| First South Bank | |
|---|---|
| General | FDIC Certificate #: 34222 Status: Active Federal Reserve ID: 2491291 Bank Holding Company (Regulatory Top Holder): First South Bancorp, Inc. (RSSDID: 2817314, Location: Spartanburg, SC) Date Established: August 19, 1996 WWW: http://www.firstsouthbancorp.com Trust Powers Granted: No Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC Offices: 5 (Domestic: 5, Interstate: No) FDIC's unique #: 56981 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 19, 1996 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: 1450 John B White Sr Blvd, Spartanburg, SC 29306 County: Spartanburg Quarterly Banking Profile Region: Atlanta FDIC Geographic Region: Atlanta FDIC Supervisory Region: Atlanta FDIC Field Office: Columbia Sc Office of the Comptroller the Currency (OCC) District: Northeast Office of Thrift Supervision Region: Southeast Metropolitan Statistical Area (MSA): Greenville-Spartanburg-Anderson, SC (#3160) Combined Statistical Area (CSA): Greenville-Spartanburg-Anderson, SC (#273) Core Based Statistical Area (CBSA): Spartanburg, SC (#43900) CBSA Metro Statistical Area: Spartanburg, SC (#43900) |
| History of Changes | Merge BIF and SAIF Funds into DIF |
| Financial Summary | Total assets: $381.1 mil Equity capital: $17.8 mil Deposits held in domestic offices: $346.8 mil Return on assets (ROA): -2.61% (-$9.9 mil) Quarterly return on assets: -2.37% (-$9.0 mil) Return on Equity (ROE): -49.61% (-$8.9 mil) Quarterly return on equity: -48.81% (-$8.8 mil) Net income: -$11.1 mil Quarterly Net income: -$2.3 mil Pretax return on assets: -1.64% (-$6,249.3 mil) Quarterly Pretax return on assets: -2.37% (-$9,031.0 mil) |
| Assets and Liabilities (December 31, 2011) (Dollar figures in thousands) |
|
| Total employees (full-time equivalent) | 67 |
| Total assets | $381,055 |
| Cash and due from depository institutions | $4,453 |
| Interest-bearing balances | $2,800 |
| Securities | $73,022 |
| Federal funds sold & reverse repurchase agreements | $0 |
| Net loans & leases | $254,102 |
| Loan loss allowance | $4,078 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $5,604 |
| Other real estate owned | $28,551 |
| Goodwill and other intangibles | $0 |
| All other assets | $15,323 |
| Life insurance assets | $381,055 |
| Total liabilities and capital | $363,290 |
| Total liabilities | $346,831 |
| Total deposits | $334,807 |
| Interest-bearing deposits | $346,831 |
| Deposits held in domestic offices | $95 |
| % insured (estimated) | 0.00% |
| Federal funds purchased & repurchase agreements | $0 |
| Trading liabilities | $15,251 |
| Other borrowed funds | $0 |
| Subordinated debt | $1,208 |
| All other liabilities | $17,765 |
| Total equity capital | $17,765 |
| Total bank equity capital | $17,765 |
| Perpetual preferred stock | $0 |
| Common stock | $7,708 |
| Surplus | $16,789 |
| Undivided profits | $-6,732 |
| Memoranda | |
| Noncurrent loans and leases | $0 |
| Noncurrent loans that are wholly or partially guaranteed by the U.S. government | $0 |
| Income earned, not collected on loans | $43,390 |
| Earning assets | $0 |
| Long-term assets (5+ years) | $1,337 |
| Average Assets, year-to-date | $329,924 |
| Average Assets, quarterly | $54,616 |
| Volatile liabilities | $424,150 |
| Insider loans | $390,544 |
| FHLB advances | $306,068 |
| Loans and leases held for sale | $391,210 |
| Unused loan commitments | $10,752 |
| Tier 1 (core) risk-based capital | $9,458 |
| Tier 2 risk-based capital | $17,421 |
| Total risk weighted assets | $0 |
| Total unused commitments | $1,294 |
