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About First Reliance Bancshares Inc.
First Reliance Bancshares Inc. (OTC: FSRL) is a South Carolina-based community bank holding company that operates through its subsidiary, First Reliance Bank. Founded in 1999 and headquartered in Florence, South Carolina, the company has established itself as a trusted provider of comprehensive banking solutions, serving individuals, small businesses, and corporations across South Carolina and central North Carolina. With a commitment to personalized service, First Reliance has redefined community banking by focusing on enhancing customers' lives, a philosophy encapsulated in its brand promise: 'There's more to banking than money™.'
Core Business Model and Revenue Streams
First Reliance Bancshares generates revenue through a diversified range of financial products and services. These include traditional banking services such as retail and commercial loans, deposit accounts, and mortgage banking. The company also offers treasury management services, wealth management solutions, and a suite of digital banking tools designed to meet the needs of modern customers. Its mortgage banking division has been a significant contributor to noninterest income, supported by strategic hiring and a diversified third-party origination base.
Market Presence and Regional Focus
Operating in vibrant markets across South Carolina and central North Carolina, First Reliance has strategically positioned itself to capitalize on regional economic growth. With branch locations in Charleston, Mount Pleasant, West Columbia, Lexington, and Florence, the bank combines local market expertise with a deep understanding of its customers' needs. This regional focus allows it to deliver tailored financial solutions while fostering strong community relationships.
Competitive Differentiators
In a competitive banking landscape, First Reliance stands out for its exceptional customer service, earning a 99% customer satisfaction rating—well above the industry average. The company's innovative programs, such as its Customer Service Guaranty and Mortgage Service Guaranty, underscore its commitment to trust and reliability. Additionally, First Reliance has been recognized as one of the 'Best Places to Work in South Carolina' for 17 consecutive years, reflecting its strong organizational culture and employee engagement.
Product and Service Offerings
- Retail Banking: Personalized checking and savings accounts, money market accounts, and time deposits.
- Commercial Banking: Business loans, treasury management, and financial advisory services for small to mid-sized enterprises.
- Mortgage Banking: Home financing solutions supported by experienced mortgage bankers and a robust third-party origination network.
- Digital Banking: Online and mobile banking platforms offering convenience and accessibility for modern banking needs.
- Wealth Management: Comprehensive financial planning and investment services through First Reliance Wealth Strategies.
Industry Context and Challenges
First Reliance operates in the highly competitive financial services industry, where it faces challenges from larger national banks, regional competitors, and emerging fintech companies. Economic fluctuations, regulatory changes, and technological advancements also shape the industry's dynamics. However, the company's focus on customer satisfaction, community engagement, and digital innovation positions it to navigate these challenges effectively.
Commitment to Community and Customer-Centric Philosophy
At its core, First Reliance is deeply committed to the communities it serves. Its customer-centric approach is evident in its high satisfaction ratings and innovative service guarantees. By prioritizing trust, reliability, and personalized solutions, the company has built lasting relationships with its customers, reinforcing its role as a cornerstone of community banking in its markets.
Conclusion
First Reliance Bancshares Inc. exemplifies the values of a modern community bank, blending traditional banking services with innovative solutions and a relentless focus on customer satisfaction. With its strong regional presence, diversified product offerings, and commitment to excellence, the company continues to play a vital role in the financial well-being of its customers and communities.
First Reliance Bancshares (OTC:FSRL) reported strong Q4 2024 results with net income increasing 18.3% to $0.9 million ($0.11 per diluted share), compared to $0.8 million ($0.10 per diluted share) in Q4 2023. For the full year 2024, net income rose to $5.9 million ($0.71 per diluted share), a 26.8% increase from 2023.
Key highlights include: net interest income increased 15.6% to $8.4 million; net interest margin improved to 3.38%; total loans grew 7.9% annualized to $753.7 million; and book value per share increased 10.4% to $9.68. Asset quality remained strong with nonperforming assets at 0.11% of total assets.
