WASHINGTON, N.C., Jan. 26, 2017 /PRNewswire/ -- 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, 2016.
The Company's diluted earnings per common share (EPS) for the
fourth quarter of 2016 increased 31.3% to $0.21 per share from $0.16 per share for the fourth quarter of 2015.
Diluted EPS for the full fiscal year of 2016 increased 49.0%
to $0.73 per common share from
$0.49 per common share for fiscal
year 2015. The Company continues to generate solid core
revenue and net interest income from strong loan and deposit
growth, while maintaining excellent credit quality and enhancing
its capital position.
The Company's net income increased to $2.0 million, or 27.2%, in the fourth quarter of
2016 from, $1.6 million for the
fourth quarter of 2015. Net income for fiscal year 2016
increased to $7.0 million, or 48.6%,
from $4.7 million for fiscal year
2015.
"The Company continues to deliver quality core financial
results, showcasing the execution of our strategic plan and our
ability to consistently generate earnings through sustainable
revenue growth in commercial, consumer and mortgage banking
services," Chief Executive Officer Bruce
Elder said. "We are also pleased that the depth of new and
existing customer relationships has resulted in robust deposit
growth, which continues to support very healthy loan growth.
Our capital levels and capital creation through retained
earnings supports continued organic balance sheet growth."
FOURTH QUARTER 2016 HIGHLIGHTS
- Strong earnings performance with net income of $2.0 million, diluted EPS of $0.21 per share, return on average assets (ROA)
of 0.80%, return on average equity (ROE) of 8.94% and return on
average tangible common equity (ROTCE) (a non-GAAP measure) of
9.82%.
- Loans and leases held for investment (HFI) grew $18.2 million during the quarter, to $700.6 million, representing an annualized growth
rate of 10.7%.
- Deposits grew $10.8 million
during the quarter to $870.6 million,
or an annualized growth rate of 5.0%.
FISCAL YEAR 2016 HIGHLIGHTS
- Strong earnings performance with net income of $7.0 million, diluted EPS of $0.73 per share, ROA of 0.72%, ROE of 8.02% and
ROTCE of 8.86%.
- Strategic execution as evidenced by highest annual diluted EPS
since 2008.
- Grew total assets $44.4 million,
or 4.7%, during 2016.
- Continued to maintain a strong capital position.
- Loans and leases HFI grew $93.6
million or 15.4% during 2016.
- Total deposits grew $59.3
million, or 7.3%, during 2016.
- Total non-interest bearing deposits grew 16.1% to $196.9 million.
- Net interest income grew by $3.21
million, or 10.9%, to $32.6
million.
- Net interest margin increased to 3.71% for fiscal year
2016.
- Non-interest income was $14.2,
million which represents 30.3% of total revenues.
- Non-performing assets to total assets declined to 0.63% from
1.00% at the previous year-end.
- Completed the purchase of mortgage servicing rights for 452
high-quality Freddie Mac and Fannie Mae loans with an unpaid
principal balance of $84.6 million at
settlement.
- Increased quarterly dividend payment rate to $0.03 per share, a 20% increase.
- Expanded Small Business Administration loan sales and
servicing.
- Consolidated three branches into nearby locations with the goal
of positively impacting efficiency.
Important disclosures about and reconciliations of non-GAAP
measures, including ROTCE, to the corresponding GAAP measures, are
provided below and attached to this press release.
The Company's strong loan and deposit growth continues to
support revenue increases, allowing for net interest margin
expansion despite the prevailing low interest rate environment.
As a result, our net interest income (NII) grew to
$8.4 million in the fourth quarter of
2016, from $7.7 million in the
comparative 2015 fourth quarter. NII for fiscal year 2016
grew to $32.6 million, increasing
10.9% from the $29.4 million of NII
generated for fiscal year 2015.
Total non-interest income was $3.4
million, or 28.6% of total revenue (net interest income plus
noninterest income) in the fourth quarter of 2016, compared to
$3.7 million, or 32.6%, in the
comparative 2015 fourth quarter. Total non-interest income for
fiscal year 2016 was $14.2 million,
or 30.3% of total revenue, compared to $14.3
million, or 32.7% for fiscal year 2015. The decline in
non-interest income is attributable to a decline in non-core gains
on sales of investment securities. The Bank had no gains from
investment securities sales for the 2016 fourth quarter, compared
to $463,000 for the prior year
quarter. Gains realized from the sale of investment
securities for fiscal years 2016 and 2015 were $467,000 and $1.4
million, respectively. We have sold investment
securities primarily to fund the growth in our loan and leases
HFI.
The Company's efficiency ratio for the fourth quarter of 2016
improved to 74.16%, from 81.41% in the comparative fourth quarter
of 2015. The efficiency ratio for fiscal year 2016 improved
to 76.51%, from 84.53% for fiscal year 2015. Non-interest
expenses in the fourth quarter of 2016 declined to $8.8 million, from $9.1
million in the comparative fourth quarter of 2015.
Total non-interest expenses for fiscal year 2016 declined to
$35.9 million, from $36.4 million for fiscal year 2015.
