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First Reliance reports record first quarter income

Morning News Staff Reports/Morning News
Published: April 29, 2008

First Reliance Bancshares Inc., the holding company for First Reliance Bank, has announced unaudited net first quarter income.

Unaudited net income for the quarter ended March 31, 2008 was $826,123, an increase of $118,916, or 17 percent more than the $707,207 reported for the quarter ended March 31, 2007.
Net interest income increased 13 percent to $4,967,984 for the quarter ended March 31, 2008, while non-interest income increased by 6 percent to $1,261,044.

“Record high net income results were seen during the first quarter of 2008,” president and CEO Rick Saunders said in a press release. “Our net income was the highest in the bank’s history due largely to market opportunities, improved rate conditions and margin expansion, and diligent expense management practices.”

Based in Florence,First Reliance Bancshares Inc. is a bank holding company with about $591.7 million in assets as of Dec. 31. First Reliance Bank, which was opened in 1999, is the company’s sole operating subsidiary. The bank has two branch locations, a technology center and a learning center in Florence. For more information, visit its Web site at http://www.firstreliance.com.