WASHINGTON, N.C., Oct. 30, 2015 /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 nine months ended
September 30, 2015.
For the 2015 third quarter, net income was $1,237,000, or $0.13 per diluted common share, compared to net
income of $1,154,000, or $0.12 per diluted common share for the linked
2015 second quarter, and $1,419,000
or $0.15 per diluted common share for
the 2014 third quarter.
The improvement in our operating results on a linked quarter
basis is due to increases in net interest income and non-interest
income, and a reduction in non-interest expenses. Both net
interest income as well as non-interest income results for the
third quarter of 2015 were positive when compared to the quarter
ended September 30, 2014. The
favorable increase in our level of net interest income reflects the
impact of strong earning asset growth over the past twelve
months. Non-interest expenses in the current quarter exceeded
that of the same quarter one year ago due primarily to
infrastructure added in association with the branches acquired from
Bank of America (BOA) in the fourth quarter of 2014.
Net income for the first nine months of 2015 was $3,116,000, or $0.33 per diluted common share, compared to net
income of $3,940,000, or $0.41 per diluted common share earned in the
first nine months of 2014. Earnings for the current nine
month period were positively impacted by increases in net interest
income and non-interest income, as well as lower loan loss
provisions. During this same period, non-interest expenses
have increased with growth of our franchise and supporting
infrastructure. In addition, during the first nine-months of
2015, the Bank incurred $425,000 of
one-time, pre-tax transaction expenses associated with the nine
newly acquired branch offices from BOA.
Bruce Elder, President and CEO,
commented, "After acquiring $170
million in deposits and only $3
million in loans through our branch transaction in
December 2014, we have been focused
on redeploying the resulting cash and investments into quality
loans. We are pleased to report that through the first nine
months of 2015, we have generated net growth in our loan portfolio
of $86.9 million. After concentrating
during the first quarter on ensuring that our new offices and
employees reflected our YOU FIRST brand of banking, we turned our
attention to new loan origination and experienced almost
$78 million in net loan growth during
the past six months. With a strong pipeline heading into the
fourth quarter, we anticipate net loan growth to continue through
the end of 2015 and into next year."
Mr. Elder commented further, "During the quarter ended
September 30, 2015, we paid our
seventh consecutive quarterly cash dividend of $0.025 per share. Our dividend payments for
the nine months ended September 30,
2015 represent a 23% payout ratio of diluted earnings per
share. The payment of these quarterly dividends reflects the
Company's strong capital position, improved financial performance
and our confidence in the future."
Net Interest Income
Net interest income for the 2015 third quarter increased to
$7.4 million from $7.2 million for the linked 2015 second quarter,
and $6.6 million for the 2014 third
quarter. Net interest income for the first nine months of
2015 increased to $21.7 million from
$19.6 million for the comparative
period one year prior. The tax equivalent net interest margin
fell 4 basis points to 3.63% for the 2015 third quarter, from 3.67%
for the linked 2015 second quarter, and fell 46 basis points when
compared to the 4.09% for the 2014 third quarter. The tax
equivalent net interest margin for the first nine months of 2015
declined by 52 basis points to 3.64%, from 4.16% for the
comparative nine month period of 2014.
The Company's margin has declined when compared to prior year
periods due to a change in the mix of our earning assets coupled
with reduced yields on loans and investment; however, the overall
level of net interest income has increased. The change in our
earning asset mix is due to an increase in bond portfolio holdings
in the later portion of 2014 using the funds received from our
branch acquisition transaction with BOA. A significant
portion of these investments are shorter in duration and therefore
have lower yields to provide additional cash flow to support future
loan portfolio growth. In addition, we have experienced lower
yields on our loan portfolio due to the current historically low
rate environment coupled with strong competition for quality credit
customers. While our yields are below historical levels, our
efforts to increase our overall base of earning assets have
resulted in growing net interest income. Average earning
assets for the nine month period ended September 30, 2015 are $810.8 million compared to $640.8 million for the comparative period ended
September 30, 2014.We anticipate our
current margin to remain relatively stable over the near-term as
the shift back to a more normalized earning asset mix should offset
the impact of the current interest rate environment.
Asset Quality and Provisions for Loan Losses
Total nonperforming assets were $10.2
million, or 1.1% of total assets at September 30, 2015, compared to $13.2 million or 1.5% of total assets at
December 31, 2014. Total loans
in non-accrual status were $3.5
million at September 30, 2015,
compared to $5.0 million at
December 31, 2014. Our level of
other real estate owned (OREO) declined to $6.5 million at September
30, 2015, from $7.8 million at
December 31, 2014. The Bank continues
to place improving asset quality metrics as a key component of its
short-term and long-term performance objectives.
The allowance for loan and lease losses (ALLL) was $7.6 million at September
30, 2015, representing 1.33% of loans and leases held for
investment, compared to $7.5 million
at December 31, 2014, or 1.57% of
loans and leases held for investment. The Bank recorded
$335,000 of provision for credit
losses in the 2015 third quarter, $140,000 in the linked 2015 second quarter, and
$400,000 in the comparative 2014
third quarter. For the nine months ended September 30, 2015, the Bank recorded
$475,000 of provision for credit
losses, compared to $1.1 million in
the first nine months of 2014. Management believes the ALLL
remains adequate.
Non-Interest Income
Total non-interest income was $3.8
million for the 2015 third quarter, compared to $3.6 million for the linked 2015 second quarter
and $2.2 million for the 2014 third
quarter.
