South Plains Financial Q3 2026 profit rises to $20.8M
The quarterly cash dividend rises 6% to $0.19 per share and is payable November 16, 2026.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
South Plains Financial, Inc. (SPFI) reported third-quarter 2026 net income of $20.765 million, compared with $16.318 million in the third quarter of 2025; diluted earnings per share were $1.06. Net interest income was $51.461 million and net interest margin was 4.00%. Loans held for investment totaled $3.83 billion and deposits were $4.66 billion as of September 30, 2026. The nonperforming-loan ratio was 0.40%, versus 0.25% as of June 30, 2026; provision for credit losses was $830,000, compared with $350,000 in the second quarter.
The board declared a quarterly cash dividend of $0.19 per share, a 6% increase from the dividend declared in July 2026. It is payable November 16, 2026, to shareholders of record November 2, 2026. Chairman and Chief Executive Officer Curtis Griffith plans to retire as CEO at year-end and continue as chairman; President Cory Newsom was appointed as his successor. The company said integration and system conversion for BOH Holdings, Inc. were completed during the quarter.
2 points · 0 major0 major · 0 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter net income was $20.765 million, versus $16.318 million a year earlier.
- Minor pointQuarterly dividend increased 6% to $0.19 per share.
Negative
- None.
Filing Explained
The furnished presentation reports that City Bank had
8-K Event Classification
4 items: 2.02, 7.01, 8.01, 9.01
4 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Net income: $20.765 million
Diluted earnings per share: $1.06
Net interest income: $51.461 million
+4 more
7 metrics
Net income
$20.765 million
Third quarter ended September 30, 2026; $16.318 million in the third quarter of 2025
Diluted earnings per share
$1.06
Third quarter ended September 30, 2026
Net interest income
$51.461 million
Third quarter ended September 30, 2026
Loans held for investment
$3.83 billion
As of September 30, 2026
Total deposits
$4.66 billion
As of September 30, 2026
Provision for credit losses
$830,000
Third quarter of 2026
Quarterly cash dividend
$0.19 per share
Declared October 22, 2026; 6% increase from the dividend declared in July 2026
Key Terms
net interest margin, allowance for credit losses, mortgage servicing rights, tangible common equity to tangible assets, +1 more
5 terms
net interest margin financial
"net interest margin, calculated on a tax-equivalent basis"
Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.
allowance for credit losses financial
"Allowance for credit losses to total loans held for investment"
Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.
mortgage servicing rights financial
"mortgage servicing rights assets"
Mortgage servicing rights are the contractual right to collect mortgage payments, manage escrow accounts, handle customer service and delinquency actions on a pool of home loans, in exchange for a portion of the loan’s payments. They matter to investors because their value behaves like a revenue stream that can rise or fall with interest rates and borrower behavior — similar to owning a toll bridge where income depends on traffic volume and maintenance costs — and thus affect a lender’s earnings and risk profile.
tangible common equity to tangible assets financial
"Tangible common equity to tangible assets (non-GAAP)"
Tangible common equity to tangible assets is a ratio that compares the amount of common shareholders’ capital after removing intangible items (like goodwill) to a company’s physical and financial assets after the same removal. It tells investors how much real, loss‑absorbing capital supports each dollar of tangible assets—think of it as the safety cushion under a car: the thicker the cushion, the more protection against unexpected losses.
nonperforming loans financial
"Nonperforming loans to total loans held for investment"
Nonperforming loans are loans on which borrowers have stopped making the scheduled interest or principal payments for an extended period (commonly 90 days or more) or are otherwise in serious danger of default. Think of them as IOUs that aren’t being repaid: they tie up a lender’s money, reduce future interest income, and force the lender to hold extra reserves or take losses. For investors, a rising share of nonperforming loans signals weakening credit quality, higher potential losses, and greater risk to a bank’s profitability and capital.
Earnings Snapshot
Net income: $20.765 million
Third quarter ended September 30, 2026
Net income
$20.765 million
Compared with $16.318 million in the third quarter of 2025
Diluted earnings per share
$1.06
Compared with $0.96 in the second quarter of 2026
Net interest income
$51.461 million
Compared with $43.019 million in the third quarter of 2025
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much did SPFI earn in the third quarter of 2026?
South Plains Financial reported net income of $20.765 million for the quarter ended September 30, 2026, compared with $16.318 million for the third quarter of 2025. Diluted earnings per share were $1.06.
What is SPFI’s quarterly dividend?
South Plains Financial declared a quarterly cash dividend of $0.19 per share, a 6% increase from the dividend declared in July 2026. It is payable November 16, 2026, to shareholders of record as of the close of business on November 2, 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): October 21, 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 (§0.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§0.12b-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. ☐
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Results of Operations and Financial Condition.
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On October 22, 2026, South Plains Financial, Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2026. A copy of the Company’s press release covering such announcement and certain
other matters is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
| Item 7.01 |
Regulation FD Disclosure.