The company's operating earnings, excluding securities losses and other one-time items, were $1.7 million ($0.21 per diluted share) for Q4 2024, compared to $1.4 million ($0.17 per diluted share) in Q4 2023.
Carter Bank (NASDAQ:CARE) has announced a strategic acquisition of two North Carolina branches from First Reliance Bank. The transaction involves Carter Bank acquiring deposits and assets from First Reliance's branches in Mooresville and Winston-Salem, including the Winston-Salem facility. Carter Bank will pay a 4.6% deposit premium on the average closing balance of transaction accounts but will not acquire any loans.
Following the transaction's completion, expected in the first half of 2025, Carter Bank will operate 66 locations across Virginia and North Carolina. The Mooresville deposits will be transferred to Carter Bank's existing branch. This move strengthens Carter Bank's presence in North Carolina, particularly between Greensboro and Charlotte, while allowing First Reliance to focus on its core South Carolina markets.
First Reliance Bancshares (OTC:FSRL) reported strong Q3 2024 results with net income increasing 26.4% to $1.8 million ($0.22 per diluted share), compared to $1.4 million ($0.18 per diluted share) in Q3 2023. Key highlights include: net interest income rose 12.5% to $8.1 million, net interest margin improved to 3.27%, and total deposits grew by $52.1 million (23.2% annualized) to $951.9 million. The company's book value per share increased 22.9% year-over-year to $9.98, while maintaining strong asset quality with nonperforming assets at just 0.09% of total assets.
First Reliance Bancshares (OTC:FSRL) announced its second quarter 2024 results.
Net income rose 91.8% YoY to $1.9 million ($0.24/share).
Net interest income increased 6.2% YoY to $7.7 million.
Total loans held for investment grew 7.9% annualized to $739.4 million.
Total deposits rose 8.4% annualized to $899.8 million.
Asset quality remained strong with nonperforming assets at 0.03% of total assets.
Book value per share increased 12.9% YoY to $9.22.
Cost of funds increased to 2.28% from 1.67% YoY.
The Board approved a $2 million stock repurchase program.
First Reliance Bancshares reported a significant 60.9% increase in net income for Q1 2023, reaching $1.4 million or $0.17 per diluted share, compared to $0.9 million or $0.11 per diluted share in Q1 2022. Net interest income fell by 7.8% quarter-over-quarter to $7.3 million, although it rose 10.6% year-over-year. The bank's total loans increased by 5.2% annualized to $670 million, and total deposits surged 19.4% annualized to $836.9 million. The adoption of ASU 2016-13 resulted in a $886 thousand increase to the unfunded commitment reserve, slightly impacting equity. Notably, asset quality remained stable, with nonperforming assets at 0.05% of total assets.
Rick Redden has been appointed to the Board of Directors at First Reliance Bank, enhancing the bank's strategic leadership. With 20 years in the banking sector, he previously managed a $3 billion P&L and oversaw 2,000+ branches. Redden’s extensive experience includes mergers, acquisitions, and community engagement. First Reliance Bank, based in Florence, SC, has nearly $937 million in assets and is known for high customer satisfaction rates (93%). The bank has been recognized as one of the 'Best Places to Work' in South Carolina for 16 consecutive years. CEO Rick Saunders expresses optimism about Redden's contribution to the bank's mission of community service.
First Reliance Bancshares, Inc. (OTC:FSRL) reported a 60.2% increase in net income for Q4 2022, reaching $1.5 million ($0.18 per diluted share), compared to $0.9 million in Q4 2021. For the fiscal year 2022, net income totaled $5.9 million ($0.73 per diluted share), up from $5.3 million in 2021. Net interest income decreased by 4.3% sequentially to $7.9 million but rose 19.1% year-over-year. Total loans grew to $661.3 million, a 9.0% increase since Q3 2022. Conversely, total deposits fell by 20.1% annualized to $798.2 million. Asset quality improved with nonperforming assets at 0.05% of total assets. CEO Rick Saunders highlighted the bank’s resilience amidst a challenging mortgage market.
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