Deposit fees and service charges totaled $2.1 million for both the 2015 third quarter and
the linked 2015 second quarter. These results were improved
over the $1.1 million generated for
the comparative third quarter of 2014. Deposit fees and
services charges represented 55.6%, 58.2% and 49.8% of total
non-interest income for the 2015 third quarter, the linked 2015
second quarter and the comparative 2014 third quarter,
respectively. This increase primarily reflects the additional
fees and service charges generated from the branch acquisition
transaction. We anticipate additional service charge revenue
from deposits going forward, as we focus on growing our core
deposit base through new customer acquisition.
Total non-interest income generated from the sale and servicing
of mortgage loans and loan fees was $792,000 for the 2015 third quarter, compared to
$877,000 in the linked 2015 second
quarter and $677,000 for the 2014
third quarter. Due to volatility in interest rates,
mortgage originations declined slightly in the third quarter, as
compared to the second quarter. We anticipate mortgage
origination volumes to remain relatively unchanged during the
fourth quarter of 2015. However, new loan volume may be
somewhat dampened as new regulatory changes are implemented.
We will continue to explore various strategies to enhance our
non-interest income from our mortgage division, including the
purchasing of servicing rights.
Included in other non-interest income is revenue from
investments in Bank-owned life insurance (BOLI) of $127,000 for the 2015 third quarter, compared to
$128,000 the linked 2015 second
quarter and $133,000 for the 2014
third quarter.
Net losses from sales of OREO were $63,000 for the 2015 third quarter, compared to
gains of $27,000 for the linked 2015
second quarter and $9,000 for the
2014 third quarter, as the Bank continues in its efforts of
disposing of nonperforming assets.
Net gains from investment securities sales were $503,000 for the 2015 third quarter, compared to
$201,000 for the linked 2015 second
quarter and none for the 2014 third quarter. During 2014, we
implemented a strategy to pre-invest a large portion of the
anticipated acquisition transaction proceeds into short and
intermediate term investment securities until the funds could be
converted to higher yielding assets. During the 2015 third
quarter and linked second quarter, we sold $14.8 million and $9.1
million, respectively, of investment securities primarily to
fund net growth in our loan portfolio and to exit certain
municipalities with exposure to the oil and gas industries.
For the first nine months of 2015, total non-interest income
increased to $10.6 million, from
$6.3 million for the first nine
months 2014. Fees and service charges on deposits increased
significantly to $6.1 million for the
first nine months of 2015, from $3.2
million for the 2014 nine month period, primarily resulting
from additional revenue generated from accounts acquired in the
branch transaction with BOA. Revenue generated from the sale
and servicing of mortgage loans and loan fees increased to
$2.3 million for the first nine
months of 2015, from $1.8 million for
2014 nine month period. Net gains recognized from the sale of
investment securities increased to $955,000 for the first nine months of 2015, from
$14,000 for the first nine months of
2014, reflecting an increased volume of sales activity in the
respective periods. Net gains from sales of OREO declined to
$10,000 for the first nine months of
2015, from $82,000 for the first nine
months of 2014. BOLI earnings declined to $382,000 for the first nine months of 2015, from
$398,000 for the first nine months of
2014.
Non-Interest Expense
Total non-interest expense was $9.0
million for both the 2015 third quarter and the linked 2015
second quarter, but was an increase over the $6.5 million reported for the comparative 2014
third quarter. For the first nine months of 2015, total
non-interest expense increased to $27.3
million, from the $19.6
million reported in the first nine months of 2014.
Compensation and benefit expenses, the largest component of
non-interest expenses, increased to $4.9
million for the 2015 third quarter, from $4.8 million for the linked 2015 second quarter
and $3.8 million comparative 2014
third quarter. For the first nine months of 2015,
compensation expense increased to $14.5
million, from $11.5 million
for the first nine months of 2014. The increase for the
respective 2015 periods is primarily attributable to the expense of
the staff in the nine acquired branch offices, as well as
administrative staff required to support those new offices and the
addition of experienced bankers to generate earning asset
growth. The Bank will continue to invest in professionals
that allow us to expand our market share and meet the growing needs
of our customers.
FDIC insurance premiums increased to $163,000 for the 2015 third quarter, from
$149,000 for the linked 2015 second
quarter and $137,000 for the
comparative 2014 third quarter. For the first nine months of
2015, FDIC insurance was $445,000,
compared to $421,000 for the first
nine months of 2014. The increased quarterly FDIC insurance premium
is primarily attributable to growth of the deposit insurance
assessment calculation base resulting from the acquisition
transaction.
Premises and equipment expense was $1.3
million for both the 2015 third quarter the linked 2015
second quarter, but was an increase over the $877,000 reported for the comparative 2014 third
quarter. For the first nine months of 2015, premises and
equipment expense increased to $4.0
million from $2.5 million for
the first nine months of 2014. While the branch acquisition
has resulted in increased infrastructure cost over our historical
levels, we continue to explore opportunities to gain efficiency and
performance improvement from our branch network and will consider
opportunities, such as expansions and consolidations. As
such, given our current branch structure, we would anticipate
occupancy cost to maintain or improve from their current
levels.
Advertising expense was $219,000
for the 2015 third quarter, compared to $217,000 for the linked 2015 second quarter and
$127,000 for the 2014 third
quarter. For the first nine months of 2015, advertising
expense increased to $598,000, from
$296,000 for the first nine months of
2014. We are investing in building our brand awareness throughout
our expanded geographic footprint with additional marketing
efforts, and anticipate our advertising expenses to continue at
current levels.
