<TABLE> <S> <C>

<PAGE>
 
<ARTICLE> 9
<LEGEND>
This schedule contains financial information extracted from the consolidated
financial statements for First Southern Bancshares, Inc. for the year ended
December 31, 1998 and is qualified in its entirety by reference to such
financial statements.  Dollars are in thousands except for per share data.
</LEGEND>
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               DEC-31-1998
<CASH>                                           4,598
<INT-BEARING-DEPOSITS>                           8,590
<FED-FUNDS-SOLD>                                     0
<TRADING-ASSETS>                                     0
<INVESTMENTS-HELD-FOR-SALE>                      2,016
<INVESTMENTS-CARRYING>                             945
<INVESTMENTS-MARKET>                               994
<LOANS>                                        153,253
<ALLOWANCE>                                      1,441
<TOTAL-ASSETS>                                 178,375
<DEPOSITS>                                     127,550
<SHORT-TERM>                                       151
<LIABILITIES-OTHER>                              1,501
<LONG-TERM>                                     31,165
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                            21
<OTHER-SE>                                      17,987
<TOTAL-LIABILITIES-AND-EQUITY>                 178,375
<INTEREST-LOAN>                                 15,002
<INTEREST-INVEST>                                  348
<INTEREST-OTHER>                                   484
<INTEREST-TOTAL>                                15,177
<INTEREST-DEPOSIT>                               6,203
<INTEREST-EXPENSE>                               7,956
<INTEREST-INCOME-NET>                            7,221
<LOAN-LOSSES>                                      605
<SECURITIES-GAINS>                                   0
<EXPENSE-OTHER>                                  5,060
<INCOME-PRETAX>                                  2,512
<INCOME-PRE-EXTRAORDINARY>                       1,502
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     1,502
<EPS-PRIMARY>                                     0.83
<EPS-DILUTED>                                     0.82
<YIELD-ACTUAL>                                    3.72
<LOANS-NON>                                        914
<LOANS-PAST>                                     2,445
<LOANS-TROUBLED>                                     0
<LOANS-PROBLEM>                                    484
<ALLOWANCE-OPEN>                                 1,584
<CHARGE-OFFS>                                      780
<RECOVERIES>                                        32
<ALLOWANCE-CLOSE>                                1,441
<ALLOWANCE-DOMESTIC>                             1,056
<ALLOWANCE-FOREIGN>                                  0
<ALLOWANCE-UNALLOCATED>                            385
        


</TABLE>