First South Bancorp Boosts Dividend By 20%

First South Bancorp, Inc. FSBK disclosed that its Board declared a quarterly cash dividend of $0.03 per share. According to the company, the dividend represented 20 percent increase from the previous quarterly dividend payment.

The company said the dividend would be payable on May 19, 2016 to its shareholders. First South Bancorp said that it fixed the record date of May 9. This quarterly cash dividend payment represents a 20% payment rate increase over the previous quarterly dividend payment.

First South Bancorp's President and CEO, Bruce Elder, commented 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 added that "any further dividends will depend upon the Company's financial condition, earnings, equity structure, capital needs, regulatory requirements and economic conditions."

Shares of the company traded 0.35 percent down on Friday.