2014

First South Bancorp, Inc. Reports Quarterly Loan and Asset Growth, Improved Asset Quality and Year-to-Date Increase in Operating Results

WASHINGTON, N.C., Oct. 17, 2013 /PRNewswire/ -- First South Bancorp, Inc. (NASDAQ: FSBK) (the "Company"), the parent holding company of First South Bank (the "Bank"), reports its unaudited results for the quarter and nine months ended September 30, 2013.

A bulk sale of problem loans was executed in February 2013 with the expectation that the reduction in credit quality issues would allow management and staff to focus on growing the Company.  During the third quarter, those expectations were realized as the Bank experienced increases in total assets, total loans and leases held for investment and total deposits when compared to June 30, 2013.  As a result of the bulk asset sale and a significant valuation adjustment against other real estate owned (OREO), for which the financial ramifications were realized in the fourth quarter of 2012, expenses associated with the on-going maintenance and disposal of OREO, as well as the provision for loan losses, have been greatly reduced and are the drivers of earnings improvement for the comparative third quarter and year-to-date periods.

Net income for the 2013 third quarter increased by 59.1% or $571,000 to $1.5 million, or $0.16 per diluted common share, compared to net income of $966,000, or $0.10 per diluted common share for the 2012 third quarter.  Net income for the first nine months of 2013 increased 155.1% to $4.9 million, or $0.50 per diluted common share, compared to net income of $1.9 million, or $0.20 per diluted common share for the first nine months of 2012.

Bruce Elder, President and CEO, commented, "We have been transforming our Company from one that was focused exclusively on working through various challenges presented by the economic downturn to one that can concentrate on growing and developing relationships, enhancing revenue opportunities and restructuring parts of the balance sheet to achieve a more desirable asset liability position.  The growth since June 30, 2013 in total loans and leases held for investment was the first quarterly growth experienced in over three years.  We have recently introduced new deposit products for both consumers and business customers that are designed to deepen relationships and offer new technologies such as mobile and remote deposit capture.  We will continue to work toward the reduction of non-performing assets and improving processes to build a solid pipeline of business opportunities."

Net Interest Income

Net interest income for the third quarter of 2013 was $6.5 million, down 11.0% or $804,000 from $7.3 million earned for the comparative 2012 third quarter.  Net interest income for the first nine months of 2013 was $20.4 million, down from $22.5 million reported in the comparative 2012 nine months period.  The tax equivalent net interest margin declined by 15 basis points to 4.25% for the 2013 third quarter from 4.40% for the comparative 2012 third quarter.  The tax equivalent net interest margin for the first nine months of 2013 declined by 5 basis points to 4.38%, from 4.43% for the comparative 2012 nine month period.    

The year-over-year decline in net interest income and the net interest margin is due primarily to a reduction in the level, and a change in the composition, of our earning asset base.  Total average earning assets have been reduced by 5.4% for the nine month period as the average level of loans and leases held for investment has compressed, primarily due to the bulk loan sale.  This reduction has been somewhat offset with an increased level of investment securities and interest-bearing cash.  From early May to early July of 2013 the yield on the ten year Treasury Note increased over 100 basis points.  Given this change and the anticipation of further increases in the interest rate environment, the Company executed a number of strategic transactions designed to protect its balance sheet and future earnings stream.  One such measure the Company took during the third quarter of 2013 was to sell approximately $32.5 million of low coupon mortgage backed securities due to the sensitivity of their values to interest rate volatility.  A portion of the proceeds from this sale was redeployed into other investment securities that will perform better in a rising interest rate environment, with the residual funds retained in cash to be redeployed into future loan growth or other investments where returns will improve as rates increase.  The immediate impact of this transaction, in conjunction with defensive investments made earlier in the year, is a reduction in our quarterly interest income and yield from our investment portfolio.  However, our balance sheet is better poised to respond to increases in interest rates and the Company is able to take advantage of future opportunities as they present themselves.

Asset Quality and Provisions for Loan Losses  

Asset quality metrics continue to improve.  Total nonperforming assets declined to $16.7 million, or 2.4% of total assets at September 30, 2013, compared to $34.9 million or 4.8% of total assets at December 31, 2012.  Total loans in non-accrual status declined to $7.1 million at September 30, 2013, from $21.3 million at December 31, 2012.  Our level of OREO declined to $9.0 million at September 30, 2013 compared to $12.9 million at December 31, 2012.  The composition of the $3.9 million decline in OREO included $5.7 million in disposals and $484,000 in valuation adjustments, net of $2.3 million in additions. 

