Steven B. Crockett
About Steven B. Crockett
Steven B. Crockett is Chief Financial Officer and Treasurer of South Plains Financial, Inc. (SPFI) and CFO of City Bank, serving since 2015; prior roles include Senior VP & Controller (2010–2014) at SPFI and Controller of City Bank (2001–2014). He began in public accounting with Robinson Burdette Martin & Cowan, LLP (a former PwC practice office) from 1994–2001; he holds an accounting degree from Abilene Christian University and is a licensed CPA; age 53 as of year-end 2024 . Under his finance leadership, SPFI’s cumulative TSR rose from 162.27 (2022) to 180.15 (2024), while net income moved from $58.240m (2022) to $62.745m (2023) and $49.717m (2024); diluted EPS was $3.23, $3.62, and $2.92 respectively .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| South Plains Financial, Inc. | Chief Financial Officer; Treasurer | 2015–present | Oversees financial reporting, audits, budgeting, capital forecasting, projections . |
| South Plains Financial, Inc. | Senior VP & Controller | 2010–2014 | Led financial/regulatory reporting, audit coordination, budgeting, forecasting . |
| City Bank | Controller | 2001–2014 | Directed bank financial/regulatory reporting, audit coordination . |
| Robinson Burdette Martin & Cowan, LLP (PwC practice office) | Public Accounting | 1994–2001 | Audit/assurance experience foundational to bank reporting rigor . |
External Roles
| Organization | Role | Years |
|---|---|---|
| Lubbock Christian University | Board of Trustees | Current . |
Fixed Compensation
Multi-year compensation detail for Steven B. Crockett:
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 325,000 | 341,250 | 341,250 |
| Discretionary/Individual Bonus ($) | 39,000 | 140,950 (includes $100,000 related to Windmark sale) | 40,950 |
| Stock Awards ($) | 67,984 | 67,984 | 204,465 |
| Option Awards ($) | 115,997 | 129,999 | — |
| Non-Equity Incentive Plan ($) | 156,000 | 163,800 | 163,800 |
| Change in Pension Value / Deferred Comp ($) | 18,774 | 20,089 | 56,738 |
| All Other Compensation ($) | 53,474 | 56,462 | 58,061 |
| Total ($) | 776,229 | 920,534 | 865,264 |
Perquisites detail (FY 2024): vehicle expenses $17,793; 401(k) match $17,063; group insurance $892; unused sick/vacation pay $22,313 .
Performance Compensation
Annual incentive design, targets, weights, and payouts for Steven B. Crockett:
| Metric | Weight | Target | Actual | Payout Factor (before cap) | Cap Applied |
|---|---|---|---|---|---|
| SPFI Net Income ($000s) | 30% | 42,206 | 49,717 | 84 | 84 |
| Bank Efficiency Ratio (%) | 20% | 66.32 | 63.40 | 26 | 26 |
| Bank Asset Quality (%) | 20% | 0.54 | 0.61 | 20 | 20 |
| Individual Performance | 30% | Discretionary | Discretionary | 30 | 30 |
| Total | 100% | — | — | 160 (pre-cap) | 150 (overall cap) |
FY 2023 incentive framing was consistent, with weighting 30% net income, 20% efficiency, 20% asset quality, 30% individual; the computed total factor hit the plan cap (150) .
Equity grants (FY 2024):
- RSUs: 7,804 granted on 2/21/2024, grant date fair value $204,465 .
- No new options granted to Crockett in 2024; option grants occurred in prior years .
Equity Ownership & Alignment
Ownership levels and composition:
| Date | Beneficial Shares | % Outstanding | Direct Shares | Vested Options (included) | Unvested RSUs |
|---|---|---|---|---|---|
| 3/18/2024 | 189,547 | 1.15% (out of 16,432,851) | 65,051 | 116,692 | 7,804 |
| 3/24/2025 | 202,718 | 1.24% (out of 16,235,647) | 70,629 | 120,683 | 11,406 |
- Shares pledged: No pledging disclosed for Crockett; pledging is disclosed for Griffith (350,000 in 2025) and Newsom (145,500 in 2025). Crockett’s footnote lacks any pledge statement .
- Hedging/pledging policy: Insider Trading Policy discourages hedging and pledging; prohibits margin accounts and requires preclearance for any such transactions .
Option exercises and RSU vesting (realized in 2024):
- Options exercised: 4,978 shares; value realized $171,890 .
- RSUs vested: 2,493 shares; value realized $66,114 .
Outstanding equity and vesting schedules (as of 12/31/2024):
- Options: multiple series, e.g., 12,157 exercisable and 4,053 unexercisable at $19.62 (exp. 2/24/2031); 5,425 exercisable and 5,426 unexercisable at $29.19 (exp. 2/16/2032); 3,224 exercisable and 9,674 unexercisable at $27.27 (exp. 2/16/2033) .
