Thank you for joining the 2021 Annual Meeting of the Shareholders for South Plains Financial Incorporated. I would like to welcome Chairman and CEO, Curtis Griffith.
Good afternoon. I am Curtis C. Griffith, the Chief Executive Officer of South Plains Financial Inc. And Chairman of the Board for South Plains Financial and Citibank. And on behalf of the South Plains Financial team, it is my pleasure and honor to welcome our shareholders, employees and invited guests to the 2021 Annual Meeting of Shareholders of South Plains Financial Incorporated.
Will the meeting please come to order? The COVID-nineteen pandemic has dramatically impacted our lives and our way of doing business over the past 14 months. While the pace of new infections is slowing in the United States and vaccines are being widely distributed, the disease continues to spread around the world. The health and safety of our shareholders and employees are of paramount concern to the company's Board of Directors and Management. So to minimize the risk to shareholders and employees, we are holding our Annual Meeting in this virtual format.
Before we begin the business portion of the annual meeting today, I would like to share an update on how the company has been operating and addressing the challenges of the ongoing COVID-nineteen pandemic. While the pandemic has caused significant disruptions in the U. S. Economy, we continue to see our local markets recover as the pace of business has started to accelerate. Nevertheless, at this time, we cannot predict the impact or how long the economy or our impacted clients will be disrupted.
As part of the bank's efforts to support its customers and protect the bank during 2020, the bank has provided borrowers relief by offering varying forms of loan modifications, including 90 day payment deferrals, 6 month interest only terms or in certain select cases, periods of longer than 6 months of interest only. As of March 31, 2021, total active loan modifications attributed to COVID-nineteen were $46,900,000 or 2.1 percent of the company's loan portfolio, down from $64,100,000 or 2.9 percent of the company's loan portfolio at December 31, 2020. Approximately 95% of these active modified loans at March 31, 2021 are in the hotel portfolio. The bank also participated in the Paycheck Protection Program administered by the Small Business Administration and created under the Coronavirus Aid, Relief and Economic Security Act, the CARES Act. As of May 10, 2021, the bank had originated over $308,000,000 in PPP loans.
Helping Citibank's customers access PPP loans is just one way that the bank has been helping its customers and communities during this challenging time. Citibank has also been a supporter of the South Plains and Permian Basin Food Banks and recently increased its financial support given the challenging economic environment for so many. I would now like to recognize each of your directors and then make some brief remarks about our Board of Directors. First, the members of our current Board are Curtis C. Griffith, Corey T.
Newsome, Richard D. Campbell, Cynthia B. Keith, Alison S. Levitskas, Moe G. Vaez and Kyle R.
Wargo. I want to thank our directors for their incredibly dedicated leadership, engagement, oversight, wisdom and for setting such an inspiring level of accountability and excellence for all South Plains Financial Bankers to follow. As our South Plains Financial team members know, our directors have truly set the culture and tone that has inspired our long term success. Thank you to our extraordinary Board of Directors. I also want to recognize some of our important advisors to our Board who are joining us by remote communication.
They are Heather Estep of Hunt and Andrews Kurth LLP, our outside legal counsel Bob Lorets of Weaver and Tidwell LLP, your company's independent registered public accounting firm and Sandy Cheniere of Broadridge Corporate Issuer Solutions, your company's transfer agent. I would like to thank these individuals for their contributions to South Plains Financial. Now moving on to the business portion of the annual meeting. Our Board set March 22, 2021 as the record date for voting at this annual meeting. Only persons who were shareholders of South Plains Financial on March 22, 2021 are eligible to vote.
The proxy statement for this annual meeting was filed with the Securities and Exchange Commission on April 5, 2021. On or about April 5, 2021, the company calls to be mailed to each shareholder a notice of this meeting along with the proxy statement and proxy card. Your Board of Directors has designated Steve Crockett, our Chief Financial Officer of the company, to report on the results of our votes, which have been tabulated by Broadridge Corporate Issuer Solutions, our transfer agent. You will hear from Mr. Crockett in a moment.