| Restructured Loans and leases | $25,047 |
| Derivatives | $10,724 |
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| Income and Expense (December 31, 2011) (Dollar figures in thousands) |
|
| Total interest income | $15,827 |
| Total interest expense | $6,300 |
| Net interest income | $9,527 |
| Provision for loan and lease losses | $2,159 |
| Total noninterest income | -$3,149 |
| Fiduciary activities | $0 |
| Service charges on deposit accounts | $104 |
| Trading account gains & fees | $0 |
| Additional noninterest income | -$3,253 |
| Total noninterest expense | $12,607 |
| Salaries and employee benefits | $5,480 |
| Premises and equipment expense | $1,156 |
| Additional noninterest expense | $5,971 |
| Pre-tax net operating income | -$8,388 |
| Securities gains (losses) | $183 |
| Applicable income taxes | $4,132 |
| Income before extraordinary items | -$12,337 |
| Extraordinary gains - net | $1,248 |
| Net income attributable to bank | -$11,089 |
| Net charge-offs | $0 |
| Cash dividends | -$11,089 |
| Sale, conversion, retirement of capital stock, net | $7,581 |
| Net operating income | $0 |
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| Performance and Condition Ratios (December 31, 2011) (Dollar figures in thousands) |
|
| Performance Ratios (%, annualized) | |
| Yield on earning assets | 4.35% |
| Cost of funding earning assets | 1.73% |
| Net interest margin | 2.62% |
| Noninterest income to earning assets | -0.86% |
| Noninterest expense to earning assets | 3.46% |
| Net operating income to assets | -2.95% |
| Return on assets (ROA) | -2.61% |
| Pretax return on assets | -1.64% |
| Return on equity (ROE) | -49.61% |
| Retained earnings to average equity (YTD only) | -49.61% |
| Net charge-offs to loans | 2.82% |
| Credit loss provision to net charge-offs | 28.48% |
| Efficiency ratio | -0.82% |
| Assets per employee | $197,664 |
| Cash dividends to net income (YTD only) | 5.69% |
| Condition Ratios (%) | |
| Loss allowance to loans | 0.00% |
| Loss allowance to noncurrent loans | 1.58% |
| Noncurrent assets plus other real estate owned to assets | 9.40% |
| Noncurrent loans to loans | 18.88% |
| Net loans and leases to deposits | 16.81% |
| Net loans and leases to core deposits | 73.26% |
| Equity capital to assets | 85.07% |
| Core capital (leverage) ratio | 4.66% |
| Tier 1 risk-based capital ratio | 4.45% |
| Total risk-based capital ratio | 5.69% |
| Memoranda | |
| Average assets | $7 |
| Average earning assets | $424,150 |
| Average equity | $22,351 |
| Average loans | $364,053 |
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| 5 South Carolina Branches as of April 05, 2012 | ||||||
| No ? | ID | Name | Address | Established | Service Type | Map |
| 0 | 56981 | First South Bank | 1450 John B White Sr Blvd, Spartanburg, SC 29306 | August 19, 1996 | Full Service Brick and Mortar |  |
| 1 | 290482 | Fernwood Glendale Branch | 1035 Fernwood Glendale Road, Spartanburg, SC 29307 | June 23, 1997 | Full Service Brick and Mortar |  |
| 2 | 357111 | Columbia Main Branch | 1333 Main Street, Suite 100, Columbia, SC 29201 | March 20, 2000 | Full Service Brick and Mortar | |
| 3 | 423065 | Bluffton Branch | 7 Arley Way, Bluffton, SC 29909 | July 28, 2003 | Full Service Brick and Mortar | |
| 4 | 467620 | North Church Street Branch | 1068 North Church Street, Greenville, SC 29601 | August 27, 2007 | Full Service Brick and Mortar | |
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Read more: http://www.bankencyclopedia.com/First-South-B...z2RDESnPLe