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On October 22, 2026, officers of the Company will conduct a conference call at 5:00 p.m., Eastern Time, with respect to the Company’s financial results for the third quarter ended September 30, 2026. An earnings
release slide presentation highlighting the Company’s
financial results for the third quarter ended September 30, 2026 is furnished as Exhibit 99.2 to this Current Report on Form 8-K. This earnings release slide presentation will also be available on the Company’s website, www.spfi.bank, under the “News & Events” section.
In accordance with General Instruction B.2 of Form 8-K, the information in Items 2.02 and 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2 furnished herewith,
shall not be deemed “filed” for the
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information in Items 2.02 and 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2 furnished
herewith, shall not be incorporated by reference into any filing or other document pursuant to the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.
| Item 8.01 |
Other Events.
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On October 22, 2026, the Company issued a press release announcing the declaration of a quarterly cash dividend of $0.19 per share on its outstanding common stock. The dividend will be paid on
November 16, 2026 to shareholders of record as of the close of business on November 2, 2026. A copy of the Company’s press release covering such announcement is attached to this Current Report on Form 8-K as Exhibit 99.3 and is incorporated herein by reference.
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Financial Statements and Exhibits.
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Exhibits.
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99.1
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Press release, dated October 22, 2026, announcing third quarter 2026 financial results of South Plains Financial, Inc.
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99.2
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Earnings release slide presentation, dated October 22, 2026.
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99.3
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Press release, dated October 22, 2026, announcing South Plains Financial, Inc. quarterly cash dividend.
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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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Date: October 22, 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. Reports Third Quarter 2026 Financial Results
LUBBOCK, Texas, October 22, 2026 (GLOBE NEWSWIRE) – South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of
City Bank (“City Bank” or the “Bank”), today reported its financial results for the quarter ended September 30, 2026.
Third Quarter 2026 Highlights
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Net income for the third quarter of 2026 was $20.8 million, compared to $19.0 million for the second quarter of 2026 and $16.3 million for the third quarter of 2025.
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Diluted earnings per share for the third quarter of 2026 was $1.06, compared to $0.96 for the second quarter of 2026 and $0.96 for the third quarter of 2025.
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Average cost of deposits for the third quarter of 2026 was 207 basis points, compared to 208 basis points for the second quarter of 2026 and 210 basis points for the
third quarter of 2025.
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Net interest margin, on a tax-equivalent basis, was 4.00% for the third quarter of 2026, compared to 4.00% for the second quarter of 2026 and 4.05% for the third
quarter of 2025.
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Return on average assets for the third quarter of 2026 was 1.53%, compared to 1.44% for the second quarter of 2026 and 1.47% for the third quarter of 2025.
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Tangible book value (non-GAAP) per share was $29.23 as of September 30, 2026, compared to $29.60 as of June 30, 2026 and $28.14 as of September 30, 2025.
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The consolidated total risk-based capital ratio, common equity tier 1 risk-based capital ratio, and tier 1 leverage ratio at September 30, 2026 were 16.61%, 14.20%,
and 12.42%, respectively.
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Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “As I prepare to retire as Chief Executive Officer at the end of this year, I could
not be prouder of what City Bank and South Plains have become. The strong
results we delivered in the third quarter, including near-record earnings and solid
organic loan growth, reflect the strength of our franchise and reinforce my
confidence in the future of the Company. Our leadership transition reflects
years of thoughtful planning, and I am confident that Cory and the rest of our experienced
management team are well prepared to build on our success. I look forward to
continuing my service as Chairman and helping guide the long-term
strategy of the Company.”
Cory Newsom, South Plains’ President, added, “I am honored by the Board’s confidence in appointing me as South Plains’
next Chief Executive Officer and excited to build upon the strong foundation
that our team has created. Our third quarter results reflect the
investments that we have made to expand our lending platform across our
high-growth Texas markets, with annualized loan growth accelerating to 6.3%
during the quarter, consistent with our expectations. We believe our loan pipeline remains
healthy, and we continue to see opportunities to recruit experienced bankers as
industry consolidation creates disruption across our markets. With a strong
balance sheet, stable profitability and attractive returns, we believe we are well positioned to continue growing the South Plains franchise, enhancing the
long-term earning power of the Bank and creating value for our shareholders.”
Results of Operations, Quarter Ended September 30, 2026
Net Interest Income
Net interest income was $51.5 million for the third quarter of 2026, compared to $50.3 million for the second quarter of 2026 and $43.0 million for the
third quarter of 2025. Net interest margin, calculated on a tax-equivalent basis, was 4.00% for the third quarter of 2026, compared to 4.00% for the second quarter of 2026 and 4.05% for the third quarter of 2025. The average yield on loans was 6.75%
for the third quarter of 2026, compared to 6.81% for the second quarter of 2026 and 6.92% for the third quarter of 2025. The average cost of deposits was 207 basis points for the third quarter of 2026, which is 1 basis point lower than the second
quarter of 2026 and 3 basis points lower than the third quarter of 2025.
Interest income was $76.4 million for the third quarter of 2026, compared to $75.0 million for the second quarter of 2026 and $64.5 million for the third quarter of 2025. Interest income in the third quarter of 2026
increased $1.4 million compared to the second quarter of 2026 and increased $11.9 million compared to the third quarter of 2025. The $1.4 million quarterly increase was mainly due to an increase of $53.4 million in average interest-bearing assets,
while the year-over-year increase of $11.9 million was primarily due to the acquisition of BOH Holdings, Inc.’s (“BOH”)
approximately $667 million of interest-earning assets in the second quarter of 2026 along with organic growth.