In order to ensure the orderly and business life progression of the meeting, I would ask that you please follow the rules of conduct for this meeting, which are available on the virtual meeting platform. As previously disclosed, shareholders will be permitted to submit written questions just as if you were attending a physical meeting. Shareholders may submit written questions during this annual meeting by logging on to the virtual meeting platform with your 16 digit control number provided on your proxy card and typing your question in the ask a question box. You must log into the virtual meeting platform with your 16 digit control number in order to ask questions during the annual meeting. Each shareholder will be limited to no more than one question.
We will try to answer all questions pertinent to the business of the annual meeting subject to time constraints. I would ask that shareholders who are present by means of remote communication and who have not delivered a proxy and who would like to vote to do so by voting electronically during this meeting. If you logged into the virtual meeting platform with your 16 digit control number today, you can vote by clicking on the icon in the meeting center to cast your vote. I would like to emphasize that if you have already voted, there is no need to vote now. I would like to ask Michael Newsome as Secretary of the company to report on whether a quorum is present.
I have been advised by our transfer agent that there are present by means of remote communication or by proxy at this meeting the holders of at least 15,000,000 336,000 664 shares or 84.95 percent of the total number of outstanding shares of the company entitled to vote at this meeting. And as such, I can confirm that a quorum is present at this meeting for all purposes in accordance with the company's bylaws.
Thank you, Michaela. Because proper notice has been given and a quorum is present, this meeting has been properly convened. The 2020 Annual Meeting of Shareholders was held on March 19, 2020. A copy of the minutes from that annual meeting is available on the virtual meeting platform. I would like to ask for a motion to waive the reading of the minutes of the 2020 Annual Meeting of Shareholders.
So moved. 2nd.
Is there any discussion? No discussion. Is there anyone opposed to the motion? Hearing no opposition, the motion is carried. We have 2 proposals on the agenda today.
Information concerning these two proposals was contained in our proxy statement furnished in connection with this meeting. The first proposal is to elect 2 Class II directors, each for a 3 year term to hold office until the 2024 Annual Meeting of Shareholders. The Board of Directors has nominated for election the following persons, each of whom is a current Director of our company: Corey T. Newsom and Noe G. Vaez.
No other nominations of candidates for election to the Board of Directors have been submitted in accordance with the procedures required under our bylaws. The second proposal is to ratify our audit committee's appointment of Weaver and Tidwell LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2021. I would like to ask for a motion to vote for the approval of the 2 proposals to be considered at this annual meeting.
So moved.
2nd. Again, if you have not voted and wish to do so, please vote now. If you have submitted a proxy, you do not need to submit another vote. We will now address any questions from shareholders solely related to the business to be conducted at the annual meeting. Since no questions have been received that pertain to the business conducted at the annual meeting, this concludes the question and answer part of the meeting.
I now declare the polls closed. It appears the votes for the proposals have been tabulated. I would like to ask Steve Crockett to report the preliminary results of the first vote.
I've been advised by our transfer agent that a preliminary tabulation has been completed and I can report at this time that of the 12,306,227 shares voted by means of remote communication or by proxy at this meeting, not less than 11,144,237 or approximately 90.55 percent have been voted in favor of the total slate of Class II directors to serve for a 3 year term until the 2024 Annual Meeting of Shareholders.
Thank you, Steve. Based on this result, I'm honored to declare that Corey T. Newsom and Noe G. Baez have each received affirmative votes of the holders of a majority of the shares voted in the election of Class 2 directors and represented in person or by proxy, and they have been elected to serve as Class II Directors of South Plains Financial Incorporated until the 2024 Annual Meeting. Steve, could you now please report on the 2nd vote?
I have also been advised by our transfer agent that a preliminary tabulation has been completed, and I can report at this time that of the 13,790,040 shares voted by means of remote communication or by proxy at this meeting, not less than 13,786,578 or approximately 99.97 percent have been voted to ratify the audit committee's appointment of Weaver and Tidwell LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2021.
Thank you, Steve. Based on this result, I declare that the Audit Committee's appointment of Weaver and Tidwell LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2021 has been ratified by at least a majority of the votes cast at the meeting. No other business has been presented in accordance with the procedures required under our bylaws for your consideration at this meeting. I would now entertain a motion for adjournment.
So moved. Second.
All those in favor, please say aye. Aye. Opposed? No. The meeting is then adjourned.
Thank you very much, ladies and gentlemen, for attending this annual meeting of South Plains Financial Incorporated. I'll turn it back to the host.
This concludes the 2021 Annual Meeting of