized at a point in time on the effective date of the associated policies when control of the policy transfers to the client. Commissions are fixed at the contract effective date and generally are based on a percentage of premiums for insurance coverage. Commissions depend upon a large number of factors, including the type of risk being placed, the particular underwriting enterprise’s demand, the expected loss experience of the particular risk of coverage, and historical benchmarks surrounding the level of effort necessary for us to place and service the insurance contract.
Stock-Based Compensation	Stock-Based Compensation
Advertising	Advertising
Income Taxes	Income Taxes A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The State of Texas franchise tax is an income tax for financial reporting purposes under GAAP and the Company and its subsidiaries are subject to the modified tax as a combined group.
Earnings per Share	Earnings per Share Basic earnings per share is net income divided by the weighted average number of common shares outstanding during the period. Shares held in the South Plains Financial, Inc.
Fair Values of Financial Instruments	Fair Values of Financial Instruments
Trust Assets	Trust Assets
Segment Information	Segment Information
Reclassifications	Reclassification consolidated financial statements
Recent Accounting Pronouncements	Recent Accounting Pronouncements Updates to ASC are prescribed in ASU, which are not authoritative until incorporated into the ASC. ASU 2021-01, Reference Rate Reform (Topic 848) ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2019-12, Income Taxes, Simplifying the Accounting for Income Taxes (Topic 740). ASU 2017-04, Intangibles - Goodwill and Other (Topic 350). ASU 2016-13 Financial Instruments - Credit Losses (Topic 326). The FASB issued guidance to replace the incurred loss model with an expected loss model, which is referred to as the current expected credit loss (“CECL”) model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables, held to maturity securities, and debt securities. ASU 2016-13 is effective for the Company for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted CECL on January 1, 2023 and anticipates recognizing a one-time, after tax cumulative effect charge of approximately $900 thousand to retained earnings at the beginning of the first quarter of 2023, increasing the allowance for credit losses by approximately $100 thousand and increasing the off-balance sheet reserve for unfunded commitments by approximately $1.0 million . The allowance for credit losses at the transition date may vary from our estimate due to refinements in the loss estimation models or factors.
Subsequent Events	Subsequent Events – The Company has evaluated subsequent events and transactions from December 31, 2022 through the date this Form 10-K was filed with the SEC for potential recognition or disclosure as required by GAAP.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Subsidiaries Information	The following are subsidiaries of SPFI: Wholly-Owned, Consolidated Subsidiaries: City Bank Bank subsidiary Windmark Insurance Agency, Inc. (“Windmark”) Non-bank subsidiary Ruidoso Retail, Inc. Non-bank subsidiary CB Provence, LLC Non-bank subsidiary CBT Brushy Creek, LLC Non-bank subsidiary CBT Properties, LLC Non-bank subsidiary Wholly-Owned, Equity Method Subsidiaries: South Plains Financial Capital Trusts (SPFCT) III-V Non-bank subsidiaries

SECURITIES (Tables)

SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2022
SECURITIES [Abstract]
Amortized Cost and Fair Value of Securities with Gross Unrealized Gains and Losses	The amortized cost and fair value of securities, with gross unrealized gains and losses, at year-end follow (dollars in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31 2022 Available for sale: State and municipal $ 259,429 $ 27 $ (34,401 ) $ 225,055 Residential mortgage-backed securities 386,783 — (57,938 ) 328,845 Commercial mortgage-backed securities 49,161 — (7,194 ) 41,967 Commercial collateralized mortgage obligations 76,189 — (551 ) 75,638 Asset-backed and other amortizing securities 20,907 — (1,813 ) 19,094 Other securities 12,000 — (888 ) 11,112 $ 804,469 $ 27 $ (102,785 ) $ 701,711 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2021 Available for sale: State and municipal $ 265,143 $ 10,615 $ (86 ) $ 275,672 Residential mortgage-backed securities 252,588 3,127 (4,114 ) 251,601 Commercial mortgage-backed securities 50,385 1,103 — 51,488 Commercial collateralized mortgage obligations 106,733 — (413 ) 106,320 Asset-backed and other amortizing securities 26,046 1,108 (218 ) 26,936 Other securities 12,000 487 — 12,487 $ 712,895 $ 16,440 $ (4,831 ) $ 724,504
Amortized Cost and Fair Value of Securities by Contractual Maturity	The amortized cost and fair value of securities at December 31, 2022 are presented below by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Other securities are shown separately since they are not due at a single maturity date. Available for Sale Amortized Cost Fair Value Within 1 year $ 1,898 $ 1,906 After 1 year through 5 years 8,663 8,560 After 5 years through 10 years 19,508 18,388 After 10 years 241,360 207,313 Other 533,040 465,544 $ 804,469 $ 701,711
Securities with Unrealized Losses Segregated by the Period in a Loss Position	The following table segregates securities with unrealized losses at year-end, by the period they have been in a loss position (dollars in thousands): Less than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss December 31, 2022 U.S. government and agencies $ — $ — $ — $ — $ — $ — State and municipal 162,746 23,538 57,675 10,863 220,421 34,401 Mortgage-backed securities - residential 220,752 27,967 108,080 29,971 328,832 57,938 Mortgage-backed securities - commercial 41,966 7,194 — — 41,966 7,194 Collateralized mortgage obligations 75,638 551 — — 75,638 551 Asset-backed and other amortizing securities 19,094 1,813 — — 19,094 1,813 Other securities 11,112 888 — — 11,112 888 $ 531,308 $ 61,951 $ 165,755 $ 40,834 $ 697,063 $ 102,785 December 31, 2021 U.S. government and agencies $ — $ — $ — $ — $ — $ — State and municipal 21,255 86 — — 21,255 86 Mortgage-backed securities - residential 56,398 1,197 64,764 2,917 121,162 4,114 Mortgage-backed securities - commercial — — — — — — Collateralized mortgage obligations 106,320 413 — — 106,320 413 Asset-backed and other amortizing securities 1,624 218 — — 1,624 218 Other securities — — — — — — $ 185,597 $ 1,914 $ 64,764 $ 2,917 $ 250,361 $ 4,831

LOANS HELD FOR INVESTMENT (Tabl

LOANS HELD FOR INVESTMENT (Tables)	12 Months Ended
	Dec. 31, 2022
LOANS HELD FOR INVESTMENT [Abstract]
Summary of Loans Held for Investment by Category	Loans held for investment are summarized by category at year-end as follows (dollars in thousands): December 31, 2022 2021 Commercial real estate $ 919,358 $ 755,444 Commercial - specialized 327,513 378,725 Commercial - general 484,783 460,024 Consumer: 1-4 family residential 460,124 387,690 Auto loans 321,476 240,719 Other consumer 81,308 68,113 Construction 153,519 146,862 2,748,081 2,437,577 Allowance for loan losses (39,288 ) (42,098 ) Loans, net $ 2,708,793 $ 2,395,479
Activity in Allowance for Loan Losses and Investment in Loans Disaggregated Based on Method of Evaluating Impairment	The following table details the activity in the allowance for loan losses for the years ended December 31, 2022, 2021 and 2020 (dollars in thousands). Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. Beginning Balance Provision for Loan Losses Charge-offs Recoveries Ending Balance For the Year Ended December 31, 2022 Commercial real estate $ 17,245 $ (4,634 ) $ — $ 418 $ 13,029 Commercial - specialized 4,363 (1,745 ) (199 ) 1,006 3,425 Commercial - general 8,466 627 (328 ) 450 9,215 Consumer: 1-4 family residential 5,268 1,026 (140 ) 40 6,194 Auto loans 3,653 637 (508 ) 144 3,926 Other consumer 1,357 932 (1,167 ) 254 1,376 Construction 1,746 538 (166 ) 5 2,123 $ 42,098 $ (2,619 ) $ (2,508 ) $ 2,317 $ 39,288 For the Year Ended December 31, 2021 Commercial real estate $ 18,962 $ (1,826 ) $ — $ 109 $ 17,245 Commercial - specialized 5,760 (1,386 ) (172 ) 161 4,363 Commercial - general 9,227 (302 ) (677 ) 218 8,466 Consumer: 1-4 family residential 4,646 666 (52 ) 8 5,268 Auto loans 4,226 (90 ) (598 ) 115 3,653 Other consumer 1,671 339 (903 ) 250 1,357 Construction 1,061 681 — 4 1,746 $ 45,553 $ (1,918 ) $ (2,402 ) $ 865 $ 42,098 For the Year Ended December 31, 2020 Commercial real estate $ 5,049 $ 13,618 $ (7 ) $ 302 $ 18,962 Commercial - specialized 2,287 4,514 (1,162 ) 121 5,760 Commercial - general 9,609 1,219 (1,811 ) 210 9,227 Consumer: 1-4 family residential 2,093 2,478 (56 ) 131 4,646 Auto loans 3,385 1,814 (1,165 ) 192 4,226 Other consumer 1,341 1,300 (1,358 ) 388 1,671 Construction 433 627 — 1 1,061 $ 24,197 $ 25,570 $ (5,559 ) $ 1,345 $ 45,553 The following table shows the Company’s investment in loans disaggregated based on the method of evaluating impairment at the dates indicated (dollars in thousands): Recorded Investment Allowance for Loan Losses Individually Evaluated Collectively Evaluated Individually Evaluated Collectively Evaluated December 31, 2022 Commercial real estate $ — $ 919,358 $ — $ 13,029 Commercial - specialized — 327,513 — 3,425 Commercial - general 3,350 481,433 22 9,193 Consumer: 1-4 family residential 742 459,382 18 6,176 Auto loans — 321,476 — 3,926 Other consumer — 81,308 — 1,376 Construction 1,014 152,505 245 1,878 $ 5,106 $ 2,742,975 $ 285 $ 39,003 December 31, 2021 Commercial real estate $ 1,101 $ 754,343 $ 584 $ 16,661 Commercial - specialized — 378,725 — 4,363 Commercial - general 5,078 454,946 585 7,881 Consumer: 1-4 family residential 1,592 386,098 175 5,093 Auto loans — 240,719 — 3,653 Other consumer — 68,113 — 1,357 Construction — 146,862 — 1,746 $ 7,771 $ 2,429,806 $ 1,344 $ 40,754
Impaired Loan Information	Impaired loan information at the dates indicated follows (dollars in thousands): Unpaid Contractual Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance Average Recorded Investment December 31, 2022 Commercial real estate $ — $ — $ — $ — $ — $ 551 Commercial - specialized — — — — — — Commercial - general 3,350 799 2,551 3,350 22 4,214 Consumer: 1-4 family 742 486 256 742 18 1,167 Auto loans — — — — — — Other consumer — — — — — — Construction 1,014 686 328 1,014 245 507 $ 5,106 $ 1,971 $ 3,135 $ 5,106 $ 285 $ 6,439 December 31, 2021 Commercial real estate $ 1,101 $ — $ 1,101 $ 1,101 $ 584 $ 3,687 Commercial - specialized — — — — — — Commercial - general 5,078 1,143 3,935 5,078 585 4,852 Consumer: 1-4 family 1,592 880 712 1,592 175 1,857 Auto loans — — — — — — Other consumer — — — — — — Construction — — — — — — $ 7,771 $ 2,023 $ 5,748 $ 7,771 $ 1,344 $ 10,396
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans	The table below provides an age analysis on accruing past-due loans and nonaccrual loans at the dates indicated (dollars in thousands): 30-89 Days Past Due 90 Days or More Past Due Nonaccrual December 31, 2022 Commercial real estate $ 342 $ 27 $ — Commercial - specialized 25 13 38 Commercial - general 1,451 60 3,357 Consumer: 1-4 Family residential 1,389 1,653 1,356 Auto loans 707 85 — Other consumer 1,487 149 37 Construction 550 — 1,014 $ 5,951 $ 1,987 $ 5,802 December 31, 2021 Commercial real estate $ 393 $ 45 $ 1,101 Commercial - specialized 265 20 156 Commercial - general 4,032 97 5,236 Consumer: 1-4 Family residential 2,496 903 2,815 Auto loans 332 — — Other consumer 538 15 44 Construction 937 — 166 $ 8,993 $ 1,080 $ 9,518
Summary of Internal Classifications of Loans	The following table summarizes the internal classifications of loans at the dates indicated (dollars in thousands): Pass Special Mention Substandard Doubtful Total December 31, 2022 Commercial real estate $ 893,312 $ — $ 26,046 $ — $ 919,358 Commercial - specialized 326,987 — 526 — 327,513 Commercial - general 451,639 — 33,144 — 484,783 Consumer: 1-4 family residential 450,034 — 10,090 — 460,124 Auto loans 321,158 — 318 — 321,476 Other consumer 81,109 — 199 — 81,308 Construction 151,995 — 1,524 — 153,519 $ 2,676,234 $ — $ 71,847 $ — $ 2,748,081 December 31, 2021 Commercial real estate $ 713,852 $ — $ 41,592 $ — $ 755,444 Commercial - specialized 372,797 — 5,928 — 378,725 Commercial - general 450,790 1,676 7,558 — 460,024 Consumer: 1-4 family residential 379,458 — 8,232 — 387,690 Auto loans 239,869 — 850 — 240,719 Other consumer 67,822 — 291 — 68,113 Construction 146,696 — 166 — 146,862 $ 2,371,284 $ 1,676 $ 64,617 $ — $ 2,437,577

FORECLOSED ASSETS (Tables)

FORECLOSED ASSETS (Tables)	12 Months Ended
	Dec. 31, 2022
FORECLOSED ASSETS [Abstract]
Foreclosed Assets Activity	Foreclosed assets activity was as follows for the periods presented below (dollars in thousands): For the Year Ended December 31, 2022 2021 2020 Beginning balance $ 1,032 $ 1,353 $ 1,883 Additions 764 927 1,867 Sales, net (1,627 ) (1,248 ) (2,397 ) Current year valuation write-down — — — Ending balance $ 169 $ 1,032 $ 1,353
Net Expenses Related to Foreclosed Assets	Net expenses related to foreclosed assets include the following for the periods presented below (dollars in thousands): For the Year Ended December 31, 2022 2021 2020 Net gain on sales $ (424 ) $ (44 ) $ (40 ) Current year valuation write-down — — — Operating expenses, net of rental income 65 57 75 Foreclosed assets expense, net $ (359 ) $ 13 $ 35

PREMISES AND EQUIPMENT (Tables)

PREMISES AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2022
PREMISES AND EQUIPMENT [Abstract]
Premises and Equipment	Detail of premises and equipment at year-end follows (dollars in thousands): December 31, 2022 2021 Land $ 10,065 $ 10,065 Buildings and improvements 63,995 65,986 Furniture and equipment 47,967 48,281 Construction in process 2,378 659 124,405 124,991 Less accumulated depreciation (68,068 ) (67,292 ) Premises and equipment, net $ 56,337 $ 57,699