Income tax expense was $775,000
for the 2016 fourth quarter, compared to $484,000 for the 2015 fourth quarter. The
effective income tax rates were 28.00% and 23.60% for these
reporting periods, respectively. For fiscal year 2016, income
tax expense was $3.0 million versus
$1.8 million for fiscal year
2015. The effective income tax rates were 29.84% and 28.18%
for fiscal years 2016 and 2015, respectively.
BALANCE SHEET GROWTH
Loans and leases HFI totaled $700.6
million at December 31, 2016, increasing $93.6 million, or 15.4%, over the $607.0 million held at December 31, 2015.
Loans held for sale totaled $5.1
million at December 31, 2016, growing 29.3% from the
$3.9 million held at the end of
fiscal year 2015. Investment securities and interest-bearing
deposits at other banks declined to $216.4
million at December 31, 2016, compared to $267.4 million at year end 2015, resulting
primarily from sales of investment securities to fund growth in our
loans and leases HFI portfolio.
Deposits totaled $870.6 million at
December 31, 2016, increasing $59.3
million, or 7.3%, from $811.3
million at December 31, 2015. Non-maturity
deposits (personal and business checking, money market, and savings
accounts) grew by $62.8 million, or
11.4%, to $614.1 million at
December 31, 2016, from $551.3 million at December
31, 2015. Certificates of deposit (CDs) declined to
$256.6 million at December 31, 2016, from $260.0 million at December
31, 2015. CDs represented 29.5% and 32.1% of total
deposits at December 31, 2016, and
December 31, 2015, respectively.
ASSET QUALITY
Solid asset quality metrics in the fourth quarter of 2016
continue to reflect the Company's disciplined credit culture.
Non-performing assets (NPAs) declined to $6.3 million at December 31, 2016, or 0.63%
of total assets, from $9.4 million,
or 1.00% of total assets, at December 31, 2015. NPAs at
December 31, 2016 included $3.2
million of other real estate owned (OREO), which
declined by $2.9 million, or
47.3%, from $6.1 million at
December 31, 2015. Nonaccrual loans and leases were
$3.1 million at December 31,
2016, or 0.44% of loans and leases HFI, compared to $3.2 million, or 0.53%, at December 31,
2015.
The provision for credit losses in the 2016 fourth quarter
declined to $200,000, from
$325,000 for the 2015 fourth quarter.
The provision for credit losses increased to $970,000 in fiscal year 2016, from $800,000 in fiscal year 2015. The allowance for
loan losses represented 1.24% of loans and leases HFI at
December 31, 2016, compared to 1.30% at December 31,
2015.
REGULATORY CAPITAL STRENGTH
As of December 31, 2016, reported regulatory capital ratios
at the Bank were 13.01% for total risk-based capital, 11.80% for
tier 1 risk-based capital, 11.80% for common equity tier 1
risk-based capital and 8.89% for tier 1 leverage, compared to
13.29% for total risk-based capital, 12.06% for tier 1 risk-based
capital, 12.06% for common equity tier 1 risk-based capital and
8.67% for tier 1 leverage at December 31,
2015.
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 30
full-service branch offices located throughout eastern and central
North Carolina.
The Bank also provides a full menu of leasing services through
its wholly-owned subsidiary, First South Leasing, LLC. In addition,
under its First South Wealth Management division, the Bank makes
securities brokerage services available through an affiliation with
an independent broker/dealer.
Additional 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. The Company assumes no obligation and does not intend
to update these forward-looking statements, except as required by
law.
NON-GAAP FINANCIAL MEASURES
This press release and the Supplemental Financial Data contain
financial information determined by methods other than in
accordance with generally accepted accounting principles (GAAP) 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. 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. Reconciliations of
