UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
     ----------------------------------------------------------------------

         Date of Report (Date of earliest event reported) July 18, 2006

                            FIRST SOUTH BANCORP, INC.
                            -------------------------
             (Exact Name of Registrant as Specified in Its Charter)

         VIRGINIA                       0-22219               56-1999749
         --------                       -------               ----------
(State or other jurisdiction of        (Commission           (IRS Employer
 incorporation or organization)        File Number)          Identification No.)


1311 Carolina Avenue, Washington, North Carolina                       27889
------------------------------------------------                       -----
(Address of principal executive offices)                              (Zip Code)

                                 (252) 946-4178
                                 --------------
              (Registrant's telephone number, including area code)

                                 Not Applicable
                                 --------------
          (Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

|_| Written communcations pursuant to Rule 425 under the Securities Act (17 CFR
230.425)

|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)

|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))

|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))

<PAGE>




Item 2.02.  Results of Operations and Financial Condition

On July 18, 2006,  First South  Bancorp,  Inc.  (the  "Company")  issued a press
release  announcing its unaudited  financial  results for the quarter ended June
30, 2006 and the six months  ended June 30,  2006.  A copy of the press  release
dated July 18, 2006 is attached to this Report as an exhibit  (Exhibit 99.1) and
is furnished herewith.


Item 9.01.  Financial Statements and Exhibits

(a)      Not applicable
(b)      Not applicable
(c)      The following exhibit is filed herewith:

         Exhibit 99.1 - Press Release dated July 18, 2006.






                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized

                                                     First South Bancorp, Inc.
                                                     (Registrant)



Date: July 18, 2006                                  By: /s/ William L. Wall
                                                         -------------------
                                                     William L. Wall
                                                     Executive Vice President
                                                     Chief Financial Officer and
                                                     Secretary
{"company-data": {"conformed-name": "FIRST SOUTH BANCORP INC /VA/", "cik": "0001027183", "assigned-sic": "6022", "irs-number": "561999749", "state-of-incorporation": "VA", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-22219", "film-number": "06967390"}, "business-address": {"street1": "1311 CAROLINA AVE", "city": "WASHINGTON", "state": "NC", "zip": "27889", "phone": "2529464178"}, "mail-address": {"street1": "1311 CAROLINA AVENUE", "city": "WASHINGTON", "state": "NC", "zip": "27889"}, "former-company": {"former-conformed-name": "NEWSOUTH BANCORP INC", "date-changed": "19961115"}}
UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
     ----------------------------------------------------------------------

         Date of Report (Date of earliest event reported) July 18, 2006

                            FIRST SOUTH BANCORP, INC.
                            -------------------------
             (Exact Name of Registrant as Specified in Its Charter)

         VIRGINIA                       0-22219               56-1999749
         --------                       -------               ----------
(State or other jurisdiction of        (Commission           (IRS Employer
 incorporation or organization)        File Number)          Identification No.)

1311 Carolina Avenue, Washington, North Carolina                       27889
------------------------------------------------                       -----
(Address of principal executive offices)                              (Zip Code)

                                 (252) 946-4178
                                 --------------
              (Registrant's telephone number, including area code)

                                 Not Applicable
                                 --------------
          (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

|_| Written communcations pursuant to Rule 425 under the Securities Act (17 CFR
230.425)

|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)

|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))

|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Item 2.02.  Results of Operations and Financial Condition

On July 18, 2006,  First South  Bancorp,  Inc.  (the  "Company")  issued a press
release  announcing its unaudited  financial  results for the quarter ended June
30, 2006 and the six months  ended June 30,  2006.  A copy of the press  release
dated July 18, 2006 is attached to this Report as an exhibit  (Exhibit 99.1) and
is furnished herewith.

Item 9.01.  Financial Statements and Exhibits

(a)      Not applicable
(b)      Not applicable
(c)      The following exhibit is filed herewith:

         Exhibit 99.1 - Press Release dated July 18, 2006.

                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized

                                                     First South Bancorp, Inc.
                                                     (Registrant)

Date: July 18, 2006                                  By: /s/ William L. Wall
                                                         -------------------
                                                     William L. Wall
                                                     Executive Vice President
                                                     Chief Financial Officer and
                                                     Secretary