Data processing costs declined to $819,000 for the 2015 third quarter, from
$880,000 for the linked 2015 second
quarter, but increased by $252,000,
when compared to the $567,000
reported for the 2014 third quarter. For the first nine
months of 2015, data processing expense increased to $2.8 million, from $1.7
million for the first nine months of 2014. Data
processing costs fluctuate in conjunction with changes in the
number of customer accounts and transaction activity volumes.
As we continue to focus on new customer acquisition and to
invest in emerging technology to better serve our customer base, we
anticipate that data processing costs will continue at current
levels.
Total amortization of intangible assets, including mortgage
servicing rights and identifiable intangible assets, was
$130,000 for both the 2015 third
quarter and the linked 2015 second quarter, compared to
$56,000 for the 2014 third
quarter. For the first nine months of 2015, amortization of
intangible assets increased to $387,000, from $164,000 for the first nine months of 2014.
Amortization of mortgage servicing rights was $58,000 for both the 2015 third quarter and the
linked 2015 second quarter, compared to a $56,000 for the 2014 third quarter.
Amortization of the Company's core deposit intangible, which is the
only identifiable intangible asset subject to amortization, was
$72,000 for both the 2015 third
quarter and the linked 2015 second quarter, compared to none for
the 2014 third quarter.
Total expenses for OREO properties were $99,000 for the 2015 third quarter, compared to
$157,000 for the linked 2015 second
quarter and $167,000 for the 2014
third quarter. Expenses attributable to ongoing maintenance,
property taxes and insurance for OREO properties were $89,000 for the 2015 third quarter, compared to
$115,000 for the linked 2015 second
quarter and $94,000 for the 2014
third quarter. Quarterly OREO valuation adjustments were
$10,000 for the 2015 third quarter,
compared to $41,000 for the linked
2015 second quarter and $73,000 for
the 2014 third quarter. For the first nine months of 2015,
total OREO related expenses increased to $463,000, from $396,000 for the first nine months of 2014.
Other non-interest expense was $1.3
million for the 2015 third quarter, compared to $1.4 million for the linked 2015 second quarter
and $779,000 for the comparative 2014
third quarter. For the first nine months of 2015, other
non-interest expense increased to $4.1
million, from $2.6 million for
the first nine months of 2014. The year-over-year increase in
operating expenses is primarily due to the branch offices
acquired.
Income tax expense was $611,000
for the 2015 third quarter compared to $486,000 for the linked 2015 second quarter and
$489,000 for the 2014 third
quarter. Taxes for the third quarter of 2015 includes a
one-time $80,000 expense adjustment
due a write down of our deferred tax asset given the impending
decline in the North Carolina
statutory tax rate for 2016. For the first nine months of
2015, income tax expense increased to $1.4
million, from $1.3 million for
the first nine months of 2014. Exclusive of the $80,000 one-time adjustment noted above, the
effective income tax rates were 28.73% for the 2015 third quarter,
29.62% for the linked 2015 second quarter and 25.65% for the
comparative 2014 third quarter. Exclusive of the $80,000 one-time adjustment noted above, the
effective income tax rates were 28.49% and 25.04% for the
respective 2015 and 2014 nine month periods. The income from
the Bank's investment in BOLI and tax-exempt municipal bonds
contribute to lowering the Company's tax burden.
During the third quarter of 2015, the Company determined that
its income tax expense associated with prior periods had been
understated by a net amount of $434,000. For the periods prior to 2014 the
cumulative net income tax expense understatement was $651,000. During 2014 the Company
overstated income tax expense by $217,000. As a result our deferred tax
asset and our income tax receivable accounts have been adjusted to
reflect the correction of this error, with a corresponding
$434,000 reduction recorded to
retained earnings. These corrections are similarly reflected
as an adjustment to retained earnings as of December 31, 2014 in the consolidated statement
of changes in equity.
Balance Sheet
Total assets increased to $913.4
million at September 30, 2015,
from $885.4 million at December 31, 2014. The increase is
attributable to a net increase in the volume of earning assets,
resulting primarily from net growth in the loan and lease
receivable portfolio, and partially offset by the sale of
investment securities and a reduction in the level of cash on our
balance sheet to help fund loan growth.
Loans and leases held for investment grew by $86.9 million during the first nine months of
2015. This reflects the ninth consecutive quarterly growth in
loans and leases held for investment. As a result of this net
growth, total loans and leases held for investment increased to
$567.3 million at September 30, 2015, from $480.4 million at December
31, 2014. Loans held for sale were $4.0 million at September
30, 2015, compared to $4.8
million at December 31,
2014.
The investment securities portfolio and interest-bearing
deposits declined to $273.7 million
at September 30, 2015, from
$325.6 million at December 31, 2014. As previously noted, in
2014 the Bank implemented a strategy to pre-invest a large portion
of the anticipated BOA transaction proceeds into short and
intermediate term investment securities until the funds can be
converted to higher yielding assets. During the first nine
months of 2015, the Bank sold $37.7
million of investment securities primarily to fund our loan
portfolio growth and to exit certain municipalities.
The Bank's investment in BOLI was $15.5
million at September 30, 2015,
compared to $15.1 million at
December 31, 2014. The increase
in BOLI levels is due to higher policy cash values.
Identifiable intangible assets were $2.0
million at September 30, 2015,
compared to $2.2 million at
December 31, 2014, reflecting the
core deposit intangible associated with the acquisition
transaction, which is being amortized over a ten year period.
Total deposits declined by $5.0
million to $783.3 million at
September 30, 2015, from $788.3 million at December
31, 2014. Non-interest bearing accounts, savings
accounts and certificates of deposit grew by $10.1 million, $15.6
million and $1.7 million,
respectively, and were offset by decreases of $32.4 million in interest bearing demand
balances. Certificates of deposits represent 32.7% of total
deposits at September 30, 2015,
compared to 32.3% at December 31,
2014. Non-interest bearing increased to 20.1% of total
deposits at September 30, 2015, from
18.7% at December 31, 2014.
