Form 8-K

8-K — SOUTH PLAINS FINANCIAL, INC.

Accession: 0001140361-26-028765

Filed: 2026-07-17

Period: 2026-07-16

CIK: 0001163668

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — ef20078138_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (ef20078138_ex99-1.htm)

EX-99.2 — EXHIBIT 99.2 (ef20078138_ex99-2.htm)

EX-99.3 — EXHIBIT 99.3 (ef20078138_ex99-3.htm)

GRAPHIC (ef20078138_ex99-2slide1.jpg)

GRAPHIC (ef20078138_ex99-2slide2.jpg)

GRAPHIC (ef20078138_ex99-2slide3.jpg)

GRAPHIC (ef20078138_ex99-2slide4.jpg)

GRAPHIC (ef20078138_ex99-2slide5.jpg)

GRAPHIC (ef20078138_ex99-2slide6.jpg)

GRAPHIC (ef20078138_ex99-2slide7.jpg)

GRAPHIC (ef20078138_ex99-2slide8.jpg)

GRAPHIC (ef20078138_ex99-2slide9.jpg)

GRAPHIC (ef20078138_ex99-2slide10.jpg)

GRAPHIC (ef20078138_ex99-2slide11.jpg)

GRAPHIC (ef20078138_ex99-2slide12.jpg)

GRAPHIC (ef20078138_ex99-2slide13.jpg)

GRAPHIC (ef20078138_ex99-2slide14.jpg)

GRAPHIC (ef20078138_ex99-2slide15.jpg)

GRAPHIC (ef20078138_ex99-2slide16.jpg)

GRAPHIC (ef20078138_ex99-2slide17.jpg)

GRAPHIC (ef20078138_ex99-2slide18.jpg)

GRAPHIC (ef20078138_ex99-2slide19.jpg)

GRAPHIC (ef20078138_ex99-2slide20.jpg)

GRAPHIC (ef20078138_ex99-2slide21.jpg)

GRAPHIC (ef20078138_ex99-2slide22.jpg)

GRAPHIC (ef20078138_ex99-2slide23.jpg)

GRAPHIC (ef20078138_ex99-2slide24.jpg)

GRAPHIC (ef20078138_ex99-2slide25.jpg)

GRAPHIC (image00003.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: ef20078138_8k.htm · Sequence: 1

false000116366800011636682026-07-162026-07-16

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): July 16, 2026

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 2.02

Results of Operations and Financial Condition.

On July 17, 2026, South Plains Financial, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 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.

On July 17, 2026, officers of the Company will conduct a conference call at 8:30 p.m., Eastern Time, with respect to the Company’s financial results for the second quarter ended June 30, 2026. An earnings release slide presentation highlighting the Company’s financial results for the second quarter ended June 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.

On July 16, 2026, the Company issued a press release announcing the declaration of a quarterly cash dividend of $0.18 per share on its outstanding

common stock. The dividend will be paid on August 10, 2026 to shareholders of record as of the close of business on July 27, 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.

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits.

99.1

Press release, dated July 17, 2026, announcing second quarter 2026 financial results of South Plains Financial, Inc.

99.2

Earnings release slide presentation, dated July 17, 2026.

99.3

Press release, dated July 16, 2026, announcing South Plains Financial, Inc. quarterly cash dividend.

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.

Date: July 17, 2026

By:

/s/ Steven B. Crockett

Steven B. Crockett

Chief Financial Officer and Treasurer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: ef20078138_ex99-1.htm · Sequence: 2

Exhibit 99.1

South Plains Financial, Inc. Reports Second Quarter 2026 Financial Results

LUBBOCK, Texas, July 17, 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 June 30, 2026.

Second Quarter 2026 Highlights

●

Net income for the second quarter of 2026 was $19.0 million, compared to $14.5 million for the first quarter of 2026 and $14.6 million for the second quarter of 2025.

●

Diluted earnings per share for the second quarter of 2026 was $0.96, compared to $0.85 for the first quarter of 2026 and $0.86 for the second quarter of 2025.

●

Average cost of deposits for the second quarter of 2026 was 208 basis points, compared to 197 basis points for the first quarter of 2026 and 214 basis points for the

second quarter of 2025.

●

Net interest margin, on a tax-equivalent basis, was 4.00% for the second quarter of 2026, compared to 4.04% for the first quarter of 2026 and 4.07% for the second

quarter of 2025.

●

Return on average assets for the second quarter of 2026 was 1.44%, compared to 1.31% for the first quarter of 2026 and 1.34% for the second quarter of 2025.

●

Tangible book value (non-GAAP) per share was $29.57 as of June 30, 2026, compared to $29.65 as of March 31, 2026 and $26.70 as of June 30, 2025.

●

The consolidated total risk-based capital ratio, common equity tier 1 risk-based capital ratio, and tier 1 leverage ratio at June 30, 2026 were 16.53%, 14.10%, and

12.20%, respectively.

●

As previously reported, the Company completed the merger of BOH Holdings, Inc. (“BOH”) with and into South Plains, with South Plains continuing as the surviving

corporation, and the merger of BOH’s wholly-owned subsidiary, Bank of Houston, with and into City Bank, with City Bank continuing as the surviving bank, all effective on April 1, 2026. As of March 31, 2026, BOH had total assets of $685.0

million, total loans of $631.9 million, and total deposits of $595.6 million.

Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “We delivered a strong second quarter highlighted by solid profitability, stable credit

quality and the successful integration of Bank of Houston, which has strengthened our position in Houston, one of Texas’ most attractive banking markets. As I prepare to retire as Chief Executive Officer at year-end, I am incredibly proud of what our

employees have accomplished and the Company we have built together over the past four decades. The Bank is in a position of strength, and our leadership transition reflects years of thoughtful planning designed to ensure continuity for our customers,

employees and shareholders. I remain highly confident in South Plains’ future and believe Cory is the right leader to guide the organization as we continue to grow earnings, deepen customer relationships and build on the culture that has been central

to our success. I look forward to continuing to serve as Chairman of South Plains and City Bank as Cory and our talented leadership team build on our momentum and execute the next phase of our growth strategy.”

