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 Repurchase Program had an expiration date of November 6, 2022. On May 18, 2022, the Company’s board of directors approved a stock repurchase program pursuant to which the Company may, from time to time, purchase up to $15.0 million of its outstanding shares of common stock (the “New Repurchase Program”). The New Repurchase Program became effective on the date which the Repurchase Program expired due to depletion of funds previously allocated to it. 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 may be terminated or amended by the Company’s board of directors at any time prior to the expiration date, which is May 21, 2023. The following table summarizes the share repurchase activity for the three months ended September 30, 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 July 2022 42,125 $ 24.04 $ 1,012,803 $ 12,500,532 August 2022 194,852 26.46 5,155,013 7,345,519 September 2022 129,150 27.49 3,550,729 3,794,789 Total 366,127 Item 3. Defaults upon Senior Securities Not applicable. Item 4. Mine Safety Disclosures Not applicable.