First Reliance Bancshares Reports First Quarter 2025 Results
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) ha riportato risultati finanziari solidi per il primo trimestre 2025, con un utile netto in crescita del 30,3% a 1,6 milioni di dollari (0,19 dollari per azione diluita) rispetto al primo trimestre 2024. I punti salienti includono:
- Il reddito netto da interessi è aumentato del 21,6% a 8,8 milioni di dollari
- Il margine di interesse netto è migliorato al 3,49% rispetto al 3,11% dell'anno precedente
- I prestiti totali sono cresciuti del 16,3% su base annua a 784,5 milioni di dollari
- I depositi totali sono aumentati dell'11,5% su base annua a 978,7 milioni di dollari
L'azienda ha ottenuto le approvazioni normative per vendere le sue due filiali della Carolina del Nord a Carter Bank, con la chiusura prevista per maggio 2025. La qualità degli attivi è rimasta solida, con attività non performanti pari allo 0,9% del totale attivi. Il valore contabile per azione è aumentato del 14,9% a 10,18 dollari, mentre il valore contabile tangibile è salito del 15,1% a 10,09 dollari rispetto al 31 marzo 2024.
First Reliance Bancshares (OTC:FSRL) reportó sólidos resultados financieros para el primer trimestre de 2025, con un aumento del ingreso neto del 30,3% hasta 1,6 millones de dólares (0,19 dólares por acción diluida) en comparación con el primer trimestre de 2024. Los aspectos más destacados incluyen:
- Los ingresos netos por intereses crecieron un 21,6% hasta 8,8 millones de dólares
- El margen neto de intereses mejoró a 3,49% desde 3,11% interanual
- Los préstamos totales aumentaron un 16,3% anualizado hasta 784,5 millones de dólares
- Los depósitos totales crecieron un 11,5% anualizado hasta 978,7 millones de dólares
La compañía recibió aprobaciones regulatorias para vender sus dos sucursales en Carolina del Norte a Carter Bank, con cierre previsto para mayo de 2025. La calidad de los activos se mantuvo sólida con activos improductivos en 0,9% del total de activos. El valor contable por acción aumentó un 14,9% a 10,18 dólares, mientras que el valor contable tangible subió un 15,1% a 10,09 dólares en comparación con el 31 de marzo de 2024.
First Reliance Bancshares (OTC:FSRL)는 2025년 1분기 강력한 재무 실적을 보고했으며, 순이익은 2024년 1분기 대비 30.3% 증가한 160만 달러(희석 주당 0.19달러)를 기록했습니다. 주요 내용은 다음과 같습니다:
- 순이자수익은 21.6% 증가하여 880만 달러 달성
- 순이자마진은 전년 동기 대비 3.11%에서 3.49%로 개선
- 총 대출금은 연율 기준 16.3% 증가하여 7억 8,450만 달러 기록
- 총 예금은 연율 기준 11.5% 증가하여 9억 7,870만 달러 달성
회사는 노스캐롤라이나에 있는 두 개 지점을 Carter Bank에 매각하기 위한 규제 승인도 받았으며, 거래 종료는 2025년 5월로 예정되어 있습니다. 자산 건전성은 총 자산의 0.9%인 부실 자산 비율을 유지하며 견고했습니다. 주당 장부가는 14.9% 증가한 10.18달러, 유형 장부가는 15.1% 상승한 10.09달러로 2024년 3월 31일과 비교해 개선되었습니다.
First Reliance Bancshares (OTC:FSRL) a annoncé de solides résultats financiers pour le premier trimestre 2025, avec un bénéfice net en hausse de 30,3 % à 1,6 million de dollars (0,19 dollar par action diluée) par rapport au premier trimestre 2024. Les points clés sont :
- Le produit net d'intérêts a augmenté de 21,6 % pour atteindre 8,8 millions de dollars
- La marge nette d'intérêts s'est améliorée à 3,49 % contre 3,11 % d'une année sur l'autre
- Le total des prêts a augmenté de 16,3 % annualisé pour atteindre 784,5 millions de dollars
- Le total des dépôts a crû de 11,5 % annualisé pour atteindre 978,7 millions de dollars
La société a obtenu les approbations réglementaires pour vendre ses deux agences en Caroline du Nord à Carter Bank, la clôture étant prévue en mai 2025. La qualité des actifs est restée solide avec des actifs non performants représentant 0,9 % du total des actifs. La valeur comptable par action a augmenté de 14,9 % à 10,18 dollars, tandis que la valeur comptable tangible a progressé de 15,1 % à 10,09 dollars par rapport au 31 mars 2024.