Interest expense was $24.9 million for the third quarter of 2026, compared to $24.7 million for the second quarter of 2026 and $21.5 million for the
third quarter of 2025. Interest expense in the third quarter of 2026 increased $295 thousand compared to the second quarter of 2026 and increased $3.4 million compared to the third quarter of 2025. The year-over-year increase of $3.4 million was
mainly attributable to the acquisition of BOH’s approximately $611 million of interest-bearing liabilities during the second quarter of 2026 along with organic growth.
Noninterest Income and Noninterest Expense
Noninterest income was $13.8 million for the third quarter of 2026, compared to $14.1 million for the second quarter of 2026 and $11.2 million for the
third quarter of 2025. The decrease from the second quarter of 2026 was primarily due to a decrease of $568 thousand in bank card services and interchange revenue, mainly as a result of incentives received during the second quarter of 2026. The
increase in noninterest income for the third quarter of 2026 as compared to the third quarter of 2025 was primarily due to an increase of $2.3 million in mortgage banking revenues, mainly as a result of the change in the fair value adjustment of the
mortgage servicing rights assets – a write-up of $1.6 million in the third quarter of 2026 compared to a write-down of $925 thousand in the third quarter of 2025 – based on market interest rate changes during the respective quarters.
Noninterest expense was $38.1 million for the third quarter of 2026, compared to $39.9 million for the second quarter of 2026 and $33.0 million for the third quarter of 2025. The $1.8 million decrease from the second
quarter of 2026 was primarily the result of a decrease of $1.1 million in personnel expenses, mainly as a result of $710 thousand of acquisition-related expenses in the second quarter and a decline of $326 thousand in mortgage commissions during the third quarter. There was also a decline
in other noninterest expenses of $596 thousand, mainly due to $343 thousand in acquisition-related expenses in the second quarter of 2026. The $5.1 million increase in noninterest expense for the third quarter of 2026 as compared to the third quarter
of 2025 was largely the result of an increase in core operating expenses from the BOH acquisition of approximately $2.5 million and annual salary adjustments.
Loan Portfolio and Composition
Loans held for investment were $3.83 billion as of September 30, 2026, compared to $3.77 billion as of June 30, 2026 and $3.05 billion as of September 30, 2025. The increase of $59.7 million, or 6.3% annualized, during
the third quarter of 2026 as compared to the second quarter of 2026 occurred as a result of organic loan growth during the quarter. The organic growth was net of one early loan payoff of $25 million during the quarter, which was fully secured by the
borrower’s deposit account. As of September 30, 2026, loans held
for investment increased $777.6 million as compared to September 30, 2025, as a result of BOH acquisition-related growth of $631.9 million and organic growth during the period.
Deposits and Borrowings
Deposits totaled $4.66 billion as of September 30, 2026, compared to $4.64 billion as of June 30, 2026 and $3.88 billion as of September 30, 2025.
Deposits increased by $20.1 million in the third quarter of 2026 from June 30, 2026. Deposits increased by $779.5 million at September 30, 2026 as compared to September 30, 2025. Noninterest-bearing deposits were $1.18 billion as of September 30,
2026, compared to $1.15 billion as of June 30, 2026 and $1.0 billion as of September 30, 2025. Noninterest-bearing deposits represented 25.3% of total deposits as of September 30, 2026. The year-over-year change in total deposits was due to $595.6
million in deposits acquired through the BOH acquisition and organic growth broadly across the deposit portfolio during the period.
Asset Quality
The Company recorded a provision for credit losses in the third quarter of 2026 of $830 thousand, compared to $350 thousand in the second quarter of 2026
and $500 thousand in the third quarter of 2025. The increase in provision for both comparisons was largely attributable to activity in the third quarter of 2026 which included higher net charge-offs and increased loan balances.
The ratio of allowance for credit losses to loans held for investment was 1.38% as of September 30, 2026, compared to 1.41% as of June 30, 2026 and 1.45%
as of September 30, 2025.
The ratio of nonperforming assets to total assets was 0.31% as of September 30, 2026, compared to 0.19% as of June 30, 2026 and 0.26% as of September 30,
2025. Annualized net charge-offs were 0.13% for the third quarter of 2026, compared to 0.06% for the second quarter of 2026 and 0.16% for the third quarter of 2025.
Capital
Book value per share decreased to $33.04 at September 30, 2026, compared to $33.43 at June 30, 2026. The change was primarily driven by a decrease in accumulated other comprehensive income (“AOCI”) of $25.5 million, partially offset by $17.4 million of net income after dividends paid during the third quarter of 2026. The decrease in AOCI was attributed to the after-tax decrease in fair
value of our securities available for sale, net of fair value hedges, as a
result of increases in long-term market interest rates during the period. The ratio of tangible common equity to tangible assets (non-GAAP) declined 16 basis points to 10.32% at September 30, 2026.
