First Reliance Bancshares Reports Second Quarter 2022 Results

Jul 29th, 2022 8:30 EST

FLORENCE, S.C., July 29, 2022 /PRNewswire/ — First Reliance Bancshares, Inc. (OTC:FSRL), the holding company for First Reliance Bank (collectively, “First Reliance” or the “Company”), today announced its financial results for the second quarter of 2022.

Second Quarter 2022 Highlights

  • Net income for the second quarter of 2022 was $1.1 million, or $0.13 per diluted share, compared to $1.3 million, or $0.17 per diluted share, for the second quarter of 2021.
  • Net interest income for the quarter was $7.3 million, which represents an increase of $1.1 million, or 18.0%, compared to the same period as last year.
  • Net interest margin expanded during the quarter to 3.39% at June 30, 2022 compared to 3.12% for the first quarter of 2022.
  • Total loans increased $45.9 million, or 30.8% annualized, to $638.0 million at June 30, 2022 from $592.1 million at March 31, 2022.
  • Total investment securities available for sale increased $20.0 million, or 55% annualized, to $164.4 million at June 30, 2022 from $144.4 million at March 31, 2022.
  • During June, the bank closed our Taylor’s branch in Greenville, SC. Full cost savings will be realized by the end of the third quarter.
  • Asset quality improved on a linked quarter basis, with a decrease of 0.05% in nonperforming assets as a percentage of total assets to 0.06% at June 30, 2022.
  • The Company had net recoveries of $178 thousand, or annualized 0.12% of average loans during the quarter compared to net recoveries of $81 thousand, or annualized 0.06% of average loans, for the quarter ended March 31, 2022.
  • Cost of funds for the second quarter of 2022 decreased to 0.21% from 0.22% on a linked quarter basis and from 0.40% for the same period in 2021.

Rick Saunders, Chief Executive Officer, remarked: “We are pleased with the increase in the profitability of our core banking business highlighted by a 27 bps increase in net interest margin for the second quarter.  Our bankers were able to find high quality loan opportunities during the quarter as we continue to focus on disciplined growth.  We’re proud of our strong asset quality metrics and will remain vigilant as we prepare our balance sheet for a softening in the national macro-economic environment.” 

Mr. Saunders continued, “For the last several quarters, our mortgage revenue has faced headwinds from rising interest rates and low housing supply, however we look forward to our mortgage business stabilizing in the second half of 2022.”

Financial Summary

Three Months Ended

Six Months Ended

Jun 30

Mar 31

Dec 31

Sept 30

June 30

Jun 30

Jun 30

($ in thousands, except per share data)

2022

2022

2021

2021

2021

2022

2021

Earnings:

Net income available to common shareholders

$      1,064

$         852

$         932

$      1,288

$      1,348

$       1,916

$       3,056

Earnings per common share, diluted

0.13

0.11

0.12

0.16

0.17

0.24

0.37

Total revenue(1)

9,404

9,097

9,253

9,570

10,169

18,501

20,086

Net interest margin

3.39 %

3.12 %

3.10 %

3.12 %

3.40 %

3.25 %

3.41 %

Return on average assets(2)

0.45 %

0.37 %

0.41 %

0.60 %

0.67 %

0.20 %

0.80 %

Return on average equity(2)

6.60 %

4.85 %

5.28 %

7.29 %

7.83 %

2.85 %

8.87 %

Efficiency ratio(3)

84.49 %

87.50 %

88.45 %

83.83 %

81.82 %

85.97 %

79.61 %

As of

Jun 30

Mar 31

Dec 31

Sept 30

June 30

(dollars in thousands)

2022

2022

2021

2021

2021

Balance Sheet:

Total assets

$        946,853

$        953,784

$        910,797

$        911,057

$        832,241

Total loans receivable

637,953

592,089

586,446

564,738

526,362

Total deposits

830,992

837,663

780,833

787,501

711,505

Total transaction deposits(4) to total deposits

51.14 %

52.71 %

50.19 %

48.25 %

48.92 %

Loans to deposits

76.77 %

70.68 %

75.11 %

71.71 %

73.98 %

Bank Capital Ratios:

Total risk-based capital ratio

12.97 %

13.67 %

14.07 %

15.80 %

14.89 %

Tier 1 risk-based capital ratio

11.98 %

12.65 %

13.03 %

14.64 %

13.84 %

Tier 1 leverage ratio

9.66 %

9.67 %

9.66 %

10.24 %

10.43 %

Common equity tier 1 capital ratio

11.98 %

12.65 %

13.03 %

14.64 %

13.84 %

Asset Quality Ratios:

Nonperforming assets as a percentage of    total assets

0.06 %

0.11 %

0.10 %

0.15 %

0.17 %

Allowance for loan losses as a percentage of    total loans receivable

1.17 %

1.22 %

1.20 %

1.23 %

1.20 %

Footnotes to table located at the end of this release.

