EXHIBIT 31.2

CERTIFICATION



I, William L. Wall, certify that:



| | 1. | I have reviewed this quarterly report
                                                          on Form 10-Q of First South Bancorp, Inc.;
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| | 2. | Based on my knowledge, this report does
                                                          not contain any untrue statement of a material fact or omit to state
                                                          a material fact necessary to make the statements made, in light of the
                                                          circumstances under which such statements were made, not misleading
                                                          with respect to the period covered by this report;
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| | 3. | Based on my knowledge, the financial
                                                          statements, and other financial information included in this report,
                                                          fairly present in all material respects the financial condition, results
                                                          of operations and cash flows of the registrant as of, and for, the periods
                                                          presented in this report;
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| | 4. | The registrant’s other certifying
                                                          officer and I are responsible for establishing and maintaining disclosure
                                                          controls and procedures (as defined in Exchange Act Rules 13a-15(e)
                                                          and 15d-15(e)) and internal control over financial reporting (as defined
                                                          in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and
                                                          have:
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| | (a) | Designed such disclosure controls
                                                                and procedures, or caused such disclosure controls and procedures
                                                                to be designed under our supervision, to ensure that material
                                                                information relating to the registrant, including its consolidated
                                                                subsidiaries, is made known to us by others within those entities,
                                                                particularly during the period in which this report is being prepared;
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| | (b) | Designed such internal control
                                                                over financial reporting, or caused such internal control over
                                                                financial reporting to be designed under our supervision, to provide
                                                                reasonable assurance regarding the reliability of financial reporting
                                                                and the preparation of financial statements for external purposes
                                                                in accordance with generally accepted accounting principles;
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| | (c) | Evaluated the effectiveness of
                                                                the registrant's disclosure controls and procedures and presented
                                                                in this report our conclusions about the effectiveness of the
                                                                disclosure controls and procedures, as of the end of the period
                                                                covered by this report, based on such evaluation; and
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| | (d) | Disclosed in this report any change
                                                                in the registrant’s internal control over financial reporting
                                                                that occurred during the registrant’s most recent fiscal
                                                                quarter (the registrant’s fourth fiscal quarter in the case
                                                                of an annual report) that has materially affected, or is reasonably
                                                                likely to materially affect, the registrant’s internal control
                                                                over financial reporting; and
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| | 5. | The registrant’s other certifying
                                                          officer and I have disclosed, based on our most recent evaluation of
                                                          internal control over financial reporting, to the registrant's auditors
                                                          and the audit committee of the registrant’s board of directors
                                                          (or persons performing the equivalent functions):
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| | (a) | All significant deficiencies and
                                                                material weaknesses in the design or operation of internal control
                                                                over financial reporting which are reasonably likely to adversely
                                                                affect the registrant's ability to record, process, summarize
                                                                and report financial information; and
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| | (b) | Any fraud, whether or not material,
                                                                that involves management or other employees who have a significant
                                                                role in the registrant's internal control over financial reporting.
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| | Date: August 10, 2012 |  | /s/ William L. Wall                                 
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| |                       |  | William L. Wall                                     
| |                       |  | Executive Vice President and Chief Financial Officer