SOUTH PLAINS FINANCIAL, INC. 10-Q

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Issuer Purchases of Equity Securities On March 13, 2020, the Company approved a stock repurchase program pursuant to which the Company may, from time to time, purchase up to $10.0 million of its outstanding shares of common stock (the “Program”). The shares may be repurchased from time to time in privately negotiated transactions or the open market, including pursuant to Rule 10b5-1 trading plans, and in accordance with applicable regulations of the SEC. The timing and exact amount of any repurchases will depend on various factors including, the performance of the Company’s stock price, general market and other conditions, applicable legal requirements and other factors. The Program may be terminated or amended by the Company’s board of directors at any time prior to the expiration date. On April 16, 2020, the Company announced a temporary suspension of the Program in light of the uncertainties presented by the COVID-19 pandemic and surrounding events. However, as announced on November 2, 2020, the Company resumed the Program. While the Program originally had an expiration date of April 15, 2021, the Company’s board of directors extended the expiration of the Program to November 5, 2021, subject to certain limitations and conditions. On October 29, 2021, the Company’s board of directors approved a new stock repurchase program, effective November 6, 2021, pursuant to which the Company may, from time to time, purchase up to $10.0 million of its outstanding shares of common stock (the “New Repurchase Program”). The shares may be repurchased from time to time in privately negotiated transactions or the open market, including pursuant to a Rule 10b5-1 trading plan adopted by the Company, and in accordance with applicable regulations of the SEC. The Company is not obligated to purchase any shares of its common stock under the New Repurchase Program, and the timing and exact amount of any repurchases will depend on various factors, including the performance of the Company’s stock price, general market and other conditions, applicable legal requirements and other factors. The New Repurchase Program has an expiration date of November 6, 2022. The New Repurchase Program may be terminated or amended by the Company’s board of directors at any time prior to the expiration date. The stock repurchase program currently in place will expire prior to the New Repurchase Program becoming effective. Any remaining shares under such expiring stock repurchase program will not be rolled into the New Repurchase Program. The following table summarizes the share repurchase activity for the three months ended September 30, 2021. Total Shares Repurchased Average Price Paid Per Share Total Dollar Amount Purchased Pursuant to Publicly-Announced Plan Maximum Dollar Amount Remaining Available for Repurchase Pursuant to Publicly-Announced Plan July 2021 46,140 $ 23.28 $ 1,074,143 $ 6,958,288 August 2021 83,663 23.15 1,936,597 5,021,691 September 2021 60,501 23.02 1,392,539 3,629,152 Total 190,304 Item 3. Defaults upon Senior Securities Not applicable. Item 4. Mine Safety Disclosures Not applicable.