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2022
LEASES [Abstract]
Balance Sheet Components of Leases	The balance sheet components of the Company’s leases are as follows (in thousands): December 31, 2022 Operating lease right of use assets (included in Other assets $ 7,938 Operating lease liabilities (included in Accrued expenses and other liabilities 8,897
Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases is as follows (in thousands): Year Ended December 31, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,976 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ —
Maturities of Operating Lease Liabilities	Future undiscounted lease payments at December 31, 2022, under operating lease agreements, are presented below (in thousands). 2023 $ 1,866 2024 1,426 2025 1,027 2026 1,026 2027 987 Thereafter 5,038 Total minimum lease payments 11,370 Less: Amount representing interest 2,473 Lease liabilities $ 8,897

GOODWILL AND INTANGIBLES (Table

GOODWILL AND INTANGIBLES (Tables)	12 Months Ended
	Dec. 31, 2022
GOODWILL AND INTANGIBLES [Abstract]
Goodwill and Other Intangible Assets	Other intangible assets, which consist of CDI, customer lists, and employment agreements at the dates indicated are summarized below (dollars in thousands): December 31, 2022 2021 Amortized intangible assets: Customer relationship intangibles $ 6,679 $ 6,679 Less: Accumulated amortization (3,420 ) (2,469 ) 3,259 4,210 Other intangibles 2,972 2,972 Less: Accumulated amortization (1,882 ) (1,287 ) 1,090 1,685 Other intangible assets, net $ 4,349 $ 5,895
Estimated Amount of Amortization Expense to Be Recognized over Next Five Years	The estimated amount of amortization expense for core deposit intangible and other intangible assets to be recognized over the next five years is as follows (dollars in thousands): CDI Other Intangible Total 2023 $ 830 $ 594 $ 1,424 2024 708 441 1,149 2025 587 55 642 2026 466 — 466 2027 344 — 344

MORTGAGE SERVICING RIGHTS (Tabl

MORTGAGE SERVICING RIGHTS (Tables)	12 Months Ended
	Dec. 31, 2022
MORTGAGE SERVICING RIGHTS [Abstract]
Change in Fair Value of Mortgage Servicing Rights Asset and Other Information	The following table reflects the changes in fair value of the Company’s mortgage servicing rights asset included in the Consolidated Balance Sheets, and other information related to the serviced portfolio for the periods or dates presented (dollars in thousands): Year Ended December 31, 2022 2021 2020 Beginning balance $ 19,700 $ 9,049 $ 2,054 Additions 3,069 9,196 9,829 Valuation adjustment 4,705 1,455 (2,834 ) Ending balance $ 27,474 $ 19,700 $ 9,049 December 31, 2022 2021 Mortgage loans serviced for others $ 2,046,490 $ 1,953,095 Mortgage servicing rights assets as a percentage of serviced mortgage loans 1.34 % 1.01 %
Key Assumptions Used in Measuring Fair Value of Mortgage Servicing Rights	The following table reflects the key assumptions used in measuring the fair value of the Company’s mortgage servicing rights as of the dates indicated: December 31, 2022 2021 Weighted average constant prepayment rate 7.47 % 12.35 % Weighted average discount rate 9.15 % 9.14 % Weighted average life in years 7.91 6.03

DEPOSITS (Tables)

DEPOSITS (Tables)	12 Months Ended
	Dec. 31, 2022
DEPOSITS [Abstract]
Maturities of Time Deposits	The scheduled maturities of time deposits at December 31, 2022 follows (dollars in thousands): 2023 $ 222,411 2024 50,912 2025 5,557 2026 2,892 2027 4,013 Thereafter 414 $ 286,199

BORROWING ARRANGEMENTS (Tables)

BORROWING ARRANGEMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
BORROWING ARRANGEMENTS [Abstract]
Debentures and Trust Preferred Securities	The following table is a detail of the debentures and TPS at December 31, 2022: Issue Date Amount of TPS Amount of Debentures Stated Maturity Date of TPS and Debentures (1) Interest Rate of TPS and Debentures (2)(3) South Plains Financial Capital Trust III 2004 $ 10,000 $ 10,310 2034 3-mo. LIBOR + 265bps; 6.97% South Plains Financial Capital Trust IV 2005 20,000 20,619 2035 3-mo. LIBOR + 139bps; 6.16% South Plains Financial Capital Trust V 2007 15,000 15,464 2037 3-mo. LIBOR + 150bps; 6.27% Total $ 45,000 $ 46,393 (1) May be redeemed five years from the issue date, the Company has no current plans to redeem; (2) Interest payable quarterly with principal due at maturity; (3) Rate as of last reset date.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2022
STOCK-BASED COMPENSATION [Abstract]
Summary of Stock Option Activity	A summary of activity in the Plan during the year ended December 31, 2022 is presented in the table below (dollars in thousands, except per share data): Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life in Years Aggregate Intrinsic Value Year Ended December 31, 2022 Outstanding at beginning of year: 1,602,028 $ 15.42 $ 19,405 Granted 45,203 29.40 — Exercised (282,276 ) 14.18 (3,769 ) Forfeited (7,449 ) 19.30 (61 ) Expired (3,317 ) 18.27 (39 ) Balance, December 31, 2022 1,354,189 $ 16.11 5.69 $ 15,536 Exercisable at end of period 1,027,161 $ 14.62 5.03 $ 13,250 Vested at end of period 1,027,161 $ 14.62 5.03 $ 13,250
Summary of Assumptions Used to Calculate Fair Value of Awards	A summary of assumptions used to calculate the fair values of the awards granted during the periods noted is presented below: Year Ended December 31, 2022 2021 2020 Expected volatility 40.20% to 40.29% 41.20% to 41.32% 27.46 % Expected dividend yield 1.30 % 1.00 % 0.70 % Expected term (years) 6.1 6.3 6.1 to 6.2 6.2 Risk-free interest rate 1.56% to 1.95% 0.52% to 0.83% 1.44 % Weighted average grant date fair value $ 10.54 $ 7.07 5.68
Summary of Activity of Restricted Stock Units	A summary of activity in the Plan during the year ended December 31, 2022 is presented in the table below: Number of Shares Weighted-Average Grant Date Fair Value Year Ended December 31, 2022 Outstanding at beginning of year: 42,767 $ 19.35 Granted 74,891 28.87 Exercised (28,628 ) 20.99 Forfeited (4,688 ) 28.16 Balance, December 31, 2022 84,342 $ 26.76

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2022
INCOME TAXES [Abstract]
Components of Income Tax Expense (Benefit)	The components of income tax expense (benefit) was as follows for the periods indicated (dollars in thousands): Years Ended December 31, 2022 2021 2020 Current expense Federal $ 13,250 $ 12,834 $ 12,590 State 302 220 248 Deferred expense (benefit) Federal 1,359 1,453 (1,588 ) Total $ 14,911 $ 14,507 $ 11,250
Effective Income Tax Rate Reconciliation	Effective tax rates differ from the federal statutory rate of 21% applied to income before income taxes due to the following for the periods indicated (dollars in thousands): Year Ended December 31, 2022 2021 2020 Federal statutory rate times financial statement income $ 15,362 $ 15,355 $ 11,887 Effect of: Tax-exempt income (953 ) (978 ) (863 ) State taxes, net of federal benefit 239 174 196 Earnings from bank owned life insurance (251 ) (262 ) (280 ) Non-deductible expenses 409 281 248 Other, net 105 (63 ) 62 Total $ 14,911 $ 14,507 $ 11,250 Effective tax rate 20.38 % 19.84 % 19.87 %
Deferred Tax Assets and Liabilities	Year-end deferred tax assets and liabilities were due to the following as of the periods indicated (dollars in thousands): December 31, 2022 2021 Deferred tax assets Allowance for loan losses $ 8,251 $ 8,840 Deferred compensation 6,118 5,772 Leases 201 — Nonaccrual loans 71 21 Unrealized gain on available-for-sale securities 21,579 — Other 286 202 Total deferred tax assets 36,506 14,835 Deferred tax liabilities Depreciation (2,672 ) (2,496 ) Intangibles (505 ) (586 ) Prepaid expenses (355 ) (547 ) Mortgage servicing rights (5,770 ) (4,137 ) Unrealized gain on available-for-sale securities — (2,438 ) Other (4,386 ) (1,593 ) Total deferred tax liabilities (13,688 ) (11,797 ) Net deferred tax asset $ 22,818 $ 3,038

OFF-BALANCE-SHEET ACTIVITIES,_2

OFF-BALANCE-SHEET ACTIVITIES, COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2022
OFF-BALANCE-SHEET ACTIVITIES, COMMITMENTS AND CONTINGENCIES [Abstract]
Financial Instrument Whose Contract Amounts Represent Credit Risk Outstanding	Financial instruments whose contract amounts represent credit risk outstanding at year-end follow (dollars in thousands): December 31, 2022 2021 Commitments to grant loans and unfunded commitments under lines of credit $ 682,296 $ 542,338 Standby letters-of-credit 13,864 12,418

CAPITAL AND REGULATORY MATTERS

CAPITAL AND REGULATORY MATTERS (Tables)	12 Months Ended
	Dec. 31, 2022
CAPITAL AND REGULATORY MATTERS [Abstract]
Actual Capital Amounts and Ratios	The Company and its bank subsidiary’s actual capital amounts and ratios follow (dollars in thousands): Actual Minimum Required Under BASEL III Fully Phased-In To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio December 31, 2022: Total Capital to Risk Weighted Assets: Consolidated $ 559,094 16.58 % $ 354,045 10.50 % N/A N/A City Bank 454,427 13.48 % 353,967 10.50 % $ 337,112 10.00 % Tier I Capital to Risk Weighted Assets: Consolidated 443,265 13.15 % 286,608 8.50 % N/A N/A City Bank 414,559 12.30 % 286,545 8.50 % 269,689 8.00 % Common Equity Tier 1 to Risk Weighted Assets: Consolidated 398,265 11.81 % 236,030 7.00 % N/A N/A City Bank 414,559 12.30 % 235,978 7.00 % 219,122 6.50 % Tier I Capital to Average Assets: Consolidated 443,265 11.03 % 161,662 4.00 % N/A N/A City Bank 414,559 10.32 % 161,574 4.00 % 200,774 5.00 % December 31, 2021 Total Capital to Risk Weighted Assets: Consolidated $ 524,836 18.40 % $ 299,521 10.50 % N/A N/A City Bank 425,748 14.93 % 299,465 10.50 % $ 285,205 10.00 % Tier I Capital to Risk Weighted Assets: Consolidated 413,322 14.49 % 242,469 8.50 % N/A N/A City Bank 390,015 13.67 % 242,424 8.50 % 228,164 8.00 % Common Equity Tier 1 to Risk Weighted Assets: Consolidated 368,322 12.91 % 199,681 7.00 % N/A N/A City Bank 390,015 13.67 % 199,644 7.00 % 185,383 6.50 % Tier I Capital to Average Assets: Consolidated 413,322 10.77 % 154,592 4.00 % N/A N/A City Bank 390,015 10.16 % 154,503 4.00 % 191,859 5.00 %

DERIVATIVES (Tables)

DERIVATIVES (Tables)	12 Months Ended
	Dec. 31, 2022
Mortgage Banking [Member]
Derivative [Line Items]
Net Gains (Losses) Relating to Derivative Instruments	These derivatives are not designated as hedging instruments. The net gains (losses) relating to free standing derivative instruments used for risk management are summarized below for the periods indicated (dollars in thousands): For the Year Ended December 31, Location 2022 2021 2020 Gain (loss) on mortgage banking derivatives Net gain (loss) on sales of loans $ (1,109 ) $ (1,792 ) $ 2,655
Fair Value of Derivatives in Consolidated Balance Sheets	The following table reflects the amount and fair value of mortgage banking derivatives in the Consolidated Balance Sheets as of December 31 (dollars in thousands): December 31, 2022 December 31, 2021 Notional Amount Fair Value Notional Amount Fair Value Included in other assets: Forward contracts related to mortgage loans held for sale $ 23,500 $ 186 $ — $ — Interest rate lock commitments 27,348 369 104,437 1,642 Total included in other assets $ 50,848 $ 555 $ 104,437 $ 1,642 Included in other liabilities: Forward contracts related to mortgage loans held for sale $ 5,615 $ 128 $ 93,120 $ 106 Interest rate lock commitments — — — — Total included in other liabilities $ 5,615 $ 128 $ 93,120 $ 106
Fair Value Hedging [Member]
Derivative [Line Items]
Fair Value of Derivatives in Consolidated Balance Sheets	The following table reflects the fair value hedges included in the Consolidated Balance Sheets as of December 31: 2022 2021 Notional Amount Fair Value Notional Amount Fair Value Included in other liabilities Interest rate swaps related to fixed rate loans $ — $ — $ 9,775 $ 429 Interest rate swaps related to state and municipal securities — — — — Included in other assets Interest rate swaps related to fixed rate loans 9,493 482 — — Interest rate swaps related to state and municipal securities 123,760 20,125 123,760 5,686
Interest Rate Contracts [Member] | Fair Value Hedging [Member]
Derivative [Line Items]
Net Gains (Losses) Relating to Derivative Instruments	The following table reflects the changes in fair value hedges included in the Consolidated Statements of Comprehensive Income (Loss) for the periods indicated (dollars in thousands): Year Ended December 31, Interest Rate Contracts Location 2022 2021 2020 Change in fair value of interest rate swaps hedging investment securities Other noninterest expense $ 14,439 $ 5,710 $ (25 ) Change in fair value of hedged investment securities Other noninterest expense (14,607 ) (5,812 ) 77 Change in fair value of interest rate swaps hedging fixed rate loans Interest income - Loans 911 498 (576 ) Change in fair value of hedged fixed rate loans Interest income - Loans (918 ) (512 ) 580

