The parent company of First South Bank reported a 27.5 percent increase in its second-quarter earnings, boosted by an increase in interest income.

First South Bancorp reported net income of $2.1 million, or 22 cents per share, up from $1.6 million, or 17 cents per share. The bank does not have any analyst estimates.

Charleston, South Carolina-based Carolina Financial Corp. agreed last month to acquire First South in a deal valued at $162 million. The transaction is expected to close by the end of the year, and First South Bank will become part of Carolina Financial’s CresCom Bank.

First South said it incurred $278,000 of professional fees and services expenses that impacted its results of operations for the quarter and six months ended June 30, 2017. Excluding these expenses, net income for the second quarter would have been $2.3 million, or 24 cents per share.

“We believe First South shareholders and customers will be rewarded as the combination of these two banks is expected to provide superior financial performance along with an exceptional customer experience,” said First South CEO Bruce Elder in a statement. “We plan to leverage the new resources and products available to us through CresCom Bank to attract new customers and expand our existing relationships.”

First South’s net interest income grew to $9.1 million in the 2017 second quarter, from $8.1 million in the 2016 second quarter.

The bank now has $931.5 million in deposits, up $60.9 million from the end of 2016.

The earnings release can be found here.

First South’s shares were trading at $17.32, up 29 cents, in Friday afternoon trading.