The allowance for loan and lease losses (ALLL) was $7.7 million at September 30, 2013 and represented 1.75% of loans and leases held for investment, compared to $7.9 million at December 31, 2012, or 1.77%.  During the 2013 third quarter, there were net charge offs of $898,000 compared to $959,000 for the 2012 third quarter.  The Company recorded no provision for credit losses in the third quarter compared to $2.0 million recorded in the 2012 third quarter.  During the first nine months of 2013, the Company recorded $400,000 of provision for credit losses compared to $4.6 million in the first nine months of 2012. Management believes the ALLL remains adequate.

Non-Interest Income

Total non-interest income was $2.7 million for the 2013 third quarter compared to $2.6 million for the 2012 third quarter. 

Fees and service charges on deposits totaled $1.1 million for both the 2013 third quarter and the comparative 2012 third quarter.  Fees on loans and loan servicing fees increased to $740,000 for the 2013 third quarter from $480,000 for the comparative 2012 third quarter, primarily related to a $213,000 increase in service release premiums from the sale of mortgage loans.  We anticipate additional revenue from deposit and loan fees for the remainder of 2013, as we focus on growing demand accounts and our loans and leases held for investment.

Net gains from sales of mortgage loans held for sale was $286,000 for the 2013 third quarter and $858,000 for the comparative 2012 third quarter.  Mortgage loan originations during the past two quarters have slowed as new purchase activity has not fully replaced the reduction in refinance activity.  Gains from the sale of investment securities were $268,000 for the 2013 third quarter and $28,000 for the comparative 2012 third quarter.  Net gains from sales of OREO were $68,000 for the 2013 third quarter compared to net losses of $56,000 for the 2012 third quarter. 

For the first nine months of 2013, total non-interest income was $8.1 million compared to $8.2 million reported in the first nine months 2012.  Fees and service charges on deposits was $3.2 million for both nine month periods ending September 30, 2013 and 2012.  Fees on loans and loan servicing fees increased to $2.1 million for the first nine months of 2013, from $1.5 million for the comparative 2012 nine month period, reflecting a $581,000 increase in service release premiums from the sale of mortgage loans.   

Net gains recognized from the sale of loans held for sale and investment securities was $1.2 million and $548,000, respectively, compared to $1.4 million and $1.5 million, respectively, for the first nine months of 2012. Net gains from the sale of OREO were $403,000 for the first nine months of 2013 compared to $132,000 of net losses for the first nine months of 2012. Total core non-interest income, excluding net gains and losses from securities and OREO sales, was $7.2 million for the current nine month period compared to $6.8 million for the prior year nine month period.

Non-Interest Expense

Total non-interest expense was $6.9 million for the 2013 third quarter compared to $6.4 million for the 2012 third quarter.  For the first nine months of 2013, total non-interest expense declined significantly to $20.6 million from $23.3 million reported in the first nine months of 2012. This 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, was $3.8 million for the 2013 third quarter compared to $3.9 million for the 2012 third quarter.  For the first nine months of 2013, compensation expense declined to $11.5 million from $12.9 million reported in the first nine 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.

Data processing costs increased to $578,000 and $1.8 million for the three and nine month periods ended September 30, 2013, respectively, from $344,000 and $1.6 million for the respective three and nine month periods ended September 30, 2012, reflecting the expiration of favorable initial pricing received from a core data processing system conversion completed in March 2012. 

Expenses attributable to valuation adjustments, ongoing maintenance, and property taxes for OREO properties declined to $288,000 for the 2013 third quarter from $316,000 for the comparative 2012 third quarter.  For the first nine months of 2013, total OREO related expense was $1.0 million, compared to $2.9 million reported in the first nine months of 2012.

FDIC insurance premiums, premises and equipment, advertising and amortization of intangibles remained relatively consistent during the respective reporting periods.