Conference Call
South Plains will host a conference call to discuss its third quarter 2026 financial results today, October 22, 2026, at 5:00 p.m., Eastern Time.
Investors and analysts interested in participating in the call are invited to dial 1-877-407-9716 (international callers please dial 1-201-493-6779) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call
and conference materials will be available on the Company’s website at https://www.spfi.bank/news-events/events.
A replay of the conference call will be available within two hours of the conclusion of the call and can be accessed on the investor section of the
Company’s website as well as by dialing 1-844-512-2921 (international callers please dial 1-412-317-6671). The pin to access the telephone replay is 13762814. The replay will be available until November 5, 2026.
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.
Non-GAAP Financial Measures
Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with generally accepted
accounting principles in the United States (“GAAP”). These non-GAAP financial measures include Tangible Book Value Per Share, Tangible Common Equity to Tangible Assets, and Pre-Tax, Pre-Provision Income. The Company believes these non-GAAP financial
measures provide both management and investors a more complete understanding of the Company’s financial position and performance. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial
measures.
We classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to
adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the
United States in our statements of income, balance sheets or statements of cash flows. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by
other companies.
A reconciliation of non-GAAP financial measures to GAAP financial measures is provided at the end of this press release.
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 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, further increases in interest rates, or future reductions in interest rates and a resulting decline in net interest income; the persistent inflationary pressures in the United
States; the uncertain impacts of current and future monetary policies of the Board of Governors of the Federal Reserve System; a deterioration of credit quality; changes in unemployment rates in the United States and our market areas; adverse changes
in customer sentiment, spending, borrowing and savings habits; elevated asset prices; declines in housing and 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, military conflicts (including the conflicts in the Middle East, the possible
expansion of such conflicts and potential geopolitical and economic consequences), acts of 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; our ability to keep pace with changes in, and the risks related to the development, implementation, use and management of, emerging technologies,
including digital assets, artificial intelligence and machine learning; potential costs related to the impacts of climate change; current or future litigation, regulatory examinations or other legal and/or regulatory actions; our ability to
successfully make and integrate acquisitions, which may include regulatory approvals and conditions, and our ability to recognize the expected benefits and synergies of our completed acquisitions; 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.
South Plains Financial, Inc.
Consolidated Financial Highlights - (Unaudited)
(Dollars in thousands, except share data)
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| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||
| Selected Income Statement Data: | ||||||||||||||||||||
| Interest income | $ | 76,410 | $ | 75,003 | $ | 62,632 | $ | 63,421 | $ | 64,520 | ||||||||||
| Interest expense | 24,949 | 24,654 | 19,780 | 20,471 | 21,501 | |||||||||||||||
| Net interest income | 51,461 | 50,349 | 42,852 | 42,950 | 43,019 | |||||||||||||||
| Provision for credit losses | 830 | 350 | 260 | 1,775 | 500 | |||||||||||||||
| Noninterest income | 13,810 | 14,143 | 11,295 | 10,934 | 11,165 | |||||||||||||||
| Noninterest expense | 38,074 | 39,864 | 35,526 | 33,023 | 33,024 | |||||||||||||||
