Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-30

South Plains Financial, Inc. (SPFI)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$2,273,599
Cory Newsom total, FY2025
President – (PEO)highest-paid officer; CEO Curtis Griffith: $1,232,779
CEO (Curtis Griffith) pay percentile vs peers
49:1
CEO-to-median pay ratio
92.69%
Say-on-pay support, latest vote
Companies that benchmark against SPFI
8 companies name SPFI as a compensation peer

Each company listed discloses SPFI in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named SPFI in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Cory Newsom$720,000$180,000$249,983$260,398$540,000$178,939$144,279$2,273,599
President – (PEO)
Curtis Griffith425,000170,000124,972153,717255,0000104,0901,232,779
Chairman of the Board and CEO
Steven Crockett375,00045,000225,1870180,00059,74060,976945,903
CFO – (PFO)
Paul Ehlers313,63528,22796,8910112,90920,17056,963628,795
Bank COO
Brent Bates313,63528,22796,8910112,90917,71634,869604,247
Bank CCO

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Cory Newsom$2,273,599$2,070,123$1,857,036+203,476
Curtis Griffith1,232,7791,157,2511,153,312+75,528
Steven Crockett945,903865,264900,445+80,639
Paul Ehlers628,795607,640+21,155
Brent Bates604,247585,130+19,117

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
James D. SteinDirector2026-05-08D4,936$40$197,736CommonForm 4 ↗
James D. SteinDirector2026-05-08D10,00040403,800CommonForm 4 ↗
James D. SteinDirector2026-05-18D1,5604062,509CommonForm 4 ↗
James D. SteinDirector2026-05-18D13,50440540,295CommonForm 4 ↗
LaDana R. WashburnDirector2026-05-20A62300CommonForm 4 ↗
Kyle R. WargoDirector2026-05-20A62300CommonForm 4 ↗
Noe G. VallesDirector2026-05-20A62300CommonForm 4 ↗
Noe G. VallesDirector2026-05-20A62300CommonForm 4 ↗
Richard D. CampbellDirector2026-05-20A62300CommonForm 4 ↗
Curtis C. GriffithDirector2026-06-18D300,0004112,417,000CommonForm 4 ↗
James D. SteinDirector2026-07-28D70,000443,105,200CommonForm 4 ↗
James D. SteinDirector2026-07-28D30,000451,349,100CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Cory NewsomOPTION2025-01-0318,880$251,991
Steven CrockettRSU2025-02-196,197217,948
Curtis GriffithRSU2025-01-033,675124,987
Brent BatesRSU2025-02-192,67594,080
Cory NewsomRSU2025-01-037,350249,974
Curtis GriffithOPTION2025-01-0311,144148,739
Paul EhlersRSU2025-02-192,67594,080
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Cory Newsom$249,974$0$251,9910.0%
Steven Crockett217,948000.0%
Curtis Griffith124,9870148,7390.0%
Brent Bates94,080000.0%
Paul Ehlers94,080000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Curtis GriffithOption6,56729.32
Brent BatesPSU2,675103,790
Steven CrockettPSU3,907151,592
Curtis GriffithOption11,14434.01
Paul EhlersPSU2,615101,462
Curtis GriffithOption3,67327.53
Cory NewsomOption5,78527.53
Steven CrockettOption2,71329.19
Cory NewsomOption10,34329.32
Brent BatesPSU1,59561,886
Cory NewsomPSU7,350285,180
Steven CrockettPSU4,264165,443
Curtis GriffithPSU3,675142,590
Brent BatesPSU2,615101,462
Cory NewsomOption18,88034.01
Steven CrockettOption6,44927.27
Paul EhlersPSU2,675103,790
Steven CrockettPSU1,93375,000
Paul EhlersPSU1,59561,886
Paul EhlersPSU74528,906
Brent BatesPSU70727,432
Cory NewsomOption43829.46
Curtis GriffithOption27829.46
05

