SOUTH PLAINS FINANCIAL Business Summary

South Plains Financial, Inc. (NASDAQ: SPFI) operates as the bank holding company for City Bank, generating revenue primarily through net interest income from a $3.14 billion loan portfolio and non-interest income via mortgage banking, trust services, and insurance commissions. The company’s business is organized into three primary segments: Banking, which provides commercial and retail services across Texas and New Mexico; Mortgage, focused on residential loan originations; and Insurance, operated through its Windmark Insurance subsidiary. As of February 2026, the company is aggressively expanding its metropolitan footprint, highlighted by the pending Q2 2026 acquisition of BOH Holdings and Bank of Houston, which is projected to push its Houston-area loans above $1 billion. SPFI competes directly with regional powerhouses such as Cullen/Frost Bankers (Frost Bank), Texas Capital Bank, and Comerica, positioning itself as a high-performing independent alternative that recently ranked 7th on Forbes’ 2026 list of America’s Best Banks. The leadership team is anchored by Chairman and CEO Curtis C. Griffith, who has been with the institution since 1972 and holds agricultural economics and law degrees from Texas Tech University. He is supported by President Cory T. Newsom, a 40-year banking veteran and Texas Tech alumnus who has served as a director since 2008, and CFO Steven B. Crockett. The company’s origins date back to the 1941 founding of First State Bank of Morton, which was later acquired in 1962 by a consortium including J.K. Griffith, establishing a multi-generational legacy of Griffith family stewardship. Publicly traded since its 2019 IPO, the company maintains a strong institutional investor base including JPMorgan Chase, Vanguard, and Geode Capital Management, while its board features notable regional figures such as Lead Independent Director Richard “Danny” Campbell and attorney Noe G. Valles.