Form 8-K

8-K — SOUTH PLAINS FINANCIAL, INC.

Accession: 0001140361-26-040519

Filed: 2026-10-22

Period: 2026-10-21

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 — ef20084210_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (ef20084210_ex99-1.htm)

EX-99.2 — EXHIBIT 99.2 (ef20084210_ex99-2.htm)

EX-99.3 — EXHIBIT 99.3 (ef20084210_ex99-3.htm)

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8-K

8-K (Primary)

Filename: ef20084210_8k.htm · Sequence: 1

false000116366800011636682026-10-212026-10-21

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

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 (§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. ☐

Item 2.02

Results of Operations and Financial Condition.

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.

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.

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.

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits.

99.1

Press release, dated October 22, 2026, announcing third quarter 2026 financial results of South Plains Financial, Inc.

99.2

Earnings release slide presentation, dated October 22, 2026.

99.3

Press release, dated October 22, 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: October 22, 2026

By:

/s/ Steven B. Crockett

Steven B. Crockett

Chief Financial Officer and Treasurer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: ef20084210_ex99-1.htm · Sequence: 2

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

●

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.

●

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.

●

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.

●

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.

●

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.

●

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.

●

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.

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.

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

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

0.16

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

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

4.04

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

Allowance for credit losses to total loans held for investment

1.38

1.41

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

10.61

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

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

0.00

Notes payable & other long-term borrowings

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

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

4.06

0.00

Notes payable & other long-term borrowings

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

Junior subordinated deferrable interest debentures

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

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

10.61

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

EX-99.2 — EXHIBIT 99.2

EX-99.2

Filename: ef20084210_ex99-2.htm · Sequence: 3

Exhibit 99.2

South Plains Financial Investor Presentation October 22, 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 changes include, but are not limited to, the impact

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. 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

Third Quarter 2026 Highlights Net income for 3Q’26 was $20.8 million, compared to

$19.0 million for 2Q’26 Diluted earnings per share for 3Q’26 was $1.06, compared to $0.96 for 2Q’26 Net interest margin was 4.00% for 3Q’26, compared to 4.00% for 2Q’26 Loans HFI were $3.83 billion as of September 30, 2026, compared to $3.77

billion as of June 30, 2026 Deposits totaled $4.66 billion as of September 30, 2026, compared to $4.64 billion as of June 30, 2026 Nonperforming assets to total assets was 0.31% as of September 30, 2026, compared to 0.19% as of June 30,

2026 Tangible book value (non-GAAP) per share(2) was $29.23 as of September 30,2026, compared to $29.60 as of June 30, 2026 Integration and system conversion efforts with BOH Holdings, Inc. (“BOH”) fully completed during the third quarter.

Houston bankers focused on driving business development and growth opportunities in attractive Texas banking markets. 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”) $3.83 B Average Yield on Loans 6.75% Net Income $20.8 M EPS - Diluted $1.06 Net Interest Margin (1) (“NIM”)

4.00% Total Deposits $4.66 B Return on Average Assets (“ROAA”) 1.53% Efficiency Ratio 58.12% Third 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 MSA 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 3Q’26 Highlights Loans HFI increased by $59.7 million from 2Q’26,

primarily resulting from organic loan growth broadly across markets during the quarter. The organic growth was net of one early loan payoff of $25.0 million during the quarter, which was fully secured by the borrower’s deposit account. The

average yield on loans was 6.75% for 3Q’26, compared to 6.81% for 2Q’26. Excluding problem loan interest and fee recoveries, noted below, loan yields have remained steady: 1Q’26 - $545 thousand; +7 bps 3Q’25 - $640 thousand; +8 bps Total

Loans HFI $ in Millions 6 Source: Company documents

Major Metropolitan Market Loan Growth 3Q’26 Highlights Loans HFI in our major

metropolitan markets(1) increased $23 million in 3Q’26 as compared to 2Q’26 Completed acquisition of 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 44.6% of the Bank’s total loans HFI on September 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 $ 217.1 Residential C&D $ 263.4 CRE Owner/Occ. $ 557.9 Other CRE Non Owner/Occ. $ 824.9 Multi-Family $ 212.7 C&I $ 547.9 Agriculture $ 164.5 1-4 Family $ 711.7 Auto $ 270.7 Other

Consumer $ 60.3 Total $ 3,831.1 Fixed vs. Variable Rate 8 Source: Company documents Data as of September 30, 2026

Non-Owner Occupied CRE Portfolio 9 Details NOO CRE was 39.6% of loans HFI, an

increase from 39.1% at June 30, 2026 NOO CRE portfolio is made up of $1.04 billion of income producing loans, and $477.3 million of construction, acquisition, and development loans Estimated weighted average LTV of income-producing NOO CRE

was 57% Office NOO CRE loans were 12% of loans HFI and had a weighted average LTV of 55% NOO CRE loans past due 90+ days or nonaccrual: 61 basis points of portfolio NOO CRE(1) Sector Breakdown Source: Company documents Data as of September

30, 2026 (1) Non-owner occupied commercial real estate (“NOO CRE”) Property Type ($ in millions) Income-producing: Multi-family $ 212.8 Retail $ 286.8 Office $ 187.0 Industrial $ 194.0 Storage facilities $ 64.2

