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

LUBBOCK, Texas, Oct. 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 [email protected] 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 0.17 0.16 0.16 Book value 33.04 33.43 30.90 30.31 29.41 Tangible book value (non-GAAP) 29.23 29.60 29.65 29.05 28.14 Weighted average shares outstanding, basic 18,844,259 19,100,893 16,318,570 16,248,336 16,241,695 Weighted average shares outstanding, dilutive 19,601,363 19,809,801 17,036,334 16,996,517 16,990,546 Shares outstanding at end of period 18,847,573 18,839,105 16,342,219 16,293,577 16,247,839 Selected Period End Balance Sheet Data: Cash and cash equivalents 776,735 787,757 722,000 552,439 635,046 Investment securities 518,347 555,427 602,852 567,540 571,138 Total loans held for investment 3,831,138 3,771,434 3,103,529 3,144,502 3,053,503 Allowance for credit losses 52,768 53,076 44,822 45,131 44,125 Total assets 5,410,874 5,391,206 4,646,374 4,480,500 4,479,437 Interest-bearing deposits 3,481,584 3,488,985 2,993,469 2,850,560 2,831,642 Noninterest-bearing deposits 1,179,107 1,151,641 1,034,117 1,023,517 1,049,501 Total deposits 4,660,691 4,640,626 4,027,586 3,874,077 3,881,143 Borrowings 60,493 60,493 60,493 60,493 60,493 Total stockholders’ equity 622,756 629,765 504,939 493,837 477,802 Summary Performance Ratios: Return on average assets (annualized) 1.53 % 1.44 % 1.31 % 1.36 % 1.47 % Return on average equity (annualized) 13.15 % 12.17 % 11.81 % 12.46 % 13.89 % Net interest margin (1) 4.00 % 4.00 % 4.04 % 4.00 % 4.05 % Yield on loans 6.75 % 6.81 % 6.83 % 6.79 % 6.92 % Cost of interest-bearing deposits 2.73 % 2.74 % 2.64 % 2.75 % 2.87 % Efficiency ratio 58.12 % 61.59 % 65.33 % 61.02 % 60.69 % Summary Credit Quality Data: Nonperforming loans 15,313 9,506 5,093 9,805 9,709 Nonperforming loans to total loans held for investment 0.40 % 0.25 % 0.16 % 0.31 % 0.32 % Other real estate owned 1,722 790 994 1,749 1,827 Nonperforming assets to total assets 0.31 % 0.19 % 0.13 % 0.26 % 0.26 % Allowance for credit losses to total loans held for investment 1.38 % 1.41 % 1.44 % 1.44 % 1.45 % Net charge-offs to average loans outstanding (annualized) 0.13 % 0.06 % 0.04 % 0.10 % 0.16 % As of and for the quarter ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Capital Ratios: Total stockholders’ equity to total assets 11.51 % 11.68 % 10.87 % 11.02 % 10.67 % Tangible common equity to tangible assets (non-GAAP) 10.32 % 10.48 % 10.48 % 10.61 % 10.25 % Common equity tier 1 to risk-weighted assets 14.20 % 14.11 % 14.80 % 14.45 % 14.41 % Tier 1 capital to average assets 12.42 % 12.21 % 12.68 % 12.53 % 12.37 % Total capital to risk-weighted assets 16.61 % 16.54 % 17.61 % 17.26 % 17.34 % (1) Net interest margin is calculated as the annual net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets. South Plains Financial, Inc. Average Balances and Yields - (Unaudited) (Dollars in thousands) For the Three Months Ended September 30, 2026 September 30, 2025 Average Average Balance Interest Yield/Rate Balance Interest Yield/Rate Assets Loans (1) $ 3,847,368 $ 65,502 6.75 % $ 3,093,465 $ 53,935 6.92 % Debt securities - taxable 468,562 4,166 3.53 % 498,302 4,638 3.69 % Debt securities - nontaxable 151,800 1,075 2.81 % 155,028 1,080 2.76 % Other interest-bearing assets 658,298 5,900 3.56 % 489,621 5,101 4.13 % Total interest-earning assets 5,126,028 76,643 5.93 % 4,236,416 64,754 6.06 % Noninterest-earning assets 243,848 169,345 Total assets $ 5,369,876 $ 4,405,761 Liabilities & stockholders’ equity NOW, Savings, MMDA’s $ 2,899,510 18,784 2.57 % $ 2,325,281 16,007 2.73 % Time deposits 594,664 5,254 3.51 % 424,788 3,918 3.66 % Short-term borrowings 7 - 0.00 % 7 - 0.00 % Notes payable & other long-term borrowings - - 0.00 % - - 0.00 % Subordinated debt 14,100 238 6.70 % 63,534 835 5.21 % Junior subordinated deferrable interest debentures 46,393 673 5.76 % 46,393 741 6.34 % Total interest-bearing liabilities 3,554,674 24,949 2.78 % 2,860,003 21,501 2.98 % Demand deposits 1,109,748 1,010,159 Other liabilities 79,193 69,661 Stockholders’ equity 626,261 465,938 Total liabilities & stockholders’ equity $ 5,369,876 $ 4,405,761 Net interest income $ 51,694 $ 43,253 Net interest margin (2) 4.00 % 4.05 % (1) Average loan balances include nonaccrual loans and loans held for sale. (2) Net interest margin is calculated as the annualized net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets. South Plains Financial, Inc. Average Balances and Yields - (Unaudited) (Dollars in thousands) For the Nine Months Ended September 30, 2026 September 30, 2025 Average Average Balance Interest Yield/Rate Balance Interest Yield/Rate Assets Loans (1) $ 3,585,041 $ 182,298 6.80 % $ 3,087,530 $ 158,406 6.86 % Debt securities - taxable 480,312 12,689 3.53 % 505,721 14,030 3.71 % Debt securities - nontaxable 152,488 3,232 2.83 % 153,486 3,109 2.71 % Other interest-bearing assets 625,077 16,525 3.53 % 444,473 13,707 4.12 % Total interest-earning assets 4,842,918 214,744 5.93 % 4,191,210 189,252 6.04 % Noninterest-earning assets 218,662 169,264 Total assets $ 5,061,580 $ 4,360,474 Liabilities & stockholders’ equity NOW, Savings, MMDA’s $ 2,746,269 52,191 2.54 % $ 2,318,134 47,408 2.73 % Time deposits 544,710 14,441 3.54 % 435,127 12,406 3.81 % Short-term borrowings 1,250 38 4.06 % 9 - 0.00 % Notes payable & other long-term borrowings - - 0.00 % - - 0.00 % Subordinated debt 14,100 719 6.82 % 63,850 2,505 5.25 % Junior subordinated deferrable interest debentures 46,393 1,994 5.75 % 46,393 2,209 6.37 % Total interest-bearing liabilities 3,352,722 69,383 2.77 % 2,863,513 64,528 3.01 % Demand deposits 1,067,204 978,426 Other liabilities 57,696 66,471 Stockholders’ equity 583,958 452,064 Total liabilities & stockholders’ equity $ 5,061,580 $ 4,360,474 Net interest income $ 145,361 $ 124,724 Net interest margin (2) 4.01 % 3.98 % (1) Average loan balances include nonaccrual loans and loans held for sale. (2) Net interest margin is calculated as the annualized net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets. South Plains Financial, Inc. Consolidated Balance Sheets (Unaudited) (Dollars in thousands) As of September 30, 2026 December 31, 2025 Assets Cash and due from banks $ 48,735 $ 58,318 Interest-bearing deposits in banks 728,000 494,121 Securities available for sale 518,347 567,540 Loans held for sale 10,451 9,993 Loans held for investment 3,831,138 3,144,502 Less: Allowance for credit losses (52,768 ) (45,131 ) Net loans held for investment 3,778,370 3,099,371 Premises and equipment, net 51,154 51,563 Goodwill 66,592 19,315 Intangible assets 5,265 1,133 Mortgage servicing rights 27,616 24,041 Other assets 176,344 155,105 Total assets $ 5,410,874 $ 4,480,500 Liabilities and Stockholders’ Equity Noninterest bearing deposits $ 1,179,107 $ 1,023,517 Interest-bearing deposits 3,481,584 2,850,560 Total deposits 4,660,691 3,874,077 Short-term borrowings - - Subordinated debt 14,100 14,100 Junior subordinated deferrable interest debentures 46,393 46,393 Other liabilities 66,934 52,093 Total liabilities 4,788,118 3,986,663 Stockholders’ Equity Common stock 18,848 16,294 Additional paid-in capital 195,307 91,065 Retained earnings 479,082 434,197 Accumulated other comprehensive income (loss) (70,481 ) (47,719 ) Total stockholders’ equity 622,756 493,837 Total liabilities and stockholders’ equity $ 5,410,874 $ 4,480,500 South