Four Oaks Fincorp Inc. announced that the Board of Directors declared a cash dividend of 4 cents per share payable on or after December 7, 2009, to shareholders of record on November 30, 2009. This dividend is equal to the dividend paid in the third quarter of 2009 and is 53% less than the fourth quarter 2008 dividend due to reduced earnings caused by the effect of current economic conditions on the bank and company's customers.

Four Oaks Fincorp Inc. announced earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company's net loss was $547,000 or $0.08 per basic share compared to net income of $1.4 million or $0.21 per basic share for the same period a year ago. Net interest income was $7.6 million compared to $6.8 million for the same period a year ago. Net interest income after the provision for loan losses totaled $3.1 million compared to $6.4 million for the same period a year ago. For the nine months, the company's net loss was $345,000 or $0.05 per basic share compared to net income of $3.9 million or $0.60 per basic share for the same period a year ago. Net interest income was $21.7 million compared to $19.2 million for the same period a year ago. Net interest income after the provision for loan losses totaled $11.2 million compared to $17.6 million for the same period a year ago.

Four Oaks Fincorp Inc. reported earnings results for the second quarter and six months ended June 30, 2009. For the quarter, the company reported net loss of $704,000 or $0.10 per basic share compared to net income of $964,000 or $0.15 per basic share for the same period a year ago. Annualized negative return on average equity was 4.15% compared to annualized return on average equity was 6.30% for the same period in 2008. Annualized negative return on average assets was 0.30% compared to annualized return on average assets was 0.49% for the same period in 2008. Total interest income declined 2.4% compared to the second quarter of 2008 despite growth in quarterly average earning assets of 19.3% over the past year. For the first half, the company reported net income of $202,000 or $0.03 per basic share compared to net income of $2.5 million or $0.39 per basic share for the same period a year ago. Annualized return on average equity was 0.59% compared to annualized return on average equity was 7.90% for the same period in 2008. Annualized return on average assets was 0.04% compared to annualized return on average assets was 0.65% for the same period in 2008. Book value per share at June 30, 2009 was $9.39 as compared to $9.42 at June 30, 2008 and $9.63 at December 31, 2008.