PR Newswire: news distribution, targeting and monitoring
2014
See more news releases in Banking & Financial Services  | Earnings

First South Bancorp, Inc. Reports Increase in September 30, 2012 Quarterly and Nine Months Operating Results

Share with Twitter Share with LinkedIn

WASHINGTON, N.C., Oct. 16, 2012 /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 ended September 30, 2012, and for the nine months ended September 30, 2012.

For the 2012 third quarter, net income increased 100.9% to $965,965 ($0.10 per diluted common share), from net income of $480,751 ($0.05 per diluted common share) for the linked 2012 second quarter, and increased 139.5% when compared to net income of $403,271 ($0.04 per diluted common share) for the comparative 2011 third quarter. Net income for the nine months ended September 30, 2012 increased 71.6% to $1,908,612 ($0.20 per diluted common share), from net income of $1,112,143 ($0.11 per diluted common share) earned for the nine months ended September 30, 2011. The improvement in earnings for the current quarter in comparison to the linked second quarter are primarily attributed to a significant reduction in non-interest expenses and partially offset by lower net interest income and higher credit provisioning expense.

Bruce Elder, President and CEO, commented, "I am pleased to report the Company's operating results for the third quarter of 2012. The Company has been able to generate solid core earnings while simultaneously taking a very conservative approach to providing for credit quality issues.  Although the level of our nonperforming assets has declined by approximately $8.2 million this year, we continue to closely monitor and manage the financial stress some of our borrowers are facing.  Consequently, we have provisioned accordingly to maintain our allowance for loan and lease losses at an adequate level.  Mitigating the Bank's nonperforming assets will continue to be a top priority for the remainder of 2012 and into 2013." 

Asset Quality

Total nonperforming assets, including loans on non-accrual status, restructured loans on non-accrual status and other real estate owned (OREO), declined to $52.8 million at September 30, 2012, from $55.7 million at June 30, 2012 and $60.0 million at December 31, 2011.  Loans on non-accrual status declined to $34.8 million at September 30, 2012, from $37.8 million at June 30, 2012 and $43.0 million at December 31, 2011. 

The Bank recorded $2.0 million of provisions for credit losses in the 2012 third quarter, compared to $775,000 in the linked 2012 second quarter and $2.6 million in the comparative 2011 third quarter. Credit loss provisions are necessary to maintain the allowance for loan and lease losses (ALLL) at a level that management believes is adequate.  The ALLL was $15.0 million at September 30, 2012 (3.1% of total loans), compared to $14.0 million at June 30, 2012 (2.8% of total loans) and $15.2 million at December 31, 2011 (2.9% of total loans). Net charge offs were $958,614 in the 2012 third quarter, compared to $1.2 million in the linked 2012 second quarter and $3.0 million in the comparative 2011 third quarter.  We believe the current level of our ALLL is adequate, however, there is no assurance that regulators, increased risks in the loan portfolio, or changes in economic conditions will not require additional adjustments to the ALLL.

Other real estate owned increased marginally to $18.0 million at September 30, 2012, from $17.8 million at June 30, 2012 and $17.0 million at December 31, 2011, reflecting foreclosure activity net of sales and write-downs of certain real estate properties.  Management has performed its quarterly evaluation of these OREO properties and believes their adjusted carrying values are representative of their fair market values, although there is also no assurance that the ultimate sales will be equal or greater than the carrying values. 

Net Interest Income

Net interest income declined to $7.2 million for the 2012 third quarter, from $7.5 million for the linked 2012 second quarter and $8.0 million for the comparative 2011 third quarter. The change in levels of net interest income is influenced by the volume of interest-earning assets and interest-bearing liabilities and the management of rates earned and paid during each respective reporting period. The net interest margin on average earning assets remained relatively consistent at 4.4% for both the 2012 third quarter and the linked 2012 second quarter, and 4.6% for the comparative 2011 third quarter.

Non-Interest Income

Total non-interest income was $2.7 million for both the 2012 third quarter and the linked 2012 second quarter, compared to $2.3 million for the 2011 third quarter.  The Bank strives to maintain a consistent level of revenue across loan and deposit service offerings.  Fees, service charges and loan servicing fees also remained relatively constant at $1.6 million for the 2012 third quarter, compared to $1.7 million for both the linked 2012 second quarter and the comparative 2011 third quarter.

