First Reliance Bancshares Reports Second Quarter 2024 Results
Second Quarter 2024 Highlights
- Net income increased 91.8% for the second quarter of 2024 to
$1.9 million , or$0.24 per diluted share, compared to$1.0 million , or$0.12 per diluted share, for the second quarter of 2023. - Net interest income for the quarter was
$7.7 million , which represents an increase of$444,800 , or 6.2%, compared to the same quarter one year ago. On a linked quarter basis, the increase was$458,100 , or 6.4%. - Net interest margin increased during the quarter to 3.20% at
June 30, 2024 , compared to 3.11% atMarch 31, 2024 , and increased 4 basis points compared to the same period in 2023. - Total loans held for investment increased
$14.2 million , or 7.9% annualized, to$739.4 million atJune 30, 2024 , from$725.2 million atMarch 31, 2024 . - Total deposits increased
$18.5 million , or 8.4% annualized, to$899.8 million atJune 30, 2024 , from$881.3 million atMarch 31, 2024 . - Asset quality remained strong with nonperforming assets totaling
$310 thousand , or 0.03% of total assets atJune 30, 2024 , compared to$282 thousand , or 0.03% of total assets atMarch 31, 2024 . - Cost of funds for the second quarter of 2024 increased to 2.28% from 2.25% on a linked quarter basis and from 1.67% for the same period in 2023.
- Book value per share increased
$1.05 , or 12.9%, from$8.17 per share atJune 30, 2023 , to$9.22 per share atJune 30, 2024 . Tangible book value per share increased$1.05 , or 13.0%, from$8.08 per share atJune 30, 2023 , to$9.13 per share atJune 30, 2024 . - In
May 2024 , the Company's Board approved a stock repurchase program authorizing the purchase of up to$2.0 million of outstanding common stock through expiration of the program onJune 30, 2025 . In determining stock repurchases, management will consider the following factors: the Company's stock price, expected growth, capital position, alternative uses of capital, liquidity, financial performance, current and expected macroeconomic environment, regulatory requirements and any other relevant factors.
Financial Summary |
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Three Months Ended |
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Six Months Ended |
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|
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($ in thousands, except per share data) |
2024 |
2024 |
2023 |
2023 |
2023 |
|
2024 |
|
2023 |
Earnings: |
|
|
|
|
|
|
|
|
|
Net income available to common shareholders |
$ 1,942 |
$ 1,238 |
$ 776 |
$ 1,444 |
$ 1,013 |
|
$ 3,180 |
|
$ 2,383 |
Earnings per common share, diluted |
0.24 |
0.15 |
0.10 |
0.18 |
0.12 |
|
0.39 |
|
0.29 |
Total revenue(1) |
10,226 |
9,690 |
8,285 |
9,219 |
8,959 |
|
19,916 |
|
18,389 |
Net interest margin |
3.20 % |
3.11 % |
3.16 % |
3.11 % |
3.16 % |
|
3.16 % |
|
3.25 % |
Return on average assets(2) |
0.75 % |
0.49 % |
0.32 % |
0.58 % |
0.41 % |
|
0.63 % |
|
0.49 % |
Return on average equity(2) |
10.69 % |
7.01 % |
4.70 % |
8.68 % |
6.13 % |
|
8.93 % |
|
7.31 % |
Efficiency ratio(3) |
75.21 % |
81.04 % |
89.83 % |
80.35 % |
82.50 % |
|
78.05 % |
|
80.81 % |
|
As of |
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($ in thousands) |
2024 |
2024 |
2023 |
2023 |
2023 |
Balance Sheet: |
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Total assets |
$ 1,058,395 |
$ 1,027,616 |
$ 974,157 |
$ 991,721 |
$ 992,596 |
Total loans receivable |
739,433 |
725,234 |
705,672 |
706,596 |
694,130 |
Total deposits |
899,799 |
881,309 |
858,597 |
861,229 |
830,085 |
Total transaction deposits(4) to total deposits |
39.18 % |
39.86 % |
41.31 % |
43.55 % |
44.00 % |
Loans to deposits |
82.18 % |
82.29 % |
82.19 % |
82.05 % |
83.62 % |
Bank Capital Ratios: |
|
|
|
|
|
Total risk-based capital ratio |
13.34 % |
13.46 % |
13.86 % |
13.54 % |
13.57 % |
Tier 1 risk-based capital ratio |
12.28 % |
12.37 % |
12.75 % |
12.43 % |
12.43 % |
Tier 1 leverage ratio |
10.01 % |
10.16 % |
10.32 % |
10.11 % |
9.95 % |
Common equity tier 1 capital ratio |
12.28 % |
12.37 % |
12.75 % |
12.43 % |
12.43 % |
Asset Quality Ratios: |
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|
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|
Nonperforming assets as a percentage of |
0.03 % |
0.03 % |
0.03 % |
0.05 % |
0.05 % |
Allowance for credit losses as a percentage of |
1.15 % |
1.17 % |
1.19 % |
1.19 % |
1.19 % |
Net charge-offs as a percentage of average total loans receivable |
0.05 % |
0.06 % |
0.00 % |
0.01 % |
0.07 % |
Footnotes to table located at the end of this release.
