April 9, 2004 (Florence, SC) – First Reliance BancShares, Inc. announces its first quarter 2004 results.
As of March 31, 2004, First Reliance BancShares reported total assets of $194.6 million, total deposits of $152.4 million, total loans of $151.1 million, and year-to-date earnings of $321,175.00.
“Fiscally, 2003 was a record year for our institution providing an excellent foundation for growth going into the first quarter of 2004. Our continued profitability stems from strategic investments into infrastructure, customer initiatives and expansion. All of which support our goals for long-term disciplined growth,” said Rick Saunders, President & CEO.
First quarter 2004 total assets were approximately 63% higher than the $119.3 million total assets the company reported in the first quarter of 2003. Total deposits grew 49%, from $102 million on March 31, 2003 to $152.4 million on March 31, 2004.
Total loans grew more than 73%, from $87.1 million. Total profits grew 5%, from $306 thousand on March 30, 2003, to $321 thousand on March 31, 2004.
When commenting on the company’s continued profitability, Jeff Paolucci, Senior Vice President and Chief Financial Officer for First Reliance Bank gave additional credit to several key decisions concerning prudent spread management in a time when there continues to be uncertainty concerning interest rates.
First Reliance began trading its stock on the OTC Bulletin Board last month under the trading symbol FSRL and efforts to open its first expansion branch in Lexington, S.C. are still underway.
First Reliance Bank is a locally owned and operated community bank in Florence County. For more information visit: www.firstreliance.com
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March 31 December 31
2004 2003 2003
ASSETS (unaudited) (unaudited) (audited)
Cash and cash equivalents:
Cash and due from banks $ 2,966,418 $ 2,917,993 $ 4,693,102
Federal funds sold 1,499,000 - 100,000
Total cash and cash equivalents 4,465,418 2,917,993 4,793,102
Investment securities: Available For Sale 26,658,428 22,119,028 27,688,992 Non-marketable equity securities 1,020,000 370,200 1,055,000 Total investment securities 27,678,428 22,489,228 28,743,992
Loans receivable: 152,899,610 88,880,309 140,360,691 Less allowance for loan losses (1,781,804) (1,166,948) (1,752,282) Loans, net 151,117,806 87,713,361 138,608,409
Premises, furniture and equipment, net 5,805,962 5,204,265 5,796,819 Other assets 5,541,088 991,666 2,421,561 Total assets $ 194,608,702 $ 119,316,513 $ 180,363,883
LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Deposits: Non-interest-bearing transaction accounts $ 19,622,728 $ 16,598,665 $ 19,084,520 Interest-bearing transaction accounts 132,858,435 85,437,540 120,330,431 Total deposits 152,481,163 102,036,205 139,414,951
Advances from FHLB 20,400,000 4,500,000 19,100,000 Federal Funds Purchased - 1,043,000 Repurchase Agreements 2,244,760 3,325,602 2,363,570
Other Liabilities 1,010,751 692,778 739,723 Total liabilities 176,136,674 110,554,585 162,661,244
Shareholders’ Equity: Common stock, $.01 par value; 5,000,000 24,946 14,588 24,667 shares authorized; 2,466,660 issued and outstanding Capital surplus 15,371,677 7,054,809 15,106,070 Retained earnings 2,646,776 1,615,539 2,325,602 Accumulated other comprehensive income 428,629 76,992 246,300 Total shareholders’ equity 18,472,028 8,761,928 17,702,639 Total liabilities and shareholders’ equity $ 194,608,702 $ 119,316,513 $ 180,363,883
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First Reliance Bancshares, Inc
Consolidated Statement of Income
(unaudited)
Three Months Ended
March 31
2004 2003
Interest Income
Loans, including fees $ 2,356,597 $ 1,601,233
Investment securities 291,560 240,390
Federal funds sold 1,395 9,197
Total 2,649,552 1,850,820
Interest Expense Deposits and borrowings 774,843 554,992 Total 774,843 554,992 Provision for loan losses 109,928 65,000
Other operating income Service charges on deposit accounts 256,847 216,519 Fees on loans sold 99,005 204,878 Other service charges, commissions and fees 135,090 75,170 Total 490,942 496,567
Other operating expenses Salaries and employee benefits 1,071,596 743,660 Occupancy expense 76,857 43,693 Furniture and equipment expense 143,488 51,547 Advertising and public relations 21,712 16,360 Professional fees 61,301 71,851 Other operating expenses 420,348 370,441 Total 1,795,302 1,297,552
Income before income taxes 460,421 429,843 Income tax expense 139,246 124,107 Net Income $ 321,175 $ 305,736
Contact: Van Rowell Marketing First Reliance Bank 2170 W. Palmetto St. Florence, SC 29501 843-269-0264 vrowell@firstreliance.com
