South Plains Financial Earnings Presentation Second Quarter, 2021 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, (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, adequacy of loan loss reserves, 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 U.S. Securities and Exchange Commission (the “SEC”), including South Plains’ most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q on file with 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 2020Previously served as Division Credit Officer for Simmons First National CorpPreviously served as EVP and Chief Credit Officer of Southwest Bancorp, Inc.

$3.7 Billion in Total Assets as of June 30, 2021 Parent company of City Bank, a leading Texas-based community bank headquartered in Lubbock, TX Second Quarter 2021 Highlights 4 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 City Bank Branch Locations Net income of $13.7 million, compared to $15.2 million in 1Q’21 and $5.6 million in 2Q’20Diluted earnings per share of $0.74, compared to $0.82 in 1Q’21 and $0.31 in 2Q’20Pre-tax, pre-provision income of $15.1 million, compared to $19.0 million in 1Q’21 and $20.1 million in 2Q’20Average cost of deposits declined to 27 bps, compared to 29 bps in 1Q’21 and 39 bps in 2Q’20Provision for loan loss of $(2.0) million, compared to $89 thousand in 1Q’21 and $13.1 million in 2Q’20Nonperforming assets to total assets were 0.37%, compared to 0.42% at 3/31/21 and 0.33% at 6/30/20Net interest margin of 3.42%, compared to 3.52% in 1Q’21 and 3.79% in 2Q’20 Efficiency ratio was 70.52%, compared to 65.76% in 1Q’21 and 63.28% in 2Q’20Tangible book value per share of $20.43, compared to $19.28 at 3/31/21 and $17.06 at 6/30/20Return on average assets (annualized) of 1.46%, compared to 1.66% in 1Q’21 and 0.64% in 2Q’20 NASDAQ: SPFI 2Q'21 Highlights Note: Pre-tax, pre-provision income and tangible book value per share are a non-GAAP measures. See appendix for the reconciliation to GAAP Source: Company documents

Loan Portfolio 5 2Q’21 Highlights Total loans increased by $60.8 million compared to 1Q’21, primarily due to:$120.1 million in organic net growth; Partially offset by a net decrease of $59.3 million in Paycheck Protection Program (“PPP”) loansStrategic initiative underway to grow SPFI’s banking team by more than 30% over two years with a focus on Dallas and Houston2Q’21 loan yield of 4.91%; a decrease of 2 bps compared to 1Q’21, excluding PPP loans Total Loans Held for Investment$ in Millions Source: Company documents

Loan Portfolio 6 Portfolio Composition Loan Portfolio ($ in millions) 6/30/21 Commercial C&D $ 100.6 Residential C&D 195.1 CRE Owner/Occ. 240.5 Other CRE Non Owner/Occ. 428.0 Multi-Family 90.0 C&I 284.0 Agriculture 177.2 1-4 Family 375.3 Auto 230.5 Other Consumer 68.1 PPP 114.2 Total $ 2,303.5 Source: Company documents PPP loans totaled $114.2 million at 6/30/21; includes $13.9 million in 2Q’21 advancesActive pandemic loan modifications were 1.6%, or $36.6 million, of total loans at 6/30/21:Decrease from 2.1%, or $46.9 million, at 3/31/21Approximately 96% of these modifications are in the hotel industry 2Q’21 Highlights

Mortgage Banking Overview 7 Mortgage Banking Activity$ in Millions 2Q’21 Highlights $61 million decrease in interest rate lock commitments at 6/30/21 compared to 6/30/20$56.9 million decrease in mortgage loan originations in 2Q’21 compared to 1Q’21Mortgage servicing rights asset valuation – a negative adjustment of $351 thousand in 2Q’21, compared to a positive adjustment of $1.3 million in 1Q’21 Source: Company documents

Noninterest Income 8 Noninterest Income$ in Millions 2Q’21 Highlights Noninterest income of $22.3 million, compared to $24.9 million in 2Q’20, primarily due to:a decline in mortgage banking activities revenuePartially offset by growth in bank card services and interchange revenue and other noninterest income itemsRevenue from mortgage banking activities of $13.7 million, compared to $18.0 million in 2Q’20 Source: Company documents

Diversified Revenue Stream Six Months Ended June 30, 2021 9 Total Revenues$107.9 million Noninterest Income$48.8 million Source: Company documents

Net Interest Income and Margin 10 Net Interest Income & Margin$ in Millions 2Q’21 Highlights Net interest income of $29.6 million, compared to $30.4 million in 2Q’20. The decline was a result of:Decrease of 9 bps in loan ratesInterest expense for $50 million of subordinated notes issued in 3Q’20 Partially offset by a decrease of 16 bps in the cost of interest-bearing deposits2Q’21 net interest margin (“NIM”) of 3.42% - decrease of 10 bps compared to 1Q’21:Excess liquidity - $130 million growth in average deposits negatively affected NIM approximately 12 bps Source: Company documents

Deposit Portfolio 11 Total Deposits$ in Millions 2Q’21 Highlights Total Deposits of $3.16 billion at 2Q’21, an increase of $2.9 million from 1Q’21Period end balances were flatDeposit balances peaked in mid-JuneCost of interest-bearing deposits declined in 2Q’21 to 40 bps from 56 bps in 2Q’20Noninterest-bearing deposits represented 31.6% of deposits in 2Q’21, compared to 30.5% in 1Q’21 and 31.9% in 2Q’20 Source: Company documents