PARENT COMPANY ONLY CONDENSED_2

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2022
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION [Abstract]
Condensed Balance Sheets	CONDENSED BALANCE SHEETS December 31, 2022 2021 ASSETS Cash and cash equivalents $ 98,996 $ 96,243 Investment in banking subsidiary 373,308 429,119 Investment in other subsidiary 51 51 Other assets 9,214 6,013 Total assets $ 481,569 $ 531,426 LIABILITIES AND STOCKHOLDERS’ EQUITY Debt $ 122,354 $ 122,168 Accrued expenses and other liabilities 2,201 1,831 Stockholders’ equity 357,014 407,427 Total liabilities and stockholders’ equity $ 481,569 $ 531,426
Condensed Statements of Income	CONDENSED STATEMENTS OF INCOME Year Ended December 31, 2022 2021 2020 Dividends $ 40,375 $ 48,250 $ 20,500 Other income 52 26 115 Interest expense (5,689 ) (4,936 ) (3,390 ) Other expense (1,768 ) (1,466 ) (1,572 ) Income before income tax and undistributed subsidiary income 32,970 41,874 15,653 Income tax benefit (1,555 ) (1,339 ) (1,018 ) Equity in undistributed subsidiary income 23,715 15,401 28,682 Net Income $ 58,240 $ 58,614 $ 45,353
Condensed Statements of Cash Flows	CONDENSED STATEMENTS OF CASH FLOWS Year Ended December 31, 2022 2021 2020 Cash flows from operating activities: Net income $ 58,240 $ 58,614 $ 45,353 Adjustments: Equity in undistributed subsidiary income (23,715 ) (15,401 ) (28,682 ) Amortization of debt issuance costs 186 186 47 Stock based compensation 2,753 1,639 1,272 Change in other assets (3,201 ) (1,765 ) (342 ) Change in other liabilities 369 317 131 Net cash provided by operating activities 34,632 43,590 17,779 Cash flows from financing activities: Proceeds from long-term borrowings — — 49,070 Payments to tax authorities for stock-based compensation (1,168 ) (625 ) (319 ) Payments to repurchase common stock (22,699 ) (9,227 ) (293 ) Cash dividends paid on common stock (8,012 ) (5,385 ) (2,528 ) Net cash provided by (used in) financing activities (31,879 ) (15,237 ) 45,930 Net change in cash and cash equivalents 2,753 28,353 63,709 Beginning cash and cash equivalents 96,243 67,890 4,181 Ending cash and cash equivalents $ 98,996 $ 96,243 $ 67,890

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2022
EARNINGS PER SHARE [Abstract]
Factors Used in Earnings Per Share Computation	The factors used in the earnings per share computation follow (dollars in thousands, except per share data): December 31, 2022 2021 2020 Net income $ 58,240 $ 58,614 $ 45,353 Weighted average common shares outstanding - basic 17,373,138 17,953,624 18,054,373 Effect of dilutive securities: Stock based compensation awards 646,690 538,594 284,660 Weighted average common shares outstanding - diluted 18,019,828 18,492,218 18,339,033 Basic earnings per share $ 3.35 $ 3.26 $ 2.51 Diluted earnings per share $ 3.23 $ 3.17 $ 2.47

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2022
SEGMENT INFORMATION [Abstract]
Financial Results by Reportable Segment	Financial results by reportable segment are detailed below for the periods indicated (dollars in thousands): Banking Insurance Consolidated For the Year Ended December 31, 2022 Net interest income $ 138,476 $ — $ 138,476 Provision for loan losses 2,619 — 2,619 Noninterest income 65,496 10,649 76,145 Noninterest expense (137,236 ) (6,853 ) (144,089 ) Income before income taxes 69,355 3,796 73,151 Income tax (expense) benefit (14,110 ) (801 ) (14,911 ) Net income $ 55,245 $ 2,995 $ 58,240 Total assets $ 3,929,232 $ 14,831 $ 3,944,063 Banking Insurance Consolidated For the Year Ended December 31, 2021 Net interest income (expense) $ 121,764 $ — $ 121,764 Provision for loan losses 1,918 — 1,918 Noninterest income 89,334 8,135 97,469 Noninterest expense (142,111 ) (5,919 ) (148,030 ) Income before income taxes 70,905 2,216 73,121 Income tax (expense) benefit (14,091 ) (416 ) (14,507 ) Net income $ 56,814 $ 1,800 $ 58,614 Total assets $ 3,890,751 $ 11,104 $ 3,901,855 Banking Insurance Consolidated For the Year Ended December 31, 2020 Net interest income (expense) $ 122,285 $ — $ 122,285 Provision for loan losses (25,570 ) — (25,570 ) Noninterest income 94,010 7,593 101,603 Noninterest expense (135,985 ) (5,730 ) (141,715 ) Income before income taxes 54,740 1,863 56,603 Income tax (expense) benefit (10,804 ) (446 ) (11,250 ) Net income $ 43,936 $ 1,417 $ 45,353 Total assets $ 3,584,828 $ 14,332 $ 3,599,160

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	12 Months Ended
	Dec. 31, 2022
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract]
Changes in Accumulated Other Comprehensive Income (Loss) By Component, Net of Tax	The following table details the changes in accumulated other comprehensive income (loss) by component, net of tax for the periods indicated (dollars in thousands): Gains and (Losses) on Cash Flow Hedges Unrealized Gains and (Losses) on Securities Available for Sale Total For the Year Ended December 31, 2022 Beginning balance $ 4,532 $ 9,170 $ 13,702 Other comprehensive income (loss) before reclassification 11,540 (90,350 ) (78,810 ) Amounts reclassified from other comprehensive — — — Net current period other comprehensive income (loss) 11,540 (90,350 ) (78,810 ) Ending balance $ 16,072 $ (81,180 ) $ (65,108 ) For the Year Ended December 31, 2021 Beginning balance $ (60 ) $ 21,399 $ 21,339 Other comprehensive income (loss) before reclassification 4,592 (12,229 ) (7,637 ) Amounts reclassified from other comprehensive — — — Net current period other comprehensive income (loss) 4,592 (12,229 ) (7,637 ) Ending balance $ 4,532 $ 9,170 $ 13,702 For the Year Ended December 31, 2020 Beginning balance $ — $ 958 $ 958 Other comprehensive income (loss) before reclassification (60 ) 22,272 22,212 Amounts reclassified from other comprehensive — (1,831 ) (1,831 ) Net current period other comprehensive income (loss) (60 ) 20,441 20,381 Ending balance $ (60 ) $ 21,399 $ 21,339

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2022
FAIR VALUE DISCLOSURES [Abstract]
Assets (Liabilities) Measured at Fair Value on Recurring and Non-Recurring Basis	The following table summarizes fair value measurements as of December 31 (dollars in thousands): Level 1 Level 2 Level 3 Total December 31, 2022 Assets (liabilities) measured at fair value on a recurring basis: Securities available for sale: State and municipal $ — $ 225,055 $ — $ 225,055 Residential mortgage-backed securities — 328,845 — 328,845 Commercial mortgage-backed securities — 41,967 — 41,967 Commercial collateralized mortgage obligations — 75,638 — 75,638 Asset-backed and other amortizing securities — 19,094 — 19,094 Other securities — 11,112 — 11,112 Loans held for sale (mandatory) — 10,038 — 10,038 Mortgage servicing rights — — 27,474 27,474 Asset derivatives — 21,162 — 21,162 Liability derivatives — (128 ) — (128 ) Assets measured at fair value on a non-recurring basis: Impaired loans — — 4,821 4,821 Level 1 Level 2 Level 3 Total December 31, 2021 Assets (liabilities) measured at fair value on a recurring basis: Securities available for sale: State and municipal $ — $ 275,672 $ — $ 275,672 Residential mortgage-backed securities — 251,601 — 251,601 Commercial mortgage-backed securities — 51,488 — 51,488 Commercial collateralized mortgage obligations — 106,320 — 106,320 Asset-backed and other amortizing securities — 26,936 — 26,936 Other securities — 12,487 — 12,487 Loans held for sale (mandatory) — 47,593 — 47,593 Mortgage servicing rights — — 19,700 19,700 Asset derivatives — 7,328 — 7,328 Liability derivatives — (535 ) — (535 ) Assets measured at fair value on a non-recurring basis: Impaired loans — — 6,427 6,427
Quantitative Information about Recurring ad Non-Recurring Level 3 Fair Value Measurements	The following table presents quantitative information about recurring and non-recurring Level 3 fair value measurements at December 31 (dollars in thousands): Fair Value Valuation Techniques Unobservable Inputs Range of Discounts December 31, 2022 Non-recurring Impaired loans $ 4,821 Third party appraisals or inspections Collateral discounts and selling costs 20%-100 % Recurring: Mortgage servicing rights 27,474 Discounted cash flows Constant prepayment rate 7.47 % Discount rate 9.15 % December 31, 2021 Non-recurring Impaired loans $ 6,427 Third party appraisals or inspections Collateral discounts and selling costs 20%-100 % Recurring: Mortgage servicing rights 19,700 Discounted cash flows Constant prepayment rate 12.35 % Discount rate 9.14 %
Summary of Carrying Amounts of Financial Instruments	The following table summarizes carrying value measurements as of December 31(dollars in thousands): Carrying Amount Level 1 Level 2 Level 3 Total December 31, 2022 Financial assets: Cash and cash equivalents $ 234,883 $ 234,883 $ — $ — $ 234,883 Loans held for investment, net 2,708,793 — — 2,662,609 2,662,609 Loans held for sale (best efforts) 20,365 — 20,745 — 20,745 Accrued interest receivable 16,432 — 16,432 — 16,432 Financial liabilities: Deposits 3,406,430 — 3,405,222 — 3,405,222 Accrued interest payable 2,836 — 2,836 — 2,836 Junior subordinated deferrable interest debentures 46,393 — 34,606 — 34,606 Subordinated debt 75,961 — 70,835 — 70,835 Carrying Amount Level 1 Level 2 Level 3 Total December 31, 2021 Financial assets: Cash and cash equivalents $ 486,821 $ 486,821 $ — $ — $ 486,821 Loans held for investment, net 2,395,479 — — 2,397,079 2,397,079 Loans held for sale (best efforts) 28,914 — 29,500 — 29,500 Accrued interest receivable 13,900 — 13,900 — 13,900 Financial liabilities: Deposits 3,341,222 3,004,091 339,797 — 3,343,888 Accrued interest payable 1,914 — 1,914 — 1,914 Junior subordinated deferrable interest debentures 46,393 — 45,690 — 45,690 Subordinated debt 75,775 — 77,939 — 77,939

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Loans [Abstract]
Number of days principal or interest payments are past due for loans to be placed on nonaccrual status	90 days
Mortgage Servicing Rights [Abstract]
Servicing income	$ 4,100	$ 3,100	$ 781
Goodwill and Other Intangible Assets [Abstract]
Goodwill impairment loss	0	0
Mortgage Banking Derivatives [Abstract]
Recorded value of interest locks at inception	0
Recorded value of forward loan sales commitments at inception	0
Leases [Abstract]
Right-of-use asset	7,938
Lease liabilities	8,897
Cumulative-effect charge to retained earnings	292,261	242,750
Advertising [Abstract]
Advertising costs	$ 3,100	2,600	2,600
Segment Information [Abstract]
Number of reportable segments | Segment	2
Recent Accounting Pronouncements [Abstract]
Increase in allowance for credit losses	$ 39,288	$ 42,098	$ 45,553	$ 24,197
Minimum [Member]
Allowance for Loan Losses [Abstract]
Threshold balance of loan to be specifically reviewed for impairment	$ 250
Core Deposit Intangible [Member]
Goodwill and Other Intangible Assets [Abstract]
Estimated useful lives	10 years
Customer Relationships [Member]
Goodwill and Other Intangible Assets [Abstract]
Estimated useful lives	5 years
Employment Agreements [Member]
Goodwill and Other Intangible Assets [Abstract]
Estimated useful lives	5 years
ASU 2016-02 [Member]
Leases [Abstract]
Right-of-use asset	$ 9,400
Lease liabilities	$ 10,300
Building and Improvements [Member] | Maximum [Member]
Premises and Equipment [Abstract]
Useful life	40 years
Furniture and Equipment [Member] | Minimum [Member]
Premises and Equipment [Abstract]
Useful life	3 years
Furniture and Equipment [Member] | Maximum [Member]
Premises and Equipment [Abstract]
Useful life	10 years
City Bank [Member] | Bank Subsidiary [Member]
Subsidiaries Information [Abstract]
Wholly-Owned, Consolidated Subsidiaries	City Bank
Windmark Insurance Agency, Inc. ("Windmark") [Member] | Non-bank Subsidiary [Member]
Subsidiaries Information [Abstract]
Wholly-Owned, Consolidated Subsidiaries	Windmark Insurance Agency, Inc. (“Windmark”)
Ruidoso Retail, Inc. [Member] | Non-bank Subsidiary [Member]
Subsidiaries Information [Abstract]
Wholly-Owned, Consolidated Subsidiaries	Ruidoso Retail, Inc.
CB Provence, LLC [Member] | Non-bank Subsidiary [Member]
Subsidiaries Information [Abstract]
Wholly-Owned, Consolidated Subsidiaries	CB Provence, LLC
CBT Brushy Creek, LLC [Member] | Non-bank Subsidiary [Member]
Subsidiaries Information [Abstract]
Wholly-Owned, Consolidated Subsidiaries	CBT Brushy Creek, LLC
CBT Properties, LLC [Member] | Non-bank Subsidiary [Member]
Subsidiaries Information [Abstract]
Wholly-Owned, Consolidated Subsidiaries	CBT Properties, LLC
South Plains Financial Capital Trusts (SPFCT) III-V [Member] | Non-bank Subsidiary [Member]
Subsidiaries Information [Abstract]
Wholly-Owned, Equity Method Subsidiaries	South Plains Financial Capital Trusts (SPFCT) III-V
Substandard or Worse [Member] | Minimum [Member]
Allowance for Loan Losses [Abstract]
Threshold balance of loan to be specifically reviewed for impairment	$ 250
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-02 [Member]
Leases [Abstract]
Cumulative-effect charge to retained earnings	(717)
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member]
Leases [Abstract]
Cumulative-effect charge to retained earnings	(900)
Recent Accounting Pronouncements [Abstract]
Increase in allowance for credit losses	100
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | Unfunded Loan Commitment [Member]
Recent Accounting Pronouncements [Abstract]
Increase in off-balance sheet reserve	$ 1,000

