South Plains Financial 8K Completed Private Placement of | SPFI 30 Sep 20

Exhibit 99.2

Subordinated Debt OfferingInvestor Presentation September 2020

Forward-Looking Statements and 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 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, earnback periods, and other financial items, including our estimated financial results for 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. 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 Report 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 herein are qualified by these cautionary statement.This investor presentation has been prepared by the Company solely for informational purposes based on its own information, as well as information from public sources. Certain of the information contained herein may be derived from information provided by industry sources. The Company believes such information is accurate and that the sources from which it has been obtained are reliable. However, the Company has not independently verified such information and cannot guarantee the accuracy of such information. This investor presentation has been prepared to assist interested parties in making their own evaluation of the Company and does not purport to contain all of the information that may be relevant. In all cases, interested parties should conduct their own investigation and analysis of the Company and the data set forth in the investor presentation and other information provided by or on behalf of the Company. This investor presentation is not an offer to sell securities and it is not soliciting an offer to buy securities in any state where the offer or sale is not permitted. The securities referenced in this presentation have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold absent registration or an exemption from registration under applicable law. Neither the SEC nor any other regulatory body has approved or disapproved of the securities of the Company or passed upon the accuracy or adequacy of this presentation. Any representation to the contrary is a criminal offense.PRO FORMA AND PROJECTED INFORMATION This investor presentation contains certain pro forma and projected information, including projected pro forma information that reflects the Company’s current expectations and assumptions. This pro forma information does not purport to present the results that the Company will ultimately realize. 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. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided at the end of this presentation. Numbers in this presentation may not sum due to rounding.ESOP REPURCHASE RIGHT TERMINATIONIn accordance with provisions of the Internal Revenue Code, prior to our listing on the NASDAQ Global Select Market, the terms of our Employee Stock Ownership Plan (“ESOP”) provided that ESOP participants had the right, for a specified period of time, to require us to repurchase shares of our common stock distributed to them by the ESOP. As a result, for the periods prior to our listing on the NASDAQ Global Select Market, the shares of common stock held by the ESOP were deducted from stockholders’ equity. This repurchase right terminated upon listing of our common stock on the NASDAQ Global Select Market in May 2019. 2

Terms of the ProposedSubordinated Debt Offering 3 Issuer Security Amount Security Rating1 Issuance Type Offering Structure Term No Call Period Use of Proceeds Placement Agent South Plains Financial, Inc. (NASDAQ: SPFI) Fixed-to-Floating Subordinated Notes due 2030 $50 million BBB- (Stable) by Kroll Bond Rating Agency Regulation D Private Placement with Registration Rights Fixed-to-Floating Rate (Fixed during First Five Years) 10 Years 5 Years General Corporate Purposes A rating is not a recommendation to buy, sell or hold securities. Ratings may be subject to revision or withdrawal at any time by the assigning rating organization. Each rating organization has its own methodology for assigning ratings and, accordingly, each rating should be evaluated independently of any other rating

A Leading West Texas Franchise 4 Financial Snapshot (As of June 30, 2020) Our Company Balance Sheet (Dollars in thousands) 2Q’20 Total Assets $3,584,532 Total Loans Held for Investment $2,331,716 Allowance for Loan Losses $40,635 Total Deposits $2,947,837 Interest-bearing Deposits $2,006,984 Noninterest-bearing Deposits $940,853 Total Stockholders’ Equity $336,534 Profitability (Dollars in thousands) 2Q’20 Net Income $5,615 Return on Average Assets 0.64% Return on Average Equity 6.81% Net Interest Margin 3.79% Efficiency Ratio 63.28% Asset Quality 2Q’20 Nonperforming Loans to Total Loans Held for Investment 0.45% Nonperforming Assets to Total Assets 0.33% Allowance for Loan Losses to Total Loans Held for Investment 1.74% Net Charge-Offs to Average Loans Outstanding (annualized) 0.27% Capital Ratios 2Q’20 Total Stockholders’ Equity to Total Assets 9.39% Tangible Common Equity to Tangible Assets1 8.66% Common Equity Tier 1 to Risk-Weighted Assets 10.47% Tier 1 Capital to Average Assets 9.60% Total Capital to Risk-Weighted Assets 14.32% Non-GAAP measure. See appendix for the reconciliation to GAAPSource: Company documents; S&P Global Market Intelligence New Mexico Texas Dallas Bryan /College Station Houston Midland Odessa El Paso Lubbock Ruidoso SanAntonio Ft. Worth Austin Albuquerque Santa Fe SPFI Branches (25)655 FTE Employeesas of June 30, 2020 Bank holding company headquartered in Lubbock, Texas with $3.6 billion in total assetsOne of the largest independent banks headquartered in West TexasRecently executed a successful IPO in May 2019; now one of two publicly-traded Texas institutions west of I-35Repeatedly recognized as an outstanding place to work, including being on American Banker’s Best Banks to Work For list six consecutive times