Other expense increased to $1.0 million and $2.8 million for the respective three and nine month periods ended September 30, 2013, from $809,000 and $2.5 million for the respective three and nine month periods ended September 30, 2012, primarily related to mortgage loan servicing expenses and nonrecurring other professional services. 

Balance Sheet

Total assets were $682.0 million at September 30, 2013, down 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.  Although experiencing reduction since the prior year end, total assets increased on a linked quarter basis by $1.9 million from $680.1 million

Loans and leases held for investment increased by $6.3 million during the quarter from $434.0 million at June 30, 2013.  This increase in loans and leases held for investment reflects the first quarterly increase since the quarter ended June 30, 2010.  As a result of this increase, total loans and leases held for investment were $440.3 million compared to $441.8 million at December 31, 2012.  Going forward, we are focused on developing new business opportunities and relationships.

Investment securities and interest-earning deposits with banks increased to $175.4 million at September 30, 2013, from $168.2 million at December 31, 2012, reflecting re-investment of a portion of the bulk loan sale proceeds.  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 $21.1 million at September 30, 2013, reflecting the purchase of $10.0 million of bank owned life insurance.

Total deposits declined to $591.6 million at September 30, 2013 from $600.9 million at December 31, 2012; however, total deposits increased by $1.8 million since June 30, 2013 with non-maturity deposits growth of $13.4 million more than offsetting the $11.6 million decline in certificates of deposits.   For the year, non-maturity deposits increased to $333.1 million at September 30, 2013 from $305.2 million at December 31, 2012.  Certificates of deposit declined to $258.6 million or 43.7% of total deposits at September 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 increased to $75.0 million at September 30, 2013, from $74.7 million at December 31, 2012.  This increase primarily reflects the $4.9 million of net income earned for the nine months ended September 30, 2013, net of a $4.5 million adjustment in accumulated other comprehensive income resulting from the mark-to-market of the available-for-sale securities portfolio.  The tangible equity to assets ratio increased to 10.38% at September 30, 2013, from 9.95% at December 31, 2012.  There were 9,751,271 common shares outstanding at September 30, 2013 and December 31, 2012, respectively.  Tangible book value per common share increased to $7.26 at September 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 0.90% for the 2013 third quarter from 0.53% for the comparative 2012 third quarter.  The Company's ROE increased to 8.18% for the 2013 third quarter from 4.42% for the comparative 2012 third quarter.  The efficiency ratio (noninterest expenses as a percentage of net interest income plus noninterest income) was 75.05% for the 2013 third quarter compared 64.78% for the 2012 third quarter.  The efficiency ratio measures the proportion of net operating revenues that are absorbed by overhead expenses.

ROA increased to 0.94% for the nine months ended September 30, 2013 from 0.34% for the comparative nine months ended September 30, 2012.  ROE increased to 8.47% for the nine months ended September 30, 2013 from 2.97% for the comparative nine months ended September 30, 2012.  The efficiency ratio improved to 72.32% for the nine months ended September 30, 2013 from 74.85% for the comparative nine months ended September 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. Certain amounts in the unaudited Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2012, and in prior quarterly and prior year to date Supplemental Financial Data, have been reclassified to conform with the presentation as of and for the periods ended September 30, 2013.  The reclassifications had no effect on previously reported net income or stockholders' equity.

For more information contact:
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

















September 30,



December 31,




2013



2012

Assets



(unaudited)



(*)








Cash and due from banks


$

11,016,750


$

8,983,819

Interest-earning deposits with banks



26,600,093



3,382,570

Investment securities available for sale, at fair value



148,830,605



164,838,012

Investment securities held to maturity



505,897



-

Loans held for sale:







   Mortgage loans



9,183,416



20,287,343

   Other loans



-



24,438,107

           Total loans held for sale



9,183,416



44,725,450








Loans and leases held for investment



440,345,883



441,847,019

   Allowance for loan and lease losses



(7,706,752)



(7,860,195)

           Net loans and leases held for investment



432,639,131



433,986,824








Premises and equipment, net



11,759,163



12,233,153

Other real estate owned



8,995,915



12,892,519

Federal Home Loan Bank stock, at cost



848,800



1,859,200

Accrued interest receivable



2,281,440



2,408,979

Goodwill



4,218,576



4,218,576

Mortgage servicing rights



1,268,145



1,261,355

Identifiable intangible assets



15,720



39,300

Income tax receivable



2,717,968



10,785,272

Prepaid expenses and other assets



21,133,325



6,098,423








          Total assets


$

682,014,944


$

707,713,452








Liabilities and Stockholders' Equity














Deposits:







  Non-interest bearing demand


$

99,350,110


$

92,888,095

  Interest bearing demand



173,131,783



181,774,772

  Savings



60,576,116



30,570,259

  Large denomination certificates of deposit



129,324,533



148,838,963

  Other time



129,248,703



146,828,942

          Total deposits



591,631,245



600,901,031

Borrowed money



-



16,500,000

Junior subordinated debentures



10,310,000



10,310,000

Other liabilities



5,045,866



5,349,368

          Total liabilities



606,987,111



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



35,800,258



35,811,804

Retained earnings, substantially restricted



70,400,856



65,532,960

Treasury stock, at cost



(31,967,269)



(31,967,269)

Accumulated other comprehensive income



696,475



5,178,045

           Total stockholders' equity



75,027,833



74,653,053








           Total liabilities and stockholders' equity


$

682,014,944


$

707,713,452








(*) Derived from audited consolidated financial statements







 

 

First South Bancorp, Inc. and Subsidiary













Consolidated Statements of Operations













Three and Nine Months Ended September 30, 2013 and 2012













(unaudited)


















Three Months Ended



Nine Months Ended





September 30,



September 30,





2013



2012



2013



2012















Interest income:














  Interest and fees on loans



$

6,054,886


$

6,989,959


$

18,715,042


$

22,341,724

  Interest on investments and deposits



1,165,258



1,436,437



3,834,305



4,040,553

           Total interest income



7,220,144



8,426,396



22,549,347



26,382,277















Interest expense:














  Interest on deposits




611,975



1,002,028



1,908,473



3,572,851

  Interest on borrowings




-



2,456



7,058



4,495

  Interest on junior subordinated notes



82,391



91,671



258,731



274,981

           Total interest expense



694,366



1,096,155



2,174,262



3,852,327















Net interest income




6,525,778



7,330,241



20,375,085



22,529,950

Provision for credit losses




-



1,961,965



400,000



4,576,965

           Net interest income after provision for credit losses



6,525,778



5,368,276



19,975,085



17,952,985















Non-interest income:














  Deposit fees and service charges



1,063,243



1,071,144



3,158,690



3,157,644

  Loan fees and charges




513,188



287,913



1,440,024



898,254

  Loan servicing fees




226,434



191,775



627,993



607,352

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



68,233



(56,176)



403,067



(132,197)

  Gain on sale of mortgage loans 



285,511



858,483



1,189,688



1,427,357

  Gain on sale of investment securities



267,564



27,979



548,074



1,546,883

  Other  income




281,576



192,074



733,754



738,178

           Total non-interest income



2,705,749



2,573,192



8,101,290



8,243,471















Non-interest expense:














  Compensation and fringe benefits



3,838,796



3,851,587



11,530,092



12,927,593

  Federal deposit insurance premiums



227,820



234,061



700,120



745,547

  Premises and equipment




759,092



730,102



2,244,489



2,091,599

  Advertising




84,228



23,217



166,290



156,782

  Data processing




577,649



344,322



1,811,186



1,558,281

  Amortization of intangible assets



119,253



115,388



357,573



340,887

  Other real estate owned expense



287,527



315,660



1,004,711



2,901,057

  Other




1,033,639



809,099



2,780,316



2,540,743

           Total non-interest expense



6,928,004



6,423,436



20,594,777



23,262,489















Income before income tax expense



2,303,523



1,518,032



7,481,598



2,933,967

Income tax expense




766,694



552,067



2,613,702



1,025,355















NET INCOME



$

1,536,829


$

965,965


$

4,867,896


$

1,908,612





























Per share data: 














Basic earnings per share



$

0.16


$

0.10


$

0.50


$

0.20

Diluted earnings per share



$

0.16


$

0.10


$

0.50


$

0.20

Average basic shares outstanding



9,751,271



9,751,271



9,751,271



9,751,271

Average diluted shares outstanding



9,757,881



9,754,794



9,756,480



9,752,434















 

 

First South Bancorp, Inc.

