Form 8-K

8-K — SOUTH PLAINS FINANCIAL, INC.

Accession: 0001140361-26-017459

Filed: 2026-04-28

Period: 2026-04-28

CIK: 0001163668

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — ef20071650_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (ef20071650_ex99-1.htm)

EX-99.2 — EXHIBIT 99.2 (ef20071650_ex99-2.htm)

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8-K

8-K (Primary)

Filename: ef20071650_8k.htm · Sequence: 1

false0001163668NASDAQ00011636682026-04-282026-04-28

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): April 28, 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 April 28, 2026, South Plains Financial, Inc. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31,

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 April 28, 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 first quarter ended March 31, 2026. An earnings release slide presentation highlighting the Company’s financial results for the first quarter ended March 31, 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 9.01

Financial Statements and Exhibits.

(d)

Exhibits.

99.1

Press release, dated April 28, 2026, announcing first quarter 2026 financial results of South Plains Financial, Inc.

99.2

Earnings release slide presentation, dated April 28, 2026.

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: April 28, 2026

By:

/s/ Steven B. Crockett

Steven B. Crockett

Chief Financial Officer and Treasurer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: ef20071650_ex99-1.htm · Sequence: 2

Exhibit 99.1

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

LUBBOCK, Texas, April 28, 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 March 31, 2026.

First Quarter 2026 Highlights

●

Net income for the first quarter of 2026 was $14.5 million, compared to $15.3 million for the fourth quarter of 2025 and $12.3 million for the first quarter of 2025.

●

Diluted earnings per share for the first quarter of 2026 was $0.85, compared to $0.90 for the fourth quarter of 2025 and $0.72 for the first quarter of 2025.

●

Average cost of deposits for the first quarter of 2026 was 197 basis points, compared to 201 basis points for the fourth quarter of 2025 and 219 basis points for the

first quarter of 2025.

●

Net interest margin, on a tax-equivalent basis, was 4.04% for the first quarter of 2026, compared to 4.00% for the fourth quarter of 2025 and 3.81% for the first

quarter of 2025.

●

Return on average assets for the first quarter of 2026 was 1.31%, compared to 1.36% for the fourth quarter of 2025 and 1.16% for the first quarter of 2025.

●

Tangible book value (non-GAAP) per share was $29.65 as of March 31, 2026, compared to $29.05 as of December 31, 2025 and $26.05 as of March 31, 2025.

●

The consolidated total risk-based capital ratio, common equity tier 1 risk-based capital ratio, and tier 1 leverage ratio at March 31, 2026 were 17.61%, 14.80%, and

12.68%, 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 solid first quarter results driven by strong profitability,

improving credit quality, and continued discipline across our balance sheet. Alongside the successful completion of the BOH acquisition, we continued to execute our organic growth strategy as we continue to focus on adding experienced lenders

across our attractive Texas markets who bring deep local relationships and align with our culture. We believe what differentiates South Plains is our ability to combine the scale, product capabilities, and capital strength of a larger institution

with the credit discipline and relationship-based approach of a true community bank. As consolidation across the Texas banking landscape continues, we are seeing increased opportunities to attract both customers and talented bankers seeking

stability, local leadership, and consistent execution. While the near-term economic environment remains uncertain and a headwind to loan growth, we are confident in our strategy, our team, and our ability to continue to create long-term value for

our shareholders.”

Results of Operations, Quarter Ended March 31, 2026

Net Interest Income

Net interest income was $42.9 million for the first quarter of 2026, compared to $43.0 million for the fourth quarter of 2025 and $38.5

million for the first quarter of 2025. Net interest margin, calculated on a tax-equivalent basis, was 4.04% for the first quarter of 2026, compared to 4.00% for the fourth quarter of 2025 and 3.81% for the first quarter of 2025. The average yield

on loans was 6.83% for the first quarter of 2026, compared to 6.79% for the fourth quarter of 2025 and 6.67% for the first quarter of 2025. The average cost of deposits was 197 basis points for the first quarter of 2026, which is 4 basis points

lower than the fourth quarter of 2025 and 22 basis points lower than the first quarter of 2025.