CONDENSED CONSOLIDATED INCOME STATEMENTS – Unaudited |
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Three Months Ended |
Six Months Ended |
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($ in thousands, except per share data) |
2024 |
2024 |
2023 |
2023 |
2023 |
2024 |
2023 |
Interest income |
|
|
|
|
|
|
|
Loans |
$ 10,746 |
$ 10,085 |
$ 9,678 |
$ 9,394 |
$ 8,837 |
$ 20,831 |
$ 17,097 |
Investment securities |
1,875 |
1,972 |
1,832 |
1,596 |
1,371 |
3,847 |
2,714 |
Other interest income |
419 |
291 |
396 |
536 |
782 |
710 |
1,144 |
Total interest income |
13,040 |
12,348 |
11,906 |
11,526 |
10,990 |
25,388 |
20,955 |
Interest expense |
|
|
|
|
|
|
|
Deposits |
4,652 |
4,332 |
4,076 |
3,671 |
2,876 |
8,984 |
4,799 |
Other interest expense |
722 |
808 |
558 |
651 |
893 |
1,530 |
1,661 |
Total interest expense |
5,374 |
5,140 |
4,634 |
4,322 |
3,769 |
10,514 |
6,460 |
Net interest income |
7,666 |
7,208 |
7,272 |
7,204 |
7,221 |
14,874 |
14,495 |
Provision for credit losses |
55 |
207 |
(118) |
(42) |
280 |
262 |
528 |
Net interest income after provision for loan |
7,611 |
7,001 |
7,390 |
7,246 |
6,941 |
14,612 |
13,967 |
Noninterest income |
|
|
|
|
|
|
|
Mortgage banking income |
1,416 |
1,375 |
694 |
1,147 |
1,063 |
2,791 |
1,979 |
Service fees on deposit accounts |
307 |
336 |
336 |
371 |
341 |
643 |
668 |
Debit card and other service charges, |
568 |
519 |
544 |
537 |
563 |
1,087 |
1,080 |
Income from bank owned life insurance |
103 |
102 |
99 |
95 |
91 |
205 |
335 |
Loss on sale of securities, net |
- |
- |
(802) |
(268) |
(455) |
- |
(455) |
Gain on disposal of fixed assets |
- |
20 |
11 |
- |
- |
20 |
19 |
Other income |
166 |
130 |
132 |
132 |
134 |
296 |
267 |
Total noninterest income |
2,560 |
2,482 |
1,014 |
2,014 |
1,737 |
5,042 |
3,893 |
Noninterest expense |
|
|
|
|
|
|
|
Compensation and benefits |
4,693 |
4,878 |
4,558 |
4,603 |
4,461 |
9,571 |
9,113 |
Occupancy and equipment |
837 |
841 |
798 |
882 |
856 |
1,678 |
1,748 |
Data processing, technology, and communications |
1,119 |
1,039 |
985 |
923 |
942 |
2,158 |
1,811 |
Professional fees |
96 |
110 |
56 |
58 |
111 |
206 |
307 |
Marketing |
102 |
160 |
104 |
151 |
206 |
262 |
432 |
Other |
844 |
826 |
942 |
790 |
815 |
1,670 |
1,449 |
Total noninterest expense |
7,691 |
7,854 |
7,443 |
7,407 |
7,391 |
15,545 |
14,860 |
Income before provision for income taxes |
2,480 |
1,629 |
961 |
1,853 |
1,287 |
4,109 |
3,000 |
Income tax expense |
538 |
391 |
185 |
409 |
274 |
929 |
617 |
Net income available to common shareholders |
$ 1,942 |
$ 1,238 |
$ 776 |
$ 1,444 |
$ 1,013 |
$ 3,180 |
$ 2,383 |
Addback securities losses, net of tax |
- |
- |
648 |
209 |
358 |
- |
358 |
Adjusted net income (nonGAAP) |
1,942 |
1,238 |
1,424 |
1,653 |
1,371 |
3,180 |
2,741 |
Weighted average common shares - basic |
7,851 |
7,837 |
7,826 |
7,834 |
7,825 |
7,844 |
7,816 |
Weighted average common shares - diluted |
8,260 |
8,217 |
8,164 |
8,149 |
8,142 |
8,273 |
8,173 |
Basic income per common share |
$ 0.25 |
$ 0.16 |
$ 0.10 |
$ 0.18 |
$ 0.13 |
$ 0.41 |
$ 0.30 |
