South Plains Financial, Inc. · NASDAQ:SPFI
South Plains Financial — Q4 2025 Earnings Presentation
26 slides from South Plains Financial's earnings presentation, Jan 26, 2026
Slide 1: South Plains Financial Fourth Quarter 2025 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-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, forward-looking statements withi
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: Fourth Quarter and Full Year 2025 Highlights
Fourth Quarter and Full Year 2025 Highlights Fourth Quarter 2025 Net Income Net Interest Margin (1) Loans Held for Investment Return on Average Assets $15.3 M (“NIM”) 4.00% (“HFI”) $3.14 B (“ROAA”) 1.36% EPS - Diluted Total Deposits Average Yield on Loans Efficiency Ratio $0.90 $3.87 B 6.79% 61.02%
Slide 5: Definitive Merger Announced with BOH Holdings
Definitive Merger Announced with BOH Holdings 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 the some of the highest growth ✓ Creates a more balanced, diversified Texas f
Slide 6: Loan Portfolio
Loan Portfolio Total Loans HFI 4Q'25 Highlights $ in Millions ✓ Loans HFI increased by $91 million, or 3.0% from 3Q'25, primarily due to organic loan growth in multi- $3,145 $3,099 family property loans, direct energy loans, and other $3,055 $3,076 $3,054 commercial loans. ✓ The average yield on loa
Slide 7: 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 8: Major Metropolitan Market Loan Growth
Major Metropolitan Market Loan Growth Total Metropolitan Market Loans (1) 4Q'25 Highlights $ in Millions ✓ Loans HFI in our major metropolitan markets(1) was $1.03 billion during 4Q'25 $1,058 $1,040 $1,014 $1,014 $1,028 ✓ Our major metropolitan market loan portfolio represents 32.7% of the Bank’s to
Slide 9: Loan HFI Portfolio
Loan HFI Portfolio Loan Mix Fixed vs. Variable Rate Fixed - Matures over 1 year Other Commercial 23% Fixed - Matures 12mo or less Consumer, 2% C&D, 4% Residential 9% C&D, 7% Variable - Immediately Repricable Auto, 8% 42% Variable - Mature or Reprice 12mo 19% or less Variable - Mature or Reprice over
Slide 10: Non-Owner Occupied CRE Portfolio
Non-Owner Occupied CRE Portfolio NOO CRE(1) Sector Breakdown Details ✓ NOO CRE was 37.0% of total loans HFI, Other C&D, 23% consistent with 37.1% at September 30, 2025 Residential Construction, 9% Multi-family, 20% ✓ NOO CRE portfolio is made up of $796.3 million of income producing loans and $368.4
Slide 11: Indirect Auto Overview
Indirect Auto Overview Credit At December 31, 2025 (1) Credit At Origination 0.5% 0.1% 3.0% 3.8% 5.3% 5.6% 23.4% 19.2% 68.5% 70.7% Super Prime (>719) Prime (719-660) Near Prime (659-620) Sub-Prime (619-580) ✓ Strong credit quality in the sector, positioned for Deep Sub-Prime (<580) resiliency across
Slide 12: Noninterest Income Overview
Noninterest Income Overview Noninterest Income 4Q'25 Highlights $ in Millions $13.3 ✓ Noninterest income was $10.9 million for 4Q'25, $14.0 compared to $11.2 million for 3Q’25 $12.2 $12.0 $11.2 ✓ The decrease from the third quarter of 2025 $10.6 $10.9 was primarily due to a decrease of $185 thousand
Slide 13: Mortgage Banking Revenue
Mortgage Banking Revenue 4Q'25 Highlights ✓ The decrease of $1.0 million in mortgage banking revenues was mainly due to: o The typical Q4 seasonal decline in mortgage loan originated for sale – 8% from 3Q’25 o A $260 thousand increase in the quarterly MSR FV adjustment as interest rates that effect
Slide 14: Diversified Revenue Stream
Diversified Revenue Stream Twelve Months Ended December 31, 2025 Total Revenues Noninterest Income $212.8 million $44.9 million Investment Trust, 6% Services, 4% Other, 15% Net Interest Income, 79% Service Charges on Deposits, 20% Mortgage, 24% Noninterest Income, 21% Interchange Fees, 31% 14 Source