First Reliance Bancshares (OTC:FSRL) meldete starke Finanzergebnisse für das erste Quartal 2025, mit einem Nettogewinnanstieg von 30,3 % auf 1,6 Millionen US-Dollar (0,19 US-Dollar pro verwässerter Aktie) im Vergleich zum ersten Quartal 2024. Wichtige Highlights sind:
- Der Nettozinsertrag stieg um 21,6 % auf 8,8 Millionen US-Dollar
- Die Nettozinsmarge verbesserte sich von 3,11 % auf 3,49 % im Jahresvergleich
- Die Gesamtforderungen erhöhten sich annualisiert um 16,3 % auf 784,5 Millionen US-Dollar
- Die Gesamteinlagen wuchsen annualisiert um 11,5 % auf 978,7 Millionen US-Dollar
Das Unternehmen erhielt behördliche Genehmigungen zum Verkauf seiner zwei Filialen in North Carolina an die Carter Bank, der Abschluss wird für Mai 2025 erwartet. Die Vermögensqualität blieb mit notleidenden Krediten von 0,9 % der Gesamtvermögen stabil. Der Buchwert je Aktie stieg um 14,9 % auf 10,18 US-Dollar, während der materielle Buchwert im Vergleich zum 31. März 2024 um 15,1 % auf 10,09 US-Dollar zunahm.
- None.
- None.
First Quarter 2025 Highlights
- Net income increased
30.3% for the first quarter of 2025 to$1.6 million $0.19 $1.2 million $0.15 $1.7 million $0.20 $1.2 million $0.15 - Book value per share increased
$1.32 14.9% , from$8.86 $10.18 $1.32 15.1% , from$8.77 $10.09 - Net interest income for the quarter was
$8.8 million $1.6 million 21.6% , compared to the first quarter of 2024. On a linked quarter basis, the increase was$362,000 4.3% . - Net interest margin increased during the quarter to
3.49% from3.11% at March 31, 2024, and increased 11 basis points from3.38% at December 31, 2024. - Total loans held for investment increased
$30.7 million 16.3% annualized, to$784.5 million $753.7 million $59.3 million 8.2% , from$725.2 million - Total deposits increased
$27.3 million 11.5% annualized, to$978.7 million $951.4 million $97.4 million 11.0% from$881.3 million - All regulatory approvals have been received for the Company's sale of its two branch locations in
North Carolina to Carter Bank. Carter Bank is acquiring all deposits and other assets associated with these locations. Carter Bank is not acquiring any loans in this transaction. Closing is expected to occur in the second quarter of 2025. - Asset quality remained strong with nonperforming assets declining to
$933 thousand 0.9% of total assets at March 31, 2025, from$1.2 million 0.11% of total assets at December 31, 2024, compared to$282 thousand 0.03% of total assets at March 31, 2024.
Rick Saunders, Chief Executive Officer, stated: "We continue to grow our balance sheet, improve our net interest margin and improve our efficiency ratio. Despite a large increase in the provision expense due to strong loan growth in both funded and unfunded commitments, our operating earnings improved
Financial Summary | |||||
Three Months Ended | |||||
Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | |
($ in thousands, except per share data) | 2025 | 2024 | 2024 | 2024 | 2024 |
Earnings: | |||||
Net income available to common shareholders | $ 1,613 | $ 918 | $ 1,825 | $ 1,942 | $ 1,238 |
Operating earnings (Non-GAAP) | 1,665 | 1,698 | 1,950 | 1,942 | 1,223 |
Earnings per common share, diluted | 0.19 | 0.11 | 0.22 | 0.24 | 0.15 |
Operating earnings, diluted (Non-GAAP) | 0.20 | 0.21 | 0.24 | 0.24 | 0.15 |
Total revenue(1) | 11,158 | 9,809 | 9,855 | 10,226 | 9,690 |
Net interest margin | 3.49 % | 3.38 % | 3.27 % | 3.20 % | 3.11 % |
Return on average assets(2) | 0.59 % | 0.35 % | 0.69 % | 0.75 % | 0.49 % |
Return on average equity(2) | 8.15 % | 4.66 % | 9.60 % | 10.69 % | 7.01 % |
