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)
January 27, 2016
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 January 27, 2016, First South Bancorp, Inc.
(the “Company”) issued a press release announcing its unaudited operating results for the quarter and year ended December
31, 2015. A copy of the press release dated January 27, 2016 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 January 27, 2016.
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: January 27, 2016 |
|
By: |
/s/ Scott C. McLean |
| |
|
Scott C. McLean |
| |
|
Executive Vice President |
| |
|
Chief Financial Officer |
EXHIBIT
99.1
| PRESS RELEASE |
FOR IMMEDIATE RELEASE |
| January 27, 2016 |
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 Record Loan Growth
December
31, 2015 Quarterly and Year End 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 financial results for the quarter and year ended December 31, 2015.
Loan and
lease growth during the fourth quarter remained strong for the Company as loans and leases held for investment increased $39.7
million to bring the total outstandings to $607.0 million at year end 2015. Growth in loans and leases held for investment for
2015 totaled $126.6 million or a 26.3% increase over the $480.4 million outstanding at year end 2014. This expansion in our loan
base will be a strong catalysis of income growth for the Company into 2016.
For the
2015 fourth quarter, net income was $1.6 million or $0.16 per diluted common share, compared to net income of $1.2 million, or
$0.13 per diluted common share for the linked 2015 third quarter and $149,000 or $0.02 per diluted common share for the comparative
2014 fourth quarter. Net income for the year ended December 31, 2015 was $4.7 million, or $0.49 per diluted common share, compared
to $4.1 million, or $0.42 per diluted common share for the year ended December 31, 2014. Income for the fourth quarter and the
year-ended 2014 reflects the impact of $1.7 million of one-time pre-tax transaction expenses associated with the acquisition of
nine branch offices from Bank of America (BOA) in mid-December.
Bruce Elder,
President and CEO, commented, “Our greatest challenges heading into 2015 were leveraging the large deposit base acquired
through the branch purchase and introducing the First South Bank brand into new markets. We were able to grow our loan and lease
portfolios by $126.6 million or over 26% during 2015. We achieved this record growth without sacrificing credit underwriting standards
or taking undo interest rate risk. Despite the growth in loans, asset quality has improved significantly as we enjoyed declines
in both non-performing loans and non-performing assets. Our efforts to leverage the branch acquisition are translating into better
financial results as our monthly earnings in both November and December of 2015 exceed pre-acquisition levels.”
Mr. Elder
continued, “We remain committed to gaining greater efficiency while at the same time evaluating new growth opportunities.
During 2015, we consolidated the deposits, loans and operations of several branches resulting in the closing of two offices and
have announced three more such consolidations which will occur in February 2016. We established a new full-service branch location
in Williamston, North Carolina in late November broadening our geographic footprint into several agricultural rich counties of
eastern North Carolina which have been underserved by a true community bank. For 2016, we will continue to evaluate our markets
and branch facilities, deploy a more targeted marketing effort to further enhance deposit market share and loan growth and invest
in our digital banking platform.”
Net Interest
Income
Net interest
income for the fourth quarter of 2015 increased to $7.7 million from $7.4 million for the linked 2015 third quarter and $6.8 million
earned for the comparative 2014 fourth quarter. Net interest income for the year ended 2015 improved to $29.4 million, a $3.0
million or 11.2% increase, from the $26.4 million generated during the comparative year ended 2014. The tax equivalent net interest
margin improved one basis point to 3.64% for the 2015 fourth quarter, from 3.63 % for the linked 2015 third quarter, and fell
14 basis points when compared to 3.78% for the 2014 fourth quarter. The tax equivalent net interest margin for the year ended
2015 declined by 42 basis points to 3.64%, from 4.06% for the comparative year ended 2014.
The increase
in net interest income during the 2015 fourth quarter versus the linked third quarter was due to strong loan growth during the
period. Average loans held for investment increased $34.0 million during the fourth quarter of 2015, driving revenues higher.
While the overall yield on the loan portfolio fell two basis points when compared to the third quarter of 2015, the shift in our
earning asset mix to more of a weighting in loans resulted in a one basis point increase to the Company’s net interest margin
for the quarter.
The increase
in interest income in 2015 from both the comparative full year and fourth quarter 2014 periods is due to higher volumes of earning
assets. The 2015 loan growth coupled with the ramp up of investment securities in advance of the branch acquisition during the
fourth quarter of 2014 fueled the earning asset growth. The decline in net interest margin for the comparative full year period
was due to the mix of average earning asset growth being more heavily weighted toward the investment portfolio. We anticipate
that given a stable to slow rising interest rate environment, the margin should experience slight improvement as the mix continues
to shift to higher yielding assets.
Asset
Quality and Provisions for Loan Losses
Total nonperforming
assets were $9.4 million, or 1.0% of total assets at December 31, 2015, compared to $13.2 million or 1.5% of total assets at December
31, 2014. Total loans in non-accrual status were $3.2 million at December 31, 2015, compared to $5.0 million at December 31, 2014.
Our level of OREO declined to $6.1 million at December 31, 2015, from $7.8 million at December 31, 2014. The Bank continues to
emphasize asset quality as a crucial driver of its short and long-term success.
The allowance
for loan and lease losses (ALLL) was $7.9 million at December 31, 2015, representing 1.30% 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 $325,000 of
provisions for credit losses in the 2015 fourth quarter, $335,000 in the linked 2015 third quarter, and none in the comparative
2014 fourth quarter. During the years ended 2015 and 2014, the Bank recorded $800,000 and $1.1 million of provisions for credit
losses for each of the years, respectively. Management believes the ALLL remains adequate.