Stockholders' equity increased to $81.6
million at September 30, 2015,
from $80.0 million at December 31, 2014. This increase primarily
reflects the $3.1 million of net
income earned for the first nine months, net of a $78,000 increase in accumulated other
comprehensive income primarily resulting from the mark-to-market
adjustment of the available-for-sale securities portfolio,
$716,000 of cash dividends declared,
and $909,000 used to acquire shares
of the Company's common stock pursuant to an announced repurchase
program. There were 9,489,222 common shares outstanding at
September 30, 2015, compared to
9,598,007 shares outstanding at December 31,
2014, reflecting the net effect of 3,359 shares issued
pursuant to the vesting of restricted stock awards and 112,144
shares purchased through the stock repurchase program.
The tangible equity to assets ratio was 8.26% at September 30, 2015, compared to 8.31% at
December 31, 2014. Despite the
decline in tangible equity, our tangible book value per common
share increased to $7.95 at
September 30, 2015, from $7.67 at December 31,
2014, primarily as a result of our share
repurchases.
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 is 0.54% for the 2015 third quarter, compared with
0.53% for the linked 2015 second quarter and 0.79% for the 2014
third quarter. ROE is 5.99% for the 2015 third quarter,
compared with 5.66% for the linked 2015 second quarter and 7.05%
for the 2014 third quarter. The efficiency ratio (noninterest
expenses as a percentage of net interest income plus noninterest
income) was 82.26% for the 2015 third quarter, compared to 83.71%
for the linked 2015 second quarter, and the 72.52% for the 2014
third quarter. The efficiency ratio measures the proportion
of net operating revenues that are absorbed by overhead
expenses.
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, 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 32 full service branch
offices located throughout eastern and central North
Carolina.
The Company's common stock symbol as traded on the NASDAQ Global
Select Market is "FSBK".
Forward-Looking Statements
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.
Non-GAAP Financial Measures
This press release contains financial information determined by
methods other than in accordance with accounting principles
generally accepted in the United
States. First South Bancorp, Inc.'s management uses these
"non-GAAP" measures in their analysis of the Company's performance.
Management believes that these non-GAAP financial measures provide
a greater understanding of ongoing operations and enhance
comparability of results with prior periods as well as
demonstrating the effects of significant gains and charges in the
current period. These disclosures should not be viewed as a
substitute for operating results determined in accordance with
GAAP, nor are they necessarily comparable to non-GAAP performance
measures that may be presented by other companies. See the attached
disclosures for a reconciliation of any non-GAAP measures to the
most directly comparable GAAP measure.
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
|
|
|
|
|
September
30,
|
|
|
December
31,
|
|
|
|
|
2015
|
|
|
2014
|
|
Assets
|
|
|
(Unaudited)
|
|
|
(As
restated)
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
17,825,684
|
|
$
|
23,281,016
|
|
Interest-bearing
deposits with banks
|
|
|
24,860,710
|
|
|
32,835,661
|
|
Investment securities
available for sale, at fair value
|
|
|
248,352,358
|
|
|
292,298,910
|
|
Investment securities
held to maturity
|
|
|
508,169
|
|
|
507,309
|
|
Loans held for
sale:
|
|
|
|
|
|
|
|
Mortgage
loans
|
|
|
4,029,423
|
|
|
4,792,943
|
|
Total loans held for sale
|
|
|
4,029,423
|
|
|
4,792,943
|
|
|
|
|
|
|
|
|
|
Loans and leases held
for investment
|
|
|
567,304,315
|
|
|
480,436,270
|
|
Allowance for loan and lease losses
|
|
|
(7,569,573)
|
|
|
(7,519,970)
|
|
Net loans and leases held for investment
|
|
|
559,734,742
|
|
|
472,916,300
|
|
|
|
|
|
|
|
|
|
Premises and
equipment, net
|
|
|
15,289,727
|
|
|
15,821,436
|
|
Other real estate
owned
|
|
|
6,506,062
|
|
|
7,755,541
|
|
Federal Home Loan
Bank stock, at cost
|
|
|
2,199,300
|
|
|
606,500
|
|
Accrued interest
receivable
|
|
|
2,678,319
|
|
|
2,851,650
|
|
Goodwill
|
|
|
4,218,576
|
|
|
4,218,576
|
|
Mortgage servicing
rights
|
|
|
1,228,702
|
|
|
1,178,115
|
|
Identifiable
intangible assets
|
|
|
1,967,363
|
|
|
2,182,909
|
|
Income tax
receivable
|
|
|
-
|
|
|
1,591,105
|
( a )
|
Bank-owned life
insurance
|
|
|
15,507,035
|
|
|
15,125,498
|
|
Prepaid expenses and
other assets
|
|
|
8,461,656
|
|
|
7,467,178
|
( b )
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
913,367,826
|
|
$
|
885,430,647
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
Non-interest
bearing demand
|
|
$
|
157,609,019
|
|
$
|
147,543,594
|
|
Interest
bearing demand
|
|
|
236,116,807
|
|
|
268,472,945
|
|
Savings
|
|
|
133,569,878
|
|
|
117,932,606
|
|
Large
denomination certificates of deposit
|
|
|
110,764,798
|
|
|
111,523,043
|
|
Other
time
|
|
|
145,250,812
|
|
|
