South Plains Financial First Quarter 2024 Earnings Presentation April 25, 2024

Safe Harbor Statement and Other Disclosures FORWARD-LOOKING STATEMENTS This presentation contains, and future oral and written statements of South Plains Financial, Inc. (“South Plains”, “SPFI”, or the “Company”) and City Bank (“City Bank” or the “Bank”) may contain, statements about future events that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect South Plains’ current views with respect to future events and South Plains’ financial performance. Any statements about South Plains’ expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Forward-looking statements include, but are not limited to: (i) projections and estimates of revenues, expenses, income or loss, earnings or loss per share, and other financial items, (ii) statements of plans, objectives and expectations of South Plains or its management, (iii) statements of future economic performance, and (iv) statements of assumptions underlying such statements. Forward-looking statements should not be relied on because they involve known and unknown risks, uncertainties and other factors, some of which are beyond the control of South Plains and City Bank. These risks, uncertainties and other factors may cause the actual results, performance, and achievements of South Plains and City Bank to be materially different from the anticipated future results, performance or achievements expressed in, or implied by, the forward-looking statements. Factors that could cause such differences include, but are not limited to, the impact on us and our customers of a decline in general economic conditions and any regulatory responses thereto; potential recession in the United States and our market areas; the impacts related to or resulting from bank failures and any continuation of uncertainty in the banking industry, including the associated impact to the Company and other financial institutions of any regulatory changes or other mitigation efforts taken by government agencies in response thereto; increased competition for deposits and related changes in deposit customer behavior; the impact of changes in market interest rates, whether due to continued elevated interest rates or potential reductions in interest rates and a resulting decline in net interest income; the persistence of the current inflationary pressures, or the resurgence of elevated levels of inflation in the United States and our market areas; the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; the effects of declines in housing prices in the Unites States and our market areas; increases in unemployment rates in the United States and our market areas; declines in commercial real estate values and prices; uncertainty regarding United States fiscal debt and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber attacks; severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events; competition and market expansion opportunities; changes in non-interest expenditures or in the anticipated benefits of such expenditures; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; potential increased regulatory requirements and costs related to the transition and physical impacts of climate change; current or future litigation, regulatory examinations or other legal and/or regulatory actions; and changes in applicable laws and regulations. Due to these and other possible uncertainties and risks, South Plains can give no assurance that the results contemplated in the forward-looking statements will be realized and readers are cautioned not to place undue reliance on the forward-looking statements contained in this presentation. Additional information regarding these factors and uncertainties to which South Plains’ business and future financial performance are subject is contained in South Plains’ most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q on file with the U.S. Securities and Exchange Commission (the “SEC”), including the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations“ of such documents, and other documents South Plains files or furnishes with the SEC from time to time. Further, any forward-looking statement speaks only as of the date on which it is made and South Plains undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as required by applicable law. All forward-looking statements, express or implied, herein are qualified in their entirety by this cautionary statement. NON-GAAP FINANCIAL MEASURES Management believes that certain non-GAAP performance measures used in this presentation provide meaningful information about underlying trends in its business and operations and provide both management and investors a more complete understanding of the Company’s financial position and performance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, SPFI’s reported results prepared in accordance with GAAP. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the results or financial condition of the Company as reported under GAAP. Numbers in this presentation may not sum due to rounding. 2

Today’s Speakers Curtis C. Griffith Chairman & Chief Executive Officer Elected to the board of directors of First State Bank of Morton, Texas, in 1972 and employed by it in 1979 Elected Chairman of the First State Bank of Morton board in 1984 Chairman of the Board of City Bank and the Company since 1993 Steven B. Crockett Chief Financial Officer & Treasurer Appointed Chief Financial Officer in 2015 Previously Controller of City Bank and the Company for 14 and 5 years respectively Began career in public accounting in 1994 by serving for seven years with a local firm in Lubbock, Texas Cory T. Newsom President Entire banking career with the Company focused on lending and operations Appointed President and Chief Executive Officer of the Bank in 2008 Joined the Board in 2008 3

