First South Bancorp Reports March 31, 2011 Quarterly Operating Results

First South Bancorp FSBK reports its unaudited operating results for the quarter ended March 31, 2011. The Company reported net income of $327,000 for the 2011 first quarter, compared to a net loss of $6.5 million for the linked 2010 fourth quarter, and net income of $1.5 million for the 2010 first quarter. Net income per diluted common share was $0.03 for the 2011 first quarter, compared to net loss per diluted common share of $0.67 for the linked 2010 fourth quarter and net income per diluted common share of $0.16 for the 2010 first quarter.