WASHINGTON, N.C., Jan. 18, 2011 /PRNewswire/ -- First South Bancorp, Inc. (the "Company"), the parent holding company of First South Bank (the "Bank"), reports its unaudited operating results for the quarter and year ended December 31, 2010.
The Company reported a net operating loss of $6.5 million for the 2010 fourth quarter, compared to net income of $1.0 million for the linked 2010 third quarter, and $1.5 million for the comparative 2009 fourth quarter. The net loss per diluted common share was $0.67 for the 2010 fourth quarter, compared to net income per diluted common share of $0.10 for the linked 2010 third quarter and $0.16 for the comparative 2009 fourth quarter.
For the year ended December 31, 2010 the Company reported a net operating loss of $2.4 million, compared to net income of $7.0 million for the year ended December 31, 2009. The net loss per diluted common share was $0.24 for 2010, compared to net income per diluted common share of $0.72 for 2009.
"In the 2010 fourth quarter, we completed an intensive evaluation of the credit quality of the Bank's loan portfolio and foreclosed properties, and are boosting our loan loss reserves by a significant amount. In light of the continued economic uncertainty, we recognize the financial stress some of our borrowers are facing. We feel it is prudent and wise to take a pro-active stance with regards to credit risk management and provision accordingly, so that we can get these problems behind us and move forward in a more positive manner," said Tom Vann, President and CEO.
"We are moving aggressively from a position of financial strength to deal with our credit quality. Subsequent to these necessary provision charges, our capital levels will remain in excess of the regulatory requirements to be well capitalized. This will allow the Company to move ahead in a substantive way, and hopefully expected retained earnings over the coming years will recover much of the capital expended by taking these charges," added Mr. Vann.
Asset Quality
Non-accrual loans increased to $41.3 million (6.8% of total loans) at December 31, 2010, from $19.2 million (3.0% of total loans) at September 30, 2010. Other real estate owned increased to $11.6 million at December 31, 2010 from $8.6 million at September 30, 2010, reflecting foreclosure activity net of sales of certain real estate properties during the fourth quarter. Total nonperforming assets increased to $52.9 million (6.6% of total assets) at December 31, 2010, from $27.8 million (3.4% of total assets) at September 30, 2010. "While we are encouraged that property values appear to be stabilizing, we will continue to monitor these values and mitigate nonperforming assets as quickly as feasible," said Mr. Vann.
The Bank recorded $13.7 million of provisions for credit losses in the 2010 fourth quarter, compared to $4.0 million in the linked 2010 third quarter and $2.7 million in the comparative 2009 fourth quarter. Credit loss provisions were necessary to replenish net charge-offs and strengthen the allowance for credit losses at levels that management believes is adequate to absorb probable losses in the loan portfolio. The allowance for loan and lease losses (ALLL) increased to $18.8 million at December 31, 2010 (3.0% of total loans), from $8.6 million at September 30, 2010 (1.3% of total loans). Net charge offs were $3.4 million in the 2010 fourth quarter, compared to $3.3 million in the linked 2010 third quarter and $1.5 million in the comparative 2009 fourth quarter.
Bill Wall, executive vice president and chief financial officer stated, "We have taken a conservative posture in our provisioning for credit losses as we continue to aggressively manage problem assets. We believe the current level of our ALLL is adequate, however, there is no assurance in the future that regulators, increased risks in the loan portfolio, or changes in economic conditions will not require additional adjustments to the allowance for credit losses".
Net Interest Income
Net interest income declined to $7.8 million for the 2010 fourth quarter, from $8.7 million for the linked 2010 third quarter and $8.9 million the comparative 2009 fourth quarter. The decline in net interest income in the current quarter has been influenced by the increased level of non-accrual loans. The net interest margin on average earning assets declined similarly to 4.3% for the 2010 fourth quarter, from 4.7% for the linked 2010 third quarter and 4.6% for the comparative 2009 fourth quarter.
Non-Interest Income
Total non-interest income declined to $1.9 million for the 2010 fourth quarter, from $3.4 million for the linked 2010 third quarter and $2.5 million for the comparative 2009 fourth quarter. Revenue from loan and deposit service offerings (loan fees, deposit fees and service charges and servicing fee income) remained relatively consistent at $1.9 million in the 2010 fourth quarter, $2.0 million in the linked 2010 third quarter and $2.1 million in the comparative 2009 fourth quarter.
