First South Bancorp, Inc. Declares 16.7% Increase In The Quarterly Cash Dividend Rate

WASHINGTON, N.C., Jan. 27, 2017

This dividend payment represents the Company's twelfth consecutive quarterly cash dividend.  Inclusive of this quarterly cash dividend payment, total dividends declared for the year ended December 31, 2016, are $0.125 per share and represents a payout ratio of 17.1% of year-to-date diluted earnings per share.

Bruce Elder, President and Chief Executive Officer of the Company, stated that "the Board of Directors determined that the increase in the cash dividend payment rate was appropriate in consideration of the Company's capital position and recent operating results."  He noted that "any further dividends will depend upon the Company's financial condition, earnings, equity structure, capital needs, regulatory requirements and economic conditions."

First South 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 currently has 30 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 First South Bancorp, Inc. investor information 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".