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South Plains Financial, Inc. (NASDAQ:SPFI), a $668 million market cap financial institution that has delivered a 22% return over the past year, announced that its board of directors approved and adopted the Third Amended and Restated Bylaws, effective immediately as of August 20, 2025. According to InvestingPro data, the company has maintained a strong financial position, with a GOOD overall health score and six consecutive years of dividend increases. The update aligns the company’s bylaws with recent legislative changes to the Texas Business Organizations Code. The company, currently trading near its 52-week high of $42.38, has demonstrated solid operational performance with a P/E ratio of 12.3x.
According to a statement in the SEC filing, the amended bylaws introduce several changes. These include a requirement that any shareholder or group of shareholders must hold at least 3% of the company’s issued and outstanding common stock to initiate or maintain a derivative proceeding. The company also elected to be governed by the new Section 21.419 of the Texas Business Organizations Code.
The amended bylaws establish that, unless the company consents otherwise, the Texas Business Court in the Ninth Business Court Division will be the exclusive forum for “internal entity claims,” as defined under Texas law. If that court does not have jurisdiction, such claims will be heard in the United States District Court for the Northern District of Texas, or, if necessary, a Texas state district court in Lubbock County.
Additionally, the bylaws now include a waiver of jury trial for internal entity claims.
The company stated that these amendments were made to implement recent legislative changes in Texas. This information is based on a press release statement included in the company’s recent SEC filing. South Plains Financial’s common stock is listed on the Nasdaq Stock Market under the symbol SPFI.
In other recent news, South Plains Financial reported strong second-quarter 2025 earnings, surpassing expectations for both earnings and revenue. The company announced an earnings per share of $0.86, exceeding the forecasted $0.77, and reported revenue of $54.7 million, outperforming the expected $52.02 million. Additionally, South Plains Financial’s net interest margin expanded by 9 basis points to 3.90%, excluding a one-time interest income recovery, which was higher than anticipated forecasts of 3.82%-3.83%. Raymond James responded to these results by raising its price target for South Plains Financial to $42, maintaining an Outperform rating. In another development, the company’s Board of Directors approved a 7% increase in the quarterly cash dividend, raising it to $0.16 per share. This dividend will be payable on August 11, 2025, to shareholders of record as of July 28, 2025. These recent developments reflect positively on South Plains Financial’s financial performance and strategic decisions.
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