KBRA Comments on South Plains Financial, Inc.'s Proposed Acquisition of BOH Holdings, Inc.

Core Points - South Plains Financial, Inc. has entered into a definitive merger agreement with BOH Holdings, Inc. [1] - The all-stock transaction is valued at approximately $106 million, with a price to tangible book value (P/TBV) of 1.4x [1] - The merger is expected to close between the first and second quarter of 2026, pending customary and shareholder approvals [1] Company Overview - South Plains Financial, Inc. is based in Lubbock, Texas, and is the parent company of City Bank [1] - BOH Holdings, Inc. is based in Houston, Texas, and is the parent company of Bank of Houston [1]