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, 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.
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.