[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) This section presents the Company's unaudited consolidated financial statements, including balance sheets, statements of comprehensive income, changes in stockholders' equity, and cash flows, along with detailed notes on significant accounting policies, financial instruments, and other key financial disclosures [Consolidated Balance Sheets (Unaudited)](index=4&type=section&id=Consolidated%20Balance%20Sheets%20(Unaudited)) Total assets increased to **$3.71 billion** at June 30, 2021, from **$3.60 billion** at December 31, 2020, driven by higher interest-bearing deposits and loans | Metric | June 30, 2021 (in thousands) | December 31, 2020 (in thousands) | Change (in thousands) | % Change | | :--- | :--- | :--- | :--- | :--- | | **Assets** | | | | | | Cash and cash equivalents | $383,949 | $300,307 | $83,642 | 27.85% | | Securities available for sale | $777,613 | $803,087 | $(25,474) | -3.17% | | Loans held for investment, net | $2,260,499 | $2,176,030 | $84,469 | 3.88% | | Total assets | $3,712,915 | $3,599,160 | $113,755 | 3.16% | | **Liabilities** | | | | | | Total deposits | $3,158,495 | $2,974,351 | $184,144 | 6.19% | | Total liabilities | $3,320,100 | $3,229,112 | $90,988 | 2.82% | | **Stockholders' Equity** | | | | | | Total stockholders' equity | $392,815 | $370,048 | $22,767 | 6.15% | [Consolidated Statements of Comprehensive Income (Unaudited)](index=5&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(Unaudited)) Net income significantly increased for both the three and six months ended June 30, 2021, due to a negative provision for loan losses and higher noninterest income | Metric (in thousands) | 3 Months Ended June 30, 2021 | 3 Months Ended June 30, 2020 | YoY Change | % YoY Change | 6 Months Ended June 30, 2021 | 6 Months Ended June 30, 2020 | YoY Change | % YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total interest income | $33,016 | $34,007 | $(991) | -2.91% | $65,998 | $69,744 | $(3,746) | -5.37% | | Total interest expense | $3,423 | $3,559 | $(136) | -3.82% | $6,861 | $9,097 | $(2,236) | -24.58% | | Net interest income | $29,593 | $30,448 | $(855) | -2.81% | $59,137 | $60,647 | $(1,510) | -2.49% | | Provision for loan losses | $(2,007) | $13,133 | $(15,140) | -115.28% | $(1,918) | $19,367 | $(21,285) | -109.91% | | Total noninterest income | $22,250 | $24,896 | $(2,646) | -10.63% | $48,750 | $43,771 | $4,979 | 11.37% | | Total noninterest expense | $36,778 | $35,207 | $1,571 | 4.46% | $73,835 | $69,218 | $4,617 | 6.67% | | Net income | $13,650 | $5,615 | $8,035 | 143.10% | $28,810 | $12,698 | $16,112 | 126.90% | | Basic EPS | $0.76 | $0.31 | $0.45 | 145.16% | $1.60 | $0.70 | $0.90 | 128.57% | | Diluted EPS | $0.74 | $0.31 | $0.43 | 138.71% | $1.55 | $0.69 | $0.86 | 124.64% | [Consolidated Statements of Changes in Stockholders' Equity (Unaudited)](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity%20(Unaudited)) Stockholders' equity increased to **$392.8 million** at June 30, 2021, primarily from net income, partially offset by dividends and other comprehensive income changes | Metric (in thousands) | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--- | :--- | :--- | | Balance at beginning of period | $370,048 | $306,182 | | Net income | $28,810 | $12,698 | | Cash dividends | $(2,167) | $(1,083) | | Other comprehensive income (loss), net of tax | $(2,914) | $18,586 | | Repurchases of common stock | $(1,678) | $(61) | | Stock based compensation | $822 | $341 | | Balance at end of period | $392,815 | $336,534 | [Consolidated Statements of Cash Flows (Unaudited)](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows%20(Unaudited)) Net cash from operating activities significantly increased to **$69.2 million** for the six months ended June 30, 2021, driven by higher net income and a negative provision for loan losses | Metric (in thousands) | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--- | :--- | :--- | | Net cash from operating activities | $69,206 | $(8,580) | | Net cash from investing activities | $(68,097) | $(190,525) | | Net cash from financing activities | $82,533 | $297,107 | | Net change in cash and cash equivalents | $83,642 | $98,002 | | Ending cash and cash equivalents | $383,949 | $256,101 | [Notes to Consolidated Financial Statements (Unaudited)](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements%20(Unaudited)) This section provides detailed disclosures on the Company's significant accounting policies, financial instruments, loan portfolio, capital structure, and other financial matters [1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](index=11&type=section&id=1.%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) SPFI offers diverse financial services, with interim statements prepared under GAAP, relying on management estimates for key areas like loan loss allowance and goodwill - SPFI conducts principal activities through subsidiaries in Texas and Eastern New Mexico, offering commercial and retail banking, insurance, investment, trust, and mortgage services[19](index=19&type=chunk) - The interim consolidated financial statements are unaudited and prepared in accordance with GAAP for interim financial information, relying on management estimates and assumptions[20](index=20&type=chunk)[21](index=21&type=chunk) - The allowance for loan losses is a material estimate, susceptible to significant change, and is evaluated quarterly based on historical experience, portfolio nature, economic conditions, and collateral values[24](index=24&type=chunk)[26](index=26&type=chunk) - The Company adopted ASU 2017-04 (simplifying goodwill impairment) early on January 1, 2020, with no material impact, and is currently evaluating the impact of ASU 2016-13 (CECL model) and ASU 2016-02 (Leases)[45](index=45&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk) [2. SECURITIES](index=16&type=section&id=2.