First South Bancorp, Inc. Reports Increase in June 30, 2013 Quarterly and Six Months Operating Results

WASHINGTON, N.C., July 18, 2013 /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 six months ended June 30, 2013.

For the 2013 second quarter, net income increased 12.7% to $1.8 million, or $0.18 per diluted common share, compared to net income of $1.6 million, or $0.16 per diluted common share for the linked 2013 first quarter, and increased 267.1% when compared to net income of $481,000, or $0.05 per diluted common share, earned for the comparative 2012 second quarter.  Net income for the first six months of 2013 increased 253.4% to $3.3 million, or $0.34 per diluted common share, compared to net income of $943,000, or $0.10 per diluted common share earned in the first six months of 2012.

The improvement in earnings for the first six months of 2013, as compared to the first six months of 2012, is primarily attributed to an increase in core non-interest income, a reduction in the provision for credit losses and a decrease in non-interest expenses.  These improvements were partially offset by a decline in net interest income due to our lower level of earning assets.

Bruce Elder, President and CEO, commented, "We previously disclosed the execution of a bulk sale of problem loans and took a significant valuation adjustment on OREO that were reflected in our 2012 fourth quarter results.  Our 2013 operating results reflect the positive impact of those actions.  Although the lower average volume of earning assets resulted in a decline in net interest income when compared with the 2012 reporting periods, improvement in provisions for loan losses, recurring non-interest income and non-interest expenses specifically related to the maintenance and valuation charges of OREO have driven earnings higher.  Our focus for the second half of 2013 will be to grow earning assets and reposition our balance sheet to protect against a rising interest rate environment."

Net Interest Income

Net interest income declined to $6.7 million for the 2013 second quarter, from $7.0 million earned in the linked 2013 first quarter, and $7.5 million for the comparative 2012 second quarter.  Net interest income for the first six months of 2013 declined to $13.9 million, from $15.0 million reported in the comparative 2012 six months period.  The tax equivalent net interest margin declined by 11 basis points to 4.30% for the 2013 second quarter, from 4.41% for the linked 2013 first quarter, and 4.44% for the comparative 2012 second quarter; while the tax equivalent net interest margin for the first six months of 2013 declined by just 3 basis points to 4.41%, from 4.44% for the comparative 2012 six months period.    

The decline in net interest margin is due primarily to a reduction in the level, and a change in the composition, of total earning assets.  Total average earning assets have declined by over 5% for both the comparative quarterly and six month periods and the percentage of lower yielding investment securities and interest-bearing cash to total earning assets has increased.  Additionally, we have strategically made recent investments that are more defensive in nature that result in lower yields, but which will perform favorably in a rising rate environment.   We anticipate our margin to experience further reductions as our mix of earning assets continues to change and as we take steps to protect our balance sheet from exposure to rising interest rates.

Asset Quality and Provisions for Loan Losses

Total nonperforming assets declined to $17.2 million, or 2.53% of total assets at June 30, 2013, compared to $34.2 million or 4.84% of total assets at December 31, 2012.  Total loans in non-accrual status declined to $7.4 million at June 30, 2013, from $21.3 million at December 31, 2012.  The sharp decline reflects the net impact of the executed bulk asset sale.  Our level of OREO dropped to $9.1 million at June 30, 2013, compared to $12.9 million at December 31, 2012.  During the six months ended June 30, 2013, the Bank had $786,000 of OREO additions and $4.6 million of OREO disposals. 

The allowance for loan and lease losses (ALLL) increased to $8.6 million at June 30, 2013, and represented 1.98% of loans held for investment, compared to $7.9 million at December 31, 2012, or 1.77% of loans held for investment.  During both the 2013 second quarter and the linked 2013 first quarter, the ALLL benefited from net recoveries of $37,000 and $308,000, respectively, compared to $1.2 million of net charge offs experienced in the second quarter of 2012.  The Bank recorded no provision for credit losses in the 2013 second quarter, $400,000 in the linked 2013 first quarter, and $775,000 in the comparative 2012 second quarter.  During the first six months of 2013, the Bank recorded $400,000 of provision for credit losses, compared to $2.6 million in the first six months of 2012. Management believes the ALLL remains adequate.

Non-Interest Income

Total non-interest income increased to $2.9 million for the 2013 second quarter, from $2.6 million for the linked 2013 first quarter, and $2.7 million for the comparative 2012 second quarter. 

