South Plains Financial, Inc. · NASDAQ:SPFI
South Plains Financial — Merger or Acquisition (December 2025)
16 slides from South Plains Financial's merger presentation, Dec 1, 2025
Slide 1: Deepening our Commitment to the Houston Market
South Plains Financial, Inc. Deepening our Commitment to the Houston Market December 2025
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: A Texas-wide Franchise: Gaining Market Share in Houston
(1) Estimated at closing of the transaction (March 31, 2026) (2) Based on SPFI’s closing price of $37.79 as of November 28, 2025 and approximately 2.8 million shares issued to BOH shareholders based on 14,334,219 shares of BOH common stock outstanding (3) City of Houston deposit market share data as
Slide 4: Focused on Operating in Growing Texas Markets
Focused on Operating in Growing Texas Markets (1) Established Texas markets include MSAs in the State of Texas with 100,000 in total population as of June 30, 2025 Source: S&P Capital IQ Pro Fastest Growing Established Texas Markets(1) Building a Bank for the Future Houston Odessa Austin Midland > 1
Slide 5: BOH Holdings, Inc. Overview
BOH Holdings, Inc. Overview (1) “Community Bank” defined as having less than $10 billion in total assets (2) Year to date as of September 30, 2025 (3) Non-GAAP financial measure, see appendix for reconciliation Note: Financials shown at the bank level unless otherwise noted Source: S&P Capital IQ Pr
Slide 6: Significant Expansion in Attractive Houston Market
Significant Expansion in Attractive Houston Market Houston Texas Nationwide Market Accolades(1) Top Employers in Houston(2) #1 Fastest Growing United States CountyU.S. Census 2024 (via Houston Business Journal)(2) (1) S&P Capital IQ Pro (2) Greater Houston Partnership Research Top Relocation Destina
Slide 7: Recent Market Disruption Impacting Houston
Recent Market Disruption Impacting Houston (1) Deposit market share as of June 30, 2025 (2) “Money Center” banks defined by having more than $250 billion in assets (3) Total assets shown as of announcement; deposits shown as of the June 30th before announcement Source: S&P Capital IQ Pro (3) Houston
Slide 8: Pro Forma Loan and Deposit Composition
Deposit Composition Loan Composition Pro Forma Loan and Deposit Composition (1) Excludes purchase accounting adjustments Note: Bank level regulatory data as of September 30, 2025 Source: S&P Capital IQ Pro $3.1B Yield: 6.97% $633M Yield: 7.30% $3.7B Yield: 7.03% $629M Cost: 3.24% $4.6B Cost: 2.21% P
Slide 9: Transaction Consideration
Transaction Consideration Transaction Terms Based on 14,334,219 shares of BOH common stock outstanding Based on SPFI closing stock price of $37.79 as of November 28, 2025; Multiples based on BOH’s financial results Non-GAAP financial measures, see appendix for reconciliation Source: Company document
Slide 10: Comprehensive Due Diligence Process
Comprehensive Due Diligence Process Key Diligence Focus 65%+ of portfolio Commercial Real Estate Commercial & Industrial Multifamily Construction & Land Development Nonperforming Loans Criticized and Classified Legal & Regulatory Human Resources& Compliance Technology Corporate & Organizational Fina
Slide 11: Transaction Assumptions
Transaction Assumptions Estimated Cost Savings Transaction Expenses Core Deposit Intangible Loan Interest Rate and Credit Mark Approximately $4.6 million pre-tax cost saving in 2027 (25% of BOH’s non-interest expense) 75% expected to be realized in 2026, and 100% thereafter Loan mark of $9.2 million
Slide 12: Estimated Financial Impact
Pro Forma Capital Internal Rate of Return Tangible Book Value(3) EPS Accretion(2) Including Rate Marks Excluding Rate Marks (1) ~11% in 2027 (first full year of combined operations) ~11% in 2027 (first full year of combined operations) TBV Dilution at Close: 3.5% TBV Earnback: 2.9 years TBV Dilution
Slide 13: Transaction Rationale
Adds Key Talent With Aligned Community Values Strengthens Position in Houston Market Transaction Rationale Enhances a top-tier community banking presence in one of the fastest-growing major U.S. MSAs Creates a more balanced, diversified Texas franchise Expands SPFI’s commercial and private banking r
Slide 14: Appendix
South Plains Financial, Inc. Appendix
Slide 15: Non-GAAP Reconciliation for Transaction Metrics
Non-GAAP Reconciliation for Transaction Metrics 15 (1) SPFI 2027YE earnings based on consensus EPS estimates Source: Company documents; FactSet (1) (1)
Slide 16: Non-GAAP Reconciliation for BOH
Non-GAAP Reconciliation for BOH 16 Source: Company documents
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