First South Bancorp, Inc. Reports December 31, 2010 Quarterly and Year End Operating Results
WASHINGTON, N.C., Jan. 18, 2011 /PRNewswire/ -- First South Bancorp, Inc. (Nasdaq: FSBK) (the "Company"), the parent holding company of First South Bank (the "Bank"), reports its unaudited operating results for the quarter and year ended December 31, 2010.
The Company reported a net operating loss of $6.5 million for the 2010 fourth quarter, compared to net income of $1.0 million for the linked 2010 third quarter, and $1.5 million for the comparative 2009 fourth quarter. The net loss per diluted common share was $0.67 for the 2010 fourth quarter, compared to net income per diluted common share of $0.10 for the linked 2010 third quarter and $0.16 for the comparative 2009 fourth quarter.
For the year ended December 31, 2010 the Company reported a net operating loss of $2.4 million, compared to net income of $7.0 million for the year ended December 31, 2009. The net loss per diluted common share was $0.24 for 2010, compared to net income per diluted common share of $0.72 for 2009.
"In the 2010 fourth quarter, we completed an intensive evaluation of the credit quality of the Bank's loan portfolio and foreclosed properties, and are boosting our loan loss reserves by a significant amount. In light of the continued economic uncertainty, we recognize the financial stress some of our borrowers are facing. We feel it is prudent and wise to take a pro-active stance with regards to credit risk management and provision accordingly, so that we can get these problems behind us and move forward in a more positive manner," said Tom Vann, President and CEO.
"We are moving aggressively from a position of financial strength to deal with our credit quality. Subsequent to these necessary provision charges, our capital levels will remain in excess of the regulatory requirements to be well capitalized. This will allow the Company to move ahead in a substantive way, and hopefully expected retained earnings over the coming years will recover much of the capital expended by taking these charges," added Mr. Vann.
Asset Quality
Non-accrual loans increased to $41.3 million (6.8% of total loans) at December 31, 2010, from $19.2 million (3.0% of total loans) at September 30, 2010. Other real estate owned increased to $11.6 million at December 31, 2010 from $8.6 million at September 30, 2010, reflecting foreclosure activity net of sales of certain real estate properties during the fourth quarter. Total nonperforming assets increased to $52.9 million (6.6% of total assets) at December 31, 2010, from $27.8 million (3.4% of total assets) at September 30, 2010. "While we are encouraged that property values appear to be stabilizing, we will continue to monitor these values and mitigate nonperforming assets as quickly as feasible," said Mr. Vann.
The Bank recorded $13.7 million of provisions for credit losses in the 2010 fourth quarter, compared to $4.0 million in the linked 2010 third quarter and $2.7 million in the comparative 2009 fourth quarter. Credit loss provisions were necessary to replenish net charge-offs and strengthen the allowance for credit losses at levels that management believes is adequate to absorb probable losses in the loan portfolio. The allowance for loan and lease losses (ALLL) increased to $18.8 million at December 31, 2010 (3.0% of total loans), from $8.6 million at September 30, 2010 (1.3% of total loans). Net charge offs were $3.4 million in the 2010 fourth quarter, compared to $3.3 million in the linked 2010 third quarter and $1.5 million in the comparative 2009 fourth quarter.
Bill Wall, executive vice president and chief financial officer stated, "We have taken a conservative posture in our provisioning for credit losses as we continue to aggressively manage problem assets. We believe the current level of our ALLL is adequate, however, there is no assurance in the future that regulators, increased risks in the loan portfolio, or changes in economic conditions will not require additional adjustments to the allowance for credit losses".
Net Interest Income
Net interest income declined to $7.8 million for the 2010 fourth quarter, from $8.7 million for the linked 2010 third quarter and $8.9 million the comparative 2009 fourth quarter. The decline in net interest income in the current quarter has been influenced by the increased level of non-accrual loans. The net interest margin on average earning assets declined similarly to 4.3% for the 2010 fourth quarter, from 4.7% for the linked 2010 third quarter and 4.6% for the comparative 2009 fourth quarter.