Fees and service charges on deposits increased to $1.1 million for the 2013 second quarter, from $1.0 million for both the linked 2013 first quarter and the comparative 2012 second quarter, reflecting the benefits gained from a restructure of the Bank's deposit products offerings during 2013.  Fees on loans and loan servicing fees increased to $673,000 for the 2013 second quarter, from $656,000 for the linked 2013 first quarter, and $653,000 for the comparative 2012 second quarter.  We anticipate additional revenue from deposit and loan fees in the second half of 2013 as we focus on growing demand accounts and our loan portfolio.

Net gains from sales of mortgage loans held for sale was $354,000 for the 2013 second quarter, $550,000 for the linked 2013 first quarter, and $264,000 for the comparative 2012 second quarter.  Mortgage loan originations slowed from first quarter 2013 levels as new purchase activity has not fully replaced the reduction in refinance activity. Net gains from the sale of investment securities were $281,000 for the 2013 second quarter and $485,000 for the comparative 2012 second quarter.  There were no investment security sales during the first quarter of 2013.  Net gains from sales of OREO were $287,000 for the 2013 second quarter, $48,000 for the linked 2013 first quarter, compared to net losses of $47,000 for the 2012 second quarter. 

For the first six months of 2013, total non-interest income was $5.4 million, compared to $5.9 million reported in the first six months 2012.  Fees and service charges on deposits remained consistent at $2.1 million for both the first six months of 2013, and the comparative 2012 six month period.  Fees on loans and loan servicing fees also remained consistent at $1.3 million for both the first six months of 2013, and the comparative 2012 six month period.   

Net gains recognized from loans held for sale and investment securities was $904,000 and $281,000, respectively, compared to $569,000 and $1.5 million, respectively, for the first six months of 2012; while net gains from the sale of OREO was $335,000 for the first six months of 2013, compared to $76,000 of net losses for the first six months of 2012. Total core non-interest income, excluding net gains and losses from securities and OREO sales, was $4.8 million for the current six-month period compared to $4.5 million for the prior year period.

Non-Interest Expense

Total non-interest expense for the 2013 second quarter, the linked 2013 first quarter and the comparative 2012 second quarter were $6.9 million, $6.8 million, and $8.6 million, respectively.  For the first six months of 2013, total non-interest expense declined significantly to $13.7 million from $16.8 million reported in the first six months of 2012. The decline in the level of non-interest expense in the 2013 quarterly and six month periods was primarily attributable to a significant reduction in OREO valuation and maintenance expenses as well as lower compensation and employee benefits expenses.

Compensation and benefit expenses, the largest component of non-interest expenses, declined to $3.6 million for both the 2013 second quarter and the linked 2013 first quarter, from $4.4 million for the comparative 2012 second quarter.  The 2012 second quarter included an additional accrual for retirement benefits.  For the first six months of 2013, compensation expense declined to $7.2 million, from $8.5 million reported in the first six months of 2012. The Bank will continue to manage staffing levels to ensure we meet the ongoing needs of our customers and to support our future growth.

Expenses attributable to valuation adjustments, ongoing maintenance, and property taxes for OREO properties was $545,000 for the 2013 second quarter, $172,000 for the linked 2013 first quarter, and $1.3 million for the comparative 2012 second quarter.  For the first six months of 2013, total OREO related expense was $717,000, compared to $2.6 million reported in the first six months of 2012. Valuation adjustments for the current six month period declined to $376,000, from $1.8 million for the comparative prior year period.

Balance Sheet

Total assets declined to $680.1 million at June 30, 2013, from $707.7 million at December 31, 2012.  Our total assets were reduced and our asset mix changed as proceeds from the bulk loan transaction and the sale of mortgage loans held for sale were used to pay off maturing FHLB advances and re-deployed into investments.  

Loans and leases held for investment declined to $434.0 million at June 30, 2013, from $441.8 million at December 31, 2012.  This decrease is primarily attributable to the impact of principal repayments, net of origination activity. The Company has experienced a significant decline in total loans outstanding over the past several years and the rate of quarterly decline has subsided.  Over the second half of 2013, we are focused on and anticipate net loan growth.

