First South Bancorp, Inc. Declares Quarterly Cash Dividend

WASHINGTON, N.C., Oct. 21, 2016 /PRNewswire/ -- First South Bancorp, Inc. (NASDAQ: FSBK) (the "Company"), the parent holding company of First South Bank (the "Bank"), reports that on October 20, 2016 the Company's Board of Directors declared a quarterly cash dividend of $0.03 per share, payable November 18, 2016, to shareholders of record as of the close of business on November 3, 2016. 

This dividend payment represents a payout ratio of 15.0% of diluted earnings per share for the quarter ended September 30, 2016, and is the Company's eleventh consecutive quarterly cash dividend.  Inclusive of this quarterly cash dividend payment, total dividends declared for the nine months ended September 30, 2016, are $0.09 per share and represents a payout ratio of 17.3% of year-to-date diluted earnings per share.

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".

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.

(NASDAQ: FSBK)

For More Information Contact:Scott McLean (CFO)  (252) 940-5016Website: www.firstsouthnc.com

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SOURCE First South Bancorp, Inc.