Non-Interest
Income
Total non-interest
income for the 2015 fourth quarter of $3.7 million was relatively consistent with the $3.8 million earned during the linked 2015
third quarter and above the $2.3 million earned for the 2014 fourth quarter. The year-over-year increase is due primarily to additional
service and fee income on deposit accounts associated with the acquisition of branch offices in mid-December of 2014, coupled
with gains on the sale of investment securities realized in the fourth quarter of 2015.
Deposit
fees and service charges were $2.0 million for the 2015 fourth quarter compared to $2.1 million earned in the linked 2015 third
quarter and $1.2 million in the 2014 fourth quarter. Total non-interest income generated from the sale and servicing of mortgage
loans and loan fees improved to $820,000 for the 2015 fourth quarter, compared with $792,000 in the linked 2015 third quarter
and $603,000 for the 2014 fourth quarter. As we sell the majority of our originated mortgage loans and retain the servicing rights,
the increased volume of loan activity in 2015 versus that of 2014 has had a positive impact on recurring servicing revenue. We
continue to explore various strategies to enhance our non-interest income, including adding to the level of loans serviced for
others.
Net gains
recognized from the sale of OREO was $31,000 for the 2015 fourth quarter, compared to a $63,000 net loss for the linked 2015 third
quarter and a $33,000 net gain for the comparative 2014 fourth quarter.
The Bank
realized $463,000 of gains on investment security sales during the 2015 fourth quarter and $503,000 during the linked third quarter
or the 2015. There were no securities gains realized during the fourth quarter of 2014.
Included
in other non-interest income is revenue from investments in Bank-owned life insurance (BOLI) of $128,000 for the 2015 fourth quarter,
$127,000 for the linked 2015 third quarter and $134,000 for the 2014 fourth quarter.
For the
year ended 2015, total non-interest income was $14.3 million, compared to $8.6 million for the year ended December 31, 2014. This
improved level of non-interest income is the result of higher service fees on a larger base of deposit accounts with the acquisition
of nine branch offices, coupled with increased fees from the sales and servicing of mortgage loans, and gains realized from the
sale of investment securities.
Fees and
service charges on deposits were $8.1 million for the current period compared to $4.4 million for the prior year period. This
increase in the level of service and fee income on deposit accounts is due primarily to additional income on deposit accounts
associated with the acquisition of branch offices in mid-December of 2014. During 2015 the Bank experienced an increase in mortgage
activity due to the improving economic conditions and an accommodative interest environment. As a result, revenue generated from
the sale and servicing of mortgage loans and loan fees increased by $709,000 to $3.1 million for 2015, from $2.4 million for 2014.
Net gains
recognized from the sale of OREO declined to $40,000 for the year ended 2015 from $115,000 in 2014. The Bank realized $1.4 million
of gains on investment security sales during 2015 compared to $14,000 for 2014. BOLI earnings were $510,000 for 2015, compared
to $531,000 for the year ended December 31, 2014. The investment returns from the BOLI offset a portion of the cost of providing
benefit plans to our employees.
Non-Interest
Expense
Total non-interest
expenses were $9.1 million for the 2015 fourth quarter, compared to $9.0 million for the linked 2015 third quarter and $8.9 million
for the 2014 fourth quarter. For the year ended 2015, total non-interest expenses were $36.4 million, compared to $28.5 million
reported for the year ended 2014. The overall increase in the Company’s non-interest expenses relative to historical levels
is due to the infrastructure added to operate and support a larger asset and deposit base resulting from the acquisition of nine
branch offices in mid-December of 2014.
Compensation
and benefits expenses, the largest component of non-interest expenses, were $4.9 million for both the third and fourth quarters
of 2015, and $4.4 million for the 2014 fourth quarter. For the year ended 2015, compensation and benefits expense totaled $19.4
million, compared to $15.8 million reported in 2014. Compensation and benefits expenses for the 2014 fourth quarter and the year
ended 2014 includes $241,000 of acquisition expenses. The Bank will continue to manage staffing levels to ensure we meet the ongoing
needs of our customers and to support our future growth.
Premises
and equipment expense was $1.4 million for the 2015 fourth quarter, compared to $1.3 million for the linked 2015 third quarter
and $1.1 million for the 2014 fourth quarter. For the year ended 2015, premises and equipment expense was $5.3 million, compared
to $3.6 million reported in 2014. The addition of nine new branch locations in December of 2014 has resulted in a higher level
of occupancy costs for the Company. Our continuing evaluation of current markets and facilities, as well as exploring new opportunities
to expand our footprint, will impact future occupancy expenses.
FDIC insurance
was $164,000 for the 2015 fourth quarter, compared to $163,000 for the linked 2015 third quarter and $145,000 for the 2014 fourth
quarter. For the year ended 2015, FDIC insurance was $609,000 versus $566,000 reported in 2014. The change in volume of FDIC insurance
is attributable to period-over-period growth in the Bank’s balance sheet.
Advertising
and marketing expense was $222,000 for the 2015 fourth quarter, compared to $219,000 for the linked 2015 third quarter and $371,000
for the 2014 fourth quarter. For the year ended 2015, advertising expense was $820,000, compared to $667,000 reported in 2014.
We anticipate advertising and marketing expenses to remain at approximately 2% of total revenues.
Data processing
costs were $778,000 for the 2015 fourth quarter, compared to $819,000 for the linked 2015 third quarter and $604,000 for the 2014
fourth quarter. For the years ended 2015 and 2014, data processing costs were $3.6 million and $2.3 million, respectively. Data
processing costs fluctuate in conjunction with changes in the number of customer accounts and transaction activity volumes and
therefore, the full year addition of accounts and customers with the branch acquisition drove these costs above 2014 levels.
