South Plains Financial (NASDAQ: SPFI) unveils new $10M stock repurchase plan
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
South Plains Financial, Inc. has authorized a new stock repurchase program for up to
The repurchase program runs until
Positive
- None.
Negative
- None.
Insights
South Plains authorizes up to $10M in flexible share repurchases.
South Plains Financial has approved a stock repurchase program for up to
The company can also use Rule 10b5-1 trading plans, which permit repurchases during self-imposed blackout periods, subject to legal constraints. The board retains discretion over start, suspension, or termination of activity, and there is no commitment to repurchase a specific number of shares.
Actual buyback volume will depend on factors such as the share price, overall market and economic conditions, regulatory requirements, and available funds, as determined by the company. This framework provides optionality rather than a guaranteed capital return level.
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): February 18, 2026
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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(Address of principal executive offices)
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(Zip Code)
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(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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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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.
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On February 18, 2026, the Board of Directors (the “Board”) of South
Plains Financial, Inc. (the “Company”) approved a new stock repurchase program for up to $10.0 million of the outstanding shares of the Company’s common stock (the “Stock Repurchase Program”). The Stock Repurchase Program will conclude on
February 23, 2027, subject to the earlier termination or extension of the Stock Repurchase Program by the Board or the $10.0 million designated for the Stock
Repurchase Program are depleted.
A copy of the Company’s press release announcing the Stock Repurchase Program is attached as Exhibit 99.1 to this Current Report
on Form 8-K and is incorporated herein by reference.
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Financial Statements and Exhibits.
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| (d) | Exhibits. | |
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99.1
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Press release, dated February 23, 2026, announcing the Stock Repurchase Program.
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104
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Cover Page Interactive Data File (formatted as Inline XBRL).
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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.
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SOUTH PLAINS FINANCIAL, INC.
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Dated: February 23, 2026
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By:
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/s/ Steven B. Crockett
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Steven B. Crockett
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Chief Financial Officer and Treasurer
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Exhibit 99.1
South Plains Financial, Inc. Announces Stock Repurchase Program
LUBBOCK, Texas, February 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 $10.0 million of the outstanding shares of the Company’s common stock (the “Stock Repurchase Program”). The Stock Repurchase Program will conclude on February
23, 2027, subject to the earlier termination or extension of the Stock Repurchase Program by the Board or the $10.0 million designated for the Stock Repurchase Program are depleted.
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.
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Contact:
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Mikella Newsom, Chief Risk Officer and Secretary
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(866) 771-3347
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investors@city.bank
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Source: South Plains Financial, Inc.
FAQ
What did South Plains Financial (SPFI) announce regarding its stock repurchase program?
South Plains Financial authorized a new stock repurchase program for up to $10.0 million of its common stock. The company may buy shares in the open market or through privately negotiated deals, providing flexible tools to manage its capital structure over time.
How long will the South Plains Financial (SPFI) stock repurchase program be in effect?
The stock repurchase program is scheduled to run until February 23, 2027. It may end sooner or be extended if the board decides, or if the full $10.0 million allocation is exhausted through completed share repurchases.
What methods can South Plains Financial (SPFI) use to repurchase its shares?
South Plains Financial may repurchase shares via open market purchases and privately negotiated transactions. Open market activity will follow Rule 10b-18, and repurchases may also occur under Rule 10b5-1 trading plans to operate during blackout or restricted trading periods.
Is South Plains Financial (SPFI) required to buy back the full $10.0 million in shares?
No, the company is not obligated to repurchase a specific number or value of shares. The actual amount will depend on stock performance, market conditions, regulatory factors, available funds, and other considerations determined by management and the board.
Why might South Plains Financial (SPFI) use a Rule 10b5-1 plan for repurchases?
A Rule 10b5-1 trading plan allows South Plains to pre-establish repurchase instructions, so shares can be bought even when the company is in blackout periods. This helps maintain continuity of repurchases while still complying with securities laws and internal trading restrictions.
What factors will influence South Plains Financial’s (SPFI) decision to repurchase shares?
The company will consider its stock price performance, general market and economic conditions, applicable regulations, availability of funds, and other relevant business considerations. These factors will guide the timing, manner, and total amount of any share buybacks executed.
Filing Exhibits & Attachments
4 documents
South Plains Financial
NASDAQ:SPFI
SPFI Rankings
SPFI Latest News
SPFI Latest SEC Filings
Feb 19, 2026
[EFFECT] SOUTH PLAINS FINANCIAL, INC. SEC Filing