For the quarter ending June 30, First Reliance Bancshares Inc. posted an income of $7 million -- as compared to an income of $372,331 for the quarter that ended on June 30 of last year.
Bank officials attributed the increase mostly to a deferred tax asset recapture of $6.9 million. The company also had one-time credit and mortgage charges of $585,000 during the quarter.
For the six months leading up to June 30, net income was $7.5 million, compared to net income of $718,689 for the six months ended June 30, 2014.
Also announced was asset growth of $13 million since Dec. 31, 2014, which has been attributed to active retail and correspondent mortgage production, consumer loans and one to four-family mortgage originations.