As the Bank’s
level of OREO on its books has fallen so have the expenses attributable to ongoing maintenance, property taxes and insurance for
OREO properties. These expenses declined to $69,000 for the 2015 fourth quarter, compared $89,000 for the linked 2015 third quarter
and $123,000 for the comparative 2014 fourth quarter. For the year ended 2015, total ongoing OREO expenses fell to $436,000 from
$445,000 for the prior year. Quarterly valuation adjustments were $100,000 for the 2015 fourth quarter, and $10,000 for the linked
2015 third quarter and $131,000 for the comparative 2014 fourth quarter. Total OREO valuation adjustments were $195,000 for 2015
compared to $204,000 for the prior year.
Other general
and administrative expense was $1.4 million for the 2015 fourth quarter, compared to $1.3 million for the linked 2015 third quarter
and $2.0 million for the 2014 fourth quarter. For the year ended 2015, other expenses were $5.5 million, compared to $4.6 million
reported in 2014. The year-over-year increase in these expenses is due to the operations of a larger banking franchise. Other
expenses for the 2014 fourth quarter and the year ended 2014 includes acquisition related expenses of $1.0 million.
Income tax
expense was $484,000 for the 2015 fourth quarter, compared to $611,000 for the linked 2015 third quarter and $33,000 for the 2014
fourth quarter. For the year ended 2015, income tax expense was $1.8 million, versus $1.3 million for 2014. The effective income
tax rates were 28.2% and 24.8% for the years ended 2015 and 2014, respectively. Changes in income tax expense and marginal tax
rates have been impacted by a variety of factors in both 2015 and 2014. 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 reduction in the North Carolina corporate
statutory tax rate for 2016. The fourth quarter of 2014 tax expense was impacted by one-time expenses associated with the branch
acquisition.
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 $946.3 million at December 31, 2015, from $885.4 million at December 31, 2014. The $60.9 million increase in assets
is the result of strong growth in our loans and leases held for investment. Loans and leases held for investment totaled $607.0
million as of December 31, 2015, versus $480.4 million as of December 31, 2014, an increase of $126.6 million or 26.3%.
The investment
securities portfolio was reduced $44.0 million to $248.8 million as of December 31, 2015, from $292.8 million at December 31,
2014. This reduction was the result of cash flows from scheduled amortization and maturities as well as sales of securities, with
the proceeds used to support growth in loan outstandings.
Interest-bearing
deposits with banks were reduced by $14.3 million during 2015 as cash was redeployed into the loan portfolio, and as a result,
interest-bearing deposits as of December 31, 2015 totaled $18.6 million.
The Bank
did not make any additional BOLI investments during the year ended 2015. BOLI as of December 31, 2015 totaled $15.6 million, a
$510,000 increase in cash surrender life value over the $15.1 million of BOLI investments at December 31, 2014.
Intangible
assets decreased $287,000 to $6.1 million at December 31, 2015, from $6.4 million at December 31, 2014, reflecting the amortization
of the core deposit intangible associated with the BOA transaction, which is anticipated to be amortized over a ten year period.
Total deposits
as of December 31, 2015 were $811.3 million, an increase of $23.0 million from the $788.3 million of deposits as of the prior
year end. This growth was comprised of $17.3 million increases in non-maturity deposit categories and a $5.7 million increase
in time deposits. As anticipated, approximately 10% of the $172 million of deposits acquired in BOA transaction left the Bank
in 2015. This attrition took place primarily during the first half of 2015 and was concentrated in non-interest bearing checking,
interest bearing checking, and money market deposit categories.
As of December
31, 2015 the Bank had $37.0 million of FHLB advances outstanding versus none as of December 31, 2014. The Bank uses FHLB borrowings
as a supplemental funding source for earning asset growth. Advances from the FHLB provide the Bank with an effective means of
managing its overall cost of funds as well as a means to manage exposures to interest rate risk.
Stockholders'
equity increased to $82.2 million at December 31, 2015, from $80.0 million at December 31, 2014. This increase reflects the $4.7
million of net income earned for the year ended December 31, 2015 net of a $721,000 decrease in accumulated other comprehensive
income resulting from the mark-to-market adjustment of the available-for-sale securities portfolio, $953,000 of dividend payments,
and $908,000 used to acquire 112,144 shares of the Company’s common stock pursuant to a previously announced repurchase
plan.
The tangible
equity to assets ratio was 8.04% at December 31, 2015, compared to 8.31% at December 31, 2014. There were 9,489,222 common shares
outstanding at December 31, 2015, compared to 9,598,007 shares outstanding at December 31, 2014, reflecting the net effect of
shares purchased through the stock repurchase program. The tangible book value per common share increased to $8.02 at December
31, 2015, from $7.67 at December 31, 2014.
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 0.67% for the 2015 fourth quarter, compared with 0.54% for the linked 2015 third quarter and 0.07% for the 2014 fourth
quarter. ROE is 7.52% for the 2015 fourth quarter compared with 5.99% for the linked 2015 third quarter and 0.73% for the 2014
fourth quarter. The efficiency ratio (noninterest expenses as a percentage of net interest income plus noninterest income) is
81.41% for the 2015 fourth quarter, compared to 82.26% for the linked 2015 third quarter and 96.31% for the 2014 fourth quarter.
The efficiency ratio measures the proportion of net operating revenues that are absorbed by overhead expenses. The performance
ratios for the 2014 fourth quarter and year end were adversely impacted by the one-time expenses previously noted.
The ROA,
ROE and efficiency ratios for the 2015 year were 0.52%, 5.72% and 84.53%, respectively, compared to 0.57%, 5.18% and 79.98%, respectively,
for the 2014 year.
Corporate
and Investor Information
First South
Bank has been serving the citizens of eastern and central North Carolina since 1902 and offers a variety of financial products
and services to business and individual customers. The Bank operates through its main office headquartered in Washington, North
Carolina, and has 33 full service branch offices located throughout eastern and central North Carolina.
