South Plains Financial, Inc. Announces Stock Repurchase Program
Rhea-AI Summary
South Plains Financial (NASDAQ:SPFI) approved a stock repurchase program authorizing up to $10.0 million of common stock repurchases through Feb 23, 2027. Repurchases may occur via open-market purchases, privately negotiated transactions, or a Rule 10b5-1 trading plan.
The program is discretionary, may be suspended or terminated at any time, and does not obligate the company to repurchase any specific number of shares.
Positive
- $10.0 million authorized for share repurchases
- Program duration through Feb 23, 2027
- Allows Rule 10b5-1 plans to enable purchases during blackout periods
Negative
- Repurchases are discretionary; no guaranteed share purchases
- Potential cash commitment of up to $10.0 million reduces available funds
Key Figures
Market Reality Check
Peers on Argus
SPFI gained 0.83% with mixed peer moves: EGBN +0.38%, IBCP +0.57%, CAC +1.17%, FCBC +2.38%, while HIFS fell 0.55%, suggesting a stock-specific story rather than a uniform regional bank move.
Previous Buybacks Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 25 | Stock repurchase plan | Positive | +1.1% | Board authorized up to $15M stock repurchase program through Feb 21, 2026. |
| Feb 26 | Stock repurchase plan | Positive | -0.5% | Announcement of stock repurchase program with limited positive price reaction. |
Prior buyback announcements generally produced modest, mixed price reactions, with one small gain and one small loss.
Recent news shows SPFI combining solid fundamentals with consistent shareholder return actions. In January 2026, earnings highlighted higher EPS, margin expansion, and tangible book growth, alongside the BOH acquisition plan. A 6% dividend increase in January 2026 and recurring buyback authorizations in February 2024 and February 2025 underscore ongoing capital return. The new repurchase program continues that pattern as the BOH stock-for-stock merger progresses.
Historical Comparison
Past SPFI buyback announcements over the last two years generated modest share-price moves averaging 0.32%, indicating historically measured market responses to these capital return actions.
SPFI has renewed stock repurchase authorizations in 2024, 2025, and now 2026, signaling a recurring pattern of board-approved buyback capacity alongside its broader capital management and acquisition strategy.
Market Pulse Summary
This announcement adds a new stock repurchase authorization of up to $10.0 million, extending SPFI’s pattern of returning capital alongside dividends and M&A activity. With shares trading above the $38.52 200-day MA and near the $44.00 52-week high, the program gives the board flexibility but does not obligate specific repurchase levels. Investors may watch actual buyback execution, BOH merger progress, and future earnings to gauge capital deployment priorities.
Key Terms
stock repurchase program financial
rule 10b-18 regulatory
rule 10b5-1 regulatory
AI-generated analysis. Not financial advice.
LUBBOCK, Texas, Feb. 23, 2026 (GLOBE NEWSWIRE) -- South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), today announced that the board of directors of the Company (the “Board”) approved a new stock repurchase program for up to
Under the Stock Repurchase Program, the Company may repurchase shares of the Company’s common stock from time to time through various means, including open market purchases and privately negotiated transactions. Open market repurchases will be conducted in accordance with the limitations set forth in Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and other applicable legal requirements. Repurchases under the Stock Repurchase Program may also be made pursuant to a trading plan under Rule 10b5-1 under the Exchange Act, which would permit shares to be repurchased by the Company when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions. The extent to which the Company repurchases its shares, and the manner, timing and amount of such repurchases, will depend upon a variety of factors, including the performance of the Company’s stock price, general market and economic conditions, regulatory requirements, availability of funds, and other relevant considerations, as determined by the Company. The Company may, in its discretion, begin, suspend or terminate repurchases at any time prior to the Stock Repurchase Program’s expiration, without any prior notice. The Stock Repurchase Program does not obligate the Company to repurchase any particular number or amount of shares of the Company’s common stock and there is no guarantee as to the exact number or value of shares that will be repurchased by the Company under the Stock Repurchase Program.
About South Plains Financial, Inc.
South Plains is the bank holding company for City Bank, a Texas state-chartered bank headquartered in Lubbock, Texas. City Bank is one of the largest independent banks in West Texas and has additional banking operations in the Dallas, El Paso, Greater Houston, the Permian Basin, and College Station, Texas markets, and the Ruidoso, New Mexico market. South Plains provides a wide range of commercial and consumer financial services to small and medium-sized businesses and individuals in its market areas. Its principal business activities include commercial and retail banking, along with investment, trust and mortgage services. Please visit https://www.spfi.bank for more information.