Diluted income per common share |
$ 0.24 |
$ 0.15 |
$ 0.10 |
$ 0.18 |
$ 0.12 |
$ 0.39 |
$ 0.29 |
Adjusted basic net income per common share (nonGAAP) |
$ 0.25 |
$ 0.16 |
$ 0.18 |
$ 0.21 |
$ 0.18 |
$ 0.41 |
$ 0.35 |
Adjusted diluted net income per common share (nonGAAP) |
$ 0.24 |
$ 0.15 |
$ 0.17 |
$ 0.20 |
$ 0.17 |
$ 0.39 |
$ 0.34 |
Net income for the three months ended
Noninterest income for the three months ended
For the six months ended
Noninterest expense for the three months ended
Noninterest expense, for the six months ended
NET INTEREST INCOME AND MARGIN – Unaudited - QTR |
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For the Three Months Ended |
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Average |
Income/ |
Yield/ |
|
Average |
Income/ |
Yield/ |
($ in thousands) |
Balance |
Expense |
Rate |
|
Balance |
Expense |
Rate |
Assets |
|
|
|
|
|
|
|
Interest-earning assets |
|
|
|
|
|
|
|
Federal funds sold and interest-bearing deposits |
$ 29,743 |
$ 379 |
5.13 % |
|
$ 60,416 |
$ 750 |
4.98 % |
Investment securities |
168,826 |
1,875 |
4.47 % |
|
160,245 |
1,371 |
3.43 % |
Nonmarketable equity securities |
2,037 |
40 |
7.82 % |
|
2,186 |
31 |
5.75 % |
Loans held for sale |
24,965 |
446 |
7.19 % |
|
16,864 |
295 |
7.00 % |
Loans |
736,944 |
10,300 |
5.62 % |
|
677,668 |
8,543 |
5.06 % |
Total interest-earning assets |
962,515 |
13,040 |
5.45 % |
|
917,379 |
10,990 |
4.81 % |
Allowance for credit losses |
(8,508) |
|
|
|
(8,073) |
|
|
Noninterest-earning assets |
79,658 |
|
|
|
77,561 |
|
|
Total assets |
$ 1,033,665 |
|
|
|
$ 986,867 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
NOW accounts |
$ 140,821 |
$ 247 |
0.70 % |
|
$ 138,167 |
$ 132 |
0.38 % |
Savings & money market |
366,431 |
2,712 |
2.98 % |
|
314,091 |
1,860 |
2.37 % |
Time deposits |
179,539 |
1,694 |
3.79 % |
|
139,501 |
884 |
2.54 % |
Total interest-bearing deposits |
686,792 |
4,652 |
2.72 % |
|
591,759 |
2,876 |
1.95 % |
FHLB advances and other borrowings |
26,917 |
356 |
5.32 % |
|
51,207 |
532 |
4.17 % |
Subordinated debentures |
25,737 |
366 |
5.72 % |
|
25,703 |
361 |
5.62 % |
Total interest-bearing liabilities |
739,446 |
5,374 |
2.92 % |
|
668,669 |
3,769 |
2.26 % |
Noninterest bearing deposits |
207,573 |
|
|
|
238,295 |
|
|
Other liabilities |
13,971 |
|
|
|
13,802 |
|
|
Shareholders' equity |
72,674 |
|
|
|
66,101 |
|
|
Total liabilities and shareholders' equity |
$ 1,033,665 |
|
|
|
$ 986,867 |
|
|
|
|
|
|
|
|
|
|
Net interest income (tax equivalent) / interest |
|
$ 7,666 |
2.53 % |
|
|
$ 7,221 |
2.54 % |
Net Interest Margin |
|
|
3.20 % |
|
|
|
3.16 % |
|
|
|
|
|
|
|
|
Cost of funds, including noninterest-bearing deposits |
|
|
2.28 % |
|
|
|
1.67 % |
Net interest income for the three months ended
NET INTEREST INCOME AND MARGIN – Unaudited - YTD |
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For the Six Months Ended |
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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 |
$ 29,419 |
$ 645 |
4.40 % |
|
$ 50,345 |
$ 1,100 |
4.41 % |
Investment securities |
169,084 |
