FIRST SOUTH BANCORP, INC. WASHINGTON, N.C., April 20, 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 ended March 31, 2017.
The Company continues to achieve strong earnings and margin expansion through robust loan and deposit growth. The Company generated net income for the first quarter of 2017 of $1.9 million, which represented a $411,000 or 28.2% increase when compared to the $1.5 million of net income generated in the first quarter of 2016. As a result, the Company's diluted earnings per common share (EPS) for the first quarter of 2017 increased 33.3% to $0.20 per share, from $0.15 per share for the first quarter of 2016. The net interest margin for the quarter ended March 31, 2017 was 3.74%, an eight basis point increase above the 3.66% posted for the first quarter of 2016. Over the past twelve months, loans and leases held for investment (HFI) and total deposits have grown $88.1 million and $101.2 million, respectively, bringing total assets to in excess of $1.0 billion.
Chief Executive Officer Bruce Elder said, "We are pleased to announce another quarter of solid financial results. We have again demonstrated our ability to grow the balance sheet in a profitable fashion while driving efficiencies by continuing to analyze how we deliver You First banking to our customer base. Our growth of loans and deposits over the last twelve months has generated increases in net interest income and core, non-interest income. Coupled with controlled non-interest expenses, our growth has translated into improved earnings, higher margins and dividend levels, greater efficiency and improved returns on average assets and equity from the prior year first quarter."
HIGHLIGHTS
-- Strong quarterly earnings performance with net income of $1.9 million,
diluted EPS of $0.20 per share, return on average assets (ROA) of 0.75%,
return on average equity (ROE) of 8.52% and return on average tangible
common equity* (ROTCE) of 9.32%.
-- Pre-tax, pre-provision operating earnings* for the quarter of $3.0
million are 48% higher than the $2.0 million reported for the prior year
first quarter.
-- Total assets grew to $1.04 billion at March 31, 2017, the Company's
first quarter-end reporting period to surpass the billion dollar
threshold.
-- Loans and leases HFI grew $88.1 million or 13.8% during the past twelve
months to $727.1 million.
-- Deposits grew $101.2 million or 12.4% during the past twelve months to
$919.9 million.
-- Total non-interest bearing deposits grew 24.6% to $204.6 million on a
year-over-year basis.
-- Net interest margin expanded to 3.74% for the quarter, compared to 3.66%
for the first quarter of 2016.
-- Asset quality metrics continue to improve.
-- Continued to maintain a strong capital position.
-- The consolidation of two branches into nearby locations should improve
future efficiency.
-- Increased quarterly dividend payment rate to $0.035 per share, a 16.7%
increase.
The Company's 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 $8.7 million for the first quarter of 2017 from $7.8 million for the comparative first quarter of 2016.
Total non-interest income was $3.3 million, or 27.6% of total revenue (net interest income plus noninterest income) in the first quarter of 2017, compared to $3.6 million, or 31.5% of total revenue in the comparative 2016 first quarter. Non-interest income for the first quarter of 2016 included a $284,000 gain on the sale of securities as well as the receipt of a $230,000 non-recurring fee. The sale of other real estate owned (OREO) during the first quarter of 2017 resulted in $82,000 of net gains, compared to a $12,000 net loss posted during the first quarter of 2016.
The Company's efficiency ratio for the first quarter of 2017 improved to 74.92%, from 80.74% in the first quarter of 2016. Non-interest expenses in the first quarter of 2017 declined to $9.0 million, from $9.1 million in the first quarter of 2016.
Income tax expense was $778,000 for the 2017 first quarter, compared to $574,000 for the 2016 first quarter. The effective income tax rates were 29.36% and 28.20% for these reporting periods, respectively.
BALANCE SHEET GROWTH
Loans and leases HFI totaled $727.1 million at March 31, 2017, increasing $26.5 million, over the $700.6 million held at December 31, 2016 and increasing $88.1 million from March 31, 2016. Loans held for sale declined to $2.5 million at March 31, 2017, from the $5.1 million held at the end of fiscal year 2016. Investment securities and interest-bearing deposits with other banks increased by $27.7 million to $244.1 million at March 31, 2017, from $216.4 million at year-end 2016, resulting primarily from strong deposit growth during the quarter.
Deposits totaled $919.9 million at March 31, 2017, increasing $49.3 million, or 5.7%, from $870.6 million at December 31, 2016, and increasing $101.2 million, or 12.4% from March 31, 2016. Non-maturity deposits (personal and business checking, money market, and savings accounts) grew by $37.2 million, or 6.1%, to $651.3 million at March 31, 2017, from $614.1 million at December 31, 2016. Certificates of deposit (CDs) increased to $268.6 million at March 31, 2017, from $256.6 million at December 31, 2016. CDs represented 29.2% and 29.5% of total deposits at March 31, 2017, and December 31, 2016, respectively.
Stockholders' equity increased by $2.1 million to $89.3 million at March 31, 2017, from $87.2 million at December 31, 2016. This increase reflects the $1.9 million of net income earned for the 2017 first quarter and a $535,000 increase in accumulated other comprehensive income resulting from the mark-to-market adjustment of the available-for-sale securities portfolio, and is net of $332,000 dividends declared.
The tangible equity to assets ratio* was 8.03% at March 31, 2017, compared to 8.21% at December 31, 2016. The tangible book value per common share* increased to $8.79 at March 31, 2017, from $8.57 at December 31, 2016.
ASSET QUALITY
Solid asset quality metrics in the first quarter of 2017 continue to reflect the Company's disciplined credit culture. Non-performing assets (NPAs) declined to $5.9 million at March 31, 2017, or 0.57% of total assets, from $6.3 million, or 0.63% of total assets, at December 31, 2016. NPAs at March 31, 2017 included $3.1 million of OREO, which declined by $115,000, from $3.2 million at December 31, 2016. Nonaccrual loans and leases were $2.8 million at March 31, 2017, or 0.38% of loans and leases HFI, compared to $3.1 million, or 0.44%, at December 31, 2016.
The provision for credit losses in the 2017 first quarter was $265,000 versus $225,000 for the 2016 first quarter. The allowance for loan losses represented 1.23% of loans and leases HFI at March 31, 2017, compared to 1.24% at December 31, 2016.
REGULATORY CAPITAL STRENGTH
As of March 31, 2017, reported regulatory capital ratios at the Bank were 12.79% for total risk-based capital, 11.59% for tier 1 risk-based capital and common equity tier 1 risk-based capital and 8.89% for tier 1 leverage, compared to 13.01% for total risk-based capital, 11.80% for tier 1 risk-based capital and common equity tier 1 risk-based capital and 8.89% for tier 1 leverage at December 31, 2016.
CORPORATE AND INVESTOR INFORMATION
The 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 28 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 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
Important disclosures about and reconciliations of non-GAAP measures to the corresponding GAAP measures, are provided below and attached to this press release.
This press release and the accompanying 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
March 31, December 31, March 31,
2017 2016 2016
---- ---- ----
Assets (Unaudited) (Unaudited)
Cash and due from banks $21,650,045 $22,854,712 $17,729,075
Interest-bearing deposits with banks 49,062,514 23,320,968 18,385,994
Investment securities available for sale, at fair value 194,538,513 192,606,119 213,011,148
Investment securities held to maturity 509,912 509,617 508,746
Mortgage loans held for sale 2,506,883 5,098,518 2,489,873
Loans and leases held for investment 727,142,668 700,642,291 639,044,574
Allowance for loan and lease losses (8,940,879) (8,673,172) (8,135,054)
---------- ---------- ----------
Net loans and leases held for investment 718,201,789 691,969,119 630,909,520
Premises and equipment, net 11,572,036 11,291,596 12,143,734
Assets held for sale 192,720 192,720 1,083,320
Other real estate owned 3,114,760 3,229,423 5,956,092
Federal Home Loan Bank stock, at cost 1,528,900 1,573,700 1,828,700
Accrued interest receivable 2,973,712 3,525,684 2,845,975
Goodwill 4,218,576 4,218,576 4,218,576
Mortgage servicing rights 2,140,105 2,148,905 1,247,005
Identifiable intangible assets 1,550,768 1,611,187 1,824,432
Bank-owned life insurance 18,219,320 18,080,183 17,653,186
Prepaid expenses and other assets 7,443,786 8,470,887 8,272,379
--------- --------- ---------
Total assets $1,039,424,339 $990,701,914 $940,107,755
============== ============ ============
Liabilities and Stockholders' Equity
Deposits:
Non-interest bearing demand $204,575,610 $196,917,165 $164,244,311
Interest bearing demand 298,983,678 272,098,903 244,323,710
Savings 147,718,357 145,031,981 146,254,503
Large denomination certificates of deposit 135,765,040 122,819,510 119,229,985
Other time 132,823,471 133,732,804 144,614,799
----------- ----------- -----------
Total deposits 919,866,156 870,600,363 818,667,308
Borrowed money 15,000,000 17,000,000 21,500,000
Junior subordinated debentures 10,310,000 10,310,000 10,310,000
Other liabilities 4,966,400 5,607,832 5,451,329
--------- --------- ---------
Total liabilities 950,142,556 903,518,195 855,928,637
----------- ----------- -----------
Common stock, $.01 par value, 25,000,000 shares authorized;
9,500,266; 9,494,935; and 9,493,776 shares outstanding, respectively 95,003 94,949 94,938
Additional paid-in capital 36,042,028 36,018,743 35,957,524
Retained earnings 51,100,449 49,560,595 44,914,635
Accumulated other comprehensive income 2,044,303 1,509,432 3,212,021
--------- --------- ---------
Total stockholders' equity 89,281,783 87,183,719 84,179,118
---------- ---------- ----------
Total liabilities and stockholders' equity $1,039,424,339 $990,701,914 $940,107,755
First South Bancorp, Inc. and Subsidiary
Consolidated Statements of Operations
Three Months Ended March 31, 2017 and 2016
(Unaudited)
Three Months Ended
March 31,
---------
2017 2016
---- ----
Interest income:
Interest and fees on loans $8,213,288 $7,191,595
Interest on investments and deposits 1,390,679 1,480,252
--------- ---------
Total interest income 9,603,967 8,671,847
--------- ---------
Interest expense:
Interest on deposits 753,989 669,276
Interest on borrowings 61,959 73,086
Interest on junior subordinated notes 124,250 140,039
------- -------
Total interest expense 940,198 882,401
------- -------
Net interest income 8,663,769 7,789,446
Provision for credit losses 265,000 225,000
------- -------
Net interest income after provision for credit losses 8,398,769 7,564,446
--------- ---------
Non-interest income:
Deposit fees and service charges 1,856,220 1,907,407
Loan fees and charges 86,044 56,985
Mortgage loan servicing fees 321,838 234,001
Gain on sale and other fees on mortgage loans 473,562 413,861
Gain (loss) on sale of other real estate, net 81,651 (12,168)
Gain on sale of investment securities 0 283,514
Other income 478,787 692,285
------- -------
Total non-interest income 3,298,102 3,575,885
--------- ---------
Non-interest expense:
Compensation and fringe benefits 5,113,553 5,039,954
Federal deposit insurance premiums 147,374 161,609
Premises and equipment 1,398,550 1,373,809
Marketing 63,739 187,818
Data processing 793,368 796,487
Amortization of intangible assets 149,197 131,527
Other real estate owned expense 164,767 93,674
Other 1,216,002 1,321,048
--------- ---------
Total non-interest expense 9,046,550 9,105,926
--------- ---------
Income before income tax expense 2,650,321 2,034,405
Income tax expense 778,124 573,611
------- -------
NET INCOME $1,872,197 $1,460,794
========== ==========
Per share data:
Basic earnings per share $0.20 $0.15
Diluted earnings per share $0.20 $0.15
Dividends per share $0.035 $0.025
Average basic shares outstanding 9,497,601 9,491,201
Average diluted shares outstanding 9,541,548 9,514,797
First South Bancorp, Inc. Supplemental Financial Data (Unaudited)
Quarter to Date
---------------
3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016
--------- ---------- --------- --------- ---------
(dollars in thousands except per share data)
Consolidated balance sheet data:
--------------------------------
Total assets $1,039,424 $990,702 $985,795 $961,479 $940,108
Loans held for sale: $2,507 $5,099 $7,313 $5,252 $2,490
Loans and leases held for investment (HFI):
Mortgage $73,107 $74,905 $74,710 $73,100 $73,412
Commercial 558,578 535,047 518,265 510,678 482,779
Consumer 73,188 69,454 69,039 66,138 64,521
Leases 22,270 21,236 20,452 18,927 18,333
Total loans and leases HFI 727,143 700,642 682,466 668,843 639,045
Allowance for loan and lease losses (8,941) (8,673) (8,498) (8,338) (8,135)
------ ------ ------ ------ ------
Net loans and leases HFI $718,202 $691,969 $673,968 $660,505 $630,910
Cash & interest bearing deposits $70,713 $46,176 $57,209 $40,734 $36,115
Investment securities 195,048 193,116 193,765 200,364 213,520
Bank-owned life insurance 18,219 18,080 17,937 17,795 17,653
Premises and equipment 11,572 11,292 11,609 11,671 12,144
Goodwill 4,219 4,219 4,219 4,219 4,219
Mortgage servicing rights 2,140 2,149 2,091 1,273 1,247
Identifiable intangible assets 1,551 1,611 1,682 1,753 1,824
Deposits:
Non-interest checking $204,576 $196,917 $189,873 $177,281 $164,244
Interest checking 212,386 189,401 176,034 170,153 171,323
Money market 86,598 82,698 88,081 72,054 73,000
Savings 147,718 145,032 141,701 142,151 146,255
Certificates 268,588 256,552 264,142 263,823 263,845
------- ------- ------- ------- -------
Total deposits $919,866 $870,600 $859,831 $825,462 $818,667
Borrowings $15,000 $17,000 $20,000 $32,500 $21,500
Junior subordinated debentures 10,310 10,310 10,310 10,310 10,310
Stockholders' equity 89,282 87,184 88,294 87,327 84,179
Consolidated earnings summary:
------------------------------
Interest income $9,604 $9,336 $9,210 $8,998 $8,672
Interest expense 940 920 911 898 882
--- --- --- --- ---
Net interest income 8,664 8,416 8,299 8,100 7,790
Provision for credit losses 265 200 220 325 225
Noninterest income 3,298 3,372 3,691 3,548 3,576
Noninterest expense 9,047 8,819 8,929 9,046 9,106
----- ----- ----- ----- -----
Income before taxes 2,650 2,769 2,841 2,277 2,035
Income tax expense 778 775 947 665 574
--- --- --- --- ---
Net income $1,872 $1,994 $1,894 $1,612 $1,461
====== ====== ====== ====== ======
Per Share Data:
---------------
Basic earnings per share $0.20 $0.21 $0.20 $0.17 $0.15
Diluted earnings per share $0.20 $0.21 $0.20 $0.17 $0.15
Dividends per share $0.035 $0.03 $0.03 $0.03 $0.025
Book value per share $9.40 $9.18 $9.30 $9.20 $8.87
Shares outstanding 9,500,266 9,494,935 9,494,935 9,493,776 9,493,776
Average basic shares 9,497,601 9,494,935 9,494,861 9,493,776 9,491,201
Average diluted shares 9,541,548 9,529,753 9,525,302 9,519,565 9,514,797
Performance ratios (tax equivalent):
------------------------------------
Yield on average earning assets 4.15% 4.07% 4.13% 4.17% 4.07%
Cost of interest bearing liabilities 0.52% 0.52% 0.52% 0.52% 0.52%
---- ---- ---- ---- ----
Net interest spread 3.62% 3.55% 3.61% 3.64% 3.55%
Net interest margin 3.74% 3.68% 3.73% 3.76% 3.66%
Average earning assets to total average assets 93.32% 92.92% 92.42% 92.38% 92.20%
Return on average assets (annualized) 0.75% 0.80% 0.78% 0.68% 0.63%
Return on average equity (annualized) 8.52% 8.94% 8.52% 7.55% 6.97%
Efficiency ratio 74.92% 74.16% 73.84% 77.59% 80.74%
Average assets $1,014,310 $992,192 $968,729 $947,761 $938,702
Average earning assets $946,578 $921,984 $895,290 $875,529 $865,463
Average equity $89,143 $88,694 $88,481 $85,927 $84,265
Equity/Assets 8.59% 8.80% 8.96% 9.08% 8.95%
First South Bancorp, Inc. Supplemental Financial Data (Unaudited)
Quarter to Date
---------------
3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016
--------- ---------- --------- --------- ---------
(dollars in thousands except per share data)
Asset quality data and ratios:
------------------------------
Nonaccrual loans and leases:
Non-TDR nonaccrual loans and leases
Earning $576 $410 $569 $555 $945
Non-Earning 1,479 1,257 1,289 1,075 895
Total Non-TDR nonaccrual loans and leases $2,055 $1,667 $1,858 $1,630 $1,840
------ ------ ------ ------ ------
TDR nonaccrual loans and leases
Current TDRs $720 $422 $792 $706 $847
Past Due TDRs 0 962 248 250 154
Total TDR nonaccrual loans and leases $720 $1,384 $1,040 $956 $1,001
---- ------ ------ ---- ------
Total nonaccrual loans and leases $2,775 $3,051 $2,898 $2,586 $2,841
Loans and leases >90 days past due, still accruing 0 0 0 218 153
Other real estate owned 3,115 3,229 4,810 5,541 5,956
----- ----- ----- ----- -----
Total nonperforming assets $5,890 $6,280 $7,708 $8,345 $8,950
====== ====== ====== ====== ======
Allowance for loan and lease losses to
loans and leases HFI 1.23% 1.24% 1.25% 1.25% 1.27%
Net charge-offs (recoveries) $(3) $25 $60 $122 $(44)
Net charge-offs (recoveries) to total loans and leases 0.00% 0.00% 0.01% 0.02% -0.01%
Total nonaccrual loans and leases to total loans
and leases HFI 0.38% 0.44% 0.42% 0.39% 0.44%
Total nonperforming assets to total assets 0.57% 0.63% 0.78% 0.87% 0.95%
Total loans and leases to total deposits 79.32% 81.06% 80.22% 81.66% 78.36%
Total loans and leases to total assets 70.20% 71.24% 69.97% 70.11% 68.24%
Loans serviced for others $368,617 $371,956 $370,606 $292,222 $293,548
Reconciliation of Non-GAAP Measures:
------------------------------------
Pre-tax pre-provision operating earnings (non-GAAP):
Income before taxes (GAAP) $2,650 $2,769 $2,841 $2,277 $2,035
Provision for credit losses 265 200 220 325 225
--- --- --- --- ---
Pre-tax pre-provision net income 2,915 2,969 3,061 2,602 2,260
Securities (gains) losses, net 0 0 0 (184) (284)
OREO valuations 119 140 0 103 7
OREO (gains) losses, (net) (82) (80) (77) 14 12
--- --- --- --- ---
Pre-tax pre-provision operating
earnings (non-GAAP) $2,952 $3,029 $2,984 $2,535 $1,995
====== ====== ====== ====== ======
Total core non-interest income (non-GAAP):
Non-interest income (GAAP) $3,298 $3,372 $3,691 $3,548 $3,576
Securities (gains) losses, net 0 0 0 (184) (284)
OREO (gains) losses, (net) (82) (80) (77) 14 12
--- --- --- --- ---
Total core non-interest income (non-GAAP) $3,216 $3,292 $3,614 $3,378 $3,304
====== ====== ====== ====== ======
Tangible equity (non-GAAP):
Total equity (GAAP) $89,282 $87,184 $88,294 $87,327 $84,179
Intangible assets (a) 5,770 5,830 5,901 5,972 6,043
Tangible equity (non-GAAP) $83,512 $81,354 $82,393 $81,355 $78,136
======= ======= ======= ======= =======
Tangible Equity/Assets (non-GAAP) 8.03% 8.21% 8.36% 8.46% 8.31%
Tangible book value per share (non-GAAP) $8.79 $8.57 $8.68 $8.57 $8.23
Return on average tangible common equity (non-GAAP):
Net income (GAAP) $1,872 $1,994 $1,894 $1,612 $1,461
Amortization of intangibles, net of tax 43 51 47 50 51
--- --- --- --- ---
Tangible net income available to shareholders (non-GAAP) $1,915 $2,045 $1,941 $1,662 $1,512
====== ====== ====== ====== ======
Average equity 89,143 88,694 88,481 85,927 84,265
Average intangible assets (a) 5,809 5,876 5,946 6,018 6,088
Average tangible common equity (non-GAAP) $83,334 $82,818 $82,535 $79,909 $78,177
======= ======= ======= ======= =======
Return on average tangible common equity (non-GAAP) 9.32% 9.82% 9.36% 8.37% 7.78%
(a) Excludes mortgage servicing rights
Average Balances - Yield/Cost Analysis Three Months Ended March 31,
----------------------------
2017 2016
---- ----
Average Interest Average Average Interest Average
Balance Yield/Cost Balance Yield/Cost
------- ---------- ------- ----------
Interest earning assets: (Dollars in thousands)
Loans receivable $708,822 $8,213 4.64% $621,345 $7,192 4.59%
Investments and deposits 237,756 1,391 2.67 (1) 244,118 1,480 2.73 (1)
------- ----- ---- ------- ----- ----
Total earning assets 946,578 9,604 4.15 (1) 865,463 8,672 4.07 (1)
Nonearning assets 67,732 73,239
Total assets $1,014,310 $938,702
========== ========
Interest bearing liabilities:
Deposits $691,992 754 0.44 $641,460 669 0.42
Borrowings 22,161 62 1.12 33,313 73 0.87
Junior subordinated debentures 10,310 124 4.82 10,310 140 5.37
------ --- ---- ------ --- ----
Total interest bearing liabilities 724,463 940 0.52 685,083 882 0.52
Noninterest bearing demand deposits 195,183 - - 163,269 - -
------- --- --- ------- --- ---
Total sources of funds 919,646 940 0.41 848,352 882 0.42
Other liabilities 5,521 6,085
Stockholders' equity 89,143 84,265
------ ------
Total liabilities and equity $1,014,310 $938,702
========== ========
Net interest income $8,664 $7,790
====== ======
Interest rate spread (1)(2) 3.62% 3.55%
==== ====
Net interest margin (1)(3) 3.74% 3.66%
==== ====
Ratio of earning assets to interest bearing liabilities 130.66% 126.33%
====== ======
(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.
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SOURCE First South Bancorp, Inc.
