South Plains Financial (NASDAQ:SPFI) held its 2026 annual meeting of shareholders, with company leaders highlighting 2025 performance, the recent acquisition of BOH Holdings and shareholder votes on directors, auditors and executive compensation.
Cory Newsom, president of South Plains Financial and CEO and president of City Bank, said the company delivered “a strong performance” in 2025 despite economic headwinds. He cited healthy deposit and organic loan growth, conservative credit standards and robust credit quality, including a decline in non-performing assets to total assets and a strong allowance for credit losses.
“We’re very excited to see what the combined team can do in a fast-growing Texas market,” Newsom said.
Company Emphasizes Growth and Capital Returns
Newsom said South Plains has room to grow both organically and through accretive acquisitions, while also remaining committed to returning income to shareholders through its quarterly cash dividend.
In 2025, the company paid $0.62 per share in common dividends, a 10% increase from $0.56 per share in 2024. Newsom also said the company has a share repurchase program in place.
Curtis Griffith, chairman and CEO of South Plains Financial, chairman of City Bank and chairman of the meeting, said the bank had delivered steady margin expansion, maintained strong credit quality and continued executing on strategic growth initiatives intended to enhance earnings.
“Looking ahead, the combination of our organic momentum, strategic M&A activity, including the completed acquisition of BOH Holdings Incorporated, and our unwavering commitment to our mission and values positions us well to deliver long-term value to our shareholders and stakeholders,” Griffith said.
Board Updates and Quorum
Griffith identified the current board members as Curtis C. Griffith, Cory T. Newsom, Richard D. Campbell, James D. Stein, Noe G. Valles, Kyle R. Wargo and LaDana R. Washburn. He also welcomed Stein as the company’s newest director following the BOH Holdings acquisition, which became effective April 1, 2026.
Mikella Newsom, secretary of South Plains Financial, reported that holders of at least 14,766,189 shares, or 90.35% of the company’s outstanding shares entitled to vote, were present by remote communication or proxy. She said that established a quorum for the meeting.
Shareholders Elect Directors
Shareholders voted on three proposals at the annual meeting. The first proposal was the election of two Class One directors for three-year terms expiring at the 2029 annual meeting of shareholders.
The board nominated Richard D. Campbell and LaDana R. Washburn for election. Griffith said no other director nominations had been submitted under the company’s bylaws.
Newsom reported that, according to preliminary tabulation, of the 11,600,467 shares voted by remote communication or proxy on the proposal, at least 6,289,536 shares, or about 54.21%, were voted in favor of the total slate of Class One directors. Griffith declared Campbell and Washburn elected to serve until the 2029 annual meeting, or until their successors are elected and qualified, or until earlier death, resignation or removal.
Auditor Ratified, Say-on-Pay Approved
Shareholders also voted to ratify the audit committee’s appointment of Forvis Mazars, LLP as the company’s independent registered public accounting firm for the fiscal year ending Dec. 31, 2026.
Newsom reported that, based on preliminary results, at least 14,673,121 shares out of 14,766,189 shares voted by remote communication or proxy, or about 99.36%, supported ratification of the appointment. Griffith declared the auditor appointment ratified.
The third proposal was a non-binding advisory vote to approve the compensation of the company’s named executive officers, commonly referred to as a say-on-pay vote. Newsom said preliminary results showed that at least 10,752,825 of the 11,600,467 shares voted, or about 92.69%, were cast in favor of the executive compensation proposal. Griffith declared the proposal approved.
No shareholder questions related to the business of the meeting were submitted, according to Mikella Newsom. Griffith said no other business had been presented under the company’s bylaws, and the meeting was adjourned.
About South Plains Financial (NASDAQ:SPFI)
South Plains Financial, Inc is the bank holding company for South Plains Bank, a community-oriented financial institution headquartered in Lubbock, Texas. The company operates as a full-service commercial bank, providing a broad spectrum of banking solutions to individuals, small businesses and agricultural clients. Its principal subsidiary, South Plains Bank, holds state and national banking charters and is subject to regulatory oversight by the Federal Reserve and various state banking authorities.
The company’s product offerings include traditional deposit accounts such as checking, savings and money market accounts, as well as time deposits.