The Bank
also provides a full menu of leasing services through its wholly-owned subsidiary, First South Leasing, LLC. In addition, under
its First South Wealth Management division, the Bank makes securities brokerage services available through an affiliation with
an independent broker/dealer.
Additional
investor information for the Company and the Bank may be accessed on our website at www.firstsouthnc.com.
The Company’s
common stock symbol as traded on the NASDAQ Global Select Market is “FSBK”.
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 and the Supplemental Financial Data contain financial information determined by methods other than in accordance with
accounting principles generally accepted in the United States. 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 disclosures above and in the Supplemental Financial Data for reconciliations 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
| | |
December 31, | | |
December 31, | |
| | |
2015 | | |
2014 | |
| | |
(Unaudited) | | |
(As restated) | |
| Assets | |
| | | |
| | |
| | |
| | | |
| | |
| Cash and due from banks | |
$ | 19,425,747 | | |
$ | 23,281,016 | |
| Interest-bearing deposits with banks | |
| 18,565,521 | | |
| 32,835,661 | |
| Investment securities available-for-sale, at fair value | |
| 248,294,725 | | |
| 292,298,910 | |
| Investment securities held-to-maturity | |
| 508,456 | | |
| 507,309 | |
| Mortgage loans held for sale | |
| 3,943,798 | | |
| 4,792,943 | |
| | |
| | | |
| | |
| Loans and leases held for investment | |
| 607,014,247 | | |
| 480,436,270 | |
| Allowance for loan and lease losses | |
| (7,866,523 | ) | |
| (7,519,970 | ) |
| Net loans and leases held for investment | |
| 599,147,724 | | |
| 472,916,300 | |
| | |
| | | |
| | |
| Premises and equipment, net | |
| 13,664,937 | | |
| 15,821,436 | |
| Other real estate owned | |
| 6,125,054 | | |
| 7,755,541 | |
| Federal Home Loan Bank stock, at cost | |
| 2,369,300 | | |
| 606,500 | |
| Accrued interest receivable | |
| 2,874,506 | | |
| 2,851,650 | |
| Goodwill | |
| 4,218,576 | | |
| 4,218,576 | |
| Mortgage servicing rights | |
| 1,265,589 | | |
| 1,178,115 | |
| Identifiable intangible assets | |
| 1,895,514 | | |
| 2,182,909 | |
| Income tax receivable | |
| - | | |
| 1,591,105 | (a) |
| Bank-owned life insurance | |
| 15,635,140 | | |
| 15,125,498 | |
| Prepaid expenses and other assets | |
| 8,348,385 | | |
| 7,467,178 | (a) |
| | |
| | | |
| | |
| Total assets | |
$ | 946,282,972 | | |
$ | 885,430,647 | |
| | |
| | | |
| | |
| Liabilities and Stockholders' Equity | |
| | | |
| | |
| | |
| | | |
| | |
| Deposits: | |
| | | |
| | |
| Non-interest bearing demand | |
$ | 169,545,849 | | |
$ | 147,543,594 | |
| Interest bearing demand | |
| 246,376,521 | | |
| 268,472,945 | |
| Savings | |
| 135,369,668 | | |
| 117,932,606 | |
| Large denomination certificates of deposit | |
| 116,299,196 | | |
| 111,523,043 | |
| Other time | |
| 143,730,993 | | |
| 142,808,182 | |
| Total deposits | |
| 811,322,227 | | |
| 788,280,370 | |
| | |
| | | |
| | |
| Borrowings | |
| 37,000,000 | | |
| - | |
| Junior subordinated debentures | |
| 10,310,000 | | |
| 10,310,000 | |
| Other liabilities | |
| 5,479,971 | | |
| 6,837,701 | |
| Total liabilities | |
| 864,112,198 | | |
| 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 | |
| 35,936,911 | | |
| 35,869,195 | |
| Retained earnings | |
| 43,691,073 | | |
| 40,868,919 | (a) |
| Accumulated other comprehensive income | |
| 2,447,898 | | |
| 3,168,482 | |
| Total stockholders' equity | |
| 82,170,774 | | |
| 80,002,576 | |
| | |
| | | |
| | |
| Total liabilities and stockholders' equity | |
$ | 946,282,972 | | |
$ | 885,430,647 | |
(a) - revised for prior period error
First South Bancorp,
Inc. and Subsidiary
Consolidated Statements
of Operations
(Unaudited)
| | |
Three Months Ended | | |
Year Ended | |
| | |
December 31, | | |
December 31, | |
| | |
2015 | | |
2014 | | |
2015 | | |
2014 | |
| | |
| | |
(As restated) | | |
| | |
(As restated) | |
| Interest income: | |
| | | |
| | | |
| | | |
| | |
| Interest and fees on loans | |
$ | 7,005,095 | | |
$ | 5,980,692 | | |
$ | 25,839,566 | | |
$ | 23,947,521 | |
| Interest on investments and deposits | |
| 1,563,857 | | |