Non-Interest Income
Total non-interest income declined to $1.9 million for the 2010 fourth quarter, from $3.4 million for the linked 2010 third quarter and $2.5 million for the comparative 2009 fourth quarter. Revenue from loan and deposit service offerings (loan fees, deposit fees and service charges and servicing fee income) remained relatively consistent at $1.9 million in the 2010 fourth quarter, $2.0 million in the linked 2010 third quarter and $2.1 million in the comparative 2009 fourth quarter.
Net gains recognized from mortgage loan sales declined to $311,000 in the 2010 fourth quarter, from $479,000 in the linked 2010 third quarter and $262,000 in the comparative 2009 fourth quarter. Net gains recognized from investment and mortgage-backed securities sales declined to $51,000 in the 2010 fourth quarter, from $696,000 in the linked 2010 third quarter and none in the comparative 2009 fourth quarter.
In its efforts of mitigating nonperforming assets, the Bank recognized $597,000 of net losses on the sale of other real estate properties during the 2010 fourth quarter, compared to $40,000 of net gains in the linked 2010 third quarter and $39,000 of net losses in the comparative 2009 fourth quarter.
Non-Interest Expense
Total non-interest expense was $6.7 million for both the 2010 fourth quarter and the linked 2010 third quarter, compared to $6.3 million for 2009 fourth quarter.
The largest component of non-interest expense, compensation and fringe benefits, declined to $3.8 million in the 2010 fourth quarter, from $4.0 million in the linked 2010 third quarter, and $3.6 million in the comparative 2009 fourth quarter, reflecting the Bank's efforts of managing its human resources cost.
Other noninterest expenses including FDIC insurance premiums, premises and equipment, advertising, data processing, repairs and maintenance, office supplies, professional fees, taxes and insurance, etc., remained relatively consistent during the respective periods.
As a result of the 2010 fourth quarter pre-tax operating loss, the Company recognized a $4.3 million income tax benefit, compared to income tax expense of $424,000 in the linked 2010 third quarter and $872,000 in the comparative 2009 fourth quarter.
Balance Sheet
Total assets declined to $797.2 million at December 31, 2010, from $829.9 million at December 31, 2009. Total loans declined to $606.1 million at December 31, 2010 from $658.7 million at December 31, 2009, reflecting a combination of principal repayments, sales, securitizations and the volume of loans originated during 2010. Mortgage-backed securities increased to $98.9 million at December 31, 2010, from $97.2 million at December 31, 2009, reflecting the net of sales and securitization of certain mortgage loans during 2010. Cash and investments increased to $44.4 million at December 31, 2010, from $30.0 million at December 31, 2009, supporting the Bank's liquidity position.
Total deposits increased to $689.5 million at December 31, 2010, from $688.5 million at December 31, 2009. Borrowings declined to $11.5 million at December 31, 2010, from $37.4 million at December 31, 2009. During 2010, the Bank repaid a $25.0 million 3.0% fixed-rate FHLB advance. The cost of funds improved to 1.2% for both the 2010 fourth quarter and the linked 2010 third quarter, from 1.6% for the comparative 2009 fourth quarter. The Bank has been able to improve its cost of funds by the combination of pricing new deposits, the renewal of maturing time deposits and the repositioning of borrowings within the current lower interest rate environment.
Stockholders' equity declined to $79.5 million at December 31, 2010, from $86.2 million at December 31, 2009, reflecting the net effect of the net operating loss, dividend payments and changes in accumulated other comprehensive income. The equity to assets ratio was 10.0% at December 31, 2010, compared to 10.4% at December 31, 2009.
First South Bancorp, Inc. may be accessed on its website at www.firstsouthnc.com. The Company's common stock symbol as traded on the NASDAQ Global Select Market is "FSBK".
First South Bank has been serving the citizens of eastern North Carolina since 1902 and offers a variety of financial products and services, including a leasing company. Securities brokerage services are made available through an affiliation with an independent broker/dealer. The Bank operates through its main office headquartered in Washington, North Carolina, and has 28 full service branch offices and one loan production office located throughout central, eastern, northeastern and southeastern North Carolina.