Cory Newsom, South Plains’ President, added, “I am honored by the Board’s confidence and am excited to lead South Plains into its next chapter. Our second quarter

results demonstrate the strength of our relationship-based banking model, disciplined credit culture and proven growth strategy. Looking ahead, we remain focused on expanding our lending platform in high-growth Texas markets, attracting experienced

bankers who fit our culture, optimizing the Bank of Houston acquisition and pursuing disciplined growth opportunities that enhance long-term shareholder value. With a strong balance sheet, healthy loan pipeline and exceptional team, we believe South

Plains is well positioned for continued success.”

Results of Operations, Quarter Ended June 30, 2026

Net Interest Income

Net interest income was $50.3 million for the second quarter of 2026, compared to $42.9 million for the first quarter of 2026 and $42.5 million for the

second quarter of 2025. Net interest margin, calculated on a tax-equivalent basis, was 4.00% for the second quarter of 2026, compared to 4.04% for the first quarter of 2026 and 4.07% for the second quarter of 2025. The average yield on loans was

6.81% for the second quarter of 2026, compared to 6.83% for the first quarter of 2026 and 6.99% for the second quarter of 2025. The average cost of deposits was 208 basis points for the second quarter of 2026, which is 11 basis points higher than the

first quarter of 2026 and 6 basis points lower than the second quarter of 2025. The increase from the first quarter of 2026 was due to the higher cost of deposits on the Bank of Houston acquired deposits.

Interest income was $75.0 million for the second quarter of 2026, compared to $62.6 million for the first quarter of 2026 and $64.1 million for the

second quarter of 2025. Interest income in the second quarter of 2026 increased $12.4 million compared to the first quarter of 2026 and increased $10.9 million compared to the second quarter of 2025. These increases were primarily due to the

acquisition of BOH’s approximately $667 million of interest-earning assets.

Interest expense was $24.7 million for the second quarter of 2026, compared to $19.8 million for the first quarter of 2026 and $21.6 million for the

second quarter of 2025. Interest expense in the second quarter of 2026 increased $4.9 million compared to the first quarter of 2026 and increased $3.1 million compared to the second quarter of 2025. These increases were mainly attributable to the

acquisition of BOH’s approximately $611 million of interest-bearing liabilities, with the year-over-year comparison being partially offset by interest-bearing deposit growth in the first quarter of 2026.

Noninterest Income and Noninterest Expense

Noninterest income was $14.1 million for the second quarter of 2026, compared to $11.3 million for the first quarter of 2026 and $12.2 million for the

second quarter of 2025. The increase from the first quarter of 2026 was primarily due to an increase of $929 thousand in mortgage banking revenues, mainly as a result of improved mortgage originations during the quarter, and an increase of $894

thousand in bank card services and interchange revenue, mainly as a result of continued growth in customer card usage and incentives received during the period. Additionally, there was an $801 thousand loss in a Small Business Investment Company

(“SBIC”) investment that lowered other noninterest income in the first quarter of 2026. The increase in noninterest income for the second quarter of 2026 as compared to the second quarter of 2025 was primarily due to an increase of $1.2 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 $515 thousand in the second quarter of 2026 compared to a write-down of $156 thousand in the second

quarter of 2025 – based on interest rate changes during the respective quarters.

Noninterest expense was $39.9 million for the second quarter of 2026, compared to $35.5 million for the first quarter of 2026 and $33.5 million for the

second quarter of 2025. The $4.3 million increase from the first quarter of 2026 primarily resulted from an increase of $2.7 million in core operating expenses related to the recent acquisition and higher incentive-based compensation expense. There

was approximately $1.1 million of acquisition-related expenses in the second quarter of 2026, of which $710 thousand was for personnel expenses, compared to $1.5 million in the first quarter of 2026, of which $1.2 million was for professional

services. The $6.3 million increase in noninterest expense for the second quarter of 2026 as compared to the second quarter of 2025 was largely the result of the $2.7 million increase in core operating expenses related to the recent acquisition,

annual salary adjustments and new lenders hired, and $1.1 million in acquisition-related expenses.

Loan Portfolio and Composition

Loans held for investment were $3.77 billion as of June 30, 2026, compared to $3.10 billion as of March 31, 2026 and $3.10 billion as of June 30, 2025.

The increase of $667.3 million during the second quarter of 2026 as compared to the first quarter of 2026 occurred as a result of $631.9 million in loans from the recent acquisition and $35.4 million of organic loan growth during the quarter. The

organic growth was net of two loan payoffs totaling $37.5 million during the quarter. As of June 30, 2026, loans held for investment increased $671.9 million as compared to June 30, 2025, primarily as a result of acquisition growth noted above.

Deposits and Borrowings

Deposits totaled $4.64 billion as of June 30, 2026, compared to $4.03 billion as of March 31, 2026 and $3.74 billion as of June 30, 2025. Deposits

increased by $613.0 million in the second quarter of 2026 from March 31, 2026. Deposits increased by $901.7 million at June 30, 2026 as compared to June 30, 2025. Noninterest-bearing deposits were $1.15 billion as of June 30, 2026, compared to $1.03

billion as of March 31, 2026 and $998.8 million as of June 30, 2025. Noninterest-bearing deposits represented 24.8% of total deposits as of June 30, 2026. The quarterly and year-over-year change in total deposits was primarily due to $595.6 million

in deposits from the recent acquisition. Additionally, the year-over-year change had $288.6 million in organic growth broadly across the deposit portfolio.

Asset Quality

The Company recorded a provision for credit losses in the second quarter of 2026 of $350 thousand, compared to $260 thousand in the first quarter of 2026

and $2.5 million in the second quarter of 2025. The decrease in provision for the year-over-year comparison was largely attributable to activity in the second quarter of 2025 which included an increase in specific reserves, increased loan balances,

and several credit quality downgrades.

The ratio of allowance for credit losses to loans held for investment was 1.41% as of June 30, 2026, compared to 1.44% as of March 31, 2026 and 1.45% as

of June 30, 2025.

The ratio of nonperforming assets to total assets was 0.19% as of June 30, 2026, compared to 0.13% as of March 31, 2026 and 0.25% as of June 30, 2025.

Annualized net charge-offs were 0.06% for the second quarter of 2026, compared to 0.04% for the first quarter of 2026 and 0.06% for the second quarter of 2025.

Capital

Book value per share increased to $33.43 at June 30, 2026, compared to $30.90 at March 31, 2026. The change was primarily driven by the issuance of 2.8

million shares for the BOH acquisition at $41.90 per share. The increase was also the result of $15.7 million of net income after dividends paid during the second quarter of 2026. The ratio of tangible common equity to tangible assets (non-GAAP)

stayed essentially flat at 10.47% at June 30, 2026.

