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

Jul 18, 2013, 10:30 ET from First South Bancorp, Inc.

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