CONDENSED CONSOLIDATED INCOME STATEMENTS – Unaudited

Three Months Ended

Six Months Ended

Jun 30

Mar 31

Dec 31

Sept 30

June 30

June 30

($ in thousands, except per share data)

2022

2022

2021

2021

2021

2022

2021

Interest income

Loans

$         6,781

$         6,380

$         6,663

$         6,382

$         6,391

$        13,161

$        12,242

Investment securities

840

571

359

294

311

1,411

550

Other interest income

176

73

79

58

38

249

97

Total interest income

7,797

7,024

7,101

6,734

6,740

14,821

12,889

Interest expense

Deposits

212

197

224

257

255

410

541

Other interest expense

252

252

256

213

265

503

527

Total interest expense

464

449

480

470

520

913

1,068

Net interest income

7,333

6,575

6,621

6,264

6,220

13,908

11,821

Provision for loan losses

110

85

95

100

108

195

108

Net interest income after provision for loan    losses

7,223

6,490

6,526

6,164

6,112

13,713

11,713

Noninterest income

Mortgage banking income

897

1,420

1,407

2,151

2,582

2,317

5,972

Service fees on deposit accounts

357

362

356

315

272

719

551

Debit card and other service charges,    commissions, and fees

559

498

543

532

509

1,057

963

Income from bank owned life insurance

89

88

93

94

94

177

188

Gain on sale of securities, net

42

39

39

Gain on sale of loans

326

326

Gain on disposal of fixed assets

10

69

10

Other income

168

144

164

172

127

313

226

Total noninterest income

2,070

2,522

2,632

3,306

3,949

4,593

8,265

Noninterest expense

Compensation and benefits

5,059

5,079

4,965

5,268

5,518

10,138

10,509

Occupancy and equipment

890

893

862

784

779

1,783

1,575

Data processing, technology, and communications

789

837

920

852

916

1,627

1,782

Professional fees

180

180

202

234

242

360

480

Marketing

184

74

150

113

88

258

157

Other

843

897

1,085

772

777

1,740

1,488

Total noninterest expense

7,945

7,960

8,184

8,023

8,320

15,906

15,991

Income before provision for income taxes

1,348

1,052

974

1,447

1,741

2,400

3,987

Income tax expense

284

200

42

159

393

484

931

Net income available to common shareholders

$         1,064

$            852

$            932

$         1,288

$         1,348

$           1,916

$           3,056

Weighted average common shares – basic

7,782

7,784

7,785

7,750

7,681

7,783

7,730

Weighted average common shares – diluted

8,094

8,100

8,096

8,084

8,164

8,097

8,207

Basic income per common share

$           0.14

$           0.11

$           0.12

$           0.17

$           0.18

$             0.25

$             0.40

Diluted income per common share

$           0.13

$           0.11

$           0.12

$           0.16

$           0.17

$             0.24

$             0.37

Net income for the three months ended June 30, 2022 was $1.1 million, or $0.13 per diluted common share, compared to $1.3 million, or $0.17 per diluted common share, for the three months ended June 30, 2021.  Net income for the six months ended June 30, 2022 totaled $1.9 million, or $0.24 per diluted common share, compared to $3.1 million, or $0.37 per diluted common share for the six months ended June 30, 2021.

Noninterest income for the three months ended June 30, 2022 was $2.1 million, a decrease of $1.8 million from $3.9 million for the same period in 2021.  Noninterest income is largely driven by the Company’s mortgage banking division, which produced net revenue of $0.9 million on $73.6 million of mortgage sale volume during the three months ended June 30, 2022.  Mortgage banking income decreased due to lower margins, a reduction in the value of the pipeline, and an increase in the amount of mortgages that were retained in our LHFI portfolio from our higher margin retail channel, instead of being sold into the secondary market.  For the three months ended June 30, 2021 there was a $0.3 million gain on sale of loans from the sale of the Bank’s PPP loan portfolio contributing to the decrease in noninterest income when compared to the same period in 2021. 

