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First Reliance Bancshares Inc. reports recurring issuer-level developments tied to material agreements, governance matters, and regulatory disclosures. News about FSRL centers on corporate actions and disclosure categories that affect the company's operating-company status, contractual arrangements, and governance framework.
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.
First Reliance Bancshares reported Q2 2021 net income of $1.3 million, down from $3.9 million in Q2 2020, leading to a diluted EPS of $0.17. Net interest income increased to $6.2 million, up 11.1% from the prior quarter. Loans (excluding PPP) rose by 11.2%, totaling $526.4 million, while deposits climbed 7.6% to $711.5 million. Asset quality remained high, with nonperforming assets steady at 0.17%. Administrative expenses rose 19.6%, influenced by higher compensation costs, including $0.4 million in severance payments.
First Reliance Bancshares (OTC:FSRL) reported a strong first quarter in 2021, achieving $1.7 million in net income, up 99.1% year-over-year, translating to $0.21 per diluted share. Total deposits rose 11.3% to $661.2 million, bolstered by significant growth in non-interest accounts. Mortgage banking income soared 344.9% to $3.4 million. The company's asset quality remained robust, with non-performing assets decreasing to 0.17% of total assets. However, net interest income fell 3.7% to $5.6 million, reflecting reduced yields on interest-earning assets.