First South Bank in Washington, North Carolina (NC)
Overview, Financial Summary, Detailed Financial Reports, Branches

First South Bank - Overview

  • General
  • FDIC Certificate #: 31084
    Status: Active
    Federal Reserve ID: 883874
    Bank Holding Company (Regulatory Top Holder): First South Bancorp, Inc. (RSSDID: 2521509, Location: Washington, NC)
    Date Established: January 01, 1902
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 27 (Domestic: 27, Interstate: No)
    OTS Docket #: 6352
    FDIC's unique #: 43918
    Numeric code: 21
    Regulator: FDIC
    Insurance Fund Membership: Deposit Insurance Fund (DIF)
    Insured commercial Banks: Yes
    FDIC Insured: Yes
    Deposit Insurance Fund member: Yes
    Ownership Type: Non-Stock
    FFIEC Call Report 31 Filer: No
    State Chartered: Yes
    Subchapter S Corporations: No
    Asset Concentration Hierarchy: Commercial Lending Specialization
    Date of Deposit Insurance: August 06, 1959
    Last Structure Change Effective Date: March 31, 2006
    Last Structure Change Process Date: November 03, 2006
    Last Data Update: November 03, 2006
    Data Source Date: April 05, 2012
  • Location
  • Address: 1311 Carolina Avenue, Washington, NC 27889
    County: Beaufort
    Quarterly Banking Profile Region: Atlanta
    FDIC Geographic Region: Atlanta
    FDIC Supervisory Region: Atlanta
    FDIC Field Office: Raleigh
    Office of the Comptroller the Currency (OCC) District: Northeast
    Office of Thrift Supervision Region: Southeast
    Core Based Statistical Area (CBSA): Washington, NC (#47820)
    CBSA Micro Statistical Area: Yes
  • History of Changes
  • Merge BIF and SAIF Funds into DIF
  • Financial Summary
  • Total assets: $744.4 mil
    Equity capital: $82.8 mil
    Deposits held in domestic offices: $644.7 mil
    Return on assets (ROA): 0.24% ($1.8 mil)
    Quarterly return on assets: 0.27% ($2.0 mil)
    Return on Equity (ROE): 2.29% ($1.9 mil)
    Quarterly return on equity: 2.50% ($2.1 mil)
    Net income: $1.8 mil
    Quarterly Net income: $0.5 mil
    Pretax return on assets: 0.36% ($2,679.8 mil)
    Quarterly Pretax return on assets: 0.36% ($2,679.8 mil)

1992 - 1999 Historical total assets, liabilities and capital ($ mil)

2000 - 2011 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Historical total employees (full-time equivalent)

Assets and Liabilities (December 31, 2011)

  • Dollar figures in thousands
  • 251Total employees (full-time equivalent)
  • $744,402Total assets
  • $32,774Cash and due from depository institutions
  • $18,476Interest-bearing balances
  • $138,515Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $525,218Net loans & leases
  • $15,194Loan loss allowance
  • $0Trading account assets
  • $11,679Bank premises and fixed assets
  • $17,005Other real estate owned
  • $5,527Goodwill and other intangibles
  • $744,402Life insurance assets
  • $13,684All other assets
  • $661,623Total liabilities and capital
  • $644,672Total liabilities
  • $543,648Total deposits
  • $644,672Interest-bearing deposits
  • $97Deposits held in domestic offices
  • 2096.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $0Other borrowed funds
  • $14,855Subordinated debt
  • $82,779All other liabilities
  • $82,779Total equity capital
  • $82,779Total bank equity capital
  • $0Perpetual preferred stock
  • $2,000Common stock
  • $27,375Surplus
  • $53,404Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $6,436Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $44,064Income earned, not collected on loans
  • $0Earning assets
  • $2,417Long-term assets (5+ years)
  • $682,209Average Assets, year-to-date
  • $248,945Average Assets, quarterly
  • $774,202Volatile liabilities
  • $755,056Insider loans
  • $536,255FHLB advances
  • $747,008Loans and leases held for sale
  • $1,822Unused loan commitments
  • $1,822Tier 1 (core) risk-based capital
  • $74,831Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $69,102Restructured Loans and leases
  • $873Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $40,025Total interest income
  • $7,222Total interest expense
  • $32,803Net interest income
  • $10,813Provision for loan and lease losses
  • $6,209Total noninterest income
  • $0Fiduciary activities
  • $2,796Service charges on deposit accounts
  • $0Trading account gains & fees
  • $3,413Additional noninterest income
  • $25,904Total noninterest expense
  • $14,964Salaries and employee benefits
  • $2,535Premises and equipment expense
  • $8,405Additional noninterest expense
  • $2,295Pre-tax net operating income
  • $519Securities gains (losses)
  • $988Applicable income taxes
  • $1,826Income before extraordinary items
  • $0Extraordinary gains - net
  • $1,826Net income attributable to bank
  • $0Net charge-offs
  • $1,826Cash dividends
  • $14,449Sale, conversion, retirement of capital stock, net
  • $50Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 5.63%Yield on earning assets
  • 1.02%Cost of funding earning assets
  • 4.61%Net interest margin
  • 0.87%Noninterest income to earning assets
  • 3.64%Noninterest expense to earning assets
  • 0.19%Net operating income to assets
  • 0.24%Return on assets (ROA)
  • 0.36%Pretax return on assets
  • 2.29%Return on equity (ROE)
  • 2.23%Retained earnings to average equity (YTD only)
  • 2.45%Net charge-offs to loans
  • 74.84%Credit loss provision to net charge-offs
  • 0.91%Efficiency ratio
  • 66,321Assets per employee
  • 2.97%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 2.74%Loss allowance to loans
  • 2.81%Loss allowance to noncurrent loans
  • 34.48%Noncurrent assets plus other real estate owned to assets
  • 8.20%Noncurrent loans to loans
  • 8.15%Net loans and leases to deposits
  • 81.47%Net loans and leases to core deposits
  • 89.13%Equity capital to assets
  • 11.12%Core capital (leverage) ratio
  • 10.02%Tier 1 risk-based capital ratio
  • 13.95%Total risk-based capital ratio
  • Memoranda
  • $15Average assets
  • $774,202Average earning assets
  • $79,786Average equity
  • $710,935Average loans

