South Plains Financial Earnings Presentation Fourth Quarter, 2020 1

Safe Harbor Statement and Other Disclosures FORWARD-LOOKING STATEMENTSThis presentation contains, and future oral and written statements of South Plains Financial, Inc. (“South Plains” 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, among other things, 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, including our estimated financial results for the quarter and year ended December 31, 2020, (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, local, regional, national and international economic conditions, the extent of the impact of the COVID-19 pandemic, including the impact of actions taken by governmental and regulatory authorities in response to such pandemic, such as the Coronavirus Aid, Relief, and Economic Security Act and subsequent related legislations, and the programs established thereunder, and City Bank’s participation in such programs, volatility of the financial markets, changes in interest rates, regulatory considerations, competition and market expansion opportunities, changes in non-interest expenditures or in the anticipated benefits of such expenditures, the receipt of required regulatory approvals, changes in non-performing assets and charge-offs, changes in tax laws, current or future litigation, regulatory examinations or other legal and/or regulatory actions, the impact of any tariffs, terrorist threats and attacks, acts of war or threats thereof or other pandemics. Therefore, 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. For more information about these factors, please see South Plains’ reports filed with or furnished to the SEC, including 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." 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 law. All forward-looking statements, express or implied, herein are qualified in their entirety by this cautionary statement.NON-GAAP FINANCIAL MEASURESManagement believes that certain non-GAAP performance measures used in this presentation provide meaningful information about underlying trends in its business and operations. 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. Numbers in this presentation may not sum due to rounding. 2

Today’s Speakers 3 Curtis C. GriffithChairman & Chief Executive Officer Elected to the board of directors of First State Bank of Morton, Texas, in 1972 and employed by it in 1979Elected Chairman of the First State Bank of Morton board in 1984Chairman of the Board of City Bank and the Company since 1993 Steven B. CrockettChief Financial Officer & Treasurer Began his career in public accounting in 1994 by serving for seven years with a local firm in Lubbock, TexasAppointed Chief Financial Officer in 2015Controller of the Bank and the Company for 14 and 5 years respectively Cory T. NewsomPresident Entire banking career with the Company focused on lending and operationsAppointed President and Chief Executive Officer of the Bank in 2008Joined the Board in 2008 Brent A. BatesCity Bank’s Chief Credit Officer Joined City Bank in February 2020Division Credit Officer for Simmons First National CorpEVP and Chief Credit Officer of Southwest Bancorp, Inc.

$3.6 Billion in Total Assets as of December 31, 2020 Parent Company of City Bank, a leading Texas-based community bank headquartered in Lubbock, TX Fourth Quarter and Full Year 2020 Highlights 4 Net Income of $15.9 million, compared to $16.7 million in 3Q’20 and $10.1 million in 4Q’19Diluted earnings per share of $0.87, compared to $0.92 in Q3’20 and $0.55 in 4Q’19Pre-Tax, Pre-Provision income of $20.0 million, compared to $26.9 million in 3Q’20 and $13.7 million in 4Q’19Provision for loan loss of $141 thousand, compared to $6.1 million in Q3’20 and $896 thousand in 4Q’19Average cost of deposits declined 3 bps to 31 bps, compared to 34 bps in 3Q’20 and 98 bps in 4Q’19 Net Interest Margin of 3.64%, compared to 3.82% in 3Q’20 and 4.03% in 4Q’19 NASDAQ: SPFI 4Q'20 Highlights One of the largest independent banks headquartered in West Texas New Mexico Texas Dallas Bryan /College Station Houston Midland Odessa El Paso Lubbock Ruidoso SanAntonio Ft. Worth Austin Albuquerque Santa Fe SPFI Branches (25)653 FTE Employees Note: Pre-tax, pre-provision income is a non-GAAP measure. See appendix for the reconciliation to GAAP as of Dec. 31, 2020 Source: Company documents Full Year 2020 Highlights $3.6 billion in total assets, compared to $3.2 billion at 12/31/19Net Income of $45.4 million, compared to $29.2 million in 2019Diluted earnings per share of $2.47, compared to $1.71 in 2019Efficiency ratio of 63.0%, compared to 75.3% in 2019Tangible Book value per share of $18.97 at year end 2020, compared to $15.46 at year end 2019 Return on Average Assets of 1.31%, compared to 1.04% in 2019

2020 Highlights 5 Source: Company documents Annual Trends$ in Millions Tangible Book Value Per Share Efficiency Ratio Total Assets Pre-Tax, Pre-Provision Earnings 15.2%CAGR 14.8%CAGR

Loan Portfolio 6 Total Loans decreased $66.7 million compared to 3Q’20Decrease in total loans during the quarter was due primarily to:$41.8 million in forgiveness and paydowns on PPP loans$28.0 million in pay downs on seasonal agricultural production loansEarly payoff of a $16.0 million state and municipality loan4Q’20 loan yield of 5.11%; a decrease of 17 bps compared to 3Q’20 excluding PPP loans 4Q’20 Highlights Total Loans Held for Investment$ in Millions Source: Company documents