non-GAAP disclosures are provided within the accompanying tables to
this press release.
(NASDAQ: FSBK)
For more information contact:
Bruce Elder (CEO)
(252) 940-4936
Scott McLean (CFO)
(252) 940-5016
Website: www.firstsouthnc.com
First South
Bancorp, Inc. and Subsidiary
|
|
|
|
|
|
|
Consolidated
Statements of Financial Condition
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2016
|
|
|
2015
|
|
|
|
(unaudited)
|
|
|
(*)
|
Assets
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
22,854,712
|
|
$
|
19,425,747
|
Interest-bearing
deposits with banks
|
|
|
23,320,968
|
|
|
18,565,521
|
Investment securities
available for sale, at fair value
|
|
|
192,606,119
|
|
|
248,294,725
|
Investment securities
held to maturity
|
|
|
509,617
|
|
|
508,456
|
Mortgage loans held
for sale
|
|
|
5,098,518
|
|
|
3,943,798
|
|
|
|
|
|
|
|
Loans and leases held
for investment
|
|
|
700,642,291
|
|
|
607,014,247
|
Allowance for loan and lease losses
|
|
|
(8,673,172)
|
|
|
(7,866,523)
|
Net loans and leases held for investment
|
|
|
691,969,119
|
|
|
599,147,724
|
|
|
|
|
|
|
|
Premises and
equipment, net
|
|
|
11,291,596
|
|
|
13,664,937
|
Assets held for
sale
|
|
|
192,720
|
|
|
-
|
Other real estate
owned
|
|
|
3,229,423
|
|
|
6,125,054
|
Federal Home Loan
Bank stock, at cost
|
|
|
1,573,700
|
|
|
2,369,300
|
Accrued interest
receivable
|
|
|
3,525,684
|
|
|
2,874,506
|
Goodwill
|
|
|
4,218,576
|
|
|
4,218,576
|
Mortgage servicing
rights
|
|
|
2,148,905
|
|
|
1,265,589
|
Identifiable
intangible assets
|
|
|
1,611,187
|
|
|
1,895,514
|
Bank-owned life
insurance
|
|
|
18,080,183
|
|
|
15,635,140
|
Prepaid expenses and
other assets
|
|
|
8,470,887
|
|
|
8,348,385
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
990,701,914
|
|
$
|
946,282,972
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
Non-interest
bearing demand
|
|
$
|
196,917,165
|
|
$
|
169,545,849
|
Interest
bearing demand
|
|
|
272,098,903
|
|
|
246,376,521
|
Savings
|
|
|
145,031,981
|
|
|
135,369,668
|
Large
denomination certificates of deposit
|
|
|
122,819,510
|
|
|
116,299,196
|
Other
time
|
|
|
133,732,804
|
|
|
143,730,993
|
Total deposits
|
|
|
870,600,363
|
|
|
811,322,227
|
|
|
|
|
|
|
|
Borrowed
money
|
|
|
17,000,000
|
|
|
37,000,000
|
Junior subordinated
debentures
|
|
|
10,310,000
|
|
|
10,310,000
|
Other
liabilities
|
|
|
5,607,832
|
|
|
5,479,971
|
Total liabilities
|
|
|
903,518,195
|
|
|
864,112,198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, $.01
par value, 25,000,000 shares authorized;
|
|
|
|
|
|
|
9,494,935 and 9,489,222 shares outstanding, respectively
|
|
|
94,949
|
|
|
94,892
|
Additional paid-in
capital
|
|
|
36,018,743
|
|
|
35,936,911
|
Retained
earnings
|
|
|
49,560,595
|
|
|
43,691,073
|
Accumulated other
comprehensive income
|
|
|
1,509,432
|
|
|
2,447,898
|
Total stockholders' equity
|
|
|
87,183,719
|
|
|
82,170,774
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
990,701,914
|
|
$
|
946,282,972
|
|
|
|
|
|
|
|
(*) Derived from
audited consolidated financial statements
|
|
|
|
|
|
|
First South
Bancorp, Inc. and Subsidiary
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Year
Ended
|
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(*)
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and
fees on loans
|
|
|
$
|
7,999,279
|
|
$
|
7,005,095
|
|
$
|
30,748,105
|
|
$
|
25,839,566
|
Interest on
investments and deposits
|
|
|
1,336,777
|
|
|
1,563,857
|
|
|
5,468,110
|
|
|
6,611,037
|
Total interest income
|
|
|
9,336,056
|
|
|
8,568,952
|
|
|
36,216,215
|
|
|
32,450,603
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
|
|
|
734,276
|
|
|
637,680
|
|
|
2,829,085
|
|
|
2,367,750
|
Interest on
borrowings
|
|
|
|
59,852
|
|
|
63,272
|
|
|
247,536
|
|
|
124,865
|
Interest
on junior subordinated notes
|
|
|
125,631
|
|
|
140,039
|
|
|
534,258
|
|
|
