Welcome to our dedicated page for First Reliance Bancshares news (Ticker: FSRL), a resource for investors and traders seeking the latest updates and insights on First Reliance Bancshares stock.
First Reliance Bancshares Inc. (FSRL) delivers community-focused banking services through its network of branches across South Carolina. This news hub provides investors and stakeholders with timely updates on the company’s financial performance, strategic initiatives, and market developments.
Track official announcements including quarterly earnings, leadership updates, product launches, and community partnerships. Our curated collection ensures access to verified press releases and third-party analysis covering FSRL’s core operations in digital banking, mortgage services, and wealth management.
Key updates include regulatory filings, branch expansions, technology investments, and customer program enhancements. Bookmark this page to monitor how FSRL maintains its commitment to personalized service while adapting to industry trends in regional banking.
First Reliance Bancshares (OTC:FSRL) reported strong financial results for Q1 2025, with net income increasing 30.3% to $1.6 million ($0.19 per diluted share) compared to Q1 2024. Key highlights include:
- Net interest income rose 21.6% to $8.8 million
- Net interest margin improved to 3.49% from 3.11% year-over-year
- Total loans increased 16.3% annualized to $784.5 million
- Total deposits grew 11.5% annualized to $978.7 million
The company received regulatory approvals to sell its two North Carolina branches to Carter Bank, with closing expected in May 2025. Asset quality remained strong with nonperforming assets at 0.9% of total assets. Book value per share increased 14.9% to $10.18, while tangible book value rose 15.1% to $10.09 compared to March 31, 2024.
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.
