South Plains Financial, Inc. A

LUBBOCK, Texas, May 19, 2022 (GLOBE NEWSWIRE) — South Plains Financial, Inc. (SPFI, Financial) (“South Plains” or the “Company”), today announced that the Company’s Board of Directors (the “Board”) has approved a new share buyback program of up to $15.0 million dollars of outstanding common shares of the Company. (the “new share repurchase program”), commencing on the date on which the existing share repurchase program expires due to the exhaustion of the funds previously allocated to it by the board of directors (the “expiring share buyback program”) and ending on May 21, 2023, subject to early termination or extension of the new share buyback program by the Board of Directors. The expiring stock repurchase program, originally announced on Nov. 1, 2021, has approximately $1.6 million of remaining funds previously allocated by the board of directors to repurchase common stock of the company.

Under the new share repurchase program, the Company may repurchase common shares from time to time through open market purchases or over-the-counter transactions. Any open market redemptions will be made in accordance with the limitations set forth in Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and other applicable legal requirements. Repurchases under the new share repurchase program may also be made pursuant to a Rule 10b5-1 trading plan under the Exchange Act, which would allow shares to be repurchased when the company could otherwise be prevented from doing so due to a self-imposed trading ban. periods or other regulatory restrictions. The extent to which the Company repurchases its shares and the timing of such repurchases will depend on a variety of factors, including the performance of the Company’s share price, general market and economic conditions, regulatory requirements, the availability funds and other relevant factors. considerations, as determined by the Company. The Company may, at its discretion, begin or end buybacks at any time before the expiration of the new share buyback program, without notice.

About South Plains Financial, Inc.

South Plains is the bank holding company of City Bank, a Texas state chartered bank headquartered in Lubbock, Texas. City Bank is one of the largest independent banks in West Texas with additional banking operations in the Dallas, El Paso, Greater Houston, Permian Basin and College Station, Texas markets and at the Ruidoso, New Mexico market. South Plains offers a wide range of commercial and consumer financial services to small and medium businesses and individuals in its market areas. Its main business activities include commercial and retail banking, as well as insurance, investment, trust and mortgage services. Please visit https://www.spfi.bank for more information.

Information available

The Company regularly publishes important information for investors on its website (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 website as a means to disclose material nonpublic information and to comply with its disclosure obligations under Fair Disclosure (FD) regulations promulgated by the United States Securities and Exchange Commission. States (the “SEC”). Accordingly, investors should monitor the Company’s website, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.

Information contained on or accessible through the Company’s website is not incorporated by reference into, and does not form 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 beliefs regarding future events. Any statements regarding South Plains’ expectations, beliefs, plans, predictions, forecasts, goals, assumptions, or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made using words or phrases such as “anticipate”, “believe”, “may”, “could”, “may”, “predict”, “potential”, “should”, “shall”, “estimate”, “plan”, “projects”, “continue”, “in progress”, “expect”, “intend” and similar words or expressions. South Plains cautions that the forward-looking statements contained in this press release are based in large part 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 that are, in many cases, beyond South Plains control. Factors that could cause such changes include, but are not limited to, general economic conditions, the extent of the impact of the COVID-19 pandemic (and any current or future variants thereof) on our customers, changes in interest rates, regulatory considerations, opportunities for competition and market expansion, changes in non-interest expenses or in the expected benefits of such expenses, and changes in applicable laws and regulations. Additional information regarding such risks and uncertainties to which South Plains’ future business and financial performance is subject is contained in South Plains’ most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the SEC. , and others document South Plains’ filings with the SEC from time to time. South Plains urges readers of this press release to review the “Risk factors” section of our most recent Annual Report on Form 10-K, as well as the “Risk factors» other documents that South Plains files or provides to the SEC from time to time, which are available at 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 that it does not currently believe to be , but in the future could become material to its business or results of operations. Due to these and other possible risks and uncertainties, the Company cannot guarantee that the results contemplated in the forward-looking statements will occur and readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. All forward-looking statements set forth herein are made only as of the date of this press release, and South Plains undertakes no obligation to update or revise any forward-looking statements to reflect changes in assumptions, new information, the occurrence of unforeseen events, or otherwise, except as required by law. All forward-looking statements, express or implied, included in the press release are qualified in their entirety by this cautionary statement.

Source: South Plains Financial, Inc.

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