Net income for the quarter ended June 30,2004, totaled $245,196, an increase of 12.5% over the same period a year ago. Net income for the six months ended June 30, 2004 totaled $566,371, an increase of 8.1% over the same period a year ago. Total assets grew to $218.4 million, which represents an increase of 49%. Total deposits grew to $177.5 million, an increase of 47.6%. Total loans grew to $176.2 million, a 69.4% increase.
“Growth for second quarter 2004 was certainly positive and greatly contributed to our ability to outpace anticipated benchmarks for the year. Earnings have remained steady and should continue doing so even with the recent rate increase. Proper planning and reliable execution have been the fundamental keys to our steady but disciplined growth and profitability,” said Rick Saunders, President & CEO.
Jeff Paolucci, Senior Vice President and Chief Financial Officer for First Reliance Bank added, “Our steady growth has been rewarding. Now that our first expansion branch in Lexington, S.C. is open for business, we anticipate even stronger growth for the remainder of the year.”
First Reliance recently opened its Lexington, S.C. branch for business in June shortly after adding a new overdraft privilege service to all its checking accounts called Bounce Protection. In July, customers will be introduced to another new service when the bank officially rolls out its new customer care center and service called ACCESSLive that will serve customers from 8 a.m. until 6 p.m. daily Monday through Friday.
First Reliance Bank is a locally owned and operated community bank in Florence County. For more information visit: www.firstreliance.com.
Jeff Paolucci CFO First Reliance Bank 2170 W. Palmetto St. Florence, SC 29501 843-674-3250 jpaolucci@firstreliance.com