Interest income was $62.6 million for the first quarter of 2026, compared to $63.4 million for the fourth quarter of 2025 and $59.9

million for the first quarter of 2025. Interest income decreased $789 thousand in the first quarter of 2026 from the fourth quarter of 2025. This decrease was primarily attributable to a decline of $648 thousand in interest income on securities and

other interest-earning assets resulting from the decrease in short-term interest rates that occurred during the fourth quarter of 2025. Interest income increased $2.7 million in the first quarter of 2026 compared to the first quarter of 2025. This

increase was primarily due to an increase in average loans of $55.6 million and an increase of 16 basis points in loan yield during the period, resulting in growth of $2.1 million in loan interest income over the respective periods.

Interest expense was $19.8 million for the first quarter of 2026, compared to $20.5 million for the fourth quarter of 2025 and $21.4

million for the first quarter of 2025. Interest expense decreased $691 thousand compared to the fourth quarter of 2025 and decreased $1.6 million compared to the first quarter of 2025. The $691 thousand decrease was primarily a result of an 11

basis point decline in the cost of interest-bearing deposits in the first quarter of 2026 as compared to the fourth quarter of 2025, partially offset by an increase of $80.5 million in average interest-bearing deposits during that time. The $1.6

million decrease was primarily the result of a 29 basis point decline in the cost of interest-bearing deposits, partially offset by an increase of $159.9 million in average interest-bearing deposits in the first quarter of 2026 as compared to the

first quarter of 2025, and a reduction in interest expense of $592 thousand as a result of the $50 million subordinated debt redemption in September 2025.

Noninterest Income and Noninterest Expense

Noninterest income was $11.3 million for the first quarter of 2026, compared to $10.9 million for the fourth quarter of 2025 and $10.6

million for the first quarter of 2025. The increase from the fourth quarter of 2025 was primarily due to an increase of $1.5 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 $250 thousand in the first quarter of 2026 compared to a write-down of $665 thousand in the fourth quarter of 2025 – based on interest rate changes during the respective quarters. Additionally, there was an

$801 thousand loss in a Small Business Investment Company (“SBIC”) investment during the first quarter of 2026 due to negative performance of one of the companies in the fund. The increase in noninterest income for the first quarter of 2026 as

compared to the first quarter of 2025 was primarily due to an increase of $1.8 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 $250 thousand

in the first quarter of 2026 compared to a write-down of $1.6 million in the first quarter of 2025 – based on interest rate changes during the respective quarters and the above noted loss of $801 thousand in SBIC income.

Noninterest expense was $35.5 million for the first quarter of 2026, compared to $33.0 million for the fourth quarter of 2025 and $33.0

million for the first quarter of 2025. Changes from the fourth quarter of 2025 included an increase of $1.8 million in personnel expense, based on annual salary adjustments and higher incentive-based compensation expense, and an increase of $542

thousand in professional service expenses. There was approximately $1.5 million of acquisition-related expenses in the first quarter of 2026, of which $1.2 million was for professional services, as compared to approximately $500 thousand in the

fourth quarter of 2025, all of which was for professional services. The $2.5 million increase in noninterest expense for the first quarter of 2026 as compared to the first quarter of 2025 was largely the result of an increase of $713 thousand in

personnel expenses, mainly the result of annual salary adjustments and the new lender hiring initiative, and an increase in professional service expenses of $1.2 million, predominately from the acquisition-related expenses in the first quarter of

2026 noted above.

Loan Portfolio and Composition

Loans held for investment were $3.10 billion as of March 31, 2026, compared to $3.14 billion as of December 31, 2025 and $3.08 billion

as of March 31, 2025. The decrease of $41.0 million, or 1.3%, during the first quarter of 2026 as compared to the fourth quarter of 2025 occurred primarily as a result of the expected early payoff of a $29.7 million multi-family property loan and

the seasonal net paydowns on agricultural operating loans of $24.4 million, partially offset by organic loan growth. As of March 31, 2026, loans held for investment increased $27.7 million as compared to March 31, 2025, primarily as a result of

organic growth broadly across the loan portfolio, partially offset by a decrease of $111.0 million in multi-family property loans.

