South Plains Financial, Inc. · NASDAQ:SPFI
South Plains Financial — Q1 2026 Earnings Presentation
26 slides from South Plains Financial's earnings presentation, Apr 28, 2026
Slide 1: First Quarter 2026 Earnings Presentation
South Plains Financial First Quarter 2026 Earnings Presentation April 28, 2026
Slide 2: Safe Harbor Statement and Other Disclosures
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 t
Slide 3: Today's Speakers
Today’s Speakers ▪ Elected to the board of directors of First State Bank of Morton, Texas, in 1972 and employed by it in 1979 Curtis C. Griffith ▪ Elected Chairman of the First State Bank of Morton board Chairman & Chief Executive in 1984 Officer ▪ Chairman of the Board of City Bank and the Company
Slide 4: First Quarter 2026 Highlights
First Quarter 2026 Highlights First Quarter 2026 Net Income Net Interest Margin (1) Loans Held for Investment Return on Average Assets $14.5 M (“NIM”) 4.04% (“HFI”) $3.10 B (“ROAA”) 1.31% EPS - Diluted Total Deposits Average Yield on Loans Efficiency Ratio $0.85 $4.03 B 6.83% 65.33% Net income for
Slide 5: Loan Portfolio
Loan Portfolio Total Loans HFI 1Q’26 Highlights $ in Millions Loans HFI decreased by $41.0 million, or 1.3%, from 4Q'25, primarily due to the expected early $3,145 $3,076 $3,099 $3,104 payoff of a $29.7 million multifamily loan and $3,054 seasonal net paydowns in agricultural loans of $24.4 millio
Slide 6: Attractive Markets Poised for Organic Growth
Attractive Markets Poised for Organic Growth Largest MSA in Texas and fourth largest in the The Permian Basin is the largest oil producing nation region in the U.S., spanning West Texas and southeastern New Mexico Steadily expanding population that accounts for over 26% of the state’s populati
Slide 7: Major Metropolitan Market Loan Growth
Major Metropolitan Market Loan Growth Total Metropolitan Market Loans (1) 1Q’26 Highlights $ in Millions 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 $1,040 $1,028 $1,014 $1,014 $1,005 a $29.7 million
Slide 8: Loan HFI Portfolio
Loan HFI Portfolio Loan Mix Fixed vs. Variable Rate Fixed - Matures over 1 year Other Commercial 22% Fixed - Matures 12mo or less Consumer, 2% C&D, 5% Residential 9% C&D, 7% Variable - Immediately Repricable Auto, 8% 42% Variable - Mature or Reprice 12mo 20% or less Variable - Mature or Reprice over
Slide 9: Non-Owner Occupied CRE Portfolio
Non-Owner Occupied CRE Portfolio NOO CRE(1) Sector Breakdown Details NOO CRE was 37.3% of total loans HFI, Other C&D, 25% consistent with 37.0% at December 31, 2025 Residential Construction, 9% NOO CRE portfolio is made up of $769.2 million Multi-family, 17% of income producing loans and $387.2
Slide 10: Indirect Auto Overview
Indirect Auto Overview Indirect Auto Credit Breakdown Indirect Auto Highlights 2.6% 3.4% Indirect auto loans totaled $238.3 million on March 31, 2026, compared to $241.4 million on December 31, 2025 5.3% Strong credit quality in the sector, positioned for 19.2% resiliency across economic cycles(
Slide 11: Noninterest Income Overview
Noninterest Income Overview Noninterest Income 1Q’26 Highlights $ in Millions Noninterest income was $11.3 million for 1Q’26, $13.0 compared to $10.9 million for 4Q’25; primarily $12.2 due to: $12.0 o An increase of $1.5 million in mortgage $11.2 $11.3 $10.9 banking revenues, mainly due to the $11
Slide 12: Mortgage Banking Revenue
Mortgage Banking Revenue 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
Slide 13: Diversified Revenue Stream
Diversified Revenue Stream Three Months Ended March 31, 2026 Total Revenues Noninterest Income $54.1 million $11.3 million Trust, 7% Investment Services, 5% Service Charges on Deposits, 20% Other, 5% Net Interest Noninterest Income, 79% Income, 21% Interchange Fees, 28% Mortgage, 35% 13 Source: Comp
Slide 14: Net Interest Income and Margin