142,808,182
|
|
Total deposits
|
|
|
783,311,314
|
|
|
788,280,370
|
|
|
|
|
|
|
|
|
|
Borrowed
money
|
|
|
33,000,000
|
|
|
-
|
|
Junior subordinated
debentures
|
|
|
10,310,000
|
|
|
10,310,000
|
|
Other
liabilities
|
|
|
5,123,221
|
|
|
6,837,701
|
|
Total liabilities
|
|
|
831,744,535
|
|
|
805,428,071
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, $.01
par value, 25,000,000 shares authorized;
|
|
|
|
|
|
|
|
9,489,222 and 9,598,007 shares outstanding, respectively
|
|
|
94,892
|
|
|
95,980
|
|
Additional paid-in
capital
|
|
|
35,920,933
|
|
|
35,869,195
|
|
Retained
earnings
|
|
|
42,360,680
|
|
|
40,868,919
|
( c )
|
Accumulated other
comprehensive income
|
|
|
3,246,786
|
|
|
3,168,482
|
|
Total stockholders' equity
|
|
|
81,623,291
|
|
|
80,002,576
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
913,367,826
|
|
$
|
885,430,647
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) - reduced income
tax receivable for prior period error
|
|
(b) - increased
deferred tax asset for prior period error
|
|
(c) - reduced
retained earnings for prior period error
|
|
First South
Bancorp, Inc. and Subsidiary
|
|
Consolidated
Statements of Operations
|
|
Three and Nine
Months Ended September 30, 2015 and 2014
|
|
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
|
|
|
|
|
September
30,
|
|
|
September
30,
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
(As
restated)
|
|
|
|
|
|
(As
restated)
|
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and
fees on loans
|
|
|
$
|
6,639,177
|
|
$
|
6,068,196
|
|
$
|
18,834,471
|
|
$
|
17,966,829
|
|
Interest on
investments and deposits
|
|
|
1,577,440
|
|
|
1,248,382
|
|
|
5,047,181
|
|
|
3,642,464
|
|
Total interest income
|
|
|
8,216,617
|
|
|
7,316,578
|
|
|
23,881,652
|
|
|
21,609,293
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
|
|
|
598,081
|
|
|
522,861
|
|
|
1,730,070
|
|
|
1,608,913
|
|
Interest on
borrowings
|
|
|
|
54,077
|
|
|
112,174
|
|
|
61,593
|
|
|
157,287
|
|
Interest on
junior subordinated notes
|
|
|
141,578
|
|
|
81,371
|
|
|
421,656
|
|
|
242,651
|
|
Total interest expense
|
|
|
793,736
|
|
|
716,406
|
|
|
2,213,319
|
|
|
2,008,851
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
7,422,881
|
|
|
6,600,172
|
|
|
21,668,333
|
|
|
19,600,442
|
|
Provision for credit
losses
|
|
|
|
335,000
|
|
|
400,000
|
|
|
475,000
|
|
|
1,100,000
|
|
Net interest income after provision for credit losses
|
|
|
7,087,881
|
|
|
6,200,172
|
|
|
21,193,333
|
|
|
18,500,442
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit fees
and service charges
|
|
|
2,093,101
|
|
|
1,118,599
|
|
|
6,067,959
|
|
|
3,184,808
|
|
Loan fees and
charges
|
|
|
|
62,960
|
|
|
39,057
|
|
|
179,196
|
|
|
117,615
|
|
Mortgage loan
servicing fees
|
|
|
263,679
|
|
|
248,399
|
|
|
807,126
|
|
|
724,827
|
|
Gain on sale
and other fees on mortgage loans
|
|
|
528,745
|
|
|
428,514
|
|
|
1,486,278
|
|
|
1,076,583
|
|
Gain on sale
of other real estate, net
|
|
|
(63,402)
|
|
|
8,949
|
|
|
9,814
|
|
|
82,369
|
|
Gain on sale
of investment securities
|
|
|
502,576
|
|
|
-
|
|
|
954,514
|
|
|
13,509
|
|
Other
income
|
|
|
|
378,574
|
|
|
401,584
|
|
|
1,057,395
|
|
|
1,133,910
|
|
Total non-interest income
|
|
|
3,766,233
|
|
|
2,245,102
|
|
|
10,562,282
|
|
|
6,333,621
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation
and fringe benefits
|
|
|
4,935,133
|
|
|
3,826,855
|
|
|
14,475,105
|
|
|
11,454,632
|
|
Federal
deposit insurance premiums
|
|
|
163,200
|
|
|
137,253
|
|
|
445,081
|
|
|
420,873
|
|
Premises and
equipment
|
|
|
|
1,312,123
|
|
|
877,447
|
|
|
3,976,577
|
|
|
2,534,608
|
|
Advertising
|
|
|
|
218,827
|
|
|
126,892
|
|
|
598,477
|
|
|
295,905
|
|
Data
processing
|
|
|
|
818,680
|
|
|
566,513
|
|
|
2,805,101
|
|
|
1,720,321
|
|
Amortization
of intangible assets
|
|
|
129,527
|
|
|
55,796
|
|
|
386,597
|
|
|
164,008
|
|
Other real
estate owned expense
|
|
|
99,234
|
|
|
167,164
|
|
|
462,825
|
|
|
395,652
|
|
Other
|
|
|
|
1,330,098
|
|
|
779,226
|
|
|
4,137,281
|
|
|
2,592,176
|
|
Total non-interest expense
|
|
|
9,006,822
|
|
|
6,537,146
|
|
|
27,287,044
|
|
|
19,578,175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax expense
|
|
|
1,847,292
|
|
|
1,908,128
|
|
|
4,468,571
|
|
|
5,255,888
|
|
Income tax
expense
|
|
|
|
610,680
|
|
|
489,347
|
( a )
|
|
1,352,983
|
|
|
1,315,896
|
( a )
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
|
$
|
1,236,612
|
|
$
|
1,418,781
|
|
$
|
3,115,588
|
|
$
|
3,939,992
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
|
|
$
|
0.13
|
|
$
|
0.15
|
( a )
|
$
|
0.33
|
|
$
|
0.41
|
( a )
|
Diluted earnings per
share
|
|
|
$
|
0.13
|
|
$
|
0.15
|
( a )
|
$
|
0.33
|
|
$
|
0.41
|
( a )
|
Dividends per
share
|
|
|
$
|
0.025
|
|
$
|
0.025
|
|
$
|
0.075
|
|
$
|
0.075
|
|
Average basic shares
outstanding
|
|
|
9,500,885
|
|
|
9,598,007
|
|
|
9,532,393
|
|
|
9,626,346
|
|
Average diluted
shares outstanding
|
|
|
9,520,943
|
|
|
9,616,004
|
|
|
9,552,298
|
|
|
9,644,834
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) - revised for
prior period error
|
|
|
First South
Bancorp, Inc.
