SPFI to acquire BOH Holdings for ~$105.9M in stock, adds Houston scale

SOUTH PLAINS FINANCIAL, INC.

Transaction value ~$105.9M (0.1925 SPFI shares per BOH share) based on SPFI $37.79 close on Nov 28, 2025.
BOH had $772M assets, $633M loans, $629M deposits as of Sep 30, 2025; expected close Q2 2026.
Pro forma combined: ~$5.4B assets, $3.8B loans, $4.6B deposits with 26 Texas branches.
Deal expected 11% accretive to 2027 EPS; tangible book value earnback <3 years.
BOH directors/execs with 25.2% of BOH shares support via voting agreement; termination fee $4.2M.

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