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First Reliance Bancshares Inc (OTC: FSRL) is a community bank headquartered in Florence, SC, with offices in Charleston, Mt. Pleasant, West Columbia, Lexington, and Florence. The bank's brand, "There's more to banking than money," has earned it a 99% customer satisfaction rating. First Reliance offers exceptional customer service, unique programs, and unparalleled convenience to its customers.
Founded in 1999, First Reliance has assets of approximately $1.028 billion and employs over 170 professionals. The company focuses on community banking, providing personalized services for individuals, small businesses, and corporations. They offer digital banking services, Treasury Services, a Customer Service Guaranty, a Mortgage Service Guaranty, and First Reliance Wealth Strategies.
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.
On November 29, 2022, First Reliance Bancshares (OTC: FSRL) announced the resignation of Robert Dozier, COO, effective December 31, 2022. Dozier will become CEO of a non-bank financial services firm. The existing management team will assume his responsibilities without hiring a new COO. CEO Rick Saunders expressed confidence in the company's structure, while President Justin Strickland emphasized continuity in executing strategic plans. First Reliance, based in Florence, South Carolina, boasts assets of approximately $946 million and a significant customer satisfaction rating.
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