List of branches

  • 27 North Carolina Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    043918First South Bank1311 Carolina Avenue, Washington, NC 27889January 01, 1902Full Service Brick and Mortar
    100283417Elizabeth City Branch604 East Ehringhaus Street, Elizabeth City, NC 27909January 01, 1902Full Service Brick and Mortar
    101283418Market Street Branch300 North Market Street, Washington, NC 27889June 30, 1987Full Service Brick and Mortar
    102283419New Bern Branch1725 South Glenburnie Road, New Bern, NC 28560June 30, 1988Full Service Brick and Mortar
    103283420Greenville Branch301 East Arlington Boulevard, Greenville, NC 27834November 18, 1991Full Service Brick and Mortar
    104283421Rocky Mount Branch300 Sunset Avenue, Rocky Mount, NC 27804April 02, 1993Full Service Brick and Mortar
    106283423New Bern Branch202 Craven Street, New Bern, NC 28560August 21, 1995Full Service Brick and Mortar
    10740760Fayetteville Branch241 Green Street, Fayetteville, NC 28302January 01, 1916Full Service Brick and Mortar
    108264169Executive Place Branch705 Executive Place, Fayetteville, NC 28305January 01, 1916Full Service Brick and Mortar
    109264170Sixth And Chestnut Streets Branch600 N. Chestnut St., Lumberton, NC 28358January 01, 1916Full Service Brick and Mortar
    110283424Chocowinity Branch2999 U.S. Highway 17 South, Chocowinity, NC 27817November 01, 1999Full Service Brick and Mortar
    112205229Hope Lodge St/Tarboro Branch100 East Hope Lodge Street, Tarboro, NC 27886Febuary 02, 1976Full Service Brick and Mortar
    1142664481378 Benvenue Rd. Branch1378 Benvenue Rd., Rocky Mount, NC 27804June 30, 1989Full Service Brick and Mortar
    115266451Rocky Mount Branch2901 Sunset Avenue, Rocky Mount, NC 27804January 02, 1997Full Service Brick and Mortar
    116261216Dortches Branch3635 North Halifax Road, Dortches, NC 27801September 14, 1998Full Service Brick and Mortar
    117363054John Small Avenue Branch1328 John Small Avenue, Washington, NC 27889August 08, 2001Full Service Brick and Mortar
    118363055Heritage Street Branch2430 Heritage Street, Kinston, NC 28501August 14, 2001Full Service Brick and Mortar
    119363057Biggs Park Branch3000 North Elm Street, Lumberton, NC 28358November 08, 2001Full Service Brick and Mortar
    120365086Kill Devil Hills Branch2236 South Croatan Hwy, Nags Head, NC 27959June 03, 2002Full Service Brick and Mortar
    121422962Hope Mills Branch3103 North Main Street, Hope Mills, NC 28348July 14, 2003Full Service Brick and Mortar
    122423202Six Forks Road Branch4800 Six Forks Road, Raleigh, NC 27609September 08, 2003Full Service Brick and Mortar
    125442388Greenville-Firetower Branch907 E. Firetower Road, Greenville, NC 27835April 18, 2005Full Service Brick and Mortar
    126442389Durham Branch4215-01 University Drive, Durham, NC 27707Febuary 22, 2005Full Service Brick and Mortar
    128452047Buxton Branch47560 Highway 12, Buxton, NC 27920June 15, 2006Full Service Brick and Mortar
    130468533Greenville Boulevard Branch1707 Se Greenville Boulevard, Greenville, NC 27858October 01, 2007Full Service Brick and Mortar
    132478799Grantsboro Branch11560 Nc Highway 55, Suite 11, Grantsboro, NC 28529November 01, 2007Full Service Brick and Mortar
    133499541Wilmington Branch2601 Irongate Drive, Suite 102, Wilmington, NC 28412October 22, 2009Full Service Brick and Mortar

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