SECURITIES, Available for Sale

SECURITIES, Available for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Available for sale [Abstract]
Amortized cost	$ 804,469	$ 712,895
Gross unrealized gains	27	16,440
Gross unrealized losses	(102,785)	(4,831)
Fair value	701,711	724,504
State and Municipal [Member]
Available for sale [Abstract]
Amortized cost	259,429	265,143
Gross unrealized gains	27	10,615
Gross unrealized losses	(34,401)	(86)
Fair value	225,055	275,672
Residential Mortgage-backed Securities [Member]
Available for sale [Abstract]
Amortized cost	386,783	252,588
Gross unrealized gains	0	3,127
Gross unrealized losses	(57,938)	(4,114)
Fair value	328,845	251,601
Commercial Mortgage-backed Securities [Member]
Available for sale [Abstract]
Amortized cost	49,161	50,385
Gross unrealized gains	0	1,103
Gross unrealized losses	(7,194)	0
Fair value	41,967	51,488
Commercial Collateralized Mortgage Obligations [Member]
Available for sale [Abstract]
Amortized cost	76,189	106,733
Gross unrealized gains	0	0
Gross unrealized losses	(551)	(413)
Fair value	75,638	106,320
Asset-backed and Other Amortizing Securities [Member]
Available for sale [Abstract]
Amortized cost	20,907	26,046
Gross unrealized gains	0	1,108
Gross unrealized losses	(1,813)	(218)
Fair value	19,094	26,936
Other Securities [Member]
Available for sale [Abstract]
Amortized cost	12,000	12,000
Gross unrealized gains	0	487
Gross unrealized losses	(888)	0
Fair value	$ 11,112	$ 12,487

SECURITIES, Amortized Cost and

SECURITIES, Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Available for Sale, Amortized Cost [Abstract]
Within 1 year	$ 1,898
After 1 year through 5 years	8,663
After 5 years through 10 years	19,508
After 10 years	241,360
Other	533,040
Amortized cost	804,469	$ 712,895
Available for Sale, Fair Value [Abstract]
Within 1 year	1,906
After 1 year through 5 years	8,560
After 5 years through 10 years	18,388
After 10 years	207,313
Other	465,544
Fair value	$ 701,711	$ 724,504

SECURITIES, Securities Transfer

SECURITIES, Securities Transferred and Securities Pledged (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) Security	Dec. 31, 2021 USD ($) Security
SECURITIES [Abstract]
Holdings of securities of any one issuer, other than the U.S. government, its agencies, or its sponsored enterprises, in an amount greater than 10% of stockholders' equity | Security	0	0
Carrying value of securities pledged to collateralize public deposits and for other purposes | $	$ 464.1	$ 474.5

SECURITIES, Securities with Unr

SECURITIES, Securities with Unrealized Losses, Available for Sale (Details) $ in Thousands	Dec. 31, 2022 USD ($) Security	Dec. 31, 2021 USD ($)
Available for sale, Fair Value [Abstract]
Less than 12 months	$ 531,308	$ 185,597
12 months or more	165,755	64,764
Total	697,063	250,361
Available for sale, Unrealized Loss [Abstract]
Less than 12 months	61,951	1,914
12 months or more	40,834	2,917
Total	$ 102,785	4,831
Number of securities with an unrealized loss | Security	170
U.S. Government and Agencies [Member]
Available for sale, Fair Value [Abstract]
Less than 12 months	$ 0	0
12 months or more	0	0
Total	0	0
Available for sale, Unrealized Loss [Abstract]
Less than 12 months	0	0
12 months or more	0	0
Total	0	0
State and Municipal [Member]
Available for sale, Fair Value [Abstract]
Less than 12 months	162,746	21,255
12 months or more	57,675	0
Total	220,421	21,255
Available for sale, Unrealized Loss [Abstract]
Less than 12 months	23,538	86
12 months or more	10,863	0
Total	34,401	86
Mortgage-backed Securities - Residential [Member]
Available for sale, Fair Value [Abstract]
Less than 12 months	220,752	56,398
12 months or more	108,080	64,764
Total	328,832	121,162
Available for sale, Unrealized Loss [Abstract]
Less than 12 months	27,967	1,197
12 months or more	29,971	2,917
Total	57,938	4,114
Mortgage-backed Securities - Commercial [Member]
Available for sale, Fair Value [Abstract]
Less than 12 months	41,966	0
12 months or more	0	0
Total	41,966	0
Available for sale, Unrealized Loss [Abstract]
Less than 12 months	7,194	0
12 months or more	0	0
Total	7,194	0
Collateralized Mortgage Obligations [Member]
Available for sale, Fair Value [Abstract]
Less than 12 months	75,638	106,320
12 months or more	0	0
Total	75,638	106,320
Available for sale, Unrealized Loss [Abstract]
Less than 12 months	551	413
12 months or more	0	0
Total	551	413
Asset-backed and Other Amortizing Securities [Member]
Available for sale, Fair Value [Abstract]
Less than 12 months	19,094	1,624
12 months or more	0	0
Total	19,094	1,624
Available for sale, Unrealized Loss [Abstract]
Less than 12 months	1,813	218
12 months or more	0	0
Total	1,813	218
Other Securities [Member]
Available for sale, Fair Value [Abstract]
Less than 12 months	11,112	0
12 months or more	0	0
Total	11,112	0
Available for sale, Unrealized Loss [Abstract]
Less than 12 months	888	0
12 months or more	0	0
Total	$ 888	$ 0

LOANS HELD FOR INVESTMENT, Summ

LOANS HELD FOR INVESTMENT, Summary of Loans Held for Investment by Category (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Category	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Summary of Loans Held for Investment by Category [Abstract]
Loans, gross	$ 2,748,081	$ 2,437,577
Allowance for loan losses	(39,288)	(42,098)	$ (45,553)	$ (24,197)
Loans held for investment, net	2,708,793	2,395,479
Commercial Real Estate [Member]
Summary of Loans Held for Investment by Category [Abstract]
Loans, gross	919,358	755,444
Allowance for loan losses	$ (13,029)	(17,245)	(18,962)	(5,049)
Commercial [Member]
Summary of Loans Held for Investment by Category [Abstract]
Number of sub-categories of loans | Category	2
Commercial [Member] | Specialized [Member]
Summary of Loans Held for Investment by Category [Abstract]
Loans, gross	$ 327,513	378,725
Allowance for loan losses	(3,425)	(4,363)	(5,760)	(2,287)
Commercial [Member] | General [Member]
Summary of Loans Held for Investment by Category [Abstract]
Loans, gross	484,783	460,024
Allowance for loan losses	(9,215)	(8,466)	(9,227)	(9,609)
Consumer [Member] | 1-4 Family Residential [Member]
Summary of Loans Held for Investment by Category [Abstract]
Loans, gross	460,124	387,690
Allowance for loan losses	(6,194)	(5,268)	(4,646)	(2,093)
Consumer [Member] | Auto Loans [Member]
Summary of Loans Held for Investment by Category [Abstract]
Loans, gross	321,476	240,719
Allowance for loan losses	(3,926)	(3,653)	(4,226)	(3,385)
Consumer [Member] | Other Consumer [Member]
Summary of Loans Held for Investment by Category [Abstract]
Loans, gross	81,308	68,113
Allowance for loan losses	(1,376)	(1,357)	(1,671)	(1,341)
Construction [Member]
Summary of Loans Held for Investment by Category [Abstract]
Loans, gross	153,519	146,862
Allowance for loan losses	$ (2,123)	$ (1,746)	$ (1,061)	$ (433)

LOANS HELD FOR INVESTMENT, Acti

LOANS HELD FOR INVESTMENT, Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
LOANS HELD FOR INVESTMENT [Abstract]
Ratio of allowance for loan losses to loans held for investment	1.43%	1.73%
Allowance for Loan Losses [Roll Forward]
Beginning Balance	$ 42,098	$ 45,553	$ 24,197
Provision for Loan Losses	(2,619)	(1,918)	25,570
Charge-offs	(2,508)	(2,402)	(5,559)
Recoveries	2,317	865	1,345
Ending Balance	39,288	42,098	45,553
Commercial Real Estate [Member]
Allowance for Loan Losses [Roll Forward]
Beginning Balance	17,245	18,962	5,049
Provision for Loan Losses	(4,634)	(1,826)	13,618
Charge-offs	0	0	(7)
Recoveries	418	109	302
Ending Balance	13,029	17,245	18,962
Commercial [Member] | Specialized [Member]
Allowance for Loan Losses [Roll Forward]
Beginning Balance	4,363	5,760	2,287
Provision for Loan Losses	(1,745)	(1,386)	4,514
Charge-offs	(199)	(172)	(1,162)
Recoveries	1,006	161	121
Ending Balance	3,425	4,363	5,760
Commercial [Member] | General [Member]
Allowance for Loan Losses [Roll Forward]
Beginning Balance	8,466	9,227	9,609
Provision for Loan Losses	627	(302)	1,219
Charge-offs	(328)	(677)	(1,811)
Recoveries	450	218	210
Ending Balance	9,215	8,466	9,227
Consumer [Member] | 1-4 Family Residential [Member]
Allowance for Loan Losses [Roll Forward]
Beginning Balance	5,268	4,646	2,093
Provision for Loan Losses	1,026	666	2,478
Charge-offs	(140)	(52)	(56)
Recoveries	40	8	131
Ending Balance	6,194	5,268	4,646
Consumer [Member] | Auto Loans [Member]
Allowance for Loan Losses [Roll Forward]
Beginning Balance	3,653	4,226	3,385
Provision for Loan Losses	637	(90)	1,814
Charge-offs	(508)	(598)	(1,165)
Recoveries	144	115	192
Ending Balance	3,926	3,653	4,226
Consumer [Member] | Other Consumer [Member]
Allowance for Loan Losses [Roll Forward]
Beginning Balance	1,357	1,671	1,341
Provision for Loan Losses	932	339	1,300
Charge-offs	(1,167)	(903)	(1,358)
Recoveries	254	250	388
Ending Balance	1,376	1,357	1,671
Construction [Member]
Allowance for Loan Losses [Roll Forward]
Beginning Balance	1,746	1,061	433
Provision for Loan Losses	538	681	627
Charge-offs	(166)	0	0
Recoveries	5	4	1
Ending Balance	$ 2,123	$ 1,746	$ 1,061

LOANS HELD FOR INVESTMENT, Inve

LOANS HELD FOR INVESTMENT, Investment in loans Disaggregated Based on Method of Evaluating Impairment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Recorded Investment [Abstract]
Individually Evaluated	$ 5,106	$ 7,771
Collectively Evaluated	2,742,975	2,429,806
Allowance for Loan Losses [Abstract]
Individually Evaluated	285	1,344
Collectively Evaluated	39,003	40,754
Commercial Real Estate [Member]
Recorded Investment [Abstract]
Individually Evaluated	0	1,101
Collectively Evaluated	919,358	754,343
Allowance for Loan Losses [Abstract]
Individually Evaluated	0	584
Collectively Evaluated	13,029	16,661
Commercial [Member] | Specialized [Member]
Recorded Investment [Abstract]
Individually Evaluated	0	0
Collectively Evaluated	327,513	378,725
Allowance for Loan Losses [Abstract]
Individually Evaluated	0	0
Collectively Evaluated	3,425	4,363
Commercial [Member] | General [Member]
Recorded Investment [Abstract]
Individually Evaluated	3,350	5,078
Collectively Evaluated	481,433	454,946
Allowance for Loan Losses [Abstract]
Individually Evaluated	22	585
Collectively Evaluated	9,193	7,881
Consumer [Member] | 1-4 Family Residential [Member]
Recorded Investment [Abstract]
Individually Evaluated	742	1,592
Collectively Evaluated	459,382	386,098
Allowance for Loan Losses [Abstract]
Individually Evaluated	18	175
Collectively Evaluated	6,176	5,093
Consumer [Member] | Auto Loans [Member]
Recorded Investment [Abstract]
Individually Evaluated	0	0
Collectively Evaluated	321,476	240,719
Allowance for Loan Losses [Abstract]
Individually Evaluated	0	0
Collectively Evaluated	3,926	3,653
Consumer [Member] | Other Consumer [Member]
Recorded Investment [Abstract]
Individually Evaluated	0	0
Collectively Evaluated	81,308	68,113
Allowance for Loan Losses [Abstract]
Individually Evaluated	0	0
Collectively Evaluated	1,376	1,357
Construction [Member]
Recorded Investment [Abstract]
Individually Evaluated	1,014	0
Collectively Evaluated	152,505	146,862
Allowance for Loan Losses [Abstract]
Individually Evaluated	245	0
Collectively Evaluated	$ 1,878	$ 1,746

LOANS HELD FOR INVESTMENT, Impa

LOANS HELD FOR INVESTMENT, Impaired Loan Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Impaired Loan Information [Abstract]
Unpaid Contractual Principal Balance	$ 5,106	$ 7,771
Recorded Investment [Abstract]
Recorded Investment With No Allowance	1,971	2,023
Recorded Investment With Allowance	3,135	5,748
Total Recorded Investment	5,106	7,771
Related Allowance	285	1,344
Average Recorded Investment	6,439	10,396
Nonaccrual mortgage loans held for sale	0	0
Minimum [Member]
Recorded Investment [Abstract]
Threshold balance of loan to be specifically reviewed for impairment	250
Commercial Real Estate [Member]
Impaired Loan Information [Abstract]
Unpaid Contractual Principal Balance	0	1,101
Recorded Investment [Abstract]
Recorded Investment With No Allowance	0	0
Recorded Investment With Allowance	0	1,101
Total Recorded Investment	0	1,101
Related Allowance	0	584
Average Recorded Investment	551	3,687
Commercial [Member] | Specialized [Member]
Impaired Loan Information [Abstract]
Unpaid Contractual Principal Balance	0	0
Recorded Investment [Abstract]
Recorded Investment With No Allowance	0	0
Recorded Investment With Allowance	0	0
Total Recorded Investment	0	0
Related Allowance	0	0
Average Recorded Investment	0	0
Commercial [Member] | General [Member]
Impaired Loan Information [Abstract]
Unpaid Contractual Principal Balance	3,350	5,078
Recorded Investment [Abstract]
Recorded Investment With No Allowance	799	1,143
Recorded Investment With Allowance	2,551	3,935
Total Recorded Investment	3,350	5,078
Related Allowance	22	585
Average Recorded Investment	4,214	4,852
Consumer [Member] | 1-4 Family [Member]
Impaired Loan Information [Abstract]
Unpaid Contractual Principal Balance	742	1,592
Recorded Investment [Abstract]
Recorded Investment With No Allowance	486	880
Recorded Investment With Allowance	256	712
Total Recorded Investment	742	1,592
Related Allowance	18	175
Average Recorded Investment	1,167	1,857
Consumer [Member] | Auto Loans [Member]
Impaired Loan Information [Abstract]
Unpaid Contractual Principal Balance	0	0
Recorded Investment [Abstract]
Recorded Investment With No Allowance	0	0
Recorded Investment With Allowance	0	0
Total Recorded Investment	0	0
Related Allowance	0	0
Average Recorded Investment	0	0
Consumer [Member] | Other Consumer [Member]
Impaired Loan Information [Abstract]
Unpaid Contractual Principal Balance	0	0
Recorded Investment [Abstract]
Recorded Investment With No Allowance	0	0
Recorded Investment With Allowance	0	0
Total Recorded Investment	0	0
Related Allowance	0	0
Average Recorded Investment	0	0
Construction [Member]
Impaired Loan Information [Abstract]
Unpaid Contractual Principal Balance	1,014	0
Recorded Investment [Abstract]
Recorded Investment With No Allowance	686	0
Recorded Investment With Allowance	328	0
Total Recorded Investment	1,014	0
Related Allowance	245	0
Average Recorded Investment	$ 507	$ 0

