First Reliance Bank Surpasses $1 Million In Pre-Tax Earnings For 2002
January 14, 2003 (Florence, SC) – First Reliance Bank announced record earnings for 2002 with results surpassing $1.375 million in annual pre-tax earnings.
As of December 31, 2002, First Reliance Bank reported total assets of $116.2 million, total deposits of $100.3 million, total loans of $81.5 million, year-to-date earnings of $941,211, and earnings-per-share of $0.22 for the fourth quarter.
Total assets for the year 2002 were approximately 30.1% higher than the $86.1 million in total assets the Bank reported at the same time last year; total deposits grew 24.6%, from $75.7 million, and total loans grew 25.8%, from $55.7 million.
First Reliance Bank Issues Year End Results / Add 2
Earnings of $941,211 for 2002 are an increase of 52.6% over earnings posted at the same time last year and their pre-tax earnings of $1,375,086 mark the first time since the banks inception in 1999 that annual pre-tax earnings exceeded $1 million.
2002 proved to be a rewarding year for First Reliance Bank. In addition to surpassing $1 million in pre-tax earnings, the Bank made several other noteworthy accomplishments throughout the year. A new Operations facility was purchased and renovations were started. They were recognized as one of the Top 25 Fastest-Growing Companies in S.C. for 2002 and they introduced a successful secondary stock offering as well.
First Reliance Bank is a locally owned and operated community bank in Florence County. For more information visit: www.firstreliance.com
For more Information: Van Rowell Rick Saunders Marketing President & CEO First Reliance Bank First Reliance Bank 2170 W. Palmetto St. 2170 W. Palmetto St. Florence, SC 29501 Florence, SC 29501 (843) 269-0264 (843) 656-5000 vrowell@firstreliance.com rsaunders@firstreliance.com