%20SECURITIES) Securities available for sale decreased to **$777.6 million** at June 30, 2021, with unrealized gains exceeding losses, all deemed temporary by management | Metric | June 30, 2021 | December 31, 2020 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total Securities available for sale (Fair Value) | $777,613 | $803,087 | $(25,474) | -3.17% | | Gross Unrealized Gains (June 30, 2021) | $22,549 | $27,875 | $(5,326) | -19.11% | | Gross Unrealized Losses (June 30, 2021) | $(3,333) | $(787) | $(2,546) | 323.51% | - Securities with a carrying value of approximately **$331.4 million** at June 30, 2021, were pledged to collateralize public deposits and for other purposes[52](index=52&type=chunk) - Management believes the 18 securities with unrealized losses at June 30, 2021, are temporary, primarily due to increases in market interest rates, and does not intend to sell them before recovery[52](index=52&type=chunk) [3. LOANS HELD FOR INVESTMENT](index=17&type=section&id=3.%20LOANS%20HELD%20FOR%20INVESTMENT) Loans held for investment increased to **$2.30 billion** at June 30, 2021, with a decreased allowance for loan losses due to economic improvement and lower nonperforming loans | Loan Category (in thousands) | June 30, 2021 | December 31, 2020 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Commercial real estate | $682,017 | $663,344 | $18,673 | 2.82% | | Commercial - specialized | $323,576 | $311,686 | $11,890 | 3.82% | | Commercial - general | $492,314 | $518,309 | $(25,995) | -5.02% | | 1-4 family residential | $375,302 | $360,315 | $14,987 | 4.16% | | Auto loans | $230,570 | $205,840 | $24,730 | 12.01% | | Other consumer | $68,098 | $67,595 | $503 | 0.74% | | Construction | $131,585 | $94,494 | $37,091 | 39.25% | | Total Loans Held for Investment | $2,303,462 | $2,221,583 | $81,889 | 3.69% | | Allowance for loan losses | $(42,963) | $(45,553) | $2,590 | -5.69% | - The allowance for loan losses decreased to **$43.0 million** at June 30, 2021, from **$45.6 million** at December 31, 2020, primarily due to a negative provision for loan losses of **$2.0 million** in Q2 2021, reflecting general economic improvement, fewer loan modifications, and decreased nonperforming loans[60](index=60&type=chunk)[155](index=155&type=chunk) | Metric | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Allowance for loan losses to loans held for investment | 1.87% | 2.05% | - As of June 30, 2021, the Company had six loans totaling approximately **$36.6 million** (**1.6%** of outstanding loans held for investment) subject to COVID-19 related deferral and modification agreements under the CARES Act[77](index=77&type=chunk) - No loans were modified as Troubled Debt Restructurings (TDRs) during the six months ended June 30, 2021, or the year ended December 31, 2020[78](index=78&type=chunk) [4. GOODWILL AND INTANGIBLES](index=25&type=section&id=4.%20GOODWILL%20AND%20INTANGIBLES) Goodwill remained stable at **$19.5 million** with no impairment, while other intangible assets decreased due to amortization | Metric (in thousands) | June 30, 2021 | December 31, 2020 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Ending goodwill | $19,508 | $19,508 | $0 | 0.00% | | Other intangible assets, net | $6,718 | $7,562 | $(844) | -11.16% | - Goodwill is tested for impairment annually on October 31, or more frequently if circumstances indicate, with no impairment recorded for the six months ended June 30, 2021, or the year ended December 31, 2020[36](index=36&type=chunk) [5. BORROWING ARRANGEMENTS](index=25&type=section&id=5.%20BORROWING%20ARRANGEMENTS) Subordinated debt totaled **$75.7 million**, and City Bank fully repaid its **$75.0 million** FHLB advances, resulting in no outstanding FHLB debt | Metric (in thousands) | June 30, 2021 | December 31, 2020 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Subordinated debt securities | $75,682 | $75,589 | $93 | 0.12% | | Notes payable & other borrowings (FHLB advances) | $0 | $75,000 | $(75,000) | -100.00% | - In September 2020, the Company issued **$50.0 million** in subordinated debt securities with a fixed rate of **4.50%** for the first five years, qualifying for Tier 2 capital treatment[81](index=81&type=chunk) - City Bank repaid all **$75.0 million** in FHLB advances by April 2021, resulting in no outstanding advances as of June 30, 2021[83](index=83&type=chunk) [6. STOCK-BASED COMPENSATION](index=26&type=section&id=6.%20STOCK-BASED%20COMPENSATION) The 2019 Equity Incentive Plan includes **1.77 million** outstanding stock options and **42,767** restricted stock units, with **$3.5 million** in unrecognized compensation cost - The 2019 Equity Incentive Plan allows for various stock-based awards, with an initial maximum of **2,300,000 shares**, increasing annually by up to **3%** of outstanding common shares[84](index=84&type=chunk) | Metric | June 30, 2021 | | :--- | :--- | | Stock Options Outstanding (Number of Shares) | 1,765,680 | | Stock Options Weighted-Average Exercise Price | $15.33 | | Restricted Stock Units Outstanding (Number of Shares) | 42,767 | | Total Unrecognized Compensation Cost | $3.5 million | | Weighted Average Remaining Recognition Period | 1.65 years | - The weighted average grant date fair value for stock options was **$7.07** for the six months ended June 30, 2021, compared to **$5.68** for the same period in 2020[87](index=87&type=chunk) [7. COMMITMENTS AND CONTINGENCIES](index=27&type=section&id=7.%20COMMITMENTS%20AND%20CONTINGENCIES) Off-balance-sheet commitments, including credit extensions and standby letters of credit, totaled **$594.7 million** at June 30, 2021, managed with standard credit policies | Commitment (in thousands) | June 30, 2021 | December 31, 2020 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Commitments to grant loans and unfunded commitments under lines of credit | $585,233 | $417,798 | $167,435 | 40.08% | | Standby letters of credit | $9,432 | $10,481 | $(1,049) | -10.01% | | Total | $594,665 | $428,279 | $166,386 | 38.85% | - FHLB letters of credit used to collateralize public deposits remained stable at **$199.0 million** at both June 30, 2021, and December 31, 2020[93](index=93&type=chunk) - The Company is involved in legal actions in the ordinary course of business, but management believes the aggregate ultimate liability will not materially affect the consolidated financial statements[93](index=93&type=chunk) [8. CAPITAL AND REGULATORY MATTERS](index=29&type=section&id=8.