Loan Portfolio 7 Portfolio Composition (Dollars in thousands) Loan Portfolio 4Q’20 Commercial C&D $ 89.5 Residential C&D 166.1 CRE Owner/Occ. 208.5 Other CRE Non Owner/Occ. 435.5 Multi-Family 66.7 C&I 276.4 Agriculture 175.2 1-4 Family 360.3 Auto 205.8 Other Consumer 67.6 PPP 170.0 Total $ 2,221.6 Source: Company documents

(Dollars in thousands) Total # of Active Active Mod % Loan Segment Balance Loan Mods Mods of Segment Hospitality $ 123,495 11 $ 56,943 46.1% Hotels (Under Construction) 14,998 - - 0.0% All Other CRE 520,706 3 638 0.1% Oil & Gas 64,007 7 270 0.4% Restaurant & Retail - Owner Occ. 90,515 7 1,911 2.1% All Other Commercial 509,618 9 2,422 0.5% Residential Real Estate 360,315 6 365 0.1% Consumer 273,435 72 1,529 0.6% Residential Construction 94,494 - - 0.0% Paycheck Protection Program ("PPP") 170,000 - - 0.0% Total $ 2,221,583 115 $ 64,078 2.9% COVID-19 Loan Modifications – Updated (As of December 31, 2020) 8 The Company has taken an aggressive and proactive approach to managing credit in light of the economic uncertainty caused by the ongoing COVID-19 pandemicCustomers were offered a range of loan modifications with six months interest only being the preferred option by the BankActive modifications do not include loans that were previously modified but where the first scheduled payment post-modification has not been madeActive modifications as a percent of loans held for investment have declined from 5.4% at September 30, 2020 to 2.9% at December 31, 2020 Highlights Active Loan Modifications Source: Company documents

COVID-19 Loan Modifications – Updated (As of December 31, 2020) 9 Other modifications were primarily hotel loans that had interest-only periods of 12 months or a combination of a 90 day deferral and 9 months of interest-only Hospitality has the highest modification status at 46.1% of loans in that segment, due to the potential long-term stress in the industry Note: Other reflects loan deferrals classified under the CARES Act Section 4013Source: Company documents Modification Type (Dollars in thousands) 6 month 90 Day Consumer Loan Segment Interest Only Deferral & Mortgage Other Total Hospitality $ - $ - $ - $ 56,943 $ 56,943 Hotels (Under Construction) - - - - - All Other CRE 237 - - 401 638 Oil & Gas 115 38 - 117 270 Restaurant & Retail - Owner Occ. 597 - - 1,314 1,911 All Other Commercial 93 70 - 2,259 2,422 Residential Real Estate - 186 179 - 365 Consumer - - 1,529 - 1,529 Residential Construction - - - - - Paycheck Protection Program ("PPP") - - - - - Total $ 1,042 $ 294 $ 1,708 $ 61,034 $ 64,078 % of Loans 0.1% 0.0% 0.1% 2.7% 2.9%

DirectEnergy Select Loan Industry Concentration Detail 10 As of December 31, 2020 Hospitality Total operating hospitality loans of $123 million*$15 million in hotels under construction, with unfunded commitments of $9 million83% of balances are to limited service hotels43% of operating hospitality classified; 2% is nonaccrual; < 0.5% are 30 days or more past dueALLL on operating hospitality is 7.7%** Does not include loans reported in construction and development Total direct energy loans of $64 million92% support services, 8% upstreamNearly 100% are located in Permian and Palo Duro Basins12% of energy sector classifiedALLL on energy sector is 5.3% Hotels by Geography Source: Company documents Energy Support Services by Type

Noninterest Income 11 Noninterest Income$ in Millions 4Q’20 Highlights Noninterest income of $26.2 million, compared to $16.7 million in 4Q’19Revenue from mortgage banking activities:Improved $10.3 million based on an increase of 146% in production in 4Q’20 compared to 4Q’19Declined $4.5 million as a result of lower interest rate lock commitments in 4Q’20 compared to 3Q’20Fee income primarily driven by mortgage operations, debit card and other bank service charge income, and income from insurance, trust and investment services business Source: Company documents

Diversified Revenue Stream Twelve Months Ended December 31, 2020 12 Total Revenues$223.9 million Noninterest Income$101.6 million Source: Company documents

Net Interest Income and Margin 13 Net Interest Income & Margin$ in Millions 4Q’20 Highlights Net interest income of $30.4 million, compared to $28.6 million in 4Q’19The increase as compared to 4Q’19 was a result of:$523 million rise in average interest-earnings assets primarily from the WTSB acquisition and PPP loans Partially offset by a decrease in overall rates starting in 1Q’204Q’20 NIM of 3.64% - decrease of 18 bps compared to 3Q’20:17 bps decline in non-PPP loan yield7 bps lower due to sub debt issuance Source: Company documents

