SOUTH PLAINS FINANCIAL INC (SPFI)
Sector: Financials
2026 Annual Meeting Analysis
SOUTH PLAINS FINANCIAL INC · Meeting: May 11, 2026
Directors FOR
2
Directors AGAINST
0
Say on Pay
FOR
Auditor
FOR
Director Elections
Election of Two Class I Directors
Campbell has served since 2011 and brings deep banking and energy lending experience; SPFI's 3-year stock return of +112.5% outpaces the community bank benchmark QABA (First Trust NASDAQ ABA Community Bank Index) by +59.0 percentage points, well below the 65-point threshold needed to trigger an against vote, so no TSR concern applies, and no overboarding, attendance, independence, or family relationship issues are identified.
Washburn joined the board in 2023, which is within the 24-month new-director exemption window, making her exempt from the TSR trigger entirely; she brings 26 years of EY audit experience focused on financial services and community banks, qualifies as an audit committee financial expert, and no other policy concerns are identified.
Both Class I nominees pass all policy screens. SPFI's 3-year price return of +112.5% outperforms the community bank benchmark QABA (First Trust NASDAQ ABA Community Bank Index) by +59.0 percentage points, which is below the 65-point trigger threshold for strong-positive TSR companies, so no TSR-based against vote is warranted for either director. No overboarding, attendance failures, independence issues, or family relationships to management are disclosed for either nominee.
Say on Pay
✓ FORCEO
Curtis C. Griffith
Total Comp
$1,232,779
Prior Support
N/A
The CEO (Curtis C. Griffith) received total compensation of $1,232,779 in 2025, which is reasonable for a Chairman and CEO at a ~$694 million market-cap community bank and does not appear materially above benchmark for this role and size. The pay program includes meaningful variable components — performance-based annual cash bonuses tied to measurable metrics (net income, efficiency ratio, and asset quality) plus equity awards — and the company delivered strong shareholder returns with a 3-year stock gain of +112.5% that significantly outperformed the community bank benchmark QABA (First Trust NASDAQ ABA Community Bank Index) by +59 percentage points, confirming that incentive pay is well aligned with shareholder outcomes. The company also maintains a formal clawback policy adopted in October 2023 in line with SEC requirements, and no prior Say on Pay vote result below 70% is disclosed that would require a negative response.
Auditor Ratification
✓ FORAuditor
Forvis Mazars, LLP
Tenure
N/A
Audit Fees
$574,576
Non-Audit Fees
$0
Forvis Mazars billed $574,576 in audit fees and zero in non-audit fees for 2025, making the non-audit fee ratio 0%, well below the 50% threshold that would raise independence concerns; auditor tenure is not disclosed in the proxy so the tenure trigger cannot fire per policy, and no material restatements are noted.
Overall Assessment
The 2026 South Plains Financial annual meeting presents three standard proposals — director elections, auditor ratification, and Say on Pay — all of which receive a FOR vote determination under the applicable policy. The company's strong stock performance (+112.5% over three years, outpacing the community bank benchmark QABA by approximately 59 percentage points), clean auditor fee profile (zero non-audit fees), and pay program with meaningful performance-linked components support approval across the full ballot.