| 1,587,879 | | |
| 6,611,037 | | |
| 5,230,342 | |
| Total interest income | |
| 8,568,952 | | |
| 7,568,571 | | |
| 32,450,603 | | |
| 29,177,863 | |
| | |
| | | |
| | | |
| | | |
| | |
| Interest expense: | |
| | | |
| | | |
| | | |
| | |
| Interest on deposits | |
| 637,680 | | |
| 532,986 | | |
| 2,367,750 | | |
| 2,141,899 | |
| Interest on borrowings | |
| 63,272 | | |
| 128,545 | | |
| 124,865 | | |
| 285,831 | |
| Interest on junior subordinated notes | |
| 140,039 | | |
| 80,462 | | |
| 561,694 | | |
| 323,113 | |
| Total interest expense | |
| 840,991 | | |
| 741,993 | | |
| 3,054,309 | | |
| 2,750,843 | |
| | |
| | | |
| | | |
| | | |
| | |
| Net interest income | |
| 7,727,961 | | |
| 6,826,578 | | |
| 29,396,294 | | |
| 26,427,020 | |
| Provision for credit losses | |
| 325,000 | | |
| - | | |
| 800,000 | | |
| 1,100,000 | |
| Net interest income after provision for credit losses | |
| 7,402,961 | | |
| 6,826,578 | | |
| 28,596,294 | | |
| 25,327,020 | |
| | |
| | | |
| | | |
| | | |
| | |
| Non-interest income: | |
| | | |
| | | |
| | | |
| | |
| Deposit fees and service charges | |
| 2,004,933 | | |
| 1,202,427 | | |
| 8,072,893 | | |
| 4,387,235 | |
| Loan fees and charges | |
| 89,286 | | |
| 63,284 | | |
| 268,482 | | |
| 180,899 | |
| Mortgage loan servicing fees | |
| 283,070 | | |
| 259,796 | | |
| 1,090,196 | | |
| 984,623 | |
| Gain on sale and other fees on mortgage loans | |
| 536,536 | | |
| 343,138 | | |
| 2,022,813 | | |
| 1,419,721 | |
| Gain on sale of other real estate, net | |
| 30,537 | | |
| 32,768 | | |
| 40,351 | | |
| 115,137 | |
| Gain on sale of investment securities | |
| 463,203 | | |
| - | | |
| 1,417,716 | | |
| 13,509 | |
| Other income | |
| 328,129 | | |
| 350,152 | | |
| 1,385,524 | | |
| 1,484,062 | |
| Total non-interest income | |
| 3,735,694 | | |
| 2,251,565 | | |
| 14,297,975 | | |
| 8,585,186 | |
| | |
| | | |
| | | |
| | | |
| | |
| Non-interest expense: | |
| | | |
| | | |
| | | |
| | |
| Compensation and fringe benefits | |
| 4,902,583 | | |
| 4,379,984 | | |
| 19,377,688 | | |
| 15,834,616 | |
| Federal deposit insurance premiums | |
| 164,324 | | |
| 145,106 | | |
| 609,406 | | |
| 565,980 | |
| Premises and equipment | |
| 1,355,384 | | |
| 1,056,641 | | |
| 5,331,960 | | |
| 3,591,249 | |
| Advertising | |
| 221,831 | | |
| 371,432 | | |
| 820,308 | | |
| 667,337 | |
| Data processing | |
| 778,070 | | |
| 604,175 | | |
| 3,583,170 | | |
| 2,324,496 | |
| Amortization of intangible assets | |
| 128,447 | | |
| 57,062 | | |
| 515,044 | | |
| 221,070 | |
| Other real estate owned expense | |
| 168,849 | | |
| 254,197 | | |
| 631,675 | | |
| 649,848 | |
| Other | |
| 1,367,195 | | |
| 2,026,803 | | |
| 5,504,476 | | |
| 4,618,979 | |
| Total non-interest expense | |
| 9,086,683 | | |
| 8,895,400 | | |
| 36,373,727 | | |
| 28,473,575 | |
| | |
| | | |
| | | |
| | | |
| | |
| Income before income tax expense | |
| 2,051,972 | | |
| 182,743 | | |
| 6,520,542 | | |
| 5,438,631 | |
| Income tax expense | |
| 484,346 | | |
| 33,113 | (a) | |
| 1,837,329 | | |
| 1,349,009 | (a) |
| | |
| | | |
| | | |
| | | |
| | |
| NET INCOME | |
$ | 1,567,626 | | |
$ | 149,630 | (a) | |
$ | 4,683,213 | | |
$ | 4,089,622 | (a) |
| | |
| | | |
| | | |
| | | |
| | |
| Per share data: | |
| | | |
| | | |
| | | |
| | |
| Basic earnings per share | |
$ | 0.17 | | |
$ | 0.02 | (a) | |
$ | 0.49 | | |
$ | 0.43 | (a) |
| Diluted earnings per share | |
$ | 0.16 | | |
$ | 0.02 | (a) | |
$ | 0.49 | | |
$ | 0.42 | (a) |
| Dividends per share | |
$ | 0.025 | | |
$ | 0.025 | | |
$ | 0.10 | | |
$ | 0.10 | |
| Average basic shares outstanding | |
| 9,489,222 | | |
| 9,598,007 | | |
| 9,521,392 | | |
| 9,619,124 | |
| Average diluted shares outstanding | |
| 9,513,916 | | |
| 9,618,820 | | |
| 9,542,401 | | |
| 9,638,158 | |
(a) - revised for prior period
error
| First
South Bancorp, Inc. |
Supplemental
Financial Data (Unaudited) |
| | |
Quarter to Date | | |
Year to Date | |
| | |
12/31/2015 | | |
9/30/2015 | | |
6/30/2015 | | |
3/31/2015 | | |
12/31/2014 | | |
12/31/2015 | | |
12/31/2014 | |
| | |
| | |
| | |
| | |
| | |
(As restated) | | |
| | |
(As restated) | |
| | |
(dollars in thousands except per share data) | |
