South Plains Financial, Inc. (NASDAQ:SPFI) has announced a stock repurchase program for up to $10.0 million of its outstanding shares of common stock. The program, set to conclude on February 21, 2025, allows for repurchases to be made through open market purchases or privately negotiated transactions.
The decision comes on the heels of strong full-year 2023 financial results, with the company's chairman and chief executive officer, Curtis Griffith, expressing confidence in the business's momentum. Griffith noted that the company's shares are trading below intrinsic value, leading to the approval of the stock repurchase program as the most compelling acquisition in the current market.
South Plains Financial, Inc. is the bank holding company for City Bank, a Texas state-chartered bank headquartered in Lubbock, Texas. The bank operates in various markets, including Dallas, El Paso, Greater Houston, the Permian Basin, and College Station in Texas, as well as the Ruidoso market in New Mexico. Its services cater to small and medium-sized businesses and individuals, encompassing commercial and retail banking, investment, trust, and mortgage services.
The stock repurchase program allows for flexibility, as the company can conduct repurchases in accordance with regulatory requirements and market conditions. The company may commence or terminate repurchases at any time prior to the program's expiration, without prior notice.
Check out the company's full 8-K submission here.