First Quarter 2024 Highlights Net income for the first quarter of 2024 was $10.9 million, compared to $10.3 million for the fourth quarter of 2023 Diluted earnings per share for the first quarter of 2024 was $0.64, compared to $0.61 for the fourth quarter of 2023 Net interest margin was 3.56% for the first quarter of 2024, compared to 3.52% for the fourth quarter of 2023 Loans held for investment were $3.01 billion as of March 31, 2024, compared to $3.01 billion as of December 31, 2023 Deposits totaled $3.64 billion as of March 31, 2024, compared to $3.63 billion as of December 31, 2023 Estimated uninsured and uncollateralized deposits at City Bank comprise 18% of total deposits, with an average deposit account size of approximately $36 thousand at March 31, 2024 Credit metrics improved through 1Q’24 as the ratio of nonperforming assets to total assets was 10 bps as compared to 14 bps in 4Q’23 and 19 bps in Q1’23 Tangible book value (non-GAAP) per share was $23.56 as of March 31, 2024, compared to $23.47 as of December 31, 2023 4 Source: Company documents Note: See appendix for the reconciliation of non-GAAP measures to GAAP Net interest margin is calculated on a tax-equivalent basis Loans Held for Investment (“HFI”) $3.01 B Average Yield on Loans 6.53% Net Income $10.9 M EPS - Diluted $0.64 Net Interest Margin (1) (“NIM”) 3.56% Deposit Growth 1.4% annualized Return on Average Assets (“ROAA”) 1.04% Efficiency Ratio 67.94%

Granular Deposit Base & Ample Liquidity Total Borrowing Capacity $1.75 Billion Source: Company documents (1) No securities are currently pledged to this program; amount represents securities available to be pledged Data as of March 31, 2024 5 Total Deposit Base Breakdown Average deposit account size is approximately $36 thousand City Bank’s percentage of estimated uninsured or uncollateralized deposits is 18% of total deposits City Bank had $1.75 billion of available borrowing capacity, as follows: Federal Home Loan Bank of Dallas - $1.1 billion Federal Reserve Bank of Dallas Discount Window - $620 million No borrowings utilized from these sources during 1Q’24

Loan Portfolio 1Q’24 Highlights Loans HFI were flat at March 31, 2024 as compared to the end of 2023: Growth was primarily in multi-family and single-family property loans and general commercial loans Decreases in seasonal agricultural-related loans, residential construction loans, and consumer auto loans. As of March 31, 2024, loans HFI increased $223.2 million, or 8.0%, from March 31, 2023 The average yield on loans was 6.53% for the 1Q’24, compared to 6.29% for the 4Q’23, includes approximately 9bps of interest recoveries Total Loans HFI $ in Millions 6 Source: Company documents

Attractive Markets Poised for Organic Growth El Paso Basin Dallas / Ft. Worth Population of 865,000+ Adjacent in proximity to Juarez, Mexico’s growing industrial center and an estimated population of 1.5 million people Home to four universities including The University of Texas at El Paso Focus on commercial real estate lending Largest MSA in Texas and fourth largest in the nation Steadily expanding population that accounts for over 26% of the state’s population MSA with the largest job growth in 2022 (+5.9%) Attractive location for companies interested in relocating to more efficient economic environments Focus on commercial real estate lending Houston Second largest MSA in Texas and fifth largest in the nation Total Non-Farm Employment was up 5.6% in 2022 compared to 2021 Called the “Energy Capital of the World,” the area also boasts the world’s largest medical center and second busiest port in the U.S Focus on commercial real estate lending Lubbock Basin Population in excess of 320,000 with major industries in agribusiness, education, and trade among others Home of Texas Tech University – enrollment of 40,000 students Focus on community bank approach and expanding local relationships 7

