First South Bancorp, Inc. declares quarterly cash dividend

 

First South Bancorp, Inc. (NASDAQ: FSBK) (the “Company”), the parent holding company of First South Bank (the “Bank”), reports that on April 24, 2014 the Company’s Board of Directors declared a quarterly cash dividend of $0.025 per share, payable May 15, 2014 to shareholders of record as of the close of business on May 5, 2014.

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 26 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 First South Bancorp, Inc. investor information may be accessed at www.firstsouthnc.com.

The Company’s common stock symbol as traded on the NASDAQ Global Select Market is “FSBK”.

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, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time.

 

First South Bancorp, Inc. reports quarterly operating results

 

First South Bancorp, Inc. (NASDAQ: FSBK) (the “Company”), parent holding company of First South Bank (the “Bank”), reports its unaudited operating results for the quarter ended March 31, 2014.

For the 2014 first quarter, net income was $1.10 million, or $0.11 per diluted common share, compared to $1.14 million, or $0.12 per diluted common share for the linked 2013 fourth quarter, and $1.57 million, or $0.16 per diluted common share, earned for the 2013 first quarter. The Company ended the 2014 first quarter with total assets of $700.7 million, total deposits of $592.4 million, and stockholders’ equity of $77.2 million.

Bruce Elder, President and CEO, commented, “Our diverse footprint has allowed us to expand our overall volume of loans and leases held for investment despite the fact that some of our key markets are still recovering from the economic downturn. We have shown quality net growth in our loan and lease portfolio for three consecutive quarters. The employees of First South Bank are committed to developing core customer relationships, providing the right financial solutions and being vested in the communities we serve.

Elder commented further, “In January 2014, we launched our new website at www.firstsouthnc.com. You will find a more user friendly website with easier navigation and an enhanced Investor Relations section located within the Corporate link. Additionally, during the 2014 first quarter, we announced the reinstatement of a quarterly dividend, which was paid on February 14, 2014. The reinstatement of a quarterly dividend reflects the Company’s strong capital position, improved financial performance and our confidence in the future.”

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, N.C., and has 26 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”.