| Income tax expense | 5,602 | 5,286 | 3,816 | 3,832 | 4,342 | |||||||||||||||
| Net income | 20,765 | 18,992 | 14,545 | 15,254 | 16,318 | |||||||||||||||
| Per Share Data (Common Stock): | ||||||||||||||||||||
| Net earnings, basic | 1.10 | 0.99 | 0.89 | 0.94 | 1.00 | |||||||||||||||
| Net earnings, diluted | 1.06 | 0.96 | 0.85 | 0.90 | 0.96 | |||||||||||||||
| Cash dividends declared and paid | 0.18 | 0.17 | 0.17 | 0.16 | 0.16 | |||||||||||||||
| Book value | 33.04 | 33.43 | 30.90 | 30.31 | 29.41 | |||||||||||||||
| Tangible book value (non-GAAP) | 29.23 | 29.60 | 29.65 | 29.05 | 28.14 | |||||||||||||||
| Weighted average shares outstanding, basic | 18,844,259 | 19,100,893 | 16,318,570 | 16,248,336 | 16,241,695 | |||||||||||||||
| Weighted average shares outstanding, dilutive | 19,601,363 | 19,809,801 | 17,036,334 | 16,996,517 | 16,990,546 | |||||||||||||||
| Shares outstanding at end of period | 18,847,573 | 18,839,105 | 16,342,219 | 16,293,577 | 16,247,839 | |||||||||||||||
| Selected Period End Balance Sheet Data: | ||||||||||||||||||||
| Cash and cash equivalents | 776,735 | 787,757 | 722,000 | 552,439 | 635,046 | |||||||||||||||
| Investment securities | 518,347 | 555,427 | 602,852 | 567,540 | 571,138 | |||||||||||||||
| Total loans held for investment | 3,831,138 | 3,771,434 | 3,103,529 | 3,144,502 | 3,053,503 | |||||||||||||||
| Allowance for credit losses | 52,768 | 53,076 | 44,822 | 45,131 | 44,125 | |||||||||||||||
| Total assets | 5,410,874 | 5,391,206 | 4,646,374 | 4,480,500 | 4,479,437 | |||||||||||||||
| Interest-bearing deposits | 3,481,584 | 3,488,985 | 2,993,469 | 2,850,560 | 2,831,642 | |||||||||||||||
| Noninterest-bearing deposits | 1,179,107 | 1,151,641 | 1,034,117 | 1,023,517 | 1,049,501 | |||||||||||||||
| Total deposits | 4,660,691 | 4,640,626 | 4,027,586 | 3,874,077 | 3,881,143 | |||||||||||||||
| Borrowings | 60,493 | 60,493 | 60,493 | 60,493 | 60,493 | |||||||||||||||
| Total stockholders’ equity | 622,756 | 629,765 | 504,939 | 493,837 | 477,802 | |||||||||||||||
| Summary Performance Ratios: | ||||||||||||||||||||
| Return on average assets (annualized) | 1.53 | % | 1.44 | % | 1.31 | % | 1.36 | % | 1.47 | % | ||||||||||
| Return on average equity (annualized) | 13.15 | % | 12.17 | % | 11.81 | % | 12.46 | % | 13.89 | % | ||||||||||
| Net interest margin(1) | 4.00 | % | 4.00 | % | 4.04 | % | 4.00 | % | 4.05 | % | ||||||||||
| Yield on loans | 6.75 | % | 6.81 | % | 6.83 | % | 6.79 | % | 6.92 | % | ||||||||||
| Cost of interest-bearing deposits | 2.73 | % | 2.74 | % | 2.64 | % | 2.75 | % | 2.87 | % | ||||||||||
| Efficiency ratio | 58.12 | % | 61.59 | % | 65.33 | % | 61.02 | % | 60.69 | % | ||||||||||
| Summary Credit Quality Data: | ||||||||||||||||||||
| Nonperforming loans | 15,313 | 9,506 | 5,093 | 9,805 | 9,709 | |||||||||||||||
| Nonperforming loans to total loans held for investment | 0.40 | % | 0.25 | % | 0.16 | % | 0.31 | % | 0.32 | % | ||||||||||
| Other real estate owned | 1,722 | 790 | 994 | 1,749 | 1,827 | |||||||||||||||
| Nonperforming assets to total assets | 0.31 | % | 0.19 | % | 0.13 | % | 0.26 | % | 0.26 | % | ||||||||||
| Allowance for credit losses to total loans held for investment | 1.38 | % | 1.41 | % | 1.44 | % | 1.44 | % | 1.45 | % | ||||||||||
| Net charge-offs to average loans outstanding (annualized) | 0.13 | % | 0.06 | % | 0.04 | % | 0.10 | % | 0.16 | % | ||||||||||
| As of and for the quarter ended | ||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||
| Capital Ratios: | ||||||||||||||||||||
| Total stockholders’ equity to total assets | 11.51 | % | 11.68 | % | 10.87 | % | 11.02 | % | 10.67 | % | ||||||||||
| Tangible common equity to tangible assets (non-GAAP) | 10.32 | % | 10.48 | % | 10.48 | % | 10.61 | % | 10.25 | % | ||||||||||
| Common equity tier 1 to risk-weighted assets | 14.20 | % | 14.11 | % | 14.80 | % | 14.45 | % | 14.41 | % | ||||||||||
| Tier 1 capital to average assets | 12.42 | % | 12.21 | % | 12.68 | % | 12.53 | % | 12.37 | % | ||||||||||
| Total capital to risk-weighted assets | 16.61 | % | 16.54 | % | 17.61 | % | 17.26 | % | 17.34 | % | ||||||||||
| (1) | Net interest margin is calculated as the annual net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets. |
South Plains Financial, Inc.