| Consolidated balance sheet data: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total assets (1) | |
$ | 946,283 | | |
$ | 913,368 | | |
$ | 899,390 | | |
$ | 879,215 | | |
$ | 885,431 | | |
$ | 946,283 | | |
$ | 885,431 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Loans held for sale: | |
$ | 3,944 | | |
$ | 4,029 | | |
$ | 6,171 | | |
$ | 7,947 | | |
$ | 4,793 | | |
$ | 3,944 | | |
$ | 4,793 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Loans held for investment (HFI): | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Mortgage | |
$ | 71,866 | | |
$ | 71,148 | | |
$ | 68,812 | | |
$ | 66,957 | | |
$ | 66,391 | | |
$ | 71,866 | | |
$ | 66,391 | |
| Commercial | |
| 454,877 | | |
| 419,784 | | |
| 399,734 | | |
| 346,326 | | |
| 338,861 | | |
| 454,877 | | |
| 338,861 | |
| Consumer | |
| 63,036 | | |
| 61,934 | | |
| 62,265 | | |
| 62,756 | | |
| 62,792 | | |
| 63,036 | | |
| 62,792 | |
| Leases | |
| 17,235 | | |
| 14,438 | | |
| 12,825 | | |
| 12,637 | | |
| 12,392 | | |
| 17,235 | | |
| 12,392 | |
| Total loans held for investment | |
| 607,014 | | |
| 567,304 | | |
| 543,636 | | |
| 488,676 | | |
| 480,436 | | |
| 607,014 | | |
| 480,436 | |
| Allowance for loan and lease losses | |
| (7,867 | ) | |
| (7,570 | ) | |
| (7,364 | ) | |
| (7,203 | ) | |
| (7,520 | ) | |
| (7,867 | ) | |
| (7,520 | ) |
| Net loans held for investment | |
$ | 599,147 | | |
$ | 559,734 | | |
$ | 536,272 | | |
$ | 481,473 | | |
$ | 472,916 | | |
$ | 599,147 | | |
$ | 472,916 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cash & interest bearing deposits | |
$ | 37,991 | | |
$ | 42,686 | | |
$ | 36,600 | | |
$ | 59,641 | | |
$ | 56,117 | | |
$ | 37,991 | | |
$ | 56,117 | |
| Investment securities | |
| 248,803 | | |
| 248,861 | | |
| 260,628 | | |
| 272,990 | | |
| 292,806 | | |
| 248,803 | | |
| 292,806 | |
| Premises and equipment | |
| 13,665 | | |
| 15,290 | | |
| 15,246 | | |
| 15,481 | | |
| 15,821 | | |
| 13,665 | | |
| 15,821 | |
| Goodwill | |
| 4,219 | | |
| 4,219 | | |
| 4,219 | | |
| 4,219 | | |
| 4,219 | | |
| 4,219 | | |
| 4,219 | |
| Identifiable intangible asset | |
| 1,896 | | |
| 1,967 | | |
| 2,039 | | |
| 2,111 | | |
| 2,183 | | |
| 1,896 | | |
| 2,183 | |
| Mortgage servicing rights | |
| 1,266 | | |
| 1,229 | | |
| 1,213 | | |
| 1,160 | | |
| 1,178 | | |
| 1,266 | | |
| 1,178 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Deposits: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Non-interest checking | |
$ | 169,546 | | |
$ | 157,609 | | |
$ | 158,929 | | |
$ | 147,946 | | |
$ | 147,544 | | |
$ | 169,546 | | |
$ | 147,544 | |
| Interest checking | |
| 173,934 | | |
| 167,673 | | |
| 169,736 | | |
| 180,114 | | |
| 180,558 | | |
| 173,934 | | |
| 180,558 | |
| Money market | |
| 72,442 | | |
| 68,443 | | |
| 69,646 | | |
| 84,379 | | |
| 87,915 | | |
| 72,442 | | |
| 87,915 | |
| Savings | |
| 135,370 | | |
| 133,570 | | |
| 131,078 | | |
| 123,457 | | |
| 117,932 | | |
| 135,370 | | |
| 117,932 | |
| Certificates | |
| 260,030 | | |
| 256,016 | | |
| 243,480 | | |
| 248,129 | | |
| 254,331 | | |
| 260,030 | | |
| 254,331 | |
| Total deposits | |
$ | 811,322 | | |
$ | 783,311 | | |
$ | 772,869 | | |
$ | 784,025 | | |
$ | 788,280 | | |
$ | 811,322 | | |
$ | 788,280 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Borrowings | |
$ | 37,000 | | |
$ | 33,000 | | |
$ | 32,000 | | |
$ | 0 | | |
$ | 0 | | |
$ | 37,000 | | |
$ | 0 | |
| Junior subordinated debentures | |
| 10,310 | | |
| 10,310 | | |
| 10,310 | | |
| 10,310 | | |
| 10,310 | | |
| 10,310 | | |
| 10,310 | |
| Stockholders' equity (1) | |
| 82,171 | | |
| 81,623 | | |
| 79,687 | | |
| 80,968 | | |
| 80,003 | | |
| 82,171 | | |
| 80,003 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Consolidated earnings summary: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest income | |
$ | 8,569 | | |
$ | 8,217 | | |
$ | 7,901 | | |
$ | 7,764 | | |
$ | 7,569 | | |
$ | 32,450 | | |
$ | 29,178 | |
| Interest expense | |
| 841 | | |
| 794 | | |
| 712 | | |
| 708 | | |
| 742 | | |
| 3,054 | | |
| 2,751 | |
| Net interest income | |
| 7,728 | | |
| 7,423 | | |
| 7,189 | | |
| 7,056 | | |
| 6,827 | | |
| 29,396 | | |
| 26,427 | |
| Provision for credit losses | |
| 325 | | |
| 335 | | |
| 140 | | |
