First South Bank in Washington, North Carolina (NC)

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First South Bank
GeneralFDIC 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
WWW: http://www.firstsouthnc.com
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
LocationAddress: 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 ChangesMerge BIF and SAIF Funds into DIF
Financial SummaryTotal 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)
Total employees (full-time equivalent)251
Total assets$744,402
Cash and due from depository institutions$32,774
Interest-bearing balances$18,476
Securities$138,515
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$525,218
Loan loss allowance $15,194
Trading account assets$0
Bank premises and fixed assets$11,679
Other real estate owned$17,005
Goodwill and other intangibles$5,527
All other assets$13,684
Life insurance assets$744,402
Total liabilities and capital$661,623
Total liabilities$644,672
Total deposits$543,648
Interest-bearing deposits$644,672
Deposits held in domestic offices$97
% insured (estimated)2096.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$0
Other borrowed funds $0
Subordinated debt $14,855
All other liabilities $82,779
Total equity capital$82,779
Total bank equity capital$82,779
Perpetual preferred stock$0
Common stock$2,000
Surplus$27,375
Undivided profits $53,404
Memoranda
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $6,436
Income earned, not collected on loans $44,064
Earning assets $0
Long-term assets (5+ years) $2,417
Average Assets, year-to-date $682,209
Average Assets, quarterly $248,945
Volatile liabilities $774,202
Insider loans $755,056
FHLB advances $536,255
Loans and leases held for sale $747,008
Unused loan commitments $1,822
Tier 1 (core) risk-based capital $1,822
Tier 2 risk-based capital $74,831
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $69,102
Derivatives$873
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $40,025
Total interest expense $7,222
Net interest income $32,803
Provision for loan and lease losses $10,813
Total noninterest income $6,209
Fiduciary activities $0
Service charges on deposit accounts $2,796
Trading account gains & fees $0
Additional noninterest income $3,413
Total noninterest expense $25,904
Salaries and employee benefits $14,964
Premises and equipment expense $2,535
Additional noninterest expense $8,405
Pre-tax net operating income $2,295
Securities gains (losses) $519
Applicable income taxes $988
Income before extraordinary items $1,826
Extraordinary gains - net $0
Net income attributable to bank $1,826
Net charge-offs $0
Cash dividends $1,826
Sale, conversion, retirement of capital stock, net $14,449
Net operating income $50
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets5.63%
Cost of funding earning assets 1.02%
Net interest margin 4.61%
Noninterest income to earning assets 0.87%
Noninterest expense to earning assets 3.64%
Net operating income to assets 0.19%
Return on assets (ROA) 0.24%
Pretax return on assets 0.36%
Return on equity (ROE) 2.29%
Retained earnings to average equity (YTD only) 2.23%
Net charge-offs to loans 2.45%
Credit loss provision to net charge-offs 74.84%
Efficiency ratio0.91%
Assets per employee$66,321
Cash dividends to net income (YTD only)2.97%
Condition Ratios (%)
Loss allowance to loans 2.74%
Loss allowance to noncurrent loans 2.81%
Noncurrent assets plus other real estate owned to assets 34.48%
Noncurrent loans to loans 8.20%
Net loans and leases to deposits8.15%
Net loans and leases to core deposits 81.47%
Equity capital to assets 89.13%
Core capital (leverage) ratio 11.12%
Tier 1 risk-based capital ratio 10.02%
Total risk-based capital ratio 13.95%
Memoranda
Average assets$15
Average earning assets$774,202
Average equity $79,786
Average loans $710,935
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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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