Net gains from mortgage loan sales increased to $858,483 for the 2012 third quarter, from $264,266 for the linked 2012 second quarter and $165,418 for the comparative 2011 third quarter.  Net gains from investment securities sales declined to $27,979 for the 2012 third quarter, from $485,047 for the linked 2012 second quarter and $204,248 for the comparative 2011 third quarter.

Mr. Elder stated, "For several prior quarters, we have securitized originated mortgage loans and in effect transferred the originations from loans held for sale to securities available for sale in order to manage liquidity.  During the third quarter, a significant portion of our time deposit portfolio matured and in order to reduce our cost of funds, a larger number of CD's were redeemed. To better manage liquidity, some volume of originated mortgage loans during the third quarter were sold, servicing retained, which significantly increased our net gains from mortgage loan sales."

In its efforts to reduce nonperforming assets, the Bank recognized net losses of $56,176 on the sale of OREO properties during the 2012 third quarter, $47,056 in the linked 2012 second quarter and $15,710 in the comparative 2011 third quarter.

Non-Interest Expense

Total non-interest expense declined to $6.4 million for the 2012 third quarter, from $8.6 million for the linked 2012 second quarter and $7.0 million for the comparative 2011 third quarter.  Compensation and benefits, the largest component of these expenses, declined to $3.6 million for the 2012 third quarter, from $4.4 million for the linked 2012 second quarter and $3.7 million for the comparative 2011 third quarter. Compensation and benefits expense for the 2012 second quarter included the final accrual of anticipated lump-sum retirement benefits payable to the former CEO upon his retirement and the employment of the successor CEO.

Expenses attributable to valuation adjustments, ongoing maintenance and property taxes for other real estate owned properties declined to $315,660 for the 2012 third quarter, from $1.3 million for the linked 2012 second quarter and $579,001 for the comparative 2011 third quarter.  "The stabilization of property values continues to be an issue in some of our markets.  We will continue monitoring these values, prudently adjust carrying values as appropriate and dispose of other real estate owned properties as quickly as feasible," said Mr. Elder.

FDIC insurance premiums declined to $234,061 for the 2012 third quarter, from $259,087 for the linked 2012 second quarter and $387,679 for the comparative 2011 third quarter, reflecting a change in the FDIC's deposit insurance assessment calculation based on assets and tier one capital versus deposits. 

Data processing costs declined to $344,322 for the 2012 third quarter, from $604,250 for the linked 2012 second quarter and $699,089 for the comparative 2011 third quarter, reflecting favorable initial pricing from our recently completed core data processing system upgrade.  Upon the expiration of these pricing concessions, data processing expenses are anticipated to approximate previously reported amounts.

Other noninterest expenses including premises and equipment, advertising, repairs and maintenance, office supplies, professional fees, taxes and insurance, etc., remained relatively consistent during the respective reporting periods.

Income tax expense increased to $552,067 for the 2012 third quarter, from $272,348 for the linked 2012 second quarter and $255,588 for the comparative 2011 third quarter, reflecting changes in the volume of pretax income, deductible expenses, the application of permanent and temporary differences and the applicable income tax rates in effect during each period. 

Balance Sheet

Total assets declined to $717.2 million at September 30, 2012, from $742.0 million at June 30, 2012 and $746.9 million at December 31, 2011. Net loans and leases receivable declined to $476.5 million at September 30, 2012, from $491.5 million at June 30, 2012 and $525.2 million at December 31, 2011, reflecting the net of principal repayments, the volume of loans originated, foreclosures, sales, and securitizations of loans into mortgage-backed securities during the current year.  

Investment securities increased to $172.7 million at September 30, 2012, from $165.0 million at June 30, 2012 and $138.5 million at December 31, 2011, reflecting the net of purchases, sales, principal repayments and securitizations of certain mortgage loans.  Mortgage-backed securities increased to $148.2 million at September 30, 2012, from $146.4 million at June 30, 2012 and $138.5 million at December 31, 2011.  During 2012, the Bank implemented a strategy to diversify its investment portfolio through the purchase of certain tax-exempt municipal securities.  At September 30, 2012, the balance of the municipal securities portfolio was $24.5 million, compared to $18.6 million at June 30, 2012.