Average Balances and Yields - (Unaudited)
(Dollars in thousands)
| For the Three Months Ended | |||||||||||||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | ||||||||||||||||||||||||||||||||
| Average | Average | ||||||||||||||||||||||||||||||||
| Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | ||||||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||||||
| Loans(1) | $ | 3,847,368 | $ | 65,502 | 6.75 | % | $ | 3,093,465 | $ | 53,935 | 6.92 | % | |||||||||||||||||||||
| Debt securities - taxable | 468,562 | 4,166 | 3.53 | % | 498,302 | 4,638 | 3.69 | % | |||||||||||||||||||||||||
| Debt securities - nontaxable | 151,800 | 1,075 | 2.81 | % | 155,028 | 1,080 | 2.76 | % | |||||||||||||||||||||||||
| Other interest-bearing assets | 658,298 | 5,900 | 3.56 | % | 489,621 | 5,101 | 4.13 | % | |||||||||||||||||||||||||
| Total interest-earning assets | 5,126,028 | 76,643 | 5.93 | % | 4,236,416 | 64,754 | 6.06 | % | |||||||||||||||||||||||||
| Noninterest-earning assets | 243,848 | 169,345 | |||||||||||||||||||||||||||||||
| Total assets | $ | 5,369,876 | $ | 4,405,761 | |||||||||||||||||||||||||||||
| Liabilities & stockholders’ equity | |||||||||||||||||||||||||||||||||
| NOW, Savings, MMDA’s | $ | 2,899,510 | 18,784 | 2.57 | % | $ | 2,325,281 | 16,007 | 2.73 | % | |||||||||||||||||||||||
| Time deposits | 594,664 | 5,254 | 3.51 | % | 424,788 | 3,918 | 3.66 | % | |||||||||||||||||||||||||
| Short-term borrowings | 7 | - | 0.00 | % | 7 | - | 0.00 | % | |||||||||||||||||||||||||
| Notes payable & other long-term borrowings | - | - | 0.00 | % | - | - | 0.00 | % | |||||||||||||||||||||||||
| Subordinated debt | 14,100 | 238 | 6.70 | % | 63,534 | 835 | 5.21 | % | |||||||||||||||||||||||||
| Junior subordinated deferrable interest debentures | 46,393 | 673 | 5.76 | % | 46,393 | 741 | 6.34 | % | |||||||||||||||||||||||||
| Total interest-bearing liabilities | 3,554,674 | 24,949 | 2.78 | % | 2,860,003 | 21,501 | 2.98 | % | |||||||||||||||||||||||||
| Demand deposits | 1,109,748 | 1,010,159 | |||||||||||||||||||||||||||||||
| Other liabilities | 79,193 | 69,661 | |||||||||||||||||||||||||||||||
| Stockholders’ equity | 626,261 | 465,938 | |||||||||||||||||||||||||||||||
| Total liabilities & stockholders’ equity | $ | 5,369,876 | $ | 4,405,761 | |||||||||||||||||||||||||||||
| Net interest income | $ | 51,694 | $ | 43,253 | |||||||||||||||||||||||||||||
| Net interest margin(2) | 4.00 | % | 4.05 | % | |||||||||||||||||||||||||||||
| (1) | Average loan balances include nonaccrual loans and loans held for sale. |
| (2) |
Net interest margin is calculated as the annualized net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets.
|
South Plains Financial, Inc.
Average Balances and Yields - (Unaudited)
(Dollars in thousands)
| For the Nine Months Ended | ||||||||||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | |||||||||||||||||||||||||||||
| Average | Average | |||||||||||||||||||||||||||||
| Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | |||||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||||||
| Loans(1) | $ | 3,585,041 | $ | 182,298 | 6.80 | % | $ | 3,087,530 | $ | 158,406 | 6.86 | % | ||||||||||||||||||
| Debt securities - taxable | 480,312 | 12,689 | 3.53 | % | 505,721 | 14,030 | 3.71 | % | ||||||||||||||||||||||
| Debt securities - nontaxable | 152,488 | 3,232 | 2.83 | % | 153,486 | 3,109 | 2.71 | % | ||||||||||||||||||||||
| Other interest-bearing assets | 625,077 | 16,525 | 3.53 | % | 444,473 | 13,707 | 4.12 | % | ||||||||||||||||||||||
| Total interest-earning assets | 4,842,918 | 214,744 | 5.93 | % | 4,191,210 | 189,252 | 6.04 | % | ||||||||||||||||||||||
| Noninterest-earning assets | 218,662 | 169,264 | ||||||||||||||||||||||||||||
| Total assets | $ | 5,061,580 | $ | 4,360,474 | ||||||||||||||||||||||||||
| Liabilities & stockholders’ equity | ||||||||||||||||||||||||||||||
| NOW, Savings, MMDA’s | $ | 2,746,269 | 52,191 | 2.54 | % | $ | 2,318,134 | 47,408 | 2.73 | % | ||||||||||||||||||||
| Time deposits | 544,710 | 14,441 | 3.54 | % | 435,127 | 12,406 | 3.81 | % | ||||||||||||||||||||||
| Short-term borrowings | 1,250 | 38 | 4.06 | % | 9 | - | 0.00 | % | ||||||||||||||||||||||
| Notes payable & other long-term borrowings | - | - | 0.00 | % | - | - | 0.00 | % | ||||||||||||||||||||||
| Subordinated debt | 14,100 | 719 | 6.82 | % | 63,850 | 2,505 | 5.25 | % | ||||||||||||||||||||||
| Junior subordinated deferrable interest debentures | 46,393 | 1,994 | 5.75 | % | 46,393 | 2,209 | 6.37 | % | ||||||||||||||||||||||
| Total interest-bearing liabilities | 3,352,722 | 69,383 | 2.77 | % | 2,863,513 | 64,528 | 3.01 | % | ||||||||||||||||||||||
| Demand deposits | 1,067,204 | 978,426 | ||||||||||||||||||||||||||||
| Other liabilities | 57,696 | 66,471 | ||||||||||||||||||||||||||||
| Stockholders’ equity | 583,958 | 452,064 | ||||||||||||||||||||||||||||
| Total liabilities & stockholders’ equity | $ | 5,061,580 | $ | 4,360,474 | ||||||||||||||||||||||||||
| Net interest income | $ | 145,361 | $ | 124,724 | ||||||||||||||||||||||||||
| Net interest margin(2) | 4.01 | % | 3.98 | % | ||||||||||||||||||||||||||
| (1) |
Average loan balances include nonaccrual loans and loans held for sale.
|
| (2) |
Net interest margin is calculated as the annualized net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets.
|
South Plains Financial, Inc.