Our History and Growth Profile 5 Total Assets ($M) Our History Loans and Deposits ($M) Tangible Common Equity ($M) First State Bank of Morton, a community bank that held approximately $1 million of total assets in 1941Parent company to First State Bank of Morton acquired South Plains National Bank of Levelland, Texas in 1991 and changed its name to South Plains BankCompany became the holding company to First State Bank of Morton and South Plains Bank in 1993Acquired City Bank in 1993, which was originally established in Lubbock in 1984, and merged First State Bank of Morton and South Plains Bank into City Bank in 1998 and 1999, respectively$59.2 million initial public offering on May 8, 2019, pricing within the range at $17.50Recently closed the $76.1 million acquisition of West Texas State Bank which added six branches to the Midland / Odessa area and approximately $430 million in assetsToday we serve our customers through 25 full-service banking locations across seven geographic markets, and 13 mortgage loan production offices Note: Tangible common equity is a non-GAAP measure. See appendix for the reconciliation to GAAP; See Page 2 for the effect of the ESOP’s repurchase right on stockholders’ equitySource: Company documents; S&P Global Market Intelligence

Investment Highlights 6 Improving Profitability Organic Growth Strong Credit Culture Enterprise Risk Management Experienced Management Team Emphasize Community Banking Capital Allocation to Drive Value 1 2 3 4 5 6 7

Experienced Management Team 7 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 previously for 14 and 5 years respectively Mikella D. NewsomChief Risk Officer & Secretary 24-year banking careerAppointed Chief Risk Officer of the Company in 2019Chief Risk Officer of the Bank since 2015Appointed Secretary of the Company in 2013Previously Chief Financial Officer of the Bank 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. 1

Significant Insider Share Ownership Stakeholders / Insiders currently own approximately 40.2% of the Company 8 * - Voting power for shares is with Richard D. CampbellMarket data as of September 4 2020; Shareholder information as of September 3, 2020. Source: Company filings and documents; S&P Global Market Intelligence 1

Emphasize Community Banking 9 2 Our strategy - deliver best-in-class customer service and achieve our goal of becoming the preferred community bank in our market areasTo achieve our goal - we build long-lasting relationships with our customers by delivering high quality products and services Our focus on providing “big bank” products with the personal attention of a community bank resonates with our customers and drives market shareOur customer service-driven, community-focused business model differentiates our company from competitors, many of which are larger out-of-market banks Our Goal Providing service and aid to our communities is, ultimately, how we have succeeded over our long historyWe are committed to being both the financial partner driving economic success in our communities and a major supporter of the organizations that make those communities great places to liveOur dedication and commitment is at the core of City Bank’s culture as we encourage our employees to volunteer, including as part of their workOur employees have partnered with Meals on Wheels to help care for senior citizens in Lubbock and the Bank has also been a long time supporter of the South Plains Food Bank and in 2020 made a five year, $150,000 pledge Dedicated to Supporting our Communities