Noninterest expense for the three months ended June 30, 2022 was $7.9 million, a decrease of $0.4 million from $8.3 million for the same period in 2021.  This decrease was driven mainly by a $0.5 million severance expense recorded in the second quarter of 2021.  Data processing, technology, and communications for the quarter was down $0.1 million over the same period in 2021. 

NET INTEREST INCOME AND MARGIN – Unaudited

For the Three Months Ended

June 30, 2022

June 30, 2021

Average

Income/

Yield/

Average

Income/

Yield/

(dollars in thousands)

Balance

Expense

Rate

Balance

Expense

Rate

Assets

Interest-earning assets

Federal funds sold and interest-bearing deposits

$       86,552

$             171

0.79 %

$      122,289

$             29

0.09 %

Investment securities

152,115

840

2.22 %

55,991

311

2.23 %

Nonmarketable equity securities

521

5

3.97 %

837

9

4.29 %

Loans held for sale

22,320

248

4.46 %

33,573

232

2.77 %

Loans

607,368

6,533

4.31 %

520,326

6,159

4.75 %

Total interest-earning assets

868,876

7,797

3.60 %

733,016

6,740

3.69 %

Allowance for loan losses

(7,315)

(6,346)

Noninterest-earning assets

81,880

74,317

Total assets

$     943,441

$      800,987

Liabilities and Shareholders’ Equity

Interest-bearing liabilities

NOW accounts

$     169,895

$               20

0.05 %

$      132,495

$             15

0.05 %

Savings & money market

286,120

101

0.14 %

210,786

89

0.17 %

Time deposits

111,876

91

0.33 %

134,858

151

0.45 %

Total interest-bearing deposits

567,891

212

0.15 %

478,139

255

0.21 %

FHLB advances and other borrowings

12,398

6

0.20 %

16,997

47

1.11 %

Subordinated debentures

25,671

246

3.84 %

20,801

218

4.20 %

Total interest-bearing liabilities

605,960

464

0.31 %

515,937

520

0.40 %

Noninterest bearing deposits

260,623

205,556

Other liabilities

12,383

10,635

Shareholders’ equity

64,475

68,859

Total liabilities and shareholders’ equity

$     943,441

$      800,987

Net interest income (tax equivalent) / interest   rate spread

$         7,333

3.29 %

$       6,220

3.29 %

Net Interest Margin

3.39 %

3.40 %

For the Six Months Ended

June 30, 2022

June 30, 2021

Average

Income/

Yield/

Average

Income/

Yield/

(dollars in thousands)

Balance

Expense

Rate

Balance

Expense

Rate

Assets

Interest-earning assets

Federal funds sold and interest-bearing deposits

$     112,614

$             236

0.42 %

$      113,483

$             58

0.10 %

Investment securities

130,111

1,411

2.19 %

47,643

550

2.33 %

Nonmarketable equity securities

568

13

4.41 %

946

39

8.27 %

Loans held for sale

21,128

412

3.93 %

35,910

496

2.78 %

Loans

597,320

12,749

4.30 %

502,001

11,746

4.72 %

Total interest-earning assets

861,741

14,821

3.47 %

699,983

12,889

3.71 %

Allowance for loan losses

(7,210)

(6,332)