Consolidated Balance Sheets
(Unaudited)
(Dollars in thousands)
| As of | ||||||||||
| September 30, 2026 | December 31, 2025 | |||||||||
| Assets | ||||||||||
| Cash and due from banks | $ | 48,735 | $ | 58,318 | ||||||
| Interest-bearing deposits in banks | 728,000 | 494,121 | ||||||||
| Securities available for sale | 518,347 | 567,540 | ||||||||
| Loans held for sale | 10,451 | 9,993 | ||||||||
| Loans held for investment | 3,831,138 | 3,144,502 | ||||||||
| Less: Allowance for credit losses | (52,768 | ) | (45,131 | ) | ||||||
| Net loans held for investment | 3,778,370 | 3,099,371 | ||||||||
| Premises and equipment, net | 51,154 | 51,563 | ||||||||
| Goodwill | 66,592 | 19,315 | ||||||||
| Intangible assets | 5,265 | 1,133 | ||||||||
| Mortgage servicing rights | 27,616 | 24,041 | ||||||||
| Other assets | 176,344 | 155,105 | ||||||||
| Total assets | $ | 5,410,874 | $ | 4,480,500 | ||||||
| Liabilities and Stockholders’ Equity | ||||||||||
| Noninterest bearing deposits | $ | 1,179,107 | $ | 1,023,517 | ||||||
| Interest-bearing deposits | 3,481,584 | 2,850,560 | ||||||||
| Total deposits | 4,660,691 | 3,874,077 | ||||||||
| Short-term borrowings | - | - | ||||||||
| Subordinated debt | 14,100 | 14,100 | ||||||||
| Junior subordinated deferrable interest debentures | 46,393 | 46,393 | ||||||||
| Other liabilities | 66,934 | 52,093 | ||||||||
| Total liabilities | 4,788,118 | 3,986,663 | ||||||||
| Stockholders’ Equity | ||||||||||
| Common stock | 18,848 | 16,294 | ||||||||
| Additional paid-in capital | 195,307 | 91,065 | ||||||||
| Retained earnings | 479,082 | 434,197 | ||||||||
| Accumulated other comprehensive income (loss) | (70,481 | ) | (47,719 | ) | ||||||
| Total stockholders’ equity | 622,756 | 493,837 | ||||||||
| Total liabilities and stockholders’ equity | $ | 5,410,874 | $ | 4,480,500 | ||||||
South Plains Financial, Inc.
Consolidated Statements of Income
(Unaudited)
(Dollars in thousands)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||
| Interest income: | |||||||||||||||||||
| Loans, including fees | $ | 65,495 | $ | 53,928 | $ | 182,278 | $ | 158,384 | |||||||||||
| Other | 10,915 | 10,592 | 31,767 | 30,193 | |||||||||||||||
| Total interest income | 76,410 | 64,520 | 214,045 | 188,577 | |||||||||||||||
| Interest expense: | |||||||||||||||||||
| Deposits | 24,038 | 19,925 | 66,632 | 59,814 | |||||||||||||||
| Subordinated debt | 238 | 835 | 719 | 2,505 | |||||||||||||||
| Junior subordinated deferrable interest debentures | 673 | 741 | 1,994 | 2,209 | |||||||||||||||
| Other | - | - | 38 | - | |||||||||||||||
| Total interest expense | 24,949 | 21,501 | 69,383 | 64,528 | |||||||||||||||
| Net interest income | 51,461 | 43,019 | 144,662 | 124,049 | |||||||||||||||
| Provision for credit losses | 830 | 500 | 1,440 | 3,420 | |||||||||||||||
| Net interest income after provision for credit losses | 50,631 | 42,519 | 143,222 | 120,629 | |||||||||||||||
| Noninterest income: | |||||||||||||||||||
| Service charges on deposits | 2,531 | 2,266 | 7,152 | 6,505 | |||||||||||||||
| Mortgage banking activities | 4,878 | 2,575 | 13,643 | 8,294 | |||||||||||||||
| Bank card services and interchange fees | 3,542 | 3,403 | 10,868 | 10,553 | |||||||||||||||
| Other | 2,859 | 2,921 | 7,585 | 8,603 | |||||||||||||||
| Total noninterest income | 13,810 | 11,165 | 39,248 | 33,955 | |||||||||||||||
| Noninterest expense: | |||||||||||||||||||
| Salaries and employee benefits | 22,388 | 19,413 | 66,059 | 58,562 | |||||||||||||||
| Net occupancy expense | 4,390 | 4,046 | 12,673 | 12,045 | |||||||||||||||
| Professional services | 1,940 | 1,293 | 6,745 | 4,897 | |||||||||||||||
| Marketing and development | 1,028 | 979 | 3,061 | 2,803 | |||||||||||||||
| Other | 8,328 | 7,293 | 24,926 | 21,290 | |||||||||||||||
| Total noninterest expense | 38,074 | 33,024 | 113,464 | 99,597 | |||||||||||||||
| Income before income taxes | 26,367 | 20,660 | 69,006 | 54,987 | |||||||||||||||
| Income tax expense | 5,602 | 4,342 | 14,704 | 11,770 | |||||||||||||||
| Net income | $ | 20,765 | $ | 16,318 | $ | 54,302 | $ | 43,217 | |||||||||||
South Plains Financial, Inc.