Credit Quality 12 2Q’21 Highlights Credit Quality Ratios Negative provision for loan loss of $2.0 million in 2Q’21 as the result of general improvements in the economy, a decline in loans actively under a modification, and a decrease in nonperforming loansTotal classified loans decreased $4 million in 2Q’21 as compared to 1Q’21Allowance for Loan Losses (“ALLL”) to Loans Held for Investment (“HFI”) was 1.87% at 6/30/21 Net Charge-Offs to Average Loans ALLL to Total Loans HFI Source: Company documents

DirectEnergy Select Loan Industry Concentration Detail 13 As of June 30, 2021 Hospitality Total operating hospitality loans of $121 million*$20 million in hotels under construction, with unfunded commitments of $4 million86% of balances are to limited service hotels40% of operating hospitality classified; 1% is nonaccrual; < 2.7% are 30 days or more past dueALLL on operating hospitality is 8.6x%** Does not include loans reported in construction and development Total direct energy loans of $78 million93% support services, 7% upstreamNearly 100% are located in Permian and Palo Duro Basins7% of energy sector classifiedALLL on energy sector is 3.5% Hotels by Geography Source: Company documents Energy Support Services by Type

Investment Securities 14 2Q’21 Highlights Investment Securities totaled $777.6 million at 2Q’21, the fair value of securities increased $10.6 million due to market conditions from 1Q’21All municipal bonds are in TexasAll MBS, CMO, and Asset Backed securities are U.S. Government or GSE 2Q’21 Securities Composition $777.6million Securities & Cash$ in Millions Source: Company documents

Noninterest Expense and Efficiency 15 Noninterest Expense$ in Millions 2Q’21 Highlights Noninterest expense for 2Q’21 increased from 2Q’20 primarily due to:Primarily driven by a $1.8 million increase in personnel expense, including a rise of $1.4 million in higher commissions paid on mortgage loan originations and in salary and other personnel expenses to support mortgage activitiesManagement continues to focus on reducing fixed expenses to drive improved profitability Source: Company documents

Balance Sheet Highlights$ in Millions Balance Sheet Growth and Development 16 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 17 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 18

Non-GAAP Financial Measures 19 As of and for the quarter ended June 30,2021 March 31,2021 December 31,2020 September 30,2020 June 30,2020 Efficiency Ratio Noninterest expense $ 36,778 $ 37,057 $ 36,504 $ 35,993 $ 35,207 Net interest income $ 29,593 $ 29,544 $ 30,365 $ 31,273 $ 30,448 Tax equivalent yield adjustment 309 312 336 322 290 Noninterest income 22,250 26,500 26,172 31,660 24,896 Total income $ 52,152 $ 56,356 $ 56,873 $ 63,255 $ 55,634 Efficiency ratio 70.52% 65.76% 64.19% 56.90% 63.28% Noninterest expense $ 36,778 $ 37,057 $ 36,504 $ 35,993 $ 35,207 Less: net loss on sale of securities - - - - - Adjusted noninterest expense 36,778 37,057 36,504 35,993 35,207 Total income $ 52,152 $ 56,356 $ 56,873 $ 63,255 $ 55,634 Less: net gain on sale of securities - - - - - Adjusted total income $ 52,152 $ 56,356 $ 56,873 $ 63,255 $ 53,634 Adjusted efficiency ratio 70.52% 65.76% 64.19% 56.90% 63.28% Unaudited$ in Thousands Pre-Tax, Pre-Provision Income Net income $ 13,650 $ 15,160 $ 15,924 $ 16,731 $ 5,615 Income tax expense 3,422 3,738 3,968 4,147 1,389 Provision for loan losses (2,007) 89 141 6,062 13,133 Pre-tax, pre-provision income $ 15,065 $ 18,987 $ 20,033 $ 26,940 $ 20,137 Source: Company documents

Non-GAAP Financial Measures 20 As of and for the quarter ended June 30,2021 March 31,2021 December 31,2020 September 30,2020 June 30,2020 Tangible common equity Total common stockholders' equity $ 394,254 $ 374,671 $ 370,048 $ 352,568 $ 336,534 Less: goodwill and other intangibles (26,226) (26,648) (27,070) (27,502) (28,414) Tangible common equity $ 368,028 $ 348,023 $ 342,978 $ 325,066 $ 308,120 Tangible assets Total assets $ 3,714,354 $ 3,732,894 $ 3,599,160 $ 3,542,666 $ 3,584,532 Less: goodwill and other intangibles (26,226) (26,648) (27,070) (27,502) (28,414) Tangible assets $ 3,688,128 $ 3,706,246 $ 3,572,090 $ 3,515,164 $ 3,556,118 Shares outstanding 18,014,398 18,053,229 18,076,364 18,059,174 18,059,174 Total stockholders' equity to total assets 10.61% 10.04% 10.28% 9.95% 9.39% Tangible common equity to tangible assets 9.98% 9.39% 9.60% 9.25% 8.66% Book value per share $ 21.89 $ 20.75 $ 20.47 $ 19.52 $ 18.64 Tangible book value per share $ 20.43 $ 19.28 $ 18.97 $ 18.00 $ 17.06 Unaudited$ in Thousands Source: Company documents