Conference Call

South Plains will host a conference call to discuss its second quarter 2026 financial results today, July 17, 2026, at 8:30 a.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 13759880. The replay will be available until July 31, 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 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; changes in unemployment rates in the United States and our market areas; adverse changes in customer 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; 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 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.

Contact:

Mikella Newsom, Chief Risk Officer and Secretary

(866) 771-3347

investors@city.bank

Source: South Plains Financial, Inc.

South Plains Financial, Inc.

Consolidated Financial Highlights - (Unaudited)

(Dollars in thousands, except share data)

As of and for the quarter ended

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

Selected Income Statement Data:

Interest income

75,003

62,632

63,421

64,520

64,135

Interest expense

24,654

19,780

20,471

21,501

21,632

Net interest income

50,349

42,852

42,950

43,019

42,503

Provision for credit losses

350

260

1,775

500

2,500

Noninterest income

14,143

11,295

10,934

11,165

12,165

Noninterest expense

39,864

35,526

33,023

33,024

33,543

Income tax expense

5,286

3,816

3,832

4,342

4,020

Net income

18,992

14,545

15,254

16,318

14,605

Per Share Data (Common Stock):

Net earnings, basic

0.99

0.89

0.94

1.00

0.90

Net earnings, diluted

0.96

0.85

0.90

0.96

0.86

Cash dividends declared and paid

0.17

0.16

0.15

Book value

33.43

30.90

30.31

29.41

27.98

Tangible book value (non-GAAP)

29.57

29.65

29.05

28.14

26.70

Weighted average shares outstanding, basic

19,100,893

16,318,570

16,248,336

16,241,695

16,231,627

Weighted average shares outstanding, dilutive

19,809,801

17,036,334

16,996,517

16,990,546

16,886,993

Shares outstanding at end of period

18,839,105

16,342,219

16,293,577

16,247,839

16,230,475

Selected Period End Balance Sheet Data:

Cash and cash equivalents

787,757

722,000

552,439

635,046

470,496

Investment securities

555,427

602,852

567,540

571,138

570,000

Total loans held for investment

3,770,829

3,103,529

3,144,502

3,053,503

3,098,978

Allowance for credit losses

53,076

44,822

45,131

44,125

45,010

Total assets

5,391,206

4,646,374

4,480,500

4,479,437

4,363,674

Interest-bearing deposits

3,488,985

2,993,469

2,850,560

2,831,642

2,740,179

Noninterest-bearing deposits

1,151,641

1,034,117

1,023,517

1,049,501

998,759

Total deposits

4,640,626

4,027,586

3,874,077

3,881,143

3,738,938

Borrowings

60,493

111,799

Total stockholders’ equity

629,765

504,939

493,837

477,802

454,074

Summary Performance Ratios:

Return on average assets (annualized)

1.44

1.31

1.36

1.47

1.34

Return on average equity (annualized)

12.17

11.81

12.46

13.89

13.05

Net interest margin (1)

4.00

4.04

4.00

4.05

4.07

Yield on loans

6.81

6.83

6.79

6.92

6.99

Cost of interest-bearing deposits

2.74

2.64

2.75

2.87

2.91

Efficiency ratio

61.59

65.33

61.02

60.69

61.11

Summary Credit Quality Data:

Nonperforming loans

9,506

5,093

9,805

9,709

10,463

Nonperforming loans to total loans held for investment

0.25

0.16

0.31

0.32

0.34

Other real estate owned

790

994

1,749

1,827

535

Nonperforming assets to total assets

0.19

0.13

0.26

0.25

Allowance for credit losses to total loans held for investment

1.41

1.44

1.45

Net charge-offs to average loans outstanding (annualized)

0.06

0.04

0.10

0.16

0.06

As of and for the quarter ended

June 30

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

Capital Ratios:

Total stockholders’ equity to total assets

11.68

10.87

11.02

10.67

10.41

Tangible common equity to tangible assets (non-GAAP)

10.47

10.48

10.61

10.25

9.98

Common equity tier 1 to risk-weighted assets

14.10

14.80

14.45

14.41

13.86

Tier 1 capital to average assets

12.20

12.68

12.53

12.37

12.12

Total capital to risk-weighted assets

16.53

17.61

17.26

17.34

18.17

(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

June 30, 2026

June 30, 2025

Average

Balance

Interest

Yield/Rate

Average

Balance

Interest

Yield/Rate

Assets

Loans (1)

3,777,590

64,113

6.81

3,094,558

53,894

6.99

Debt securities - taxable

482,264

4,238

3.52

508,508

4,700

3.71

Debt securities - nontaxable

152,399

1,077

2.83

152,202

1,015

2.67

Other interest-bearing assets

660,395

5,808

3.53

456,818

4,747

4.17

Total interest-earning assets

5,072,648

75,236

5.95

4,212,086

64,356

6.13

Noninterest-earning assets

231,192

166,763

Total assets

5,303,840

4,378,849

Liabilities & stockholders’ equity

NOW, Savings, MMDA’s

2,871,819

18,353

2.56

2,326,779

15,890

2.74

Time deposits

602,818

5,363

3.57

438,697

4,172

3.81

Short-term borrowings

3,739

4.08

—

0.00

Notes payable & other long-term borrowings

—

0.00

—

0.00

Subordinated debt

14,100

238

6.77

64,031

835

5.23

Junior subordinated deferrable interest debentures

46,393

662

5.72

46,393

735

6.35

Total interest-bearing liabilities

3,538,869

24,654

2.79

2,875,918

21,632

3.02

Demand deposits

1,102,345

990,343

Other liabilities

36,540

63,679

Stockholders’ equity

626,086

448,909

Total liabilities & stockholders’ equity

5,303,840

4,378,849

Net interest income

50,582

42,724

Net interest margin (2)

4.00

4.07

(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 Six Months Ended

June 30, 2026

June 30, 2025

Average

Balance

Interest

Yield/Rate

Average

Balance

Interest

Yield/Rate

Assets

Loans (1)