Investment securities and interest-earning deposits with banks increased to $174.6 million at June 30, 2013, from $168.2 million at December 31, 2012, reflecting the re-deployment of a portion of the proceeds from the bulk loan sale.  The quarter-over-quarter growth in the level of investments and interest-earning deposits reflects a strategy to diversify the portfolio.  The Bank has utilized this opportunity to add defensive investments to the portfolio.  While these bonds have a lower current yield than our legacy portfolio, they will help insulate earnings in a rising rate environment.  Other assets increased to $23.2 million at June 30, 2013, reflecting the purchase of $10.0 million of bank owned life insurance.

Total deposits declined to $589.8 million at June 30, 2013, from $600.9 million at December 31, 2012.  The Bank's level of non-maturity deposits increased to $319.7 million at June 30, 2013, from $305.2 million at December 31, 2012; while certificates of deposit declined to $270.1 million, or 45.8% of total deposits, at June 30, 2013, from $295.7 million, or 49.2% of total deposits, at December 31, 2012. 

All of the $16.5 million of short-term FHLB advances outstanding at December 31, 2012, matured and were repaid with proceeds received from the bulk loan transaction as well as the sale of mortgage loans.  These short-term borrowings were used to fund the mortgage loans held for sale portfolio at year-end.    

Stockholders' equity declined to $73.9 million at June 30, 2013, from $74.7 million at December 31, 2012.  This decline reflects the $3.3 million of net income earned for the six months ended June 30, 2013, net of a $4.1 million adjustment in accumulated other comprehensive income, resulting from the mark-to-market of our available-for-sale securities portfolio.  The tangible equity to assets ratio increased to 10.24% at June 30, 2013, from 9.95% at December 31, 2012.  There were 9,751,271 common shares outstanding at June 30, 2013 and December 31, 2012, respectively.  Tangible book value per common share decreased to $7.14 at June 30, 2013, from $7.22 at December 31, 2012.

Key Performance Ratios

Some of our key performance ratios are the return on average assets (ROA), the return on average equity (ROE) and the efficiency ratio.  ROA increased to 1.03% for the 2013 second quarter, from 0.91% for the linked 2013 first quarter, and 0.26% for the comparative 2012 second quarter.  The Company's ROE increased to 9.22% for the 2013 second quarter, from 8.02% for the linked 2013 first quarter, and 2.26% for the comparative 2012 second quarter; and the efficiency ratio (noninterest expenses as a percentage of net interest income plus noninterest income) declined slightly to 71.69% for the 2013 second quarter, from 70.34% for the 2013 first quarter, but improved from the 84.84% for the comparative 2012 second quarter, reflecting the improvement in OREO related and other expenses noted above.  The efficiency ratio measures the proportion of net operating revenues that are absorbed by overhead expenses.

ROA increased to 0.97% for the six months ended June 30, 2013, from 0.25% for the comparative six months ended June 30, 2012; ROE increased to 8.62% for the six months ended June 30, 2013, from 2.22% for the comparative six months ended June 30, 2012; and the efficiency ratio improved to 71.01% for the six months ended June 30, 2013, from 78.45% for the comparative six months ended June 30, 2012.

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 26 full service branch offices located throughout central and eastern North Carolina.

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".

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.

For more information contact:
First South Bancorp, Inc.
Bruce Elder (CEO) (252) 940-4936
Scott McLean (CFO) (252) 940-5016
Website: www.firstsouthnc.com

  


First South Bancorp, Inc. and Subsidiary

Consolidated Statements of Financial Condition











June 30,



December 31,




2013



2012

Assets



(unaudited)



(*)








Cash and due from banks


$

10,883,987


$

8,983,819

Interest-earning deposits with banks



12,264,516



3,382,570

Investment securities available for sale, at fair value



162,336,133



164,838,012

Loans held for sale:







   Mortgage loans



13,746,183



20,287,343

   Other loans



-



24,438,107

           Total loans held for sale



13,746,183



44,725,450








Loans and leases held for investment



434,046,474



441,847,019

   Allowance for loan and lease losses



(8,604,354)



(7,860,195)

           Net loans and leases held for investment



425,442,120



433,986,824








Premises and equipment, net



11,878,910



12,233,153

Other real estate owned



9,069,235



12,892,519

Federal Home Loan Bank stock, at cost



848,800



1,859,200

Accrued interest receivable



2,226,000



2,408,979

Goodwill



4,218,576



4,218,576

Mortgage servicing rights



1,271,324



1,261,355

Identifiable intangible assets



23,580



39,300

Income tax receivable



2,698,386



10,785,272

Prepaid expenses and other assets



23,174,745



6,098,423








          Total assets


$

680,082,495


$

707,713,452








Liabilities and Stockholders' Equity














Deposits:







  Non-interest bearing demand


$

92,539,793


$

92,888,095

  Interest bearing demand



177,965,784



181,774,772

  Savings



49,173,336



30,570,259

  Large denomination certificates of deposit



135,425,543



148,838,963

  Other time



134,723,763



146,828,942

          Total deposits



589,828,219



600,901,031

Borrowed money



-



16,500,000

Junior subordinated debentures



10,310,000



10,310,000

Other liabilities



6,056,244



5,349,368

          Total liabilities



606,194,463



633,060,399








Common stock, $.01 par value, 25,000,000 shares authorized;







   11,254,222 shares issued; 9,751,271 shares outstanding



97,513



97,513

Additional paid-in capital



35,794,710



35,811,804

Retained earnings, substantially restricted



68,864,026



65,532,960

Treasury stock, at cost



(31,967,269)



(31,967,269)

Accumulated other comprehensive income



1,099,052



5,178,045

           Total stockholders' equity



73,888,032



74,653,053








           Total liabilities and stockholders' equity


$

680,082,495


$

707,713,452








(*) Derived from audited consolidated financial statements














  


First South Bancorp, Inc. and Subsidiary

Consolidated Statements of Operations

Three and Six Months Ended June 30, 2013 and 2012

(unaudited)





Three Months Ended



Six Months Ended





June 30,



June 30,





2013



2012



2013



2012















Interest income:














  Interest and fees on loans



$

6,107,467


$

7,447,269


$

12,660,156


$

15,113,844

  Interest and dividends on investments and deposits




1,336,075



1,370,749



2,687,522



2,617,711

           Total interest income




7,443,542



8,818,018



15,347,678



17,731,555















Interest expense:














  Interest on deposits




625,772



1,249,628



1,296,498



2,570,823

  Interest on borrowings




882



923



7,058



2,039

  Interest on junior subordinated notes




89,125



91,117



176,340



183,311

           Total interest expense




715,779



1,341,668



1,479,896



2,756,173















Net interest income




6,727,763



7,476,350



13,867,782



14,975,382

Provision for credit losses




-



775,000



400,000



2,615,000

           Net interest income after provision for credit losses




6,727,763



6,701,350



13,467,782



12,360,382















Non-interest income:














  Deposit fees and service charges




1,076,754



1,004,367



2,095,447



2,086,500

  Loan fees and charges




461,753



450,258



926,836



848,262

  Loan servicing fees




211,043



202,776



401,559



415,577

  Gain (loss) on sale of other real estate, net




286,593



(47,056)



334,834



(76,021)

  Gain on sale of mortgage loans 




353,956



264,266



904,177



568,874

  Gain on sale of investment securities




280,511



485,047



280,511



1,518,904

  Other  income




240,523



292,999



433,701



532,509

           Total non-interest income




2,911,133



2,652,657



5,377,065



5,894,605















Non-interest expense:














  Compensation and fringe benefits




3,620,564



4,387,489



7,184,381



8,545,101

  Federal deposit insurance premiums




236,350



259,087



472,300



511,486

  Premises and equipment




553,135



538,812



1,080,572



967,280

  Advertising




39,116



67,531



82,062



133,565

  Payroll and other taxes




355,927



357,480



746,407



763,275

  Data processing




589,620



604,250



1,196,036



1,213,959

  Amortization of intangible assets




120,254



124,942



238,319



225,498

  Other real estate owned expense




544,889



1,307,097



717,184



2,585,396

  Other




850,046



954,220



1,949,512



1,893,492

           Total non-interest expense




6,909,901



8,600,908



13,666,773



16,839,052















Income before income tax expense




2,728,995



753,099



5,178,074



1,415,935

Income tax expense




964,339



272,348



1,847,008



473,288















NET INCOME



$

1,764,656


$

480,751


$

3,331,066


$

942,647





























Per share data: 














Basic earnings per share



$

0.18


$

0.05


$

0.34


$

0.10

Diluted earnings per share



$

0.18


$

0.05


$

0.34


$

0.10

Average basic shares outstanding




9,751,271



9,751,271



9,751,271



9,751,271

Average diluted shares outstanding




9,757,338



9,751,271



9,755,758



9,751,271















  


First South Bancorp, Inc.

