Item 5. Market for Registrant’s Common Equity
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities.
Market Information for Common Stock
The Company’s common stock is traded on the NASDAQ Global Select Market. Quotations of the sales volume and the closing sales prices of the Company’s common stock are listed daily
under the symbol “SPFI” in NASDAQ’s listings.
Holders of Record
As of March 13, 2024, there were approximately 170 holders of record of the Company’s common stock.
Dividends
The Company paid a dividend of $0.13 per common share in each of the four quarters of 2023. Additionally, the Company paid a dividend of $0.13 per common share in the first
quarter of 2024. Also, see “Item 1. Business – Supervision and Regulation – Dividend Payments, Stock Redemptions and Repurchases” and “Item 7. Management’s Discussion and Analysis of the Financial Condition and Results of Operations – Liquidity
and Capital Resources – Capital Requirements” of this Report for restrictions on our present or future ability to pay dividends, particularly those restrictions arising under federal and state banking laws.
Securities Authorized for Issuance Under Equity Compensation Plans
The following table sets forth information at December 31, 2023 with respect to compensation plans under which shares of our common stock may be issued.
Plan Category
Number of Shares to be
Issued Upon Exercise of
Outstanding Awards
Weighted-Average
Exercise Price of
Outstanding Awards
Number of Shares
Available for
Future Grants
Equity compensation plans approved by shareholders (1)
1,406,775
$
15.40
2,036,512
Equity compensation plans not approved by shareholders
—
—
—
Total
1,406,775
$
15.40
2,036,512
(1)
The number of shares available for future issuance includes 2,036,512 shares available under the Company’s 2019 Equity Incentive Plan (which allows for the issuance of options, as well as various other
stock-based awards).
Issuer Purchases of Securities
On May 5, 2023, 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 “Program”). The shares could 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 Company was not obligated to purchase any shares of its common stock under the Program and the timing and exact amount of any repurchases would 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 terminated in December 2023 after all allocated funds had been spent.
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The following table summarizes the share repurchase activity for the three months ended December 31, 2023.
Total Shares
Repurchased (1)
Average Price
Paid Per Share
Total Dollar Amount
Purchased Pursuant to
Publicly-Announced Plans
Maximum Dollar Amount
Remaining Available for
Repurchase Pursuant to
Publicly-Announced Plans
October 2023
107,803
$
26.47
$
2,853,822
$
277,330
November 2023
10,360
26.77
277,330
—
December 2023
—
—
—
—
Total
130,189
(1)
Includes 100,000 shares that the Company repurchased from Curtis C. Griffith, the Chairman and Chief Executive Officer of the Company, on November 7, 2023, at a price of $26.30 per share, in a privately negotiated transaction outside
of the Program
On February 21, 2024, the Company’s board of directors approved a new 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 “New Program”). The shares can 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 Company is not obligated to purchase any shares of its common stock under the New Program and the timing and exact amount of any repurchases depends on various factors including, the performance of the
Company’s stock price, general market and other conditions, applicable legal requirements and other factors.
Stock Performance Graph
The following performance graph compares total stockholders’ return on the Company’s common stock for the period beginning at the close of trading on May 9, 2019 and for the last
trading date of each year from 2019 to 2023, with the cumulative total return of the S&P 500 and the S&P United States BMI Banks Index for the same periods. Cumulative total return is computed by dividing the difference between the
Company’s share price at the end and the beginning of the measurement period by the share price at the beginning of the measurement period. The performance graph assumes $100 is invested on May 9, 2019, in the Company’s common stock, including
reinvestment of any dividends, and each of the indices. Historical stock price performance is not necessarily indicative of future stock price performance. This performance graph and related information shall not be deemed “soliciting material”
or to be “filed” with the SEC for purposes of Section 18 of the Exchange Act of 1934, or incorporated by reference into any future SEC filing, except as shall be expressly set forth by specific reference in such filing.
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Dollars
5/9/19
12/31/19
12/31/20
12/31/21
12/31/22
12/31/23
South Plains Financial, Inc.
$
100.0
$
118.25
$
108.42
$
161.21
$
162.27
$
174.28
S&P United States BMI Banks Index
100.0
117.22
102.26
139.04
115.32
179.71
S&P 500
100.0
114.03
135.01
173.77
142.30
125.80
Source: S&P Global Market Intelligence
© 2024
Item 6.
[Reserved]