Net Interest Income and Margin Net Interest Income & Margin (1) 1Q’26 Highlights $ in Millions $42.5 $43.0 $43.0 $42.9 Net interest income (“NII”) of $42.9 million, compared to $43.0 million in 4Q’25 $38.5 Net interest margin, calculated on a tax- equivalent basis, was 4.04% in 1Q26, compared to
Slide 15: Deposit Portfolio
Deposit Portfolio Total Deposits 1Q’26 Highlights $ in Millions Total deposits of $4.03 billion at 1Q’26, an $4,027 increase of $153.5 million from 4Q’25, mainly $3,793 $3,881 $3,874 due to organic growth in retail, commercial, $3,739 and public fund deposits Cost of interest-bearing deposits de
Slide 16: Granular Deposit Base & Ample Liquidity
Granular Deposit Base & Ample Liquidity Total Deposit Base Total Borrowing Capacity Breakdown $2.0 Billion Rural Commercial: Markets: FHLB: 45% 80% $1,295 Retail: FRB: $702 45% Metro Markets: 20% Public Funds: 10% Dollars in millions Average deposit account size is approximately $38 City Bank ha
Slide 17: Credit Quality
Credit Quality Nonperforming Ratios 1Q’26 Highlights 0.34% 0.32% Provision for credit losses of $260 thousand 0.31% 0.26% 0.26% in 1Q’26, compared to $1.8 million in 4Q’25 0.25% The decrease in provision for 1Q’26 as 0.21% 0.16% 0.16% 0.13% compared to 4Q25 was largely attributable to the decrea
Slide 18: Investment Securities
Investment Securities Securities & Cash 1Q’26 Highlights $ in Millions Investment securities totaled $602.9 million, $722 a $35.3 million increase from 4Q’25. $536 $635 $552 $471 All securities are classified as available for sale $572 $570 $571 $567 $603 All municipal bonds are in Texas; fair
Slide 19: Noninterest Expense and Efficiency
Noninterest Expense and Efficiency Noninterest Expense 1Q’26 Highlights $ in Millions 150.0% Noninterest expense increased $2.5 million $38.0 $35.5 from 4Q’25, largely attributable to: 130.0% $36.0 o An increase of $1.8 million in $33.5 personnel expenses, mainly the result $34.0 $33.0 $33.0 $33.0
Slide 20: Balance Sheet Growth and Development
Balance Sheet Growth and Development Balance Sheet Highlights Tangible Book Value Per Share (1) $ in Millions $4,646 $29.65 $4,405 $29.05 $4,028 $3,793 $28.14 $3,076 $3,103 $26.70 $26.05 $444 $505 Total Assets Total Loans Total Total 1Q25 2Q25 3Q25 4Q25 1Q26 HFI Deposits Stockholders' Equity 31-Mar-
Slide 21: Strong Capital Base
Strong Capital Base Tangible Common Equity to Tangible Assets Ratio(1) Common Equity Tier 1 Ratio 14.80% 10.61% 10.48% 14.41% 14.45% 10.25% 9.98% 13.86% 9.64% 13.59% 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 Tier 1 Capital to Average Assets Ratio Total Capital to Risk-Weighted Assets Ratio 1
Slide 22: Merger with BOH Holdings, Inc. Completed
Merger with BOH Holdings, Inc. Completed Strengthens Position in Houston Market Building a Bank for the Future Enhances a top-tier community banking presence in one of the fastest-growing major U.S. MSAs Situated in some of the highest growth markets in Creates a more balanced, diversified Texas
Slide 23: A Texas-wide Franchise Consolidated BOH Financials
A Texas-wide Consolidated BOH Financials Franchise At or as of the first quarter ended March 31, 2026 Deepens SPFI’s footprint in the high-growth $632 million of in loans held for investment Houston market with a portfolio yield of 6.94% Provides meaningful EPS accretion and $596 million of depo
Slide 24: SPFI's Core Purpose and Values Align
SPFI’s Core Purpose and Values Align Centered on Relationship-Based Business 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. Our Core Purpose is: To use th
Slide 25: Appendix
South Plains Financial, Inc. Appendix
Slide 26: Non-GAAP Financial Measures
Non-GAAP Financial Measures For the quarter ended March 31, December 31, September 30, June 30, March 31, 2026 2025 2025 2025 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,
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