3,846 |
4.56 % |
|
161,627 |
2,714 |
3.39 % |
Nonmarketable equity securities |
2,093 |
65 |
6.21 % |
|
2,100 |
44 |
4.27 % |
Loans held for sale |
20,025 |
700 |
7.01 % |
|
13,289 |
450 |
6.83 % |
Loans |
723,620 |
20,131 |
5.58 % |
|
673,229 |
16,647 |
4.99 % |
Total interest-earning assets |
944,241 |
25,388 |
5.39 % |
|
900,590 |
20,955 |
4.69 % |
Allowance for loan losses |
(8,450) |
|
|
|
(7,955) |
|
|
Noninterest-earning assets |
79,851 |
|
|
|
78,225 |
|
|
Total assets |
$ 1,015,641 |
|
|
|
$ 970,860 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
NOW accounts |
$ 142,005 |
$ 538 |
0.76 % |
|
$ 139,746 |
$ 237 |
0.34 % |
Savings & money market |
352,219 |
5,156 |
2.94 % |
|
308,178 |
3,277 |
2.14 % |
Time deposits |
176,923 |
3,290 |
3.73 % |
|
124,811 |
1,284 |
2.07 % |
Total interest-bearing deposits |
671,147 |
8,984 |
2.68 % |
|
572,735 |
4,798 |
1.69 % |
FHLB advances and other borrowings |
28,538 |
793 |
5.57 % |
|
47,839 |
963 |
4.06 % |
Subordinated debentures |
25,731 |
737 |
5.75 % |
|
25,699 |
699 |
5.48 % |
Total interest-bearing liabilities |
725,416 |
10,514 |
2.91 % |
|
646,273 |
6,460 |
2.02 % |
Noninterest bearing deposits |
205,301 |
|
|
|
245,738 |
|
|
Other liabilities |
13,694 |
|
|
|
13,658 |
|
|
Shareholders' equity |
71,230 |
|
|
|
65,191 |
|
|
Total liabilities and shareholders' equity |
$ 1,015,641 |
|
|
|
$ 970,860 |
|
|
|
|
|
|
|
|
|
|
Net interest income (tax equivalent) / interest |
|
$ 14,874 |
2.49 % |
|
|
$ 14,495 |
2.68 % |
Net Interest Margin |
|
|
3.16 % |
|
|
|
3.25 % |
|
|
|
|
|
|
|
|
Cost of funds,including noninterest bearing deposits |
|
|
2.27 % |
|
|
|
1.46 % |
Net interest income for the six months ended
CONDENSED CONSOLIDATED BALANCE SHEETS – Unaudited |
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As of |
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|
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($ in thousands) |
2024 |
2024 |
2023 |
2023 |
2023 |
Assets |
|
|
|
|
|
Cash and cash equivalents: |
|
|
|
|
|
Cash and due from banks |
$ 5,669 |
$ 5,482 |
$ 4,354 |
$ 3,158 |
$ 3,748 |
Interest-bearing deposits with banks |
41,391 |
36,173 |
17,590 |
32,835 |
55,496 |
Total cash and cash equivalents |
47,060 |
41,655 |
21,944 |
35,993 |
59,244 |
Investment securities: |
|
|
|
|
|
Investment securities available for sale |
173,298 |
171,075 |
171,400 |
162,573 |
158,143 |
Other investments |
2,788 |
2,548 |
1,078 |
2,025 |
2,563 |
Total investment securities |
176,087 |
173,623 |
172,478 |
164,598 |
160,706 |
Mortgage loans held for sale |
25,776 |
18,307 |
7,156 |
17,506 |
12,485 |
Loans receivable: |
|
|
|
|
|
Loans |
739,433 |
725,234 |
705,672 |
706,596 |
694,130 |
Less allowance for credit losses |
(8,498) |
(8,497) |
(8,393) |
(8,430) |
(8,229) |
Loans receivable, net |
730,935 |
716,737 |
697,279 |
698,166 |
685,901 |
Property and equipment, net |
22,040 |
22,185 |
22,298 |
22,505 |
22,588 |
Mortgage servicing rights |
12,680 |
12,226 |
11,638 |
11,394 |
10,893 |
Bank owned life insurance |
18,396 |
18,293 |
18,191 |
18,092 |
17,997 |