Net gains recognized from mortgage loan sales declined to $311,000 in the 2010 fourth quarter, from $479,000 in the linked 2010 third quarter and $262,000 in the comparative 2009 fourth quarter. Net gains recognized from investment and mortgage-backed securities sales declined to $51,000 in the 2010 fourth quarter, from $696,000 in the linked 2010 third quarter and none in the comparative 2009 fourth quarter.
In its efforts of mitigating nonperforming assets, the Bank recognized $597,000 of net losses on the sale of other real estate properties during the 2010 fourth quarter, compared to $40,000 of net gains in the linked 2010 third quarter and $39,000 of net losses in the comparative 2009 fourth quarter.
Non-Interest Expense
Total non-interest expense was $6.7 million for both the 2010 fourth quarter and the linked 2010 third quarter, compared to $6.3 million for 2009 fourth quarter.
The largest component of non-interest expense, compensation and fringe benefits, declined to $3.8 million in the 2010 fourth quarter, from $4.0 million in the linked 2010 third quarter, and $3.6 million in the comparative 2009 fourth quarter, reflecting the Bank's efforts of managing its human resources cost.
Other noninterest expenses including FDIC insurance premiums, premises and equipment, advertising, data processing, repairs and maintenance, office supplies, professional fees, taxes and insurance, etc., remained relatively consistent during the respective periods.
As a result of the 2010 fourth quarter pre-tax operating loss, the Company recognized a $4.3 million income tax benefit, compared to income tax expense of $424,000 in the linked 2010 third quarter and $872,000 in the comparative 2009 fourth quarter.
Balance Sheet
Total assets declined to $797.2 million at December 31, 2010, from $829.9 million at December 31, 2009. Total loans declined to $606.1 million at December 31, 2010 from $658.7 million at December 31, 2009, reflecting a combination of principal repayments, sales, securitizations and the volume of loans originated during 2010. Mortgage-backed securities increased to $98.9 million at December 31, 2010, from $97.2 million at December 31, 2009, reflecting the net of sales and securitization of certain mortgage loans during 2010. Cash and investments increased to $44.4 million at December 31, 2010, from $30.0 million at December 31, 2009, supporting the Bank's liquidity position.
Total deposits increased to $689.5 million at December 31, 2010, from $688.5 million at December 31, 2009. Borrowings declined to $11.5 million at December 31, 2010, from $37.4 million at December 31, 2009. During 2010, the Bank repaid a $25.0 million 3.0% fixed-rate FHLB advance. The cost of funds improved to 1.2% for both the 2010 fourth quarter and the linked 2010 third quarter, from 1.6% for the comparative 2009 fourth quarter. The Bank has been able to improve its cost of funds by the combination of pricing new deposits, the renewal of maturing time deposits and the repositioning of borrowings within the current lower interest rate environment.
Stockholders' equity declined to $79.5 million at December 31, 2010, from $86.2 million at December 31, 2009, reflecting the net effect of the net operating loss, dividend payments and changes in accumulated other comprehensive income. The equity to assets ratio was 10.0% at December 31, 2010, compared to 10.4% at December 31, 2009.
First South Bancorp, Inc. may be accessed on its website at http://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 28 full service branch offices and one loan production office located throughout central, eastern, northeastern and southeastern 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.