Noninterest-earning assets

81,223

73,770

Total assets

$     935,754

$      767,421

Liabilities and Shareholders’ Equity

Interest-bearing liabilities

NOW accounts

$     166,755

$               39

0.05 %

$      127,931

$             28

0.04 %

Savings & money market

280,616

185

0.13 %

192,708

163

0.17 %

Time deposits

116,104

185

0.32 %

137,872

350

0.51 %

Total interest-bearing deposits

563,475

409

0.15 %

458,511

541

0.24 %

FHLB advances and other borrowings

13,948

30

0.43 %

16,560

93

1.13 %

Subordinated debentures

25,667

474

3.72 %

20,794

434

4.21 %

Total interest-bearing liabilities

603,090

913

0.31 %

495,865

1,068

0.43 %

Noninterest bearing deposits

253,104

192,081

Other liabilities

12,243

10,589

Shareholders’ equity

67,317

68,886

Total liabilities and shareholders’ equity

$     935,754

$      767,421

Net interest income (tax equivalent) / interest   rate spread

$       13,908

3.16 %

$     11,821

3.28 %

Net Interest Margin

3.25 %

3.41 %

Net interest income for the three months ended June 30, 2022 was $7.3 million compared to $6.2 million for the three months ended June 30, 2021.  This increase was primarily driven by an increase in interest-earning assets as well as a decrease in the cost of interest-bearing liabilities, which decreased from 0.40% to 0.31%. Improvements in costs of interest-bearing liabilities were offset by decreases in asset yield.  Yield on interest-earning assets decreased to 3.60% for the three months ended June 30, 2022 from 3.69% for the same period in 2021.

Net interest income was $13.9 million for the six months ended June 30, 2022, an increase of $2.1 million over the same period in 2021.  Increases in average loans and investments contributed to majority of the increase in interest income somewhat offset by a reduction in yield on interest earning assets.

CONDENSED CONSOLIDATED BALANCE SHEETS – Unaudited

As of

June 30

Mar 31

Dec 31

Sept 30

June 30

(dollars in thousands)

2022

2022

2021

2021

2021

Assets

Cash and cash equivalents:

Cash and due from banks

$             7,702

$             4,672

$                5,299

$                4,930

$                5,486

Interest-bearing deposits with banks

45,683

116,192

144,825

184,739

144,937

Total cash and cash equivalents

53,385

120,864

150,124

189,669

150,423

Time deposits in other banks

257

257

257

257

256

Investment securities:

Investment securities available for sale

164,440

144,422

81,917

58,470

56,881

Other investments

657

521

837

837

837

Total investment securities

165,097

144,943

82,754

59,307

57,718

Mortgage loans held for sale

19,648

23,528

23,844

33,667

33,097

Loans receivable:

Loans

637,953

592,089

586,446

564,738

526,362

Less allowance for loan losses

(7,494)

(7,206)

(7,040)

(6,934)

(6,323)

Loans receivable, net

630,459

584,883

579,406

557,804

520,039

Property and equipment, net

23,100

23,222

22,805

22,364

21,818

Mortgage servicing rights

14,893

14,536

14,057

13,785

13,603

Bank owned life insurance

18,653

18,564

18,476

18,383

18,289

Deferred income taxes

7,376

5,862

4,128

2,798

2,820

Other assets

13,985

17,125

14,946

13,023

14,178

Total assets

946,853

953,784

910,797

911,057

832,241

Liabilities

Deposits

$        830,992

$        837,663

$            780,833

$            787,501

$            711,505

Federal Home Loan Bank advances

10,000

10,000

10,000

Federal funds and repurchase agreements

13,805

11,886

11,372

6,353

8,946

Subordinated debentures

15,365

15,357

15,349

15,498

10,496

Junior subordinated debentures

10,310

10,310

10,310

10,310

10,310

Other liabilities

12,412

11,937

12,131

10,983

11,393

Total liabilities

882,884

887,153

839,995

840,645

762,650

Shareholders’ equity

Preferred stock – Series D non-cumulative, no par   value

1

1

1

1

1

Common Stock – $.01 par value; 20,000,000 shares   authorized

88

88

88

88

88

Treasury stock, at cost

(4,333)

(4,419)

(4,323)

(4,281)

(3,858)

Nonvested restricted stock

(2,500)

(2,572)

(2,668)

(2,737)

(2,928)

Additional paid-in capital

54,088

53,980

53,856

53,765

53,776

Retained earnings

25,901

24,837

23,985

23,053

21,765

Accumulated other comprehensive income (loss)

(9,276)

(5,284)

(137)

523

747

Total shareholders’ equity

63,969

66,631

70,802

70,412

69,591

Total liabilities and shareholders’ equity

$        946,853

$        953,784

$            910,797

$            911,057

$            832,241

COMMON STOCK SUMMARY – Unaudited

As of

June 30

Mar 31

Dec 31

Sept 30

June 30

(shares in thousands)

