First Reliance Bank’s holding company announced first-quarter net income of $513,427 on May 5 in Florence, South Carolina, representing a substantial increase over the reported amount for the Jan. 1 to March 31 period in 2014.
According to its holding company, First Reliance Bancshares Inc., the company’s operating results for the quarter were positively impacted by annual asset growth of $8.2 million, annual consumer loan growth of $5.4 million and annual non-performing asset reduction of $3.7 million.
Net interest income totaled $3.5 million, compared to $3.2 million for the same time period last year; non-interest income increased by $100,000, and non-interest expense levels increased by the same amount. Total assets were seen to increase by 2.25 percent; loans increased $1.1 million; and deposits, by $6.3 million.
“We are pleased that First Reliance Bank is off to a good start in 2015, realizing profits in our first quarter,” President and CEO Rick Saunders said. “The bank continues to be well capitalized and in excess of regulatory requirements, and has strong liquidity.”
Saunders noted that during the first quarter of 2015, First Reliance Bank also benefitted from lower cost of funds.
First Reliance Bank was founded in 1999 and employs approximately 120 staffers. Serving the Columbia, Lexington, Charleston, Mount Pleasant and Florence markets in South Carolina, it offers several unique customer programs.