South Plains Financial, Inc. Reports Second Quarter 2026 Financial Results

South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City Bank (“City Bank” or the “Bank”), today reported its financial results for the quarter ended June 30, 2026.

Second Quarter 2026 Highlights

Net income for the second quarter of 2026 was $19.0 million, compared to $14.5 million for the first quarter of 2026 and $14.6 million for the second quarter of 2025. Diluted earnings per share for the second quarter of 2026 was $0.96, compared to $0.85 for the first quarter of 2026 and $0.86 for the second quarter of 2025. Average cost of deposits for the second quarter of 2026 was 208 basis points, compared to 197 basis points for the first quarter of 2026 and 214 basis points for the second quarter of 2025. Net interest margin, on a tax-equivalent basis, was 4.00% for the second quarter of 2026, compared to 4.04% for the first quarter of 2026 and 4.07% for the second quarter of 2025. Return on average assets for the second quarter of 2026 was 1.44%, compared to 1.31% for the first quarter of 2026 and 1.34% for the second quarter of 2025. Tangible book value (non-GAAP) per share was $29.57 as of June 30, 2026, compared to $29.65 as of March 31, 2026 and $26.70 as of June 30, 2025. The consolidated total risk-based capital ratio, common equity tier 1 risk-based capital ratio, and tier 1 leverage ratio at June 30, 2026 were 16.53%, 14.10%, and 12.20%, respectively.

As previously reported, the Company completed the merger of BOH Holdings, Inc. (“BOH”) with and into South Plains, with South Plains continuing as the surviving corporation, and the merger of BOH’s wholly-owned subsidiary, Bank of Houston, with and into City Bank, with City Bank continuing as the surviving bank, all effective on April 1, 2026. As of March 31, 2026, BOH had total assets of $685.0 million, total loans of $631.9 million, and total deposits of $595.6 million.

Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “We delivered a strong second quarter highlighted by solid profitability, stable credit quality and the successful integration of Bank of Houston, which has strengthened our position in Houston, one of Texas’ most attractive banking markets. As I prepare to retire as Chief Executive Officer at year-end, I am incredibly proud of what our employees have accomplished and the Company we have built together over the past four decades. The Bank is in a position of strength, and our leadership transition reflects years of thoughtful planning designed to ensure continuity for our customers, employees and shareholders. I remain highly confident in South Plains’ future and believe Cory is the right leader to guide the organization as we continue to grow earnings, deepen customer relationships and build on the culture that has been central to our success. I look forward to continuing to serve as Chairman of South Plains and City Bank as Cory and our talented leadership team build on our momentum and execute the next phase of our growth strategy.”

Cory Newsom, South Plains’ President, added, “I am honored by the Board’s confidence and am excited to lead South Plains into its next chapter. Our second quarter results demonstrate the strength of our relationship-based banking model, disciplined credit culture and proven growth strategy. Looking ahead, we remain focused on expanding our lending platform in high-growth Texas markets, attracting experienced bankers who fit our culture, optimizing the Bank of Houston acquisition and pursuing disciplined growth opportunities that enhance long-term shareholder value. With a strong balance sheet, healthy loan pipeline and exceptional team, we believe Sou...