Supplemental Financial Data (Unaudited)
























Quarter to Date


Year to Date






9/30/2013


6/30/2013


3/31/2013


12/31/2012


9/30/2012


9/30/2013


9/30/2012





           (dollars in thousands except per share data)

Consolidated balance sheet data:















Total assets



$

682,015

$

680,082

$

690,958

$

707,713

$

717,162

$

682,015

$

717,162



















Loans held for sale:


$

9,183

$

13,746

$

3,292

$

44,725

$

700


9,183


700



















Loans held for investment:
















Mortgage



$

68,125

$

76,751

$

74,162

$

75,544

$

73,853

$

68,125

$

73,853


Commercial



296,218


283,936


288,715


292,146


341,432


296,218


341,432


Consumer



68,537


66,637


67,723


68,444


69,313


68,537


69,313


Leases




7,467


6,722


5,924


5,713


6,186


7,467


6,186


    Total loans held for investment


440,347


434,046


436,524


441,847


490,784


440,347


490,784

Allowance for loan and lease losses


(7,707)


(8,604)


(8,567)


(7,860)


(15,007)


(7,707)


(15,007)

Net loans held for investment

$

432,640

$

425,442

$

427,957

$

433,987

$

475,777

$

432,640

$

475,777



















Cash & interest bearing deposits

$

37,617

$

23,148

$

35,384

$

12,366

$

17,511

$

37,617

$

17,511

Investment securities



149,337


162,336


176,320


164,838


172,715


149,337


172,715

Premises and equipment



11,759


11,879


12,003


12,233


12,428


11,759


12,428

Goodwill




4,219


4,219


4,219


4,219


4,219


4,219


4,219

Mortgage servicing rights



1,268


1,271


1,357


1,261


1,340


1,268


1,340



















Deposits:

















Savings



$

60,576

$

49,173

$

37,871

$

30,570

$

30,611

$

60,576

$

30,611

Checking




272,482


270,506


278,899


274,663


268,244


272,482


268,244

Certificates




258,573


270,149


282,846


295,668


310,646


258,573


310,646


Total deposits


$

591,631

$

589,828

$

599,616

$

600,901

$

609,501

$

591,631

$

609,501



















Borrowings



$

0

$

0

$

0

$

16,500

$

1,974

$

0

$

1,974

Junior subordinated debentures


10,310


10,310


10,310


10,310


10,310


10,310


10,310

Stockholders' equity



75,028


73,888


75,468


74,653


88,122


75,028


88,122



















Consolidated earnings summary:















Interest income


$

7,220

$

7,435

$

7,894

$

8,212

$

8,426

$

22,549

$

26,382

Interest expense



694


716


764


848


1,096


2,174


3,852

Net interest income



6,526


6,719


7,130


7,364


7,330


20,375


22,530

Provision for credit losses


0


0


400


18,675


1,962


400


4,577

Noninterest income



2,706


2,920


2,476


2,573


2,573


8,101


8,243

Noninterest expense



6,928


6,910


6,757


12,311


6,423


20,594


23,262

Income tax expense 



767


964


883


(8,163)


552


2,614


1,025

Net income 



$

1,537

$

1,765

$

1,566

$

(12,886)

$

966

$

4,868

$

1,909



















Per Share Data: 
















Basic earnings per share


$

0.16

$

0.18

$

0.16

$

(1.32)

$

0.10

$

0.50

$

0.20

Diluted earnings per share

$

0.16

$

0.18

$

0.16

$

(1.32)

$

0.10

$

0.50

$

0.20

Book value per share


$

7.69

$

7.58

$

7.74

$

7.66

$

9.04

$

7.69

$

9.04



















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



9,757,881


9,757,338


9,751,972


9,751,271


9,754,794


9,756,480


9,752,434





































First South Bancorp, Inc.