LOANS HELD FOR INVESTMENT, Age

LOANS HELD FOR INVESTMENT, Age Analysis on Accruing Past-due Loans and Nonaccrual Loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Point	Dec. 31, 2021 USD ($)
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract]
Past Due	$ 2,748,081	$ 2,437,577
Nonaccrual	$ 5,802	9,518
Number of points on a grading scale for loans | Point	13
30-89 Days Past Due [Member]
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract]
Past Due	$ 5,951	8,993
90 Days or More Past Due [Member]
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract]
Past Due	1,987	1,080
Commercial Real Estate [Member]
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract]
Past Due	919,358	755,444
Nonaccrual	0	1,101
Commercial Real Estate [Member] | 30-89 Days Past Due [Member]
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract]
Past Due	342	393
Commercial Real Estate [Member] | 90 Days or More Past Due [Member]
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract]
Past Due	27	45
Commercial [Member] | Specialized [Member]
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract]
Past Due	327,513	378,725
Nonaccrual	38	156
Commercial [Member] | Specialized [Member] | 30-89 Days Past Due [Member]
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract]
Past Due	25	265
Commercial [Member] | Specialized [Member] | 90 Days or More Past Due [Member]
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract]
Past Due	13	20
Commercial [Member] | General [Member]
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract]
Past Due	484,783	460,024
Nonaccrual	3,357	5,236
Commercial [Member] | General [Member] | 30-89 Days Past Due [Member]
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract]
Past Due	1,451	4,032
Commercial [Member] | General [Member] | 90 Days or More Past Due [Member]
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract]
Past Due	60	97
Consumer [Member] | 1-4 Family Residential [Member]
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract]
Past Due	460,124	387,690
Nonaccrual	1,356	2,815
Consumer [Member] | 1-4 Family Residential [Member] | 30-89 Days Past Due [Member]
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract]
Past Due	1,389	2,496
Consumer [Member] | 1-4 Family Residential [Member] | 90 Days or More Past Due [Member]
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract]
Past Due	1,653	903
Consumer [Member] | Auto Loans [Member]
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract]
Past Due	321,476	240,719
Nonaccrual	0	0
Consumer [Member] | Auto Loans [Member] | 30-89 Days Past Due [Member]
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract]
Past Due	707	332
Consumer [Member] | Auto Loans [Member] | 90 Days or More Past Due [Member]
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract]
Past Due	85	0
Consumer [Member] | Other Consumer [Member]
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract]
Past Due	81,308	68,113
Nonaccrual	37	44
Consumer [Member] | Other Consumer [Member] | 30-89 Days Past Due [Member]
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract]
Past Due	1,487	538
Consumer [Member] | Other Consumer [Member] | 90 Days or More Past Due [Member]
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract]
Past Due	149	15
Construction [Member]
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract]
Past Due	153,519	146,862
Nonaccrual	1,014	166
Construction [Member] | 30-89 Days Past Due [Member]
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract]
Past Due	550	937
Construction [Member] | 90 Days or More Past Due [Member]
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract]
Past Due	$ 0	$ 0

LOANS HELD FOR INVESTMENT, Su_2

LOANS HELD FOR INVESTMENT, Summary of Internal Classifications of Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Loans by Internal Classifications [Abstract]
Loans	$ 2,748,081	$ 2,437,577
Pass [Member]
Loans by Internal Classifications [Abstract]
Loans	2,676,234	2,371,284
Special Mention [Member]
Loans by Internal Classifications [Abstract]
Loans	0	1,676
Substandard [Member]
Loans by Internal Classifications [Abstract]
Loans	71,847	64,617
Doubtful [Member]
Loans by Internal Classifications [Abstract]
Loans	0	0
Commercial Real Estate [Member]
Loans by Internal Classifications [Abstract]
Loans	919,358	755,444
Commercial Real Estate [Member] | Pass [Member]
Loans by Internal Classifications [Abstract]
Loans	893,312	713,852
Commercial Real Estate [Member] | Special Mention [Member]
Loans by Internal Classifications [Abstract]
Loans	0	0
Commercial Real Estate [Member] | Substandard [Member]
Loans by Internal Classifications [Abstract]
Loans	26,046	41,592
Commercial Real Estate [Member] | Doubtful [Member]
Loans by Internal Classifications [Abstract]
Loans	0	0
Commercial [Member] | Specialized [Member]
Loans by Internal Classifications [Abstract]
Loans	327,513	378,725
Commercial [Member] | Specialized [Member] | Pass [Member]
Loans by Internal Classifications [Abstract]
Loans	326,987	372,797
Commercial [Member] | Specialized [Member] | Special Mention [Member]
Loans by Internal Classifications [Abstract]
Loans	0	0
Commercial [Member] | Specialized [Member] | Substandard [Member]
Loans by Internal Classifications [Abstract]
Loans	526	5,928
Commercial [Member] | Specialized [Member] | Doubtful [Member]
Loans by Internal Classifications [Abstract]
Loans	0	0
Commercial [Member] | General [Member]
Loans by Internal Classifications [Abstract]
Loans	484,783	460,024
Commercial [Member] | General [Member] | Pass [Member]
Loans by Internal Classifications [Abstract]
Loans	451,639	450,790
Commercial [Member] | General [Member] | Special Mention [Member]
Loans by Internal Classifications [Abstract]
Loans	0	1,676
Commercial [Member] | General [Member] | Substandard [Member]
Loans by Internal Classifications [Abstract]
Loans	33,144	7,558
Commercial [Member] | General [Member] | Doubtful [Member]
Loans by Internal Classifications [Abstract]
Loans	0	0
Consumer [Member] | 1-4 Family Residential [Member]
Loans by Internal Classifications [Abstract]
Loans	460,124	387,690
Consumer [Member] | 1-4 Family Residential [Member] | Pass [Member]
Loans by Internal Classifications [Abstract]
Loans	450,034	379,458
Consumer [Member] | 1-4 Family Residential [Member] | Special Mention [Member]
Loans by Internal Classifications [Abstract]
Loans	0	0
Consumer [Member] | 1-4 Family Residential [Member] | Substandard [Member]
Loans by Internal Classifications [Abstract]
Loans	10,090	8,232
Consumer [Member] | 1-4 Family Residential [Member] | Doubtful [Member]
Loans by Internal Classifications [Abstract]
Loans	0	0
Consumer [Member] | Auto Loans [Member]
Loans by Internal Classifications [Abstract]
Loans	321,476	240,719
Consumer [Member] | Auto Loans [Member] | Pass [Member]
Loans by Internal Classifications [Abstract]
Loans	321,158	239,869
Consumer [Member] | Auto Loans [Member] | Special Mention [Member]
Loans by Internal Classifications [Abstract]
Loans	0	0
Consumer [Member] | Auto Loans [Member] | Substandard [Member]
Loans by Internal Classifications [Abstract]
Loans	318	850
Consumer [Member] | Auto Loans [Member] | Doubtful [Member]
Loans by Internal Classifications [Abstract]
Loans	0	0
Consumer [Member] | Other Consumer [Member]
Loans by Internal Classifications [Abstract]
Loans	81,308	68,113
Consumer [Member] | Other Consumer [Member] | Pass [Member]
Loans by Internal Classifications [Abstract]
Loans	81,109	67,822
Consumer [Member] | Other Consumer [Member] | Special Mention [Member]
Loans by Internal Classifications [Abstract]
Loans	0	0
Consumer [Member] | Other Consumer [Member] | Substandard [Member]
Loans by Internal Classifications [Abstract]
Loans	199	291
Consumer [Member] | Other Consumer [Member] | Doubtful [Member]
Loans by Internal Classifications [Abstract]
Loans	0	0
Construction [Member]
Loans by Internal Classifications [Abstract]
Loans	153,519	146,862
Construction [Member] | Pass [Member]
Loans by Internal Classifications [Abstract]
Loans	151,995	146,696
Construction [Member] | Special Mention [Member]
Loans by Internal Classifications [Abstract]
Loans	0	0
Construction [Member] | Substandard [Member]
Loans by Internal Classifications [Abstract]
Loans	1,524	166
Construction [Member] | Doubtful [Member]
Loans by Internal Classifications [Abstract]
Loans	$ 0	$ 0

LOANS HELD FOR INVESTMENT, COVI

LOANS HELD FOR INVESTMENT, COVID-19 Related Deferral and Modification (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) Loan	Dec. 31, 2021 USD ($) Loan	Dec. 31, 2020 USD ($)
LOANS HELD FOR INVESTMENT [Abstract]
Loans modified as TDR	$ 0	$ 0	$ 0
Covid-19 [Member]
CARES Act [Abstract]
Number of outstanding loans subject to deferral and modification agreements | Loan	0	3
Amount of outstanding loans subject to deferral and modification agreements		$ 15.9
Percentage of loans modified under CARES Act		0.65%

FORECLOSED ASSETS, Foreclosed A

FORECLOSED ASSETS, Foreclosed Assets Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Foreclosed Assets [Roll Forward]
Beginning balance	$ 1,032	$ 1,353	$ 1,883
Additions	764	927	1,867
Sales, net	(1,627)	(1,248)	(2,397)
Current year valuation write-down	0	0	0
Ending balance	$ 169	$ 1,032	$ 1,353

FORECLOSED ASSETS, Net Expenses

FORECLOSED ASSETS, Net Expenses Related to Foreclosed Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net expenses related to foreclosed assets [Abstract]
Net gain on sales	$ (424)	$ (44)	$ (40)
Current year valuation write-down	0	0	0
Operating expenses, net of rental income	65	57	75
Foreclosed assets expense, net	$ (359)	$ 13	$ 35

PREMISES AND EQUIPMENT (Details

PREMISES AND EQUIPMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Premises and Equipment [Abstract]
Premises and equipment, gross	$ 124,405	$ 124,991
Less accumulated depreciation	(68,068)	(67,292)
Premises and equipment, net	56,337	57,699
Depreciation expense	5,100	4,800	$ 4,800
Land [Member]
Premises and Equipment [Abstract]
Premises and equipment, gross	10,065	10,065
Buildings and Improvements [Member]
Premises and Equipment [Abstract]
Premises and equipment, gross	63,995	65,986
Furniture and Equipment [Member]
Premises and Equipment [Abstract]
Premises and equipment, gross	47,967	48,281
Construction in Process [Member]
Premises and Equipment [Abstract]
Premises and equipment, gross	$ 2,378	$ 659

LEASES, Lessee Arrangements (De

LEASES, Lessee Arrangements (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Lease	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Lessee Arrangements [Abstract]
Finance leases	$ 0	$ 0
Balance Sheet Components of Leases [Abstract]
Operating lease right of use assets (included in Other assets)	$ 7,938
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets
Operating lease liabilities (included in Accrued expenses and other liabilities)	$ 8,897
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other liabilities
Operating lease costs, including short-term lease costs	$ 2,900	$ 2,500	$ 2,400
Cash paid for amounts included in the measurement of lease liabilities [Abstract]
Operating cash flows from operating leases	1,976
Right-of-use assets obtained in exchange for new lease obligations [Abstract]
Operating leases	$ 0
Weighted average remaining lease term	9 years 9 months 29 days
Weighted average discount rate	4.65%
Maturities of Operating Lease Liabilities [Abstract]
2023	$ 1,866
2024	1,426
2025	1,027
2026	1,026
2027	987
Thereafter	5,038
Total minimum lease payments	11,370
Less: Amount representing interest	2,473
Lease liabilities	$ 8,897
Significant additional operating leases that have not yet commenced | Lease	0
Maximum [Member]
Lessee Arrangements [Abstract]
Termination period for leases	1 year

LEASES, Lessor Arrangements (De

LEASES, Lessor Arrangements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lessor Arrangements [Abstract]
Operating lease income	$ 800	$ 890	$ 856
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Occupancy and equipment, net	Occupancy and equipment, net	Occupancy and equipment, net

GOODWILL AND INTANGIBLES (Detai

GOODWILL AND INTANGIBLES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Abstract]
Goodwill	$ 19,508	$ 19,508
Amortized Intangible Assets [Abstract]
Other intangible assets, net	4,349	5,895
Amortization expense of other intangibles	1,500	1,700	$ 1,700
Estimated Amount of Amortization Expense to Be Recognized over Next Five Years [Abstract]
2023	1,424
2024	1,149
2025	642
2026	466
2027	344
CDI [Member]
Amortized Intangible Assets [Abstract]
Other intangible assets, gross	6,679	6,679
Less: Accumulated amortization	(3,420)	(2,469)
Other intangible assets, net	3,259	4,210
Estimated Amount of Amortization Expense to Be Recognized over Next Five Years [Abstract]
2023	830
2024	708
2025	587
2026	466
2027	344
Other Intangibles [Member]
Amortized Intangible Assets [Abstract]
Other intangible assets, gross	2,972	2,972
Less: Accumulated amortization	(1,882)	(1,287)
Other intangible assets, net	1,090	$ 1,685
Estimated Amount of Amortization Expense to Be Recognized over Next Five Years [Abstract]
2023	594
2024	441
2025	55
2026	0
2027	$ 0

MORTGAGE SERVICING RIGHTS (Deta

MORTGAGE SERVICING RIGHTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Mortgage Servicing Rights Asset [Roll Forward]
Beginning balance	$ 19,700	$ 9,049	$ 2,054
Additions	3,069	9,196	9,829
Valuation adjustment	4,705	1,455	(2,834)
Ending balance	27,474	19,700	$ 9,049
Mortgage Servicing Rights Other Information [Abstract]
Mortgage loans serviced for others	$ 2,046,490	$ 1,953,095
Mortgage servicing rights assets as a percentage of serviced mortgage loans	1.34%	1.01%
Key Assumptions Used in Measuring Fair Value of Mortgage Servicing Rights [Abstract]
Weighted average constant prepayment rate	7.47%	12.35%
Weighted average discount rate	9.15%	9.14%
Weighted average life in years	7 years 10 months 28 days	6 years 10 days

DEPOSITS (Details)