%20CAPITAL%20AND%20REGULATORY%20MATTERS) Both the Company and City Bank met all Basel III capital requirements as of June 30, 2021, with the bank subsidiary categorized as "well capitalized" - The Company and its bank subsidiary are subject to Basel III regulatory capital requirements and met all minimum capital adequacy requirements as of June 30, 2021, with the bank subsidiary being **"well capitalized"**[94](index=94&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) | Capital Ratio | Consolidated (June 30, 2021) | City Bank (June 30, 2021) | Minimum Required (Basel III) | Well Capitalized (Prompt Corrective Action) | | :--- | :--- | :--- | :--- | :--- | | Total Capital to Risk Weighted Assets | 18.95% | 15.59% | 10.50% | 10.00% (City Bank only) | | Tier I Capital to Risk Weighted Assets | 14.84% | 14.34% | 8.50% | 8.00% (City Bank only) | | Common Equity Tier 1 to Risk Weighted Assets | 13.14% | 14.34% | 7.00% | 6.50% (City Bank only) | | Tier I Capital to Average Assets | 10.54% | 10.20% | 4.00% | 5.00% (City Bank only) | - The Company and the Bank have elected not to opt into the Community Bank Leverage Ratio (CBLR) framework, despite qualifying, and will continue to follow Basel III capital requirements[226](index=226&type=chunk) [9. DERIVATIVES](index=31&type=section&id=9.%20DERIVATIVES) The Company uses interest rate and cash flow swap agreements for asset-liability management, alongside mortgage banking derivatives like interest rate lock commitments - The Company uses interest rate and cash flow swap agreements to manage interest rate and cash flow risk[100](index=100&type=chunk) | Derivative Type (in thousands) | June 30, 2021 Fair Value | December 31, 2020 Fair Value | | :--- | :--- | :--- | | Interest rate swaps (liability) | $(644) | $(927) | | Cash flow swaps (asset) | $4,084 | $1,618 | | Cash flow swaps (liability) | $0 | $(1,643) | | Interest rate lock commitments (asset) | $2,967 | $5,115 | | Forward contracts related to mortgage loans held for sale (liability) | $(646) | $(1,787) | - The Company received **$3.9 million** in cash collateral for asset derivative positions on securities cash flow hedges and advanced **$1.1 million** for interest rate swaps and **$440 thousand** for mortgage forward contracts at June 30, 2021[102](index=102&type=chunk) [10. EARNINGS PER SHARE](index=32&type=section&id=10.%20EARNINGS%20PER%20SHARE) Basic EPS increased to **$0.76** and diluted EPS to **$0.74** for the three months ended June 30, 2021, reflecting higher net income | Metric | 3 Months Ended June 30, 2021 | 3 Months Ended June 30, 2020 | 6 Months Ended June 30, 2021 | 6 Months Ended June 30, 2020 | | :--- | :--- | :--- | :--- | :--- | | Net income (in thousands) | $13,650 | $5,615 | $28,810 | $12,698 | | Basic earnings per share | $0.76 | $0.31 | $1.60 | $0.70 | | Diluted earnings per share | $0.74 | $0.31 | $1.55 | $0.69 | | Weighted average common shares outstanding - basic | 18,039,553 | 18,061,705 | 18,054,288 | 18,052,405 | | Weighted average common shares outstanding - diluted | 18,553,050 | 18,224,630 | 18,539,169 | 18,343,276 | [11. SEGMENT INFORMATION](index=32&type=section&id=11.%20SEGMENT%20INFORMATION) The Banking segment reported **$28.8 million** in net income for the six months ended June 30, 2021, a significant increase, while the Insurance segment also improved | Metric (in thousands) | Banking (6 Months Ended June 30, 2021) | Insurance (6 Months Ended June 30, 2021) | Consolidated (6 Months Ended June 30, 2021) | Banking (6 Months Ended June 30, 2020) | Insurance (6 Months Ended June 30, 2020) | Consolidated (6 Months Ended June 30, 2020) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net interest income | $59,137 | $0 | $59,137 | $60,647 | $0 | $60,647 | | Provision for loan loss | $1,918 | $0 | $1,918 | $(19,367) | $0 | $(19,367) | | Noninterest income | $46,493 | $2,257 | $48,750 | $41,657 | $2,114 | $43,771 | | Noninterest expense | $(71,620) | $(2,215) | $(73,835) | $(66,892) | $(2,326) | $(69,218) | | Net income | $28,778 | $32 | $28,810 | $12,928 | $(230) | $12,698 | [12. FAIR VALUE DISCLOSURES](index=33&type=section&id=12.%20FAIR%20VALUE%20DISCLOSURES) Assets and liabilities are measured at fair value using a three-level hierarchy, with securities primarily Level 2 and mortgage servicing rights and impaired loans using Level 3 inputs - Fair value measurements are categorized into a three-level hierarchy based on the observability of inputs: Level 1 (quoted prices in active markets), Level 2 (observable inputs other than Level 1 quoted prices), and Level 3 (unobservable inputs)[107](index=107&type=chunk)[108](index=108&type=chunk) | Asset/Liability (in thousands) | June 30, 2021 Total Fair Value | Level 1 | Level 2 | Level 3 | | :--- | :--- | :--- | :--- | :--- | | Securities available for sale | $777,613 | $0 | $777,613 | $0 | | Loans held for sale (mandatory) | $51,486 | $0 | $51,486 | $0 | | Mortgage servicing rights | $15,977 | $0 | $0 | $15,977 | | Asset derivatives | $7,051 | $0 | $7,051 | $0 | | Liability derivatives | $(1,290) | $0 | $(1,290) | $0 | | Impaired loans (non-recurring) | $9,775 | $0 | $0 | $9,775 | | Other real estate owned (non-recurring) | $1,146 | $0 | $0 | $1,146 | - Mortgage servicing rights are valued using Level 3 inputs, with key unobservable inputs being conditional prepayment rates (**5.69%** at June 30, 2021) and discount rates (**9.15%** at June 30, 2021)[111](index=111&type=chunk)[116](index=116&type=chunk) - Impaired loans and foreclosed assets measured at fair value on a non-recurring basis use Level 3 inputs, often based on third-party appraisals or inspections with collateral discounts and selling costs[112](index=112&type=chunk)[113](index=113&type=chunk)[116](index=116&type=chunk) [13. BUSINESS COMBINATIONS](index=36&type=section&id=13.