Efficiency ratio(3) | 75.52 % | 86.42 % | 76.90 % | 75.21 % | 81.04 % |
As of | |||||
Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | |
($ in thousands) | 2025 | 2024 | 2024 | 2024 | 2024 |
Balance Sheet: | |||||
Total assets | $ 1,097,389 | $ 1,067,104 | $ 1,071,480 | $ 1,058,395 | $ 1,027,616 |
Total loans receivable | 784,469 | 753,738 | 739,219 | 739,433 | 725,234 |
Total deposits | 978,667 | 951,411 | 951,948 | 899,799 | 881,309 |
Total transaction deposits(4) to total deposits | 39.46 % | 38.64 % | 38.82 % | 39.18 % | 39.86 % |
Loans to deposits | 80.16 % | 79.22 % | 77.65 % | 82.18 % | 82.29 % |
Bank Capital Ratios: | |||||
Total risk-based capital ratio | 12.99 % | 13.48 % | 13.56 % | 13.34 % | 13.46 % |
Tier 1 risk-based capital ratio | 11.92 % | 12.43 % | 12.51 % | 12.28 % | 12.37 % |
Tier 1 leverage ratio | 9.80 % | 9.96 % | 9.87 % | 10.01 % | 10.16 % |
Common equity tier 1 capital ratio | 11.92 % | 12.43 % | 12.51 % | 12.28 % | 12.37 % |
Asset Quality Ratios: | |||||
Nonperforming assets as a percentage of | 0.09 % | 0.11 % | 0.09 % | 0.03 % | 0.03 % |
Allowance for credit losses as a percentage of | 1.10 % | 1.12 % | 1.13 % | 1.15 % | 1.17 % |
Annualized quarterly net charge-offs as a percentage of average total loans receivable | 0.08 % | 0.00 % | 0.03 % | 0.05 % | 0.06 % |
Footnotes to table located at the end of this release.
CONDENSED CONSOLIDATED INCOME STATEMENTS – Unaudited | |||||
Three Months Ended | |||||
Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | |
($ in thousands, except per share data) | 2025 | 2024 | 2024 | 2024 | 2024 |
Interest income | |||||
Loans | $ 11,293 | $ 11,053 | $ 10,930 | $ 10,746 | $ 10,085 |
Investment securities | 2,166 | 2,015 | 1,969 | 1,875 | 1,972 |
Other interest income | 318 | 512 | 623 | 419 | 291 |
Total interest income | 13,777 | 13,580 | 13,522 | 13,040 | 12,348 |
Interest expense | |||||
Deposits | 4,468 | 4,613 | 4,833 | 4,652 | 4,332 |
Other interest expense | 544 | 564 | 585 | 722 | 808 |
Total interest expense | 5,012 | 5,177 | 5,418 | 5,374 | 5,140 |
Net interest income | 8,765 | 8,403 | 8,104 | 7,666 | 7,208 |
Provision for credit losses | 707 | 141 | (83) | 55 | 207 |
Net interest income after provision for loan | 8,058 | 8,262 | 8,187 | 7,611 | 7,001 |
Noninterest income | |||||
Mortgage banking income | 1,351 | 1,207 | 805 | 1,416 | 1,375 |
Service fees on deposit accounts | 319 | 327 | 327 | 307 | 336 |
Debit card and other service charges, commissions, and fees | 529 | 550 | 528 | 568 | 519 |
Income from bank owned life insurance | 102 | 108 | 105 | 103 | 102 |
Loss on sale of securities, net | (182) | (146) | (162) | - | - |
Gain on early extinguishment of debt | 140 | - | - | - | - |
Gain (loss) on disposal / write down of fixed assets | - | (838) | - | - | 20 |
Other income | 134 | 198 | 148 | 166 | 130 |
Total noninterest income | 2,393 | 1,406 | 1,751 | 2,560 | 2,482 |
Noninterest expense | |||||
Compensation and benefits | 5,281 | 5,028 | 4,682 | 4,693 | 4,878 |
Occupancy and equipment | 791 | 890 | 848 | 837 | 841 |
Data processing, technology, and communications | 1,156 | 1,184 | 994 | 1,119 | 1,039 |
Professional fees | 153 | 268 | 265 | 96 | 110 |
Marketing | 123 | 103 | 66 | 102 | 160 |
Other | 923 | 1,003 | 723 | 844 | 826 |
Total noninterest expense | 8,427 | 8,476 | 7,578 | 7,691 | 7,854 |
Income before provision for income taxes | 2,024 | 1,192 | 2,360 | 2,480 | 1,629 |
Income tax expense | 411 | 273 | 535 | 538 | 391 |
