South Plains Financial Third Quarter 2022 Earnings Presentation October 21, 2022

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” or the “Company” or “SPFI”) 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, the ongoing COVID-19 pandemic, 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 (and any current or future variant thereof), 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 market interest rates, the persistence of the current inflationary environment in the United States and our market areas, the uncertain impacts of quantitative tightening and current and future monetary policies of the Federal Reserve, 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. 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. 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 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. 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

Third Quarter 2022 Highlights Diluted earnings per share was $0.86 per share, as compared to $0.88 per share in 2Q’22 Of note, certain items inflated 2Q’22 earnings by $0.24 per share and Q3’22 earnings by $0.10 per share (large recoveries, reverse loan loss provisions, and fair value increases to mortgage servicing rights) Run rate earnings growth primarily driven by a 17.0% annualized increase in loans HFI as compared to 2Q’22 Momentum continued across metropolitan markets with loans increasing 14.6%, annualized, to $849.3 million Year to date, the Bank has delivered 10.4% loan growth, above the Company’s mid to high single digit guidance, with the Bank’s metro markets growing 15.2% Credit quality continues to improve as the ratio of nonperforming assets to total assets was 19 bps in 3Q’22 as compared to 20 bps in 2Q’22 and 33 bps in Q1’22 Mortgage banking revenues continue to be at trough levels and management believes are no longer a headwind to Company results Repurchased 366 thousand shares in 3Q’22 as compared to 257 thousand shares in 2Q’22. Repurchased 730 thousand shares year to date through the end of the September 2022 under the stock repurchase program Organic Loan Growth 17.0% Annualized Loans Held for Investment (“HFI”) $2.69 B Net Income $15.5 M EPS - Diluted $0.86 Net Interest Margin (1) (“NIM”) 3.70% Average Yield on Loans 5.12% ROAA 1.53% Efficiency Ratio 66.4% 4 Source: Company documents (1) Net interest margin is calculated on a tax-equivalent basis

Loan Portfolio 3Q'22 Highlights Loans HFI increased $109.9 million from 2Q’22, primarily due to organic net loan growth Organic net loan growth remained relationship-focused, occurring primarily in commercial real estate loans, residential mortgage loans and consumer auto loans, partially offset by a decrease in hotel loans Loans HFI increased $261.3 million from 3Q’21 3Q'22 yield on loans of 5.12%; a decrease of 45 bps compared to 2Q’22 70bps, or $4.4 million, of large loan recoveries and prepayment penalties in 2Q’22 Total Loans HFI $ in Millions Source: Company documents 5

Attractive Markets Poised for Organic Growth Note: Tangible book value per share is a non-GAAP measures. See appendix for the reconciliation to GAAP 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 metropolitan statistical area (“MSA”) in Texas. Steadily expanding population that accounts for over 26% of the state’s population Attractive location for companies interested in relocating to more efficient economic environments Major U.S. Airport hub and large corporations in diversified sectors including financial services, transportation, energy and technology Focus on commercial real estate lending Houston Second largest MSA in Texas and fifth largest in the nation 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 Leading corporations across a variety of industries propelling growth through new entrants and diversification 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 6

Metropolitan Loan Growth 3Q'22 Highlights Loans HFI in our Dallas, Houston and El Paso metro markets totaled $849.3 million in 3Q’22 an increase of 14.6%, annualized, from 2Q’22 Expansion of lending team across the Company’s metro markets is driving accelerated loan growth Existing infrastructure in Dallas, Houston and El Paso can support further growth Have liquidity to fund growth as we continue to redeploy our low-cost deposits into higher yielding loans New lenders continue to ramp more quickly than anticipated reaching breakeven ahead of plan, on average Total Metropolitan Loans $ in Millions Source: Company documents 7 5.00%

Loan HFI Portfolio Loan Mix Loan Portfolio ($ in millions) 9/30/22 Commercial C&D $ 130.6 Residential C&D 271.8 CRE Owner/Occ. 269.6 Other CRE Non Owner/Occ. 490.6 Multi-Family 137.4 C&I 398.6 Agriculture 177.4 1-4 Family 424.8 Auto 309.1 Other Consumer 80.5 Total $ 2,690.4 Source: Company documents Fixed vs. Variable Rate at 9/30/22 8

Indirect Auto Overview Indirect Auto Highlights Indirect auto loans totaled $280.4 million at the end of 3Q’22 Disciplined underwriting approach to selectively grow indirect auto lending portfolio Strong credit quality in sector positioned for resiliency across economic cycles: Credit score 690+: $223.0 million Credit score 635-689: $53.9 million Credit score below 635: $10.2 million Indirect Auto Credit Breakdown Source: Company documents 9 Credit score at origination

Mortgage Banking Overview Mortgage Banking Activity $ in Millions 3Q'22 Highlights Mortgage loan originations decreased 26.6% in 3Q'22 compared to 2Q’22 primarily due to higher market interest rates and seasonality Managing the business for profitability as volumes decline Management believes the Bank’s mortgage banking business is no longer a headwind to financial results at current levels Source: Company documents 10