Cash and overnight investments declined to $17.5 million at September 30, 2012, from $34.8 million at June 30, 2012 and $32.8 million at December 31, 2011, reflecting net changes in the Bank's cash flow and liquidity position used primarily to fund the net growth in the investment portfolio and the net decline in total deposits.   

Total deposits declined to $609.5 million at September 30, 2012, from $634.6 million at June 30, 2012 and $642.6 million at December 31, 2011.  Core checking and savings accounts increased to $298.9 million at September 30, 2012, from $291.6 million at June 30, 2012 and $272.7 at December 31, 2011; while certificates of deposits declined to $310.6 million at September 30, 2012, from $343.0 million at June 30, 2012 and $369.9 million at December 31, 2012.  The Bank strives to manage its cost of deposits by monitoring the volume and rates paid on maturing certificates of deposits in relationship to current funding needs and market interest rates.  The Bank did not renew certain higher rate maturing time deposits during the 2012 third quarter, and was able to reprice new and maturing time deposits at lower rates.  The cost of funds improved to 0.69% for the 2012 third quarter, from 0.83% for the linked 2012 second quarter and 1.08% for the comparative 2011 third quarter.

Stockholders' equity increased to $88.1 million at September 30, 2012, from $86.2 million at June 30, 2012 and $84.1 million at December 31, 2011, reflecting year-to-date net income and changes in accumulated other comprehensive income.  The tangible equity to assets ratio increased to 11.69% at September 30, 2012, from 11.04% at June 30, 2012 and 10.69% at December 31, 2011.  There were 9,751,271 common shares outstanding at September 30, 2012, June 30, 2012 and December 31, 2011, respectively.  The book value per common share increased to $9.04 at September 30, 2012, from $8.84 at June 30, 2012 and $8.63 at December 31, 2011.

"The Company has been internally focused on reducing certain loan concentrations and addressing asset quality issues.  We have recently established a group dedicated solely on nonperforming asset management which will allow our bankers and credit personnel to focus on new businesses development.  We have streamlined our credit process, hired new bankers and credit personnel and are revamping our deposit products to be more competitive and drive non-interest revenue.  Our employees, management and the Board are united and focused on making First South Bank a high performing financial institution," said Mr. Elder.

Key Performance Ratios

Return on average assets (ROA), return on average equity (ROE), and the efficiency ratio all improved during the 2012 third quarter.  ROA is 0.53% for the 2012 third quarter, compared to 0.26% for the linked 2012 second quarter and 0.21% for the 2011 third quarter.  ROE is 4.42% for the 2012 third quarter, compared to 2.26% for the linked 2012 second quarter and 1.97% for the comparative 2011 third quarter.  The Company continues placing efforts on improving its operating efficiency by managing net interest income, growing non-interest income, and controlling operating expenses.  The efficiency ratio improved to 64.78% for the 2012 third quarter, from 84.84% for the linked 2012 second quarter and 67.77% for the comparative 2011 third quarter.

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 26 full service branch offices located throughout central and eastern 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)

 









First South Bancorp, Inc. and Subsidiary








Consolidated Statements of Financial Condition
















September 30,



December 31,





2012



2011

*

Assets



(unaudited)













Cash and due from banks


$

11,480,221


$

14,298,146


Interest-earning deposits with banks



6,030,941



18,476,173


Investment securities available for sale, at fair value



172,714,688



138,515,210


Loans and leases receivable:








   Held for sale



699,928



6,435,983


   Held for investment



490,784,538



533,960,226


   Allowance for loan and lease losses



(15,007,009)



(15,194,014)


           Loans and leases receivable, net



476,477,457



525,202,195


Premises and equipment, net



12,428,109



11,679,430


Other real estate owned



18,003,025



17,004,874


Federal Home Loan Bank stock, at cost



1,634,200



1,886,900


Accrued interest receivable



2,409,473



2,210,314


Goodwill



4,218,576



4,218,576


Mortgage servicing rights



1,339,719



1,237,161


Identifiable intangible assets



47,160



70,740


Income tax receivable



2,472,843



2,194,677


Prepaid expenses and other assets



7,905,197



9,946,459










          Total assets


$

717,161,609


$

746,940,855










Liabilities and Stockholders' Equity
















Deposits:








  Demand


$

268,243,332


$

243,719,526


  Savings



30,611,359



28,988,522


  Large denomination certificates of deposit



157,823,418



195,429,182


  Other time



152,822,862



174,479,477


          Total deposits



609,500,971



642,616,707


Borrowed money



1,973,638



2,096,189


Junior subordinated debentures



10,310,000



10,310,000


Other liabilities



7,255,336



7,804,687


          Total liabilities



629,039,945



662,827,583










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



35,757,978



35,815,098


Retained earnings, substantially restricted



78,418,693



76,510,081


Treasury stock, at cost



(31,967,269)



(31,967,269)


Accumulated other comprehensive income, net



5,814,749



3,657,849


           Total stockholders' equity



88,121,664



84,113,272










           Total liabilities and stockholders' equity


$

717,161,609


$

746,940,855










*Derived from audited consolidated financial statements













  

















First South Bancorp, Inc. and Subsidiary










Consolidated Statements of Operations and Comprehensive Income





(unaudited)


















Three Months Ended



Nine Months Ended




September 30,



September 30,




2012



2011



2012



2011





















Interest income:
















  Interest and fees on loans

$

6,903,027


$

8,582,320


$

22,016,871


$

26,312,194





  Interest and dividends on investments and deposits


1,442,019



1,278,399



4,059,730



3,628,175





           Total interest income


8,345,046



9,860,719



26,076,601



29,940,369





















Interest expense:
















  Interest on deposits


1,002,028



1,767,524



3,572,852



5,669,228





  Interest on borrowings


2,456



1,513



4,495



30,480





  Interest on junior subordinated notes


91,671



83,019



274,981



248,250





           Total interest expense


1,096,155



1,852,056



3,852,328



5,947,958





Net interest income


7,248,891



8,008,663



22,224,273



23,992,411





Provision for credit losses


1,961,965



2,643,282



4,576,965



8,173,293





           Net interest income after provision for credit losses


5,286,926



5,365,381



17,647,308



15,819,118





















Non-interest income:
















  Fees and service charges


1,445,990



1,485,776



4,380,751



4,554,400





  Loan servicing fees


191,774



195,338



607,352



590,409





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


(56,176)



(15,710)



(132,197)



(44,418)





  Gain on sale of mortgage loans 


858,483



165,418



1,427,357



396,946





  Gain on sale of investment securities


27,979



204,248



1,546,883



256,394





  Other  income


186,492



257,074



719,002



1,018,074





           Total non-interest income


2,654,542



2,292,144



8,549,148



6,771,805





















Non-interest expense:
















  Compensation and fringe benefits


3,634,348



3,658,126



12,179,449



11,389,382





  Federal deposit insurance premiums


234,061



387,679



745,547



972,462





  Premises and equipment


520,663



416,189



1,487,943



1,272,981





  Advertising


23,217



45,670



156,782



131,055





  Payroll and other taxes


332,598



338,058



1,095,872



1,092,206





  Data processing


344,322



699,089



1,558,281



1,922,489





  Amortization of intangible assets


115,388



149,257



340,887



442,038





  Other real estate owned expense


315,660



579,001



2,901,057



1,063,602





  Other


903,179



725,597



2,796,671



2,486,766





           Total non-interest expense


6,423,436



6,998,666



23,262,489



20,772,981





















Income before income tax expense


1,518,032



658,859



2,933,967



1,817,942





Income tax expense


552,067



255,588



1,025,355



705,799





















NET INCOME

$

965,965


$

403,271


$

1,908,612


$

1,112,143





















Other comprehensive income, net of taxes


1,042,543



810,839



2,156,900



1,434,070





Comprehensive income 

$

2,008,508


$

1,214,110


$

4,065,512


$

2,546,213





















Per share data: 
















Basic earnings per share

$

0.10


$

0.04


$

0.20


$

0.11





Diluted earnings per share

$

0.10


$

0.04


$

0.20


$

0.11





Average basic shares outstanding


9,751,271



9,751,271



9,751,271



9,751,271





Average diluted shares outstanding


9,754,794



9,751,271



9,752,434



9,751,271





















 

  


















First South Bancorp, Inc.