%20BUSINESS%20COMBINATIONS) In June 2020, Windmark acquired a crop insurance agency for **$687 thousand**, including premises and equipment, customer list, and other intangible assets - In June 2020, Windmark acquired a crop insurance agency for **$687 thousand**[117](index=117&type=chunk) | Acquired Assets (in thousands) | Fair Value | | :--- | :--- | | Premises and equipment, net | $24 | | Customer list | $512 | | Other intangible assets | $151 | | Total assets acquired | $687 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the Company's financial performance and condition for the periods presented, highlighting key trends, significant changes, and future outlook, including the impact of the COVID-19 pandemic, loan portfolio dynamics, and capital management strategies [Overview](index=40&type=section&id=Overview) South Plains Financial, Inc. is a bank holding company headquartered in Lubbock, Texas, with its subsidiary City Bank operating across Texas and Eastern New Mexico - South Plains Financial, Inc. is a bank holding company based in Lubbock, Texas, with banking operations in various Texas markets and Ruidoso, New Mexico[127](index=127&type=chunk) - The Company's principal business activities include commercial and retail banking, insurance, investment, trust, and mortgage services[127](index=127&type=chunk) [Recent Developments](index=40&type=section&id=Recent%20Developments) The Company continues to monitor the significant disruptions caused by the COVID-19 pandemic, proactively offering loan modifications to affected borrowers [COVID-19 Update](index=40&type=section&id=COVID-19%20Update) The Company monitors COVID-19 impacts, with **$37 million** in active loan modifications and significant PPP loan facilitation and forgiveness processing - The Company is closely monitoring the economic environment due to the COVID-19 pandemic, especially the Delta variant, and is prepared to adjust operations[128](index=128&type=chunk) - As of June 30, 2021, total active loan modifications attributed to COVID-19 were approximately **$37 million**, or **1.6%** of the Company's loan portfolio, primarily for interest-only periods in the hotel portfolio[130](index=130&type=chunk) - The Bank assisted approximately **2,100 customers** with **$218 million** in first-round PPP loans, with **$188 million** forgiven by June 30, 2021. For the six months ended June 30, 2021, the Bank funded approximately **1,100 new PPP loans** totaling **$91 million**, with **$6 million** already forgiven[131](index=131&type=chunk)[132](index=132&type=chunk) [Results of Operations](index=40&type=section&id=Results%20of%20Operations) Net income significantly increased for both the three and six months ended June 30, 2021, driven by a negative provision for loan losses and increased noninterest income [Net Interest Income](index=42&type=section&id=Net%20Interest%20Income) Net interest income decreased by **2.8%** and **2.5%** for the three and six months ended June 30, 2021, respectively, due to lower non-PPP loan rates | Metric (in thousands) | 3 Months Ended June 30, 2021 | 3 Months Ended June 30, 2020 | YoY Change | % YoY Change | 6 Months Ended June 30, 2021 | 6 Months Ended June 30, 2020 | YoY Change | % YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net interest income | $29,593 | $30,448 | $(855) | -2.81% | $59,137 | $60,647 | $(1,510) | -2.49% | | Net interest spread | 3.23% | 3.59% | -0.36% | -10.03% | 3.28% | 3.69% | -0.41% | -11.11% | | Net interest margin | 3.42% | 3.79% | -0.37% | -9.76% | 3.47% | 3.95% | -0.48% | -12.15% | - The decrease in interest income for the three months ended June 30, 2021, was primarily due to a **35 basis point** decrease in non-PPP loan rates, partially offset by **$1.9 million** in PPP-related SBA fees recognized as loans were forgiven or repaid[147](index=147&type=chunk)[148](index=148&type=chunk) - Interest expense on deposits decreased by **$574 thousand** for the three months ended June 30, 2021, due to a **16 basis point** decrease in rates, partially offset by an **11.3%** increase in average interest-bearing deposits[149](index=149&type=chunk) - Interest expense on subordinated debt increased by **$609 thousand** for the three months ended June 30, 2021, due to the **$50.0 million** subordinated notes issued in September 2020[149](index=149&type=chunk) [Provision for Loan Losses](index=47&type=section&id=Provision%20for%20Loan%20Losses) A negative provision for loan losses of **$2.0 million** and **$1.9 million** was recorded for the three and six months ended June 30, 2021, reflecting economic improvement | Metric (in thousands) | 3 Months Ended June 30, 2021 | 3 Months Ended June 30, 2020 | 6 Months Ended June 30, 2021 | 6 Months Ended June 30, 2020 | | :--- | :--- | :--- | :--- | :--- | | Provision for loan losses | $(2,007) | $13,133 | $(1,918) | $19,367 | - The decrease in the provision for loan losses was primarily due to general improvement in the economy, a decline in active loan modifications, and a decrease in nonperforming loans[155](index=155&type=chunk) | Metric | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Allowance for loan losses as a percentage of loans held for investment | 1.87% | 2.05% | [Noninterest Income](index=47&type=section&id=Noninterest%20Income) Total noninterest income decreased by **10.6%** for the three months but increased by **11.4%** for the six months ended June 30, 2021, driven by mortgage banking activities | Metric (in thousands) | 3 Months Ended June 30, 2021 | 3 Months Ended June 30, 2020 | YoY Change | % YoY Change | 6 Months Ended June 30, 2021 | 6 Months Ended June 30, 2020 | YoY Change | % YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total noninterest income | $22,250 | $24,896 | $(2,646) | -10.63% | $48,750 | $43,771 | $4,979 | 11.37% | | Mortgage banking activities | $13,711 | $17,955 | $(4,244) | -23.64% | $32,527 | $26,708 | $5,819 | 21.79% | | Bank card services and interchange fees | $3,073 | $2,344 | $729 | 31.09% | $5,715 | $4,582 | $1,133 | 24.73% | | Income from insurance activities | $1,240 | $1,022 | $218 | 21.33% | $2,352 | $2,181 | $171 | 7.84% | | Gain on sale of securities | $0 | $0 | $0 | 0.00% | $0 | $2,318 | $(2,318) | -100.00% | - The decrease in Q2 2021 mortgage banking income was due to **$61 million** less in interest rate lock commitments and a decline in gain on sale margins[158](index=158&type=chunk) - The increase in six-month mortgage banking income was driven by a **$231 million** increase in mortgage loan originations, benefiting from historically low interest rates and continued refinance activity[159](index=159&type=chunk) [Noninterest Expense](index=48&type=section&id=Noninterest%20Expense) Total noninterest expense increased by **4.5%** and **6.7%** for the three and six months ended June 30, 2021, primarily due to