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South Plains Financial, Inc. — South Plains Financial, Inc. Fourth Quarter 2025 Earnings Presentation (company IR deck)
South Plains Financial, Inc. (SPFI) · 26 slides · Filed Oct 23, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All SPFI deck slides
Slide 1 — Earnings Presentation
South Plains Financial Fourth Quarter 2025 Earnings Presentation January 26, 2026
Slide 2 — Safe Harbor Statement and Other Disclosures
Safe Harbor Statement and Other Disclosures FORWARD - LOKING STATEMENTS This presentation contains, and future oral and writen statements of South Plains Financial, Inc . (—South Plains“, —SPFI“, or the —Company“) and City Bank (—City Bank“ or the —Bank“) may contain, forward - loking statements within the meaning of the Private Securities Litigation Reform Act of 195 . These forward - loking statements reflect South Plains‘ curent views with respect to future events and South Plains‘ financial performance . Any statements about South Plains‘ expectations, beliefs, plans, predictions, forecasts, objectives, asumptions or future events or performance are not historical facts and may be forward - loking . These statements are often, but not always, made through the use of words or phrases such as —anticipa —believes,“ —can,“ —could,“ —may,“ —predicts,“ —potential,“ —should,“ —will,“ —estimate,“ —plans,“ —projects,“ —continuing,“ —ongoing,“ —expects,“ —intends“ and similar words or phrases . Forward - loking statements include, but are not limited to : ( i ) projections and estimates of revenues, expenses, income or los, earnings or los per share, and other financial items, (i) statements of plans, objectives and expectations of South Plains or its management, (i) statements of future economic performance, and (iv) statements of asumptions underlying such statements . Forward - loking 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 materialy diferent from the anticipated future results, performance or achievements expresed in, or implied by, the forward - loking statements . Factors that could cause such diferences include, but are not limited to, the expected impact of the proposed transaction betwen South Plains and BOH Holdings, Inc . (—BOH“) and on the combined entities‘ operations, financial condition, and financial results ; the busineses of South Plains and BOH may not be combined sucesfuly, or such combination may take longer to acomplish than expected ; the cost savings from the proposed transaction may not be fuly realized or may take longer to realize than expected ; operating costs, customer los and busines disruption folowing the proposed transaction, including adverse efects on relationships with employes, may be greater than expected ; regulatory aprovals of the proposed transaction may not be obtained, or adverse conditions may be imposed in conection with regulatory aprovals of the proposed transaction ; the BOH shareholders may not aprove the proposed transaction ; 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 recesion 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 presures, and the risk of the resurgence of elevated levels of inflation, in the United States and our market areas ; the uncertain impacts of ongoing quantitative tightening and curent 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, borowing and savings habits ; declines in comercial 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 maters ; 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 - atacks ; severe weather, natural disasters, acts of war or terorism, geopolitical instability, domestic civil unrest or other external events, including as a result of the impact of the policies of the curent U . S . presidential administration or Congres ; the impacts of tarifs, 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 oportunities ; 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 inteligence and machine learnings ; potential costs related to the impacts of climate change ; curent or future litigation, regulatory examinations or other legal and/or regulatory actions ; changes in acounting principles and standards, including those related to loan los recognition under the curent expected credit los, or CECL, methodology ; and changes in aplicable laws regulations, or policies in the United States . Due to these and other posible uncertainties and risks, South Plains can give no asurance that the results contemplated in the forward - loking statements wil be realized and readers are cautioned not to place undue reliance on the forward - loking statements contained in this presentation . Aditional information regarding these factors and uncertainties to which South Plains‘ busines and future financial performance are subject is contained in South Plains most recent Anual Report on Form 10 - K and Quarterly Reports on Form 10 - Q on file with the U . S . Securities and Exchange Comision (the —SEC“), including the sections entitled "Risk Factors" and "Management's Discusion 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 . Further, any forward - loking statement speaks only as of the date on which it is made and South Plains undertakes no obligation to update or revise any forward - loking statement to reflect events or circumstances after the date on which the statement is made or to reflect the ocurence of unanticipated events, except as required by aplicable law . Al forward - loking statements, expres or implied, herein are qualified in their entirety by this cautionary statement . NON - GAP FINANCIAL MEASURES Management believes that certain non - GAP performance measures used in this presentation provide meaningful information about underlying trends in its busines and operations and provide both management and investors a more complete understanding of the Company‘s financial position and performance . Non - GAP financial measures should be viewed in adition to, and not as an alternative for, SPFI‘s reported results prepared in acordance with GAP . Non - GAP financial measures have limitations as analytical tols, 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 GAP . 2 Numbers in this presentation may not sum due to rounding.
