SPFI

EX-99.1

2 ef20084210_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

South Plains Financial, Inc. Reports Third Quarter 2026 Financial Results

LUBBOCK, Texas, October 22, 2026 (GLOBE NEWSWIRE) – South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City Bank (“City Bank” or the “Bank”), today reported its financial results for the quarter ended September 30, 2026.

Third Quarter 2026 Highlights

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Net income for the third quarter of 2026 was $20.8 million, compared to $19.0 million for the second quarter of 2026 and $16.3 million for the third quarter of 2025.

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Diluted earnings per share for the third quarter of 2026 was $1.06, compared to $0.96 for the second quarter of 2026 and $0.96 for the third quarter of 2025.

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Average cost of deposits for the third quarter of 2026 was 207 basis points, compared to 208 basis points for the second quarter of 2026 and 210 basis points for the third quarter of 2025.

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Net interest margin, on a tax-equivalent basis, was 4.00% for the third quarter of 2026, compared to 4.00% for the second quarter of 2026 and 4.05% for the third quarter of 2025.

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Return on average assets for the third quarter of 2026 was 1.53%, compared to 1.44% for the second quarter of 2026 and 1.47% for the third quarter of 2025.

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Tangible book value (non-GAAP) per share was $29.23 as of September 30, 2026, compared to $29.60 as of June 30, 2026 and $28.14 as of September 30, 2025.

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The consolidated total risk-based capital ratio, common equity tier 1 risk-based capital ratio, and tier 1 leverage ratio at September 30, 2026 were 16.61%, 14.20%, and 12.42%, respectively.

Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “As I prepare to retire as Chief Executive Officer at the end of this year, I could not be prouder of what City Bank and South Plains have become. The strong results we delivered in the third quarter, including near-record earnings and solid organic loan growth, reflect the strength of our franchise and reinforce my confidence in the future of the Company. Our leadership transition reflects years of thoughtful planning, and I am confident that Cory and the rest of our experienced management team are well prepared to build on our success. I look forward to continuing my service as Chairman and helping guide the long-term strategy of the Company.”

Cory Newsom, South Plains’ President, added, “I am honored by the Board’s confidence in appointing me as South Plains’ next Chief Executive Officer and excited to build upon the strong foundation that our team has created. Our third quarter results reflect the investments that we have made to expand our lending platform across our high-growth Texas markets, with annualized loan growth accelerating to 6.3% during the quarter, consistent with our expectations. We believe our loan pipeline remains healthy, and we continue to see opportunities to recruit experienced bankers as industry consolidation creates disruption across our markets. With a strong balance sheet, stable profitability and attractive returns, we believe we are well positioned to continue growing the South Plains franchise, enhancing the long-term earning power of the Bank and creating value for our shareholders.”

Results of Operations, Quarter Ended September 30, 2026

Net Interest Income

Net interest income was $51.5 million for the third quarter of 2026, compared to $50.3 million for the second quarter of 2026 and $43.0 million for the third quarter of 2025. Net interest margin, calculated on a tax-equivalent basis, was 4.00% for the third quarter of 2026, compared to 4.00% for the second quarter of 2026 and 4.05% for the third quarter of 2025. The average yield on loans was 6.75% for the third quarter of 2026, compared to 6.81% for the second quarter of 2026 and 6.92% for the third quarter of 2025. The average cost of deposits was 207 basis points for the third quarter of 2026, which is 1 basis point lower than the second quarter of 2026 and 3 basis points lower than the third quarter of 2025.

Interest income was $76.4 million for the third quarter of 2026, compared to $75.0 million for the second quarter of 2026 and $64.5 million for the third quarter of 2025. Interest income in the third quarter of 2026 increased $1.4 million compared to the second quarter of 2026 and increased $11.9 million compared to the third quarter of 2025. The $1.4 million quarterly increase was mainly due to an increase of $53.4 million in average interest-bearing assets, while the year-over-year increase of $11.9 million was primarily due to the acquisition of BOH Holdings, Inc.’s (“BOH”) approximately $667 million of interest-earning assets in the second quarter of 2026 along with organic growth.

Interest expense was $24.9 million for the third quarter of 2026, compared to $24.7 million for the second quarter of 2026 and $21.5 million for the third quarter of 2025. Interest expense in the third quarter of 2026 i

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