Our Markets of Operation 10 Market Branches1 Deposits ($millions)1 Market Highlights 10 $1,863 Population in excess of 315,000 with major industries in agribusiness, education, and trade among othersHome of Texas Tech University – enrollment of 39,000 students 6 $343 Area produces about 50% of the crude oil in Texas and accounts for 20% of U.S. oil outputResponsible for the production of nearly four million barrels of crude oil per day, or roughly one third of Total U.S. oil production 3 $338 DFW is the largest MSA in Texas and fourth largest in the nationResponsible for producing 33% of Texas GDP in 2018Home to 24 Fortune 500 Companies 2 $141 Serves as a regional economic hubLarge investments from developers over the past ten years – housing subdivisions, condominiums, retail establishments, etc.Growing retirement community 2 $164 Population of 850,000+ with major military presence through Fort BlissAdjacent to Juarez, Mexico, which has a growing industrial center, and an estimated population of 1.5 million peopleHome to four universities including The University of Texas at El Paso 1 $60 Home to Texas A&M University – enrollment of 69,000 studentsRanked first in Texas and third nationwide for Best Small Places for Business and Careers in 2017 by Forbes 1 $39 Second largest MSA in Texas and fifth largest in the nationHome to 19 Fortune 500 CompaniesCalled the “Energy Capital of the World,” the area also boasts the world’s largest medical center and second busiest port in the U.S. 2 Source: Company documents; FRED; S&P Global Market Intelligence; Respective university websites; Branch and deposit data as of June 30, 2020 Permian Basin Dallas /Ft. Worth Ruidoso /Eastern New Mexico El Paso Bryan /College Station Houston /The Woodlands Lubbock /South Plains

Our Markets of Operation (Cont’d) 11 Deposit Market Share: Lubbock MSA Lubbock, Texas – Our Home Market Major industries include agriculture – primarily cotton, corn, and grain sorghum – as well as education, trade and transportation, health services and governmentHome to Texas Tech University – enrollment ranks within the top 10 for universities in Texas as of Spring 2019 at 39,000+ studentsThe Lubbock MSA reports unemployment of 2.8% for 2019Forbes listed Lubbock as one of its ‘‘Best Places for Business and Careers’’ during 2018 Headquarters In-Market Rank Institution City State Branches Deposits (Millions)(1) Market Share 1 Hilltop Holdings Dallas TX 11 $1,734 19.3% 2 South Plans Financial Lubbock TX 8 $1,527 17.0% 3 Heartland Financial USA Dubuque IA 10 $899 10.0% 4 Wells Fargo San Francisco CA 10 $814 9.1% 5 Amarillo National Bancorp Amarillo TX 9 $791 8.8% 6 Prosperity Bancshares Houston TX 15 $728 8.1% 7 Peoples Bancorp Lubbock TX 6 $418 4.7% 8 Bank of America Charlotte NC 2 $362 4.0% 9 Vista Bancshares Dallas TX 7 $274 3.1% 10 Happy Bancshares Canyon TX 6 $269 3.0% 11 Americo Bancshares Wolfforth TX 5 $222 2.5% 12 Plains Bancorp Dimmitt TX 3 $167 1.9% 13 Lone Star State Bancshares Lubbock TX 1 $156 1.7% 14 First Bancshares of Texas Midland TX 2 $138 1.5% 15 BBVA Bilbao Spain 2 $136 1.5% Top 1 - 15 Total 97 $8,633 96.2% Total For Market (25) 113 $8,977 100.0% 2 Deposit data as of June 30, 2019 as compiled and reported by S&P Global Market IntelligenceSource: BLS; FDIC; S&P Global Market Intelligence; Lubbock Chamber of Commerce; Forbes

Enterprise Risk Management 12 3 We implemented a rigorous enterprise risk management (“ERM”) system in the aftermath of the 2008 financial crisis, and view this development as a defining event for our institution This system delivers a systematic approach to risk measurement and enhances the effectiveness of risk management across the institution Integrating this system into our culture and strategic decision making has improved all functional areas of the business Significantly improved asset quality by enhancing our underwriting process, and establishing a specific credit appetite that aligns to the broader enterprise risk management framework Operational oversight heightened to include monitoring for potential personnel, process and systems issues We have also implemented monitoring and controls for other functional areas such as:Information security and technology, vendor management, liquidity, interest rate risk, compliance, and company reputation The ERM program has positioned our Company to better consummate acquisitions with less risk and increased cost savings We believe we are one of the few community banks in our size range and market area to implement such a comprehensive risk management system