Net income available to common shareholders | $ 1,613 | $ 919 | $ 1,825 | $ 1,942 | $ 1,238 |
Add back loss (gain) on fixed assets, net of tax | - | 646 | - | - | (15) |
Subtract gain on early extinguishment of debt, net of tax | (111) | ||||
Add back expenses related to branch sale, net of tax | 18 | 21 | - | - | - |
Add back securities losses, net of tax | 145 | 113 | 125 | - | - |
Operating earnings (Non-GAAP) | $ 1,665 | $ 1,699 | $ 1,950 | $ 1,942 | $ 1,223 |
Weighted average common shares - basic | 7,868 | 7,851 | 7,847 | 7,851 | 7,837 |
Weighted average common shares - diluted | 8,331 | 8,274 | 8,221 | 8,260 | 8,217 |
Basic net income per common share * | $ 0.21 | $ 0.12 | $ 0.23 | $ 0.25 | $ 0.16 |
Diluted net income per common share * | $ 0.19 | $ 0.11 | $ 0.22 | $ 0.24 | $ 0.15 |
Operating earnings per common share (Non-GAAP) * | $ 0.21 | $ 0.22 | $ 0.25 | $ 0.25 | $ 0.16 |
Operating earnings per diluted common share (Non-GAAP) * | $ 0.20 | $ 0.21 | $ 0.24 | $ 0.24 | $ 0.15 |
* note that the sum of the quarters may not equal the YTD result due to rounding of earnings per share each quarter, given the weighted average shares outstanding basic and diluted. |
Net income for the three months ended March 31, 2025, was
The provision for credit losses for loans was
Noninterest income for the three months ended March 31, 2025, was
Noninterest expense for the three months ended March 31, 2025, was
Operating adjustments - 1Q 2025
During the first quarter of 2025, the Company recorded the following non-recurring transactions:
- Paid off subordinated indebtedness of
$1.0 million $860 thousand $140 thousand - Recorded pre-tax securities losses of
$182 thousand - Recorded pre-tax branch disposal related costs of
$23 thousand
Fixed Assets and Right of Use Assets – 4Q 2024
During the fourth quarter of 2024 the Company wrote off two leases totaling
In addition, a fixed asset was written down by
NET INTEREST INCOME AND MARGIN – Unaudited - QTD | |||||||||||
For the Three Months Ended | |||||||||||
March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | Average | Income/ | Yield/ | |||
($ in thousands) | Balance | Expense | Rate | Balance | Expense | Rate | Balance | Expense | Rate | ||
Assets | |||||||||||
Interest-earning assets: | |||||||||||
Federal funds sold and interest-bearing deposits | $ 37,230 | $ 292 | 3.18 % | $ 44,366 | $ 485 | 4.35 % | $ 27,557 | $ 266 | 3.88 % | ||
Investment securities | 180,710 | 2,166 | 4.86 % | 179,750 | 2,015 | 4.46 % | 169,174 | 1,972 | 4.69 % | ||
Nonmarketable equity securities | 1,496 | 26 | 7.06 % | 1,524 | 27 | 6.99 % | 2,224 | 25 | 4.56 % | ||
Loans held for sale | 23,551 | 364 | 6.27 % | 21,610 | 322 | 5.93 % | 15,639 | 254 | 6.53 % | ||
Loans | 775,652 | 10,929 | 5.71 % | 741,672 | 10,731 | 5.76 % | 716,237 | 9,831 | 5.52 % | ||
Total interest-earning assets | 1,018,639 | 13,777 | 5.49 % | 988,922 | 13,580 | 5.46 % | 930,831 | 12,348 | 5.34 % | ||
Allowance for credit losses | (8,616) | (8,317) | (8,401) | ||||||||
Noninterest-earning assets | 81,136 | 78,137 | 79,678 | ||||||||
Total assets | $ 1,091,159 | $ 1,058,742 | $ 1,002,108 | ||||||||
Liabilities and Shareholders' Equity | |||||||||||
Interest-bearing liabilities: | |||||||||||
NOW accounts | $ 158,710 | $ 230 | 0.59 % | $ 140,981 | $ 245 | 0.69 % | $ 142,303 | $ 291 | 0.82 % | ||
Savings & money market | 429,861 | 2,872 | 2.71 % | 405,445 | 2,910 | 2.86 % | 341,680 | 2,445 | 2.88 % | ||
Time deposits | 156,527 | 1,366 | 6.54 % | 160,417 | 1,458 | 3.62 % | 174,169 | 1,596 | 3.69 % | ||