Major Metropolitan Market Loan Growth 1Q’24 Highlights Loans HFI in our major metropolitan markets(1) increased by $22.1 million, or 8.5% annualized, to $1.06 billion during 1Q’24, as compared to $1.04 billion at the end of 4Q’23 Our major metropolitan market loan portfolio represents 35.2% of the Bank’s total loans at March 31, 2024 Total Metropolitan Loans $ in Millions 8 5.00% Source: Company documents (1) The Bank defines its “major metropolitan markets” to include Dallas, Houston and El Paso, Texas

Loan HFI Portfolio Loan Mix Loan Portfolio ($ in millions) Commercial C&D $ 199.3 Residential C&D 234.7 CRE Owner/Occ. 337.8 Other CRE Non Owner/Occ. 549.5 Multi-Family 240.0 C&I 382.9 Agriculture 158.4 1-4 Family 545.1 Auto 292.4 Other Consumer 71.7 Total $ 3,011.8 Fixed vs. Variable Rate 9 Source: Company documents Data as of March 31, 2024

Indirect Auto Overview Indirect Auto Highlights Indirect auto loans totaled $273.4 million Management is carefully managing the portfolio; yields are improving as a portion of monthly principal amortization is redeployed into higher rate loans During 1Q’24 there were approximately $13 million in net principal reduction Strong credit quality in the sector, positioned for resiliency across economic cycles: Super Prime Credit (>719): $165.0 million Prime Credit (719-660): $80.2 million Near Prime Credit (659-620): $23.0 million Sub-Prime Credit (619-580): $3.8 million Deep Sub-Prime Credit (<580): $1.4 million Loans past due 30+ days: 28 bps Non-car/truck (RV, boat, etc.) is 2% of portfolio Indirect Auto Credit Breakdown 10 Source: Company documents Data as of March 31, 2024

Noninterest Income Overview Noninterest Income $ in Millions 1Q’24 Highlights Noninterest income was $11.4 million for 1Q’24, compared to $9.1 million for 4Q’23, primarily due to an increase of $2.3 million in mortgage banking revenues: 1Q’24 MSR FV adjustment - $55 thousand 4Q’23 MSR FV adjustment – $(1.5) million Noninterest income increased $718 thousand, compared to 1Q’23, primarily due to: An increase of $1.7 million in mortgage banking revenues:1Q’24 MSR FV adjustment - $55 thousand1Q’23 MSR FV adjustment – $(2.0) million A reduction of $1.4 million in income from insurance activities due to the sale of the Bank’s insurance subsidiary in April 2023 11 Note: Mortgage servicing rights fair value (“MSR FV”) Source: Company documents

Diversified Revenue Stream Three Months Ended March 31, 2024 Total Revenues $46.8 million Noninterest Income $11.4 million 12 Source: Company documents

Net Interest Income and Margin Net Interest Income & Margin $ in Millions 1Q’24 Highlights Net interest income (“NII”) of $35.4 million, compared to $35.2 million in 4Q’23 The increase in NII was primarily the result of $667 thousand in interest recoveries on loans that had previously been on nonaccrual Partially offset by one fewer day in the quarter 1Q’24 NIM increased 4 bps to 3.56% as compared to 3.52% in 4Q’23, includes approximately 7 bps of effect from interest recoveries 13 3.54% Source: Company documents

Deposit Portfolio Total Deposits $ in Millions 1Q’24 Highlights Total deposits of $3.64 billion at 1Q’24, an increase of $12.4 million from 4Q'23 Cost of interest-bearing deposits increased to 3.27% in 1Q’24 from 3.14% in 4Q'23 Average cost of deposits increased to 2.41% in 1Q’24 as compared to 2.24% in 4Q'23 Noninterest-bearing deposits to total deposits was 26.8% at March 31, 2024, compared to 26.9% at the end of 2023 Strategic initiatives implemented to stabilize noninterest-bearing deposits while also growing core deposits 14 Source: Company documents