Deposit Portfolio 14 Total Deposits$ in Millions 4Q’20 Highlights Total Deposits of $2.97 billion at 4Q’20, an increase of $30.5 million from 3Q’20Cost of interest-bearing deposits declined in 4Q’20 to 45bps from 106bps in 4Q’19Noninterest-bearing deposits represented 30.8% of deposits in 4Q’20, compared to 30.8% in 3Q’20 and 29.3% in 4Q’19 Source: Company documents

Credit Quality 15 4Q’20 Highlights Credit Quality Ratios Recorded a $141 thousand provision for loan losses in 4Q’20 as compared to $6.1 million in 3Q’20 as the result of modest improvements in the economy and a decline in loans actively under a modificationTotal classified loans decreased $6 million in 4Q’20Nonperforming assets and net loans charged-off during quarter had a small decrease in 4Q’20 compared to 3Q’20 Net Charge-Offs to Average Loans ALLL to Total Loans HFI Source: Company documents

Investment Securities 16 4Q’20 Highlights Investment Securities totaled $803.1 million at 4Q’20, an increase of $76.8 million from 3Q’20All municipal bonds are in TexasAll MBS, CMO, and Asset Backed securities are U.S. Government or GSE 4Q’20 Securities Composition $803.1mm Securities & Cash$ in Millions Source: Company documents

Noninterest Expense and Efficiency 17 Noninterest Expense$ in Millions 4Q’20 Highlights Noninterest expense for 4Q’20 increased from 4Q’19 primarily due to an increase of $3.7 million in commissions and higher variable expenses related to strong mortgage activityManagement continues to focus on reducing fixed expenses to drive improved profitability Note: Adjusted Efficiency Ratio is a non-GAAP measure. See appendix for the reconciliation to GAAP Source: Company documents

Balance Sheet Highlights$ in Millions Balance Sheet Growth and Development 18 Tangible Book Value Per Share Note: Tangible book value per share is a non-GAAP measure. See appendix for the reconciliation to GAAP Source: Company documents

Strong Capital Base 19 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 Source: Company documents Note: Tangible common equity to tangible assets is a non-GAAP measure. See appendix for the reconciliation to GAAP

Appendix 20

Non-GAAP Financial Measures 21 As of and for the quarter ended December 31,2020 September 30,2020 June 30,2020 March 31,2020 December 31,2019 Efficiency Ratio Noninterest expense $ 36,504 $ 35,993 $ 35,207 $ 34,011 $ 31,714 Net interest income $ 30,365 $ 31,273 $ 30,448 $ 30,199 $ 28,624 Tax equivalent yield adjustment 336 322 290 145 133 Noninterest income 26,172 31,660 24,896 18,875 16,740 Total income $ 56,873 $ 63,255 $ 55,634 $ 49,219 $ 45,497 Efficiency ratio 64.19% 56.90% 63.28% 69.10% 69.71% Noninterest expense $ 36,504 $ 35,993 $ 35,207 $ 34,011 $ 31,714 Less: net loss on sale of securities - - - - (27) Adjusted noninterest expense 36,504 35,993 35,207 34,011 31,687 Total income $ 56,873 $ 63,255 $ 55,634 $ 49,219 $ 45,497 Less: net gain on sale of securities - - - (2,318) - Adjusted total income $ 56,873 $ 63,255 $ 53,634 $ 46,901 $ 45,497 Adjusted efficiency ratio 64.19% 56.90% 63.28% 72.52% 69.65% Unaudited$ in Thousands Pre-Tax, Pre-Provision Income Net income $ 15,924 $ 16,731 $ 5,615 $ 7,083 $ 10,109 Income tax expense 3,968 4,147 1,389 1,746 2,645 Provision for loan losses 141 6,062 13,133 6,234 896 Pre-tax, pre-provision income $ 20,033 $ 26,940 $ 20,137 $ 15,063 $ 13,650 Source: Company documents

Non-GAAP Financial Measures 22 As of December 31,2020 December 31,2019 Tangible common equity Total common stockholders' equity $ 370,048 $ 306,182 Less: goodwill and other intangibles (27,070) (27,389) Tangible common equity $ 342,978 $ 278,793 Tangible assets Total assets $ 3,599,160 $ 3,237,167 Less: goodwill and other intangibles (27,070) (27,389) Tangible assets $ 3,572,090 $ 3,209,778 Shares outstanding 18,076,364 18,036,115 Total stockholders' equity to total assets 10.28% 9.46% Tangible common equity to tangible assets 9.60% 8.69% Book value per share $ 20.47 $ 16.98 Tangible book value per share $ 18.97 $ 15.46 Unaudited$ in Thousands Source: Company documents