Supplemental Financial Data (Unaudited)























Quarterly


Year to Date





9/30/2012


6/30/2012


3/31/2012


12/31/2011


9/30/2011


9/30/2012


9/30/2011




           (dollars in thousands except per share data)





Consolidated balance sheet data:















Total assets

$

717,162

$

741,965

$

750,350

$

746,941

$

768,411

$

717,162

$

768,411


















Loans receivable (net):















Mortgage

$

72,659

$

73,455

$

80,263

$

66,249

$

80,453

$

72,659

$

80,453

Commercial


332,438


341,385


352,459


378,823


405,712


332,438


405,712

Consumer


65,444


70,168


71,270


72,821


74,097


65,444


74,097

Leases


5,936


6,453


7,393


7,309


7,972


5,936


7,972


Total loans (net)

$

476,477

$

491,461

$

511,385

$

525,202

$

568,234

$

476,477

$

568,234


















Cash and investments

$

17,511

$

34,759

$

64,662

$

32,774

$

32,909

$

17,511

$

32,909

Investment securities


172,715


164,977


123,036


138,515


119,764


172,715


119,764

Premises and equipment


12,428


12,621


12,985


11,679


11,209


12,428


11,209

Goodwill


4,219


4,219


4,219


4,219


4,219


4,219


4,219

Mortgage servicing rights


1,340


1,333


1,268


1,237


1,091


1,340


1,091


















Deposits:















Savings

$

30,611

$

30,347

$

31,068

$

28,988

$

27,551

$

30,611

$

27,551

Checking


268,244


261,295


262,500


243,720


243,582


268,244


243,582

Certificates


310,646


342,988


354,780


369,909


394,007


310,646


394,007


Total deposits

$

609,501

$

634,630

$

648,348

$

642,617

$

665,140

$

609,501

$

665,140


















Borrowings


$

1,974

$

1,758

$

1,681

$

2,096

$

1,986

$

1,974

$

1,986

Junior subordinated debentures


10,310


10,310


10,310


10,310


10,310


10,310


10,310

Stockholders' equity


88,122


86,168


84,343


84,113


82,061


88,122


82,061


















Consolidated earnings summary:















Interest income

$

8,345

$

8,818

$

8,914

$

9,363

$

9,861

$

26,077

$

29,940

Interest expense


1,096


1,342


1,415


1,608


1,852


3,853


5,948

Net interest income


7,249


7,476


7,499


7,755


8,009


22,224


23,992

Provision for credit losses


1,962


775


1,840


2,640


2,643


4,577


8,173

Noninterest income


2,655


2,653


3,243


2,648


2,292


8,549


6,772

Noninterest expense


6,424


8,601


8,239


7,180


6,999


23,262


20,773

Income tax expense 


552


272


201


142


256


1,025


706

Net income 

$

966

$

481

$

462

$

441

$

403

$

1,909

$

1,112

















Per Share Data: 















Basic earnings per share

$

0.10

$

0.05

$

0.05

$

0.05

$

0.04

$

0.20

$

0.11

Diluted earnings per share

$

0.10

$

0.05

$

0.05

$

0.05

$

0.04

$

0.20

$

0.11

Book value per share

$

9.04

$

8.84

$

8.65

$

8.63

$

8.42

$

9.04

$

8.42

















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


9,754,794


9,751,271


9,751,271


9,751,271


9,751,271


9,752,434


9,751,271

































First South Bancorp, Inc.







Supplemental Financial Data (Unaudited)













Quarterly


Year to Date




9/30/2012


6/30/2012


3/31/2012


12/31/2011


9/30/2011


9/30/2012


9/30/2011








           (dollars in thousands except per share data)





Performance ratios:















Yield on average earning assets


5.02%


5.22%


5.26%


5.44%


5.64%


5.18%


5.67%

Cost of funds


0.69%


0.83%


0.87%


0.96%


1.08%


0.80%


1.13%

Net interest spread


4.33%


4.39%


4.39%


4.48%


4.56%


4.38%


4.54%

Net interest margin/average earning assets


4.36%


4.42%


4.42%


4.51%


4.58%


4.41%


4.54%

Earning assets to total assets


91.24%


90.94%


90.90%


91.09%


90.47%


91.24%


90.47%

















Return on average assets (annualized)