Statements contained in this release, which are not historical facts, are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors which include the effects of future economic conditions, governmental fiscal and monetary policies, legislative and regulatory changes, the risks of changes in interest rates, the effects of competition, and including without limitation to other factors that could cause actual results to differ materially as discussed in documents filed by the Company with the Securities and Exchange Commission from time to time.
(NASDAQ: FSBK)
For more information contact: |
|
Bill Wall (CFO) (252-940-5017) or |
|
Tom Vann (CEO) 252-940-4916 |
|
Website: www.firstsouthnc.com |
|
First South Bancorp, Inc. and Subsidiary |
|||||||
Consolidated Statements of Financial Condition |
|||||||
December 31 |
December 31, |
||||||
2010 |
2009* |
||||||
Assets |
(unaudited) |
||||||
Cash and due from banks |
$ |
14,684,377 |
$ |
17,758,370 |
|||
Interest-bearing deposits in financial institutions |
29,749,236 |
11,879,794 |
|||||
Investment securities - available for sale |
0 |
407,317 |
|||||
Mortgage-backed securities - available for sale |
98,637,742 |
96,725,468 |
|||||
Mortgage-backed securities - held for investment |
244,836 |
513,882 |
|||||
Loans and leases receivable, net: |
|||||||
Held for sale |
4,464,040 |
6,548,980 |
|||||
Held for investment |
601,610,242 |
652,106,538 |
|||||
Premises and equipment, net |
9,162,538 |
8,539,759 |
|||||
Other real estate owned |
11,616,390 |
10,561,071 |
|||||
Federal Home Loan Bank of Atlanta stock, at cost |
|||||||
which approximates market |
3,474,900 |
3,889,500 |
|||||
Accrued interest receivable |
2,336,527 |
3,318,141 |
|||||
Goodwill |
4,218,576 |
4,218,576 |
|||||
Mortgage servicing rights |
1,357,659 |
1,278,688 |
|||||
Identifiable intangible assets |
102,180 |
133,620 |
|||||
Income tax receivable |
6,217,679 |
1,831,598 |
|||||
Prepaid expenses and other assets |
9,368,924 |
10,179,333 |
|||||
Total assets |
$ |
797,245,846 |
$ |
829,890,635 |
|||
Liabilities and Stockholders' Equity |
|||||||
Deposits: |
|||||||
Demand |
$ |
234,501,026 |
$ |
224,507,362 |
|||
Savings |
24,498,789 |
23,137,391 |
|||||
Large denomination certificates of deposit |
222,578,449 |
224,198,974 |
|||||
Other time |
207,886,450 |
216,667,331 |
|||||
Total deposits |
689,464,714 |
688,511,058 |
|||||
Borrowed money |
11,503,110 |
37,380,388 |
|||||
Junior subordinated debentures |
10,310,000 |
10,310,000 |
|||||
Other liabilities |
6,454,818 |
7,475,085 |
|||||
Total liabilities |
717,732,642 |
743,676,531 |
|||||
Common stock, $.01 par value, 25,000,000 shares authorized; |
|||||||
11,254,222 issued; 9,751,271 and 9,742,296 |
|||||||
shares outstanding, respectively |
97,513 |
97,423 |
|||||
Additional paid-in capital |
35,795,586 |
35,841,364 |
|||||
Retained earnings, substantially restricted |
74,956,772 |
82,111,114 |