Loan and Deposit Composition
(Unaudited)
(Dollars in thousands)
| As of | ||||||||||||||
| September 30, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||
| Loans: | ||||||||||||||
| Commercial Real Estate | $ | 1,364,396 | $ | 1,064,625 | $ | 1,035,926 | ||||||||
| Commercial - Specialized | 435,051 | 409,351 | 377,783 | |||||||||||
| Commercial - General | 835,328 | 659,323 | 629,256 | |||||||||||
| Consumer: | ||||||||||||||
| 1-4 Family Residential | 711,700 | 589,851 | 592,578 | |||||||||||
| Auto Loans | 270,688 | 259,157 | 256,281 | |||||||||||
| Other Consumer | 60,262 | 62,092 | 63,727 | |||||||||||
| Construction | 153,713 | 100,103 | 97,952 | |||||||||||
| Total loans held for investment | $ | 3,831,138 | $ | 3,144,502 | $ | 3,053,503 | ||||||||
| Deposits: | ||||||||||||||
| Noninterest-bearing deposits | $ | 1,179,107 | $ | 1,023,517 | $ | 1,049,501 | ||||||||
| NOW & other transaction accounts | 1,453,376 | 1,307,596 | 1,291,756 | |||||||||||
| MMDA & other savings | 1,462,222 | 1,111,529 | 1,114,945 | |||||||||||
| Time deposits | 565,986 | 431,435 | 424,941 | |||||||||||
| Total deposits | $ | 4,660,691 | $ | 3,874,077 | $ | 3,881,143 | ||||||||
South Plains Financial, Inc.
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(Dollars in thousands)
| For the three months ended | ||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||
| Pre-tax, pre-provision income | ||||||||||||||||||||
| Net income | $ | 20,765 | $ | 18,992 | $ | 14,545 | $ | 15,254 | $ | 16,318 | ||||||||||
| Income tax expense | 5,602 | 5,286 | 3,816 | 3,832 | 4,342 | |||||||||||||||
| Provision for credit losses | 830 | 350 | 260 | 1,775 | 500 | |||||||||||||||
| Pre-tax, pre-provision income | $ | 27,197 | $ | 24,628 | $ | 18,621 | $ | 20,861 | $ | 21,160 | ||||||||||
| As of | ||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||
| Tangible common equity | ||||||||||||||||||||
| Total common stockholders’ equity | $ | 622,756 | $ | 629,765 | $ | 504,939 | $ | 493,837 | $ | 477,802 | ||||||||||
| Less: goodwill and other intangibles | (71,857 | ) | (72,218 | ) | (20,327 | ) | (20,448 | ) | (20,580 | ) | ||||||||||
| Tangible common equity | $ | 550,899 | $ | 557,547 | $ | 484,612 | $ | 473,389 | $ | 457,222 | ||||||||||
| Tangible assets | ||||||||||||||||||||
| Total assets | $ | 5,410,874 | $ | 5,391,206 | $ | 4,646,374 | $ | 4,480,500 | $ | 4,479,437 | ||||||||||
| Less: goodwill and other intangibles | (71,857 | ) | (72,218 | ) | (20,327 | ) | (20,448 | ) | (20,580 | ) | ||||||||||
| Tangible assets | $ | 5,339,017 | $ | 5,318,988 | $ | 4,626,047 | $ | 4,460,052 | $ | 4,458,857 | ||||||||||
| Shares outstanding | 18,847,573 | 18,839,105 | 16,342,219 | 16,293,577 | 16,247,839 | |||||||||||||||
| Total stockholders’ equity to total assets | 11.51 | % | 11.68 | % | 10.87 | % | 11.02 | % | 10.67 | % | ||||||||||
| Tangible common equity to tangible assets | 10.32 | % | 10.48 | % | 10.48 | % | 10.61 | % | 10.25 | % | ||||||||||
| Book value per share | $ | 33.04 | $ | 33.43 | $ | 30.90 | $ | 30.31 | $ | 29.41 | ||||||||||
| Tangible book value per share | $ | 29.23 | $ | 29.60 | $ | 29.65 | $ | 29.05 | $ | 28.14 | ||||||||||
Exhibit 99.2
Exhibit 99.3
South Plains Financial, Inc. Announces 6% Increase to Quarterly Cash Dividend
LUBBOCK, Texas, October 22, 2026 (GLOBE NEWSWIRE) -- South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains”), the parent company of City Bank, today
announced that its Board of Directors has declared a quarterly cash dividend of $0.19 per share of common stock, a 6% increase from the most recent quarterly cash dividend declared in July 2026. The dividend is payable on November 16, 2026 to
shareholders of record as of the close of business on November 2, 2026.
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.
Contact
Mikella Newsom, Chief Risk Officer and Secretary
(866) 771-3347
investors@city.bank
Source: South Plains Financial, Inc.