561,694
|
Total interest expense
|
|
|
919,759
|
|
|
840,991
|
|
|
3,610,879
|
|
|
3,054,309
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
8,416,297
|
|
|
7,727,961
|
|
|
32,605,336
|
|
|
29,396,294
|
Provision for credit
losses
|
|
|
|
200,000
|
|
|
325,000
|
|
|
970,000
|
|
|
800,000
|
Net interest income after provision for credit losses
|
|
|
8,216,297
|
|
|
7,402,961
|
|
|
31,635,336
|
|
|
28,596,294
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit fees
and service charges
|
|
|
1,841,351
|
|
|
2,004,933
|
|
|
7,587,686
|
|
|
8,072,893
|
Loan fees and
charges
|
|
|
|
102,765
|
|
|
89,286
|
|
|
370,977
|
|
|
268,482
|
Mortgage loan
servicing fees
|
|
|
386,283
|
|
|
283,070
|
|
|
1,237,054
|
|
|
1,090,196
|
Gain on sale
and other fees on mortgage loans
|
|
|
537,507
|
|
|
536,536
|
|
|
2,332,524
|
|
|
2,022,813
|
Gain on sale
of other real estate, net
|
|
|
80,548
|
|
|
30,537
|
|
|
131,481
|
|
|
40,351
|
Gain on sale
of investment securities
|
|
|
0
|
|
|
463,203
|
|
|
467,470
|
|
|
1,417,716
|
Other
income
|
|
|
|
423,886
|
|
|
328,129
|
|
|
2,060,312
|
|
|
1,385,524
|
Total non-interest income
|
|
|
3,372,340
|
|
|
3,735,694
|
|
|
14,187,504
|
|
|
14,297,975
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation
and fringe benefits
|
|
|
4,863,584
|
|
|
4,902,583
|
|
|
19,819,368
|
|
|
19,377,688
|
Federal
deposit insurance premiums
|
|
|
152,523
|
|
|
164,324
|
|
|
631,799
|
|
|
609,406
|
Premises and
equipment
|
|
|
|
1,363,551
|
|
|
1,355,384
|
|
|
5,467,277
|
|
|
5,331,960
|
Marketing
|
|
|
|
133,700
|
|
|
221,831
|
|
|
702,257
|
|
|
820,308
|
Data
processing
|
|
|
|
786,096
|
|
|
778,070
|
|
|
3,089,513
|
|
|
3,583,170
|
Amortization
of intangible assets
|
|
|
168,920
|
|
|
128,447
|
|
|
570,902
|
|
|
515,044
|
Other real
estate owned expense
|
|
|
127,521
|
|
|
168,849
|
|
|
553,143
|
|
|
631,675
|
Other
|
|
|
|
1,223,301
|
|
|
1,367,195
|
|
|
5,066,180
|
|
|
5,504,476
|
Total non-interest expense
|
|
|
8,819,196
|
|
|
9,086,683
|
|
|
35,900,439
|
|
|
36,373,727
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax expense
|
|
|
2,769,441
|
|
|
2,051,972
|
|
|
9,922,401
|
|
|
6,520,542
|
Income tax
expense
|
|
|
|
775,298
|
|
|
484,346
|
|
|
2,961,139
|
|
|
1,837,329
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
|
$
|
1,994,143
|
|
$
|
1,567,626
|
|
$
|
6,961,262
|
|
$
|
4,683,213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
|
|
$
|
0.21
|
|
$
|
0.17
|
|
$
|
0.73
|
|
$
|
0.49
|
Diluted earnings per
share
|
|
|
$
|
0.21
|
|
$
|
0.16
|
|
$
|
0.73
|
|
$
|
0.49
|
Dividends per
share
|
|
|
$
|
0.030
|
|
$
|
0.025
|
|
$
|
0.115
|
|
$
|
0.10
|
Average basic shares
outstanding
|
|
|
9,494,935
|
|
|
9,489,222
|
|
|
9,493,700
|
|
|
9,521,392
|
Average diluted
shares outstanding
|
|
|
9,529,753
|
|
|
9,513,916
|
|
|
9,522,765
|
|
|
9,542,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Derived from
audited consolidated financial statements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First South
Bancorp, Inc.
|
Supplemental
Financial Data (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter to
Date
|
|
Year to
Date
|
|
|
|
|
12/31/2016
|
|
9/30/2016
|
|
6/30/2016
|
|
3/31/2016
|
|
12/31/2015
|
|
12/31/2016
|
|
12/31/2015
|
|
|
|
(dollars in thousands except per share data)
|
Consolidated balance
sheet data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
990,702
|
$
|
985,795
|
$
|
961,479
|
$
|
940,108
|
$
|
946,283
|
$
|
990,702
|
$
|
946,283
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
sale:
|
$
|
5,099
|
$
|
7,313
|
$
|
5,252
|
$
|
2,490
|
$
|
3,944
|
$
|
5,099
|
$
|
3,944
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases held
for investment (HFI):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage
|
$
|
74,905
|
$
|
74,710
|
$
|
73,100
|
$
|
73,412
|
$
|
71,866
|
$
|
74,905
|
$
|
71,866
|
|
Commercial
|
|
535,047
|
|
518,265
|
|
510,678
|
|
482,779