3,453,878

116,797

6.82

3,084,563

104,471

6.83

Debt securities - taxable

486,188

8,523

3.54

509,431

9,392

3.72

Debt securities - nontaxable

152,832

2,157

2.85

152,716

2,029

2.68

Other interest-bearing assets

608,467

10,625

3.52

421,899

8,606

4.11

Total interest-earning assets

4,701,365

138,102

5.92

4,168,609

124,498

6.02

Noninterest-earning assets

206,067

169,222

Total assets

4,907,432

4,337,831

Liabilities & stockholders’ equity

NOW, Savings, MMDA’s

2,669,649

33,407

2.52

2,314,562

31,401

2.74

Time deposits

519,734

9,187

3.56

440,297

8,488

3.89

Short-term borrowings

1,871

4.10

—

0.00

Notes payable & other long-term borrowings

—

0.00

—

0.00

Subordinated debt

14,100

481

6.88

64,008

1,670

5.26

Junior subordinated deferrable interest debentures

46,393

1,321

5.74

46,393

1,468

6.38

Total interest-bearing liabilities

3,251,747

44,434

2.76

2,865,271

43,027

3.03

Demand deposits

1,045,930

962,557

Other liabilities

46,948

64,875

Stockholders’ equity

562,807

445,128

Total liabilities & stockholders’ equity

4,907,432

4,337,831

Net interest income

93,668

81,471

Net interest margin (2)

4.02

3.94

(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

June 30,

2026

December 31,

2025

Assets

Cash and due from banks

61,177

58,318

Interest-bearing deposits in banks

726,580

494,121

Securities available for sale

555,427

567,540

Loans held for sale

11,622

9,993

Loans held for investment

3,770,829

3,144,502

Less: Allowance for credit losses

(53,076

)

(45,131

)

Net loans held for investment

3,717,753

3,099,371

Premises and equipment, net

52,132

51,563

Goodwill

67,089

19,315

Intangible assets

5,626

1,133

Mortgage servicing rights

25,749

24,041

Other assets

168,051

155,105

Total assets

5,391,206

4,480,500

Liabilities and Stockholders’ Equity

Noninterest-bearing deposits

1,151,641

1,023,517

Interest-bearing deposits

3,488,985

2,850,560

Total deposits

4,640,626

3,874,077

Short-term borrowings

—

Subordinated debt

14,100

Junior subordinated deferrable interest debentures

46,393

Other liabilities

60,322

52,093

Total liabilities

4,761,441

3,986,663

Stockholders’ Equity

Common stock

18,839

16,294

Additional paid-in capital

194,245

91,065

Retained earnings

461,708

434,197

Accumulated other comprehensive income (loss)

(45,027

)

(47,719

)

Total stockholders’ equity

629,765

493,837

Total liabilities and stockholders’ equity

5,391,206

4,480,500

South Plains Financial, Inc.

Consolidated Statements of Income

(Unaudited)

(Dollars in thousands)

Three Months Ended

Six Months Ended

June 30,

2026

June 30,

2025

June 30,

2026

June 30,

2025

Interest income:

Loans, including fees

64,106

53,886

116,783

104,456

Other

10,897

10,249

20,852

19,601

Total interest income

75,003

64,135

137,635

124,057

Interest expense:

Deposits

23,716

20,062

42,594

39,889

Subordinated debt

238

835

481

1,670

Junior subordinated deferrable interest debentures

662

735

1,321

1,468

Other

—

Total interest expense

24,654

21,632

44,434

43,027

Net interest income

50,349

42,503

93,201

81,030

Provision for credit losses

350

2,500

610

2,920

Net interest income after provision for credit losses

49,999

40,003

92,591

78,110

Noninterest income:

Service charges on deposits

2,366

2,098

4,621

4,239

Mortgage banking activities

4,847

3,606

8,765

5,719

Bank card services and interchange fees

4,110

3,771

7,326

7,150

Other

2,820

2,690

4,726

5,682

Total noninterest income

14,143

12,165

25,438

22,790

Noninterest expense:

Salaries and employee benefits

23,517

19,708

43,671

39,149

Net occupancy expense

4,551

3,972

8,504

7,999

Professional services

1,850

1,874

4,805

3,604

Marketing and development

1,032

919

2,033

1,824

Other

8,914

7,070

16,377

13,997

Total noninterest expense

39,864

33,543

75,390

66,573

Income before income taxes

24,278

18,625

42,639

34,327

Income tax expense

5,286

4,020

9,102

7,428

Net income

18,992

14,605

33,537

26,899

South Plains Financial, Inc.

Loan Composition

(Unaudited)

(Dollars in thousands)

As of

June 30,

2026

December 31,

2025

Loans:

Commercial Real Estate

1,331,915

1,064,625

Commercial - Specialized

429,380

409,351

Commercial - General

827,452

659,323

Consumer:

1-4 Family Residential

714,014

589,851

Auto Loans

263,810

259,157

Other Consumer

61,060

62,092

Construction

143,198

100,103

Total loans held for investment

3,770,829

3,144,502

South Plains Financial, Inc.

Deposit Composition

(Unaudited)

(Dollars in thousands)

As of

June 30,

2026

December 31,

2025

Deposits:

Noninterest-bearing deposits

1,151,641

1,023,517

NOW & other transaction accounts

1,554,184

1,307,596

MMDA & other savings

1,330,583

1,111,529

Time deposits

604,218

431,435

Total deposits

4,640,626

3,874,077

South Plains Financial, Inc.

Reconciliation of Non-GAAP Financial Measures (Unaudited)

(Dollars in thousands)

For the quarter ended

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

Pre-tax, pre-provision income

Net income

18,992

14,545

15,254

16,318

14,605

Income tax expense

5,286

3,816

3,832

4,342

4,020

Provision for credit losses

350

260

1,775

500

2,500

Pre-tax, pre-provision income

24,628

18,621

20,861

21,160

21,125

As of

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

Tangible common equity

Total common stockholders’ equity

629,765

504,939

$ 493,837

$ 477,802

$ 454,074

Less: goodwill and other intangibles

(72,715

)

(20,327

)

(20,448

)

(20,580

)

(20,732

)

Tangible common equity

557,050

484,612

$ 473,389

$ 457,222

$ 433,342

Tangible assets

Total assets

5,391,206

4,646,374

$ 4,480,500

$ 4,479,437

$ 4,363,674

Less: goodwill and other intangibles

(72,715

)

(20,327

)

(20,448

)

(20,580

)

(20,732

)