Supplemental Financial Data (Unaudited)
























Quarter to Date


Year to Date






6/30/2013


3/31/2013


12/31/2012


9/30/2012


6/30/2012


6/30/2013


6/30/2012





           (dollars in thousands except per share data)

Consolidated balance sheet data:















Total assets

$

680,082

$

690,958

$

707,713

$

717,162

$

741,965

$

680,082

$

741,965



















Loans held for sale:

$

13,746

$

3,292

$

44,725

$

700

$

4,398


13,746


4,398



















Loans held for investment:
















Mortgage

$

76,751

$

74,162

$

75,544

$

73,853

$

70,221

$

76,751

$

70,221


Commercial


283,936


288,715


292,146


341,432


350,112


283,936


350,112


Consumer


66,637


67,723


68,444


69,313


74,012


66,637


74,012


Leases


6,722


5,924


5,713


6,186


6,722


6,722


6,722


    Total loans held for investment


434,046


436,524


441,847


490,784


501,067


434,046


501,067

Allowance for loan and lease losses


(8,604)


(8,567)


(7,860)


(15,007)


(14,004)


(8,604)


(14,004)

Net loans held for investment

$

425,442

$

427,957

$

433,987

$

475,777

$

487,063

$

425,442

$

487,063



















Cash & interest bearing deposits

$

23,148

$

35,384

$

12,366

$

17,511

$

34,759

$

23,148

$

34,759

Investment securities


162,336


176,320


164,838


172,715


164,977


162,336


164,977

Premises and equipment


11,879


12,003


12,233


12,428


12,621


11,879


12,621

Goodwill


4,219


4,219


4,219


4,219


4,219


4,219


4,219

Mortgage servicing rights


1,271


1,357


1,261


1,340


1,333


1,271


1,333



















Deposits:















Savings

$

49,173

$

37,871

$

30,570

$

30,611

$

30,347

$

49,173

$

30,347

Checking


270,506


278,899


274,663


268,244


261,295


270,506


261,295

Certificates


270,149


282,846


295,668


310,646


342,988


270,149


342,988


Total deposits

$

589,828

$

599,616

$

600,901

$

609,501

$

634,630

$

589,828

$

634,630



















Borrowings

$

0

$

0

$

16,500

$

1,974

$

1,758

$

0

$

1,758

Junior subordinated debentures


10,310


10,310


10,310


10,310


10,310


10,310


10,310

Stockholders' equity


73,888


75,468


74,653


88,122


86,168


73,888


86,168



















Consolidated earnings summary:















Interest income

$

7,444

$

7,729

$

8,081

$

8,345

$

8,818

$

15,348

$

17,731

Interest expense


716


764


848


1,096


1,342


1,480


2,756

Net interest income


6,728


6,965


7,233


7,249


7,476


13,868


14,975

Provision for credit losses


0


400


18,675


1,962


775


400


2,615

Noninterest income


2,911


2,641


2,703


2,655


2,653


5,377


5,895

Noninterest expense


6,910


6,757


12,310


6,424


8,601


13,667


16,839

Income tax expense 


964


883


(8,163)


552


272


1,847


473

Net income 

$

1,765

$

1,566

$

(12,886)

$

966

$

481

$

3,331

$

943



















Per Share Data: 















Basic earnings per share

$

0.18

$

0.16

$

(1.32)

$

0.10

$

0.05

$

0.34

$

0.10

Diluted earnings per share

$

0.18

$

0.16

$

(1.32)

$

0.10

$

0.05

$

0.34

$

0.10

Book value per share

$

7.58

$

7.74

$

7.66

$

9.04

$

8.84

$

7.58

$

8.84



















Average basic shares


9,751,271


9,751,271


9,751,271


9,751,271


9,751,271


9,751,271


9,751,271

Average diluted shares


9,757,338


9,751,972


9,751,271


9,754,794


9,751,271


9,755,758


9,751,271





































First South Bancorp, Inc.