Available Information
The Company routinely posts important information for investors on its web site (under www.spfi.bank and, more specifically, under the News & Events tab at www.spfi.bank/news-events/press-releases). The Company intends to use its web site as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD (Fair Disclosure) promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, investors should monitor the Company’s web site, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.
The information contained on, or that may be accessed through, the Company’s web site is not incorporated by reference into, and is not a part of, this document.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect South Plains’ current views with respect to future events and South Plains’ financial performance. Any statements about South Plains’ expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. South Plains cautions that the forward-looking statements in this press release are based largely on South Plains’ expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond South Plains’ control. Factors that could cause such changes include, but are not limited to, the expected impact of the proposed transaction between South Plains and BOH Holdings, Inc. (“BOH”) and on the combined entities’ operations, financial condition, and financial results; the businesses of South Plains and BOH may not be combined successfully, or such combination may take longer to accomplish than expected; the cost savings from the proposed transaction may not be fully realized or may take longer to realize than expected; operating costs, customer loss and business disruption following the proposed transaction, including adverse effects on relationships with employees, may be greater than expected; regulatory approvals of the proposed transaction may not be obtained, or adverse conditions may be imposed in connection with regulatory approvals of the proposed transaction; the BOH shareholders may not approve the proposed transaction; the impact on us and our customers of a decline in general economic conditions and any regulatory responses thereto; slower economic growth rates or potential recession in the United States and our market areas uncertainty or perceived instability in the banking industry as a whole; increased competition for deposits in our market areas among traditional and nontraditional financial services companies, and related changes in deposit customer behavior; the impact of changes in market interest rates, whether due to a continuation of the elevated interest rate environment or further reductions in interest rates and a resulting decline in net interest income; the lingering inflationary pressures, and the risk of the resurgence of elevated levels of inflation, in the United States and our market areas; the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; changes in unemployment rates in the United States and our market areas; adverse changes in customer spending, borrowing and savings habits; declines in commercial real estate values and prices; a deterioration of the credit rating for U.S. long-term sovereign debt or the impact of uncertain or changing political conditions, including federal government shutdowns and uncertainty regarding United States fiscal debt, deficit and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; severe weather, natural disasters, acts of war or terrorism, geopolitical instability, domestic civil unrest or other external events, including as a result of the impact of the policies of the current U.S. presidential administration or Congress; the impacts of tariffs, sanctions, and other trade policies of the United States and its global trading counterparts and the resulting impact on the Company and its customers; competition and market expansion opportunities; changes in non-interest expenditures or in the anticipated benefits of such expenditures; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; potential costs related to the impacts of climate change; current or future litigation, regulatory examinations or other legal and/or regulatory actions; changes in accounting principles and standards, including those related to loan loss recognition under the current expected credit loss, or CECL, methodology; and changes in applicable laws regulations, or policies in the United States. Additional information regarding these risks and uncertainties to which South Plains’ business and future financial performance are subject is contained in South Plains’ most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q on file with the SEC, including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of such documents, and other documents South Plains files or furnishes with the SEC from time to time, which are available on the SEC’s website, www.sec.gov. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements due to additional risks and uncertainties of which South Plains is not currently aware or which it does not currently view as, but in the future may become, material to its business or operating results. Due to these and other possible uncertainties and risks, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized and readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Any forward-looking statements presented herein are made only as of the date of this press release, and South Plains does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, new information, the occurrence of unanticipated events, or otherwise, except as required by applicable law. All forward-looking statements, express or implied, included in the press release are qualified in their entirety by this cautionary statement.
| Contact: | Mikella Newsom, Chief Risk Officer and Secretary |
| (866) 771-3347 | |
| investors@city.bank | |
Source: South Plains Financial, Inc.
FAQ
What did South Plains Financial (SPFI) announce on Feb 23, 2026 about buybacks?
How long will the SPFI stock repurchase program run and when does it expire?
How will South Plains Financial (SPFI) execute share repurchases under the program?
Does the SPFI repurchase program obligate the company to buy a set number of shares?
Could South Plains Financial (SPFI) buy shares during blackout periods under this program?
What factors will determine the timing and amount of SPFI share repurchases?