| 0 | | |
| 0 | | |
| 800 | | |
| 1,100 | |
| Noninterest income | |
| 3,736 | | |
| 3,766 | | |
| 3,616 | | |
| 3,180 | | |
| 2,251 | | |
| 14,298 | | |
| 8,585 | |
| Noninterest expense | |
| 9,087 | | |
| 9,007 | | |
| 9,026 | | |
| 9,254 | | |
| 8,896 | | |
| 36,374 | | |
| 28,473 | |
| Income before taxes | |
| 2,052 | | |
| 1,847 | | |
| 1,639 | | |
| 982 | | |
| 182 | | |
| 6,520 | | |
| 5,439 | |
| Income tax expense (1) | |
| 484 | | |
| 610 | | |
| 485 | | |
| 257 | | |
| 33 | | |
| 1,837 | | |
| 1,349 | |
| Net income (1) | |
$ | 1,568 | | |
$ | 1,237 | | |
$ | 1,154 | | |
$ | 725 | | |
$ | 149 | | |
$ | 4,683 | | |
$ | 4,090 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Adjusted pre-tax pre-provision
operating earnings (non-GAAP): | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Income before taxes | |
$ | 2,052 | | |
$ | 1,847 | | |
$ | 1,639 | | |
$ | 982 | | |
$ | 182 | | |
$ | 6,520 | | |
$ | 5,439 | |
| Provision for credit losses | |
| 325 | | |
| 335 | | |
| 140 | | |
| 0 | | |
| 0 | | |
| 800 | | |
| 1,100 | |
| Pre-tax pre-provision net income | |
| 2,377 | | |
| 2,182 | | |
| 1,779 | | |
| 982 | | |
| 182 | | |
| 7,320 | | |
| 6,539 | |
| Securities (gains) losses, net | |
| (463 | ) | |
| (503 | ) | |
| (201 | ) | |
| (251 | ) | |
| 0 | | |
| (1,418 | ) | |
| (14 | ) |
| OREO valuations | |
| 100 | | |
| 10 | | |
| 41 | | |
| 44 | | |
| 131 | | |
| 195 | | |
| 204 | |
| OREO (gains) losses, (net) | |
| (30 | ) | |
| 63 | | |
| (27 | ) | |
| (46 | ) | |
| (33 | ) | |
| (40 | ) | |
| (115 | ) |
| Adjusted pre-tax pre-provision operating earnings
(non-GAAP) | |
$ | 1,984 | | |
$ | 1,752 | | |
$ | 1,592 | | |
$ | 729 | | |
$ | 280 | | |
$ | 6,057 | | |
$ | 6,614 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Per Share Data: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic earnings per share (1) | |
$ | 0.17 | | |
$ | 0.13 | | |
$ | 0.12 | | |
$ | 0.08 | | |
$ | 0.02 | | |
$ | 0.49 | | |
$ | 0.43 | |
| Diluted earnings per share (1) | |
$ | 0.16 | | |
$ | 0.13 | | |
$ | 0.12 | | |
$ | 0.08 | | |
$ | 0.02 | | |
$ | 0.49 | | |
$ | 0.42 | |
| Dividends per share | |
$ | 0.025 | | |
$ | 0.025 | | |
$ | 0.025 | | |
$ | 0.025 | | |
$ | 0.025 | | |
$ | 0.100 | | |
$ | 0.100 | |
| Book value per share (1) | |
$ | 8.66 | | |
$ | 8.60 | | |
$ | 8.38 | | |
$ | 8.50 | | |
$ | 8.34 | | |
$ | 8.66 | | |
$ | 8.34 | |
| Tangible book value per share (1) | |
$ | 8.02 | | |
$ | 7.95 | | |
$ | 7.73 | | |
$ | 7.83 | | |
$ | 7.67 | | |
$ | 8.02 | | |
$ | 7.67 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Average basic shares | |
| 9,489,222 | | |
| 9,500,885 | | |
| 9,526,656 | | |
| 9,570,820 | | |
| 9,598,007 | | |
| 9,521,392 | | |
| 9,619,124 | |
| Average diluted shares | |
| 9,513,916 | | |
| 9,520,943 | | |
| 9,546,235 | | |
| 9,590,979 | | |
| 9,618,820 | | |
| 9,542,401 | | |
| 9,638,158 | |
| First
South Bancorp, Inc. |
Supplemental
Financial Data (Unaudited) |
| | |
Quarter
to Date | | |
Year
to Date | |
| | |
12/31/2015 | | |
9/30/2015 | | |
6/30/2015 | | |
3/31/2015 | | |
12/31/2014 | | |
12/31/2015 | | |
12/31/2014 | |
| | |
| | |
| | |
| | |
| | |
(As restated) | | |
| | |
(As restated) | |
| | |
(dollars in thousands except per share data) | |
| Performance ratios (tax equivalent): | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Yield on average earning assets | |
| 4.03 | % | |
| 4.01 | % | |
| 4.02 | % | |
| 3.97 | % | |
| 4.18 | % | |
| 4.01 | % | |
| 4.47 | % |
| Cost of interest bearing liabilities | |
| 0.49 | % | |
| 0.48 | % | |
| 0.45 | % | |
| 0.44 | % | |
| 0.48 | % | |
| 0.47 | % | |
| 0.51 | % |
| Net interest spread | |
| 3.54 | % | |
| 3.53 | % | |
| 3.57 | % | |
| 3.53 | % | |
| 3.70 | % | |
| 3.54 | % | |
| 3.96 | % |
| Net interest margin | |
| 3.64 | % | |
| 3.63 | % | |
| 3.67 | % | |
| 3.62 | % | |
| 3.78 | % | |
| 3.64 | % | |
| 4.06 | % |
| Avg earning assets to total avg assets (1) | |
| 92.19 | % | |
| 91.65 | % | |
| 91.33 | % | |
| 91.26 | % | |
| 92.23 | % | |
| 91.63 | % | |
| 91.71 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Return on average assets (annualized) (1) | |
| 0.67 | % | |
| 0.54 | % | |
| 0.53 | % | |
| 0.33 | % | |
| 0.07 | % | |
| 0.52 | % | |
| 0.57 | % |