Deferred income taxes |
7,612 |
7,990 |
7,775 |
9,184 |
8,534 |
Other assets |
17,809 |
16,600 |
15,398 |
14,283 |
14,248 |
Total assets |
1,058,395 |
1,027,616 |
974,157 |
991,721 |
992,596 |
Liabilities |
|
|
|
|
|
Deposits |
$ 899,799 |
$ 881,309 |
$ 858,597 |
$ 861,229 |
$ 830,085 |
|
40,000 |
35,000 |
5,000 |
25,000 |
45,000 |
Federal funds and repurchase agreements |
408 |
- |
307 |
81 |
11,910 |
Subordinated debentures |
15,428 |
15,421 |
15,413 |
15,405 |
15,397 |
Junior subordinated debentures |
10,310 |
10,310 |
10,310 |
10,310 |
10,310 |
Reserve for unfunded commitments |
364 |
398 |
407 |
488 |
740 |
Other liabilities |
17,590 |
13,070 |
12,727 |
13,186 |
12,616 |
Total liabilities |
983,899 |
955,508 |
902,761 |
925,699 |
926,058 |
Shareholders' equity |
|
|
|
|
|
Preferred stock - Series D non-cumulative, no par |
1 |
1 |
1 |
1 |
1 |
Common Stock - |
88 |
88 |
88 |
88 |
88 |
|
(5,216) |
(4,965) |
(4,821) |
(4,750) |
(4,666) |
Nonvested restricted stock |
(2,463) |
(2,900) |
(2,518) |
(2,387) |
(2,542) |
Additional paid-in capital |
55,645 |
56,134 |
55,471 |
55,068 |
54,972 |
Retained earnings |
36,928 |
34,986 |
33,748 |
32,972 |
31,626 |
Accumulated other comprehensive (loss) income |
(10,487) |
(11,236) |
(10,573) |
(14,970) |
(12,941) |
Total shareholders' equity |
74,496 |
72,108 |
71,396 |
66,022 |
66,538 |
Total liabilities and shareholders' equity |
$ 1,058,395 |
$ 1,027,616 |
$ 974,157 |
$ 991,721 |
$ 992,596 |
First Reliance cash and cash equivalents totaled
First Reliance does not have any Held-to-Maturity (HTM) securities for any reported period. All debt securities were classified as Available-For-Sale (AFS) securities with balances of
As of
The Company had
First Reliance also has access to approximately
COMMON STOCK SUMMARY - Unaudited |
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As of |
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|
|
(shares in thousands) |
2024 |
2024 |
2023 |
2023 |
2023 |
Voting common shares outstanding |
8,819 |
8,785 |
8,772 |
8,754 |
8,752 |
|
(743) |
(649) |
(633) |
(623) |
(612) |
Total common shares outstanding |
8,076 |
8,136 |
8,139 |
8,131 |
8,140 |
|
|
|
|
|
|
Book value per common share |
$ 9.22 |
$ 8.86 |
$ 8.77 |
$ 8.12 |
$ 8.17 |
Tangible book value per common share(5) |
$ 9.13 |
$ 8.77 |
$ 8.68 |
$ 8.02 |
$ 8.08 |
|
|
|
|
|
|
Stock price: |
|
|
|
|
|
High |
$ 8.30 |
$ 8.65 |
$ 9.00 |
$ 7.40 |
$ 8.80 |
Low |
$ 7.60 |
$ 7.70 |
$ 6.91 |
$ 6.30 |
$ 6.00 |
Period end |
$ 7.90 |
$ 8.15 |
$ 8.57 |
$ 7.20 |
$ 6.37 |
ASSET QUALITY MEASURES – Unaudited |
|||||
|
|||||
|
As of |
||||
|
|
|
|
|
|
($ in thousands) |
2024 |
2024 |
2023 |
2023 |
2023 |
Nonperforming Assets |
|
|
|
|
|
Commercial |
|
|
|
|
|
Owner occupied RE |
$ 49 |
$ - |
$ - |
$ - |
$ - |
Non-owner occupied RE |
- |
- |
86 |
86 |
82 |
Construction |
62 |
- |
- |
- |
- |
Commercial business |
12 |
12 |
99 |
164 |
159 |
Consumer |
|
|
|
|
|
Real estate |
46 |
48 |
- |
- |
- |
Home equity |
- |
- |
- |
145 |
145 |
Construction |
- |
- |
- |
- |
- |
Other |
66 |
52 |
8 |
14 |
94 |
