First Reliance reports 1Q16 Pre-tax Income of $820,221, up 53.1% from 1Q15

Total operating expenses (noninterest expense) were $4.4 million for the first quarter 2016, an increase from $4.0 million for the first quarter of 2015.  As reported last quarter, the year-over-year increase in operating expenses was the expansion of the mortgage division and the related increase in compensation. Absent mortgage expansion, noninterest expense for first quarter 2016 would be $3.9 million.  "As we further increase our mortgage lending operations, add new dealers to our auto lending business lines, and grow our organic loan portfolio, we expect revenues to grow further enhancing our operating efficiencies," commented Saunders.  

Balance Sheet and Asset Quality

Total assets increased $4.4 million, or 1.18% to $380.4 million at March 31, 2016, compared to $375.9 million from March 31, 2015.   

Loans grew by $10.1 million, or 3.9%, at March 31, 2016, compared to $256.5 million, at March 31, 2015, largely due to continued growth in 1-4 family mortgage loans, consumer auto loans which are up 13.9 % and 234.5% year-over-year.  "Growth in these sectors reduces our exposure to unreasonable competitive pricing pressures which results in better asset yields and also improves margins, along with a better diversified loan portfolio which reduces risk" added Saunders.  "The auto finance business line, launched last year, is contributing to profitability, and is positioned for continued slow to moderate growth. Our mortgage loan growth this year is on target to financial goals, and we continue to see significant potential for growth in our loan origination pipelines.  Our bankers are successful in their efforts to develop new relationships and expand existing relationships in the markets we serve." 

No-cost/low cost deposits increased by $25.5 million, or 11.5%, to $247.3 million at March 31, 2016, from $221.8 million at March 31, 2015.  The Company grew annualized household checking accounts by 3%  as the Company continues to attract new customers through unique programs such as Hometown Heroes, Moms First and iMatter Programs.  The Bank's brand of banking focuses on providing customers with an exceptional experience whether at a branch or using online and mobile banking services.

Asset quality continues to improve and normalize with nonperforming loans decreasing during the quarter and year-over-year.  Nonaccrual loans declined 24.7% to $3.2 million at March 31, 2016, compared to $4.0 million a year ago, and remains unchanged from the prior quarter December 31, 2015.  Nonperforming assets, consisting of nonperforming loans, OREO and loans delinquent 90 days or more, were $6.1 million, at March 31, 2016, compared to $6.0 million, at March 31, 2015.  The ratio of nonperforming loans to total loans was 1.21% at March 31, 2016, compared to 1.57% one year earlier.  The allowance for loan losses as a percentage of loans was 0.97% at March 31, 2016, compared to 1.05% one year earlier.  For the first quarter of 2016, loan charge offs were nominal and largely offset by the bank recoveries. 

Capital

First Reliance Bank continues to remain well capitalized under all regulatory measures, with capital ratios exceeding the statutory well-capitalized thresholds by an ample margin.  For the quarter ended March, 2016, capital ratios were as follows:

As of March 31, 2016, total shareholders' equity increased $3.5 million from March 31, 2015.  All TARP and preferred stock payments are current. "TARP is currently costing the Company $0.32 per share on an annualized basis.  We intend to repay TARP in the second quarter of 2016 through retained earnings and less costly capital alternatives which should have a material positive impact to shareholder value going forward..  ," said Saunders. 

First Reliance's tangible book value was $5.28, at March 31, 2016, up from $4.46, at March 31, 2015.  The Company currently trades at 83.3% of book value as of March, 31, 2016.

"We continue to enhance our products and services, to optimize how we deliver a better experience to our customers.  This year we will launch a consumer loan payment portal and a mobile deposit product as part of our Reliance "On-The-Go" convenient services.  We are in the process of issuing EMV chipped debit cards in order to provide another level of security for customers who enjoy the convenience of this service," said Saunders.