|||||
Treasury stock at cost |
(31,967,269) |
(32,158,074) |
|||||
Accumulated other comprehensive income, net |
630,602 |
322,277 |
|||||
Total stockholders' equity |
79,513,204 |
86,214,104 |
|||||
Total liabilities and stockholders' equity |
$ |
797,245,846 |
$ |
829,890,635 |
|||
*Derived from audited consolidated financial statements |
|||||||
First South Bancorp, Inc. and Subsidiary |
||||||||||||
Consolidated Statements of Operations |
||||||||||||
(unaudited) |
||||||||||||
Three Months Ended |
Year Ended |
|||||||||||
December 31 |
December 31 |
|||||||||||
2010 |
2009 |
2010 |
2009 |
|||||||||
Interest income: |
||||||||||||
Interest and fees on loans |
$ |
8,971,629 |
$ |
10,782,733 |
$ |
38,843,771 |
$ |
45,211,260 |
||||
Interest and dividends on investments and deposits |
956,429 |
1,068,842 |
4,027,268 |
3,848,639 |
||||||||
Total interest income |
9,928,058 |
11,851,575 |
42,871,039 |
49,059,899 |
||||||||
Interest expense: |
||||||||||||
Interest on deposits |
2,002,600 |
2,644,057 |
8,301,551 |
14,459,345 |
||||||||
Interest on borrowings |
82,079 |
270,558 |
384,161 |
1,244,664 |
||||||||
Interest on junior subordinated notes |
81,884 |
81,710 |
333,689 |
389,677 |
||||||||
Total interest expense |
2,166,563 |
2,996,325 |
9,019,401 |
16,093,686 |
||||||||
Net interest income |
7,761,495 |
8,855,250 |
33,851,638 |
32,966,213 |
||||||||
Provision for credit losses |
13,700,000 |
2,700,000 |
22,151,787 |
7,180,000 |
||||||||
Net interest income after provision for credit losses |
(5,938,505) |
6,155,250 |
11,699,851 |
25,786,213 |
||||||||
Non-interest income: |
||||||||||||
Fees and service charges |
1,665,795 |
1,899,647 |
6,864,083 |
7,377,019 |
||||||||
Loan servicing fees |
192,315 |
182,878 |
747,387 |
679,673 |
||||||||
Gain (loss) on sale of other real estate, net |
(596,751) |
(39,409) |
(523,173) |
(200,732) |
||||||||
Gain on sale of mortgage loans |
311,169 |
261,737 |
1,155,690 |
1,197,029 |
||||||||
Gain on sale of mortgage-backed securities |
50,562 |
- |
1,682,453 |
- |
||||||||
Gain on sale of investment securities |
- |
- |
2,406 |
917,866 |
||||||||
Other income |
296,282 |
221,584 |
915,022 |
988,865 |
||||||||
Total non-interest income |
1,919,372 |
2,526,437 |
10,843,868 |
10,959,720 |
||||||||
Non-interest expense: |
||||||||||||
Compensation and fringe benefits |
3,783,196 |
3,595,642 |
15,583,817 |
14,118,842 |
||||||||
Federal deposit insurance premiums |
289,626 |
298,510 |
1,158,544 |
1,253,627 |
||||||||
Premises and equipment |
425,962 |
451,806 |
1,741,462 |
1,823,628 |
||||||||
Advertising |
36,798 |
23,341 |
148,380 |
123,513 |
||||||||
Payroll and other taxes |
326,526 |
309,928 |
1,392,624 |
1,327,449 |
||||||||
Data processing |
677,019 |
623,089 |
2,576,386 |
2,452,593 |
||||||||
Amortization of intangible assets |
145,659 |
117,268 |
493,785 |
488,602 |
||||||||
Other |
1,053,471 |
880,283 |
3,629,836 |