|
|
Supplemental
Financial Data (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter to
Date
|
|
Year to
Date
|
|
|
|
|
9/30/2015
|
|
6/30/2015
|
|
3/31/2015
|
|
12/31/2014
|
|
9/30/2014
|
|
9/30/2015
|
|
9/30/2014
|
|
|
|
|
|
|
|
|
|
|
(As
restated)
|
|
(As
restated)
|
|
|
|
(As
restated)
|
|
|
|
(dollars in thousands except per share data)
|
Consolidated balance
sheet data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
(1)
|
$
|
913,368
|
$
|
899,390
|
$
|
879,215
|
$
|
885,431
|
$
|
734,225
|
$
|
913,368
|
$
|
734,225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
sale:
|
$
|
4,029
|
$
|
6,171
|
$
|
7,947
|
$
|
4,793
|
$
|
5,540
|
$
|
4,029
|
$
|
5,540
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
investment (HFI):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage
|
|
$
|
71,148
|
$
|
68,812
|
$
|
66,957
|
$
|
66,391
|
$
|
67,791
|
$
|
71,148
|
$
|
67,791
|
|
Commercial
|
|
419,784
|
|
399,734
|
|
346,326
|
|
338,861
|
|
331,209
|
|
419,784
|
|
331,209
|
|
Consumer
|
|
61,934
|
|
62,265
|
|
62,756
|
|
62,792
|
|
61,959
|
|
61,934
|
|
61,959
|
|
Leases
|
|
|
14,438
|
|
12,825
|
|
12,637
|
|
12,392
|
|
12,054
|
|
14,438
|
|
12,054
|
|
Total loans held for investment
|
|
567,304
|
|
543,636
|
|
488,676
|
|
480,436
|
|
473,013
|
|
567,304
|
|
473,013
|
Allowance for loan
and lease losses
|
|
(7,570)
|
|
(7,364)
|
|
(7,203)
|
|
(7,520)
|
|
(7,504)
|
|
(7,570)
|
|
(7,504)
|
Net loans held for
investment
|
$
|
559,734
|
$
|
536,272
|
$
|
481,473
|
$
|
472,916
|
$
|
465,509
|
$
|
559,734
|
$
|
465,509
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash & interest
bearing deposits
|
$
|
42,686
|
$
|
36,600
|
$
|
59,641
|
$
|
56,117
|
$
|
20,106
|
$
|
42,686
|
$
|
20,106
|
Investment
securities
|
|
248,861
|
|
260,628
|
|
272,990
|
|
292,806
|
|
188,472
|
|
248,861
|
|
188,472
|
Premises and
equipment
|
|
15,290
|
|
15,246
|
|
15,481
|
|
15,821
|
|
12,494
|
|
15,290
|
|
12,494
|
Goodwill
|
|
|
4,219
|
|
4,219
|
|
4,219
|
|
4,219
|
|
4,219
|
|
4,219
|
|
4,219
|
Identifiable
intangible asset
|
|
1,967
|
|
2,039
|
|
2,111
|
|
2,183
|
|
0
|
|
1,967
|
|
0
|
Mortgage servicing
rights
|
|
1,229
|
|
1,213
|
|
1,160
|
|
1,178
|
|
1,171
|
|
1,229
|
|
1,171
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
checking
|
$
|
157,609
|
$
|
158,929
|
$
|
147,946
|
$
|
147,544
|
$
|
99,219
|
$
|
157,609
|
$
|
99,219
|
Interest
checking
|
|
167,673
|
|
169,736
|
|
180,114
|
|
180,558
|
|
130,421
|
|
167,673
|
|
130,421
|
Money
market
|
|
|
68,443
|
|
69,646
|
|
84,379
|
|
87,915
|
|
52,052
|
|
68,443
|
|
52,052
|
Savings
|
|
|
133,570
|
|
131,078
|
|
123,457
|
|
117,932
|
|
90,190
|
|
133,570
|
|
90,190
|
Certificates
|
|
|
256,016
|
|
243,480
|
|
248,129
|
|
254,331
|
|
230,166
|
|
256,016
|
|
230,166
|
|
Total
deposits
|
$
|
783,311
|
$
|
772,869
|
$
|
784,025
|
$
|
788,280
|
$
|
602,048
|
$
|
783,311
|
$
|
602,048
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings
|
|
$
|
33,000
|
$
|
32,000
|
$
|
0
|
$
|
0
|
$
|
37,500
|
$
|
33,000
|
$
|
37,500
|
Junior subordinated
debentures
|
|
10,310
|
|
10,310
|
|
10,310
|
|
10,310
|
|
10,310
|
|
10,310
|
|
10,310
|
Stockholders' equity
(1)
|
|
81,623
|
|
79,687
|
|
80,968
|
|
80,003
|
|
79,921
|
|
81,623
|
|
79,921
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated earnings
summary:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
|
8,217
|
$
|
7,901
|
$
|
7,764
|
$
|
7,569
|
$
|
7,316
|
$
|
23,882
|
$
|
21,609
|
Interest
expense
|
|
794
|