DEPOSITS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
DEPOSITS [Abstract]
Time deposit meeting or exceeding FDIC Insurance limit of $250,000	$ 131,000	$ 163,400
Maturities of Time Deposits [Abstract]
2023	222,411
2024	50,912
2025	5,557
2026	2,892
2027	4,013
Thereafter	414
Total	$ 286,199

BORROWING ARRANGEMENTS, Short-t

BORROWING ARRANGEMENTS, Short-term Borrowings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Federal Funds Purchased [Member]
Short-term borrowings [Abstract]
Short-term borrowings	$ 0
Short-term borrowings, maturity period	1 day
FHLB Short-Term Advances [Member]
Short-term borrowings [Abstract]
Short-term borrowings		$ 0

BORROWING ARRANGEMENTS, Lines o

BORROWING ARRANGEMENTS, Lines of Credit (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Line of Credit Facility [Abstract]
Carrying amount of FHLB stock	$ 2.8	$ 2.8
FHLB stock, available borrowing capacity	920.2	903.9
Outstanding borrowings	0	0
Bank Subsidiary [Member] | Federal Reserve Bank of Dallas (FRB) [Member]
Line of Credit Facility [Abstract]
Line of credit, current borrowing capacity	648.3	593.6
Bank Subsidiary [Member] | Multiple Banks [Member]
Line of Credit Facility [Abstract]
Line of credit, current borrowing capacity	$ 160	$ 160

BORROWING ARRANGEMENTS, Notes P

BORROWING ARRANGEMENTS, Notes Payable and Other Borrowings (Details) $ in Millions	Dec. 31, 2021 USD ($)
Federal Home Loan Bank Advance [Member] | Federal Home Loan Bank of Dallas [Member] | City Bank [Member]
Detail of Advances from FHLB [Abstract]
Original amount of advances	$ 0

BORROWING ARRANGEMENTS, Junior

BORROWING ARRANGEMENTS, Junior Subordinated Deferrable Interest Debentures and Trust Preferred Securities (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Detail of debentures and TPS [Abstract]
Amount of debentures		$ 46,393	$ 46,393
Trust Preferred Securities [Member]
Junior Subordinated Deferrable Interest Debentures and Trust Preferred Securities [Abstract]
Common capital securities issued by the trusts		1,400
Detail of debentures and TPS [Abstract]
Amount of TPS		45,000
Debentures [Member]
Detail of debentures and TPS [Abstract]
Amount of debentures		$ 46,393
Debentures and Trust Preferred Securities [Member] | Maximum [Member]
Junior Subordinated Deferrable Interest Debentures and Trust Preferred Securities [Abstract]
Number of consecutive years during which interest can be deferred		5 years
Detail of debentures and TPS [Abstract]
Period after issue date when debt securities may be redeemed		5 years
South Plains Financial Capital Trust III [Member] | Trust Preferred Securities [Member]
Detail of debentures and TPS [Abstract]
Amount of TPS		$ 10,000
South Plains Financial Capital Trust III [Member] | Debentures [Member]
Detail of debentures and TPS [Abstract]
Amount of debentures		$ 10,310
South Plains Financial Capital Trust III [Member] | Debentures and Trust Preferred Securities [Member]
Detail of debentures and TPS [Abstract]
Issue date		Dec. 31, 2004
Stated maturity date	[1]	Dec. 31, 2034
Interest rate	[2],[3]	6.97%
South Plains Financial Capital Trust III [Member] | Debentures and Trust Preferred Securities [Member] | LIBOR [Member]
Detail of debentures and TPS [Abstract]
Term of variable rate	[2],[3]	3 months
Basis spread on variable rate	[2],[3]	2.65%
South Plains Financial Capital Trust IV [Member] | Trust Preferred Securities [Member]
Detail of debentures and TPS [Abstract]
Amount of TPS		$ 20,000
South Plains Financial Capital Trust IV [Member] | Debentures [Member]
Detail of debentures and TPS [Abstract]
Amount of debentures		$ 20,619
South Plains Financial Capital Trust IV [Member] | Debentures and Trust Preferred Securities [Member]
Detail of debentures and TPS [Abstract]
Issue date		Dec. 31, 2005
Stated maturity date	[1]	Dec. 31, 2035
Interest rate	[2],[3]	6.16%
South Plains Financial Capital Trust IV [Member] | Debentures and Trust Preferred Securities [Member] | LIBOR [Member]
Detail of debentures and TPS [Abstract]
Term of variable rate	[2],[3]	3 months
Basis spread on variable rate	[2],[3]	1.39%
South Plains Financial Capital Trust V [Member] | Trust Preferred Securities [Member]
Detail of debentures and TPS [Abstract]
Amount of TPS		$ 15,000
South Plains Financial Capital Trust V [Member] | Debentures [Member]
Detail of debentures and TPS [Abstract]
Amount of debentures		$ 15,464
South Plains Financial Capital Trust V [Member] | Debentures and Trust Preferred Securities [Member]
Detail of debentures and TPS [Abstract]
Issue date		Dec. 31, 2007
Stated maturity date	[1]	Dec. 31, 2037
Interest rate	[2],[3]	6.27%
South Plains Financial Capital Trust V [Member] | Debentures and Trust Preferred Securities [Member] | LIBOR [Member]
Detail of debentures and TPS [Abstract]
Term of variable rate	[2],[3]	3 months
Basis spread on variable rate	[2],[3]	1.50%
[1]May be redeemed five years from the issue date, the Company has no current plans to redeem;[2]Interest payable quarterly with principal due at maturity;[3]Rate as of last reset date.

BORROWING ARRANGEMENTS, Subordi

BORROWING ARRANGEMENTS, Subordinated Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 29, 2020	Dec. 31, 2018
Subordinated Debt [Abstract]
Subordinated debt	$ 75,961	$ 75,775
Subordinated Debt [Member]
Subordinated Debt [Abstract]
Debt instrument, face amount	76,500	76,500
Debt issuance cost	511	697
Subordinated debt	$ 76,000	$ 75,800
Subordinated Debt [Member] | Subordinated Debt Securities Issued in December 2018 [Member]
Subordinated Debt [Abstract]
Debt instrument, face amount				$ 26,500
Subordinated Debt [Member] | Subordinated Debt Securities Issued in December 2018 [Member] | Debt Securities One [Member]
Subordinated Debt [Abstract]
Debt instrument, face amount				$ 12,400
Debt instrument, maturity date	Dec. 31, 2028
Debt instrument, weighted average interest rate				5.74%
Debt instrument, period of fixed interest rate	5 years
Debt instrument, variable interest rate, floor	4%
Debt instrument, variable interest rate, ceiling	7.50%
Subordinated Debt [Member] | Subordinated Debt Securities Issued in December 2018 [Member] | Debt Securities One [Member] | Maximum [Member]
Subordinated Debt [Abstract]
Remaining maturity period during which debt can be called	5 years
Subordinated Debt [Member] | Subordinated Debt Securities Issued in December 2018 [Member] | Debt Securities Two [Member]
Subordinated Debt [Abstract]
Debt instrument, face amount				$ 14,100
Debt instrument, maturity date	Dec. 31, 2030
Debt instrument, weighted average interest rate				6.41%
Debt instrument, period of fixed interest rate	7 years
Debt instrument, variable interest rate, floor	4%
Debt instrument, variable interest rate, ceiling	7.50%
Subordinated Debt [Member] | Subordinated Debt Securities Issued in December 2018 [Member] | Debt Securities Two [Member] | Maximum [Member]
Subordinated Debt [Abstract]
Remaining maturity period during which debt can be called	5 years
Subordinated Debt [Member] | Subordinated Debt Securities Issued in September 29, 2020 [Member]
Subordinated Debt [Abstract]
Debt instrument, face amount			$ 50,000
Debt issuance cost			$ 926
Debt instrument, maturity date	Sep. 30, 2030
Debt instrument, initial interest rate			4.50%
Debt instrument, period of fixed interest rate	5 years
Subordinated Debt [Member] | Subordinated Debt Securities Issued in September 29, 2020 [Member] | SOFR [Member]
Subordinated Debt [Abstract]
Term of variable rate	3 months
Basis spread on variable rate	4.38%
Subordinated Debt [Member] | Subordinated Debt Securities Issued in September 29, 2020 [Member] | Maximum [Member]
Subordinated Debt [Abstract]
Remaining maturity period during which debt can be called	5 years

EMPLOYEE BENEFITS, Employee Sto

EMPLOYEE BENEFITS, Employee Stock Ownership Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
401K Plan [Member]
EMPLOYEE BENEFITS [Abstract]
Percentage of employer matching contribution for first 5% of participant's contribution	100%
Percentage of participant's compensation contributed for employer's 100% matching contribution	5%
Expense for contributions to 401 (k) plan	$ 1,900,000	$ 1,800,000	$ 1,700,000
Employee Stock Ownership Plan (ESOP) Plan [Member]
EMPLOYEE BENEFITS [Abstract]
Required service period for an employee to be covered by ESOP plan	1 month
Contributions to ESOP by employer	$ 0	$ 0	$ 0
Shares held by ESOP (in shares)	2,574,100	2,795,762
Minimum threshold of ESOP participant account balance for distribution to an individual retirement account	$ 1,000
Maximum threshold of ESOP participant account balance for distribution of lump sum cash payment	$ 10,000

EMPLOYEE BENEFITS, Employee Hea

EMPLOYEE BENEFITS, Employee Health Benefits (Details) - Employee Health Benefits [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) h	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Employee Health Benefits [Abstract]
Waiting period to be eligible for non-officers	60 days
Welfare benefit expense	$ 4,200	$ 4,500	$ 4,400
Accrued benefit obligations	653	$ 825
Annual limit for stop loss amount per participant	$ 150
Minimum [Member]
Employee Health Benefits [Abstract]
Number of working hours required per week to be eligible to cover under self-insured welfare benefit plan | h	30

EMPLOYEE BENEFITS, Non-Qualifie

EMPLOYEE BENEFITS, Non-Qualified Plans (Details) - Executive Salary Continuation Plan [Member] - Nonqualified Plans [Member] - Unfunded Plan [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Non-Qualified Plans [Abstract]
Liabilities for cost of benefits accrued	$ 12.9	$ 12.5
Charges to income for plans	$ 1	$ 1	$ 1.1

STOCK-BASED COMPENSATION, Equit

STOCK-BASED COMPENSATION, Equity Incentive Plan (Details) - 2019 Equity Incentive Plan [Member] - shares	Mar. 06, 2019	Dec. 31, 2022
Equity Incentive Plan [Abstract]
Maximum aggregate number of shares of common stock that may be issued (in shares)		3,916,180
Maximum [Member]
Equity Incentive Plan [Abstract]
Annual increase in number of shares that may be issued	3%

STOCK-BASED COMPENSATION, Stock

STOCK-BASED COMPENSATION, Stock Options Activity (Details) - 2019 Equity Incentive Plan [Member] - Stock Option [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Number of Shares [Roll Forward]
Outstanding at beginning of year (in shares) | shares	1,602,028
Granted (in shares) | shares	45,203
Exercised (in shares) | shares	(282,276)
Forfeited (in shares) | shares	(7,449)
Expired (in shares) | shares	(3,317)
Outstanding at end of year (in shares) | shares	1,354,189
Exercisable at end of period (in shares) | shares	1,027,161
Vested at end of period (in shares) | shares	1,027,161
Weighted-Average Exercise Price [Abstract]
Outstanding at beginning of year (in dollars per share) | $ / shares	$ 15.42
Granted (in dollars per share) | $ / shares	29.4
Exercised (in dollars per share) | $ / shares	14.18
Forfeited (in dollars per share) | $ / shares	19.3
Expired (in dollars per share) | $ / shares	18.27
Outstanding at end of year (in dollars per share) | $ / shares	16.11
Exercisable at end of period (in dollars per share) | $ / shares	14.62
Vested at end of period (in dollars per share) | $ / shares	$ 14.62
Weighted Average Remaining Contractual Life in Years [Abstract]
Outstanding	5 years 8 months 8 days
Exercisable at end of period	5 years 10 days
Vested at end of period	5 years 10 days
Aggregate Intrinsic Value [Abstract]
Outstanding at beginning of year | $	$ 19,405
Granted | $	0
Exercised | $	(3,769)
Forfeited | $	(61)
Expired | $	(39)
Outstanding at end of year | $	15,536
Exercisable at end of period | $	13,250
Vested at end of period | $	$ 13,250

STOCK-BASED COMPENSATION, Fair

STOCK-BASED COMPENSATION, Fair Value Assumptions (Details) - Stock Option [Member] - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summary of Assumptions Used to Calculate Fair Value of Awards [Abstract]
Expected volatility			27.46%
Expected dividend yield	1.30%	1%	0.70%
Expected term			6 years 2 months 12 days
Risk-free interest rate			1.44%
Weighted average grant date fair value (in dollars per share)	$ 10.54	$ 7.07	$ 5.68
Minimum [Member]
Summary of Assumptions Used to Calculate Fair Value of Awards [Abstract]
Expected volatility	40.20%	41.20%
Expected term	6 years 1 month 6 days	6 years 1 month 6 days
Risk-free interest rate	1.56%	0.52%
Maximum [Member]
Summary of Assumptions Used to Calculate Fair Value of Awards [Abstract]
Expected volatility	40.29%	41.32%
Expected term	6 years 3 months 18 days	6 years 2 months 12 days
Risk-free interest rate	1.95%	0.83%
2019 Equity Incentive Plan [Member]
Equity Incentive Plan [Abstract]
Intrinsic value of options exercised	$ 3.9	$ 2.1	$ 1.1

STOCK-BASED COMPENSATION, Restr

STOCK-BASED COMPENSATION, Restricted Stock Awards and Units (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Weighted-Average Exercise Price [Abstract]
Stock-based compensation	$ 2,753	$ 1,639	$ 1,272
Restricted Stock Units [Member]
Number of Shares [Roll Forward]
Outstanding at beginning of year (in shares)	42,767
Granted (in shares)	74,891
Exercised (in shares)	(28,628)
Forfeited (in shares)	(4,688)
Outstanding at end of year (in shares)	84,342	42,767
Weighted-Average Exercise Price [Abstract]
Outstanding at beginning of year (in dollars per share)	$ 19.35
Granted (in dollars per share)	28.87
Exercised (in dollars per share)	20.99
Forfeited (in dollars per share)	28.16
Outstanding at end of year (in dollars per share)	$ 26.76	$ 19.35
Stock-based compensation	$ 2,800	$ 1,600	1,300
Unrecognized compensation cost	$ 2,500
Weighted average remaining period, recognition of compensation cost	1 year 7 months 9 days
Fair value of restricted stock units vested	$ 601	$ 489	$ 489
Restricted Stock Units [Member] | Minimum [Member]
Weighted-Average Exercise Price [Abstract]
Award vesting period	1 year
Restricted Stock Units [Member] | Maximum [Member]
Weighted-Average Exercise Price [Abstract]
Award vesting period	4 years