Our Credit Culture 13 We have a service-driven, relationship-based, business-focused credit culture, rather than a price-driven, transaction-based cultureSubstantially all of our loans are made to borrowers located, or operating, in our primary market areas with whom we have ongoing relationships across various product linesThe few loans secured by properties outside of our primary market areas were made to borrowers who are otherwise well-known to usWe adhere to what we believe are disciplined underwriting standards, but also remain cognizant of serving the credit needs of customers in our primary market areas by offering flexible loan solutions in a responsive and timely mannerOur lending policies do not provide for loans that are highly speculative, subprime, or that have high loan-to-value ratiosWe maintain asset quality through an emphasis on: These components, together with active credit management, are the foundation of our credit culture, which we believe is critical to enhancing the long-term value of our organization to our customers, employees, shareholders and communities 4 Local market knowledge Long-term customer relationships Consistent and thorough underwriting Conservative Credit Culture Loan Portfolio Diversity Relationship Focused Source: Company documents

Credit Quality 14 2Q’20 Highlights Credit Quality Ratios Net Charge-Offs to Average Loans ALLL to Total Loans HFI Recorded a $13.1 million provision for loan losses in 2Q’20 as compared to $6.2 million in 1Q’20 due primarily to the uncertain economic effects from the ongoing COVID-19 pandemic as well as the decline in oil and gas prices occurring in the late 1Q’20 / beginning of 2Q’20Total classified loans increased to $95 million in 2Q’20 from $39 million in 1Q’20 largely due to downgrades in the hotel portfolio. A majority of hotel loans are performing as agreed, including recently modified terms Source: Company documents; S&P Global Market Intelligence 4

COVID-19 Loan Modifications – Updated (As of August 31, 2020) 15 The Company has taken an aggressive and proactive approach to managing credit in light of the economic uncertaintyMost at-risk loans over $1 million have been assigned to the Bank’s Chairman, CEO, CLO, or CCO for additional oversightAdditionally, customers were offered a range of loan modifications with interest only being the preferred option by the Bank Highlights Active Loan Modifications Source: Company documents; S&P Global Market Intelligence 4

COVID-19 Loan Modifications – Updated (As of August 31, 2020) 16 Note: Other reflects loan deferrals classified under the CARES Act Section 4013Source: Company documents Bank’s preferred structure is 6mo interest only, modifications other than 6mo interest only are < 4.0% of the current loan portfolioThe modification type categorized as “Other” were primarily commercial borrowers that had interest-only periods of 6 months – 12 months Modification amounts as a percent of loans are 16.0%, versus 19.9% at the end of 2Q’2020Hospitality and Restaurant & Retail have the highest modification status >30.0%, but low contribution to the loan portfolio at <5.0% each 4

We are actively recruiting additional lenders and employees from other institutions. We have had success in this area which we believe is attributable to our employee ownership, long-standing market presence and desirable culture in which our employees can thrive We also cross-sell our various banking products, including our deposits and treasury wealth management to our commercial loan customers, which we believe provides a basis for expanding our banking relationships Organic Growth Strategy Homegrown Returns We focus on leveraging our banking platform as we have expanded into large metropolitan markets, such as Dallas and Houston, where we target customers looking for our relationship-based approach to banking and our sophisticated products and services Our strategy is to continue gathering low-cost deposits in smaller, non-metropolitan markets and deploy them in larger, more dynamic lending markets, where we have had strong success 17 Includes three Dallas, TX branches, two El Paso, TX branches, and one Houston, TX branchIncludes ten branches in the Lubbock/South Plains market area, six branches in the Permian Basin, TX, two branches in Ruidoso/Eastern, NM, and one branch in Bryan/College Station, TXDeposit and Loan data as of June 30, 2020Source: Company documents (Dollars in thousands) Deposits(3) Loans(3) Amount Overall % Amount Overall % Loans/Deposits Metropolitan Markets(1) $ 540,594 18.3% $ 657,963 28.2% 121.7% Community Markets(2) $ 2,407,243 81.7% $ 1,673,753 71.8% 69.5% 5