2022

2022

2021

2021

2021

Voting common shares outstanding

8,801

8,782

8,793

8,784

8,788

Treasury shares outstanding

(571)

(545)

(535)

(530)

(489)

  Total common shares outstanding

8,230

8,237

8,258

8,254

8,299

Tangible book value per common share(5)

$                    7.66

$                    7.98

$                    8.46

$                    8.41

$                    8.27

Stock price:

  High

$                  10.20

$                  10.20

$                  10.74

$                  10.50

$                  10.05

  Low

$                    9.25

$                    9.75

$                    9.95

$                    9.80

$                    9.65

  Period end

$                    9.25

$                    9.85

$                  10.20

$                  10.30

$                    9.90

ASSET QUALITY MEASURES – Unaudited

As of

June 30

Mar 31

Dec 31

Sept 30

June 30

(dollars in thousands)

2022

2022

2021

2021

2021

Nonperforming Assets

Commercial

Owner occupied RE

$                   140

$                   144

$                   152

$                   526

$                     535

Non-owner occupied RE

295

Construction

Commercial business

81

Consumer

Real estate

3

343

341

346

383

Home equity

Construction

Other

160

104

84

121

129

Nonaccruing troubled debt restructurings

173

190

205

220

235

Total nonaccrual loans

$                   557

$               1,076

$                   782

$               1,213

$                 1,282

Other real estate owned

135

150

150

Total nonperforming assets

$                   557

$               1,076

$                   917

$               1,363

$                 1,432

Nonperforming assets as a percentage of:

Total assets

0.06 %

0.11 %

0.10 %

0.15 %

0.17 %

Total loans receivable

0.09 %

0.18 %

0.16 %

0.24 %

0.27 %

Accruing troubled debt restructurings

$               1,349

$               1,393

$               1,405

$               1,444

$                 1,478

Three Months Ended

June 30

Mar 31

Dec 31

Sept 30

June 30

(dollars in thousands)

2022

2022

2021

2021

2021

Allowance for Loan Losses

Balance, beginning of period

$               7,206

$               7,040

$               6,934

$               6,323

$                 6,168

Loans charged-off

11

19

5

72

59

Recoveries of loans previously charged-off

189

100

16

583

106

Net charge-offs (recoveries)

(178)

(81)

(11)

(511)

(47)

Provision for loan losses

110

85

95

100

108

Balance, end of period

$               7,494

$               7,206

$               7,040

$               6,934

$                 6,323

Allowance for loan losses to gross loans receivable

1.17 %

1.22 %

1.20 %

1.23 %

1.20 %

Allowance for loan losses to nonaccrual loans

1345.42 %

669.70 %

900.26 %

571.64 %

493.21 %

Footnotes to table located at the end of this release.

Our asset quality remained strong through June 30, 2022, with nonperforming assets dropping to $0.6 million, which represents 0.06% of total assets.  The allowance for loan losses as a percentage of total loans receivable decreased slightly to 1.17% at June 30, 2022, compared to 1.22% at March 31, 2022.  The Company had net recoveries of $178 thousand for the three months ended June 30, 2022 compared to net recoveries of $47 thousand for the same period in 2021.

LOAN COMPOSITION – Unaudited

As of

June 30

Mar 31

Dec 31

Sept 30

June 30

(dollars in thousands)

2022

2022

2021

2021

2021

Commercial real estate

$             368,316

$             334,508

$             333,060

$             318,849

$             290,198

Consumer real estate

142,711

123,908

120,079

107,651

97,969

Commercial and industrial

67,239

66,285

60,687

61,778

63,545

Consumer and other

59,687

67,388

72,620

76,460

74,650

Total loans, net of deferred fees

637,953

592,089

586,446

564,738

526,362

Less allowance for loan losses

7,494

7,206

7,040

6,934

6,323

Total loans, net

$             630,459

$             584,883

$             579,406

$             557,804

$             520,039

DEPOSIT COMPOSITION – Unaudited

As of

June 30

Mar 31

Dec 31

Sept 30

June 30

(dollars in thousands)

2022

2022

2021

2021

2021

Noninterest-bearing

$         265,049

$         273,118

$         238,019

$         246,534

$         215,814

Interest-bearing:

DDA and NOW accounts

159,939

168,401

153,889

133,474

132,269

Money market accounts

230,840

217,812

204,432

216,243

169,707

Savings

66,727

61,246

58,566

59,941

57,880

Time, less than $250,000

78,735

84,874

99,059

103,126

106,219

Time, $250,000 and over

29,702

32,212

26,868

28,183

29,616

Total deposits

$         830,992

$         837,663

$         780,833

$         787,501

$         711,505

Footnotes to tables:

(1)

Total revenue is the sum of net interest income and noninterest income.

