South Plains Financial (SPFI) Registration Filing summary

Company overview and business model

• Bank holding company headquartered in Lubbock, Texas, with City Bank as a wholly-owned subsidiary, among the largest independent banks in West Texas.

• Operates 25 full-service banking locations across Texas and New Mexico, with additional loan production offices focused on mortgage origination.

• Offers commercial and retail banking, investment, trust, and mortgage services to small and medium-sized businesses and individuals.

• Total assets of $4.22 billion, gross loans held for investment of $3.09 billion, total deposits of $3.63 billion, and total shareholders' equity of $418.0 million as of June 30, 2024.

• Growth driven by acquisitions, de novo branches, and a focus on being the community bank of choice in rural markets.

Financial performance and metrics

• Financial statements for the year ended December 31, 2023, and for the two-year period ended December 31, 2023, audited by independent registered public accounting firms.

• Financial data and risk factors are incorporated by reference from recent annual and quarterly SEC filings.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used for general corporate purposes, including investments in or advances to the Bank, working capital, capital expenditures, stock repurchases, debt repayment, or financing acquisitions.

• Allocation and timing of proceeds depend on market conditions, subsidiary funding needs, and other factors; proceeds may be temporarily invested or held in deposit accounts.