UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported)
October 30, 2015
FIRST SOUTH
BANCORP, INC.
(Exact Name of Registrant as Specified in Its
Charter)
VIRGINIA |
0-22219 |
56-1999749 |
(State or other jurisdiction of |
(Commission |
(IRS Employer |
incorporation) |
File Number) |
Identification No.) |
1311 Carolina Avenue, Washington, North Carolina |
27889 |
(Address of principal executive offices) |
(Zip Code) |
(252) 946-4178
(Registrant’s telephone number, including
area code)
Not Applicable
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial
Condition
On October 30, 2015, First South Bancorp, Inc.
(the “Company”) issued a press release announcing its unaudited operating results for the quarter and nine months ended
September 30, 2015. A copy of the press release dated October 30, 2015 is attached to this Report as an exhibit (Exhibit 99.1)
and is furnished herewith.
The information contained in Item 2.02
of this Current Report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended,
or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits
| (d) | The following exhibit is filed herewith: |
Exhibit 99.1
– Press Release dated October 30, 2015.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized
|
First South Bancorp, Inc. |
|
(Registrant) |
|
|
|
Date: October 30, 2015 |
By: |
/s/ Scott C. McLean |
|
Scott C. McLean |
|
Executive Vice President |
|
Chief Financial Officer |
EXHIBIT 99.1 |
|
|
PRESS RELEASE |
FOR IMMEDIATE RELEASE |
October 30, 2015 |
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. Reports September
30, 2015 Quarterly Operating Results
Washington, North Carolina - 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.
(More)
(NASDAQ: FSBK)
First South Bancorp,
Inc. and Subsidiary
Consolidated Statements
of Financial Condition
| |
September
30, | | |
December
31, | |
| |
2015 | | |
2014 | |
| |
(Unaudited) | | |
(As
restated) | |
Assets | |
| | | |
| | |
| |
| | | |
| | |
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 | |
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) | |
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
First South Bancorp (NASDAQ:FSBK)
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First South Bancorp (NASDAQ:FSBK)
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From Oct 2023 to Oct 2024