Noe G. Valles
About Noe G. Valles
Noe G. Valles (age 58) is an independent Class II director of South Plains Financial, Inc. (SPFI), serving on the Company board since 2019 with his current term expiring at the 2027 annual meeting. He is an attorney and pre‑litigation managing partner of Glasheen, Valles & Inderman, LLP; licensed in Texas and New Mexico; prior public service includes 11 years on the Board of Managers of University Medical Center (Lubbock). He holds a B.A. from Wayland Baptist University (1988, Distinguished Alumni 2018) and a J.D. from Texas Tech University (1993). The Board has affirmatively determined he is independent under Nasdaq and SEC rules.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Glasheen, Valles & Inderman, LLP | Pre‑litigation Managing Partner | 2004–present | Personal injury practice leadership; bilingual services (TX/NM, U.S. District Courts) |
| University Medical Center (Lubbock) | Board of Managers | 11 years (prior service) | Community leadership/oversight |
External Roles
| Organization | Role | Sector | Notes |
|---|---|---|---|
| Glasheen, Valles & Inderman, LLP | Managing Partner | Legal services | Texas/New Mexico licensure; plaintiff-side personal injury focus |
Board Governance
- Structure and independence:
- Independent director; Board class structure with Valles in Class II (term ends 2027).
- Committee assignments and chair roles:
- 2025: Audit Committee member; Compensation Committee member; Nominating & Corporate Governance Committee member. No chair roles.
- 2024: Compensation Committee member; Nominating & Corporate Governance Committee member. Not listed on Audit in 2024; added to Audit by 2025 (enhanced financial oversight exposure).
- Attendance and engagement:
- Board met 16 times in 2024; each director attended ≥75% of board and committee meetings. All directors attended the 2024 annual meeting.
- Committee meeting cadence (2024): Audit 10x; Compensation 5x; Nominating & Corporate Governance 1x.
Fixed Compensation (Director)
| Year | Cash Fees ($) | All Other Compensation ($) | Total ($) |
|---|---|---|---|
| 2023 | 70,000 | 12,961 (includes holiday gift tax gross-up) | 107,940 |
| 2024 | 81,000 | 14,515 (includes holiday gift tax gross-up of $3,193) | 120,490 |
Notes:
- “All Other Compensation” includes an annual holiday gift tax gross-up (shareholder-friendliness consideration); $2,851 in 2023 and $3,193 in 2024 for Mr. Valles.
Performance Compensation (Director)
| Year | Stock Awards ($) | Instrument | Plan/Notes |
|---|---|---|---|
| 2023 | 24,979 | Stock awards | Granted under the 2019 Equity Incentive Plan; grant-date fair value per ASC 718 |
| 2024 | 24,975 | Stock awards | Granted under the 2019 Equity Incentive Plan; grant-date fair value per ASC 718 |
Performance metrics: Director equity awards are granted under the 2019 Equity Incentive Plan; while the plan permits performance-based awards, the director line items are reported as “Stock Awards” (RSUs/stock awards) with grant-date fair values, not option awards. Vesting specifics for director grants are not separately disclosed beyond plan mechanics.
Other Directorships & Interlocks
- No additional public company directorships disclosed for Mr. Valles in SPFI’s proxy statements.
- Board representation rights at SPFI relate to another shareholder (Henry TAW LP) and its representative Richard D. Campbell; not related to Mr. Valles.
Expertise & Qualifications
- Legal expertise (plaintiff litigation); community leadership (UMC Board); recognized as Community Leader of the Year (2018).
- Board diversity disclosure identifies him as Hispanic/Latinx, contributing to board demographic diversity.
Equity Ownership
| As-of Date | Shares Beneficially Owned | % of Outstanding | Footnote Details |
|---|---|---|---|
| Mar 18, 2024 | 245,512 | 1.49% | Held individually |
| Mar 24, 2025 | 486,437 | 3.00% | Held individually; no pledge noted in footnote for Mr. Valles |
Alignment and risk flags:
- No share pledging disclosed for Mr. Valles (contrast: substantial pledges by other insiders).
- Initial Form 3 (2019) reported 83,012 shares (including 1,172 RSUs) at IPO effectiveness; ownership has increased materially since.
Related-Party Exposure
- SPFI’s related-person transactions disclosed for 2023–2025 involve other insiders (e.g., stock repurchases from the CEO; furniture purchases from an entity tied to the President’s spouse). No transactions involving Mr. Valles are identified in these sections.
Say‑on‑Pay & Shareholder Signals
| Proposal (2025 Annual Meeting) | For | Against | Abstain | Broker Non‑Votes |
|---|---|---|---|---|
| Say‑on‑Pay (Advisory) | 11,228,979 | 470,753 | 90,930 | 2,993,135 |
| Say‑on‑Pay Frequency | 10,955,074 (1‑Year) | 379,437 (2‑Years) | 441,778 (3‑Years) | 14,373 (Abstain) |
| Auditor Ratification | 14,690,156 | 90,302 | 3,339 | — |
Implication: Strong shareholder support for compensation program and annual say‑on‑pay cadence.
Governance Assessment
Strengths
- Independence and broad committee service, including addition to the Audit Committee by 2025, signaling trust in oversight and risk comprehension.
- High engagement environment: robust meeting cadence; all directors ≥75% attendance; attendance at annual meeting.
- Material personal ownership (3.00% as of Mar 24, 2025) without disclosed pledging—strong alignment and lower collateralization risk.
Watch Items
- Minor “All Other Compensation” line includes tax gross‑ups for holiday gifts to directors—small in magnitude but shareholder‑unfriendly in principle.
- No director‑level ownership guideline disclosure; company‑wide insider trading policy discourages pledging/margin and requires preclearance, which is positive but not a formal prohibition.
Noe G. Valles Summary Signal
- Independent director with legal and community leadership credentials, fully engaged on key committees, growing direct equity stake, and no related‑party or pledging red flags disclosed—supportive of investor confidence in board effectiveness and alignment.