Our Long Term Acquisition Strategy 18 Growth Through Accretive M&A We plan to take advantage of acquisition opportunities, and use a combination of public stock and cash to become the acquirer of choice in our core markets of West Texas and New MexicoCatalysts for acquisition activity with respect to prospective target banks include management succession concerns, shareholder liquidity needs, lack of scale, and cost of regulatory complianceThere are 160 other banks in our markets with between $250 million and $1.0 billion in total assets, which provides us with ample opportunities to drive growth and increase shareholder value through acquisitionManagement employs a strict framework for analyzing potential acquisition opportunities including:Substantial earnings accretionReasonable tangible book value dilutionAcceptable earn-back periodStrong Internal Rate of ReturnCompleted the acquisition of West Texas State Bank on November 12, 2019 6 New Mexico Texas Dallas Bryan /College Station Houston Midland Odessa El Paso Lubbock Ruidoso SanAntonio Ft. Worth Austin Albuquerque Santa Fe SPFI Branches (25)655 FTE Employees (As of June 30, 2020) Note: Data as of June 30, 2020Source: Company documents; S&P Global Market Intelligence

Improving Profitability 19 We have invested heavily into our infrastructure including:Our Enterprise Risk Management system State-of-the-art operations center which houses the Bank’s back-office processing for deposit operations, loan operations, mortgage operations, and corporate trainingDigital and payment technologies including improved remote deposit capture software for business customers, expanded usage of electronic signatures, online account tools, and technologies that facilitate more efficient item processing These investments position the Bank to scale to more than $5 billion in assets through both organic growth and accretive, strategic M&A without commensurate additional expenses Long Term Goal to Deliver Better Than Peer Average ROAs and ROEs 7

Financial Update 20

Second Quarter 2020 (“2Q’20”) Highlights 21 Net Income of $5.6 million, compared to $6.1 million in 2Q’19Pre-Tax, Pre-Provision income of $20.1 million, compared to $15.1 million in 1Q’20 and $8.6 million in 2Q’19Earnings per share of $0.31, compared to $0.37 in 2Q’19Provision for loan loss of $13.1 million, compared to $875,000 in 2Q’19Nonperforming assets to total assets were 0.33% at June 30, 2020, compared to 0.28% at March 31, 2020 and 0.37% at June 30, 2019Average cost of deposits declined 69 basis points to 39 basis points, compared to 108 basis points in 2Q’19Net Interest Margin of 3.79%, compared to 4.13% in 1Q’20. PPP loan originations impacted NIM by 11 basis pointsAssisted customers in accessing the Small Business Administration’s Paycheck Protection Program (“PPP”) created under the CARES Act and have originated ~ $216 million in PPP loansEfficiency ratio was 63.28%, compared to 77.46% in 2Q’19Book value per share of $18.64, compared to $18.10 in 1Q’20, and $16.19 in 2Q’19 Note: Pre-tax, pre-provision income is a non-GAAP measure. See appendix for the reconciliation to GAAP Source: Company documents; S&P Global Market Intelligence

COVID-19 Update 22 Impact of COVID-19 on Our… Our Business Continuity Oversight Committee has monitored the spread of the COVID-19 pandemic since late January 2020As the pandemic escalated the Company created a Pandemic Task Force to implement the Company’s Business Continuity Plan to ensure the safety of the Company’s employees, and customers, while maintaining the operational and financial integrity:Essential employees: strict protocols for employees deemed essential were adopted to ensure adequate social distancing, and all Bank facilities are receiving comprehensive cleaning and sanitizationNon-essential employees: transitioned to a work-from-home environmentThe Company also provided support for the Bank’s employees who are working remotelyNo employees have been laid-off as a result of the COVID-19 pandemic Lobby access limited to appointment-only, while providing essential banking services through our drive-through windows and digital platformsActively working with borrowers in sectors most affected by the pandemic, and offering loan modificationsOur relationship-driven approach holds true as the Bank’s Chairman, CEO, CCO and CLO partnered with lenders to proactively address credits and assist borrowers bridge the gap until the economy begins to normalizeOffered varying forms of loan modifications ranging from 90-day payment deferrals to 6- to 12-month interest only terms to provide borrowers reliefAs of June 30, 2020, total loan modifications attributed to COVID-19 had increased to approximately $464 million, or 19.9%, of the Company’s loan portfolioApproximately 64% of the modifications were for six months of interest only PPP ParticipationAs of June 30, 2020, approximately $216 million in PPP loans had been originated for approximately 2,000 customersThe Company has utilized its lines of credit with the Federal Home Loan Bank of Dallas (the “FHLB”) and / or the Federal Reserve Bank of Dallas (the “FRB”) to supplement funding for these loans as neededHelping customers access PPP loans is just one way that the Company has been helping its customers and communities during this challenging timeThe Company has also been a strong supporter of the South Plains and Permian Basin food banks, respectively; and recently increased its financial support given the challenging economic environment for so many …Employees …Customers …Community Source: Company documents