higher salaries and employee benefits | Metric (in thousands) | 3 Months Ended June 30, 2021 | 3 Months Ended June 30, 2020 | YoY Change | % YoY Change | 6 Months Ended June 30, 2021 | 6 Months Ended June 30, 2020 | YoY Change | % YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total noninterest expense | $36,778 | $35,207 | $1,571 | 4.46% | $73,835 | $69,218 | $4,617 | 6.67% | | Salaries and employee benefits | $23,377 | $21,621 | $1,756 | 8.12% | $47,695 | $42,431 | $5,264 | 12.41% | - The increase in salaries and employee benefits was predominantly related to higher commissions paid on mortgage loan originations and a rise in salary and other personnel expenses to support mortgage activities[162](index=162&type=chunk)[163](index=163&type=chunk) - Other noninterest expenses decreased for the six-month period, primarily due to additional expenses incurred in Q2 2020 related to the acquisition of West Texas State Bank[163](index=163&type=chunk) [Financial Condition](index=50&type=section&id=Financial%20Condition) Total assets increased to **$3.71 billion** at June 30, 2021, driven by growth in loans held for investment and deposits, with details on portfolio composition, quality, and capital [Loan Portfolio](index=50&type=section&id=Loan%20Portfolio) Gross loans held for investment increased by **3.7%** to **$2.30 billion** at June 30, 2021, driven by organic growth in residential construction, consumer auto, and multifamily property loans | Loan Category (in thousands) | June 30, 2021 | December 31, 2020 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Commercial real estate | $682,017 | $663,344 | $18,673 | 2.82% | | Commercial – specialized | $323,576 | $311,686 | $11,890 | 3.82% | | Commercial – general | $492,314 | $518,309 | $(25,995) | -5.02% | | Consumer: 1-4 family residential | $375,302 | $360,315 | $14,987 | 4.16% | | Auto loans | $230,570 | $205,840 | $24,730 | 12.01% | | Other consumer | $68,098 | $67,595 | $503 | 0.74% | | Construction | $131,585 | $94,494 | $37,091 | 39.25% | | Gross loans held for investment | $2,303,462 | $2,221,583 | $81,889 | 3.69% | - Net organic growth in non-PPP loans was **$137.7 million** during the six months ended June 30, 2021, offset by a **$55.8 million** decrease in PPP loans due to forgiveness and repayments[166](index=166&type=chunk) - **68.4%** of loans held for investment were secured by real property at June 30, 2021, up from **66.5%** at December 31, 2020, with diversification by type and geographic location[167](index=167&type=chunk) - Construction loans increased by **39.3%** due to higher demand for residential construction in many markets, driven by declining mortgage interest rates[177](index=177&type=chunk) [Allowance for Loan Losses](index=52&type=section&id=Allowance%20for%20Loan%20Losses) The allowance for loan losses decreased by **5.7%** to **$43.0 million** at June 30, 2021, from **$45.6 million** at December 31, 2020, reflecting improved economic conditions and lower nonperforming loans | Metric (in thousands) | June 30, 2021 | December 31, 2020 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total allowance for loan losses | $42,963 | $45,553 | $(2,590) | -5.69% | - The decrease in the allowance was primarily a result of a negative provision recorded in June 2021, based on general improvement in the economy, a decline in active loan modifications, and a decrease in nonperforming loans[180](index=180&type=chunk) | Metric | 3 Months Ended June 30, 2021 | 3 Months Ended June 30, 2020 | 6 Months Ended June 30, 2021 | 6 Months Ended June 30, 2020 | | :--- | :--- | :--- | :--- | :--- | | Net charge-offs (in thousands) | $49 | $1,572 | $672 | $2,929 | | Net charge-offs (annualized % of average loans) | 0.01% | 0.27% | 0.06% | 0.26% | [Asset Quality](index=54&type=section&id=Asset%20Quality) Total nonperforming assets decreased by **16.1%** to **$13.7 million** at June 30, 2021, from **$16.3 million** at December 31, 2020, driven by a reduction in nonaccrual loans | Metric (in thousands) | June 30, 2021 | December 31, 2020 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total nonaccrual loans | $11,144 | $13,718 | $(2,574) | -18.76% | | Past due loans 90 days or more and still accruing | $1,394 | $1,246 | $148 | 11.88% | | Total nonperforming loans | $12,538 | $14,964 | $(2,426) | -16.21% | | Other real estate owned | $1,146 | $1,353 | $(207) | -15.30% | | Total nonperforming assets | $13,684 | $16,317 | $(2,633) | -16.14% | - No loans were restructured as TDRs during the first six months of 2021 or 2020[191](index=191&type=chunk) - Oil and Gas direct energy sector loans totaled **$78.1 million** (**3.4%** of total loans) at June 30, 2021, with **$5.6 million** in classified loans and an allowance for loan losses of **3.50%**[192](index=192&type=chunk) - Hospitality and assisted living center loans totaled **$120.6 million** (**5.2%** of total loans) at June 30, 2021, with **$48.6 million** in classified loans and an allowance for loan losses of **8.59%**. Approximately **29%** of these loans had active COVID-19 related modifications[197](index=197&type=chunk) [Securities Portfolio](index=56&type=section&id=Securities%20Portfolio) The securities portfolio decreased by **3.2%** to **$777.6 million** at June 30, 2021, primarily due to a decline in unrealized gains and maturities/prepayments, with all losses deemed temporary - The securities portfolio serves to provide pledged assets, liquidity, interest rate risk management, and an alternative interest-earning asset[193](index=193&type=chunk) | Metric (in thousands) | June 30, 2021 | December 31, 2020 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total securities portfolio (Fair Value) | $777,613 | $803,087 | $(25,474) | -3.17% | | Total unrealized gain (Available-for-sale) | $19,216 | $27,088 | $(7,872) | -29.06% | - The decrease was primarily due to a **$7.9 million** decline in unrealized gain and **$72.0 million** in maturities, prepayments, and calls, partially offset by **$56.6 million** in purchases[195](index=195&type=chunk) - Management evaluated securities with unrealized losses and determined all declines in value to be temporary, anticipating full recovery by maturity or with a more favorable market interest rate