South Plains Financial approves $10 million share buyback program

South Plains Financial Inc. (NASDAQ: SPFI) announced that its board of directors approved a stock repurchase program authorizing the buyback of up to $10 million of the company's outstanding common stock.

The program will run through February 23, 2027, unless terminated earlier by the board or until the allocated funds are exhausted. The Lubbock, Texas-based bank holding company may repurchase shares through open market purchases, privately negotiated transactions, or trading plans under Rule 10b5-1.

Open market repurchases will comply with Rule 10b-18 limitations under the Securities Exchange Act of 1934. The company stated that the timing, manner and amount of repurchases will depend on various factors including stock price performance, market conditions, regulatory requirements and fund availability.

South Plains Financial retains discretion to begin, suspend or terminate repurchases at any time without prior notice. The program does not obligate the company to repurchase any specific number of shares, and no guarantee exists regarding the exact number or value of shares that will be bought back.

South Plains Financial serves as the holding company for City Bank, a Texas state-chartered bank operating in West Texas markets including Dallas, El Paso, Greater Houston, the Permian Basin, College Station and Ruidoso, New Mexico. The company provides commercial and consumer financial services, including banking, investment, trust and mortgage services to small and medium-sized businesses and individuals.

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