Loan Portfolio 23 Total Loans Held for Investment$ In Millions Source: Company documents; S&P Global Market Intelligence 2Q’20 Highlights Total Loans increased $229.9 million compared to 1Q’20Loan growth was driven by origination of $215.3 million in PPP loans and $34.7 million in seasonal agriculture loan fundingsThis growth was partially offset by $24.4 million in pay-downs in non-residential consumer loans and direct energy loansClosed more than 2,000 PPP loans in the quarter2Q’20 Yield of 5.26%; a decrease of 50 bps compared to 1Q’20 excluding PPP loans

Loan Portfolio 24 Net Loans2Q’20: $2.3 Billion Source: Company documents; S&P Global Market Intelligence Commercial Real Estate includes:Comm. LDC & Res. LD – 9%Hospitality – 5%Commercial – General includes:PPP – 9%Owner – Occ. Rest. & Retail – 4%Commercial – Specialized includes:Agricultural production – 6%Direct energy – 3% Portfolio Composition 2Q’20 Highlights

Hospitality Select Loan Industry Concentration Detail 25 DirectEnergy Total loans of $79 million91% support services, 9% upstreamNearly 100% Permian and Palo Duro Basins20% of energy sector classifiedZero non-accrual creditsALLL on energy sector is 5.7% Total loans of $115 million on operating hospitality*$26 million in hotels under constructionUnfunded commitments are $24 million78% of balances are to limited service hotelsALLL on operating hospitality is 6.8%** Does not include loans reported in construction and development Energy Support Services by Type Hospitality by Geography Source: Company documents; S&P Global Market Intelligence As of June 30, 2020

Noninterest Income 26 2Q’20 Highlights Noninterest income is $24.9 million, compared to $18.9 million in 1Q’20The increase in 2Q’20 compared to 1Q’20 due to:An increase in mortgage banking activities revenue of $9.2 millionPartially offset by a $2.3 million gain on sale of securities in 1Q’20Fee income primarily driven by mortgage operations, debit card and other bank service charge income, and income from insurance, trust and investment services business Noninterest Income$ In Millions Source: Company documents; S&P Global Market Intelligence

Diversified Revenue Stream Six Months Ended June 30, 2020 27 Total Revenues$104.4 million Noninterest Income$43.8 million Source: Company documents; S&P Global Market Intelligence

Net Interest Income and Margin 28 Net interest income of $30.4 million, compared to $24.8 million in 2Q’19The increase as compared to 2Q’19 was a result of:A $429 million rise in average loans primarily from the WTSB acquisition and PPP loans This was partially offset by a decrease in overall rates in 1Q’202Q’20 NIM of 3.79%; a decrease of 34bps and 9bps, compared to 1Q’20 and 2Q’19, respectivelyPPP loan origination reduced the 2Q’20 NIM by 11bps as compared to 1Q’20 Source: Company documents; S&P Global Market Intelligence Net Interest Income & Margin$ In Millions 2Q’20 Highlights

Deposit Portfolio 29 Total deposits increased $282 million, compared to 1Q’20The increase was largely due to organic growth and PPP loan fundings that are still on depositNoninterest-bearing deposits grew $200 million compared to 1Q’20 Noninterest-bearing deposits represented 31.9% of deposits in 2Q’20, compared to 27.8% in 1Q’20 and 22.5% in 2Q’19 Source: Company documents; S&P Global Market Intelligence Total Deposits$ In Millions 2Q’20 Highlights

Investment Securities 30 2Q’20 Securities Composition $730.7mm Securities & Cash$ In Millions Investment Securities totaled $730.7 million for 2Q’20Securities decreased $4.1 million from 1Q’20All municipal bonds are in TexasAll MBS, CMO, and Asset Backed securities are U.S. Government or GSE Source: Company documents; S&P Global Market Intelligence 2Q’20 Highlights