environment[198](index=198&type=chunk) [Deposits](index=57&type=section&id=Deposits) Total deposits increased by **6.2%** to **$3.16 billion** at June 30, 2021, driven by organic growth, customer deposits from PPP loans, and other government stimulus programs | Deposit Type (in thousands) | June 30, 2021 | December 31, 2020 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Noninterest-bearing deposits | $998,941 | $917,322 | $81,619 | 8.90% | | NOW and other transaction accounts | $361,616 | $332,829 | $28,787 | 8.65% | | Money market and other savings | $1,470,525 | $1,398,699 | $71,826 | 5.14% | | Time deposits | $327,413 | $325,501 | $1,912 | 0.59% | | Total deposits | $3,158,495 | $2,974,351 | $184,144 | 6.19% | - The increase in deposits is primarily due to organic growth, customer funds from PPP loans, and other government stimulus payments and programs[202](index=202&type=chunk) - As of June 30, 2021, noninterest-bearing demand accounts constituted **31.6%** of total deposits, interest-bearing non-maturity accounts **58.0%**, and time deposits **10.4%**[202](index=202&type=chunk) [Borrowed Funds](index=59&type=section&id=Borrowed%20Funds) City Bank fully repaid FHLB advances, while maintaining significant borrowing capacity and **$75.7 million** in subordinated debt securities - City Bank fully repaid its FHLB advances, resulting in no outstanding amount at June 30, 2021, compared to **$170.0 million** at June 30, 2020[205](index=205&type=chunk) | Borrowing Source (in thousands) | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | FHLB borrowing capacity | $584,200 | $512,500 | | FRB line of credit capacity | $609,000 | $700,800 | | Subordinated debt securities outstanding | $75,682 | $75,589 | | Junior subordinated deferrable interest debentures outstanding | $46,393 | $46,393 | - The Company has uncollateralized lines of credit with multiple banks totaling **$796.0 million** at June 30, 2021, which were not utilized during the reported periods[208](index=208&type=chunk) - Junior subordinated deferrable interest debentures, totaling **$46.4 million**, are held by wholly-owned statutory business trusts, with interest payable quarterly and principal due at maturity[212](index=212&type=chunk)[214](index=214&type=chunk)[215](index=215&type=chunk) [Liquidity and Capital Resources](index=61&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is managed through liquid assets and access to FHLB and FRB lines, with shareholders' equity increasing by **6.2%** and all capital requirements met - Liquidity is managed through liquid assets (cash, interest-bearing deposits, unpledged securities) and access to wholesale deposits and borrowings from correspondent banks, FHLB, and FRB[219](index=219&type=chunk) - At June 30, 2021, the Bank had additional borrowing capacity of approximately **$584.2 million** from the FHLB and **$609.0 million** from the FRB discount window[219](index=219&type=chunk) | Metric (in thousands) | June 30, 2021 | December 31, 2020 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total shareholders' equity | $392,815 | $370,048 | $22,767 | 6.15% | - The increase in shareholders' equity was primarily due to **$28.8 million** in net earnings for the six months ended June 30, 2021, partially offset by a **$2.9 million** change in accumulated other comprehensive income and **$2.2 million** in dividends paid[221](index=221&type=chunk) - Both the Company and City Bank met all Basel III capital adequacy requirements as of June 30, 2021, with City Bank classified as **"well capitalized"**[223](index=223&type=chunk) [Off-Balance Sheet Arrangements](index=64&type=section&id=Off-Balance%20Sheet%20Arrangements) Off-balance-sheet commitments, including credit extensions and standby letters of credit, totaled **$594.7 million**, managed with the same credit policies as on-balance sheet instruments - Off-balance sheet arrangements include commitments to extend credit and standby letters of credit, which are not recorded as assets or liabilities until exercised[228](index=228&type=chunk) | Commitment (in thousands) | June 30, 2021 | December 31, 2020 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Commitments to grant loans and unfunded commitments under lines of credit | $585,233 | $417,798 | $167,435 | 40.08% | | Standby letters of credit | $9,432 | $10,481 | $(1,049) | -10.01% | | Total | $594,665 | $428,279 | $166,386 | 38.85% | - FHLB letters of credit are used to collateralize certain public fund deposits and are off-balance sheet liabilities, funded only in case of Company default[232](index=232&type=chunk) [Interest Rate Sensitivity and Market Risk](index=66&type=section&id=Interest%20Rate%20Sensitivity%20and%20Market%20Risk) The Company manages interest rate volatility through its ALCO Committee, using simulation models and shock analyses to project net interest income changes - The Company's primary market risk is interest rate volatility, managed by the ALCO Committee through balance sheet structuring and monitoring[234](index=234&type=chunk)[237](index=237&type=chunk) - Interest rate risk simulation models and shock analyses are used to test the impact on net interest income and fair value of equity under various yield curve shifts[238](index=238&type=chunk)[239](index=239&type=chunk) | Change in Interest Rates (Basis Points) | June 30, 2021 Percent Change in Net Interest Income (12-month horizon) | December 31, 2020 Percent Change in Net Interest Income (12-month horizon) | | :--- | :--- | :--- | | +300 | 7.11% | 5.33% | | +200 | 4.75% | 2.90% | | +100 | 2.10% | 1.06% | | -100 | (1.13)% | (1.24)% | [Impact of Inflation](index=67&type=section&id=Impact%20of%20Inflation) The Company's performance is more significantly impacted by interest rates than general inflation, though operating expenses reflect inflation levels - Interest rates have a more significant impact on the Company's performance than general inflation, as substantially all assets and liabilities are monetary in nature[242](index=242&type=chunk) - Operating expenses, however, do reflect general levels of inflation[242](index=242&type=chunk) [Critical Accounting Policies and Estimates](index=67&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Financial statements rely on