First Reliance Bancshares Inc., the holding company for First Reliance Bank, announced second quarter 2008 unaudited net income of $683,421 on Friday.
Unaudited net income for the three months ended June 30, was $683,421, compared with $907,708 reported in the prior-year period. Bank official said the decline in net income is attributable to the bank’s proactive decision to increase the allowance for loan and lease losses as a precautionary measure for any future economic uncertainties.
Net interest income increased to $4.8 million in the second quarter of 2008 more than $4.7 million reported the prior year period, while non-interest income was $1.4 million. Diluted earnings per share were $0.24, compared to the $0.26 reported in the prior year period.
First Reliance Bank, founded in 1999 and based in Florence, has assets of approximately $585 million, and employs more than 145 associates serving the Pee Dee, Grand Strand, Upstate, Midlands, Piedmont and Lowcountry. For more information, visit its Web site, www.firstreliance.com.
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