Tangible assets

5,318,491

4,626,047

$ 4,460,052

$ 4,458,857

$ 4,342,942

Shares outstanding

18,839,105

16,342,219

16,293,577

16,247,839

16,230,475

Total stockholders’ equity to total assets

11.68

10.87

11.02

10.67

10.41

Tangible common equity to tangible assets

10.47

10.48

10.61

10.25

9.98

Book value per share

33.43

30.90

30.31

29.41

27.98

Tangible book value per share

29.57

29.65

29.05

28.14

26.70

EX-99.2 — EXHIBIT 99.2

EX-99.2

Filename: ef20078138_ex99-2.htm · Sequence: 3

Exhibit 99.2

South Plains Financial Second Quarter 2026 Earnings Presentation July 17, 2026

Safe Harbor Statement and Other Disclosures FORWARD-LOOKING STATEMENTS This

presentation contains, and future oral and written statements of South Plains Financial, Inc. (“South Plains”, “SPFI”, or the “Company”) and City Bank (“City Bank” or the “Bank”) may contain, statements about future events that constitute

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. Forward-looking statements include, but are not limited to: (i) projections and estimates of revenues, expenses, income or loss, earnings or loss per share, and other financial items, (ii) statements of plans, objectives and

expectations of South Plains or its management, (iii) statements of future economic performance, and (iv) statements of assumptions underlying such statements. Forward-looking statements should not be relied on because they involve known and

unknown risks, uncertainties and other factors, some of which are beyond the control of South Plains and City Bank. These risks, uncertainties and other factors may cause the actual results, performance, and achievements of South Plains and

City Bank to be materially different from the anticipated future results, performance or achievements expressed in, or implied by, the forward-looking statements. Factors that could cause such differences 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 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; changes in unemployment rates in the United States and our market areas; adverse changes in customer 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; 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 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. Due to these and other possible uncertainties and risks, South Plains 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 presentation. Additional information regarding these factors 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 U.S. Securities and Exchange Commission (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. Further, any forward-looking statement speaks only as of

the date on which it is made and South Plains undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of

unanticipated events, except as required by applicable law. All forward-looking statements, express or implied, herein are qualified in their entirety by this cautionary statement. NON-GAAP FINANCIAL MEASURES Management believes that certain

non-GAAP performance measures used in this presentation provide meaningful information about underlying trends in its business and operations and provide both management and investors a more complete understanding of the Company’s financial

position and performance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, SPFI’s reported results prepared in accordance with GAAP. Non-GAAP financial measures have limitations as analytical tools,

and investors should not consider them in isolation or as a substitute for analysis of the results or financial condition of the Company as reported under GAAP. Numbers in this presentation may not sum due to rounding. 2

Today’s Speakers Curtis C. Griffith Chairman & Chief Executive

Officer Elected to the board of directors of First State Bank of Morton, Texas, in 1972 and employed by it in 1979 Elected Chairman of the First State Bank of Morton board in 1984 Chairman of the Board of City Bank and the Company since

1993 Steven B. Crockett Chief Financial Officer & Treasurer Appointed Chief Financial Officer in 2015 Previously Controller of City Bank and the Company for 14 and 5 years respectively Began career in public accounting in 1994 by

serving for seven years with a local firm in Lubbock, Texas Cory T. Newsom President Entire banking career with the Company focused on lending and operations Appointed President and Chief Executive Officer of the Bank in 2008 Joined the

Board in 2008 3

Second Quarter 2026 Highlights Net income for 2Q’26 was $19.0 million, compared

to $14.5 million for 1Q’26 Diluted earnings per share for 2Q’26 was $0.96, compared to $0.85 for 1Q’26 Net interest margin was 4.00% for 2Q’26, compared to 4.04% for 1Q’26 Loans HFI were $3.77 billion as of June 30, 2026, compared to $3.10

billion as of March 31, 2026 Deposits totaled $4.64 billion as of June 30, 2026, compared to $4.03 billion as of March 31, 2026 Nonperforming assets to total assets was 0.19% as of June 30, 2026, compared to 0.13% as of March 31,

2026 Tangible book value (non-GAAP) per share(2) was $29.57 as of June 30, 2026, compared to $29.65 as of March 31, 2026 Completed the merger of BOH Holdings, Inc. (“BOH”) with and into South Plains and the merger of BOH’s wholly-owned

subsidiary, Bank of Houston, with and into City Bank, all effective on April 1, 2026 4 Source: Company documents Net interest margin is calculated on a tax-equivalent basis Tangible book value per share is a non-GAAP measure. See appendix

for the reconciliation of non-GAAP measures to GAAP Loans Held for Investment (“HFI”) $3.77 B Average Yield on Loans 6.81% Net Income $19.0 M EPS - Diluted $0.96 Net Interest Margin (1) (“NIM”) 4.00% Total Deposits $4.64 B Return

on Average Assets (“ROAA”) 1.44% Efficiency Ratio 61.59% Second Quarter 2026

Attractive Markets Poised for Organic Growth Permian Basin Basin Dallas / Ft.

Worth The Permian Basin is the largest oil producing region in the U.S., spanning West Texas and southeastern New Mexico Current oil production of ~6.6 million barrels per day, representing ~48% of total U.S. production Top operators in the

region include ExxonMobil, Chevron, Occidental Petroleum, ConocoPhillips and EOG Resources Largest MSA in Texas and fourth largest in the nation Steadily expanding population that accounts for over 26% of the state’s population Created the

third most new jobs of any metro area in the U.S. in 2024 Generated more than $790 billion in GDP in 2024 accounting for ~30% of Texas’ total GDP Houston Second largest MSA in Texas and fifth largest in the nation The 6th largest metro

economy in the U.S. Would rank as the 21st largest economy in the world with GDP of more than $750 billion in 2024 Called the “Energy Capital of the World,” the area also boasts the world’s largest medical center and busiest port in the U.S.

