First South Bank in Spartanburg, South Carolina (SC)
Overview, Financial Summary, Detailed Financial Reports, Branches


  • First South Bank in Spartanburg, South Carolina (SC)
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First South Bank routing number info

First South Bank - Overview

  • 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)

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
  • 67Total employees (full-time equivalent)
  • $381,055Total assets
  • $4,453Cash and due from depository institutions
  • $2,800Interest-bearing balances
  • $73,022Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $254,102Net loans & leases
  • $4,078Loan loss allowance
  • $0Trading account assets
  • $5,604Bank premises and fixed assets
  • $28,551Other real estate owned
  • $0Goodwill and other intangibles
  • $381,055Life insurance assets
  • $15,323All other assets
  • $363,290Total liabilities and capital
  • $346,831Total liabilities
  • $334,807Total deposits
  • $346,831Interest-bearing deposits
  • $95Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $15,251Trading liabilities
  • $0Other borrowed funds
  • $1,208Subordinated debt
  • $17,765All other liabilities
  • $17,765Total equity capital
  • $17,765Total bank equity capital
  • $0Perpetual preferred stock
  • $7,708Common stock
  • $16,789Surplus
  • $-6,732Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $43,390Income earned, not collected on loans
  • $0Earning assets
  • $1,337Long-term assets (5+ years)
  • $329,924Average Assets, year-to-date
  • $54,616Average Assets, quarterly
  • $424,150Volatile liabilities
  • $390,544Insider loans
  • $306,068FHLB advances
  • $391,210Loans and leases held for sale
  • $10,752Unused loan commitments
  • $9,458Tier 1 (core) risk-based capital
  • $17,421Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $1,294Total unused commitments
  • $25,047Restructured Loans and leases
  • $10,724Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $15,827Total interest income
  • $6,300Total interest expense
  • $9,527Net interest income
  • $2,159Provision for loan and lease losses
  • -$3,149Total noninterest income
  • $0Fiduciary activities
  • $104Service charges on deposit accounts
  • $0Trading account gains & fees
  • -$3,253Additional noninterest income
  • $12,607Total noninterest expense
  • $5,480Salaries and employee benefits
  • $1,156Premises and equipment expense
  • $5,971Additional noninterest expense
  • -$8,388Pre-tax net operating income
  • $183Securities gains (losses)
  • $4,132Applicable income taxes
  • -$12,337Income before extraordinary items
  • $1,248Extraordinary gains - net
  • -$11,089Net income attributable to bank
  • $0Net charge-offs
  • -$11,089Cash dividends
  • $7,581Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 4.35%Yield on earning assets
  • 1.73%Cost of funding earning assets
  • 2.62%Net interest margin
  • -0.86%Noninterest income to earning assets
  • 3.46%Noninterest expense to earning assets
  • -2.95%Net operating income to assets
  • -2.61%Return on assets (ROA)
  • -1.64%Pretax return on assets
  • -49.61%Return on equity (ROE)
  • -49.61%Retained earnings to average equity (YTD only)
  • 2.82%Net charge-offs to loans
  • 28.48%Credit loss provision to net charge-offs
  • -0.82%Efficiency ratio
  • 197,664Assets per employee
  • 5.69%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 1.58%Loss allowance to noncurrent loans
  • 9.40%Noncurrent assets plus other real estate owned to assets
  • 18.88%Noncurrent loans to loans
  • 16.81%Net loans and leases to deposits
  • 73.26%Net loans and leases to core deposits
  • 85.07%Equity capital to assets
  • 4.66%Core capital (leverage) ratio
  • 4.45%Tier 1 risk-based capital ratio
  • 5.69%Total risk-based capital ratio
  • Memoranda
  • $7Average assets
  • $424,150Average earning assets
  • $22,351Average equity
  • $364,053Average loans

List of branches

  • 5 South Carolina Branches as of April 05, 2012
    • NoIDNameAddressEstablishedService TypeMap
    056981First South Bank1450 John B White Sr Blvd, Spartanburg, SC 29306August 19, 1996Full Service Brick and Mortar
    1290482Fernwood Glendale Branch1035 Fernwood Glendale Road, Spartanburg, SC 29307June 23, 1997Full Service Brick and Mortar
    2357111Columbia Main Branch1333 Main Street, Suite 100, Columbia, SC 29201March 20, 2000Full Service Brick and Mortar
    3423065Bluffton Branch7 Arley Way, Bluffton, SC 29909July 28, 2003Full Service Brick and Mortar
    4467620North Church Street Branch1068 North Church Street, Greenville, SC 29601August 27, 2007Full Service Brick and Mortar

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