Deposits and Borrowings

Deposits totaled $4.03 billion as of March 31, 2026, compared to $3.87 billion as of December 31, 2025 and $3.79 billion as of March 31,

2025. Deposits increased by $153.5 million, or 4.0%, in the first quarter of 2026 from December 31, 2025. Deposits increased by $235.1 million, or 6.2%, at March 31, 2026 as compared to March 31, 2025. Noninterest-bearing deposits were $1.03

billion as of March 31, 2026, compared to $1.0 billion as of December 31, 2025 and $966.5 million as of March 31, 2025. Noninterest-bearing deposits represented 25.7% of total deposits as of March 31, 2026. The quarterly and year-over-year change

in total deposits was due to organic growth in both retail, commercial, and public fund deposits.

Asset Quality

The Company recorded a provision for credit losses in the first quarter of 2026 of $260 thousand, compared to $1.8 million in the fourth

quarter of 2025 and $420 thousand in the first quarter of 2025. The decrease in provision for the first quarter of 2026 as compared to the fourth quarter of 2025 was largely attributable to the decrease in loan balances noted above, a decrease of

$4.8 million in nonperforming loans, and a decrease of $460 thousand in loan net charge-offs during the compared quarters.

The ratio of allowance for credit losses to loans held for investment was 1.44% as of March 31, 2026, compared to 1.44% as of December

31, 2025 and 1.40% as of March 31, 2025.

The ratio of nonperforming assets to total assets was 0.13% as of March 31, 2026, compared to 0.26% as of December 31, 2025 and 0.16% as

of March 31, 2025. Annualized net charge-offs were 0.04% for the first quarter of 2026, compared to 0.10% for the fourth quarter of 2025 and 0.07% for the first quarter of 2025.

Capital

Book value per share increased to $30.90 at March 31, 2026, compared to $30.31 at December 31, 2025. The change was primarily driven by

$11.8 million of net income after dividends paid during the first quarter of 2026. The ratio of tangible common equity to tangible assets (non-GAAP) decreased 13 basis points to 10.48% at March 31, 2026 based on growth in assets during the first

quarter of 2026.

Conference Call

South Plains will host a conference call to discuss its first quarter 2026 financial results today, April 28, 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 13759880. The replay will be available until May 12, 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 further reductions in interest rates and a resulting decline in net interest income; the lingering inflationary pressures, and the risk of

the resurgence of elevated levels of inflation, in the United States and our market areas; the uncertain impacts of current and future monetary policies of the Board of Governors of the Federal Reserve System; changes in unemployment rates in the

United States and our market areas; adverse changes in customer spending, borrowing and savings habits; declines in commercial real estate values and prices; a deterioration of the credit rating for U.S. long-term sovereign debt or the impact of

uncertain or changing political conditions, including federal government shutdowns and uncertainty regarding United States fiscal debt, deficit and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or

security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; severe weather, natural disasters, 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 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

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Selected Income Statement Data:

Interest income

62,632

63,421

64,520

64,135

59,922

Interest expense

19,780

20,471

21,501

21,632

21,395

Net interest income

42,852

42,950

43,019

42,503

38,527

Provision for credit losses

260

1,775

500

2,500

420

Noninterest income

11,295

10,934

11,165

12,165

10,625

Noninterest expense

35,526

33,023

33,024

33,543

33,030

Income tax expense

3,816

3,832

4,342

4,020

3,408

Net income

14,545

15,254

16,318

14,605

12,294

Per Share Data (Common Stock):

Net earnings, basic

0.89

0.94

1.00

0.90

0.75

Net earnings, diluted

0.85

0.90

0.96

0.86

0.72

Cash dividends declared and paid

0.17

0.16

0.15

Book value

30.90

30.31

29.41

27.98

27.33

Tangible book value (non-GAAP)

29.65

29.05

28.14

26.70

26.05

Weighted average shares outstanding, basic

16,318,570

16,248,336

16,241,695

16,231,627

16,415,862

Weighted average shares outstanding, dilutive

17,036,334

16,996,517

16,990,546

16,886,993

17,065,599

Shares outstanding at end of period

16,342,219

16,293,577

16,247,839

16,230,475

16,235,647

Selected Period End Balance Sheet Data:

Cash and cash equivalents

722,000

552,439

635,046

470,496

536,300

Investment securities

602,852

567,540

571,138

570,000

571,527

Total loans held for investment

3,103,529

3,144,502

3,053,503

3,098,978

3,075,860

Allowance for credit losses

44,822

45,131

44,125

45,010

42,968

Total assets

4,646,374

4,480,500

4,479,437

4,363,674

4,405,209

Interest-bearing deposits

2,993,469

2,850,560

2,831,642

2,740,179

2,826,055

Noninterest-bearing deposits

1,034,117

1,023,517

1,049,501

998,759

966,464

Total deposits

4,027,586

3,874,077

3,881,143

3,738,938

3,792,519

Borrowings

60,493

111,799

110,400

Total stockholders’ equity

504,939

493,837

477,802

454,074

443,743

Summary Performance Ratios:

Return on average assets (annualized)

1.31

1.36

1.47

1.34

1.16

Return on average equity (annualized)

11.81

12.46

13.89

13.05

11.30

Net interest margin (1)

4.04

4.00

4.05

4.07

3.81

Yield on loans

6.83

6.79

6.92

6.99

6.67

Cost of interest-bearing deposits

2.64

2.75

2.87

2.91

2.93

Efficiency ratio

65.33

61.02

60.69

61.11

66.90

Summary Credit Quality Data:

Nonperforming loans

4,995

9,805

9,709

10,463

6,467

Nonperforming loans to total loans held for investment

0.16

0.31

0.32

0.34

0.21

Other real estate owned

994

1,749

1,827

535

600

Nonperforming assets to total assets

0.13

0.26

0.25

0.16

Allowance for credit losses to total loans held for investment

1.44

1.45

1.40

Net charge-offs to average loans outstanding (annualized)

0.04

0.10

0.16

0.06

0.07

As of and for the quarter ended

March 31

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Capital Ratios:

Total stockholders’ equity to total assets

10.87

11.02

10.67

10.41

10.07

Tangible common equity to tangible assets (non-GAAP)

10.48

10.61

10.25

9.98

9.64

Common equity tier 1 to risk-weighted assets

14.80

14.45

14.41

13.86

13.59

Tier 1 capital to average assets

12.68

12.53

12.37

12.12

12.04

Total capital to risk-weighted assets

17.61

17.26

17.34

18.17

17.93

(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

March 31, 2026

March 31, 2025

Average

Balance

Interest

Yield/Rate

Average

Balance

Interest

Yield/Rate

Assets

Loans (1)

3,130,166

52,684

6.83

3,074,568

50,577

6.67

Debt securities - taxable

490,111

4,285

3.55

510,354

4,692

3.73

Debt securities - nontaxable

153,265

1,080

2.86

153,229

1,014

2.68

Other interest-bearing assets

556,539

4,817

3.51

386,979

3,859

4.04

Total interest-earning assets

4,330,081

62,866

5.89

4,125,130

60,142

5.91

Noninterest-earning assets

180,943

171,683

Total assets

4,511,024

4,296,813

Liabilities & stockholders’ equity

NOW, Savings, MMDA’s

2,467,478

15,054

2.47

2,302,344

15,511

2.73

Time deposits

436,649

3,824

3.55

441,895

4,316

3.96

Short-term borrowings

—

0.00

—

0.00

Notes payable & other long-term borrowings

—

0.00

—

0.00

Subordinated debt

14,100

243

6.99

63,984

835

5.29

Junior subordinated deferrable interest debentures

46,393

659

5.76

46,393

733

6.41

Total interest-bearing liabilities

2,964,623

19,780

2.71

2,854,619

21,395

3.04

Demand deposits

989,518

934,775

Other liabilities

57,355

66,073

Stockholders’ equity

499,528

441,346

Total liabilities & stockholders’ equity

4,511,024

4,296,813

Net interest income

43,086

38,747

Net interest margin (2)

4.04

3.81

(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

March 31,

2026

December 31,

2025

Assets

Cash and due from banks

45,881

58,318

Interest-bearing deposits in banks

676,119

494,121

Securities available for sale

602,852

567,540

Loans held for sale

17,203

9,993

Loans held for investment

3,103,529

3,144,502

Less: Allowance for credit losses

(44,822

)

(45,131

)