Plains Financial, Inc. Consolidated Statements of Income (Unaudited) (Dollars in thousands) Three Months Ended Nine Months Ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Interest income: Loans, including fees $ 65,495 $ 53,928 $ 182,278 $ 158,384 Other 10,915 10,592 31,767 30,193 Total interest income 76,410 64,520 214,045 188,577 Interest expense: Deposits 24,038 19,925 66,632 59,814 Subordinated debt 238 835 719 2,505 Junior subordinated deferrable interest debentures 673 741 1,994 2,209 Other - - 38 - Total interest expense 24,949 21,501 69,383 64,528 Net interest income 51,461 43,019 144,662 124,049 Provision for credit losses 830 500 1,440 3,420 Net interest income after provision for credit losses 50,631 42,519 143,222 120,629 Noninterest income: Service charges on deposits 2,531 2,266 7,152 6,505 Mortgage banking activities 4,878 2,575 13,643 8,294 Bank card services and interchange fees 3,542 3,403 10,868 10,553 Other 2,859 2,921 7,585 8,603 Total noninterest income 13,810 11,165 39,248 33,955 Noninterest expense: Salaries and employee benefits 22,388 19,413 66,059 58,562 Net occupancy expense 4,390 4,046 12,673 12,045 Professional services 1,940 1,293 6,745 4,897 Marketing and development 1,028 979 3,061 2,803 Other 8,328 7,293 24,926 21,290 Total noninterest expense 38,074 33,024 113,464 99,597 Income before income taxes 26,367 20,660 69,006 54,987 Income tax expense 5,602 4,342 14,704 11,770 Net income $ 20,765 $ 16,318 $ 54,302 $ 43,217 South Plains Financial, Inc. Loan and Deposit Composition (Unaudited) (Dollars in thousands) As of September 30, 2026 December 31, 2025 September 30, 2025 Loans: Commercial Real Estate $ 1,364,396 $ 1,064,625 $ 1,035,926 Commercial - Specialized 435,051 409,351 377,783 Commercial - General 835,328 659,323 629,256 Consumer: 1-4 Family Residential 711,700 589,851 592,578 Auto Loans 270,688 259,157 256,281 Other Consumer 60,262 62,092 63,727 Construction 153,713 100,103 97,952 Total loans held for investment $ 3,831,138 $ 3,144,502 $ 3,053,503 Deposits: Noninterest-bearing deposits $ 1,179,107 $ 1,023,517 $ 1,049,501 NOW & other transaction accounts 1,453,376 1,307,596 1,291,756 MMDA & other savings 1,462,222 1,111,529 1,114,945 Time deposits 565,986 431,435 424,941 Total deposits $ 4,660,691 $ 3,874,077 $ 3,881,143 South Plains Financial, Inc. Reconciliation of Non-GAAP Financial Measures (Unaudited) (Dollars in thousands) For the three months ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Pre-tax, pre-provision income Net income $ 20,765 $ 18,992 $ 14,545 $ 15,254 $ 16,318 Income tax expense 5,602 5,286 3,816 3,832 4,342 Provision for credit losses 830 350 260 1,775 500 Pre-tax, pre-provision income $ 27,197 $ 24,628 $ 18,621 $ 20,861 $ 21,160 As of September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Tangible common equity Total common stockholders’ equity $ 622,756 $ 629,765 $ 504,939 $ 493,837 $ 477,802 Less: goodwill and other intangibles (71,857 ) (72,218 ) (20,327 ) (20,448 ) (20,580 ) Tangible common equity $ 550,899 $ 557,547 $ 484,612 $ 473,389 $ 457,222 Tangible assets Total assets $ 5,410,874 $ 5,391,206 $ 4,646,374 $ 4,480,500 $ 4,479,437 Less: goodwill and other intangibles (71,857 ) (72,218 ) (20,327 ) (20,448 ) (20,580 ) Tangible assets $ 5,339,017 $ 5,318,988 $ 4,626,047 $ 4,460,052 $ 4,458,857 Shares outstanding 18,847,573 18,839,105 16,342,219 16,293,577 16,247,839 Total stockholders’ equity to total assets 11.51 % 11.68 % 10.87 % 11.02 % 10.67 % Tangible common equity to tangible assets 10.32 % 10.48 % 10.48 % 10.61 % 10.25 % Book value per share $ 33.04 $ 33.43 $ 30.90 $ 30.31 $ 29.41 Tangible book value per share $ 29.23 $ 29.60 $ 29.65 $ 29.05 $ 28.14