critical accounting policies and significant management estimates, particularly for loan loss allowance, goodwill, and fair value measurements - Critical accounting policies and estimates involve complex or subjective decisions, particularly for the allowance for loan losses, goodwill, and fair value of financial instruments[243](index=243&type=chunk)[245](index=245&type=chunk) - The Company has elected the extended transition period for complying with new or revised accounting standards under the JOBS Act[244](index=244&type=chunk) - The allowance for loan losses is a highly subjective estimate, susceptible to significant revision due to economic and market conditions, and is reviewed quarterly by management and periodically by regulatory agencies[251](index=251&type=chunk)[252](index=252&type=chunk)[253](index=253&type=chunk) [Recently Issued Accounting Pronouncements](index=69&type=section&id=Recently%20Issued%20Accounting%20Pronouncements) Refer to Note 1, Summary of Significant Accounting Policies, for details on the impact of new accounting pronouncements adopted by the Company - Refer to Note 1 for details on recently issued accounting pronouncements and their impact[258](index=258&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=69&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The Company manages market risk, primarily interest rate volatility, through its ALCO Committee, utilizing interest rate risk simulation models and shock analyses - The Company's primary market risk is interest rate volatility, managed by the ALCO Committee[259](index=259&type=chunk) - Interest rate risk simulation models and shock analyses are used to test the interest rate sensitivity of net interest income and fair value of equity[259](index=259&type=chunk) [Item 4. Controls and Procedures](index=70&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the Company's disclosure controls and procedures were effective as of June 30, 2021, with no material changes in internal control over financial reporting [Evaluation of Disclosure Controls and Procedures](index=70&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) The Company's management, including the CEO and CFO, evaluated and concluded that disclosure controls and procedures were effective as of June 30, 2021 - The Company's disclosure controls and procedures were evaluated by management, including the CEO and CFO, and deemed effective as of June 30, 2021[260](index=260&type=chunk) [Internal Control over Financial Reporting](index=70&type=section&id=Internal%20Control%20over%20Financial%20Reporting) No material changes in the Company's internal control over financial reporting occurred during the three months ended June 30, 2021 - No material changes in internal control over financial reporting occurred during the three months ended June 30, 2021[261](index=261&type=chunk) [PART II. OTHER INFORMATION](index=71&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=71&type=section&id=Item%201.%20Legal%20Proceedings) The Company is involved in ordinary course legal actions, but management does not anticipate any material adverse effect on financial statements beyond insurance coverage - The Company is involved in legal actions in the ordinary course of business, but management does not expect any material adverse effect on financial statements[263](index=263&type=chunk) [Item 1A. Risk Factors](index=71&type=section&id=Item%201A.%20Risk%20Factors) Investors should consider previously disclosed risk factors, as no material changes have occurred since the 2020 Annual Report on Form 10-K - No material changes have occurred in the risk factors previously disclosed in the 2020 Annual Report on Form 10-K[264](index=264&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=71&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The Company repurchased **39,334 shares** for **$892,253** during April and June 2021 under its stock repurchase program, with **$8.04 million** remaining - The Company has a stock repurchase program, approved in March 2020 for up to **$10.0 million**, which was resumed in November 2020 and extended to November 5, 2021[265](index=265&type=chunk) | Month (2021) | Total Shares Repurchased | Average Price Paid Per Share | Total Dollar Amount Purchased | Maximum Dollar Amount Remaining for Repurchase | | :--- | :--- | :--- | :--- | :--- | | April | 17,035 | $21.70 | $369,679 | $8,565,658 | | May | 0 | N/A | $0 | $8,565,658 | | June | 22,299 | $23.43 | $522,574 | $8,043,084 | | Total | 39,334 | N/A | $892,253 | N/A | [Item 3. Defaults Upon Senior Securities](index=71&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable to the Company - This item is not applicable to the Company[268](index=268&type=chunk) [Item 4. Mine Safety Disclosures](index=71&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the Company - This item is not applicable to the Company[269](index=269&type=chunk) [Item 5. Other Information](index=71&type=section&id=Item%205.%20Other%20Information) No other information is reported under this item - No other information is reported under this item[269](index=269&type=chunk) [Item 6. Exhibits](index=73&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including the Company's Certificate of Formation, Bylaws, certifications from executive officers (Sarbanes-Oxley Act Sections 302 and 906), and XBRL formatted financial statements - Exhibits include corporate governance documents, executive certifications (302 and 906), and XBRL formatted financial statements[271](index=271&type=chunk) [Signatures](index=74&type=section&id=Signatures) [Signatures](index=74&type=section&id=Signatures) The report was signed by Curtis C. Griffith, Chairman and Chief Executive Officer, and Steven B. Crockett, Chief Financial Officer and Treasurer, on August 9, 2021 - The report was signed by Curtis C. Griffith (Chairman and CEO) and Steven B. Crockett (CFO and Treasurer) on August 9, 2021[273](index=273&type=chunk)

1 South Plains Financial Earnings Presentation Second Quarter, 2021 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" or the "Company") and City Bank ("City Bank" or the "Bank") may contain, statements about future events that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements re ...