Credit Quality 1Q’24 Highlights Credit Quality Ratios Net Charge-Offs to Average Loans ACL to Total Loans HFI 15 Provision for credit losses of $830 thousand, compared to $600 thousand in 4Q'23 The provision during 1Q’24 was largely attributable to net charge-off activity during the quarter. Allowance for Credit Losses (“ACL”) to loans HFI was 1.40% at 3/31/2024 Nonperforming loans totaled $3.4 million at March 31, 2024 Source: Company documents

CRE Portfolio 16 Office Loan Details 6.6% of total loans HFI 32% is owner-occupied Average loan size is $897 thousand Medical offices comprise 11% of office loans CRE Portfolio ($ in millions) Property Type Total Multifamily 240.0 Warehouse 209.8 Retail 164.1 Office – Non-Owner Occ 134.5 Hotel 59.1 Restaurant 57.3 Office – Owner Occ 62.8 Convenience Store 42.2 Other 157.1 Total $1,126.9 CRE(1) Sector Breakdown Source: Company documents Note: Balances do not include loans that are still in the construction and development phase Data as of March 31, 2024 (1) Commercial real estate (“CRE”) Multi-Family Loan Details 8.0% of total loans HFI Average loan size $3.4 million Loans past due 30+ days or nonaccrual: 7 basis points

CRE Analysis 17 Source: Company documents Note: Balances include loans that are still in the construction and development phase (000's) as of 12/31/2023 Hospitality Office Retail Multi-Family Industrial C Store Restaurant Mini-Storage Segment Total Balance $60,922 $201,354 $176,817 $301,870 $228,758 $42,196 $71,121 $30,363 Segment to Total Loans 2.03% 6.71% 5.89% 10.06% 7.62% 1.41% 2.37% 1.01% Average Balance $3,046 $903 $1,524 $4,025 $941 $2,009 $1,016 $1,125 Owner-Occupied $59,077 $16,433 $73,176 $39,486 $43,650 % Owner-Occupied 29.34% 9.29% 31.99% 93.58% 61.38% % Urban Center 5.89% 11.74% 23.54% 10.28% 19.99% 18.21% 21.59% 0.00% % Urban Non-Center 45.62% 81.02% 70.66% 83.27% 60.88% 72.89% 67.55% 90.40% % Suburban 47.57% 6.70% 2.32% 2.53% 14.43% 8.39% 7.63% 9.50% % Rural 0.14% 0.53% 0.46% 1.66% 0.43% 0.00% 0.00% 0.09% *** Population by Zip Code % Urban CBD >50,000 % Urban Non-CBD 10,000-50,000 % Suburban 2,500-10,000 % Rural >2,500 Data source - American Community Survey - US Census Bureau

Investment Securities 1Q’24 Highlights Investment securities totaled $599.9 million, flat from 4Q’23. All municipal bonds are in Texas; fair value hedges of $124 million All MBS, CMO, and Asset Backed securities are U.S. Government or GSE Duration of the securities portfolio was 6.57 years at March 31, 2024 1Q’24 Securities Composition $599.9 million Securities & Cash $ in Millions 18 Source: Company documents

Noninterest Expense and Efficiency Noninterest Expense $ in Millions 1Q’24 Highlights Noninterest expense for 1Q’24 increased $1.3 million to $31.9 million from 4Q'23 primarily due to: A rise of $1.0 million in personnel costs, which predominately came from higher health care insurance costs and an increase in incentive-based compensation Will continue to manage expenses to drive profitability 19 Source: Company documents

Balance Sheet Growth and Development Balance Sheet Highlights $ in Millions Tangible Book Value Per Share Note: Tangible book value per share is a non-GAAP measure. See appendix for the reconciliation of non-GAAP measures to GAAP 20 Source: Company documents

Strong Capital Base Tangible Common Equity to Tangible Assets Ratio Common Equity Tier 1 Ratio Tier 1 Capital to Average Assets Ratio Total Capital to Risk-Weighted Assets Ratio 21 Source: Company documents Note: Tangible common equity to tangible assets ratio is a non-GAAP measure. See appendix for the reconciliation of non-GAAP measures to GAAP