Net loans held for investment

3,058,707

3,099,371

Premises and equipment, net

51,585

51,563

Goodwill

19,315

Intangible assets

1,012

1,133

Mortgage servicing rights

24,611

24,041

Other assets

149,089

155,105

Total assets

4,646,374

4,480,500

Liabilities and Stockholders’ Equity

Noninterest-bearing deposits

1,034,117

1,023,517

Interest-bearing deposits

2,993,469

2,850,560

Total deposits

4,027,586

3,874,077

Short-term borrowings

—

Subordinated debt

14,100

Junior subordinated deferrable interest debentures

46,393

Other liabilities

53,356

52,093

Total liabilities

4,141,435

3,986,663

Stockholders’ Equity

Common stock

16,342

16,294

Additional paid-in capital

91,244

91,065

Retained earnings

445,971

434,197

Accumulated other comprehensive income (loss)

(48,618

)

(47,719

)

Total stockholders’ equity

504,939

493,837

Total liabilities and stockholders’ equity

4,646,374

4,480,500

South Plains Financial, Inc.

Consolidated Statements of Income

(Unaudited)

(Dollars in thousands)

Three Months Ended

March 31,

2026

March 31,

2025

Interest income:

Loans, including fees

52,677

50,570

Other

9,955

9,352

Total interest income

62,632

59,922

Interest expense:

Deposits

18,878

19,827

Subordinated debt

243

835

Junior subordinated deferrable interest debentures

659

733

Other

—

Total interest expense

19,780

21,395

Net interest income

42,852

38,527

Provision for credit losses

260

420

Net interest income after provision for credit losses

42,592

38,107

Noninterest income:

Service charges on deposits

2,255

2,141

Mortgage banking activities

3,918

2,113

Bank card services and interchange fees

3,216

3,379

Other

1,906

2,992

Total noninterest income

11,295

10,625

Noninterest expense:

Salaries and employee benefits

20,154

19,441

Net occupancy expense

3,953

4,027

Professional services

2,955

1,730

Marketing and development

1,001

905

Other

7,463

6,927

Total noninterest expense

35,526

33,030

Income before income taxes

18,361

15,702

Income tax expense

3,816

3,408

Net income

14,545

12,294

South Plains Financial, Inc.

Loan Composition

(Unaudited)

(Dollars in thousands)

As of

March 31,

2026

December 31,

2025

Loans:

Commercial Real Estate

1,052,951

1,064,625

Commercial - Specialized

384,861

409,351

Commercial - General

654,634

659,323

Consumer:

1-4 Family Residential

589,026

589,851

Auto Loans

256,056

259,157

Other Consumer

62,557

62,092

Construction

103,444

100,103

Total loans held for investment

3,103,529

3,144,502

South Plains Financial, Inc.

Deposit Composition

(Unaudited)

(Dollars in thousands)

As of

March 31,

2026

December 31,

2025

Deposits:

Noninterest-bearing deposits

1,034,117

1,023,517

NOW & other transaction accounts

1,276,159

1,307,596

MMDA & other savings

1,275,974

1,111,529

Time deposits

441,336

431,435

Total deposits

4,027,586

3,874,077

South Plains Financial, Inc.

Reconciliation of Non-GAAP Financial Measures (Unaudited)

(Dollars in thousands)

For the quarter ended

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Pre-tax, pre-provision income

Net income

14,545

15,254

16,318

14,605

12,294

Income tax expense

3,816

3,832

4,342

4,020

3,408

Provision for credit losses

260

1,775

500

2,500

420

Pre-tax, pre-provision income

18,621

20,861

21,160

21,125

16,122

As of

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Tangible common equity

Total common stockholders’ equity

504,939

493,837

$ 477,802

$ 454,074

$ 443,743

Less: goodwill and other intangibles

(20,327

)

(20,448

)

(20,580

)

(20,732

)

(20,884

)

Tangible common equity

484,612

473,389

$ 457,222

$ 433,342

$ 422,859

Tangible assets

Total assets

4,646,374

4,480,500

$ 4,479,437

$ 4,363,674

$ 4,405,209

Less: goodwill and other intangibles

(20,327

)

(20,448

)

(20,580

)

(20,732

)

(20,884

)