Financial Data and Key Metrics Changes - The company reported net income of $13.7 million or $0.74 per diluted common share for Q2 2021, compared to $5.6 million or $0.31 per diluted common share in Q2 2020 [9] - Pre-tax pre-provision income for Q2 2021 was $15.1 million, down from $19 million in Q1 2021 and $20.1 million in Q2 2020 [9] - A negative provision for loan loss of $2 million was recorded in Q2 2021, compared to a provision expense of $13.1 million in Q2 2020 [9] Business Line Data and Key Metrics Changes - Loans held for investment at the end of Q2 2021 were $2.3 billion, a $60.8 million or 2.7% increase from Q1 2021, driven by organic net loan growth of $120.1 million [20] - Mortgage loan originations for Q2 2021 were $378 million, down from $435 million in Q1 2021, leading to a decrease in mortgage banking revenues [25] - Non-interest income for Q2 2021 was $22.3 million, compared to $26.5 million in Q1 2021, reflecting a decline in mortgage banking activity [26] Market Data and Key Metrics Changes - The loan-to-deposit ratio at the end of Q2 2021 was 73%, indicating significant excess liquidity available for deployment [12] - Total non-interest-bearing deposits were approximately $1 billion, representing 31.6% of total deposits [32] - The non-performing assets to total assets ratio declined to 37 basis points in Q2 2021 from 42 basis points in Q1 2021, reflecting positive credit migrations [33] Company Strategy and Development Direction - The company is focused on expanding its loan portfolio and hiring bankers, particularly in major metropolitan markets like Dallas and Houston [7][11] - A thoughtful capital allocation strategy is being pursued, including share buybacks and maintaining dividends [8][13] - The company plans to increase its lending team by more than 30% over the next two years to support organic growth [12][22] Management's Comments on Operating Environment and Future Outlook - Management noted that economic activity is accelerating across Texas, but they are monitoring the impact of the Delta variant [7] - The company expects mid-single-digit loan growth in 2021, with potential for better growth in 2022 as new hires ramp up [10][50] - Management expressed confidence in the robustness of local economies and the potential for loan growth, particularly in the Permian Basin [10][24] Other Important Information - The company repurchased approximately 39,000 common shares under its $10 million share repurchase program [13] - The Board of Directors authorized a quarterly dividend of $0.09 per share, up from $0.07 in the previous quarter [13] - The company is investing in technology to enhance efficiency, including moving data storage to the cloud [17] Q&A Session Summary Question: Loan yields and growth expectations - Management indicated that loan yields remained flat, with some newer loans coming in at lower yields, suggesting potential compression [46][47] - The company aims for mid-single-digit growth across the entire portfolio, including replacing PPP loans [48][49] Question: Hiring new lenders and geographic focus - Management confirmed that they are nearly 50% into the hiring process for new lenders, focusing on existing markets and relationship-based lending [56][57] - The company is looking for experienced lenders with strong relationships, particularly in commercial real estate and construction [57] Question: Expense impacts from new hires and technology investments - Management anticipates a 2% to 3% increase in annual non-interest expenses due to new hires and technology investments [59] - They are also focused on offsetting expenses through careful management and efficiency improvements [61]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission File Number: 001-38895 South Plains Financial, Inc. (Exact name of registrant as specified in its charter) Texas 75-2453320 (State o ...

South Plains Financial, Inc. (NASDAQ:SPFI) Q1 2021 Earnings Conference Call April 27, 2021 5:00 PM ET Company Participants Steven Crockett - Chief Financial Officer Curtis Griffith - Chairman & Chief Executive Officer Cory Newsom - President Brent Bates - Chief Credit Officer of City Bank Conference Call Participants Brady Gailey - KBW Brad Milsaps - Piper Sandler Operator Good afternoon, ladies and gentlemen, and welcome to the South Plains Financial Inc. First Quarter 2021 Earnings Conference Call. During ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to_______________ Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned ...

1 South Plains Financial Earnings Presentation Fourth Quarter, 2020 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" or the "Company") and City Bank ("City Bank" or the "Bank") may contain, statements about future events that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements re ...

Call Start: 17:00 January 1, 0000 5:36 PM ET South Plains Financial, Inc. (NASDAQ:SPFI) Q4 2020 Earnings Conference Call January 27, 2021 17:00 ET Company Participants Steven Crockett - Chief Financial Officer Curtis Griffith - Chairman & Chief Executive Officer Cory Newsom - President Brent Bates - Chief Credit Officer of City Bank Conference Call Participants Brady Gailey - KBW Brad Milsaps - Piper Sandler Operator Good afternoon, ladies and gentlemen, and welcome to the South Plains Financial Fourth Quar ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission File Number: 001-38895 South Plains Financial, Inc. (Exact name of registrant as specified in its charter) Texas 75-2453320 (Sta ...

South Plains Financial, Inc. (NASDAQ:SPFI) Q3 2020 Earnings Conference Call October 27, 2020 5:00 PM ET Company Participants Steven Crockett - Chief Financial Officer Curtis Griffith - Chairman and Chief Executive Officer Cory Newsom - President Brent Bates - Chief Credit Officer of City Bank Conference Call Participants Brady Gailey - KBW Brad Milsaps - Piper Sandler Operator Good afternoon, ladies and gentlemen, and welcome to the South Plains Financial Third Quarter 2020 Earnings Conference Call. During ...