Nonaccruing loan modifications |
- |
56 |
56 |
65 |
65 |
Total nonaccrual loans |
$ 235 |
$ 168 |
$ 249 |
$ 474 |
$ 545 |
Other assets repossessed |
75 |
114 |
47 |
45 |
- |
Total nonperforming assets |
$ 310 |
$ 282 |
$ 296 |
$ 519 |
$ 545 |
Nonperforming assets as a percentage of: |
|
|
|
|
|
Total assets |
0.03 % |
0.03 % |
0.03 % |
0.05 % |
0.05 % |
Total loans receivable |
0.04 % |
0.04 % |
0.04 % |
0.07 % |
0.08 % |
Accruing loan modifications |
$ 460 |
$ 970 |
$ 947 |
$ 1,027 |
$ 1,059 |
|
|
|
|
|
|
|
Three Months Ended |
||||
|
|
|
|
|
|
($ in thousands) |
2024 |
2024 |
2023 |
2023 |
2023 |
Allowance for Credit Losses |
|
|
|
|
|
Balance, beginning of period |
$ 8,497 |
$ 8,393 |
$ 8,430 |
$ 8,229 |
$ 8,052 |
CECL adoption |
- |
- |
- |
- |
- |
Loans charged-off |
102 |
195 |
108 |
41 |
145 |
Recoveries of loans previously charged-off |
14 |
82 |
109 |
31 |
28 |
Net charge-offs (recoveries) |
88 |
113 |
(1) |
10 |
117 |
Provision for credit losses |
89 |
217 |
(38) |
211 |
294 |
Balance, end of period |
$ 8,498 |
$ 8,497 |
$ 8,393 |
$ 8,430 |
$ 8,229 |
Allowance for credit losses to gross loans receivable |
1.15 % |
1.17 % |
1.19 % |
1.19 % |
1.19 % |
Allowance for credit losses to nonaccrual loans |
3616.17 % |
5057.74 % |
3370.68 % |
1778.48 % |
1509.91 % |
Asset quality remained consistent during the second quarter of 2024, with nonperforming assets remaining at
Footnotes to table located at the end of this release.
LOAN COMPOSITION – Unaudited |
|||||
|
|||||
|
As of |
||||
|
|
|
|
|
|
($ in thousands) |
2024 |
2024 |
2023 |
2023 |
2023 |
Commercial real estate |
$ 450,936 |
$ 434,743 |
$ 433,687 |
$ 430,825 |
$ 415,616 |
Consumer real estate |
188,759 |
184,969 |
177,102 |
172,702 |
168,227 |
Commercial and industrial |
76,149 |
77,023 |
63,946 |
67,740 |
71,345 |
Consumer and other |
23,589 |
28,499 |
30,937 |
35,329 |
38,942 |
Total loans, net of deferred fees |
739,433 |
725,234 |
705,672 |
706,596 |
694,130 |
Less allowance for credit losses |
8,498 |
8,497 |
8,393 |
8,430 |
8,229 |
Total loans, net |
$ 730,935 |
$ 716,737 |
$ 697,279 |
$ 698,166 |
$ 685,901 |
DEPOSIT COMPOSITION – Unaudited |
|||||
|
|||||
|
As of |
||||
|
|
|
|
|
|
($ in thousands) |
2024 |
2024 |
2023 |
2023 |
2023 |
Noninterest-bearing |
$ 220,330 |
$ 212,083 |
$ 210,604 |
$ 231,672 |
$ 230,153 |
Interest-bearing: |
|
|
|
|
|
DDA and NOW accounts |
132,186 |
139,229 |
144,039 |
143,393 |
135,071 |
Money market accounts |
325,769 |
307,696 |
289,158 |
281,325 |
264,130 |
Savings |
42,479 |
44,191 |
45,558 |
47,422 |
51,029 |
Time, less than |
128,869 |
125,248 |
121,035 |
117,989 |
113,536 |
Time, |
50,166 |
52,862 |
48,203 |
39,428 |
36,166 |
Total deposits |
$ 899,799 |
$ 881,309 |
$ 858,597 |
$ 861,229 |
$ 830,085 |
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, divided by period-end outstanding common shares. |
ABOUT FIRST RELIANCE
Founded in 1999,
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
Contact:
SEVP & Chief Financial Officer
(843) 656-5000
rhaile@firstreliance.com
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