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

Rhea-AI Summary

On October 22, 2020, South Plains Financial (NASDAQ:SPFI) announced a quarterly cash dividend of $0.05 per share, marking an increase of $0.02 from the previous dividend. This dividend will be payable on November 16, 2020 to shareholders of record as of November 2, 2020. The future dividends will be subject to the discretion of the Board of Directors. South Plains is the parent company of City Bank, providing a variety of commercial and consumer financial services across multiple Texas markets.

Positive

• Quarterly cash dividend increased to $0.05 per share
• Dividend reflects company confidence in financial performance

Negative

• None.

LUBBOCK, Texas, Oct. 22, 2020 (GLOBE NEWSWIRE) -- South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City Bank, today announced that its Board of Directors has declared a quarterly cash dividend of $0.05 per share of common stock, an increase of $0.02 per share of common stock over the most recent quarterly cash dividend declared in July 2020. The dividend is payable on November 16, 2020 to the Company’s shareholders of record as of the close of business on November 2, 2020. The amount and timing of any future dividend payments to the Company’s shareholders will be subject to the discretion of the Company’s Board of Directors.

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 and Eastern New Mexico markets. 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 dividend amount declared by South Plains Financial (SPFI)?

The dividend amount declared is $0.05 per share.

When will the dividend be paid to shareholders of South Plains Financial (SPFI)?

The dividend will be paid on November 16, 2020.

What is the record date for the dividend of South Plains Financial (SPFI)?

The record date for the dividend is November 2, 2020.

How much has the dividend increased for South Plains Financial (SPFI)?

The dividend has increased by $0.02 per share from the last quarter.

Are future dividends guaranteed for South Plains Financial (SPFI)?

Future dividends are subject to the discretion of the Board of Directors.