INCOME TAXES, Components of Inc

INCOME TAXES, Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current expense [Abstract]
Federal	$ 13,250	$ 12,834	$ 12,590
State	302	220	248
Deferred expense (benefit) [Abstract]
Federal	1,359	1,453	(1,588)
Total	$ 14,911	$ 14,507	$ 11,250

INCOME TAXES, Effective Income

INCOME TAXES, Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
INCOME TAXES [Abstract]
Federal statutory rate	21%
Reconciliation of Income Tax Expenses [Abstract]
Federal statutory rate times financial statement income	$ 15,362	$ 15,355	$ 11,887
Effect of [Abstract]
Tax-exempt income	(953)	(978)	(863)
State taxes, net of federal benefit	239	174	196
Earnings from bank owned life insurance	(251)	(262)	(280)
Non-deductible expenses	409	281	248
Other, net	105	(63)	62
Total	$ 14,911	$ 14,507	$ 11,250
Effective tax rate	20.38%	19.84%	19.87%

INCOME TAXES, Deferred Tax Asse

INCOME TAXES, Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets [Abstract]
Allowance for loan losses	$ 8,251	$ 8,840
Deferred compensation	6,118	5,772
Leases	201	0
Nonaccrual loans	71	21
Unrealized gain on available-for-sale securities	21,579	0
Other	286	202
Total deferred tax assets	36,506	14,835
Deferred tax liabilities [Abstract]
Depreciation	(2,672)	(2,496)
Intangibles	(505)	(586)
Prepaid expenses	(355)	(547)
Mortgage servicing rights	(5,770)	(4,137)
Unrealized gain on available-for-sale securities	0	(2,438)
Other	(4,386)	(1,593)
Total deferred tax liabilities	(13,688)	(11,797)
Net deferred tax asset	$ 22,818	$ 3,038

RELATED-PARTY TRANSACTIONS (Det

RELATED-PARTY TRANSACTIONS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
RELATED-PARTY TRANSACTIONS [Abstract]
Direct and indirect loans to related parties, aggregated amount	$ 9.7	$ 12.2
Charge-offs related to related-party loans	$ 0	$ 0

OFF-BALANCE-SHEET ACTIVITIES,_3

OFF-BALANCE-SHEET ACTIVITIES, COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
FHLB Letters of Credit [Abstract]
Letters of credit outstanding balance	$ 0	$ 0
Commitments to Grant Loans and Unfunded Commitments Under Lines of Credit [Member]
Financial instruments with off-balance-sheet risk [Abstract]
Financial instruments whose contract amounts represent credit risk outstanding	682,296	542,338
Standby Letters-of-credit [Member]
Financial instruments with off-balance-sheet risk [Abstract]
Financial instruments whose contract amounts represent credit risk outstanding	$ 13,864	$ 12,418

CAPITAL AND REGULATORY MATTER_2

CAPITAL AND REGULATORY MATTERS (Details) $ in Thousands	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Consolidated [Member]
Total Capital to Risk Weighted Assets [Abstract]
Actual, Amount	$ 559,094	$ 524,836
Actual, Ratio	0.1658	0.184
Minimum Required Under BASEL III Fully Phased-In, Amount	$ 354,045	$ 299,521
Minimum Required Under BASEL III Fully Phased-In, Ratio	0.105	0.105
Tier I Capital to Risk Weighted Assets [Abstract]
Actual, Amount	$ 443,265	$ 413,322
Actual, Ratio	0.1315	0.1449
Minimum Required Under BASEL III Fully Phased-In, Amount	$ 286,608	$ 242,469
Minimum Required Under BASEL III Fully Phased-In, Ratio	0.085	0.085
Common Equity Tier 1 to Risk Weighted Assets [Abstract]
Actual, Amount	$ 398,265	$ 368,322
Actual, Ratio	0.1181	0.1291
Minimum Required Under BASEL III Fully Phased-In, Amount	$ 236,030	$ 199,681
Minimum Required Under BASEL III Fully Phased-In, Ratio	0.07	0.07
Tier I Capital to Average Assets [Abstract]
Actual, Amount	$ 443,265	$ 413,322
Actual, Ratio	0.1103	0.1077
Minimum Required Under BASEL III Fully Phased-In, Amount	$ 161,662	$ 154,592
Minimum Required Under BASEL III Fully Phased-In, Ratio	0.04	0.04
City Bank [Member]
Total Capital to Risk Weighted Assets [Abstract]
Actual, Amount	$ 454,427	$ 425,748
Actual, Ratio	0.1348	0.1493
Minimum Required Under BASEL III Fully Phased-In, Amount	$ 353,967	$ 299,465
Minimum Required Under BASEL III Fully Phased-In, Ratio	0.105	0.105
To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount	$ 337,112	$ 285,205
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio	0.10	0.10
Tier I Capital to Risk Weighted Assets [Abstract]
Actual, Amount	$ 414,559	$ 390,015
Actual, Ratio	0.123	0.1367
Minimum Required Under BASEL III Fully Phased-In, Amount	$ 286,545	$ 242,424
Minimum Required Under BASEL III Fully Phased-In, Ratio	0.085	0.085
To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount	$ 269,689	$ 228,164
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio	0.08	0.08
Common Equity Tier 1 to Risk Weighted Assets [Abstract]
Actual, Amount	$ 414,559	$ 390,015
Actual, Ratio	0.123	0.1367
Minimum Required Under BASEL III Fully Phased-In, Amount	$ 235,978	$ 199,644
Minimum Required Under BASEL III Fully Phased-In, Ratio	0.07	0.07
To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount	$ 219,122	$ 185,383
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio	0.065	0.065
Tier I Capital to Average Assets [Abstract]
Actual, Amount	$ 414,559	$ 390,015
Actual, Ratio	0.1032	0.1016
Minimum Required Under BASEL III Fully Phased-In, Amount	$ 161,574	$ 154,503
Minimum Required Under BASEL III Fully Phased-In, Ratio	0.04	0.04
To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount	$ 200,774	$ 191,859
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio	0.05	0.05

DERIVATIVES, Fair Value Hedges

DERIVATIVES, Fair Value Hedges in Consolidated Balance Sheets (Details) - Fair Value Hedging [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest Rate Swaps [Member] | Other Liabilities [Member]
Fair value hedges included in Consolidated Balance Sheets [Abstract]
Derivative liability, notional amount	$ 0	$ 9,775
Derivative liability, fair value	0	429
Interest Rate Swaps [Member] | Other Assets [Member]
Fair value hedges included in Consolidated Balance Sheets [Abstract]
Derivative asset, notional amount	9,493	0
Derivative asset, fair value	482	0
Interest Rate Swaps [Member] | Other Noninterest Expense [Member]
Changes in fair value hedges included in Consolidated Statements of Comprehensive Income [Abstract]
Interest rate swaps - fair value hedges	14,439	5,710	$ (25)
Fair value hedge ineffectiveness	(14,607)	(5,812)	77
Interest Rate Swaps [Member] | Interest Income [Member]
Changes in fair value hedges included in Consolidated Statements of Comprehensive Income [Abstract]
Interest rate swaps - fair value hedges	911	498	(576)
Fair value hedge ineffectiveness	(918)	(512)	$ 580
Cash Flow Swaps [Member] | Other Liabilities [Member]
Fair value hedges included in Consolidated Balance Sheets [Abstract]
Derivative liability, notional amount	0	0
Derivative liability, fair value	0	0
Cash Flow Swaps [Member] | Other Assets [Member]
Fair value hedges included in Consolidated Balance Sheets [Abstract]
Derivative asset, notional amount	123,760	123,760
Derivative asset, fair value	$ 20,125	$ 5,686

DERIVATIVES, Mortgage Banking D

DERIVATIVES, Mortgage Banking Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Assets [Member] | Interest Rate Swap [Member]
Notional amount and fair value of mortgage banking derivatives in Consolidated Balance Sheets [Abstract]
Cash collateral advanced to offset liability position	$ 1,100	$ 1,100
Other Liabilities [Member] | Interest Rate Swap [Member]
Notional amount and fair value of mortgage banking derivatives in Consolidated Balance Sheets [Abstract]
Cash collateral received to offset asset derivative positions	18,900	4,800
Mortgage Forward Contracts [Member] | Other Assets [Member]
Notional amount and fair value of mortgage banking derivatives in Consolidated Balance Sheets [Abstract]
Cash collateral advanced to offset liability position	440	440
Mortgage Banking [Member] | Other Assets [Member]
Notional amount and fair value of mortgage banking derivatives in Consolidated Balance Sheets [Abstract]
Derivative asset, notional amount	50,848	104,437
Derivative asset, fair value	555	1,642
Mortgage Banking [Member] | Other Liabilities [Member]
Notional amount and fair value of mortgage banking derivatives in Consolidated Balance Sheets [Abstract]
Derivative liability, notional amount	5,615	93,120
Derivative liability, fair value	128	106
Mortgage Banking [Member] | Forward Contracts [Member] | Other Assets [Member]
Notional amount and fair value of mortgage banking derivatives in Consolidated Balance Sheets [Abstract]
Derivative asset, notional amount	23,500	0
Derivative asset, fair value	186	0
Mortgage Banking [Member] | Forward Contracts [Member] | Other Liabilities [Member]
Notional amount and fair value of mortgage banking derivatives in Consolidated Balance Sheets [Abstract]
Derivative liability, notional amount	5,615	93,120
Derivative liability, fair value	128	106
Mortgage Banking [Member] | Forward Contracts [Member] | Net Gain (Loss) on Sales of Loans [Member]
Derivative instruments impact on results of operations [Abstract]
Gain (loss) on mortgage banking derivatives	(1,109)	(1,792)	$ 2,655
Mortgage Banking [Member] | Interest Rate Lock Commitments [Member] | Other Assets [Member]
Notional amount and fair value of mortgage banking derivatives in Consolidated Balance Sheets [Abstract]
Derivative asset, notional amount	27,348	104,437
Derivative asset, fair value	369	1,642
Mortgage Banking [Member] | Interest Rate Lock Commitments [Member] | Other Liabilities [Member]
Notional amount and fair value of mortgage banking derivatives in Consolidated Balance Sheets [Abstract]
Derivative liability, notional amount	0	0
Derivative liability, fair value	$ 0	$ 0

PARENT COMPANY ONLY CONDENSED_3

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION, Condensed Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
ASSETS [Abstract]
Cash and cash equivalents	$ 234,883	$ 486,821
Other assets	48,181	26,826
Total assets	3,944,063	3,901,855	$ 3,599,160
LIABILITIES AND STOCKHOLDERS' EQUITY [Abstract]
Accrued expenses and other liabilities	58,265	31,038
Stockholders' equity	357,014	407,427	$ 370,048	$ 306,182
Total liabilities and stockholders' equity	3,944,063	3,901,855
South Plains Financial, Inc. [Member]
ASSETS [Abstract]
Cash and cash equivalents	98,996	96,243
Other assets	9,214	6,013
Total assets	481,569	531,426
LIABILITIES AND STOCKHOLDERS' EQUITY [Abstract]
Debt	122,354	122,168
Accrued expenses and other liabilities	2,201	1,831
Stockholders' equity	357,014	407,427
Total liabilities and stockholders' equity	481,569	531,426
South Plains Financial, Inc. [Member] | Bank Subsidiary [Member]
ASSETS [Abstract]
Investment in subsidiary	373,308	429,119
South Plains Financial, Inc. [Member] | Other Subsidiary [Member]
ASSETS [Abstract]
Investment in subsidiary	$ 51	$ 51

PARENT COMPANY ONLY CONDENSED_4

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION, Condensed Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Interest expense	$ (22,692)	$ (13,272)	$ (15,946)
Other expense	(17,522)	(17,883)	(17,818)
Income before income taxes	73,151	73,121	56,603
Income tax benefit	14,911	14,507	11,250
Net income	58,240	58,614	45,353
South Plains Financial, Inc. [Member]
Income Statement [Abstract]
Dividends	40,375	48,250	20,500
Other income	52	26	115
Interest expense	(5,689)	(4,936)	(3,390)
Other expense	(1,768)	(1,466)	(1,572)
Income before income taxes	32,970	41,874	15,653
Income tax benefit	(1,555)	(1,339)	(1,018)
Equity in undistributed subsidiary income	23,715	15,401	28,682
Net income	$ 58,240	$ 58,614	$ 45,353

PARENT COMPANY ONLY CONDENSED_5

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION, Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities [Abstract]
Net income	$ 58,240	$ 58,614	$ 45,353
Adjustments [Abstract]
Stock based compensation	2,753	1,639	1,272
Net cash provided by operating activities	123,590	96,271	5,627
Cash flows from financing activities [Abstract]
Payments to tax authorities for stock-based compensation	(1,168)	(625)	(319)
Payments to repurchase common stock	(22,699)	(9,227)	(293)
Cash dividends paid on common stock	(8,012)	(5,385)	(2,528)
Net cash provided by (used in) financing activities	33,329	250,084	292,809
Net change in cash and cash equivalents	(251,938)	186,514	142,208
Beginning cash and cash equivalents	486,821	300,307	158,099
Ending cash and cash equivalents	234,883	486,821	300,307
South Plains Financial, Inc. [Member]
Cash flows from operating activities [Abstract]
Net income	58,240	58,614	45,353
Adjustments [Abstract]
Equity in undistributed subsidiary income	(23,715)	(15,401)	(28,682)
Amortization of debt issuance costs	186	186	47
Stock based compensation	2,753	1,639	1,272
Change in other assets	(3,201)	(1,765)	(342)
Change in other liabilities	369	317	131
Net cash provided by operating activities	34,632	43,590	17,779
Cash flows from financing activities [Abstract]
Proceeds from long-term borrowings	0	0	49,070
Payments to tax authorities for stock-based compensation	(1,168)	(625)	(319)
Payments to repurchase common stock	(22,699)	(9,227)	(293)
Cash dividends paid on common stock	(8,012)	(5,385)	(2,528)
Net cash provided by (used in) financing activities	(31,879)	(15,237)	45,930
Net change in cash and cash equivalents	2,753	28,353	63,709
Beginning cash and cash equivalents	96,243	67,890	4,181
Ending cash and cash equivalents	$ 98,996	$ 96,243	$ 67,890