Supplemental Financial Data (Unaudited)
























Quarter to Date


Year to Date






6/30/2013


3/31/2013


12/31/2012


9/30/2012


6/30/2012


6/30/2013


6/30/2012





           (dollars in thousands except per share data)

Performance ratios:















Yield on average earning assets


4.69%


4.84%


4.96%


5.02%


5.22%


4.82%


5.25%

Cost of interest bearing liabilities


0.56%


0.59%


0.64%


0.81%


0.97%


0.57%


1.00%

Net interest spread


4.13%


4.25%


4.32%


4.21%


4.25%


4.25%


4.25%

Net interest margin


4.24%


4.37%


4.44%


4.36%


4.42%


4.36%


4.43%

Avg earning assets to total avg assets


92.40%


92.19%


91.50%


91.24%


90.94%


92.29%


90.94%



















Tax Equivalent Ratios:















Yield on average earning assets


4.75%


4.89%


5.01%


5.00%


5.24%


4.88%


5.25%

Net interest spread


4.19%


4.30%


4.37%


4.25%


4.27%


4.31%


4.25%

Net interest margin


4.30%


4.41%


4.49%


4.40%


4.44%


4.41%


4.44%



















Return on average assets (annualized)


1.03%


0.91%


(7.22%)


0.53%


0.26%


0.97%


0.25%

Return on average equity (annualized)


9.22%


8.02%


(60.76%)


4.42%


2.26%


8.62%


2.22%

Efficiency ratio 


71.69%


70.34%


123.81%


64.78%


84.84%


71.01%


78.45%



















Average assets

$

688,897

$

701,880

$

714,377

$

730,204

$

742,690

$

695,353

$

742,570

Average earning assets

$

636,511

$

647,061

$

652,106

$

664,609

$

676,041

$

641,757

$

676,325

Average equity

$

76,754

$

79,178

$

84,830

$

87,437

$

85,018

$

77,959

$

84,865



















Equity/Assets


10.86%


10.92%


10.55%


12.29%


11.61%


10.86%


11.61%

Tangible Equity/Assets


10.24%


10.31%


9.95%


11.69%


11.04%


10.24%


11.04%



















Asset quality data and ratios:















Loans on nonaccrual status:
















Nonaccrual loans 
















  Earning

$

1,429

$

1,658

$

2,972

$

1,984

$

1,494

$

1,429

$

1,494


  Non-Earning


4,130


2,629


6,686


12,319


11,151


4,130


11,151


     Total Non-Accrual Loans

$

5,559

$

4,287

$

9,658

$

14,303

$

12,645

$

5,559

$

12,645


Nonaccrual restructured loans
















   Past Due TDRs

$

990

$

221

$

4,231

$

7,649

$

9,100

$

990

$

9,100


   Current TDRs


818


832


7,451


12,849


16,065


818


16,065


      Total TDRs

$

1,808

$

1,053

$

11,682

$

20,498

$

25,165

$

1,808

$

25,165

Total loans on nonaccrual status

$

7,367

$

5,340

$

21,340

$

34,801

$

37,810

$

7,367

$

37,810

Loans >90 days past due, still accruing


762


237


676


1,837


628


762


628

Other real estate owned 


9,069


11,328


12,893


18,003


17,845


9,069


17,845

Total nonperforming assets

$

17,198

$

16,905

$

34,909

$

54,641

$

56,283

$

17,198

$

56,283



















Allowance for loan and lease losses

$

8,604

$

8,567

$

7,860

$

15,007

$

14,004

$

8,604

$

14,004

Allowance for loan and lease losses to 
















loans held for investment


1.98%


1.96%


1.77%


3.06%


2.79%


1.98%


2.79%



















Net charge-offs (recoveries)

$

(37)

$

(308)

$

25,822

$

959

$

1,167

$

(344)

$

3,806

Net charge-offs (recoveries) to total loans 


(0.01%)


(0.07%)


5.39%


0.20%


0.24%


(0.08%)


0.77%

Nonaccrual loans to total loans


1.65%


1.24%


4.46%


7.30%


7.69%


1.65%


7.69%

Nonperforming assets to assets


2.53%


2.41%


4.84%


7.36%


7.50%


2.53%


7.50%

Total loans to deposits


75.92%


73.35%


81.15%


80.80%


79.80%


75.92%


79.80%

Total loans to assets


65.84%


63.65%


68.90%


68.67%


68.26%


65.84%


68.26%

Loans serviced for others

$

319,124

$

330,280

$

313,823

$

328,976

$

326,021

$

319,124

$

326,021

















 

SOURCE First South Bancorp, Inc.



RELATED LINKS
http://www.firstsouthnc.com

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