3,756,547 |
||||||||
Total non-interest expense |
6,738,257 |
6,299,867 |
26,724,834 |
25,344,801 |
||||||||
Income (loss) before income tax expense (benefit) |
(10,757,390) |
2,381,820 |
(4,181,115) |
11,401,132 |
||||||||
Income tax expense (benefit) |
(4,259,923) |
872,050 |
(1,801,319) |
4,365,296 |
||||||||
Net income (loss) |
$ |
(6,497,467) |
$ |
1,509,770 |
$ |
(2,379,796) |
$ |
7,035,836 |
||||
Per share data: |
||||||||||||
Basic earnings (loss) per share |
$ |
(0.67) |
$ |
0.16 |
$ |
(0.24) |
$ |
0.72 |
||||
Diluted earnings (loss) per share |
$ |
(0.67) |
$ |
0.16 |
$ |
(0.24) |
$ |
0.72 |
||||
Dividends per share |
$ |
0.00 |
$ |
0.20 |
$ |
0.49 |
$ |
0.80 |
||||
Average basic shares outstanding |
9,748,948 |
9,738,475 |
9,744,870 |
9,738,225 |
||||||||
Average diluted shares outstanding |
9,748,948 |
9,738,475 |
9,745,047 |
9,738,244 |
||||||||
First South Bancorp, Inc. |
Supplemental Financial Data (Unaudited) |
|||||||||||||||||
Quarterly |
Year to Date |
|||||||||||||||||
12/31/2010 |
9/30/2010 |
6/30/2010 |
3/31/2010 |
12/31/2009 |
12/31/2010 |
12/31/2009 |
||||||||||||
Consolidated balance sheet data: |
(dollars in thousands except per share data) |
|||||||||||||||||
Total assets |
$ |
797,246 |
$ |
811,912 |
$ |
812,771 |
$ |
800,608 |
$ |
829,891 |
$ |
797,246 |
$ |
829,891 |
||||
Loans receivable (net): |
||||||||||||||||||
Mortgage |
$ |
55,450 |
$ |
53,995 |
$ |
49,470 |
$ |
48,379 |
$ |
51,820 |
$ |
55,450 |
$ |
51,820 |
||||
Commercial |
463,155 |
496,489 |
502,425 |
498,525 |
508,279 |
463,155 |
508,279 |
|||||||||||
Consumer |
79,469 |
83,801 |
83,550 |
85,502 |
88,893 |
79,469 |
88,893 |
|||||||||||
Leases |
8,000 |
8,095 |
9,413 |
9,877 |
9,664 |
8,000 |
9,664 |
|||||||||||
Total |
$ |
606,074 |
$ |
642,380 |
$ |
644,858 |
$ |
642,283 |
$ |
658,656 |
$ |
606,074 |
$ |
658,656 |
||||
Cash and investments |
$ |
44,434 |
$ |
40,815 |
$ |
34,737 |
$ |
22,690 |
$ |
30,045 |
$ |
44,434 |
$ |
30,045 |
||||
Mortgage-backed securities |
98,883 |
87,245 |
92,559 |
94,735 |
97,239 |
98,883 |
97,239 |
|||||||||||
Premises and equipment |
9,163 |
9,216 |
9,240 |
9,034 |
8,540 |
9,163 |
8,540 |
|||||||||||
Goodwill |
4,219 |
4,219 |
4,219 |
4,219 |
4,219 |
4,219 |
4,219 |
|||||||||||
Mortgage servicing rights |
1,358 |
1,299 |
1,268 |
1,281 |
1,279 |
1,358 |
1,279 |
|||||||||||
Deposits: |
||||||||||||||||||
Savings |
$ |
24,499 |
$ |
24,946 |
$ |
25,155 |
$ |
24,709 |
$ |
23,138 |
$ |
24,499 |
$ |
23,138 |
||||
Checking |
234,501 |
237,677 |
224,950 |
225,997 |
224,507 |
234,501 |
224,507 |
|||||||||||
Certificates |
430,465 |
433,432 |
444,435 |
433,734 |
440,866 |
430,465 |
440,866 |
|||||||||||
Total |
$ |
689,465 |
$ |
696,055 |
$ |
694,540 |
$ |
684,440 |
$ |
688,511 |
$ |
689,465 |
$ |
688,511 |
||||
Borrowings |
$ |
11,503 |
$ |
12,164 |
$ |
12,665 |
$ |
12,441 |
$ |
37,380 |
$ |
11,503 |
$ |
37,380 |
||||
Junior subordinated debentures |
