SOUTH PLAINS FINANCIAL, INC. 10-Q

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Issuer Purchases of Equity Securities On October 29, 2021, the Company’s board of directors approved a 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 “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 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 Repurchase Program has an expiration date of November 6, 2022. The Repurchase Program may be terminated or amended by the Company’s board of directors at any time prior to the expiration date. The following table summarizes the share repurchase activity for the three months ended March 31, 2022. 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 January 2022 41,646 $ 28.68 $ 1,194,530 $ 6,520,899 February 2022 31,095 28.52 886,755 5,634,145 March 2022 33,757 27.74 936,415 4,697,730 Total 106,498 Item 3. Defaults upon Senior Securities Not applicable. Item 4. Mine Safety Disclosures Not applicable.