South Plains Financial Raises Quarterly Dividend 5.88%

South Plains Financial Inc. (NASDAQ: SPFI) increased its quarterly dividend to $0.18 per share from $0.17, a 5.88% rise. The shares trade ex-dividend on July 27, 2026.

The higher rate produces an annualized dividend of $0.72 per share. Based on a share price of $43.88, that equates to a forward annual yield of 1.64%.

The increase extends the financial-services company’s record of consecutive annual dividend growth to five years. South Plains’ dividend history shows a pattern of incremental increases, while the company’s announcement identified the latest action as an increase from its prior quarterly distribution. South Plains Financial’s dividend announcement

Business context

South Plains is the parent of City Bank, a Texas-chartered community bank headquartered in Lubbock. The bank provides commercial and retail banking, mortgage, investment and trust services, with operations across several Texas markets and in New Mexico.

The board did not provide a specific reason for the dividend increase. The action came alongside improved quarterly profitability and the integration of Bank of Houston. South Plains reported that second-quarter net income rose both sequentially and from the comparable prior-year period. Management also described credit quality as stable and said the Bank of Houston transaction had strengthened the company’s presence in the Houston market. South Plains Financial’s second-quarter results

Those operating developments provide context for the board’s decision, although they do not guarantee future dividend increases. Bank dividends remain dependent on earnings, capital, liquidity and regulatory requirements.

What it means for income investors

At the new quarterly rate, shareholders receive $0.01 more per share each quarter than under the previous distribution. The 1.64% forward yield is based on the stated $43.88 share price and will move as the stock price changes.

SmarterDividends assigns South Plains a dividend-safety score of 81 out of 100, equivalent to an A grade. That assessment, together with the five-year growth streak, indicates a comparatively solid recent dividend profile, but it is not a guarantee that the payout will be maintained or increased in future periods.