Tangible assets

4,626,047

4,460,052

$ 4,458,857

$ 4,342,942

$ 4,384,325

Shares outstanding

16,342,219

16,293,577

16,247,839

16,230,475

16,235,647

Total stockholders’ equity to total assets

10.87

11.02

10.67

10.41

10.07

Tangible common equity to tangible assets

10.48

10.61

10.25

9.98

9.64

Book value per share

30.90

30.31

29.41

27.98

27.33

Tangible book value per share

29.65

29.05

28.14

26.70

26.05

EX-99.2 — EXHIBIT 99.2

EX-99.2

Filename: ef20071650_ex99-2.htm · Sequence: 3

Exhibit 99.2

South Plains Financial First Quarter 2026 Earnings Presentation April 28,

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 further reductions in interest rates and a resulting decline in net interest income; the lingering inflationary pressures, and the risk of

the United States and our market areas; adverse changes in customer spending, borrowing and savings habits; declines in commercial real estate values and prices; a deterioration of the credit rating for U.S. long-term sovereign debt or the

impact of uncertain or changing political conditions, including federal government shutdowns and uncertainty regarding United States fiscal debt, deficit and budget matters; cyber incidents or other failures, disruptions or breaches of our

operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; severe weather, natural disasters, 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 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

First Quarter 2026 Highlights Net income for 1Q’26 was $14.5 million, compared

to $15.3 million for 4Q’25 Diluted earnings per share for 1Q’26 was $0.85, compared to $0.90 for 4Q’25 Net interest margin was 4.04% for 1Q’26, compared to 4.00% for 4Q’25 Loans HFI were $3.10 billion as of March 31, 2026, compared to

$3.14 billion as of December 31, 2025 Deposits totaled $4.03 billion as of March 31, 2026, compared to $3.87 billion as of December 31, 2025 Nonperforming assets to total assets improved to 0.13% as of March 31, 2026, compared to 0.26% as

of December 31, 2025 Tangible book value (non-GAAP) per share(2) was $29.65 as of March 31, 2026, compared to $29.05 as of December 31, 2025 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”) $3.10 B Average Yield on Loans 6.83% Net Income $14.5 M EPS - Diluted $0.85 Net Interest Margin (1) (“NIM”) 4.04% Total

Deposits $4.03 B Return on Average Assets (“ROAA”) 1.31% Efficiency Ratio 65.33% First Quarter 2026

Loan Portfolio 1Q’26 Highlights Loans HFI decreased by $41.0 million, or 1.3%,

from 4Q'25, primarily due to the expected early payoff of a $29.7 million multifamily loan and seasonal net paydowns in agricultural loans of $24.4 million, partially offset by organic growth The average yield on loans was 6.83% for 1Q’26,

compared to 6.79% for 4Q’25. There was problem loan interest and fee recoveries as noted: 1Q’26 - $545 thousand; positively impacted the loan yield by 7 bps 3Q’25 - $640 thousand; positively impacted the loan yield by 8 bps 2Q’25 - $1.7

million; positively impacted the loan yield by 23 bps Total Loans HFI $ in Millions 5 Source: Company documents

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 6 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

Major Metropolitan Market Loan Growth 1Q’26 Highlights Loans HFI in our major

metropolitan markets(1) declined $23 million in 1Q’26 as compared to 4Q’25 largely due to the expected early payoff of a $29.7 million multifamily loan Our major metropolitan market loan portfolio represents 32.4% of the Bank’s total loans

HFI on March 31, 2026 Bank of Houston had approximately $627 million in loans at March 31, 2026, providing important scale in Houston, Texas - one of the fastest growing MSAs in the country 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 $ 161.0 Residential C&D 227.5 CRE Owner/Occ. 416.7 Other CRE Non Owner/Occ. 569.2 Multi-Family 198.6 C&I 483.2 Agriculture 139.6 1-4 Family 589.0 Auto 256.1 Other

Consumer 62.6 Total $ 3,103.5 Fixed vs. Variable Rate 8 Source: Company documents Data as of March 31, 2026

Non-Owner Occupied CRE Portfolio 9 Details NOO CRE was 37.3% of total loans

HFI, consistent with 37.0% at December 31, 2025 NOO CRE portfolio is made up of $769.2 million of income producing loans and $387.2 million of construction, acquisition, and development loans Estimated weighted average LTV of

income-producing NOO CRE was 58% Office NOO CRE loans were 4.5% of total LHI and had a weighted average LTV of 57% NOO CRE loans past due 90+ days or nonaccrual: 15 basis points of portfolio NOO CRE(1) Sector Breakdown Source: Company

documents Data as of March 31, 2026 (1) Non-owner occupied commercial real estate (“NOO CRE”) Property Type ($ in millions) Income-producing: Multi-family $ 198.6 Retail 181.8 Office 140.9 Industrial 149.7