Noninterest Expense and Efficiency 31 2Q’20 Highlights Noninterest expense for 2Q’20 increased due to an increase of $2.2 million in commissions and higher variable expenses related to strong mortgage activityPartially offset by higher expenses in 1Q’20 for data conversion expenses and purchases to upgrade equipment Management continues to focus on reducing fixed expenses to drive improved profitability Noninterest Expense$ In Millions Note: Adjusted Efficiency Ratio is a non-GAAP measure. See appendix for the reconciliation to GAAP Source: Company documents; S&P Global Market Intelligence

Balance Sheet Growth and Development 32 Tangible Book Value Per Share 2Q’20 Highlights Total Deposits were $2.9 billion as of 2Q’20, compared to $2.3 billion in 2Q’19:$343 million from the assumption of deposits in the WTSB acquisitionOrganic growth and PPP loan fundings still on depositTotal Loans HFI were $2.3 billion as of 2Q’20, compared to $1.9 billion in 2Q’19$215 million of the increase was the result of PPP originations and $180 million net increase from the WTSB acquisitionTangible Book Value Per Share of $17.06 for the period ended June 30, 2020 Balance Sheet Highlights$ In Millions Note: Tangible book value per share is a non-GAAP measure. See appendix for the reconciliation to GAAP Source: Company documents; S&P Global Market Intelligence

Strong Capital Base 33 Tang. Common Equity to Total Tang. Assets Ratio Common Equity Tier 1 Ratio Tier 1 Capital to Average Assets Ratio Total Capital to Risk-Weighted Assets Ratio Holding Company Bank Level For illustrative purposes only. Assumes gross offering proceeds of $50.0 million with $49.0 million down streamed to the Bank after offering expenses (based on an underwriting spread of 1.5% and $300,000 of other offering expenses) and 20% risk-weighting on net proceedsNote: See Page 2 for the effect of the ESOP’s repurchase right on stockholders’ equitySource: Company documents; S&P Global Market Intelligence

Appendix 34

Interest Rate Shock Analysis 35 Note: Data as of June 30, 2020Source: Company documents We use interest rate risk simulation models and shock analyses to test the interest rate sensitivity of net interest income and fair value of equity, and the impact of changes in interest rates on other financial metrics. Contractual maturities and re-pricing opportunities of loans are incorporated into the model. The average lives of non-maturity deposit accounts are based on decay assumptions and are incorporated into the model. All of the assumptions used in our analyses are inherently uncertain and, as a result, the model cannot precisely measure future net interest income or precisely predict the impact of fluctuations in market interest rates on net interest income. Actual results will differ from the model’s simulated results due to timing, magnitude and frequency of interest rate changes as well as changes in market conditions and the application and timing of various management strategies.

Sources of Liquidity and Current Debt Profile 36 South Plains Financial, Inc. (NASDAQ: SPFI)The following are sources of liquidity at the holding company:$10.1 million of cash as of June 30, 2020$27.0 million of dividend capacity from City Bank without prior regulatory approvalCity BankThe following are sources of liquidity at the Bank:$416.6 million of credit from the FHLB (currently $170 million outstanding)$686.9 million line of credit with the Federal Reserve Bank of Dallas$462.5 million of unencumbered investment securitiesOther Capital instruments include: After the fixed rate periods, securities will float at the Wall Street Journal prime rate, with a floor of 4.50% and a ceiling of 7.50% for the remaining 5 yearsNote: Data as of June 30, 2020Source: Company documents; S&P Global Market Intelligence

Pro Forma Interest Coverage and Double Leverage 37 For illustrative purposes only. Assumes gross offering proceeds of $50.0 million with $49.0 million down streamed to the Bank after offering expenses (based on an underwriting spread of 1.5% and $300,000 of other offering expenses)For illustrative purposes only. Assumes gross offering proceeds of $50.0 million with an illustrative 4.50% coupon; does not include the pro forma impact of any potential redemption of any outstanding notesNote: Financial data is unaudited and per Company regulatory filings; as of, or for the twelve months ended, June 30, 2020, except for annual data which is for the year ended, December 31Source: Company documents; S&P Global Market Intelligence

Company Contact Information 38 Company Contact Corporate Headquarters South Plains Financial, Inc.5219 City Bank Parkway(806) 792-7101www.spfi.bank Mikella NewsomChief Risk Officer and SecretaryPhone: (866) 771-3347Email: investors@citybank.com

