South Plains Financial, Inc. Announces Approval of Stock Repurchase Program

Rhea-AI Summary

South Plains Financial (NASDAQ:SPFI) announced a new stock repurchase program to buy back up to $10 million of its common stock, effective from November 6, 2021 to November 6, 2022. This new plan follows the expiration of the current repurchase program, and any remaining shares from the expiring plan will not transfer to the new one. The initiative aims to enhance shareholder value and reflects the company's confidence in its financial position.

Positive

• New stock repurchase program of up to $10 million enhances shareholder value.
• Reflects management's confidence in the company's financial health.

Negative

• None.

LUBBOCK, Texas, Nov. 01, 2021 (GLOBE NEWSWIRE) -- South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), today announced that the board of directors of the Company approved a new stock repurchase program for up to $10 million shares of outstanding common stock (the “new repurchase plan”) beginning on November 6, 2021 and concluding on November 6, 2022, subject to earlier termination or extension of the new repurchase plan by the Board. The stock repurchase plan currently in place (the “expiring repurchase plan”) will expire prior to the new repurchase plan becoming effective. Any remaining shares under the expiring repurchase plan will not be rolled into the new repurchase plan.

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 insurance, 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 purpose of South Plains Financial's new stock repurchase program for SPFI?

The new stock repurchase program aims to enhance shareholder value by buying back up to $10 million of common stock.

When does South Plains Financial's stock repurchase program start and end?

The stock repurchase program will commence on November 6, 2021, and conclude on November 6, 2022.

What happens to the remaining shares from the expiring repurchase plan for SPFI?

Any remaining shares from the expiring repurchase plan will not be rolled into the new repurchase plan.

How does the new stock repurchase program impact South Plains Financial's stock price?

The repurchase program is expected to support the stock price by reducing the number of shares outstanding, which may increase earnings per share.