South Plains Financial (NASDAQ: SPFI) redeems $50M 4.50% subordinated notes

Rhea-AI Filing Summary

South Plains Financial, Inc. redeemed its entire $50,000,000 outstanding principal amount of its 4.50% Fixed to Floating Rate Subordinated Notes due 2030. The notes were redeemed on September 30, 2025 at 100% of their principal amount, plus any accrued and unpaid interest up to, but not including, the redemption date, in line with the terms of the 2020 indenture with UMB Bank as trustee.

The company’s primary federal regulator approved the redemption on August 22, 2025, confirming regulatory support for retiring this layer of subordinated debt.

Positive

• South Plains Financial fully redeemed $50,000,000 of 4.50% subordinated notes due 2030 at par plus accrued interest, removing this debt from its capital structure.
• The redemption of the 2030 subordinated notes was explicitly approved by the company’s primary federal regulator, supporting the capital decision.

Negative

• None.

Insights

Bank capital structure analyst

South Plains fully retires $50M of 2030 subordinated notes after regulatory approval.

South Plains Financial redeemed the full $50,000,000 principal of its 4.50% Fixed to Floating Rate Subordinated Notes due 2030 on September 30, 2025. The notes were taken out at 100% of principal plus accrued and unpaid interest, consistent with the 2020 indenture terms and typical subordinated debt redemptions.

This action removes an interest-bearing subordinated instrument from the company’s capital structure, which can reduce future interest expense compared with leaving the notes outstanding at a 4.50% fixed rate before the float period. The filing also notes that the primary federal regulator approved the redemption on August 22, 2025, indicating the step aligns with regulatory capital expectations.

For investors, the key elements are the complete retirement of this $50,000,000 tranche and the confirmation that it was executed at par with accrued interest, rather than at a discount or premium. Future filings may detail any replacement funding, capital ratios, and ongoing interest expense levels after this redemption.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  September 30, 2025

South Plains Financial, Inc.

(Exact name of registrant as specified in its charter)

Texas	001-38895	75-2453320
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

5219 City Bank Parkway Lubbock, Texas		79407
(Address of principal executive offices)		(Zip Code)

(806) 792-7101

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $1.00 per share	SPFI	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events.

On September 30, 2025 (the “Redemption Date”), South Plains Financial, Inc. (the “Company”) redeemed the entire $50,000,000 outstanding principal amount of the Company’s 4.50% Fixed to Floating Rate Subordinated Notes due 2030 (the “2030 Subordinated Notes”). The 2030 Subordinated Notes were redeemed pursuant to the terms of the Indenture, dated as of September 29, 2020, by and between the Company and UMB Bank, National Association, as trustee for the 2030 Subordinated Notes (the “Trustee”) at the redemption price equal to 100% of the principal amount of the 2030 Subordinated Notes, plus any accrued and unpaid interest to, but excluding, the Redemption Date (the “Redemption Price”).

The redemption of the 2030 Subordinated Notes was approved by the Company’s primary federal regulator on August 22, 2025.

Item 9.01 Financial Statements and Exhibits.

	(d)	Exhibits.
	104	Cover Page Interactive Data File (formatted as Inline XBRL).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	SOUTH PLAINS FINANCIAL, INC.
Dated:  October 6, 2025	By:	/s/ Steven B. Crockett
		Steven B. Crockett
		Chief Financial Officer and Treasurer

FAQ

What debt did South Plains Financial (SPFI) redeem in this 8-K?

South Plains Financial, Inc. redeemed the entire $50,000,000 outstanding principal amount of its 4.50% Fixed to Floating Rate Subordinated Notes due 2030.

When did South Plains Financial (SPFI) complete the redemption of its 2030 subordinated notes?

The redemption occurred on September 30, 2025, which is defined as the Redemption Date in the disclosure.

At what price were South Plains Financial’s 2030 subordinated notes redeemed?

The notes were redeemed at a price equal to 100% of the principal amount of the 2030 subordinated notes, plus any accrued and unpaid interest to, but excluding, the Redemption Date.

Did South Plains Financial (SPFI) obtain regulatory approval for the redemption?

Yes. The redemption of the 2030 subordinated notes was approved by the company’s primary federal regulator on August 22, 2025.

Who was the trustee for South Plains Financial’s 2030 subordinated notes?

The trustee for the 4.50% Fixed to Floating Rate Subordinated Notes due 2030 was UMB Bank, National Association under an indenture dated September 29, 2020.