10,310 |
10,310 |
10,310 |
10,310 |
10,310 |
10,310 |
10,310 |
|||||||||||
Stockholders' equity |
79,513 |
87,293 |
87,110 |
85,962 |
86,214 |
79,513 |
86,214 |
|||||||||||
Consolidated earnings summary: |
||||||||||||||||||
Interest income |
$ |
9,928 |
$ |
10,963 |
$ |
10,829 |
$ |
11,151 |
$ |
11,851 |
$ |
42,871 |
$ |
49,060 |
||||
Interest expense |
2,166 |
2,222 |
2,258 |
2,372 |
2,996 |
9,019 |
16,094 |
|||||||||||
Net interest income |
7,762 |
8,741 |
8,571 |
8,779 |
8,855 |
33,852 |
32,966 |
|||||||||||
Provision for credit losses |
13,700 |
3,962 |
2,070 |
2,420 |
2,700 |
22,152 |
7,180 |
|||||||||||
Noninterest income |
1,919 |
3,400 |
2,830 |
2,694 |
2,527 |
10,844 |
10,960 |
|||||||||||
Noninterest expense |
6,738 |
6,745 |
6,741 |
6,500 |
6,300 |
26,725 |
25,345 |
|||||||||||
Income tax expense (benefit) |
(4,260) |
424 |
1,032 |
1,003 |
872 |
(1,801) |
4,365 |
|||||||||||
Net income (loss) |
$ |
(6,497) |
$ |
1,010 |
$ |
1,558 |
$ |
1,550 |
$ |
1,510 |
$ |
(2,380) |
$ |
7,036 |
||||
Per Share Data: |
||||||||||||||||||
Basic earnings (loss) per share |
$ |
(0.67) |
$ |
0.10 |
$ |
0.16 |
$ |
0.16 |
$ |
0.16 |
$ |
(0.24) |
$ |
0.72 |
||||
Diluted earnings (loss) per share |
$ |
(0.67) |
$ |
0.10 |
$ |
0.16 |
$ |
0.16 |
$ |
0.16 |
$ |
(0.24) |
$ |
0.72 |
||||
Dividends per share |
$ |
0.00 |
$ |
0.09 |
$ |
0.20 |
$ |
0.20 |
$ |
0.20 |
$ |
0.49 |
$ |
0.80 |
||||
Book value per share |
$ |
8.15 |
$ |
8.96 |
$ |
8.94 |
$ |
8.82 |
$ |
8.85 |
$ |
8.15 |
$ |
8.85 |
||||
Average basic shares |
9,748,948 |
9,743,971 |
9,743,971 |
9,742,505 |
9,738,475 |
9,744,870 |
9,738,225 |
|||||||||||
Average diluted shares |
9,748,948 |
9,743,971 |
9,744,679 |
9,742,505 |
9,738,550 |
9,745,047 |
9,738,244 |
|||||||||||
First South Bancorp, Inc. |
Supplemental Financial Data (Unaudited) |
||||||||||||||||||
Quarterly |
Year to Date |
||||||||||||||||||
12/31/2010 |
9/30/2010 |
6/30/2010 |
3/31/2010 |
12/31/2009 |
12/31/2010 |
12/31/2009 |
|||||||||||||
(dollars in thousands except per share data) |
|||||||||||||||||||
Performance ratios: |
|||||||||||||||||||
Yield on earning assets |
5.51% |
5.92% |
5.86% |
5.99% |
6.09% |
5.81% |
6.13% |
||||||||||||
Cost of funds |
1.24% |
1.24% |
1.26% |
1.32% |
1.61% |
1.26% |
2.09% |
||||||||||||
Net interest spread |
4.30% |
4.68% |
4.60% |
4.67% |
4.48% |
4.55% |
4.04% |
||||||||||||
Net interest margin on earning assets |
4.31% |
4.72% |
4.64% |
4.72% |
4.55% |
4.59% |
4.12% |
||||||||||||
Earning assets to total assets |
87.42% |
90.96% |
91.13% |
91.66% |
91.81% |
87.42% |
91.81% |
||||||||||||
Return on average assets (annualized) |
-3.21% |
0.50% |
0.77% |
0.76% |
0.72% |
-0.29% |
0.81% |
||||||||||||
Return on average equity (annualized) |
-30.31% |
4.60% |
7.17% |
7.13% |
6.88% |
-2.74% |
7.98% |
||||||||||||
Efficiency ratio |
69.52% |
55.50% |
59.05% |
56.59% |
55.28% |
59.72% |
57.63% |
||||||||||||
Average assets |
$ |