Slide 3 — Today‘s Speakers
Today‘s Speakers Curtis C. Grifith C hairman & Chief Executive Oficer ƒElected to the board of directors of First State Bank of Morton, Texas, in 1972 and employed by it in 1979 ƒElected Chairman of the First State Bank of Morton board in 1984 ƒChairman of the Board of City Bank and the Company since 193 Steven B. Crocket Chief Financial Oficer & Treasurer ƒApointed Chief Financial Oficer in 2015 ƒPreviously Controler of City Bank and the Company for 14 and 5 years respectively ƒBegan carer in public acounting in 194 by serving for seven years with a local firm in Lubock, Texas Cory T. Newsom President ƒEntire banking carer with the Company focused on lending and operations ƒApointed President and Chief Executive Oficer of the Bank in 208 ƒJoined the Board in 208 3
Slide 4 — Fourth Quarter and Ful Year 2025 Highlights
Fourth Quarter and Ful Year 2025 Highlights 4 Source: Company documents (1) Net interest margin is calculated on a tax - equivalent basis (2) Tangible bok value per share is a non - GAP measure. Se apendix for the reconciliation of non - GAP measures to GAP Loans Held for Investment (—HFI“) $3.14 B Average Yield on Loans 6.79% Net Income $15.3 M EPS - Diluted $0.90 Net Interest Margin (1) (—NIM“) 4.00% Total Deposits $3.87 B Return on Average Asets (—ROAA“) 1.36% Eficiency Ratio 61.02% ‹For the ful year 2025, the Bank delivered diluted earnings per share of $3.4 as compared to $2.92 in 2024 ‹Achieved ful year 2025 loan growth of 2.9%, in line with the Company‘s low - mid single digit guidance. ‹Net interest margin expanded 25 bps to 4.0 % in the 4Q‘25 as compared to 3.75% in by a 28 bps decline in the average cost of deposits ‹Ended 2025 with a ful year ROA of 1.3% and eficiency ratio of 62.32% ‹Tangible bok value per share rose 14.4% to $29.05 at December 31, 2025, as compared to $25.40 at December 31, 2024 ‹Anounced a definitive merger agrement with BOH Holdings, Inc. on December 1, 2025, as South Plains strengthens its position in the fast - growing Houston MSA Ful Year 2025 Net Income $58.5 M EPS - Diluted $3.4 Tangible Bok Value Per Share (2) $29.05 Organic Loan Growth 2.9% Total Asets $4.48 B ROA 1.3% Eficiency Ratio 62.32% Fourth Quarter 2025
Slide 5 — Definitive Merger Anounced with BOH Holdings
Definitive Merger Anounced with BOH Holdings Building a Bank for the Future Houston Odesa Austin Midland > 1.4% Situated in the some of the highest growth markets in the country Projected 5 - Year Population CAGR > 1.0% TX NM Lubock Dalas South Plains Branch (24) BOH Branch (2) 5 Strengthens Position in Houston Market V Enhances a top - tier comunity banking presence in one of the fastest - growing major U.S. MSAs V Creates a more balanced, diversified Texas franchise V Expands SPFI‘s commercial and private banking relationships acros Houston and surounding counties V 1% acretive to EPS with tangible bok value earnback under 3 years V Drives improved profitability metrics and enhances long - term shareholder value V Wel - structured transaction providing atractive valuation and low execution risk Financialy Compeling Transaction V Preserves a shared focus on relationship - based client service V Provides leadership depth to suport continued expansion acros high - growth markets V Strong cultural compatibility ensuring smoth integration and sustained franchise momentum Ads Key Talent With Aligned Comunity Values