- RSUs: 5,209 RSUs vest 25% on each 2/21/2025, 2026, 2027, 2028; 2,595 RSUs vest on 2/21/2025; market value at $34.75 close on 12/31/2024: $181,013 and $90,176 respectively .
Employment Terms
Change-in-control and severance:
- Executive Change in Control Severance Plan (double trigger within 24 months post-CIC): lump sum equal to 1.5× base salary + pro-rata target bonus + 1.5× annual health premium; acceleration of equity awards with performance deemed at target; 280G cutback to optimize net after-tax position .
- Deferred Compensation (Salary Continuation Plan): lifetime annual benefit of $100,000 commencing at age 65 or upon separation within two years following a change in control; fully vested; most recent amendment on March 15, 2024 .
- Potential payments (as disclosed): termination without cause/good reason in connection with CIC shows components for Crockett of $648,375 cash severance, $435,041 equity acceleration, $2,000,000 salary continuation benefit, and $37,320 health continuation; total cost line shows $1,120,736 (company table as disclosed) .
Clawback and trading policies:
- Clawback: Incentive Award Recoupment Policy adopted Oct 2, 2023 per SEC Rule 10D-1 and Nasdaq 5608; covers recovery of excess incentive-based compensation for the prior three fiscal years upon restatement triggers .
- Insider Trading Policy: strongly discourages hedging/derivatives, prohibits margin accounts, discourages pledging, preclearance required .
Compensation Structure Analysis
- Mix shift toward RSUs in 2024: Crockett received RSUs ($204,465) and no option award in 2024, vs prior years with significant option grants ($129,999 in 2023; $115,997 in 2022). This reduces risk for the executive and increases near-term equity certainty relative to options .
- Annual bonus tied to measurable bank metrics (net income, efficiency, asset quality) plus individual performance; total factors frequently capped, demonstrating governance discipline on outsized payouts .
- No hedging permitted and pledging discouraged; no Crockett pledges disclosed, supporting alignment .
Equity Ownership & Alignment
| Aspect | Detail |
|---|---|
| Ownership guideline | Not explicitly disclosed in proxy; not stated for Crockett –. |
| Beneficial ownership | 202,718 shares (1.24%) as of 3/24/2025; direct 70,629; vested options 120,683; unvested RSUs 11,406 . |
| Pledging | No pledging disclosed for Crockett; company policy discourages pledging . |
| Vested vs unvested | Significant vested options; staged RSU vesting through 2028 . |
Employment Contracts, Severance, and Change-of-Control Economics
| Provision | Crockett Terms |
|---|---|
| Severance (CIC, double trigger) | 1.5× base salary + pro-rata target bonus + 1.5× health premium; equity acceleration; 280G cutback for optimal net after-tax . |
| Deferred comp | Lifetime annual $100,000 from age 65 or separation within two years post-CIC; fully vested; amended 3/15/2024 . |
| Potential payouts (CIC termination) | Cash $648,375; equity acceleration $435,041; salary continuation $2,000,000; health $37,320; total (company table) $1,120,736 . |
| Clawback | SEC 10D-1/Nasdaq-compliant clawback covering prior 3 fiscal years . |
Performance & Track Record
- Financial performance: Net income $58.240m (2022), $62.745m (2023), $49.717m (2024); diluted EPS $3.23, $3.62, $2.92; company TSR improved to 180.15 (2024), above peer group TSR 143.68 .
- Execution highlights: Incentive outcomes tie to efficiency and asset quality; 2024 bank efficiency improved vs target, asset quality slightly worse than target; net income exceeded plan in both 2023 and 2024, with overall bonus factors capped .
Governance, Committee, and Policies (CFO-Relevant)
- Compensation Committee (independent; met five times in 2024; no external consultant retained in 2024): sets metrics/targets; reviews peer data as a reference .
- 2019 Equity Incentive Plan authorizes RSUs and options; CIC treatment provides for assumption/substitution; acceleration if not assumed –.
Investment Implications
- Alignment: Crockett holds 1.24% beneficial ownership with no reported pledges; RSU-heavy 2024 grants and staged vesting through 2028 imply ongoing retention hooks and alignment with shareholder returns .
- Incentive levers: Annual bonus tightly linked to net income, efficiency, and asset quality, creating sensitivity to bank operating performance and credit quality trends—important for forecasting bonus accruals and potential insider liquidity from vesting .
- Change-in-control economics: Double-trigger severance with equity acceleration and meaningful deferred comp enhances retention but also raises potential deal costs; 280G cutback mitigates excise tax exposure .
- Mix shift risk: Reduction of option awards and increase in RSUs in 2024 lowers execution risk for the executive and may signal prioritization of retention and near-term value realization over long-dated option leverage—watch for insider Form 4 activity around vest dates and pre-set plans .
- Performance trend: EPS and net income weakened in 2024 vs 2023 while TSR rose, suggesting multiple expansion or capital actions; incentive cap discipline contained payout inflation despite over-target net income—monitor 2025 budget targets and efficiency ratio trajectory for bonus headroom .