Retirement plan

SOUTH PLAINS FINANCIAL, INC. EMPLOYEE STOCK OWNERSHIP PLAN

Name: SOUTH PLAINS FINANCIAL, INC. - SOUTH PLAINS FINANCIAL, INC. EMPLOYEE STOCK OWNERSHIP PLAN (2018) Form 5500
Creator: SOUTH PLAINS FINANCIAL, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SOUTH PLAINS FINANCIAL, INC. EMPLOYEE STOCK OWNERSHIP PLAN, SOUTH PLAINS FINANCIAL, INC.

SOUTH PLAINS FINANCIAL, INC.EIN 75-2453320Plan #001PY 2018

5219 CITY BANK PARKWAY - LUBBOCK, TX 79407806-792-7101

Prospect flagsHigh feesHigh cash

Top hat statement on fileNQDC

Filed December 29, 1998

This is a legacy paper filing. Plan administrator and contact details are recorded in the original filing, which has not been digitised into structured fields.

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Total assets (EOY)

$91M

+6.2% from 2017

Total participants

1,088

+3.6% from 2017

Average account balance

$83,757

+2.4% from 2017

Annual return

7.04%

-6.39 pp from 2017

Benchmarks

See 1,457 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants250-999

Cohort1,457 peers

Snapshot2018

Free accounts unlock saves, downloads, and 3-year history.

Analytics

Total assets (EOY)

Plan-year ending balance

Not enough data

1 years with asset history on file

Average account balance

Total assets / participants with a balance (line 6g)

Not enough data

0 years with per-participant data

Participants with account balance

Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.

Not enough data

0 years with headcount on file

Eligible Participants and Participation

Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.

Not enough data

0 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

Not enough data

0 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

Not enough data

0 years with per-participant contribution data

Asset flow

BOY + contributions + return - distributions = EOY

Year

Annual return

Diverging bars; negative years highlighted

-5.79%

Not enough data

1 years with return on file

Admin fee / account holder

Total admin expenses / participants with a balance (line 6g)

Not enough data

1 years with admin cost on file

Asset composition

Cash / stocks / bonds / mutual funds / real estate / loans over time

Not enough data

0 years with F_SCH_H allocation on file

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Service providers

Top 6 by compensation

Provider	Service type	Compensation
ATLASMARK FINANCIAL, INC3 years Filed as: ATLASMARK Service code 16 12466 LOS INDIOS TRAIL · AUSTIN, TX 78729	Consulting	$154,095
EMPLOYEE FIDUCIARY, LLC4+ years Filed as: EMPLOYEE INCENTIVE PLANS INC. Service code 12 12466 LOS INDIOS TRAIL · AUSTIN, TX 78729	Legal; Contract Administrator; Claims...	$100,331
CARR, RIGGS & INGRAM, LLC1 year Service code 10 2403 82ND STREET · LUBBOCK, TX 79423	Accounting	$24,002
HUND, KRIER, WILKERSON & WRIGHT, PC4+ years Service code 70 4021 84TH STREET · LUBBOCK, TX 79723	Consulting Fees	$16,718
FIDELITY INVESTMENTS INSTITUTIONAL3 years Filed as: FIDELITY BROKERAGE SERVICES LLC Service code 12 200 SEAPORT BLVD. · BOSTON, MA 02210	Claims processing; Custodial (securit...	$11,841
SHESHUNOFF & CO4+ years Service code 34 801 VIA FORTUNA SUITE 625 · AUSTIN, TX 78746	Valuation (appraisals, etc.); Direct ...	$6,500

Plan features & details

Pension benefit codes2F2H2I2J2P2Q2S2T3H

Plan features

2F
ERISA section 404(c) plan
This plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
2H
Partial participant-directed account plan
Participants have the opportunity to direct the investment of a portion of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
2I
Stock bonus
Stock bonus plan.
2J
Code section 401(k) feature
Cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect to defer part of their compensation or receive these amounts in cash.
2P
Leveraged ESOP
Employee stock ownership plan that acquires employer securities with borrowed money or other debt-financing techniques.
2Q
ESOP maintained by an S corporation
The employer maintaining this ESOP is an S corporation.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
2T
Default investment account
Total or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

Opportunity flags

2 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
OpportunityHigh cash
More than 10% of assets are held in cash - possible menu-design or default-fund problem.

Expense breakdown

Schedule H Part II

Admin total

$327K

$474 / participant

Other / not subdivided$327K100.0%

% of EOY assets

0.359%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Disclaimer opinion

Auditor declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.

Auditor firm: CARR, RIGGS & INGRAM, LLC
Auditor EIN: 721396621
Audit fees: (not subdivided)
Opinion code: Disclaimer

Metric

This plan

Peer set

Industry

Size

Avg account balance

$83,757

$80,005+4.7%

$140,019-40.2%

$55,725+50.3%

Participation rate

99.9%

87.0%+12.9pp

87.5%+12.4pp

70.9%+29.0pp

Annual return

7.04%

0.46%+6.6pp

651.15%-644.1pp

244.93%-237.9pp

Employer contribution / active EE

$2,903

$3,403-14.7%

$5,605-48.2%

$2,078+39.7%

Participant deferral / active EE

$3,580

$5,264-32.0%

$6,927-48.3%

$3,356+6.7%

Admin fee / account holder

$300

$116+159.8%

$10,705-97.2%

$115+160.9%

Provider

Service type

Compensation

ATLASMARK FINANCIAL, INC3 years

Filed as: ATLASMARK

Service code 16

12466 LOS INDIOS TRAIL · AUSTIN, TX 78729

Consulting

$154,095

EMPLOYEE FIDUCIARY, LLC4+ years

Filed as: EMPLOYEE INCENTIVE PLANS INC.

Service code 12

12466 LOS INDIOS TRAIL · AUSTIN, TX 78729

Legal; Contract Administrator; Claims...

$100,331

CARR, RIGGS & INGRAM, LLC1 year

Service code 10

2403 82ND STREET · LUBBOCK, TX 79423

Accounting

$24,002

HUND, KRIER, WILKERSON & WRIGHT, PC4+ years

Service code 70

4021 84TH STREET · LUBBOCK, TX 79723

Consulting Fees

$16,718

FIDELITY INVESTMENTS INSTITUTIONAL3 years

Filed as: FIDELITY BROKERAGE SERVICES LLC

Service code 12

200 SEAPORT BLVD. · BOSTON, MA 02210

Claims processing; Custodial (securit...

$11,841

SHESHUNOFF & CO4+ years

Service code 34

801 VIA FORTUNA SUITE 625 · AUSTIN, TX 78746

Valuation (appraisals, etc.); Direct ...

$6,500

SOUTH PLAINS FINANCIAL, INC. EMPLOYEE STOCK OWNERSHIP PLAN

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SOUTH PLAINS FINANCIAL, INC. EMPLOYEE STOCK OWNERSHIP PLAN

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion