South Plains Financial, Inc. Announces Stock Repurchase Program
South Plains Financial (NASDAQ:SPFI) has announced a new stock repurchase program authorized by its board of directors. The program allows for the repurchase of up to $15.0 million of outstanding common stock shares through February 21, 2026.
The company may conduct repurchases through various means, including open market purchases and privately negotiated transactions, in accordance with Rule 10b-18 and other legal requirements. A trading plan under Rule 10b5-1 may also be implemented, enabling share repurchases during blackout periods or regulatory restrictions.
The timing, manner, and amount of repurchases will be influenced by factors including stock price performance, market conditions, regulatory requirements, and fund availability. The company maintains discretion to begin, suspend, or terminate repurchases without notice, with no obligation to repurchase any specific number of shares.
South Plains Financial (NASDAQ:SPFI) ha annunciato un nuovo programma di riacquisto di azioni autorizzato dal suo consiglio di amministrazione. Il programma consente il riacquisto di fino a 15,0 milioni di dollari di azioni ordinarie in circolazione fino al 21 febbraio 2026.
La società può effettuare i riacquisti attraverso vari mezzi, inclusi acquisti sul mercato aperto e transazioni negoziate privatamente, in conformità con la Regola 10b-18 e altri requisiti legali. Può anche essere attuato un piano di trading ai sensi della Regola 10b5-1, che consente il riacquisto di azioni durante i periodi di blackout o le restrizioni normative.
I tempi, le modalità e l'importo dei riacquisti saranno influenzati da fattori quali le performance del prezzo delle azioni, le condizioni di mercato, i requisiti normativi e la disponibilità di fondi. La società mantiene la discrezione di avviare, sospendere o terminare i riacquisti senza preavviso, senza alcun obbligo di riacquistare un numero specifico di azioni.
South Plains Financial (NASDAQ:SPFI) ha anunciado un nuevo programa de recompra de acciones autorizado por su junta directiva. El programa permite la recompra de hasta 15,0 millones de dólares en acciones ordinarias en circulación hasta el 21 de febrero de 2026.
La empresa puede llevar a cabo las recompras a través de varios medios, incluidos compras en el mercado abierto y transacciones negociadas de forma privada, de acuerdo con la Regla 10b-18 y otros requisitos legales. También se puede implementar un plan de negociación bajo la Regla 10b5-1, que permite las recompras de acciones durante períodos de bloqueo o restricciones regulatorias.
El momento, la forma y el monto de las recompras se verán influenciados por factores como el rendimiento del precio de las acciones, las condiciones del mercado, los requisitos regulatorios y la disponibilidad de fondos. La empresa mantiene la discreción de iniciar, suspender o finalizar las recompras sin previo aviso, sin ninguna obligación de recomprar un número específico de acciones.
사우스 플레인스 파이낸셜 (NASDAQ:SPFI)는 이사회에서 승인한 새로운 주식 매입 프로그램을 발표했습니다. 이 프로그램은 2026년 2월 21일까지 최대 1500만 달러의 보통주 매입을 허용합니다.
회사는 공개 시장 구매 및 개인 간 협상 거래를 포함한 다양한 방법으로 매입을 수행할 수 있으며, 이는 규칙 10b-18 및 기타 법적 요건에 따릅니다. 또한, 규칙 10b5-1에 따라 거래 계획을 실행하여 블랙아웃 기간이나 규제 제한 동안 주식 매입이 가능하도록 할 수 있습니다.
매입의 시기, 방식 및 금액은 주가 성과, 시장 조건, 규제 요구 사항 및 자금 가용성 등의 요인에 영향을 받을 것입니다. 회사는 사전 통지 없이 매입을 시작, 중단 또는 종료할 수 있는 재량을 유지하며, 특정 수의 주식을 매입할 의무는 없습니다.
South Plains Financial (NASDAQ:SPFI) a annoncé un nouveau programme de rachat d'actions autorisé par son conseil d'administration. Le programme permet le rachat de jusqu'à 15,0 millions de dollars d'actions ordinaires en circulation jusqu'au 21 février 2026.
L'entreprise peut effectuer des rachats par divers moyens, y compris des achats sur le marché ouvert et des transactions négociées en privé, conformément à la règle 10b-18 et à d'autres exigences légales. Un plan de négociation en vertu de la règle 10b5-1 peut également être mis en œuvre, permettant des rachats d'actions pendant les périodes de blackout ou les restrictions réglementaires.
Le calendrier, la manière et le montant des rachats seront influencés par des facteurs tels que la performance du prix des actions, les conditions du marché, les exigences réglementaires et la disponibilité des fonds. L'entreprise conserve la discrétion de commencer, de suspendre ou de mettre fin aux rachats sans préavis, sans aucune obligation de racheter un nombre spécifique d'actions.
South Plains Financial (NASDAQ:SPFI) hat ein neues Aktienrückkaufprogramm angekündigt, das von seinem Vorstand genehmigt wurde. Das Programm erlaubt den Rückkauf von bis zu 15,0 Millionen Dollar ausstehenden Stammaktien bis zum 21. Februar 2026.
Das Unternehmen kann Rückkäufe über verschiedene Mittel durchführen, einschließlich offener Marktkäufe und privat verhandelter Transaktionen, gemäß Regel 10b-18 und anderen gesetzlichen Anforderungen. Ein Handelsplan nach Regel 10b5-1 kann ebenfalls implementiert werden, um Aktienrückkäufe während Sperrfristen oder regulatorischer Einschränkungen zu ermöglichen.
Der Zeitpunkt, die Art und der Betrag der Rückkäufe werden von Faktoren wie der Aktienkursentwicklung, den Marktbedingungen, den regulatorischen Anforderungen und der Verfügbarkeit von Mitteln beeinflusst. Das Unternehmen behält sich das Ermessen vor, Rückkäufe ohne Vorankündigung zu beginnen, auszusetzen oder zu beenden, ohne die Verpflichtung, eine bestimmte Anzahl von Aktien zurückzukaufen.
- Board approved $15M stock buyback program
- Potential enhancement of shareholder value through reduced share count
- Flexibility in repurchase timing and execution methods
- Reduces cash available for other strategic investments
- No guarantee of complete program execution
- May limit financial flexibility during program duration
Insights
South Plains Financial's announcement of a $15 million stock repurchase program represents a significant capital allocation decision that warrants investor attention. This buyback authorization amounts to approximately
The program's structure offers considerable flexibility, with a one-year timeframe and multiple execution methods including open market purchases and private transactions. The careful language emphasizing discretionary implementation suggests management intends to be opportunistic rather than mechanistic in their approach, potentially enhancing the program's effectiveness by allowing repurchases at more advantageous price points.
For regional banks like SPFI, stock buybacks serve multiple strategic purposes beyond signaling undervaluation:
- Enhancing key performance metrics including earnings per share, return on equity, and book value per share
- Optimizing capital structure while maintaining regulatory capital requirements
- Offsetting potential dilution from employee equity compensation programs
- Providing a tax-efficient alternative to dividends for returning capital to shareholders
The timing of this announcement is particularly noteworthy given the challenging environment regional banks have faced. Many regional banks currently trade below tangible book value, potentially making share repurchases an efficient use of capital compared to other growth initiatives. For SPFI specifically, with the stock trading at approximately
Investors should note that this program represents a balanced approach to capital return that preserves flexibility for other strategic initiatives. The
The effectiveness of this program will ultimately depend on execution - particularly the price points at which shares are repurchased and whether the full authorization is utilized. Historically, companies that execute buybacks at reasonable valuations tend to create more long-term shareholder value than those that repurchase shares regardless of price.
