First Reliance Bancshares Inc Stock Price, News & Analysis

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.

First Reliance Bancshares, Inc. (OTC:FSRL) reported significant growth in Q3 2022, with a 95.8% increase in net income to $2.5 million or $0.31 per diluted share. Key highlights include a return on average assets of 1.06%, up from 0.45% in Q2 2022, and a net interest margin expansion to 3.71%. Total loans rose by 5.4% to $646.6 million, while total deposits increased by 4.5% to $840.4 million. The company maintained strong asset quality, with nonperforming assets at 0.06% of total assets.

First Reliance Bancshares, Inc. (OTC: FSRL) announced its Q2 2022 financial results, reporting a net income of $1.1 million or $0.13 per diluted share, down from $1.3 million or $0.17 per diluted share in Q2 2021. Net interest income increased by $1.1 million, totaling $7.3 million, with an expanded net interest margin of 3.39%. Total loans rose by $45.9 million to $638 million, while total investment securities increased by $20 million. Asset quality improved with nonperforming assets at 0.06% of total assets. The bank anticipates challenges in mortgage revenues due to rising interest rates.

First Reliance Bancshares reported Q1 2022 net income of $0.9 million or $0.11 per diluted share, down from $1.7 million or $0.21 per diluted share in Q1 2021. Total loans rose 3.8% to $592.1 million, while total deposits surged 29.1% to $837.7 million. The bank's net interest income increased to $6.6 million, an increase of 17.4% year-over-year. Asset quality remains strong with nonperforming assets at 0.11% of total assets. The CEO noted challenges from inflation and a hawkish Federal Reserve but expressed confidence in disciplined growth and strong loan pipelines.

First Reliance Bancshares, Inc. (FSRL) reported its fourth quarter and full year 2021 financial results. Net income for Q4 was $0.9 million ($0.12 per diluted share), down from $1.4 million in Q4 2020. For the full year, net income fell to $5.3 million ($0.65 per diluted share) from $10.6 million. Total loans increased to $586.4 million, up 15.4% from Q3 2021 and 22.7% year-over-year. Total deposits decreased 3.4% from Q3 but rose 31.5% year-over-year. Nonperforming assets improved to 0.10% of total assets.

First Reliance Bancshares (OTC:FSRL) reported a net income of $1.3 million ($0.16 per diluted share) for Q3 2021, down from $4.5 million ($0.56) in Q3 2020. Total assets rose 37.9% annualized to $911.1 million, driven by a $38.4 million increase in loans and a $76.0 million increase in deposits. Net interest income was $6.3 million, down 7.5% year-over-year. Asset quality remains strong with nonperforming assets at 0.15%. The company redeemed $5 million in subordinated notes and issued $10 million in new notes.