Total interest-bearing deposits | 745,098 | 4,468 | 2.43 % | 706,843 | 4,613 | 2.60 % | 658,152 | 4,332 | 2.65 % | ||
FHLB advances and other borrowings | 15,162 | 213 | 5.70 % | 16,332 | 202 | 4.93 % | 31,665 | 437 | 5.55 % | ||
Subordinated debentures | 24,761 | 331 | 5.42 % | 25,750 | 362 | 5.59 % | 25,727 | 371 | 5.81 % | ||
Total interest-bearing liabilities | 785,021 | 5,012 | 2.59 % | 748,925 | 5,177 | 2.75 % | 715,544 | 5,140 | 2.89 % | ||
Noninterest bearing deposits | 214,733 | 217,863 | 202,136 | ||||||||
Other liabilities | 12,185 | 13,118 | 13,768 | ||||||||
Shareholders' equity | 79,220 | 78,836 | 70,660 | ||||||||
Total liabilities and shareholders' equity | $ 1,091,159 | $ 1,058,742 | $ 1,002,108 | ||||||||
Net interest income (tax equivalent) / interest | $ 8,765 | 2.90 % | $ 8,403 | 2.71 % | $ 7,208 | 2.45 % | |||||
Net Interest Margin | 3.49 % | 3.38 % | 3.11 % | ||||||||
Cost of funds, including noninterest-bearing deposits | 2.03 % | 2.13 % | 2.25 % | ||||||||
Net interest income for the three months ended March 31, 2025, was
CONDENSED CONSOLIDATED BALANCE SHEETS – Unaudited | |||||
As of | |||||
Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | |
($ in thousands) | 2025 | 2024 | 2024 | 2024 | 2024 |
Assets | |||||
Cash and cash equivalents: | |||||
Cash and due from banks | $ 5,011 | $ 4,604 | $ 4,730 | $ 5,669 | $ 5,482 |
Interest-bearing deposits with banks | 32,922 | 42,623 | 61,934 | 41,391 | 36,173 |
Total cash and cash equivalents | 37,933 | 47,227 | 66,664 | 47,060 | 41,655 |
Investment securities: | |||||
Investment securities available for sale | 181,596 | 175,846 | 177,641 | 173,298 | 171,075 |
Other investments | 950 | 886 | 883 | 2,788 | 2,548 |
Total investment securities | 182,546 | 176,732 | 178,524 | 176,087 | 173,623 |
Mortgage loans held for sale | 22,424 | 20,974 | 19,929 | 25,776 | 18,307 |
Loans receivable: | |||||
Loans | 784,469 | 753,738 | 739,219 | 739,433 | 725,234 |
Less allowance for credit losses | (8,654) | (8,434) | (8,317) | (8,498) | (8,497) |
Loans receivable, net | 775,815 | 745,304 | 730,902 | 730,935 | 716,737 |
Property and equipment, net | 21,987 | 21,353 | 21,861 | 22,040 | 22,185 |
Mortgage servicing rights | 13,614 | 13,410 | 12,690 | 12,680 | 12,226 |
Bank owned life insurance | 18,710 | 18,608 | 18,501 | 18,396 | 18,293 |
Deferred income taxes | 6,938 | 7,709 | 6,292 | 7,612 | 7,990 |
Other assets | 17,422 | 15,787 | 16,117 | 17,809 | 16,600 |
Total assets | 1,097,389 | 1,067,104 | 1,071,480 | 1,058,395 | 1,027,616 |
Liabilities | |||||
Deposits | $ 978,667 | $ 951,411 | $ 951,948 | $ 899,799 | $ 881,309 |
Federal Home Loan Bank advances (FHLB) | - | - | - | 40,000 | 35,000 |
Federal funds and repurchase agreements | - | - | - | 408 | - |
Subordinated debentures | 14,453 | 15,444 | 15,436 | 15,428 | 15,421 |
Junior subordinated debentures | 10,310 | 10,310 | 10,310 | 10,310 | 10,310 |
Reserve for unfunded commitments | 771 | 428 | 410 | 364 | 398 |
Other liabilities | 11,972 | 11,755 | 12,866 | 17,590 | 13,070 |
Total liabilities | 1,016,173 | 989,348 | 990,970 | 983,899 | 955,508 |
Shareholders' equity | |||||
Preferred stock - Series D non-cumulative, no par | 1 | 1 | 1 | 1 | 1 |
Common Stock - | 88 | 88 | 88 | 88 | 88 |
Treasury stock, at cost | (6,458) | (5,699) | (5,285) | (5,216) | (4,965) |
Nonvested restricted stock | (2,566) | (2,340) | (2,444) | (2,463) | (2,900) |
Additional paid-in capital | 56,408 | 55,789 | 55,763 | 55,645 | 56,134 |
Retained earnings | 41,284 | 39,671 | 38,753 | 36,928 | 34,986 |