LUBBOCK, Texas, Feb. 25, 2025 (GLOBE NEWSWIRE) -- South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), today announced that the board of directors of the Company (the “Board”) approved a new stock repurchase program for up to
Under the Stock Repurchase Program, the Company may repurchase shares of the Company’s common stock from time to time through various means, including open market purchases and privately negotiated transactions. Open market repurchases will be conducted in accordance with the limitations set forth in Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and other applicable legal requirements. Repurchases under the Stock Repurchase Program may also be made pursuant to a trading plan under Rule 10b5-1 under the Exchange Act, which would permit shares to be repurchased by the Company when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions. The extent to which the Company repurchases its shares, and the manner, timing and amount of such repurchases, will depend upon a variety of factors, including the performance of the Company’s stock price, general market and economic conditions, regulatory requirements, availability of funds, and other relevant considerations, as determined by the Company. The Company may, in its discretion, begin, suspend or terminate repurchases at any time prior to the Stock Repurchase Program’s expiration, without any prior notice. The Stock Repurchase Program does not obligate the Company to repurchase any particular number or amount of shares of the Company’s common stock and there is no guarantee as to the exact number or value of shares that will be repurchased by the Company under the Stock Repurchase Program.
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.
Available Information
The Company routinely posts important information for investors on its web site (under www.spfi.bank and, more specifically, under the News & Events tab at www.spfi.bank/news-events/press-releases). The Company intends to use its web site as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD (Fair Disclosure) promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, investors should monitor the Company’s web site, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.
The information contained on, or that may be accessed through, the Company’s web site is not incorporated by reference into, and is not a part of, this document.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect South Plains’ current views with respect to future events. Any statements about South Plains’ expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. South Plains cautions that the forward-looking statements in this press release are based largely on South Plains’ expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond South Plains’ control. Factors that could cause such changes include, but are not limited to, the impact on us and our customers of a decline in general economic conditions and any regulatory responses thereto; potential recession in the United States and our market areas; the impacts related to or resulting from uncertainty in the banking industry as a whole; increased competition for deposits in our market areas and related changes in deposit customer behavior; the impact of changes in market interest rates, whether due to a continuation of the elevated interest rate environment or further reductions in interest rates and a resulting decline in net interest income; the lingering inflationary pressures, and the risk of the resurgence of elevated levels of inflation, in the United States and our market areas; the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; increases in unemployment rates in the United States and our market areas; declines in commercial real estate values and prices; uncertainty regarding United States fiscal debt, deficit and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber attacks; severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events; the impact of changes in U.S. presidential administrations or Congress, including potential changes in U.S. and international trade policies and the resulting impact on the Company and its customers; competition and market expansion opportunities; changes in non-interest expenditures or in the anticipated benefits of such expenditures; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; potential costs related to the impacts of climate change; current or future litigation, regulatory examinations or other legal and/or regulatory actions; and changes in applicable laws and regulations. Additional information regarding these risks and uncertainties to which South Plains’ business and future financial performance are subject is contained in South Plains’ most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q on file with the SEC, including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of such documents, and other documents South Plains files or furnishes with the SEC from time to time, which are available on the SEC’s website, www.sec.gov. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements due to additional risks and uncertainties of which South Plains is not currently aware or which it does not currently view as, but in the future may become, material to its business or operating results. Due to these and other possible uncertainties and risks, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized and readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Any forward-looking statements presented herein are made only as of the date of this press release, and South Plains does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, new information, the occurrence of unanticipated events, or otherwise, except as required by applicable law. All forward-looking statements, express or implied, included in the press release are qualified in their entirety by this cautionary statement.
| Contact: | Mikella Newsom, Chief Risk Officer and Secretary |
| (866) 771-3347 | |
| investors@city.bank |
Source: South Plains Financial, Inc.
FAQ
How much is South Plains Financial's (SPFI) new stock buyback program worth?
When does SPFI's 2025 stock repurchase program expire?
What methods will SPFI use to repurchase shares?
Is South Plains Financial required to complete the full $15M stock buyback?