Hospitality $ 42.8 Other $ 53.2 Construction, acquisition, and development: Residential construction $ 153.7 Other $ 323.6 Total $ 1,518.1

Indirect Auto Overview Indirect Auto Highlights Indirect auto loans increased to

$253.9 million on September 30, 2026, compared to $246.7 million on June 30, 2026 Strong credit quality in the sector, positioned for resiliency across economic cycles(1): Super Prime Credit (>719): $184.7 million Prime Credit (719-660):

$43.9 million Near Prime Credit (659-620): $12.3 million Sub-Prime Credit (619-580): $5.3 million Deep Sub-Prime Credit (<580): $7.7 million Loans past due 30+ days: 16 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 September 30, 2026 (1) Credit score level most recently obtained, at least annually

Noninterest Income Overview Noninterest Income $ in Millions 3Q’26

Highlights Noninterest income was $13.8 million for 3Q’26, compared to $14.1 million for 2Q’26. The decrease was primarily due to: A decrease of $568 thousand in bank card services and interchange revenue, mainly as a result of incentives

received during 2Q’26 Mortgage banking activities revenue was relatively flat, with variances noted on slide 12 11 Source: Company documents Note: Mortgage servicing rights fair value (“MSR FV”)

Mortgage Banking Revenue Mortgage Servicing Rights Adjustments $ in

Thousands 3Q’26 Highlights Mortgage banking revenues relatively flat during the quarter In 3Q’26, MSRs were written up by $1.6 million as compared to a write up of $515 thousand in 2Q’26 Originations of mortgage loans held for sale

declined to $54.0 million from $78.8 million in 2Q’26 12 Source: Company documents Note: Mortgage servicing rights (“MSR”); Mortgage Banking Revenue (“MBR”); MSR Fair Value (“MSR FV”) 3Q’26 2Q’26 1Q’26 4Q'25 3Q'25 Mortgage Banking

Revenue $ 4,878 4,847 3,918 2,390 2,575 MSR FV Adj. $ 1,570 515 250 (665) (925) MBR Excluding MSR FV Adj $ 3,308 4,332 3,668 3,055 3,500 MSR FV Adj. QoQ Delta $ 1,055 265 915 260 (769)

Diversified Revenue Stream Nine Months Ended September 30, 2026 Total

Revenues $183.9 million Noninterest Income $39.2 million 13 Source: Company documents

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

Millions 3Q’26 Highlights Net interest income (“NII”) of $51.5 million, compared to $50.3 million in 2Q’26 Interest income was $76.4 million as compared to $75.0 million in 2Q’26. The $1.4 million quarterly increase was mainly due to an

increase of $53.4 million in average interest-bearing assets. NIM held steady at 4.00% from 2Q’26. Problem loan interest and fee recoveries impacted NIM as noted: 1Q’26 - $545 thousand; +5 bps 3Q’25 - $640 thousand; +6

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

Deposit Portfolio Total Deposits $ in Millions 3Q’26 Highlights Total deposits

increased $20.1 million from 2Q’26 Total deposits increased $779.5 million from 3Q’25, primarily due to $595.6 million in deposits acquired through the BOH acquisition and organic growth broadly across the deposit portfolio. Cost of

interest-bearing deposits declined slightly to 2.73% from 2.74% in 2Q’26 Cost of deposits declined slightly 207 basis points for 3Q’26, compared to 208 basis points for 2Q’26 Noninterest-bearing deposits to total deposits were 25.3% at

September 30, 2026 as compared to 24.8% at June 30, 2026 15 Source: Company documents

Granular Deposit Base & Ample Liquidity Total Borrowing Capacity $2.5

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 $2.5 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 3Q’26. Source: Company documents Data as of September 30,

2026 Note: The Bank defines its “major metropolitan markets” to include Dallas, Houston and El Paso, Texas

Credit Quality 3Q’26 Highlights Nonperforming Ratios Net Charge-Offs to Average

Loans ACL(1) to Total Loans HFI 17 Provision for credit losses of $830 thousand compared to $350 thousand for 2Q’26 Classified loans of $77.0 million, compared to $80.3 million at June 30, 2026 Nonperforming loans increased by $5.8 million

from June 30, 2026; ratio of nonperforming loans to total loans of 0.40% Source: Company documents Allowance for Credit Losses (“ACL”)

Investment Securities 3Q’26 Highlights Investment securities totaled $518.3

million, a $37.1 million decrease from 2Q’26 All securities are classified as available for sale All municipal bonds are in Texas; fair value hedges of $116 million All MBS, CMO, and Asset Backed securities are U.S. Government or

GSE Duration of the securities portfolio was 6.37 years at September 30, 2026 3Q’26 Securities Composition $602.9 million Securities & Cash $ in Millions 18 Source: Company documents

Noninterest Expense and Efficiency 3Q’26 Highlights Noninterest expense

decreased to $38.1 million from 2Q’26, largely attributable to: A decrease of $1.1 million in acquisition-related expenses A decline of $326 thousand in mortgage commissions Efficiency ratio of 58.1% in 3Q’26, compared to 61.6% in

2Q’26 19 Source: Company documents Noninterest Expense $ in Millions

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 (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)

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. 22

Appendix 23

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) 24 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

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

per share data 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

EX-99.3 — EXHIBIT 99.3

EX-99.3

Filename: ef20084210_ex99-3.htm · Sequence: 4

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

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.

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