in 2025 Lubbock Basin 11th largest Texas city with a population exceeding 360,000 people Major industries in agribusiness, education & research, and healthcare & life sciences, among others More than 53,000 college students enrolled

with ~14,000 graduates annually A large share graduate with degrees in healthcare, engineering, agriculture and business providing a strong labor pool 5 DFW and Houston data from the BEA, BLS and US Census Bureau Permian Basin Data from

the U.S. EIA Lubbock data from US Census Bureau, Dallas Fed, and St. Louis Fed

Loan Portfolio 2Q’26 Highlights Loans HFI increased by $667.3 million from

1Q’26, primarily resulting from: $631.9 million in loans from the Bank of Houston acquisition $35.4 million of organic loan growth The average yield on loans was 6.81% for 2Q’26, compared to 6.83% for 1Q’26. Problem loan interest and fee

recoveries impacted loan yields as noted: 1Q’26 - $545 thousand; +7 bps 3Q’25 - $640 thousand; +8 bps 2Q’25 - $1.7 million; +23 bps Total Loans HFI $ in Millions 6 Source: Company documents $3,771

Major Metropolitan Market Loan Growth 2Q’26 Highlights Loans HFI in our major

metropolitan markets(1) increased $682 million in 2Q’26 as compared to 1Q’26 largely due to: $632 million in loans from the Bank of Houston acquisition $50 million of organic loan growth Bank of Houston has provided important scale in

Houston, Texas - one of the fastest growing MSAs in the country Our major metropolitan market loan portfolio represents 44.7% of the Bank’s total loans HFI on June 30, 2026 Total Metropolitan Market(1) Loans $ in Millions 7 5.00% Source:

Company documents (1) The Bank defines its “major metropolitan markets” to include Dallas, Houston and El Paso, Texas

Loan HFI Portfolio Loan Mix Loan Portfolio ($ in millions) Commercial

C&D $ 201.3 Residential C&D 282.6 CRE Owner/Occ. 538.9 Other CRE Non Owner/Occ. 761.4 Multi-Family 229.8 C&I 563.3 Agriculture 154.6 1-4 Family 714.0 Auto 263.8 Other

Consumer 61.1 Total $ 3,770.8 Fixed vs. Variable Rate 8 Source: Company documents Data as of June 30, 2026

Non-Owner Occupied CRE Portfolio 9 Details NOO CRE was 39.1% of loans HFI, an

increase from 37.3% at March 31, 2026 NOO CRE portfolio is made up of $993.5 million of income producing loans and $481.6 million of construction, acquisition, and development loans Estimated weighted average LTV of income-producing NOO CRE

was 57% Office NOO CRE loans were 4.9% of loans HFI and had a weighted average LTV of 56% NOO CRE loans past due 90+ days or nonaccrual: 17 basis points of portfolio NOO CRE(1) Sector Breakdown Source: Company documents Data as of June 30,

2026 (1) Non-owner occupied commercial real estate (“NOO CRE”) Property Type ($ in millions) Income-producing: Multi-family $ 229.8 Retail 277.2 Office 182.9 Industrial 160.4 Storage facilities 45.6

Hospitality 41.5 Other 56.1 Construction, acquisition, and development: Residential construction 143.2 Other 338.4 Total $ 1,475.1

Indirect Auto Overview Indirect Auto Highlights Indirect auto loans increased to

$246.7 million on June 30, 2026, compared to $238.3 million on March 31, 2026 Strong credit quality in the sector, positioned for resiliency across economic cycles(1): Super Prime Credit (>719): $175.6 million Prime Credit (719-660):

$43.0 million Near Prime Credit (659-620): $13.3 million Sub-Prime Credit (619-580): $6.0 million Deep Sub-Prime Credit (<580): $8.8 million Loans past due 30+ days: 24 bps of the portfolio Non-car/truck (RV, boat, etc.): less than 1%

of this portfolio Indirect Auto Credit Breakdown 10 Source: Company documents Data as of June 30, 2026 (1) Credit score level most recently obtained

Noninterest Income Overview Noninterest Income $ in Millions 2Q’26

Highlights Noninterest income was $14.1 million for 2Q’26, compared to $11.3 million for 1Q’26; increase primarily due to: An increase of $929 thousand in mortgage banking revenues, mainly because of improved mortgage originations during the

quarter An increase of $894 thousand in bank card services and interchange revenue, mainly because of continued growth in customer card usage and incentives received during the period Of note, there was an $801 thousand loss in a Small

Business Investment Company (“SBIC”) investment during 1Q’26, which lowered other noninterest income in that period 11 Source: Company documents Note: Mortgage servicing rights fair value (“MSR FV”)

Mortgage Banking Revenue Mortgage Servicing Rights Adjustments $ in

Thousands 2Q’26 Highlights The increase of $929 thousand in mortgage banking revenues was mainly a result of improved mortgage originations during the quarter In 2Q’26, MSRs were written up by $515 thousand as compared to a write up of $250

thousand in 1Q’26 12 Source: Company documents Note: Mortgage servicing rights (“MSR”); Mortgage Banking Revenue (“MBR”); MSR Fair Value (“MSR FV”) 2Q’26 1Q’26 4Q'25 3Q'25 2Q'25 Mortgage Banking

Revenue $ 4,847 3,918 2,390 2,575 3,606 MSR FV Adj. $ 515 250 (665) (925) (156) MBR Excluding MSR FV Adj $ 4,332 3,668 3,055 3,500 3,762 MSR FV Adj. QoQ

Delta $ 265 915 260 (769) 1,429

Diversified Revenue Stream Six Months Ended June 30, 2026 Total Revenues $118.6

million Noninterest Income $25.4 million 13 Source: Company documents

Net Interest Income and Margin Net Interest Income & Margin(1) $ in

Millions 2Q’26 Highlights Net interest income (“NII”) of $50.3 million, compared to $42.9 million in 1Q’26 Interest income was $75.0 million as compared to $62.6 million in 1Q’26. The $12.4 million increase was largely due to BOH’s $667

million of interest earning assets NIM, was 4.00% in 2Q’26, compared to 4.04% in 1Q’26. Problem loan interest and fee recoveries impacted NIM as noted: 1Q’26 - $545 thousand; +5 bps 3Q’25 - $640 thousand; +6 bps 2Q’25 NIM - $1.7 million;

+17 bps 14 3.54% Source: Company documents (1) Net interest margin is calculated on a tax-equivalent basis $50.3

Deposit Portfolio Total Deposits $ in Millions 2Q’26 Highlights Total deposits

increased $613.0 million from 1Q’26, largely due to: $595.6 million in deposits from the Bank of Houston acquisition $17.4 million of organic deposit growth Cost of interest-bearing deposits increased to 2.74% from 2.64% in 1Q’26 Cost of

deposits was 208 basis points for 2Q’26, compared to 197 basis points for 1Q’26 Noninterest-bearing deposits to total deposits were 24.8% at June 30, 2026 15 Source: Company documents $4,641