Hospitality 41.8 Other 56.4 Construction, acquisition, and development: Residential construction 103.4 Other 283.8 Total $ 1,156.4

Indirect Auto Overview Indirect Auto Highlights Indirect auto loans totaled

$238.3 million on March 31, 2026, compared to $241.4 million on December 31, 2025 Strong credit quality in the sector, positioned for resiliency across economic cycles(1): Super Prime Credit (>719): $165.5 million Prime Credit

(719-660): $45.6 million Near Prime Credit (659-620): $12.7 million Sub-Prime Credit (619-580): $6.2 million Deep Sub-Prime Credit (<580): $8.2 million Loans past due 30+ days: 17 bps of the portfolio Non-car/truck (RV, boat, etc.) 1%

of this portfolio Indirect Auto Credit Breakdown 10 Source: Company documents Data as of March 31, 2026 (1) Credit score level most recently obtained

Noninterest Income Overview Noninterest Income $ in Millions 1Q’26

Highlights Noninterest income was $11.3 million for 1Q’26, compared to $10.9 million for 4Q’25; primarily due to: An increase of $1.5 million in mortgage banking revenues, mainly due to the quarter-over-quarter change of $915 thousand

dollars in the MSR fair value adjustment, as can be seen on the following slide The increase was partially offset by an $801 thousand loss in a Small Business Investment Company (“SBIC”) investment due to negative performance of one of the

companies in the fund 11 Source: Company documents Note: Mortgage servicing rights fair value (“MSR FV”)

Mortgage Banking Revenue Mortgage Servicing Rights Adjustments $ in

Thousands 1Q’26 Highlights The increase of $1.5 million in mortgage banking revenues was mainly due to a $915 thousand increase in the quarterly MSR FV adjustment as interest rates that effect the value rose in 1Q’26 as compared to the

linked quarter In 1Q’26, MSRs were written up by $250 thousand as compared to a write down of $665 thousand in 4Q’25 12 Source: Company documents Note: Mortgage servicing rights (“MSR”); Mortgage Banking Revenue (“MBR”); MSR Fair Value

(“MSR FV”) 1Q’26 4Q'25 3Q'25 2Q'25 1Q’25 Mortgage Banking Revenue $ 3,918 2,390 2,575 3,606 2,113 MSR FV Adj. $ 250 (665) (925) (156) (1,585) MBR Excluding MSR FV

Adj $ 3,668 3,055 3,500 3,762 3,698 MSR FV Adj. QoQ Delta $ 915 260 (769) 1,429 (3,035)

Diversified Revenue Stream Three Months Ended March 31, 2026 Total

Revenues $54.1 million Noninterest Income $11.3 million 13 Source: Company documents

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

Millions 1Q’26 Highlights Net interest income (“NII”) of $42.9 million, compared to $43.0 million in 4Q’25 Net interest margin, calculated on a tax-equivalent basis, was 4.04% in 1Q26, compared to 4.00% in 4Q25. There was problem loan

interest and fee recoveries as noted: 1Q’26 - $545 thousand; positively impacted NIM by 5 bps 3Q’25 - $640 thousand; positively impacted the loan yield by 6 bps 2Q’25 NIM - $1.7 million; positively impacted the loan yield by 17

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

Deposit Portfolio Total Deposits $ in Millions 1Q’26 Highlights Total

deposits of $4.03 billion at 1Q’26, an increase of $153.5 million from 4Q’25, mainly due to organic growth in retail, commercial, and public fund deposits Cost of interest-bearing deposits decreased to 2.64% from 2.75% in 4Q’25 Cost of

deposits was 197 basis points for 1Q’26, 4 basis points lower than 4Q’25 Noninterest-bearing deposits to total deposits were 25.7% at March 31, 2026 15 Source: Company documents

Granular Deposit Base & Ample Liquidity Total Borrowing Capacity $2.0

Billion 16 Total Deposit Base Breakdown Average deposit account size is approximately $38 thousand City Bank’s percentage of estimated uninsured or uncollateralized deposits is 23% of total deposits City Bank had $2.00 billion of

available borrowing capacity through the Federal Home Loan Bank of Dallas (“FHLB”) and the Federal Reserve Bank of Dallas (“FRB”) No borrowings utilized from these sources during 1Q’26 Source: Company documents Data as of March 31, 2026