Noninterest Income Overview Noninterest Income $ in Millions 3Q'22 Highlights Noninterest income of $20.9 million, compared to $18.8 million in 2Q’22 was primarily a result of $2.1 million of income from legal settlements and $3.3 million of seasonal insurance activity The increase in noninterest income was partially offset by an expected decrease of $2.4 million in mortgage banking activities revenue Mortgage banking revenues were 11% of total Bank revenues and at a trough level Noninterest income expected to stabilize in the coming quarters Source: Company documents 11

Diversified Revenue Stream Nine Months Ended September 30, 2022 Total Revenues $165.6 million Noninterest Income $63.5 million Source: Company documents 12

Net Interest Income and Margin Net Interest Income & Margin $ in Millions 3Q'22 Highlights Net interest income (“NII”) of $35.1 million, compared to $37.1 million in 2Q’22. Of note, 2Q’22 benefited from $4.4 million of large recoveries and prepayment penalties 3Q'22 NIM of 3.70% Excluding the $4.4 million of large recoveries, 2Q’22 NIM was 3.54% as compared to 3.70% in 3Q’22 NII and NIM benefited from a $121.9 million increase in average loans outstanding and the rising market interest rate environment $1.3 million increase in interest income due to other securities and interest–earning assets Source: Company documents 13 3.54%

Deposit Portfolio Total Deposits $ in Millions 3Q'22 Highlights Total deposits of $3.46 billion at 3Q'22, an increase of $34.7 million from 2Q’22 Increase was entirely organic growth based upon fundamental community bank relationships and competitive advantage factor Cost of interest-bearing deposits increased in 3Q'22 to 82 bps from 42 bps in 2Q’22 Average cost of deposits was 52 bps as compared to 27 bps in 2Q’22 Noninterest-bearing deposits represented 36.5% of deposits in 3Q'22, compared to 34.9% in 2Q'22 Source: Company documents 14

Credit Quality 3Q'22 Highlights Credit Quality Ratios Net Charge-Offs to Average Loans ALLL to Total Loans HFI Source: Company documents 15 The Company recorded a negative provision for loan losses in 3Q’22 of $782 thousand, compared to no provision for loan losses in 2Q’22 Loan loss recovery of $822 thousand of a direct energy credit during 3Q’22 combined with $19.6 million of paydowns in the hotel loan segment Credit metrics remain solid in the loan portfolio, with improving credit profiles in the hotel segment during 3Q’22 Ratio of Allowance for Loan Losses (“ALLL”) to loans HFI was 1.47% at 9/30/22

Investment Securities 3Q'22 Highlights Investment Securities totaled $711.4 million at 9/30/2022, a decrease of $52.5 million from 6/30/22 Includes an increase of $39.1 million in the unrealized loss on available for sale securities during 3Q’22, primarily due to increases in market interest rates during the period All municipal bonds are in Texas All MBS, CMO, and Asset Backed securities are U.S. Government or GSE 3Q'22 Securities Composition $711.4 million Securities & Cash $ in Millions Source: Company documents 16

Noninterest Expense and Efficiency Noninterest Expense $ in Millions 3Q'22 Highlights Noninterest expense for 3Q’22 increased $1.4 million from 2Q’22 primarily due to: Increase of $937 thousand in insurance commission expense due to higher revenue from insurance activities Partially offset by a decrease in mortgage commission expense and related personnel expense and variable mortgage related expenses in accordance with the decline in mortgage loan originations Source: Company documents 17

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 Source: Company documents 18

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

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 then helping people succeed and live better. 20

Appendix 21

Non-GAAP Financial Measures Source: Company documents 22 As of and for the quarter ended September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 Pre-tax, pre-provision income Net income $ 15,458 $ 15,883 $ 14,278 $ 14,614 $ 15,190 Income tax expense 3,962 4,001 3,527 3,631 3,716 Provision for loan losses (782) - (2,085) - - Pre-tax, pre-provision income $ 18,638 $ 19,884 $ 15,720 $ 18,245 $ 18,906 As of September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 Tangible common equity Total common stockholders’ equity $ 341,799 $ 364,222 $ $ 387,068 $ $ 407,427 $ $ 398,276 Less: goodwill and other intangibles (24,228) (24,620) (25,011) (25,403) (25,804) Tangible common equity $ 317,571 $ 339,602 $ $ 362,057 $ $ 382,024 $ $ 372,472 Tangible assets Total assets $ 3,992,690 $ 3,974,724 $ $ 3,999,744 $ $ 3,901,855 $ $ 3,774,175 Less: goodwill and other intangibles (24,228) (24,620) (25,011) (25,403) (25,804) Tangible assets $ 3,968,462 $ 3,950,104 $ $ 3,974,733 $ $ 3,876,452 $ $ 3,748,371 Shares outstanding 17,064,640 17,417,094 17,673,407 17,760,243 17,824,094 Total stockholders’ equity to total assets 8.56% 9.16% 9.68% 10.44% 10.55% Tangible common equity to tangible assets 8.00% 8.60% 9.11% 9.85% 9.94% Book value per share $ 20.03 $ 20.91 $ 21.90 $ 22.94 $ 22.34 Tangible book value per share $ 18.61 $ 19.50 $ 20.49 $ 21.51 $ 20.90