0.53%


0.26%


0.25%


0.23%


0.21%


0.34%


0.19%

Return on average equity (annualized)


4.42%


2.26%


2.18%


2.12%


1.97%


2.97%


1.83%

Efficiency ratio 


64.78%


84.84%


76.63%


68.95%


67.77%


74.85%


67.47%

















Average assets

$

730,204

$

742,690

$

744,395

$

757,905

$

774,383

$

737,684

$

774,383

Average earning assets

$

664,609

$

676,041

$

678,043

$

688,457

$

698,984

$

671,795

$

698,984

Average equity

$

87,437

$

85,018

$

84,582

$

82,708

$

81,757

$

85,763

$

81,757

















Equity/Assets


12.29%


11.61%


11.24%


11.26%


10.68%


12.29%


10.68%

Tangible Equity/Assets


11.69%


11.04%


10.67%


10.69%


10.12%


11.69%


10.12%

















Asset quality data and ratios:















Loans on nonaccrual status:
















Nonaccrual loans 
















  Earning

$

1,984

$

1,494

$

2,255

$

10,601

$

3,179

$

1,984

$

3,179


  Non-Earning


12,319


11,151


8,757


11,007


15,107


12,319


15,107


     Total Non-Accrual Loans

$

14,303

$

12,645

$

11,012

$

21,608

$

18,286

$

14,303

$

18,286


Nonaccrual restructured loans
















   Past Due TDRs

$

7,649

$

9,100

$

6,029

$

9,170

$

12,568

$

7,649

$

12,568


   Current TDRs


12,849


16,065


20,456


12,247


11,172


12,849


11,172


      Total TDRs

$

20,498

$

25,165

$

26,485

$

21,417

$

23,740

$

20,498

$

23,740

Total loans on nonaccrual status

$

34,801

$

37,810

$

37,497

$

43,025

$

42,026

$

34,801

$

42,026

Other real estate owned 


18,003


17,845


17,324


17,005


12,886


18,003


12,886

Total nonperforming assets

$

52,804

$

55,655

$

54,821

$

60,030

$

54,912

$

52,804

$

54,912
















Allowance for credit losses

$

15,251

$

14,268

$

14,637

$

15,448

$

18,563

$

15,251

$

18,563

Allowance for credit losses to loans


3.10%


2.82%


2.78%


2.85%


3.16%


3.10%


3.16%
















Net charge-offs 

$

959

$

1,167

$

2,638

$

5,752

$

3,018

$

4,764

$

8,697

Net charge-offs to loans 


0.20%


0.24%


0.52%


1.10%


0.53%


1.00%


1.53%

Nonaccrual loans to loans


7.30%


7.69%


7.33%


8.19%


7.40%


7.30%


7.40%

Nonperforming assets to assets


7.36%


7.50%


7.31%


8.06%


7.15%


7.36%


7.15%

Loans to deposits


80.80%


79.80%


81.25%


84.26%


88.35%


80.80%


88.35%

Loans to assets


68.67%


68.26%


70.21%


72.66%


76.48%


68.67%


76.48%

Loans serviced for others

$

328,976

$

326,021

$

316,297

$

319,363

$

302,307

$

328,976

$

302,307
















 

For more information contact:
Bruce Elder (CEO) (252-940-4936)
Bill Wall (SVP) (252-940-5017)
Website: www.firstsouthnc.com

 

SOURCE First South Bancorp, Inc.



RELATED LINKS
http://www.firstsouthnc.com

Featured Video

Journalists and Bloggers

Visit PR Newswire for Journalists for releases, photos, ProfNet experts, and customized feeds just for Media.

View and download archived video content distributed by MultiVu on The Digital Center.

Share with Twitter Share with LinkedIn
 

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

 
 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

 
 

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.

 

Online Member Center

Not a Member?
Click Here to Join
Login
Search News Releases
Advanced Search
Search
  1. PR Newswire Services
  2. Knowledge Center
  3. Browse News Releases
  4. Contact PR Newswire
  5. Send a News Release