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First South Bancorp Q4 net income down

Its net income was $2.02 million, or $0.21 per diluted share, for the fourth quarter of 2008

First South Bancorp has reported that its net income was $2.02 million, or $0.21 per diluted share, for the fourth quarter of 2008, as compared to $4.13 million, or $0.42 per diluted share, for the comparative 2007 fourth quarter.

Net interest income for the fourth quarter was $8.3 million, compared to $10.3 million for the 2007 fourth quarter. The decrease in net interest income resulted primarily from a decline in the net interest margin, significantly influenced by the Federal Reserve’s 500 basis point rate cuts since September 2007, according to First South Bancorp.

Net income for the year ended December 31, 2008 was $10.99 million, or $1.12 per diluted share, compared to $17 million, or $1.70 per diluted share, for the year ended December 31, 2007. Net interest income for 2008 was $36.05 million, compared to $40.97 million for 2007.

At December 31, 2008, total assets of the company were $876.14 million, as against $909.29 million reported as of December 31, 2007. Total deposits declined to $716.4 million at December 31, 2008 from $761.4 million at December 31, 2007, while borrowings increased to $52.6 million at December 31, 2008 from $42.1 million at December 31, 2007.

First South Bancorp, Inc. is the parent holding company of First South Bank. First South Bank is a local community bank located throughout Eastern North Carolina.