Incentive-plan design — the Compensation Discussion & Analysis

We review, evaluate and modify our compensation framework in an effort to maintain a competitive total compensation package to attract and retain highly qualified executives.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantnot disclosed
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-1110,752,825757,44690,19692.69%Passed
20252025-05-2011,228,979470,75390,93095.24%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-1192.69%a
20252025-05-2095.24%b

a. Approved under the standard stated in the filing — “Abstentions with respect to the Say on Pay Proposal (Proposal 3) will have the same effect as a vote against the proposal.”.

b. Approved under the standard stated in the filing — “Abstentions with respect to the Say on Pay Proposal (Proposal 3) and the Say on Frequency Proposal (Proposal 4) will have the same effect as a vote against the proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)49 : 1
CEO total compensation$2,273,599
Median employee compensation$46,287
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Richard D. CampbellIndependent · Lead Independent Director · Compensation (Chair) · Audit · Nominating and Corporate Governance (Chair)$98,250$24,967$0$0$18,846$142,063
Kyle R. WargoIndependent · Audit (Chair) · Compensation · Nominating and Corporate Governance88,25024,9670018,846132,063
LaDana R. WashburnIndependent · Compensation · Audit · Nominating and Corporate Governance83,25024,9670018,886127,103
Noe G. VallesIndependent · Compensation · Audit · Nominating and Corporate Governance83,25024,9670018,845127,062
Cory T. NewsomEmployee director000000
Curtis C. GriffithEmployee director · Board Chair000000
James D. SteinEmployee director · Partial-year service · Newly elected000000
09

Board fee structure and ownership guideline

Annual cash retainer
Annual equity retainer
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$353,000
Equity awards (grant-date value)$99,868
All other compensation$75,423
Total cost of the board$528,291

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1South Plains Financial, Inc.2025Curtis Griffith$425,000$124,972$153,717$255,000$1,232,779