For more information contact: Bill Wall (CFO) (252-940-5017) or Tom Vann (CEO) 252-940-4916 Website: http://www.firstsouthnc.com/ First South Bancorp, Inc. and Subsidiary Consolidated Statements of Financial Condition December December 31 31, 2010 2009* ---- ----- Assets (unaudited) Cash and due from banks $14,684,377 $17,758,370 Interest-bearing deposits in financial institutions 29,749,236 11,879,794 Investment securities -available for sale 0 407,317 Mortgage-backed securities - available for sale 98,637,742 96,725,468 Mortgage-backed securities - held for investment 244,836 513,882 Loans and leases receivable, net: Held for sale 4,464,040 6,548,980 Held for investment 601,610,242 652,106,538 Premises and equipment, net 9,162,538 8,539,759 Other real estate owned 11,616,390 10,561,071 Federal Home Loan Bank of Atlanta stock, at cost which approximates market 3,474,900 3,889,500 Accrued interest receivable 2,336,527 3,318,141 Goodwill 4,218,576 4,218,576 Mortgage servicing rights 1,357,659 1,278,688 Identifiable intangible assets 102,180 133,620 Income tax receivable 6,217,679 1,831,598 Prepaid expenses and other assets 9,368,924 10,179,333 --------- ---------- Total assets $797,245,846 $829,890,635 ============ Liabilities and Stockholders' Equity Deposits: Demand $234,501,026 $224,507,362 Savings 24,498,789 23,137,391 Large denomination certificates of deposit 222,578,449 224,198,974 Other time 207,886,450 216,667,331 ----------- ----------- Total deposits 689,464,714 688,511,058 Borrowed money 11,503,110 37,380,388 Junior subordinated debentures 10,310,000 10,310,000 Other liabilities 6,454,818 7,475,085 --------- --------- Total liabilities 717,732,642 743,676,531 ----------- ----------- Common stock, $.01 par value, 25,000,000 shares authorized; 11,254,222 issued; 9,751,271 and 9,742,296 shares outstanding, respectively 97,513 97,423 Additional paid-in capital 35,795,586 35,841,364 Retained earnings, substantially restricted 74,956,772 82,111,114 Treasury stock at cost (31,967,269) (32,158,074) Accumulated other comprehensive income, net 630,602 322,277 ------- ------- Total stockholders' equity 79,513,204 86,214,104 ---------- ---------- Total liabilities and stockholders' equity $797,245,846 $829,890,635 ============ *Derived from audited consolidated financial statements First South Bancorp, Inc. and Subsidiary Consolidated Statements of Operations (unaudited) Three Months Ended December 31 ----------- 2010 2009 ---- Interest income: Interest and fees on loans $8,971,629 $10,782,733 Interest and dividends on investments and deposits 956,429 1,068,842 ------- --------- Total interest income 9,928,058 11,851,575 --------- ---------- Interest expense: Interest on deposits 2,002,600 2,644,057 Interest on borrowings 82,079 270,558 Interest on junior subordinated notes 81,884 81,710 ------ ------ Total interest expense 2,166,563 2,996,325 --------- --------- Net interest income 7,761,495 8,855,250 Provision for credit losses 13,700,000 2,700,000 ---------- --------- Net interest income after provision for credit losses (5,938,505) 6,155,250 ---------- --------- Non-interest income: Fees and service charges 1,665,795 1,899,647 Loan servicing fees 192,315 182,878 Gain (loss) on sale of other real estate, net (596,751) (39,409) Gain on sale of mortgage loans 311,169 261,737 Gain on sale of mortgage-backed securities 50,562 - Gain on sale of investment securities - - Other income 296,282 221,584 ------- ------- Total non-interest income 1,919,372 2,526,437 --------- --------- Non-interest expense: Compensation and fringe benefits 3,783,196 3,595,642 Federal deposit insurance premiums 289,626 298,510 Premises and equipment 425,962 451,806 Advertising 36,798 23,341 Payroll and other taxes 326,526 309,928 Data processing 677,019 623,089 Amortization of intangible assets 145,659 117,268 Other 1,053,471 880,283 --------- ------- Total non-interest expense 6,738,257 6,299,867 --------- --------- Income (loss) before income tax