Regional Economic Conditions – December 2015

According to recent reports, South Carolina's economy continued to improve as labor market strengthened, household conditions improved and housing market indicators were mostly positive, particularly on a year-over-year basis.  For more information on labor markets, household conditions and housing markets in South Carolina, please visit the link below:

https://www.richmondfed.org/~/media/richmondfedorg/research/regional_economy/reports/snapshot/pdf/snapshot_sc.pdf

First Reliance is headquartered in Florence County, which is a proven, successful location for business and industry and home to over 130 companies that have a manufacturing presence. Perhaps that's why over the past five years new and expanding businesses have invested more than $1.1 billion dollars here, including companies like ESAB, Heinz, Honda, GE Healthcare, Johnson Controls, Monster.com, QVC, Roche, and OTIS Elevator.  http://www.fcedp.com/business_climate

ABOUT FIRST RELIANCE BANCSHARES, INC.

First Reliance Bancshares, Inc. is the holding company for First Reliance Bank.  The Bank was founded in 1999, employs approximately 120 highly-talented associates and serves the Columbia, Lexington, Charleston, Mount Pleasant and Florence markets in South Carolina.  First Reliance Bank offers several unique customer programs which include a Hometown Heroes package of benefits to serve those who are serving our communities, Check 'N Save, a community outreach program for the unbanked or under-banked, a Moms First program, and an iMatter program targeted to young people. The Bank also offers a Customer Service Guaranty, a Mortgage Service Guaranty, FREE Coin Machines for customers to use, Mobile Banking, and is open on most traditional bank holidays.  Its commitment to making customers' lives better and the idea that "There's More to Banking Than Money" has earned the Bank a customer satisfaction rating of 95% (2013 results from an outside survey firm.)

The common stock of First Reliance Bancshares, Inc. is traded under the symbol FSRL.OB.  Additional information about the Company is available on the Company's web site at www.firstreliance.com.

This press release contains forward-looking statements about branch openings within the meaning of the Securities Litigation Reform Act of 1995.  Forward-looking statements give our expectations or forecasts of future events.  The preliminary results for the three and six months ended June 30, 2015 presented herein above are the Company's expectations.  However, these results are subject to adjustment by management before the audit is completed and may be adjusted based upon the results of the audit.  Should management or audit adjustments be necessary, audited results could differ materially from these preliminary results.

Any or all of our forward-looking statements here or in other publications may turn out to be incorrect. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties.  Many such factors will be important in determining our actual future results.  Consequently, no forward- looking statements can be guaranteed.  Our actual results may vary materially, and there are no assurances about the performance of our common stock.

We undertake no obligation to correct or update any forward-looking statements, whether as a result of new information, future results or otherwise.

Contact Jeffrey A. Paolucci, Executive Vice President and Chief Financial Officer, (888)543-5510.

First Reliance Bancshares, Inc. and Subsidiary
Consolidated Balance Sheets
	March 31	December 31	March 31
	2016	2015	2015
Assets
Cash and cash equivalents:
Cash and due from banks	4,777,813	3,703,357	4,335,735
Interest-bearing deposits with other banks	14,190,513	16,357,619	26,834,418
Total cash and cash equivalents	18,968,326	20,060,976	31,170,153
Time deposits in other banks	101,715	101,612	101,511
Securities available-for-sale	11,186,354	11,255,855	12,556,613
Securities held-to-maturity (Estimated fair value of $26,270,623
and $32,242,017 at December 31, 2015 and 2014, respectively)	24,173,520	25,470,171	29,732,414
Nonmarketable equity securities	606,800	813,400	1,513,400
Total investment securities	35,966,674	37,539,426	43,802,427
Mortgage loans held for sale	8,058,647	8,070,283	3,509,790
Loans receivable	266,601,285	259,806,101	256,516,028
Less allowance for loan losses	(2,711,576) Werbung Mehr Nachrichten zur First Reliance Bk Sc Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 04:49 - PR Newswire Norges Bank - Form 8.3 - BHP Group Limited 02:44 - PR Newswire Tellworth Investments LLP - Form 8.3 - Accrol Group Holdings Plc Sehen Sie sich dieses Unternehmen an:    Foto: andreas160578 - Pixabay Rasanter Aufstieg, Branchenrevolution und Jahresumsatz von 50 Mio. $ weiterlesen» Anzeige wo-site-teaser-box-16764_site-teaser-box_2024-04-26_09%253A00%253A00_2024-04-27_09%253A00%253A59