(2)

Annualized for the respective period.

(3)

Noninterest expense divided by the sum of net interest income and noninterest income.

(4)

Includes noninterest-bearing and interest-bearing DDA and NOW accounts.

(5)

The tangible book value per share is calculated as total shareholders’ equity less intangible assets, dividedby period-end outstanding common shares. 

ABOUT FIRST RELIANCE

Founded in 1999, First Reliance Bancshares, Inc. (OTC: FSRL.OB), is based in Florence, South Carolina and has assets of approximately $947 million. The company employs more than 175 professionals and has locations throughout South Carolina and central North Carolina. First Reliance has redefined community banking with a commitment to making customers’ lives better, its founding principle. Customers of the company have given it a 93% customer satisfaction rating well above the bank industry average of 81%. First Reliance is also one of two companies throughout South Carolina to receive the Best Places to Work in South Carolina award all 16 years since the program began. We believe that this recognition confirms that our associates are engaged and committed to our brand and the communities we serve. In addition to offering a full range of personalized community banking products and services for individuals, small businesses and corporations, First Reliance offers two unique community-customers programs, which include: Hometown Heroes, a package of benefits for those serving our communities and Check N Save, an outreach program for the unbanked or under-banked. The company also offers a full suite of digital banking services, Treasury Services, a Customer Service Guaranty, a Mortgage Service Guaranty, and First Reliance Wealth Strategies.

FORWARD-LOOKING STATEMENTS

Certain statements in this news release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective.  Such forward-looking statements include, but are not limited to, statements with respect to our plans, objectives, expectations and intentions and other statements that are not historical facts, and other statements identified by words such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” and “projects,” as well as similar expressions.  Such statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.  Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate.  Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized.  The inclusion of this forward-looking information should not be construed as a representation by the Company or any person that the future events, plans, or expectations contemplated by the Company will be achieved.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:  (1) competitive pressures among depository and other financial institutions may increase significantly and have an effect on pricing, spending, third-party relationships and revenues; (2) the strength of the United States economy in general and the strength of the local economies in which we conduct operations may be different than expected resulting in, among other things, a deterioration in the credit quality or a reduced demand for credit, including the resultant effect on the Company’s loan portfolio and allowance for loan losses; (3) the rate of delinquencies and amounts of charge-offs, the level of allowance for loan loss, the rates of loan growth, or adverse changes in asset quality in our loan portfolio, which may result in increased credit risk-related losses and expenses; (4) the risk that the preliminary financial information reported herein and our current preliminary analysis will be different when our review is finalized; (5) changes in the U.S. legal and regulatory framework including, but not limited to, the Dodd-Frank Act and regulations adopted thereunder; (6) adverse conditions in the stock market, the public debt market and other capital markets (including changes in interest rate conditions) could have a negative impact on the Company, including the value of its MSR asset; (7) the business related to acquisitions may not be integrated successfully or such integration may take longer to accomplish than expected; (8) the expected cost savings and any revenue synergies from acquisitions may not be fully realized within expected timeframes; and (9) disruption from acquisitions may make it more difficult to maintain relationships with clients, associates or suppliers.  Moreover, a trade war or other governmental action related to tariffs or international trade agreements or policies, as well as Covid-19 or other potential epidemics or pandemics, have the potential to negatively impact ours and/or our customers’ costs, demand for our customers’ products, and/or the U.S. economy or certain sectors thereof and, thus, adversely affect our business, financial condition, and results of operations.  All subsequent written and oral forward-looking statements concerning the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.  We do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

For Immediate Release Contact:Robert HaileSEVP & Chief Financial Officer(843) 656-5000[email protected]

SOURCE First Reliance Bancshares

Link to Source

Recent Publications of First Reliance Bancshares Inc. (SC)|||FSRL.OB

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