Slide 15: Net Interest Income and NIM
Net Interest Income and NIM Net Interest Income & NIM (1) 4Q'25 Highlights $ in Millions $42.5 $43.0 $43.0 ✓ Net interest income (“NII”) was unchanged from 3Q’25 at $43.0 Million $38.5 $38.5 ✓ 4Q'25 NIM decreased 5 bps to 4.00% as compared to 4.05% in 3Q’25, however: o 3Q’25 NIM was 3.99% when exclu
Slide 16: Deposit Portfolio
Deposit Portfolio Total Deposits 4Q'25 Highlights $ in Millions ✓ Total deposits of $3.87 billion at 4Q'25, essentially unchanged from 3Q'25 $3,881 $3,874 $3,793 $3,621 $3,739 ✓ Cost of interest-bearing deposits decreased to 2.75% in 4Q’25 from 2.87% in 3Q’25 $1,050 ✓ Cost of deposits decreased 9 bp
Slide 17: Granular Deposit Base & Ample Liquidity
Granular Deposit Base & Ample Liquidity Total Deposit Base Total Borrowing Capacity Breakdown $1.93 Billion Rural FHLB: Commercial: Markets: 47% $1,274 80% Retail: FRB: $660 45% Metro Markets: 20% Public Funds: 8% Dollars in millions ✓ Average deposit account size is approximately $37 thousand ✓ Cit
Slide 18: Credit Quality
Credit Quality Credit Quality Ratios 4Q'25 Highlights ✓ Provision for credit losses of $1.8 million in 0.79% 4Q'25, compared to $500 thousand in 3Q'25 0.58% o The increase in provision for 4Q’25 as 0.34% 0.32% 0.31% compared to 3Q’25 was largely 0.26% 0.26% 0.16% 0.21% 0.25% attributable to organic
Slide 19: Investment Securities
Investment Securities Securities & Cash 4Q'25 Highlights $ in Millions ✓ Investment securities totaled $567.5 million, or 12.7% of total assets $635 $552 $536 $471 $359 ✓ All securities are classified as available for sale $577 $572 $570 $571 $567 ✓ All municipal bonds are in Texas; fair value 4Q24
Slide 20: Noninterest Expense and Efficiency
Noninterest Expense and Efficiency Noninterest Expense 4Q'25 Highlights $36.0 $ in Millions 150.0% ✓ Total noninterest expense was unchanged $34.0 $33.5 130.0% from 3Q’25 $33.0 $33.0 $33.0 o There was as an increase of $1.1 110.0% million in professional service $32.0 expenses related primarily to $
Slide 21: Balance Sheet Growth and Development
Balance Sheet Growth and Development Balance Sheet Highlights Tangible Book Value Per Share (1) $ in Millions $4,481 $29.05 $4,232 $3,874 $28.14 $3,621 $3,055 $3,145 $26.70 $26.05 $25.40 $439 $494 Total Assets Total Loans Total Total 4Q24 1Q25 2Q25 3Q25 4Q25 HFI Deposits Stockholders' Equity 30-Dec-
Slide 22: Strong Capital Base
Strong Capital Base Tangible Common Equity to Tangible Assets Ratio(1) Common Equity Tier 1 Ratio 10.61% 14.41% 14.45% 10.25% 9.92% 9.98% 13.86% 9.64% 13.53% 13.59% 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 Tier 1 Capital to Average Assets Ratio Total Capital to Risk-Weighted Assets Ratio 12
Slide 23: 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 24: Appendix
South Plains Financial, Inc. Appendix
Slide 25: Non-GAAP Financial Measures
Non-GAAP Financial Measures For the quarter ended December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Pre-tax, pre-provision income Net income $ 15,254 $ 16,318 $ 14,605 $ 12,294 $ 16,497 Income tax expense 3,832 4,342 4,020 3,408 4,222 Provision for credit losses 1,7
Slide 26: Additional Disclosures
Additional Disclosures Additional Information and Where to Find It This communication is being made with respect to the proposed transaction involving South Plains and BOH. This material is not a solicitation of any vote or approval of the BOH shareholders and is not a substitute for the proxy state
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