Credit Quality 1Q’26 Highlights Nonperforming Ratios Net Charge-Offs to

Average Loans ACL(1) to Total Loans HFI 17 Provision for credit losses of $260 thousand in 1Q’26, compared to $1.8 million in 4Q’25 The decrease in provision for 1Q’26 as compared to 4Q25 was largely attributable to the decrease in loan

balances, a decrease of $4.8 million in nonperforming loans, and a decrease of $460 thousand in loan net charge-offs Source: Company documents Allowance for Credit Losses (“ACL”)

Investment Securities 1Q’26 Highlights Investment securities totaled $602.9

million, a $35.3 million increase from 4Q’25. 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 5.86 years at March 31, 2026 1Q’26 Securities Composition $602.9 million Securities & Cash $ in Millions 18 Source: Company documents

Noninterest Expense and Efficiency Noninterest Expense $ in Millions 1Q’26

Highlights Noninterest expense increased $2.5 million from 4Q’25, largely attributable to: An increase of $1.8 million in personnel expenses, mainly the result of annual salary adjustments and higher incentive-based compensation

expense Increase of $1.0 million in acquisition related expenses; total for 1Q’26 was $1.5 million compared to $500 thousand in 4Q’25; these expenses are in professional services and other noninterest expense Efficiency ratio of 65.3% in

1Q’26 as compared to 61.0% in 4Q’25 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 one of the fastest-growing major U.S. MSAs 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

A Texas-wide Franchise 1Q’26 Combined Pro Forma(1) Highlights 210 bps Cost

of Deposits 4.02% Net Interest Margin Deepens SPFI’s footprint in the high-growth Houston market Provides meaningful EPS accretion and attractive TBV earnback (<3.0 years) Strengthens community banking presence with aligned culture

and leadership Consolidated BOH Financials At or as of the first quarter ended March 31, 2026 Enhances our opportunity to capitalize on recent market disruption 23 $632 million of in loans held for investment with a portfolio yield of

6.94% $596 million of deposits: Where noninterest bearing deposits represent 16% of total deposits; and, interest bearing deposits had a cost of 342 basis points $15 million in borrowings NIM was 3.90% BOH had $226 thousand dollars of

noninterest income, and their noninterest expense was $4 million dollars for the first quarter, excluding transaction related expenses Source: Company documents (1) At or as of the first quarter ended March 31, 2026

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. 24

Appendix 25

Non-GAAP Financial Measures 26 Source: Company documents $ in thousands,

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

income $ 14,545 $ 15,254 $ 16,318 $ 14,605 $ 12,294 Income tax expense 3,816 3,832 4,342 4,020 3,408 Provision for credit losses 260 1,775 500 2,500 420 Pre-tax, pre-provision

income $ 18,621 $ 20,861 $ 21,160 $ 21,125 $ 16,122 As of March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Tangible common equity

Total common stockholders’ equity $ 504,939 $ 493,837 $ $ 477,802 $ $ 454,074 $ $ 443,743 Less: goodwill and other intangibles (20,327) (20,448) (20,580) (20,732) (20,884)

Tangible common equity $ 484,612 $ 473,389 $ $ 457,222 $ $ 433,342 $ $ 422,859 Tangible assets

Total assets $ 4,646,374 $ 4,480,500 $ $ 4,479,437 $ $ 4,363,674 $ $ 4,405,209 Less: goodwill and other intangibles (20,327) (20,448) (20,580) (20,732) (20,884)

Tangible assets $ 4,626,047 $ 4,460,052 $ $ 4,458,857 $ $ 4,342,942 $ $ 4,384,325 Shares outstanding 16,342,219 16,293,577

16,247,839 16,230,475 16,235,647 Total stockholders’ equity to total assets 10.87% 11.02% 10.67% 10.41% 10.07% Tangible common equity to tangible assets 10.48%

10.61% 10.25% 9.98% 9.64% Book value per share $ 30.90 $ 30.31 $ 29.41 $ 27.98 $ 27.33 Tangible book value per share $ 29.65 $ 29.05 $ 28.14 $ 26.70 $ 26.05

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