SPFI’s Core Purpose and Values Align Centered on Relationship-Based Business Our Core Purpose is: To use the power of relationships to help people succeed and live better HELP ALL STAKEHOLDERS SUCCEED Employees  great benefits and opportunities to grow and make a difference. Customers  personalized advice and solutions to achieve their goals. Partners  responsive, trusted win-win partnerships enabling both parties to succeed together. Shareholders  share in the prosperity and performance of the Bank. THE POWER OF RELATIONSHIPS At SPFI, we build lifelong, trusted relationships so you know you always have someone in your corner that understands you, cares about you, and stands ready to help. LIVE BETTER We want to help everyone live better. At the end of the day, we do what we do to help enhance lives. We create a great place to work, help people achieve their goals, and invest generously in our communities because there’s nothing more rewarding than helping people succeed and live better. 22

Appendix 23

Non-GAAP Financial Measures Source: Company documents $ in thousands 24 For the quarter ended March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Pre-tax, pre-provision income Net income $ 10,874 $ 10,324 $ 13,494 $ 29,683 $ 9,244 Income tax expense 3,143 2,787 3,683 7,811 2,391 Provision for credit losses 830 600 (700) 3,700 1,010 Pre-tax, pre-provision income $ 14,847 $ 13,711 $ 16,477 $ 41,194 $ 12,645 As of March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Tangible common equity Total common stockholders’ equity $ 408,712 $ 407,114 $ $ 371,716 $ $ 392,029 $ $ 367,964 Less: goodwill and other intangibles (21,562) (21,744) (21,936) (22,149) (23,496) Tangible common equity $ 387,150 $ 385,370 $ $ 349,780 $ $ 369,880 $ $ 344,468 Tangible assets Total assets $ 4,218,993 $ 4,204,793 $ $ 4,186,440 $ $ 4,150,129 $ $ 4,058,049 Less: goodwill and other intangibles (21,562) (21,744) (21,936) (22,149) (23,496) Tangible assets $ 4,197,431 $ 4,183,049 $ $ 4,164,504 $ $ 4,127,980 $ $ 4,034,553 Shares outstanding 16,431,755 16,417,099 16,600,442 16,952,072 17,062,572 Total stockholders’ equity to total assets 9.69% 9.68% 8.88% 9.45% 9.07% Tangible common equity to tangible assets 9.22% 9.21% 8.40% 8.96% 8.54% Book value per share $ 24.87 $ 24.80 $ 22.39 $ 23.13 $ 21.57 Tangible book value per share $ 23.56 $ 23.47 $ 21.07 $ 21.82 $ 20.19

Non-GAAP Financial Measures 25 Source: Company documents $ in thousands Efficiency Ratio Noninterest expense $ 31,930 $ 30,597 $ 31,489 $ 40,499 $ 32,361 Net interest income 35,368 35,162 35,689 34,581 34,315 Tax equivalent yield adjustment 223 225 229 303 302 Noninterest income 11,409 9,146 12,277 47,112 10,691 Total income 47,000 44,533 48,195 81,996 45,308 Efficiency ratio 67.94% 68.71% 65.34% 49.39% 71.42% Noninterest expense $ 31,930 $ 30,597 $ 31,489 $ 40,499 $ 32,361 Less: Subsidiary transaction and related expenses — — — (4,532) — Less: net loss on sale of securities — — — (3,409) — Adjusted noninterest expense 31,930 30,597 31,489 32,558 32,361 Total income 47,000 44,533 48,195 81,996 45,308 Less: gain on sale of subsidiary — — (290) (33,488) — Adjusted total income 47,000 44,533 47,905 48,508 45,308 Adjusted efficiency ratio 67.94% 68.71% 65.73% 67.12% 71.42% For the quarter ended March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023