Granular Deposit Base & Ample Liquidity Total Borrowing Capacity $2.1

Billion 16 Total Deposit Base Breakdown Average deposit account size is approximately $43 thousand City Bank’s percentage of estimated uninsured or uncollateralized deposits is 29% of total deposits City Bank had $2.1 billion of available

borrowing capacity through the Federal Home Loan Bank of Dallas (“FHLB”) and the Federal Reserve Bank of Dallas (“FRB”) No new borrowings utilized from these sources during 2Q’26. Existing Bank of Houston FHLB borrowings of $15 million were

repaid during the quarter Source: Company documents Data as of June 30, 2026

Credit Quality 2Q’26 Highlights Nonperforming Ratios Net Charge-Offs to Average

Loans ACL(1) to Total Loans HFI 17 Provision for credit losses of $350 thousand compared to $260 thousand in 1Q’26 Classified loans of $80.3 million compared to $43.3 million at March 31, 2026, predominately from BOH acquired loans, in line

with expectations at closing. Our credit team is actively working these loans. Nonperforming loans increased $4.4 million from March 31, 2026; ratio of nonperforming loans to total loans of 0.25% Source: Company documents Allowance for

Credit Losses (“ACL”)

Investment Securities 2Q’26 Highlights Investment securities totaled $555.4

million, a $47.4 million decrease from 2Q’26 All securities are classified as available for sale All municipal bonds are in Texas; fair value hedges of $117 million All MBS, CMO, and Asset Backed securities are U.S. Government or

GSE Duration of the securities portfolio was 6.27 years at June 30, 2026 2Q’26 Securities Composition $602.9 million Securities & Cash $ in Millions 18 Source: Company documents

Noninterest Expense and Efficiency 2Q’26 Highlights Noninterest expense

increased $4.3 million from 1Q’26, largely attributable to: An increase in core operating expenses related to the Bank of Houston acquisition and higher incentive-based compensation expense There was ~$1.1 million of acquisition-related

expenses in 2Q’26, compared to $1.5 million in 1Q’26 Efficiency ratio of 61.6% in 2Q’26, compared to 65.3% in 1Q’26 19 Source: Company documents

Balance Sheet Growth and Development Balance Sheet Highlights $ in

Millions Tangible Book Value Per Share(1) 20 Source: Company documents (1) Tangible book value per share is a non-GAAP measure. See appendix for the reconciliation of non-GAAP measures to GAAP

Strong Capital Base Common Equity Tier 1 Ratio Tier 1 Capital to Average Assets

Ratio Total Capital to Risk-Weighted Assets Ratio 21 Source: Company documents Note: There was a decline in Total Capital at September 30, 2025 as a result of the redemption of $50 million in subordinated debt that was previously included

in Tier 2 capital. (1) Tangible common equity to tangible assets ratio is a non-GAAP measure. See appendix for the reconciliation of non-GAAP measures to GAAP Tangible Common Equity to Tangible Assets Ratio(1)

Merger with BOH Holdings, Inc. Completed Building a Bank for the

Future Houston Odessa Austin Midland > 1.4% Situated in some of the highest growth markets in the country Projected 5-Year Population CAGR > 1.0% TX NM Lubbock Dallas South Plains Branch (24) BOH

Branch (2) 22 Strengthens Position in Houston Market Enhances a top-tier community banking presence in Houston, one of the fastest-growing MSAs in the U.S. Creates a more balanced, diversified Texas franchise Expands SPFI’s commercial and

private banking relationships across Houston and surrounding counties 11% accretive to EPS with tangible book value earnback under 3 years Drives improved profitability metrics and enhances long-term shareholder value Well-structured

transaction providing attractive valuation and low execution risk Financially Compelling Transaction Preserves a shared focus on relationship-based client service Provides leadership depth to support continued expansion across high-growth

markets Strong cultural compatibility ensuring smooth integration and sustained franchise momentum Adds Key Talent With Aligned Community Values Source: Company documents

SPFI’s Core Purpose and Values Align Centered on Relationship-Based Business Our

Core Purpose is: To use the power of relationships to help people succeed and live better HELP ALL STAKEHOLDERS SUCCEED Employees  great benefits and opportunities to grow and make a difference. Customers  personalized advice and

solutions to achieve their goals. Partners  responsive, trusted win-win partnerships enabling both parties to succeed together. Shareholders  share in the prosperity and performance of the Bank. THE POWER OF RELATIONSHIPS At SPFI, we

build lifelong, trusted relationships so you know you always have someone in your corner that understands you, cares about you, and stands ready to help. LIVE BETTER We want to help everyone live better. At the end of the day, we do what

we do to help enhance lives. We create a great place to work, help people achieve their goals, and invest generously in our communities because there’s nothing more rewarding than helping people succeed and live better. 23

Appendix 24

Non-GAAP Financial Measures 25 Source: Company documents $ in thousands, except

per share data For the quarter ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Pre-tax, pre-provision income Net

income $ 18,992 $ 14,545 $ 15,254 $ 16,318 $ 14,605 Income tax expense 5,286 3,816 3,832 4,342 4,020 Provision for credit losses 350 260 1,775 500 2,500 Pre-tax, pre-provision

income $ 24,628 $ 18,621 $ 20,861 $ 21,160 $ 21,125 As of June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Tangible common equity

Total common stockholders’ equity $ 629,765 $ 504,939 $ $ 493,837 $ $ 477,802 $ $ 454,074 Less: goodwill and other intangibles (72,715) (20,327) (20,448) (20,580) (20,732)

Tangible common equity $ 557,050 $ 484,612 $ $ 473,389 $ $ 457,222 $ $ 433,342 Tangible assets Total

assets $ 5,391,206 $ 4,646,374 $ $ 4,480,500 $ $ 4,479,437 $ $ 4,363,674 Less: goodwill and other intangibles (72,715) (20,327) (20,448) (20,580) (20,732)

Tangible assets $ 5,318,491 $ 4,626,047 $ $ 4,460,052 $ $ 4,458,857 $ $ 4,342,942 Shares outstanding 18,839,105 16,342,219 16,293,577

16,247,839 16,230,475 Total stockholders’ equity to total assets 11.68% 10.87% 11.02% 10.67% 10.41% Tangible common equity to tangible assets 10.47% 10.48% 10.61%

10.25% 9.98% Book value per share $ 33.43 $ 30.90 $ 30.31 $ 29.41 $ 27.98 Tangible book value per share $ 29.57 $ 29.65 $ 29.05 $ 28.14 $ 26.70

EX-99.3 — EXHIBIT 99.3

EX-99.3

Filename: ef20078138_ex99-3.htm · Sequence: 4

Exhibit 99.3

South Plains Financial, Inc. Announces 6% Increase to Quarterly Cash Dividend

LUBBOCK, Texas, July 16, 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 $0.18 per share of common stock, a 6% increase from the most recent quarterly cash dividend declared in April 2026. The dividend is payable on August 10, 2026 to shareholders of

record as of the close of business on July 27, 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

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.

