SOUTH PLAINS FINANCIAL, INC. Income Taxes Disclosure
|
Year Ended December 31,
|
||||||||||||
|
2025
|
2024
|
2023
|
||||||||||
|
Current expense
|
||||||||||||
|
Federal
|
$
|
16,105 |
$
|
14,184 |
$
|
16,192 |
||||||
|
State
|
520 |
440 |
381 |
|||||||||
|
Deferred expense
|
||||||||||||
|
Federal
|
(1,023 |
)
|
(1,049 |
)
|
99 |
|||||||
|
Total
|
$
|
15,602 |
$
|
13,575 |
$
|
16,672 |
||||||
|
Year Ended December 31,
|
||||||||||||||||||||||||
|
2025
|
2024
|
2023
|
||||||||||||||||||||||
|
Amount
|
Rate
|
Amount
|
Rate
|
Amount
|
Rate
|
|||||||||||||||||||
|
Federal statutory rate times financial statement income
|
$
|
15,555 |
21.0 |
%
|
$
|
13,291 |
21.0 |
%
|
$
|
16,678 |
21.0 |
%
|
||||||||||||
|
Effect of:
|
||||||||||||||||||||||||
|
Tax-exempt income
|
(718 |
)
|
(1.0 |
)%
|
(701 |
)
|
(1.1 |
)%
|
(836 |
)
|
(1.1 |
)%
|
||||||||||||
|
State taxes, net of federal benefit
|
411 |
0.6 |
%
|
348 |
0.6 |
%
|
301 |
0.4 |
%
|
|||||||||||||||
|
Earnings from bank owned life insurance
|
(343 |
)
|
(0.5 |
)%
|
(326 |
)
|
(0.5 |
)%
|
(279 |
)
|
(0.4 |
)%
|
||||||||||||
|
Non-deductible expenses
|
499 |
0.7 |
%
|
648 |
1.0 |
%
|
675 |
0.8 |
%
|
|||||||||||||||
|
Other, net
|
198 |
0.3 |
%
|
315 |
0.5 |
%
|
133 |
0.2 |
%
|
|||||||||||||||
|
Total
|
$
|
15,602 |
21.1 |
%
|
$
|
13,575 |
21.5 |
%
|
$
|
16,672 |
20.9 |
%
|
||||||||||||
|
Year Ended December 31,
|
||||||||||||
|
2025
|
2024
|
2023
|
||||||||||
|
Federal
|
$
|
16,721 |
$
|
12,104 |
$
|
19,102 |
||||||
|
State
|
472 |
431 |
286 |
|||||||||
|
December 31,
|
||||||||
|
2025
|
2024
|
|||||||
|
Deferred tax assets
|
||||||||
|
Allowance for credit losses
|
$
|
9,478 |
$
|
9,080 |
||||
|
Deferred compensation
|
6,038 |
5,884 |
||||||
|
Leases
|
204 |
197 |
||||||
|
Other real estate owned
|
44 |
23 |
||||||
|
Nonaccrual loans
|
111 |
320 |
||||||
|
Unrealized gain on available-for-sale securities
|
14,708 |
19,273 |
||||||
|
Other
|
568 |
446 |
||||||
|
Total deferred tax assets
|
31,151 |
35,223 |
||||||
|
Deferred tax liabilities
|
||||||||
|
Depreciation
|
(2,629 |
)
|
(2,457 |
)
|
||||
|
Intangibles
|
(260 |
)
|
(401 |
)
|
||||
|
Prepaid expenses
|
(625 |
)
|
(704 |
)
|
||||
|
Mortgage servicing rights
|
(5,049 |
)
|
(5,521 |
)
|
||||
|
Other
|
(2,155 |
)
|
(3,300 |
)
|
||||
|
Total deferred tax liabilities
|
(10,718 |
)
|
(12,383 |
)
|
||||
|
Net deferred tax asset
|
$
|
20,433 |
$
|
22,840 |
||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 5, 2026 | Showing above |
| 2024 | Mar 7, 2025 | |
| 2023 | Mar 15, 2024 | |
| 2022 | Mar 13, 2023 | |
| 2021 | Mar 8, 2022 | |
| 2020 | Mar 11, 2021 | |
| 2019 | Mar 25, 2020 | |
About Income Taxes Disclosures
The income tax disclosure reveals how much a company actually pays in taxes versus what the statutory rate would predict. Analysts focus on the effective tax rate (ETR) reconciliation, which breaks down every item driving the gap between the 21% federal rate and the company's reported ETR — including R&D credits, foreign rate differentials, and state taxes. Deferred tax assets (DTAs) and their valuation allowances signal management's confidence in future profitability: a rising allowance suggests the company doubts it can use accumulated tax benefits. Uncertain tax benefit (UTB) reserves quantify exposure to IRS challenges on aggressive positions.
Key signals to watch: sudden ETR drops without clear operational reasons, large increases in valuation allowances, growing UTB balances, and significant unremitted foreign earnings. Post-TCJA, pay attention to GILTI and BEAT provisions that affect multinational tax structures. Compare the cash taxes paid (from the cash flow statement) against the income tax provision to gauge earnings quality.