South Plains Financial, Inc. Announces 8% Increase to Quarterly Cash Dividend

Rhea-AI Summary

South Plains Financial, Inc. (NASDAQ:SPFI) has announced an 8% increase to its quarterly cash dividend, raising it to $0.14 per share of common stock. The dividend will be payable on May 13, 2024, to shareholders of record as of April 29, 2024.

Positive

• South Plains Financial, Inc. has shown a positive gesture towards its shareholders by increasing the quarterly cash dividend by 8%.
• The new dividend amount of $0.14 per share of common stock reflects the company's strong financial position and commitment to rewarding its shareholders.
• Shareholders of South Plains Financial, Inc. can expect to receive the increased dividend on May 13, 2024, if they are recorded as shareholders by April 29, 2024.

Negative

• None.

LUBBOCK, Texas, April 18, 2024 (GLOBE NEWSWIRE) -- South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains”), the parent company of City Bank, today announced that its Board of Directors has declared a quarterly cash dividend of $0.14 per share of common stock, an 8% increase from the most recent quarterly cash dividend declared in January 2024. The dividend is payable on May 13, 2024 to shareholders of record as of the close of business on April 29, 2024.

About South Plains Financial, Inc.

South Plains is the bank holding company for City Bank, a Texas state-chartered bank headquartered in Lubbock, Texas. City Bank is one of the largest independent banks in West Texas and has additional banking operations in the Dallas, El Paso, Greater Houston, the Permian Basin, and College Station, Texas markets, and the Ruidoso, New Mexico market. South Plains provides a wide range of commercial and consumer financial services to small and medium-sized businesses and individuals in its market areas. Its principal business activities include commercial and retail banking, along with investment, trust and mortgage services. Please visit https://www.spfi.bank for more information.

Contact:	Mikella Newsom, Chief Risk Officer and Secretary
	investors@city.bank
	(866) 771-3347

Source: South Plains Financial, Inc.

FAQ

What is the new quarterly cash dividend announced by South Plains Financial, Inc. (NASDAQ:SPFI)?

The new quarterly cash dividend announced by South Plains Financial, Inc. (SPFI) is $0.14 per share of common stock.

When will the increased dividend be payable to shareholders?

The increased dividend of $0.14 per share will be payable on May 13, 2024.

Who is the parent company of City Bank that announced the dividend increase?

South Plains Financial, Inc. (NASDAQ:SPFI) is the parent company of City Bank that announced the 8% increase in the quarterly cash dividend.

What was the percentage increase in the quarterly cash dividend?

The quarterly cash dividend was increased by 8% from the previous announcement in January 2024.

When is the deadline for shareholders to be recorded to receive the dividend?

Shareholders of South Plains Financial, Inc. (SPFI) must be recorded by the close of business on April 29, 2024, to receive the dividend.