Accumulated other comprehensive (loss) income | (7,541) | (9,754) | (6,366) | (10,487) | (11,236) |
Total shareholders' equity | 81,216 | 77,756 | 80,510 | 74,496 | 72,108 |
Total liabilities and shareholders' equity | $ 1,097,389 | $ 1,067,104 | $ 1,071,480 | $ 1,058,395 | $ 1,027,616 |
First Reliance cash and cash equivalents totaled
First Reliance does not have any Held-to-Maturity (HTM) securities for any reported period. All debt securities were classified as Available-For-Sale (AFS) securities with balances of
As of March 31, 2025, deposits increased by
The Company had no outstanding borrowings with the FHLB of
During the first quarter of 2025, the Company retired
The Company's subordinated debt with a current interest rate of
COMMON STOCK SUMMARY - Unaudited | |||||
As of | |||||
31-Mar | Dec 31 | Sep 30 | Jun 30 | Mar 31 | |
(shares in thousands) | 2025 | 2024 | 2024 | 2024 | 2024 |
Voting common shares outstanding | 8,786 | 8,764 | 8,820 | 8,819 | 8,785 |
Treasury shares outstanding | (809) | (731) | (751) | (743) | (649) |
Total common shares outstanding | 7,977 | 8,033 | 8,069 | 8,076 | 8,136 |
Book value per common share | $ 10.18 | $ 9.68 | $ 9.98 | $ 9.22 | $ 8.86 |
Tangible book value per common share - Non-GAAP(5) | $ 10.09 | $ 9.59 | $ 9.89 | $ 9.13 | $ 8.77 |
Stock price: | |||||
High | $ 9.98 | $ 10.24 | $ 10.59 | $ 8.30 | $ 8.65 |
Low | $ 9.35 | $ 9.16 | $ 7.60 | $ 7.60 | $ 7.70 |
Period end | $ 9.45 | $ 9.59 | $ 10.14 | $ 7.90 | $ 8.15 |
Book value (BV) and tangible book value (TBV) per share increased
ASSET QUALITY MEASURES – Unaudited | |||||
As of | |||||
Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | |
($ in thousands) | 2025 | 2024 | 2024 | 2024 | 2024 |
Nonperforming Assets | |||||
Commercial | |||||
Owner occupied RE | $ 42 | $ 44 | $ 46 | $ 49 | $ - |
Non-owner occupied RE | 655 | 646 | 701 | - | - |
Construction | - | 66 | - | 62 | - |
Commercial business | 146 | 328 | 57 | 12 | 12 |
Consumer | |||||
Real estate | 40 | 42 | 44 | 46 | 48 |
Home equity | - | - | - | - | - |
Construction | - | - | - | - | - |
Other | 50 | 64 | 61 | 66 | 52 |
Nonaccruing loan modifications | - | - | - | - | 56 |
Total nonaccrual loans | $ 933 | $ 1,190 | $ 909 | $ 235 | $ 168 |
Other assets repossessed | - | 11 | 15 | 75 | 114 |
Total nonperforming assets | $ 933 | $ 1,201 | $ 924 | $ 310 | $ 282 |
Nonperforming assets as a percentage of: | |||||
Total assets | 0.09 % | 0.11 % | 0.09 % | 0.03 % | 0.03 % |
Total loans receivable | 0.12 % | 0.16 % | 0.12 % | 0.04 % | 0.04 % |
Accruing loan modifications | $ 369 | $ 400 | $ 428 | $ 460 | $ 970 |
Three Months Ended | |||||
Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | |
($ in thousands) | 2025 | 2024 | 2024 | 2024 | 2024 |
Allowance for Credit Losses | |||||
Balance, beginning of period | $ 8,434 | $ 8,317 | $ 8,498 | $ 8,497 | $ 8,393 |
Loans charged-off | 163 | 24 | 69 | 102 | 195 |
Recoveries of loans previously charged-off | 19 | 18 | 17 | 14 | 82 |
Net charge-offs (recoveries) | 144 | 6 | 52 | 88 | 113 |
Provision for credit losses (release) | 364 | 123 | (129) | 89 | 217 |
Balance, end of period | $ 8,654 | $ 8,434 | $ 8,317 | $ 8,498 | $ 8,497 |
Allowance for credit losses to gross loans receivable | 1.10 % | 1.12 % | 1.13 % | 1.15 % | 1.17 % |
Allowance for credit losses to nonaccrual loans | 927.54 % | 708.74 % | 914.96 % | 3616.17 % | 5057.74 % |
Asset quality remained steady during the first quarter of 2025, with nonperforming assets decreasing to
Footnotes to table located at the end of this release.