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

FAQ

Frequently asked questions

Who was the highest-paid executive at South Plains Financial, Inc. in fiscal 2025?
The highest-paid executive at South Plains Financial, Inc. in fiscal 2025 was Cory Newsom, who served as President – (PEO) with total compensation of $2,273,599.
How does South Plains Financial, Inc.'s chief executive pay compare to its disclosed peer group?
The CEO pay percentile of disclosed peers is not disclosed in this extract.
What is South Plains Financial, Inc.'s CEO-to-median employee pay ratio?
The CEO-to-median employee pay ratio was 49:1.
How did shareholders vote on South Plains Financial, Inc.'s executive compensation?
Shareholders voted 92.69% in support of the executive compensation plan.
How much does South Plains Financial, Inc. spend in total on board compensation for fiscal 2025?
Total board compensation for fiscal 2025 was $528,291.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Cory NewsomDEF 14A2026-04-060001140361-26-013355Section “Summary Compensation Table”. As printed: 2,273,599. Filing ↗machine: r5 · c27 · span 571357–571366
2Section 01, Curtis GriffithDEF 14A2026-04-060001140361-26-013355Section “Summary Compensation Table”. As printed: 1,232,779. Filing ↗machine: r2 · c27 · span 556174–556183
3Section 01, Steven CrockettDEF 14A2026-04-060001140361-26-013355Section “Summary Compensation Table”. As printed: 945,903. Filing ↗machine: r8 · c27 · span 585908–585915
4Section 01, Paul EhlersDEF 14A2026-04-060001140361-26-013355Section “Summary Compensation Table”. As printed: 628,795. Filing ↗machine: t83 · r13 · c27 · span 612064–612071
5Section 01, Brent BatesDEF 14A2026-04-060001140361-26-013355Section “Summary Compensation Table”. As printed: 604,247. Filing ↗machine: t83 · r11 · c27 · span 601557–601564
6Section 03, Cory Newsom OPTIONDEF 14A2026-04-060001140361-26-013355Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t95 · r8 · c31 · span 683318–683325
7Section 03, Steven Crockett RSUDEF 14A2026-04-060001140361-26-013355Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t95 · r10 · c31 · span 696230–696237
8Section 03, Curtis Griffith RSUDEF 14A2026-04-060001140361-26-013355Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t95 · r4 · c31 · span 660504–660511
9Section 03, Brent Bates RSUDEF 14A2026-04-060001140361-26-013355Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t95 · r12 · c31 · span 707522–707528
10Section 03, Cory Newsom RSUDEF 14A2026-04-060001140361-26-013355Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t95 · r7 · c31 · span 678041–678048
11Section 03, Curtis Griffith OPTIONDEF 14A2026-04-060001140361-26-013355Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t95 · r5 · c31 · span 666688–666695
12Section 03, Paul Ehlers RSUDEF 14A2026-04-060001140361-26-013355Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t95 · r14 · c31 · span 720420–720426
13Section 07, pay ratioDEF 14A2026-04-060001140361-26-013355Section “CEO Pay Ratio”. As printed: 49 : 1. Filing ↗machine: span 1359405–1359407
14Section 08, Richard D. CampbellDEF 14A2026-04-060001140361-26-013355Section “Director Compensation”. As printed: 142,063. Filing ↗machine: t153 · r2 · c21 · span 1374382–1374390
15Section 08, Kyle R. WargoDEF 14A2026-04-060001140361-26-013355Section “Director Compensation”. As printed: 132,063. Filing ↗machine: t153 · r4 · c21 · span 1382222–1382230
16Section 08, LaDana R. WashburnDEF 14A2026-04-060001140361-26-013355Section “Director Compensation”. As printed: 127,103. Filing ↗machine: t153 · r5 · c21 · span 1385658–1385666
17Section 08, Noe G. VallesDEF 14A2026-04-060001140361-26-013355Section “Director Compensation”. As printed: 127,062. Filing ↗machine: t153 · r3 · c21 · span 1378005–1378013
18Section 08, Cory T. NewsomDEF 14A2026-04-060001140361-26-013355Section “Director Compensation”. As printed: 0. Filing ↗
19Section 08, Curtis C. GriffithDEF 14A2026-04-060001140361-26-013355Section “Director Compensation”. As printed: 0. Filing ↗
20Section 08, James D. SteinDEF 14A2026-04-060001140361-26-013355Section “Director Compensation”. As printed: 0. Filing ↗
21Section 02, James D. Stein 2026-05-08Form 42026-05-120002124082-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, James D. Stein 2026-05-08Form 42026-05-120002124082-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, James D. Stein 2026-05-18Form 42026-05-200002124082-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, James D. Stein 2026-05-18Form 42026-05-200002124082-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, LaDana R. Washburn 2026-05-20Form 42026-05-220002013365-26-000001Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Kyle R. Wargo 2026-05-20Form 42026-05-220001775291-26-000001Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Noe G. Valles 2026-05-20Form 42026-05-220001775289-26-000001Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Noe G. Valles 2026-05-20Form 42026-05-220001775289-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Richard D. Campbell 2026-05-20Form 42026-05-220001774463-26-000001Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Curtis C. Griffith 2026-06-18Form 42026-06-230001775195-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, James D. Stein 2026-07-28Form 42026-07-300002124082-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, James D. Stein 2026-07-28Form 42026-07-300002124082-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
33Section 06, 2026 voteForm 8-K2026-05-140001140361-26-021350Item 5.07 · say-on-pay result. As reported: 92.69% (votes for as printed: 10,752,825). Filing ↗
34Section 06, 2025 voteForm 8-K2025-05-230001140361-25-020347Item 5.07 · say-on-pay result. As reported: 95.24% (votes for as printed: 11,228,979). Filing ↗
35Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
36Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
37Section 09b board cost (computed)ComputedcomputedCash 353,000 + equity 99,868 + all other 75,423 = 528,291, summed across the director compensation table rows.machine: formula: Σ = 528,291
38South Plains Financial, Inc. (subject), Section 10b CEO totalDEF 14A2026-04-060001140361-26-013355CEO total compensation as printed in South Plains Financial, Inc.'s own proxy. As printed: 1,232,779. Filing ↗machine: r2 · c27 · span 556174–556183