Ratings Summary1 39 Issuer Subordinated Debt South Plains Financial, Inc. (NASDAQ: SPFI) BBB- (Stable) A rating is not a recommendation to buy, sell or hold securities. Ratings may be subject to revision or withdrawal at any time by the assigning rating organization. Each rating organization has its own methodology for assigning ratings and, accordingly, each rating should be evaluated independently of any other rating

Non-GAAP Financial Measures 40 As of and for the quarter ended June 30,2020 March 31,2020 December 31,2019 September 30,2019 June 30,2019 Efficiency Ratio Noninterest expense $ 35,207 $ 34,011 $ 31,714 $ 30,028 $ 29,930 Net interest income 30,448 30,199 28,624 26,568 24,837 Tax equivalent yield adjustment 290 145 133 103 101 Noninterest income 24,896 18,875 16,740 14,115 13,703 Total income 55,634 49,219 45,497 40,786 38,641 Efficiency ratio 63.28% 69.10% 69.71% 73.62% 77.46% Noninterest expense $ 35,207 $ 34,011 $ 31,714 $ 30,028 $ 29,930 Less: net loss on sale of securities - - (27) - - Adjusted noninterest expense 35,207 34,011 31,687 30,028 29,930 Total income 55,634 49,219 45,497 40,786 38,641 Less: net gain on sale of securities - (2,318) - - - Adjusted total income 55,634 46,901 45,497 40,786 38,641 Adjusted efficiency ratio 63.28% 72.52% 69.65% 73.62% 77.46% Pre-Tax, Pre-Provision Income Net income $ 5,615 $ 7,083 $ 10,109 $ 8,258 $ 6,080 Income tax expense 1,389 1,746 2,645 1,977 1,655 Provision for loan losses 13,133 6,234 896 420 875 Pre-tax, pre-provision income $ 20,137 $ 15,063 $ 13,650 $ 10,655 $ 8,610 Unaudited$ In Thousands

Non-GAAP Financial Measures 41 Unaudited$ In Thousands As of and for the quarter ended, As of and for the year ended, June 30, March 31, December 31, September 30, June 30, December 31, December 31, December 31, December 31, 2020 2020 2019 2019 2019 2019 2018 2017 2016 Tangible common equity Total common stockholders' equity $ 336,534 $ 326,890 $ 306,182 $ 299,027 $ 291,113 $ 306,182 $ 154,580 $ 158,206 $ 150,019 Less: goodwill and other intangibles (28,414) (28,181) (27,389) (2,464) - (27,389) - - - Tangible common equity $ 308,120 $ 298,709 $ 278,793 $ 296,563 $ 291,113 $ 278,793 $ 154,580 $ 158,206 $ 150,019 Tangible assets Total assets $ 3,584,532 $ 3,216,563 $ 3,237,167 $ 2,795,582 $ 2,777,170 $ 3,237,167 $ 2,712,745 $ 2,573,375 $ 2,500,813 Less: goodwill and other intangibles (28,414) (28,181) (27,389) (2,464) - (27,389) - - - Tangible assets $ 3,556,118 $ 3,188,382 $ 3,209,778 $ 2,793,118 $ 2,777,170 $ 3,209,778 $ 2,712,745 $ 2,573,375 $ 2,500,813 Shares outstanding 18,059,174 18,056,014 18,036,115 18,004,323 17,978,520 18,036,115 14,771,520 14,771,520 14,771,520 Total shareholders' equity to total assets 9.39% 10.16% 9.46% 10.70% 10.48% 9.46% 5.70% 6.15% 6.00% Tangible common equity to tangible assets 8.66% 9.37% 8.69% 10.62% 10.48% 8.69% 5.70% 6.15% 6.00% Book value per share $ 18.64 $ 18.10 $ 16.98 $ 16.61 $ 16.19 $ 16.98 $ 10.46 $ 10.71 $ 10.16 Tangible book value per share $ 17.06 $ 16.54 $ 15.46 $ 16.47 $ 16.19 $ 15.46 $ 10.46 $ 10.71 $ 10.16 Note: See Page 2 for the effect of the ESOP’s repurchase right on stockholders’ equity

South Plains Financial (SPFI) 8-KSouth Plains Financial, Inc. Completed Private Placement of