Supplemental Financial Data (Unaudited)
















Quarter to Date


Year to Date






9/30/2013


6/30/2013


3/31/2013


12/31/2012


9/30/2012


9/30/2013


9/30/2012





           (dollars in thousands except per share data)

Performance ratios:
















Yield on average earning assets


4.60%


4.69%


4.84%


4.96%


5.02%


4.74%


5.18%

Cost of interest bearing liabilities


0.55%


0.56%


0.59%


0.64%


0.81%


0.56%


0.94%

Net interest spread



4.05%


4.13%


4.25%


4.32%


4.21%


4.18%


4.24%

Net interest margin



4.16%


4.24%


4.37%


4.44%


4.36%


4.28%


4.41%

Avg earning assets to total avg assets


91.66%


92.40%


92.19%


91.50%


91.24%


92.08%


91.24%



















Tax Equivalent Ratios:
















Yield on average earning assets


4.69%


4.75%


4.89%


5.01%


5.06%


4.84%


5.19%

Net interest spread



4.14%


4.19%


4.30%


4.37%


4.25%


4.28%


4.25%

Net interest margin



4.25%


4.30%


4.41%


4.49%


4.40%


4.38%


4.43%



















Return on average assets (annualized)


0.90%


1.03%


0.91%


(7.22%)


0.53%


0.94%


0.34%

Return on average equity (annualized)


8.18%


9.22%


8.02%


(60.76%)


4.42%


8.47%


2.97%

Efficiency ratio 



75.05%


71.69%


70.34%


123.81%


64.78%


72.32%


74.85%



















Average assets


$

680,741

$

688,897

$

701,880

$

714,377

$

730,204

$

690,428

$

737,684

Average earning assets


$

623,953

$

636,511

$

647,061

$

652,106

$

664,609

$

635,757

$

671,795

Average equity


$

74,569

$

76,754

$

79,178

$

84,830

$

87,437

$

76,817

$

85,763



















Equity/Assets




11.00%


10.86%


10.92%


10.55%


12.29%


11.00%


12.29%

Tangible Equity/Assets



10.38%


10.24%


10.31%


9.95%


11.69%


10.38%


11.69%



















Asset quality data and ratios:















Loans on nonaccrual status:
















Nonaccrual loans 

















  Earning



$

1,459

$

1,429

$

1,658

$

2,972

$

1,984

$

1,459

$

1,984


  Non-Earning



2,649


4,130


2,629


6,686


12,319


2,649


12,319


     Total Non-Accrual Loans

$

4,108

$

5,559

$

4,287

$

9,658

$

14,303

$

4,108

$

14,303


Nonaccrual restructured loans
















   Past Due TDRs


$

1,336

$

990

$

221

$

4,231

$

7,649

$

1,336

$

7,649


   Current TDRs



1,677


818


832


7,451


12,849


1,677


12,849


      Total TDRs


$

3,013

$

1,808

$

1,053

$

11,682

$

20,498

$

3,013

$

20,498

Total loans on nonaccrual status

$

7,121

$

7,367

$

5,340

$

21,340

$

34,801

$

7,121

$

34,801

Loans >90 days past due, still accruing


544


762


237


676


1,837


544


1,837

Other real estate owned 



8,996


9,069


11,328


12,893


18,003


8,996


18,003

Total nonperforming assets

$

16,661

$

17,198

$

16,905

$

34,909

$

54,641

$

16,661

$

54,641



















Allowance for loan and lease losses

$

7,707

$

8,604

$

8,567

$

7,860

$

15,007

$

7,707

$

15,007

Allowance for loan and lease losses to 
















loans held for investment


1.75%


1.98%


1.96%


1.77%


3.06%


1.75%


3.06%



















Net charge-offs (recoveries)

$

898

$

(37)

$

(308)

$

25,822

$

959

$

553

$

4,764

Net charge-offs (recoveries) to total loans 


0.20%


(0.01%)


(0.07%)


5.39%


0.20%


0.13%


1.00%

Nonaccrual loans to total loans


1.58%


1.65%


1.24%


4.46%


7.30%


1.58%


7.30%

Nonperforming assets to assets


2.44%


2.53%


2.41%


4.84%


7.36%


2.44%


7.36%

Total loans to deposits



75.98%


75.92%


73.35%


81.15%


80.80%


75.98%


80.80%

Total loans to assets



65.91%


65.84%


63.65%


68.90%


68.67%


65.91%


68.67%

Loans serviced for others


$

325,833

$

319,124

$

330,280

$

313,823

$

328,976

$

325,833

$

328,976



















 

 

SOURCE First South Bancorp, Inc.



RELATED LINKS
http://www.firstsouthnc.com

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