LOAN COMPOSITION – Unaudited | |||||
As of | |||||
Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | |
($ in thousands) | 2025 | 2024 | 2024 | 2024 | 2024 |
Commercial real estate | $ 482,201 | $ 463,301 | $ 456,775 | $ 450,936 | $ 434,743 |
Consumer real estate | 216,964 | 204,303 | 193,362 | 188,759 | 184,969 |
Commercial and industrial | 65,573 | 65,980 | 66,561 | 76,149 | 77,023 |
Consumer and other | 19,731 | 20,154 | 22,521 | 23,589 | 28,499 |
Total loans, net of deferred fees | 784,469 | 753,738 | 739,219 | 739,433 | 725,234 |
Less allowance for credit losses | 8,654 | 8,434 | 8,317 | 8,498 | 8,497 |
Total loans, net | $ 775,815 | $ 745,304 | $ 730,902 | $ 730,935 | $ 716,737 |
DEPOSIT COMPOSITION – Unaudited | |||||
As of | |||||
Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | |
($ in thousands) | 2025 | 2024 | 2024 | 2024 | 2024 |
Noninterest-bearing | $ 224,031 | $ 227,471 | $ 219,279 | $ 220,330 | $ 212,083 |
Interest-bearing: | |||||
DDA and NOW accounts | 162,129 | 140,116 | 150,312 | 132,186 | 139,229 |
Money market accounts | 393,736 | 381,602 | 362,834 | 325,769 | 307,696 |
Savings | 39,719 | 40,627 | 41,184 | 42,479 | 44,191 |
Time, less than | 122,613 | 120,397 | 133,940 | 128,869 | 125,248 |
Time, | 36,439 | 41,198 | 44,399 | 50,166 | 52,862 |
Total deposits | $ 978,667 | $ 951,411 | $ 951,948 | $ 899,799 | $ 881,309 |
Footnotes to tables: | |
(1) | Total revenue is the sum of net interest income and noninterest income. |
(2) | Annualized for the respective period. |
(3) | Noninterest expense divided by the sum of net interest income and noninterest income. |
(4) | Includes noninterest-bearing and interest-bearing DDA and NOW accounts. |
(5) | The tangible book value per share is calculated as total shareholders' equity less intangible assets, divided by period-end outstanding common shares. |
ABOUT FIRST RELIANCE
Founded in 1999, First Reliance Bancshares, Inc. (OTC: FSRL.OB), is based in
FORWARD-LOOKING STATEMENTS
Certain statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements include, but are not limited to, statements with respect to our plans, objectives, expectations and intentions and other statements that are not historical facts, and other statements identified by words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," and "projects," as well as similar expressions. Such statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by the Company or any person that the future events, plans, or expectations contemplated by the Company will be achieved.
The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) competitive pressures among depository and other financial institutions may increase significantly and have an effect on pricing, spending, third-party relationships and revenues; (2) the strength of
Contact:
Robert Haile
SEVP & Chief Financial Officer
(843) 656-5000
rhaile@firstreliance.com
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SOURCE First Reliance Bancshares, Inc.
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