| Return on average equity (annualized) (1) | |
| 7.52 | % | |
| 5.99 | % | |
| 5.66 | % | |
| 3.61 | % | |
| 0.73 | % | |
| 5.72 | % | |
| 5.18 | % |
| Efficiency ratio | |
| 81.41 | % | |
| 82.26 | % | |
| 83.71 | % | |
| 91.30 | % | |
| 96.31 | % | |
| 84.53 | % | |
| 79.98 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Average assets (1) | |
$ | 930,978 | | |
$ | 904,017 | | |
$ | 877,480 | | |
$ | 879,223 | | |
$ | 793,852 | | |
$ | 897,795 | | |
$ | 723,660 | |
| Average earning assets | |
$ | 858,243 | | |
$ | 828,538 | | |
$ | 801,396 | | |
$ | 802,387 | | |
$ | 732,153 | | |
$ | 822,641 | | |
$ | 663,636 | |
| Average equity (1) | |
$ | 82,713 | | |
$ | 81,975 | | |
$ | 81,799 | | |
$ | 81,446 | | |
$ | 81,305 | | |
$ | 81,893 | | |
$ | 78,913 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Equity/Assets (1) | |
| 8.68 | % | |
| 8.94 | % | |
| 8.86 | % | |
| 9.21 | % | |
| 9.04 | % | |
| 8.68 | % | |
| 9.04 | % |
| Tangible Equity/Assets (1) | |
| 8.04 | % | |
| 8.26 | % | |
| 8.16 | % | |
| 8.49 | % | |
| 8.31 | % | |
| 8.04 | % | |
| 8.31 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Asset quality data and ratios: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Nonaccrual loans: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Non-TDR nonaccrual loans | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Earning | |
$ | 985 | | |
$ | 799 | | |
$ | 990 | | |
$ | 858 | | |
$ | 723 | | |
$ | 985 | | |
$ | 723 | |
| Non-Earning | |
| 710 | | |
| 964 | | |
| 806 | | |
| 1,158 | | |
| 1,075 | | |
| 710 | | |
| 1,075 | |
| Total Non-TDR nonaccrual
loans | |
$ | 1,695 | | |
$ | 1,763 | | |
$ | 1,796 | | |
$ | 2,016 | | |
$ | 1,798 | | |
$ | 1,695 | | |
$ | 1,798 | |
| TDR nonaccrual loans | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Past Due TDRs | |
$ | 1,343 | | |
$ | 1,250 | | |
$ | 1,065 | | |
$ | 1,206 | | |
$ | 1,233 | | |
$ | 1,343 | | |
$ | 1,233 | |
| Current TDRs | |
| 159 | | |
| 463 | | |
| 1,459 | | |
| 1,194 | | |
| 2,007 | | |
| 159 | | |
| 2,007 | |
| Total TDR nonaccrual loans | |
$ | 1,502 | | |
$ | 1,713 | | |
$ | 2,524 | | |
$ | 2,400 | | |
$ | 3,240 | | |
$ | 1,502 | | |
$ | 3,240 | |
| Total nonaccrual loans | |
$ | 3,197 | | |
$ | 3,476 | | |
$ | 4,320 | | |
$ | 4,416 | | |
$ | 5,038 | | |
$ | 3,197 | | |
$ | 5,038 | |
| Loans >90 days past due, still accruing | |
| 115 | | |
| 183 | | |
| 248 | | |
| 0 | | |
| 389 | | |
| 115 | | |
| 389 | |
| Other real estate owned | |
| 6,125 | | |
| 6,506 | | |
| 7,009 | | |
| 7,082 | | |
| 7,756 | | |
| 6,125 | | |
| 7,756 | |
| Total nonperforming assets | |
$ | 9,437 | | |
$ | 10,165 | | |
$ | 11,577 | | |
$ | 11,498 | | |
$ | 13,183 | | |
$ | 9,437 | | |
$ | 13,183 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Allowance for loan and lease losses to loans held for investment | |
| 1.30 | % | |
| 1.33 | % | |
| 1.35 | % | |
| 1.47 | % | |
| 1.57 | % | |
| 1.30 | % | |
| 1.57 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net charge-offs (recoveries) | |
$ | 28 | | |
$ | 129 | | |
$ | (21 | ) | |
$ | 317 | | |
$ | (17 | ) | |
$ | 452 | | |
$ | 1,189 | |
| Net charge-offs (recoveries) to total loans | |
| 0.00 | % | |
| 0.02 | % | |
| 0.00 | % | |
| 0.06 | % | |
| 0.00 | % | |
| 0.07 | % | |
| 0.25 | % |
| Total nonaccrual loans to total loans HFI | |
| 0.53 | % | |
| 0.61 | % | |
| 0.79 | % | |
| 0.90 | % | |
| 1.05 | % | |
| 0.53 | % | |
| 1.05 | % |
| Total nonperforming assets to total assets | |
| 1.00 | % | |
| 1.11 | % | |
| 1.29 | % | |
| 1.31 | % | |
| 1.49 | % | |
| 1.00 | % | |
| 1.49 | % |
| Total loans to total deposits | |
| 75.30 | % | |
| 72.94 | % | |
| 71.14 | % | |
| 63.34 | % | |
| 61.56 | % | |
| 75.30 | % | |
| 61.56 | % |
| Total loans to total assets (1) | |
| 64.56 | % | |
| 62.55 | % | |
| 61.13 | % | |
| 56.48 | % | |
| 54.80 | % | |
| 64.56 | % | |
| 54.80 | % |
| Loans serviced for others | |
$ | 297,494 | | |
$ | 297,764 | | |
$ | 300,801 | | |
$ | 301,482 | | |
$ | 306,822 | | |
$ | 297,494 | | |
$ | 306,822 | |
(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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From Jun 2024 to Jul 2024
First South Bancorp (NASDAQ:FSBK)
Historical Stock Chart
From Jul 2023 to Jul 2024
