Bank News


Please note that our offices will be closed November 11th in observance of Veterans Day.


FOUR OAKS, NC (July 31, 2015) - Four Oaks Fincorp, Inc. (OTCQX: FOFN) (the “Company”), the holding company for Four Oaks Bank & Trust Company (the “Bank”), today announced the results for the second quarter and six months ended June 30, 2015.  The Company reported net income of $17.5 million and $18.5 million, respectively, for the second quarter and six months ended June 30, 2015 compared to net income of $2.4 million and $3.8 million for the same periods in 2014. 

During the second quarter of 2015, the Company determined that it is more likely than not that sufficient taxable income will be generated to realize a significant portion of its deferred tax assets.  This conclusion, and partial release of the valuation allowance, was based upon a number of factors including continued improvement in quarterly earnings, forecasted future profitability, improved asset quality and the execution of the Asset Resolution Plan.  As a result, the Company recognized a $16.5 million income tax benefit which positively impacted earnings and increased capital for the Bank and the Company.
In addition to the partial reversal of the valuation allowance, the Company continues to improve performance and reported pre-tax earnings of $914,000 and $1.9 million, respectively, for the second quarter and six months ended June 30, 2015.  Asset quality continues to improve with classified assets to capital ratio declining to 17.1% as of June 30, 2015 compared to 23.9% at December 31, 2014 and 65.0% at June 30, 2014.  The Bank remains well capitalized at June 30, 2015 and reports a leverage ratio of 9.5%, common equity Tier 1 and Tier 1 risk based capital of 14.0%, and total risk based capital of 15.2%.  At December 31, 2014, the Bank had a leverage ratio of 7.2%, common equity Tier 1 capital and Tier 1 risk based capital of 13.5%, and total risk based capital of 14.7%

President and Chief Executive Officer David H. Rupp stated, “This has been an important quarter for our Company.  The reversal of a significant portion of the valuation allowance reflects the ongoing improvements across our business, balanced with conservatism and an eye to the future.  Lending, deposit gathering and operating earnings continued at a solid pace and we were able to complete the bulk of our technology conversion during the first half of this year.  We remain thankful for the support of our customers, our communities and our fine team members as we focus on community banking and its important role in the economy.”   

With $721.9 million in total assets as of June 30, 2015 the Company, through its wholly-owned subsidiary, Four Oaks Bank & Trust Company, offers a broad range of financial services through its sixteen offices in Four Oaks, Clayton, Smithfield, Garner, Benson, Fuquay-Varina, Wallace, Holly Springs, Harrells, Zebulon, Dunn, Raleigh (LPO), Apex (LPO) and Southern Pines (LPO), North Carolina. Four Oaks Fincorp, Inc. trades through its market makers under the symbol of FOFN.

(For the complete press release, click on “About Us”, then “Investor Relations”.)


On June 25, 2015, a Ribbon Cutting Ceremony was held for the Bank’s new Loan Production Office located at 1091 Investment Blvd. in Apex, NC


On June 30, 2015, a Ground Breaking Ceremony was held for the Bank's new permanent facility which will be located at 115 Four Oaks Place in Dunn, NC.