GRAPHIC

Filename: ef20078138_ex99-2slide1.jpg · Sequence: 8

Binary file (48275 bytes)

Download ef20078138_ex99-2slide1.jpg

GRAPHIC

Filename: ef20078138_ex99-2slide2.jpg · Sequence: 9

Binary file (430142 bytes)

Download ef20078138_ex99-2slide2.jpg

GRAPHIC

Filename: ef20078138_ex99-2slide3.jpg · Sequence: 10

Binary file (121668 bytes)

Download ef20078138_ex99-2slide3.jpg

GRAPHIC

Filename: ef20078138_ex99-2slide4.jpg · Sequence: 11

Binary file (186264 bytes)

Download ef20078138_ex99-2slide4.jpg

GRAPHIC

Filename: ef20078138_ex99-2slide5.jpg · Sequence: 12

Binary file (189224 bytes)

Download ef20078138_ex99-2slide5.jpg

GRAPHIC

Filename: ef20078138_ex99-2slide6.jpg · Sequence: 13

Binary file (133894 bytes)

Download ef20078138_ex99-2slide6.jpg

GRAPHIC

Filename: ef20078138_ex99-2slide7.jpg · Sequence: 14

Binary file (141948 bytes)

Download ef20078138_ex99-2slide7.jpg

GRAPHIC

Filename: ef20078138_ex99-2slide8.jpg · Sequence: 15

Binary file (125914 bytes)

Download ef20078138_ex99-2slide8.jpg

GRAPHIC

Filename: ef20078138_ex99-2slide9.jpg · Sequence: 16

Binary file (167898 bytes)

Download ef20078138_ex99-2slide9.jpg

GRAPHIC

Filename: ef20078138_ex99-2slide10.jpg · Sequence: 17

Binary file (144510 bytes)

Download ef20078138_ex99-2slide10.jpg

GRAPHIC

Filename: ef20078138_ex99-2slide11.jpg · Sequence: 18

Binary file (158806 bytes)

Download ef20078138_ex99-2slide11.jpg

GRAPHIC

Filename: ef20078138_ex99-2slide12.jpg · Sequence: 19

Binary file (140227 bytes)

Download ef20078138_ex99-2slide12.jpg

GRAPHIC

Filename: ef20078138_ex99-2slide13.jpg · Sequence: 20

Binary file (100155 bytes)

Download ef20078138_ex99-2slide13.jpg

GRAPHIC

Filename: ef20078138_ex99-2slide14.jpg · Sequence: 21

Binary file (150818 bytes)

Download ef20078138_ex99-2slide14.jpg

GRAPHIC

Filename: ef20078138_ex99-2slide15.jpg · Sequence: 22

Binary file (138304 bytes)

Download ef20078138_ex99-2slide15.jpg

GRAPHIC

Filename: ef20078138_ex99-2slide16.jpg · Sequence: 23

Binary file (145199 bytes)

Download ef20078138_ex99-2slide16.jpg

GRAPHIC

Filename: ef20078138_ex99-2slide17.jpg · Sequence: 24

Binary file (159549 bytes)

Download ef20078138_ex99-2slide17.jpg

GRAPHIC

Filename: ef20078138_ex99-2slide18.jpg · Sequence: 25

Binary file (132585 bytes)

Download ef20078138_ex99-2slide18.jpg

GRAPHIC

Filename: ef20078138_ex99-2slide19.jpg · Sequence: 26

Binary file (132529 bytes)

Download ef20078138_ex99-2slide19.jpg

GRAPHIC

Filename: ef20078138_ex99-2slide20.jpg · Sequence: 27

Binary file (113551 bytes)

Download ef20078138_ex99-2slide20.jpg

GRAPHIC

Filename: ef20078138_ex99-2slide21.jpg · Sequence: 28

Binary file (130040 bytes)

Download ef20078138_ex99-2slide21.jpg

GRAPHIC

Filename: ef20078138_ex99-2slide22.jpg · Sequence: 29

Binary file (178041 bytes)

Download ef20078138_ex99-2slide22.jpg

GRAPHIC

Filename: ef20078138_ex99-2slide23.jpg · Sequence: 30

Binary file (175353 bytes)

Download ef20078138_ex99-2slide23.jpg

GRAPHIC

Filename: ef20078138_ex99-2slide24.jpg · Sequence: 31

Binary file (30002 bytes)

Download ef20078138_ex99-2slide24.jpg

GRAPHIC

Filename: ef20078138_ex99-2slide25.jpg · Sequence: 32

Binary file (150012 bytes)

Download ef20078138_ex99-2slide25.jpg

GRAPHIC

Filename: image00003.jpg · Sequence: 33

Binary file (5423 bytes)

Download image00003.jpg

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 35

v3.26.1

Document and Entity Information

Jul. 16, 2026

Cover [Abstract]

Document Type

8-K

Amendment Flag

false

Document Period End Date

Jul. 16, 2026

Entity File Number

001-38895

Entity Registrant Name

South Plains Financial, Inc.

Entity Central Index Key

0001163668

Entity Incorporation, State or Country Code

Entity Tax Identification Number

75-2453320

Entity Address, Address Line One

5219 City Bank Parkway

Entity Address, City or Town

Lubbock

Entity Address, State or Province

Entity Address, Postal Zip Code

79407

City Area Code

806

Local Phone Number

792-7101

Title of 12(b) Security

Common Stock, par value $1.00 per share

Trading Symbol

SPFI

Security Exchange Name

NASDAQ

Entity Emerging Growth Company

false

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Cover page.

+ References

No definition available.

+ Details

Name:

dei_CoverAbstract

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration