56Chevy
12 년 전
First South Bancorp, Inc. Reports Increase in June 30, 2013 Quarterly and Six Months Operating Results
WASHINGTON, N.C., July 18, 2013 /PRNewswire/ -- First South Bancorp, Inc. (NASDAQ: FSBK) (the "Company"), the parent holding company of First South Bank (the "Bank"), reports its unaudited operating results for the quarter and six months ended June 30, 2013.
For the 2013 second quarter, net income increased 12.7% to $1.8 million, or $0.18 per diluted common share, compared to net income of $1.6 million, or $0.16 per diluted common share for the linked 2013 first quarter, and increased 267.1% when compared to net income of $481,000, or $0.05 per diluted common share, earned for the comparative 2012 second quarter. Net income for the first six months of 2013 increased 253.4% to $3.3 million, or $0.34 per diluted common share, compared to net income of $943,000, or $0.10 per diluted common share earned in the first six months of 2012.
The improvement in earnings for the first six months of 2013, as compared to the first six months of 2012, is primarily attributed to an increase in core non-interest income, a reduction in the provision for credit losses and a decrease in non-interest expenses. These improvements were partially offset by a decline in net interest income due to our lower level of earning assets.
Bruce Elder, President and CEO, commented, "We previously disclosed the execution of a bulk sale of problem loans and took a significant valuation adjustment on OREO that were reflected in our 2012 fourth quarter results. Our 2013 operating results reflect the positive impact of those actions. Although the lower average volume of earning assets resulted in a decline in net interest income when compared with the 2012 reporting periods, improvement in provisions for loan losses, recurring non-interest income and non-interest expenses specifically related to the maintenance and valuation charges of OREO have driven earnings higher. Our focus for the second half of 2013 will be to grow earning assets and reposition our balance sheet to protect against a rising interest rate environment."
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http://ih.advfn.com/p.php?pid=nmona&article=58464348
56Chevy
12 년 전
Quarterly Report (10-q)
Date : 05/14/2013 @ 9:04AM
Source : Edgar (US Regulatory)
Stock : First South Bancorp (MM) (FSBK)
Quote : $6.49 0.11 (1.72%) @ 4:02PM
WASHINGTON, North Carolina, April 18, 2013 /PRNewswire/ -- First South Bancorp, Inc. (NASDAQ: FSBK) (the "Company"), the parent holding company of First South Bank (the "Bank"), reports its unaudited operating results for the quarter ended March 31, 2013.
For the 2013 first quarter, net income increased 239.1% to $1.6 million, or $0.16 per diluted common share, compared to net income of $462,000, or $0.05 per diluted common share, earned for the comparative 2012 first quarter.
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http://ih.advfn.com/p.php?pid=nmona&article=57225256
*This bank is a solid performer.
Penny Roger$
13 년 전
First South Bancorp, Inc. serves as the holding company for First South Bank, a North Carolina-chartered commercial bank (the Bank). The Company’s principal business is overseeing the business of the Bank and operating, through the Bank a commercial banking business. The Bank operates in one segment, which includes providing of commercial banking services to its markets located in the state of North Carolina. The Bank’s principal business consists of attracting deposits from the general public and investing these funds in commercial real estate loans, commercial business loans, consumer loans and loans secured by first mortgages on owner-occupied, single-family residences in the Bank’s market area. The Bank derives its income principally from interest and fees earned on loans and investments, loan servicing and other fees, gains on the sale of loans and investments, and service charges and fees collected on deposit accounts.
http://www.google.com/finance?q=FSBK
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