|
|
454,877
|
|
535,047
|
|
454,877
|
|
Consumer
|
|
69,454
|
|
69,039
|
|
66,138
|
|
64,521
|
|
63,036
|
|
69,454
|
|
63,036
|
|
Leases
|
|
21,236
|
|
20,452
|
|
18,927
|
|
18,333
|
|
17,235
|
|
21,236
|
|
17,235
|
|
|
Total loans and
leases HFI
|
|
700,642
|
|
682,466
|
|
668,843
|
|
639,045
|
|
607,014
|
|
700,642
|
|
607,014
|
Allowance for loan
and lease losses
|
|
(8,673)
|
|
(8,498)
|
|
(8,338)
|
|
(8,135)
|
|
(7,867)
|
|
(8,673)
|
|
(7,867)
|
Net loans and leases
HFI
|
$
|
691,969
|
$
|
673,968
|
$
|
660,505
|
$
|
630,910
|
$
|
599,147
|
$
|
691,969
|
$
|
599,147
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash & interest
bearing deposits
|
$
|
46,176
|
$
|
57,209
|
$
|
40,734
|
$
|
36,115
|
$
|
37,991
|
$
|
46,176
|
$
|
37,991
|
Investment
securities
|
|
193,116
|
|
193,765
|
|
200,364
|
|
213,520
|
|
248,803
|
|
193,116
|
|
248,803
|
Bank-owned life
insurance
|
|
18,080
|
|
17,937
|
|
17,795
|
|
17,653
|
|
15,635
|
|
18,080
|
|
15,635
|
Premises and
equipment
|
|
11,292
|
|
11,609
|
|
11,671
|
|
12,144
|
|
13,665
|
|
11,292
|
|
13,665
|
Goodwill
|
|
|
4,219
|
|
4,219
|
|
4,219
|
|
4,219
|
|
4,219
|
|
4,219
|
|
4,219
|
Mortgage servicing
rights
|
|
2,149
|
|
2,091
|
|
1,273
|
|
1,247
|
|
1,266
|
|
2,149
|
|
1,266
|
Identifiable
intangible assets
|
|
1,611
|
|
1,682
|
|
1,753
|
|
1,824
|
|
1,896
|
|
1,611
|
|
1,896
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
checking
|
$
|
196,917
|
$
|
189,873
|
$
|
177,281
|
$
|
164,244
|
$
|
169,546
|
$
|
196,917
|
$
|
169,546
|
Interest
checking
|
|
189,401
|
|
176,034
|
|
170,153
|
|
171,323
|
|
173,934
|
|
189,401
|
|
173,934
|
Money
market
|
|
82,698
|
|
88,081
|
|
72,054
|
|
73,000
|
|
72,442
|
|
82,698
|
|
72,442
|
Savings
|
|
|
145,032
|
|
141,701
|
|
142,151
|
|
146,255
|
|
135,370
|
|
145,032
|
|
135,370
|
Certificates
|
|
256,552
|
|
264,142
|
|
263,823
|
|
263,845
|
|
260,030
|
|
256,552
|
|
260,030
|
|
Total
deposits
|
$
|
870,600
|
$
|
859,831
|
$
|
825,462
|
$
|
818,667
|
$
|
811,322
|
$
|
870,600
|
$
|
811,322
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings
|
$
|
17,000
|
$
|
20,000
|
$
|
32,500
|
$
|
21,500
|
$
|
37,000
|
$
|
17,000
|
$
|
37,000
|
Junior subordinated
debentures
|
|
10,310
|
|
10,310
|
|
10,310
|
|
10,310
|
|
10,310
|
|
10,310
|
|
10,310
|
Stockholders'
equity
|
|
87,184
|
|
88,294
|
|
87,327
|
|
84,179
|
|
82,171
|
|
87,184
|
|
82,171
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated earnings
summary:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
|
9,336
|
$
|
9,210
|
$
|
8,998
|
$
|
8,672
|
$
|
8,569
|
$
|
36,216
|
$
|
32,450
|
Interest
expense
|
|
920
|
|
911
|
|
898
|
|
882
|
|
841
|
|
3,611
|
|
3,054
|
Net interest
income
|
|
8,416
|
|
8,299
|
|
8,100
|
|
7,790
|
|
7,728
|
|
32,605
|
|
29,396
|
Provision for credit
losses
|
|
200
|
|
220
|
|
325
|
|
225
|
|
325
|
|
970
|
|
800
|
Noninterest
income
|
|
3,372
|
|
3,691
|
|
3,548
|
|
3,576
|
|
3,736
|
|
14,187
|
|
14,298
|
Noninterest
expense
|
|
8,819
|
|
8,929
|
|
9,046
|
|
9,106
|
|
9,087
|
|
35,900
|
|
36,374
|
Income before
taxes
|
|
2,769
|
|
2,841
|
|
2,277
|
|
2,035
|
|
2,052
|
|
9,922
|
|
6,520
|
Income tax
expense
|
|
775
|
|
947
|
|
665
|
|
574
|
|
484
|
|
2,961
|
|
1,837
|
Net income
|
$
|
1,994
|
$
|
1,894
|
$
|
1,612
|
$
|
1,461
|
$
|
1,568
|
$
|
6,961
|
$
|
4,683
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
|
0.21
|
$
|
0.20
|
$
|
0.17
|
$
|
0.15
|
$
|
0.17
|
$
|
0.73
|
$
|
0.49
|
Diluted earnings per
share
|
$
|
0.21
|
$
|
0.20
|
$
|
0.17
|
$
|
0.15
|
$
|
0.16
|
$
|
0.73
|
$
|
0.49
|
Dividends per
share
|
$
|
0.03
|
$
|
0.03
|
$
|
0.03
|
$
|
0.025
|
$
|
0.025
|
$
|
0.115
|
$
|
0.10
|
Book value per
share
|
$
|
9.18
|
$
|
9.30
|
$
|
9.20
|
$
|
8.87
|
$
|
8.66
|
$
|
9.18
|
$
|
8.66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
outstanding
|
|
9,494,935
|
|
9,494,935
|
|
9,493,776
|
|
9,493,776
|
|
9,489,222
|
|
9,494,935
|
|
9,489,222
|
Average basic
shares
|
|
9,494,935
|
|
9,494,861
|
|
9,493,776
|
|
9,491,201
|
|
9,489,222
|
|
9,493,700
|
|
9,521,392
|
Average diluted
shares
|
|
9,529,753
|
|
9,525,302
|
|
9,519,565
|
|
9,514,797
|
|
9,513,916
|
|
9,522,765
|
|
9,542,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance ratios
(tax equivalent):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on average
earning assets
|
|
4.07%
|
|
4.13%
|
|
4.17%
|
|
4.07%
|
|
4.03%
|
|
4.11%
|
|
4.01%
|
Cost of interest
bearing liabilities
|
|
0.52%
|
|
0.52%
|
|
0.52%
|
|
0.52%
|
|
0.49%
|
|
0.52%
|
|
0.47%
|
Net interest
spread
|
|
3.55%
|
|
3.61%
|
|
3.64%
|
|
3.55%
|
|
3.54%
|
|
3.59%
|
|
3.54%
|
Net interest
margin
|
|
3.68%
|
|
3.73%
|
|
3.76%
|
|
3.66%
|
|
3.64%
|
|
3.71%
|
|
3.64%
|
Average earning
assets to total average assets
|
|
92.92%
|
|
92.42%
|
|
92.38%
|
|
92.20%
|
|
92.19%
|
|
92.49%
|
|
91.63%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (annualized)
|
|
0.80%
|
|
0.78%
|
|
0.68%
|
|
0.63%
|
|
0.67%
|
|
0.72%
|
|
0.52%
|
Return on average
equity (annualized)
|
|
8.94%
|
|
8.52%
|
|
7.55%
|
|
6.97%
|
|
7.52%
|
|
8.02%
|
|
5.72%
|
Efficiency
ratio
|
|
74.16%
|
|
73.84%
|
|
77.59%
|
|
80.74%
|
|
81.41%
|
|
76.51%
|
|
84.53%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
$
|
992,192
|
$
|
968,729
|
$
|
947,761
|
$
|
938,702
|
$
|
930,978
|
$
|
961,856
|
$
|
897,795
|
Average earning
assets
|
$
|
921,984
|
$
|
895,290
|
$
|
875,529
|
$
|
865,463
|
$
|
858,243
|
$
|
889,574
|
$
|
822,641
|
Average
equity
|
$
|
88,694
|
$
|
88,481
|
$
|
85,927
|
$
|
84,265
|
$
|
82,712
|
$
|
86,844
|
$
|
81,893
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity/Assets
|
|
8.80%
|
|
8.96%
|
|
9.08%
|
|
8.95%
|
|
8.68%
|
|
8.80%
|
|
8.68%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First South
Bancorp, Inc.
|
Supplemental
Financial Data (Unaudited)
|
|
|
|
|
|
|
Quarter to
Date
|
|
Year to
Date
|
|
|
|
|
12/31/2016
|
|
9/30/2016
|
|
6/30/2016
|
|
3/31/2016
|
|
12/31/2015
|
|
12/31/2016
|
|
12/31/2015
|
|
|
|
(dollars in thousands except per share data)
|
Asset quality data
and ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans and
leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-TDR nonaccrual
loans and leases
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning
|
$
|
410
|
$
|
569
|
$
|
555
|
$
|
945
|
$
|
985
|
$
|
410
|
$
|
985
|
|
Non-Earning
|
|
1,257
|
|
1,289
|
|
1,075
|
|
895
|
|
710
|
|
1,257
|
|
710
|
|
|
Total Non-TDR
nonaccrual loans and leases
|
$
|
1,667
|
$
|
1,858
|
$
|
1,630
|
$
|
1,840
|
$
|
1,695
|
$
|
1,667
|
$
|
1,695
|
|
TDR nonaccrual loans
and leases
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
TDRs
|
$
|
422
|
$
|
792
|
$
|
706
|
$
|
847
|
$
|
1,343
|
$
|
422
|
$
|
1,343
|
|
Past Due
TDRs
|
|
962
|
|
248
|
|
250
|
|
154
|
|
159
|
|
962
|
|
159
|
|
|
Total TDR nonaccrual
loans and leases
|
$
|
1,384
|
$
|
1,040
|
$
|
956
|
$
|
1,001
|
$
|
1,502
|
$
|
1,384
|
$
|
1,502
|
Total nonaccrual
loans and leases
|
$
|
3,051
|
$
|
2,898
|
$
|
2,586
|
$
|
2,841
|
$
|
3,197
|
$
|
3,051
|
$
|
3,197
|
Loans and leases
>90 days past due, still accruing
|
|
0
|
|
0
|
|
218
|
|
153
|
|
115
|
|
0
|
|
115
|
Other real estate
owned
|
|
3,229
|
|
4,810
|
|
5,541
|
|
5,956
|
|
6,125
|
|
3,229
|
|
6,125
|
Total nonperforming
assets
|
$
|
6,280
|
$
|
7,708
|
$
|
8,345
|
$
|
8,950
|
$
|
9,437
|
$
|
6,280
|
$
|
9,437
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
and lease losses to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
loans and leases
HFI
|
|
1.24%
|
|
1.25%
|
|
1.25%
|
|
1.27%
|
|
1.30%
|
|
1.24%
|
|
1.30%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries)
|
$
|
25
|
$
|
60
|
$
|
122
|
$
|
(44)
|
$
|
28
|
$
|
163
|
$
|
425
|
Net charge-offs
(recoveries) to total loans and leases
|
|
0.00%
|
|
0.01%
|
|
0.02%
|
|
-0.01%
|
|
0.00%
|
|
0.02%
|
|
0.07%
|
Total nonaccrual
loans and leases to total loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and leases
HFI
|
|
0.44%
|
|
0.42%
|
|
0.39%
|
|
0.44%
|
|
0.53%
|
|
0.44%
|
|
0.53%
|
Total nonperforming
assets to total assets
|
|
0.63%
|
|
0.78%
|
|
0.87%
|
|
0.95%
|
|
1.00%
|
|
0.63%
|
|
1.00%
|
Total loans and
leases to total deposits
|
|
81.06%
|
|
80.22%
|
|
81.66%
|
|
78.36%
|
|
75.30%
|
|
81.06%
|
|
75.30%
|
Total loans and
leases to total assets
|
|
71.24%
|
|
69.97%
|
|
70.11%
|
|
68.24%
|
|
64.56%
|
|
71.24%
|
|
64.56%
|
Loans serviced for
others
|
$
|
371,956
|
$
|
370,606
|
$
|
292,222
|
$
|
293,548
|
$
|
297,494
|
$
|
371,956
|
$
|
297,494
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Non-GAAP Measures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax pre-provision
operating earnings (non-GAAP):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes
(GAAP)
|
$
|
2,769
|
$
|
2,841
|
$
|
2,277
|
$
|
2,035
|
$
|
2,052
|
$
|
9,922
|
$
|
6,520
|
Provision for credit
losses
|
|
200
|
|
220
|
|
325
|
|
225
|
|
325
|
|
970
|
|
800
|
Pre-tax pre-provision
net income
|
|
2,969
|
|
3,061
|
|
2,602
|
|
2,260
|
|
2,377
|
|
10,892
|
|
7,320
|
Securities (gains)
losses, net
|
|
0
|
|
0
|
|
(184)
|
|
(284)
|
|
(463)
|
|
(467)
|
|
(1,418)
|
OREO
valuations
|
|
140
|
|
0
|
|
103
|
|
7
|
|
100
|
|
250
|
|
195
|
OREO (gains) losses,
(net)
|
|
(80)
|
|
(77)
|
|
14
|
|
12
|
|
(30)
|
|
(131)
|
|
(40)
|
Pre-tax pre-provision
operating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
earnings
(non-GAAP)
|
$
|
3,029
|
$
|
2,984
|
$
|
2,535
|
$
|
1,995
|
$
|
1,984
|
$
|
10,544
|
$
|
6,057
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total core
non-interest income (non-GAAP):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
(GAAP)
|
$
|
3,372
|
$
|
3,691
|
$
|
3,548
|
$
|
3,576
|
$
|
3,736
|
$
|
14,187
|
$
|
14,298
|
Securities (gains)
losses, net
|
|
0
|
|
0
|
|
(184)
|
|
(284)
|
|
(463)
|
|
(467)
|
|
(1,418)
|
OREO (gains) losses,
(net)
|
|
(80)
|
|
(77)
|
|
14
|
|
12
|
|
(30)
|
|
(131)
|
|
(40)
|
Total core
non-interest income (non-GAAP)
|
$
|
3,292
|
$
|
3,614
|
$
|
3,378
|
$
|
3,304
|
$
|
3,243
|
$
|
13,589
|
$
|
12,840
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity
(non-GAAP):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
(GAAP)
|
$
|
87,184
|
$
|
88,294
|
$
|
87,327
|
$
|
84,179
|
$
|
82,171
|
$
|
87,184
|
$
|
82,171
|
Intangible assets
(a)
|
|
5,830
|
|
5,901
|
|
5,972
|
|
6,043
|
|
6,115
|
|
5,830
|
|
6,115
|
Tangible equity
(non-GAAP)
|
$
|
81,354
|
$
|
82,393
|
$
|
81,355
|
$
|
78,136
|
$
|
76,056
|
$
|
81,354
|
$
|
76,056
|
Tangible
Equity/Assets (non-GAAP)
|
|
8.21%
|
|
8.36%
|
|
8.46%
|
|
8.31%
|
|
8.04%
|
|
8.21%
|
|
8.04%
|
Tangible book value
per share (non-GAAP)
|
$
|
8.57
|
$
|
8.68
|
$
|
8.57
|
$
|
8.23
|
$
|
8.02
|
$
|
8.57
|
$
|
8.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible common equity (non-GAAP):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
$
|
1,994
|
$
|
1,894
|
$
|
1,612
|
$
|
1,461
|
$
|
1,568
|
$
|
6,961
|
$
|
4,683
|
Amortization of
intangibles, net of tax
|
|
51
|
|
47
|
|
50
|
|
51
|
|
55
|
|
199
|
|
206
|
Tangible net income
available to shareholders (non-GAAP)
|
$
|
2,045
|
$
|
1,941
|
$
|
1,662
|
$
|
1,512
|
$
|
1,623
|
$
|
7,160
|
$
|
4,889
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
equity
|
|
88,694
|
|
88,481
|
|
85,927
|
|
84,265
|
|
82,712
|
|
86,844
|
|
81,893
|
Average intangible
assets (a)
|
|
5,876
|
|
5,946
|
|
6,018
|
|
6,088
|
|
6,161
|
|
5,982
|
|
6,268
|
Average tangible
common equity (non-GAAP)
|
$
|
82,818
|
$
|
82,535
|
$
|
79,909
|
$
|
78,177
|
$
|
76,551
|
$
|
80,862
|
$
|
75,625
|
Return on average
tangible common equity (non-GAAP)
|
|
9.82%
|
|
9.36%
|
|
8.37%
|
|
7.78%
|
|
8.43%
|
|
8.86%
|
|
6.47%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Excludes mortgage
servicing rights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balances –
Yield/Cost Analysis
|
Three Months Ended
December 31,
|
|
2016
|
|
2015
|
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/Cost
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/Cost
|
|
Interest earning
assets:
|
(Dollars in
thousands)
|
Loans
receivable
|
$
691,790
|
|
$
7,999
|
|
4.54
|
%
|
$
591,941
|
|
$
7,005
|
|
4.65
|
%
|
Investments and
deposits
|
230,194
|
|
1,337
|
|
2.64
|
(1)
|
266,311
|
|
1,564
|
|
2.63
|
(1)
|
Total earning
assets
|
921,984
|
|
9,336
|
|
4.07
|
(1)
|
858,252
|
|
8,569
|
|
4.03
|
(1)
|
Nonearning
assets
|
70,208
|
|
|
|
|
|
72,730
|
|
|
|
|
|
Total
assets
|
$
992,192
|
|
|
|
|
|
$
930,982
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
671,964
|
|
734
|
|
0.43
|
|
$
634,028
|
|
638
|
|
0.40
|
|
Borrowings
|
20,598
|
|
60
|
|
1.16
|
|
31,234
|
|
63
|
|
0.81
|
|
Junior subordinated
debentures
|
10,310
|
|
126
|
|
4.77
|
|
10,310
|
|
140
|
|
5.32
|
|
Total interest
bearing liabilities
|
702,872
|
|
920
|
|
0.52
|
|
675,572
|
|
841
|
|
0.49
|
|
Noninterest bearing
demand deposits
|
193,627
|
|
-
|
|
-
|
|
167,063
|
|
-
|
|
-
|
|
Total sources
of funds
|
896,499
|
|
920
|
|
0.41
|
|
842,635
|
|
841
|
|
0.39
|
|
Other
liabilities
|
6,999
|
|
|
|
|
|
5,635
|
|
|
|
|
|
Stockholders'
equity
|
88,694
|
|
|
|
|
|
82,712
|
|
|
|
|
|
Total
liabilities and equity
|
$
992,192
|
|
|
|
|
|
$
930,982
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
$
8,416
|
|
|
|
|
|
$
7,728
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate spread
(1)(2)
|
|
|
|
|
3.55
|
%
|
|
|
|
|
3.54
|
%
|
Net interest margin
(1)(3)
|
|
|
|
|
3.68
|
%
|
|
|
|
|
3.64
|
%
|
Ratio of earning
assets to interest bearing liabilities
|
|
|
|
|
131.17
|
%
|
|
|
|
|
127.04
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31,
|
|
2016
|
|
2015
|
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/Cost
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/Cost
|
|
Interest earning
assets:
|
(Dollars in
thousands)
|
Loans
receivable
|
$
663,963
|
|
$
30,748
|
|
4.58
|
%
|
$
538,286
|
|
$
25,840
|
|
4.75
|
%
|
Investments and
deposits
|
225,611
|
|
5,468
|
|
2.75
|
(1)
|
284,355
|
|
6,611
|
|
2.61
|
(1)
|
Total earning
assets
|
889,574
|
|
36,216
|
|
4.11
|
(1)
|
822,641
|
|
32,451
|
|
4.01
|
(1)
|
Nonearning
assets
|
72,282
|
|
|
|
|
|
75,154
|
|
|
|
|
|
Total
assets
|
$
961,856
|
|
|
|
|
|
$
897,795
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
657,838
|
|
2,829
|
|
0.43
|
|
$
627,052
|
|
2,368
|
|
0.38
|
|
Borrowings
|
23,484
|
|
248
|
|
1.05
|
|
15,761
|
|
125
|
|
0.78
|
|
Junior subordinated
debentures
|
10,310
|
|
534
|
|
5.10
|
|
10,310
|
|
562
|
|
5.37
|
|
Total interest
bearing liabilities
|
691,632
|
|
3,611
|
|
0.52
|
|
653,123
|
|
3,055
|
|
0.47
|
|
Noninterest bearing
demand deposits
|
177,035
|
|
-
|
|
-
|
|
157,953
|
|
-
|
|
-
|
|
Total sources
of funds
|
868,667
|
|
3,611
|
|
0.41
|
|
811,076
|
|
3,055
|
|
0.38
|
|
Other
liabilities
|
6,345
|
|
|
|
|
|
4,826
|
|
|
|
|
|
Stockholders'
equity
|
86,844
|
|
|
|
|
|
81,893
|
|
|
|
|
|
Total
liabilities and equity
|
$
961,856
|
|
|
|
|
|
$
897,795
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
$
32,605
|
|
|
|
|
|
$
29,396
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate spread
(1)(2)
|
|
|
|
|
3.59
|
%
|
|
|
|
|
3.54
|
%
|
Net interest margin
(1)(3)
|
|
|
|
|
3.71
|
%
|
|
|
|
|
3.64
|
%
|
Ratio of earning
assets to interest bearing liabilities
|
|
|
|
|
128.62
|
%
|
|
|
|
|
125.95
|
%
|
(1) Shown as a tax-adjusted
yield.
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Represents the difference
between the average yield on earning assets and the average cost of
funds.
|
|
|
|
(3) Represents net interest
income divided by average earning assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/first-south-bancorp-inc-reports-increased-december-31-2016-quarterly-and-year-end-operating-results-300396661.html
SOURCE First South Bancorp, Inc.