expense (benefit) (10,757,390) 2,381,820 Income tax expense (benefit) (4,259,923) 872,050 ---------- ------- Net income (loss) $(6,497,467) $1,509,770 =========== ========== Per share data: Basic earnings (loss) per share $(0.67) $0.16 Diluted earnings (loss) per share $(0.67) $0.16 Dividends per share $0.00 $0.20 Average basic shares outstanding 9,748,948 9,738,475 Average diluted shares outstanding 9,748,948 9,738,475 Year Ended December 31 ----------- 2010 2009 ---- ---- Interest income: Interest and fees on loans $38,843,771 $45,211,260 Interest and dividends on investments and deposits 4,027,268 3,848,639 --------- --------- Total interest income 42,871,039 49,059,899 ---------- ---------- Interest expense: Interest on deposits 8,301,551 14,459,345 Interest on borrowings 384,161 1,244,664 Interest on junior subordinated notes 333,689 389,677 ------- ------- Total interest expense 9,019,401 16,093,686 --------- ---------- Net interest income 33,851,638 32,966,213 Provision for credit losses 22,151,787 7,180,000 ---------- --------- Net interest income after provision for credit losses 11,699,851 25,786,213 ---------- ---------- Non-interest income: Fees and service charges 6,864,083 7,377,019 Loan servicing fees 747,387 679,673 Gain (loss) on sale of other real estate, net (523,173) (200,732) Gain on sale of mortgage loans 1,155,690 1,197,029 Gain on sale of mortgage- backed securities 1,682,453 - Gain on sale of investment securities 2,406 917,866 Other income 915,022 988,865 ------- ------- Total non-interest income 10,843,868 10,959,720 ---------- ---------- Non-interest expense: Compensation and fringe benefits 15,583,817 14,118,842 Federal deposit insurance premiums 1,158,544 1,253,627 Premises and equipment 1,741,462 1,823,628 Advertising 148,380 123,513 Payroll and other taxes 1,392,624 1,327,449 Data processing 2,576,386 2,452,593 Amortization of intangible assets 493,785 488,602 Other 3,629,836 3,756,547 --------- --------- Total non-interest expense 26,724,834 25,344,801 ---------- ---------- Income (loss) before income tax expense (benefit) (4,181,115) 11,401,132 Income tax expense (benefit) (1,801,319) 4,365,296 ---------- --------- Net income (loss) $(2,379,796) $7,035,836 =========== ========== Per share data: Basic earnings (loss) per share $(0.24) $0.72 Diluted earnings (loss) per share $(0.24) $0.72 Dividends per share $0.49 $0.80 Average basic shares outstanding 9,744,870 9,738,225 Average diluted shares outstanding 9,745,047 9,738,244 First South Bancorp, Inc. Supplemental Financial Data (Unaudited) Quarterly --------- 12/31/2010 9/30/2010 6/30/2010 ---------- --------- --------- Consolidated balance sheet data: (dollars in thousands except per share data) Total assets $797,246 $811,912 $812,771 Loans receivable (net): Mortgage $55,450 $53,995 $49,470 Commercial 463,155 496,489 502,425 Consumer 79,469 83,801 83,550 Leases 8,000 8,095 9,413 ----- ----- ----- Total $606,074 $642,380 $644,858 Cash and investments $44,434 $40,815 $34,737 Mortgage-backed securities 98,883 87,245 92,559 Premises and equipment 9,163 9,216 9,240 Goodwill 4,219 4,219 4,219 Mortgage servicing rights 1,358 1,299 1,268 Deposits: Savings $24,499 $24,946 $25,155 Checking 234,501 237,677 224,950 Certificates 430,465 433,432 444,435 ------- ------- ------- Total $689,465 $696,055 $694,540 Borrowings $11,503 $12,164 $12,665 Junior subordinated debentures 10,310 10,310 10,310 Stockholders' equity 79,513 87,293 87,110 Consolidated earnings summary: Interest income $9,928 $10,963 $10,829 Interest expense 2,166 2,222 2,258 ----- ----- ----- Net interest income 7,762 8,741 8,571 Provision for credit losses 13,700 3,962 2,070 Noninterest income 1,919 3,400 2,830 Noninterest expense 6,738 6,745 6,741 Income tax expense (benefit) (4,260) 424 1,032 ------ --- ----- Net income (loss) $(6,497) $1,010 $1,558 ======= ====== ====== Per Share Data: Basic earnings (loss) per share $(0.67) $0.10 $0.16 Diluted earnings (loss) per share $(0.67) $0.10 $0.16 Dividends per share $0.00 $0.09 $0.20 Book value per share $8.15 $8.96 $8.94 Average basic shares 9,748,948 9,743,971 9,743,971 Average diluted shares 9,748,948 9,743,971 9,744,679 Quarterly --------- 3/31/2010 12/31/2009 --------- ---------- Consolidated balance sheet data: (dollars in thousands except per share data) Total assets $800,608 $829,891 Loans receivable (net): Mortgage $48,379 $51,820 Commercial 498,525 508,279 Consumer 85,502 88,893 Leases 9,877 9,664 ----- ----- Total $642,283 $658,656 Cash and investments $22,690 $30,045 Mortgage-backed securities 94,735 97,239 Premises and equipment 9,034 8,540 Goodwill 4,219 4,219 Mortgage servicing rights 1,281 1,279 Deposits: Savings $24,709 $23,138 Checking 225,997 224,507 Certificates 433,734 440,866 ------- ------- Total $684,440 $688,511 Borrowings $12,441 $37,380 Junior subordinated debentures 10,310 10,310 Stockholders' equity 85,962 86,214 Consolidated earnings summary: Interest income $11,151 $11,851 Interest expense 2,372 2,996 ----- ----- Net interest income 8,779 8,855 Provision for credit losses 2,420 2,700 Noninterest income 2,694 2,527 Noninterest expense 6,500 6,300 Income tax expense (benefit) 1,003 872 ----- --- Net income (loss) $1,550 $1,510 ====== ====== Per Share Data: Basic earnings (loss) per share $0.16 $0.16 Diluted earnings (loss) per share $0.16 $0.16 Dividends per share $0.20 $0.20 Book value per share $8.82 $8.85 Average basic shares 9,742,505 9,738,475 Average diluted shares 9,742,505 9,738,550 Year to Date ------------ 12/31/2010 12/31/2009 ---------- ---------- Consolidated balance sheet data: (dollars in thousands except per share data) Total assets $797,246 $829,891 Loans receivable (net): Mortgage $55,450 $51,820 Commercial 463,155 508,279 Consumer 79,469 88,893 Leases 8,000 9,664 ----- ----- Total $606,074 $658,656 Cash and investments $44,434 $30,045 Mortgage-backed securities 98,883 97,239 Premises and equipment 9,163 8,540 Goodwill 4,219 4,219 Mortgage servicing rights 1,358 1,279 Deposits: Savings $24,499 $23,138 Checking 234,501 224,507 Certificates 430,465 440,866 ------- ------- Total $689,465 $688,511 Borrowings $11,503 $37,380 Junior subordinated debentures 10,310 10,310 Stockholders' equity 79,513 86,214 Consolidated earnings summary: Interest income $42,871 $49,060 Interest expense 9,019 16,094 ----- ------ Net interest income 33,852 32,966 Provision for credit losses 22,152 7,180 Noninterest income 10,844 10,960 Noninterest expense 26,725 25,345 Income tax expense (benefit) (1,801) 4,365 ------ ----- Net income (loss) $(2,380) $7,036 ======= ====== Per Share Data: Basic earnings (loss) per share $(0.24) $0.72 Diluted earnings (loss) per share $(0.24) $0.72 Dividends per share $0.49 $0.80 Book value per share $8.15 $8.85 Average basic shares 9,744,870 9,738,225 Average diluted shares 9,745,047 9,738,244 First South Bancorp, Inc. Supplemental Financial Data (Unaudited) Quarterly --------- 12/31/2010 9/30/2010 6/30/2010 ---------- --------- --------- (dollars in thousands except per share data) Performance ratios: Yield on earning assets 5.51% 5.92% 5.86% Cost of funds 1.24% 1.24% 1.26% ---- ---- ---- Net interest spread 4.30% 4.68% 4.60% Net interest margin on earning assets 4.31% 4.72% 4.64% Earning assets to total assets 87.42% 90.96% 91.13% Return on average assets (annualized) -3.21% 0.50% 0.77% Return on average equity (annualized) -30.31% 4.60% 7.17% Efficiency ratio 69.52% 55.50% 59.05% Average assets $810,459 $813,900 $808,266 Average earning assets $720,813 $741,214 $738,645 Average equity $85,746 $87,760 $86,957 Equity/Assets 9.97% 10.75% 10.72% Tangible Equity/ Assets 9.43% 10.22% 10.18% Asset quality data and ratios: Nonaccrual loans $14,293 $14,073 $12,308 Nonaccrual Restructured loans $26,973 $5,156 $5,647 ------- ------ ------ Total nonaccrual loans $41,266 $19,229 $17,955 Other real estate owned $11,616 $8,599 $8,452 ------- ------ ------ Total nonperforming assets $52,882 $27,828 $26,407 Performing