810,459 |
$ |
813,900 |
$ |
808,266 |
$ |
811,859 |
$ |
842,556 |
$ |
811,742 |
$ |
866,504 |
|||||
Average earning assets |
$ |
720,813 |
$ |
741,214 |
$ |
738,645 |
$ |
744,415 |
$ |
777,896 |
$ |
738,073 |
$ |
800,899 |
|||||
Average equity |
$ |
85,746 |
$ |
87,760 |
$ |
86,957 |
$ |
86,897 |
$ |
87,762 |
$ |
86,852 |
$ |
88,129 |
|||||
Equity/Assets |
9.97% |
10.75% |
10.72% |
10.74% |
10.39% |
9.97% |
10.39% |
||||||||||||
Tangible Equity/Assets |
9.43% |
10.22% |
10.18% |
10.19% |
9.86% |
9.43% |
9.86% |
||||||||||||
Asset quality data and ratios: |
|||||||||||||||||||
Nonaccrual loans |
$ |
14,293 |
$ |
14,073 |
$ |
12,308 |
$ |
8,578 |
$ |
5,838 |
$ |
14,293 |
$ |
5,838 |
|||||
Nonaccrual Restructured loans |
$ |
26,973 |
$ |
5,156 |
$ |
5,647 |
$ |
4,377 |
$ |
4,343 |
$ |
26,973 |
$ |
4,343 |
|||||
Total nonaccrual loans |
$ |
41,266 |
$ |
19,229 |
$ |
17,955 |
$ |
12,955 |
$ |
10,181 |
$ |
41,266 |
$ |
10,181 |
|||||
Other real estate owned |
$ |
11,616 |
$ |
8,599 |
$ |
8,452 |
$ |
8,383 |
$ |
10,561 |
$ |
11,616 |
$ |
10,561 |
|||||
Total nonperforming assets |
$ |
52,882 |
$ |
27,828 |
$ |
26,407 |
$ |
21,338 |
$ |
20,742 |
$ |
52,882 |
$ |
20,742 |
|||||
Performing Restructured Loans |
$ |
31,334 |
$ |
24,298 |
$ |
14,087 |
$ |
11,599 |
$ |
11,612 |
$ |
31,334 |
$ |
11,612 |
|||||
Allowance for loan and lease losses |
$ |
18,830 |
$ |
8,611 |
$ |
7,951 |
$ |
13,221 |
$ |
13,504 |
$ |
18,830 |
$ |
13,504 |
|||||
Allowance for unfunded loan commitments |
$ |
237 |
$ |
163 |
$ |
171 |
$ |
178 |
$ |
240 |
$ |
237 |
$ |
240 |
|||||
Allowance for credit losses |
$ |
19,067 |
$ |
8,774 |
$ |
8,122 |
$ |
13,399 |
$ |
13,744 |
$ |
19,067 |
$ |
13,744 |
|||||
Allowance for loan and lease losses to loans |
3.01% |
1.32% |
1.21% |
2.01% |
2.00% |
3.01% |
2.00% |
||||||||||||
Allowance for unfunded loan commitments |
|||||||||||||||||||
to unfunded commitments |
0.30% |
0.20% |
0.20% |
0.20% |
0.27% |
0.30% |
0.27% |
||||||||||||
Allowance for credit losses to loans |
3.04% |
1.35% |
1.24% |
2.04% |
2.04% |
3.04% |
2.04% |
||||||||||||
Net charge-offs (recoveries) |
$ |
3,407 |
$ |
3,310 |
$ |
7,347 |
$ |
2,765 |
$ |
1,543 |
$ |
16,829 |
$ |
5,393 |
|||||
Net charge-offs (recoveries) to loans |
0.56% |
0.52% |
1.14% |
0.43% |
0.23% |
2.78% |
0.82% |
||||||||||||
Nonaccrual loans to loans |
6.81% |
2.99% |
2.78% |
2.02% |
1.55% |
6.81% |
1.55% |
||||||||||||
Nonperforming assets to assets |
6.63% |
3.43% |
3.25% |
2.67% |
2.50% |
6.63% |
2.50% |
||||||||||||
Loans to deposits |
87.91% |
92.29% |
92.85% |
93.84% |
95.66% |
87.91% |
95.66% |
||||||||||||
Loans to assets |
76.02% |
79.12% |
79.34% |
80.22% |
79.37% |
76.02% |
79.37% |
||||||||||||
Loans serviced for others |
$ |
318,218 |
$ |
307,395 |
$ |
299,361 |
$ |
296,452 |
$ |
289,324 |
$ |
318,218 |
$ |
289,324 |
|||||
SOURCE First South Bancorp, Inc.
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