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
EARNINGS PER SHARE [Abstract]
Net income	$ 58,240	$ 58,614	$ 45,353
Weighted average common shares outstanding - basic (in shares)	17,373,138	17,953,624	18,054,373
Effect of dilutive securities [Abstract]
Stock-based compensation awards (in shares)	646,690	538,594	284,660
Weighted average common shares outstanding - diluted (in shares)	18,019,828	18,492,218	18,339,033
Basic earnings per share (in dollars per share)	$ 3.35	$ 3.26	$ 2.51
Diluted earnings per share (in dollars per share)	$ 3.23	$ 3.17	$ 2.47

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financial results by reportable segments [Abstract]
Net interest income (expense)	$ 138,476	$ 121,764	$ 122,285
Provision for loan losses	2,619	1,918	(25,570)
Noninterest income	76,145	97,469	101,603
Noninterest expense	(144,089)	(148,030)	(141,715)
Income before income taxes	73,151	73,121	56,603
Income tax (expense) benefit	(14,911)	(14,507)	(11,250)
Net income	58,240	58,614	45,353
Total assets	3,944,063	3,901,855	3,599,160
Banking [Member] | Operating Segments [Member]
Financial results by reportable segments [Abstract]
Net interest income (expense)	138,476	121,764	122,285
Provision for loan losses	2,619	1,918	(25,570)
Noninterest income	65,496	89,334	94,010
Noninterest expense	(137,236)	(142,111)	(135,985)
Income before income taxes	69,355	70,905	54,740
Income tax (expense) benefit	(14,110)	(14,091)	(10,804)
Net income	55,245	56,814	43,936
Total assets	3,929,232	3,890,751	3,584,828
Insurance [Member] | Operating Segments [Member]
Financial results by reportable segments [Abstract]
Net interest income (expense)	0	0	0
Provision for loan losses	0	0	0
Noninterest income	10,649	8,135	7,593
Noninterest expense	(6,853)	(5,919)	(5,730)
Income before income taxes	3,796	2,216	1,863
Income tax (expense) benefit	(801)	(416)	(446)
Net income	2,995	1,800	1,417
Total assets	$ 14,831	$ 11,104	$ 14,332

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Changes in Accumulated Other Comprehensive Income (Loss) By Component, Net of Tax [Roll Forward]
Balance	$ 407,427	$ 370,048	$ 306,182
Other comprehensive income (loss) before reclassification	(78,810)	(7,637)	22,212
Amounts reclassified from other comprehensive	0	0	(1,831)
Other comprehensive income (loss)	(78,810)	(7,637)	20,381
Balance	357,014	407,427	370,048
Accumulated Other Comprehensive Income (Loss) [Member]
Changes in Accumulated Other Comprehensive Income (Loss) By Component, Net of Tax [Roll Forward]
Balance	13,702	21,339	958
Other comprehensive income (loss)	(78,810)	(7,637)	20,381
Balance	(65,108)	13,702	21,339
Gains and (Losses) on Cash Flow Hedges [Member]
Changes in Accumulated Other Comprehensive Income (Loss) By Component, Net of Tax [Roll Forward]
Balance	4,532	(60)	0
Other comprehensive income (loss) before reclassification	11,540	4,592	(60)
Amounts reclassified from other comprehensive	0	0	0
Other comprehensive income (loss)	11,540	4,592	(60)
Balance	16,072	4,532	(60)
Unrealized Gains and (Losses) on Securities Available for Sale [Member]
Changes in Accumulated Other Comprehensive Income (Loss) By Component, Net of Tax [Roll Forward]
Balance	9,170	21,399	958
Other comprehensive income (loss) before reclassification	(90,350)	(12,229)	22,272
Amounts reclassified from other comprehensive	0	0	(1,831)
Other comprehensive income (loss)	(90,350)	(12,229)	20,441
Balance	$ (81,180)	$ 9,170	$ 21,399

FAIR VALUE DISCLOSURES, Assets

FAIR VALUE DISCLOSURES, Assets (Liabilities) Measured at Fair Value on Recurring and Non-Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Securities available for sale [Abstract]
Securities available for sale	$ 701,711	$ 724,504
Mortgage servicing rights	27,474	19,700	$ 9,049	$ 2,054
State and Municipal [Member]
Securities available for sale [Abstract]
Securities available for sale	225,055	275,672
Residential Mortgage-backed Securities [Member]
Securities available for sale [Abstract]
Securities available for sale	328,845	251,601
Commercial Mortgage-backed Securities [Member]
Securities available for sale [Abstract]
Securities available for sale	41,967	51,488
Commercial Collateralized Mortgage Obligations [Member]
Securities available for sale [Abstract]
Securities available for sale	75,638	106,320
Other Securities [Member]
Securities available for sale [Abstract]
Securities available for sale	11,112	12,487
Recurring [Member]
Securities available for sale [Abstract]
Asset-backed and other amortizing securities	19,094	26,936
Loans held for sale (mandatory)	10,038	47,593
Mortgage servicing rights	27,474	19,700
Asset derivatives	$ 21,162	$ 7,328
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Liability derivatives	$ (128)	$ (535)
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other liabilities	Accrued expenses and other liabilities
Recurring [Member] | State and Municipal [Member]
Securities available for sale [Abstract]
Securities available for sale	$ 225,055	$ 275,672
Recurring [Member] | Residential Mortgage-backed Securities [Member]
Securities available for sale [Abstract]
Securities available for sale	328,845	251,601
Recurring [Member] | Commercial Mortgage-backed Securities [Member]
Securities available for sale [Abstract]
Securities available for sale	41,967	51,488
Recurring [Member] | Commercial Collateralized Mortgage Obligations [Member]
Securities available for sale [Abstract]
Securities available for sale	75,638	106,320
Recurring [Member] | Other Securities [Member]
Securities available for sale [Abstract]
Securities available for sale	11,112	12,487
Recurring [Member] | Level 1 [Member]
Securities available for sale [Abstract]
Asset-backed and other amortizing securities	0	0
Loans held for sale (mandatory)	0	0
Mortgage servicing rights	0	0
Asset derivatives	0	0
Liability derivatives	0	0
Recurring [Member] | Level 1 [Member] | State and Municipal [Member]
Securities available for sale [Abstract]
Securities available for sale	0	0
Recurring [Member] | Level 1 [Member] | Residential Mortgage-backed Securities [Member]
Securities available for sale [Abstract]
Securities available for sale	0	0
Recurring [Member] | Level 1 [Member] | Commercial Mortgage-backed Securities [Member]
Securities available for sale [Abstract]
Securities available for sale	0	0
Recurring [Member] | Level 1 [Member] | Commercial Collateralized Mortgage Obligations [Member]
Securities available for sale [Abstract]
Securities available for sale	0	0
Recurring [Member] | Level 1 [Member] | Other Securities [Member]
Securities available for sale [Abstract]
Securities available for sale	0	0
Recurring [Member] | Level 2 [Member]
Securities available for sale [Abstract]
Asset-backed and other amortizing securities	19,094	26,936
Loans held for sale (mandatory)	10,038	47,593
Mortgage servicing rights	0	0
Asset derivatives	21,162	7,328
Liability derivatives	(128)	(535)
Recurring [Member] | Level 2 [Member] | State and Municipal [Member]
Securities available for sale [Abstract]
Securities available for sale	225,055	275,672
Recurring [Member] | Level 2 [Member] | Residential Mortgage-backed Securities [Member]
Securities available for sale [Abstract]
Securities available for sale	328,845	251,601
Recurring [Member] | Level 2 [Member] | Commercial Mortgage-backed Securities [Member]
Securities available for sale [Abstract]
Securities available for sale	41,967	51,488
Recurring [Member] | Level 2 [Member] | Commercial Collateralized Mortgage Obligations [Member]
Securities available for sale [Abstract]
Securities available for sale	75,638	106,320
Recurring [Member] | Level 2 [Member] | Other Securities [Member]
Securities available for sale [Abstract]
Securities available for sale	11,112	12,487
Recurring [Member] | Level 3 [Member]
Securities available for sale [Abstract]
Asset-backed and other amortizing securities	0	0
Loans held for sale (mandatory)	0	0
Mortgage servicing rights	27,474	19,700
Asset derivatives	0	0
Liability derivatives	0	0
Recurring [Member] | Level 3 [Member] | State and Municipal [Member]
Securities available for sale [Abstract]
Securities available for sale	0	0
Recurring [Member] | Level 3 [Member] | Residential Mortgage-backed Securities [Member]
Securities available for sale [Abstract]
Securities available for sale	0	0
Recurring [Member] | Level 3 [Member] | Commercial Mortgage-backed Securities [Member]
Securities available for sale [Abstract]
Securities available for sale	0	0
Recurring [Member] | Level 3 [Member] | Commercial Collateralized Mortgage Obligations [Member]
Securities available for sale [Abstract]
Securities available for sale	0	0
Recurring [Member] | Level 3 [Member] | Other Securities [Member]
Securities available for sale [Abstract]
Securities available for sale	0	0
Non-recurring [Member]
Assets Measured at Fair Value on a Non-Recurring Basis [Abstract]
Impaired loans	4,821	6,427
Non-recurring [Member] | Level 1 [Member]
Assets Measured at Fair Value on a Non-Recurring Basis [Abstract]
Impaired loans	0	0
Non-recurring [Member] | Level 2 [Member]
Assets Measured at Fair Value on a Non-Recurring Basis [Abstract]
Impaired loans	0	0
Non-recurring [Member] | Level 3 [Member]
Assets Measured at Fair Value on a Non-Recurring Basis [Abstract]
Impaired loans	$ 4,821	$ 6,427

FAIR VALUE DISCLOSURES, Fair Va

FAIR VALUE DISCLOSURES, Fair Values of Assets Recorded on a Recurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Values of Assets Recorded on a Recurring Basis for which the Fair Value Option has been Elected [Abstract]
Aggregate fair value of loans held for sale for mandatory delivery	$ 10,038	$ 47,593
Recurring [Member]
Fair Values of Assets Recorded on a Recurring Basis for which the Fair Value Option has been Elected [Abstract]
Gains or losses recorded attributable to changes in instrument-specific credit risk	0	0
Aggregate fair value of loans held for sale for mandatory delivery	10,000	47,600
Aggregate fair value of unpaid principal balance	9,900	46,400
Fair value and unpaid principal balance difference amount	163	1,200
Loans held for sale for mandatory delivery designated as nonaccrual	0	0
Loans held for sale for mandatory delivery 90 days or more past due	0	0
Impact of fair value options on noninterest income for loans held for sale for mandatory delivery	$ (2,100)	$ (3,400)	$ 4,800

FAIR VALUE DISCLOSURES, Quantit

FAIR VALUE DISCLOSURES, Quantitative Information about Recurring and Non-Recurring Level 3 Fair Value Measurements (Details) $ in Thousands	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Mortgage servicing rights	$ 27,474	$ 19,700	$ 9,049	$ 2,054
Non-recurring [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Impaired loans	4,821	6,427
Non-recurring [Member] | Third Party Appraisals or Inspections [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Impaired loans	$ 4,821	$ 6,427
Non-recurring [Member] | Third Party Appraisals or Inspections [Member] | Collateral Discounts and Selling Costs [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Impaired loans, discounts	0.20	0.20
Non-recurring [Member] | Third Party Appraisals or Inspections [Member] | Collateral Discounts and Selling Costs [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Impaired loans, discounts	1	1
Recurring [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Mortgage servicing rights	$ 27,474	$ 19,700
Recurring [Member] | Discounted Cash Flows [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Mortgage servicing rights	$ 27,474	$ 19,700
Recurring [Member] | Discounted Cash Flows [Member] | Constant Prepayment Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Mortgage servicing rights, discounts	0.0747	0.1235
Recurring [Member] | Discounted Cash Flows [Member] | Discount Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Mortgage servicing rights, discounts	0.0915	0.0914

FAIR VALUE DISCLOSURES, Estimat

FAIR VALUE DISCLOSURES, Estimated Fair Values, and Related Carrying Amounts (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Carrying Amount [Member]
Financial assets [Abstract]
Cash and cash equivalents	$ 234,883	$ 486,821
Loans held for investment, net	2,708,793	2,395,479
Loans held for sale (best efforts)	20,365	28,914
Accrued interest receivable	16,432	13,900
Financial liabilities [Abstract]
Deposits	3,406,430	3,341,222
Accrued interest payable	2,836	1,914
Junior subordinated deferrable interest debentures	46,393	46,393
Subordinated debt	75,961	75,775
Fair Value [Member]
Financial assets [Abstract]
Cash and cash equivalents	234,883	486,821
Loans held for investment, net	2,662,609	2,397,079
Loans held for sale (best efforts)	20,745	29,500
Accrued interest receivable	16,432	13,900
Financial liabilities [Abstract]
Deposits	3,405,222	3,343,888
Accrued interest payable	2,836	1,914
Junior subordinated deferrable interest debentures	34,606	45,690
Subordinated debt	70,835	77,939
Level 1 [Member] | Fair Value [Member]
Financial assets [Abstract]
Cash and cash equivalents	234,883	486,821
Loans held for investment, net	0	0
Loans held for sale (best efforts)	0	0
Accrued interest receivable	0	0
Financial liabilities [Abstract]
Deposits	0	3,004,091
Accrued interest payable	0	0
Junior subordinated deferrable interest debentures	0	0
Subordinated debt	0	0
Level 2 [Member] | Fair Value [Member]
Financial assets [Abstract]
Cash and cash equivalents	0	0
Loans held for investment, net	0	0
Loans held for sale (best efforts)	20,745	29,500
Accrued interest receivable	16,432	13,900
Financial liabilities [Abstract]
Deposits	3,405,222	339,797
Accrued interest payable	2,836	1,914
Junior subordinated deferrable interest debentures	34,606	45,690
Subordinated debt	70,835	77,939
Level 3 [Member] | Fair Value [Member]
Financial assets [Abstract]
Cash and cash equivalents	0	0
Loans held for investment, net	2,662,609	2,397,079
Loans held for sale (best efforts)	0	0
Accrued interest receivable	0	0
Financial liabilities [Abstract]
Deposits	0	0
Accrued interest payable	0	0
Junior subordinated deferrable interest debentures	0	0
Subordinated debt	$ 0	$ 0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - $ / shares		12 Months Ended
	Jan. 19, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Dividends [Abstract]
Dividends declared per share (in dollars per share)		$ 0.46	$ 0.3	$ 0.14
Subsequent Event [Member]
Dividends [Abstract]
Dividends declared date	Jan. 19, 2023
Dividends declared per share (in dollars per share)	$ 0.13
Dividends payable date	Feb. 13, 2023
Dividends record date	Jan. 30, 2023