|
712
|
|
708
|
|
742
|
|
716
|
|
2,213
|
|
2,009
|
Net interest
income
|
|
7,423
|
|
7,189
|
|
7,056
|
|
6,827
|
|
6,600
|
|
21,669
|
|
19,600
|
Provision for credit
losses
|
|
335
|
|
140
|
|
0
|
|
0
|
|
400
|
|
475
|
|
1,100
|
Noninterest
income
|
|
3,766
|
|
3,616
|
|
3,180
|
|
2,251
|
|
2,245
|
|
10,562
|
|
6,334
|
Noninterest
expense
|
|
9,007
|
|
9,026
|
|
9,254
|
|
8,896
|
|
6,537
|
|
27,287
|
|
19,578
|
Income before
taxes
|
|
1,847
|
|
1,639
|
|
982
|
|
182
|
|
1,908
|
|
4,469
|
|
5,256
|
Income tax
expense (1)
|
|
610
|
|
485
|
|
257
|
|
33
|
|
489
|
|
1,353
|
|
1,316
|
Net income
(1)
|
$
|
1,237
|
$
|
1,154
|
$
|
725
|
$
|
149
|
$
|
1,419
|
$
|
3,116
|
$
|
3,940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted pre-tax
pre-provision operating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
earnings
(non-GAAP):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
taxes
|
$
|
1,847
|
$
|
1,639
|
$
|
982
|
$
|
182
|
$
|
1,908
|
$
|
4,469
|
$
|
5,256
|
Provision for credit
losses
|
|
335
|
|
140
|
|
0
|
|
0
|
|
400
|
|
475
|
|
1,100
|
Pre-tax pre-provision
net income
|
|
2,182
|
|
1,779
|
|
982
|
|
182
|
|
2,308
|
|
4,944
|
|
6,356
|
Securities (gains)
losses, net
|
|
(503)
|
|
(201)
|
|
(251)
|
|
0
|
|
0
|
|
(955)
|
|
(14)
|
OREO
valuations
|
|
10
|
|
41
|
|
44
|
|
131
|
|
62
|
|
95
|
|
73
|
OREO (gains) losses,
(net)
|
|
63
|
|
(27)
|
|
(46)
|
|
(33)
|
|
(9)
|
|
(10)
|
|
(82)
|
Adjusted pre-tax
pre-provision operating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
earnings
(non-GAAP)
|
$
|
1,752
|
$
|
1,592
|
$
|
729
|
$
|
280
|
$
|
2,361
|
$
|
4,074
|
$
|
6,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share (1)
|
$
|
0.13
|
$
|
0.12
|
$
|
0.08
|
$
|
0.02
|
$
|
0.15
|
$
|
0.33
|
$
|
0.41
|
Diluted earnings per
share (1)
|
$
|
0.13
|
$
|
0.12
|
$
|
0.08
|
$
|
0.02
|
$
|
0.15
|
$
|
0.33
|
$
|
0.41
|
Dividends per
share
|
$
|
0.025
|
$
|
0.025
|
$
|
0.025
|
$
|
0.025
|
$
|
0.025
|
$
|
0.075
|
$
|
0.075
|
Book value per share
(1)
|
$
|
8.60
|
$
|
8.38
|
$
|
8.50
|
$
|
8.34
|
$
|
8.33
|
$
|
8.60
|
$
|
8.33
|
Tangible book value
per share (1)
|
$
|
7.95
|
$
|
7.73
|
$
|
7.83
|
$
|
7.67
|
$
|
7.89
|
$
|
7.95
|
$
|
7.89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average basic
shares
|
|
9,500,885
|
|
9,526,656
|
|
9,570,820
|
|
9,598,007
|
|
9,598,007
|
|
9,532,393
|
|
9,626,346
|
Average diluted
shares
|
|
9,520,943
|
|
9,546,235
|
|
9,590,979
|
|
9,618,820
|
|
9,616,004
|
|
9,552,298
|
|
9,644,834
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9/30/2015
|
|
6/30/2015
|
|
3/31/2015
|
|
12/31/2014
|
|
9/30/2014
|
|
9/30/2015
|
|
9/30/2014
|
|
|
|
|
|
|
|
|
|
|
(As
restated)
|
|
(As
restated)
|
|
|
|
(As
restated)
|
|
|
|
(dollars in thousands except per share data)
|
Performance ratios
(tax equivalent):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on average
earning assets
|
|
4.01%
|
|
4.02%
|
|
3.97%
|
|
4.18%
|
|
4.52%
|
|
4.00%
|
|
4.58%
|
Cost of interest
bearing liabilities
|
|
0.48%
|
|
0.45%
|
|
0.44%
|
|
0.48%
|
|
0.53%
|
|
0.46%
|
|
0.51%
|
Net interest
spread
|
|
3.53%
|
|
3.57%
|
|
3.53%
|
|
3.70%
|
|
3.99%
|
|
3.54%
|
|
4.07%
|
Net interest
margin
|
|
3.63%
|
|
3.67%
|
|
3.62%
|
|
3.78%
|
|
4.09%
|
|
3.64%
|
|
4.16%
|
Avg earning assets to
total avg assets (1)
|
|
91.65%
|
|
91.33%
|
|
91.26%
|
|
92.23%
|
|
91.36%
|
|
91.39%
|
|
91.51%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (annualized) (1)
|
|
0.54%
|
|
0.53%
|
|
0.33%
|
|
0.07%
|
|
0.79%
|