Restructured Loans $31,334 $24,298 $14,087 Allowance for loan and lease losses $18,830 $8,611 $7,951 Allowance for unfunded loan commitments $237 $163 $171 --- --- --- Allowance for credit losses $19,067 $8,774 $8,122 Allowance for loan and lease losses to loans 3.01% 1.32% 1.21% Allowance for unfunded loan commitments to unfunded commitments 0.30% 0.20% 0.20% Allowance for credit losses to loans 3.04% 1.35% 1.24% Net charge- offs (recoveries) $3,407 $3,310 $7,347 Net charge- offs (recoveries) to loans 0.56% 0.52% 1.14% Nonaccrual loans to loans 6.81% 2.99% 2.78% Nonperforming assets to assets 6.63% 3.43% 3.25% Loans to deposits 87.91% 92.29% 92.85% Loans to assets 76.02% 79.12% 79.34% Loans serviced for others $318,218 $307,395 $299,361 Quarterly --------- 3/31/2010 12/31/2009 --------- ---------- (dollars in thousands except per share data) Performance ratios: Yield on earning assets 5.99% 6.09% Cost of funds 1.32% 1.61% ---- ---- Net interest spread 4.67% 4.48% Net interest margin on earning assets 4.72% 4.55% Earning assets to total assets 91.66% 91.81% Return on average assets (annualized) 0.76% 0.72% Return on average equity (annualized) 7.13% 6.88% Efficiency ratio 56.59% 55.28% Average assets $811,859 $842,556 Average earning assets $744,415 $777,896 Average equity $86,897 $87,762 Equity/Assets 10.74% 10.39% Tangible Equity/ Assets 10.19% 9.86% Asset quality data and ratios: Nonaccrual loans $8,578 $5,838 Nonaccrual Restructured loans $4,377 $4,343 ------ ------ Total nonaccrual loans $12,955 $10,181 Other real estate owned $8,383 $10,561 ------ ------- Total nonperforming assets $21,338 $20,742 Performing Restructured Loans $11,599 $11,612 Allowance for loan and lease losses $13,221 $13,504 Allowance for unfunded loan commitments $178 $240 --- --- Allowance for credit losses $13,399 $13,744 Allowance for loan and lease losses to loans 2.01% 2.00% Allowance for unfunded loan commitments to unfunded commitments 0.20% 0.27% Allowance for credit losses to loans 2.04% 2.04% Net charge-offs (recoveries) $2,765 $1,543 Net charge-offs (recoveries) to loans 0.43% 0.23% Nonaccrual loans to loans 2.02% 1.55% Nonperforming assets to assets 2.67% 2.50% Loans to deposits 93.84% 95.66% Loans to assets 80.22% 79.37% Loans serviced for others $296,452 $289,324 Year to Date ------------ 12/31/2010 12/31/2009 ---------- ---------- (dollars in thousands except per share data) Performance ratios: Yield on earning assets 5.81% 6.13% Cost of funds 1.26% 2.09% ---- ---- Net interest spread 4.55% 4.04% Net interest margin on earning assets 4.59% 4.12% Earning assets to total assets 87.42% 91.81% Return on average assets (annualized) -0.29% 0.81% Return on average equity (annualized) -2.74% 7.98% Efficiency ratio 59.72% 57.63% Average assets $811,742 $866,504 Average earning assets $738,073 $800,899 Average equity $86,852 $88,129 Equity/Assets 9.97% 10.39% Tangible Equity/ Assets 9.43% 9.86% Asset quality data and ratios: Nonaccrual loans $14,293 $5,838 Nonaccrual Restructured loans $26,973 $4,343 ------- ------ Total nonaccrual loans $41,266 $10,181 Other real estate owned $11,616 $10,561 ------- ------- Total nonperforming assets $52,882 $20,742 Performing Restructured Loans $31,334 $11,612 Allowance for loan and lease losses $18,830 $13,504 Allowance for unfunded loan commitments $237 $240 --- --- Allowance for credit losses $19,067 $13,744 Allowance for loan and lease losses to loans 3.01% 2.00% Allowance for unfunded loan commitments to unfunded commitments 0.30% 0.27% Allowance for credit losses to loans 3.04% 2.04% Net charge-offs (recoveries) $16,829 $5,393 Net charge-offs (recoveries) to loans 2.78% 0.82% Nonaccrual loans to loans 6.81% 1.55% Nonperforming assets to assets 6.63% 2.50% Loans to deposits 87.91% 95.66% Loans to assets 76.02% 79.37% Loans serviced for others $318,218 $289,324
First South Bancorp, Inc.
CONTACT: Bill Wall, CFO, +1-252-940-5017, or Tom Vann, CEO,
+1-252-940-4916
Web Site: http://www.firstsouthnc.com/
