WASHINGTON, N.C., Jan. 27, 2017 /PRNewswire/ -- First South Bancorp, Inc. (NASDAQ: FSBK) (the "Company"), the parent holding company of First South Bank (the "Bank"), reports that on January 26, 2017 the Company's Board of Directors declared a quarterly cash dividend of $0.035 per share, payable February 17, 2017 to shareholders of record as of the close of business on February 7, 2017. This quarterly cash dividend payment represents a 16.7% payment rate increase over the previous quarterly dividend payment.
This dividend payment represents the Company's twelfth consecutive quarterly cash dividend. Inclusive of this quarterly cash dividend payment, total dividends declared for the year ended December 31, 2016, are $0.125 per share and represents a payout ratio of 17.1% of year-to-date diluted earnings per share.
Bruce Elder, President and Chief Executive Officer of the Company, stated that "the Board of Directors determined that the increase in the cash dividend payment rate was appropriate in consideration of the Company's capital position and recent operating results." He noted that "any further dividends will depend upon the Company's financial condition, earnings, equity structure, capital needs, regulatory requirements and economic conditions."
First South Bank has been serving the citizens of eastern and central North Carolina since 1902 and offers a variety of financial products and services to business and individual customers. The Bank operates through its main office headquartered in Washington, North Carolina, and currently has 30 full service branch offices located throughout eastern and central North Carolina.
The Bank also provides a full menu of leasing services through its wholly-owned subsidiary, First South Leasing, LLC. In addition, under its First South Wealth Management division, the Bank makes securities brokerage services available through an affiliation with an independent broker/dealer.
Additional First South Bancorp, Inc. investor information may be accessed on our 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 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. The Company assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
For More Information Contact:
Bruce Elder (CEO) (252) 940-4936
Scott McLean (CFO) (252) 940-5016
SOURCE First South Bancorp, Inc.