|
0.47%
|
|
0.75%
|
Return on average
equity (annualized) (1)
|
|
5.99%
|
|
5.66%
|
|
3.61%
|
|
0.73%
|
|
7.05%
|
|
5.08%
|
|
6.74%
|
Efficiency
ratio
|
|
82.26%
|
|
83.71%
|
|
91.30%
|
|
96.31%
|
|
72.52%
|
|
85.63%
|
|
74.26%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets
(1)
|
$
|
904,017
|
$
|
877,480
|
$
|
879,223
|
$
|
793,852
|
$
|
716,650
|
$
|
887,170
|
$
|
700,256
|
Average earning
assets
|
$
|
828,538
|
$
|
801,396
|
$
|
802,387
|
$
|
732,153
|
$
|
654,700
|
$
|
810,774
|
$
|
640,797
|
Average equity
(1)
|
$
|
81,975
|
$
|
81,799
|
$
|
81,446
|
$
|
81,305
|
$
|
79,802
|
$
|
81,990
|
$
|
78,108
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity/Assets
(1)
|
|
8.94%
|
|
8.86%
|
|
9.21%
|
|
9.04%
|
|
10.89%
|
|
8.94%
|
|
10.89%
|
Tangible
Equity/Assets (1)
|
|
8.26%
|
|
8.16%
|
|
8.49%
|
|
8.31%
|
|
10.31%
|
|
8.26%
|
|
10.31%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality data
and ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-TDR nonaccrual
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning
|
|
$
|
799
|
$
|
990
|
$
|
858
|
$
|
723
|
$
|
317
|
$
|
799
|
$
|
317
|
|
Non-Earning
|
|
964
|
|
806
|
|
1,158
|
|
1,075
|
|
940
|
|
964
|
|
940
|
|
Total Non-TDR nonaccrual
loans
|
$
|
1,763
|
$
|
1,796
|
$
|
2,016
|
$
|
1,798
|
$
|
1,257
|
$
|
1,763
|
$
|
1,257
|
|
TDR nonaccrual
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Past Due
TDRs
|
$
|
1,250
|
$
|
1,065
|
$
|
1,206
|
$
|
1,233
|
$
|
1,260
|
$
|
1,250
|
$
|
1,260
|
|
Current
TDRs
|
|
463
|
|
1,459
|
|
1,194
|
|
2,007
|
|
2,027
|
|
463
|
|
2,027
|
|
Total TDR nonaccrual
loans
|
$
|
1,713
|
$
|
2,524
|
$
|
2,400
|
$
|
3,240
|
$
|
3,287
|
$
|
1,713
|
$
|
3,287
|
Total nonaccrual
loans
|
$
|
3,476
|
$
|
4,320
|
$
|
4,416
|
$
|
5,038
|
$
|
4,544
|
$
|
3,476
|
$
|
4,544
|
Loans >90 days
past due, still accruing
|
|
183
|
|
248
|
|
0
|
|
389
|
|
476
|
|
183
|
|
476
|
Other real estate
owned
|
|
6,506
|
|
7,009
|
|
7,082
|
|
7,756
|
|
8,103
|
|
6,506
|
|
8,103
|
Total nonperforming
assets
|
$
|
10,165
|
$
|
11,577
|
$
|
11,498
|
$
|
13,183
|
$
|
13,123
|
$
|
10,165
|
$
|
13,123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
and lease losses to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
loans held for
investment
|
|
1.33%
|
|
1.35%
|
|
1.47%
|
|
1.57%
|
|
1.59%
|
|
1.33%
|
|
1.59%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries)
|
$
|
129
|
$
|
(21)
|
$
|
317
|
$
|
(17)
|
$
|
822
|
$
|
425
|
$
|
1,205
|
Net charge-offs
(recoveries) to total loans
|
|
0.02%
|
|
0.00%
|
|
0.06%
|
|
0.00%
|
|
0.17%
|
|
0.07%
|
|
0.25%
|
Total nonaccrual
loans to total loans HFI
|
|
0.61%
|
|
0.79%
|
|
0.90%
|
|
1.05%
|
|
0.96%
|
|
0.61%
|
|
0.96%
|
Total nonperforming
assets to total assets
|
|
1.11%
|
|
1.29%
|
|
1.31%
|
|
1.49%
|
|
1.79%
|
|
1.11%
|
|
1.79%
|
Total loans to total
deposits
|
|
72.94%
|
|
71.14%
|
|
63.34%
|
|
61.56%
|
|
79.49%
|
|
72.94%
|
|
79.49%
|
Total loans to total
assets (1)
|
|
62.55%
|
|
61.13%
|
|
56.48%
|
|
54.80%
|
|
65.18%
|
|
62.55%
|
|
65.18%
|
Loans serviced for
others
|
$
|
297,764
|
$
|
300,801
|
$
|
301,482
|
$
|
306,822
|
$
|
310,341
|
$
|
297,764
|
$
|
310,341
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Certain amounts
and ratios for prior periods have been restated for correction of
an error
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/first-south-bancorp-inc-reports-september-30-2015-quarterly-operating-results-300169586.html
SOURCE First South Bancorp, Inc.