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First Reliance Bancshares Reports First Quarter 2021 Results

First Reliance Bancshares Reports First Quarter 2021 Results

PR Newswire

FLORENCE, S.C., April 23, 2021 /PRNewswire/ -- First Reliance Bancshares, Inc. (OTC:FSRL), the holding company for First Reliance Bank (collectively, "First Reliance" or the "Company"), today announced its financial results for the first quarter of 2021.

First Reliance Bancshares

First Quarter 2021 Highlights

  • Net income for the first quarter of 2021 was $1.7 million, or $0.21 per diluted share, compared to $0.9 million, or $0.11 per diluted share, for the first quarter of 2020, representing an increase of 99.1%.
  • Total deposits increased by $67.2 million, or 11.3%, to $661.2 million at March 31, 2021 from $594.0 million at December 31, 2020. Non-interest bearing and interest bearing NOW accounts increased $41.0 million, or 14.2%, to 329.1 million at March 31, 2021 from $288.2 million at December 31, 2020.
  • Mortgage volume remained robust and resulted in mortgage banking income of $3.4 million during the first quarter of 2021, an increase of $2.6 million, or 344.9%, from the first quarter of 2020.
  • The Company originated 193 loans for $17.4 million as part of the second round of the Paycheck Protection Program ("PPP").
  • Asset quality remained strong, with non-performing assets as a percentage of total assets decreasing to 0.17% at March 31, 2021 compared to 0.21% at December 31, 2020.
  • Net charge-offs were $5 thousand, or annualized 0.01% of average loans (excluding PPP), for the first quarter of 2021 compared to $50 thousand, or annualized 0.04% of average loans, for the same period in 2020.
  • Cost of funds for the first quarter of 2021 decreased to 0.46% from 0.60% on a linked quarter basis and from 1.08% for the same period in 2020.
  • The Company repurchased approximately 258,000 shares during the quarter at an average price of $7.80 per share.

Rick Saunders, Chief Executive Officer, remarked on the first quarter results: "First Reliance continued building on the success of 2020 with a strong start to 2021.  Our net income of $1.7 million, or $0.21 per diluted common share, for the quarter represents an increase of 99.1% over the same period last year.  We have made significant investments in both our commercial and mortgage production teams during the quarter, highlighted by the hiring of Justin Strickland, who in January became President of First Reliance Bank.  Justin's hiring represents the completion of our vision to establish an executive leadership team capable of executing our growth plans.  Additionally, against the backdrop of fiscal stimulus, the national vaccination rollout, and improved customer balance sheets, our markets appear poised for significant growth.  In preparation of the reopening of the economy and a steepening yield curve, we have begun to build our loan pipelines and have initiated strategic investment security purchases." 

Mr. Saunders continued, "During the first quarter, we completed the rollout of our new digital banking platform, which allows us to provide robust functionality and an improved user experience for our customer base.  Investments in customer-focused technology positions us for growth by providing solutions that are superior to our community banking peers.  We believe pairing first-in-class customer service with a high-quality digital banking product will make us the preferred choice for customers looking for a local financial institution with 21st century banking capabilities."

Mr. Saunders concluded, "I want to thank all of our team members for their continued commitment to our customers and for living out our core values every day.  Although these have been challenging times, I couldn't be more excited about the direction this organization is heading and I know that our best times are ahead of us."

Payroll Protection Program

During the quarter, the Company was a participating lender in the second round of the Small Business Administration ("SBA") Payroll Protection Program.  As of March 31, 2021, the Company had originated 193 PPP loans totaling $17.4 million. Origination fees, net of costs, from these loans are approximately $0.7 million. During the quarter, the Company recognized $16 thousand of the $0.7 million in estimated net fees, with the remaining balance expected to be recognized over the next several quarters.

COVID-19 Update

The first quarter continued to bring positive developments in the fight against COVID-19.  Vaccine rollout has continued to accelerate and the additional economic stimulus in the first quarter helped strengthen consumer and business balance sheets.  As of March 31, 2021, total COVID-related loan deferrals were $8.0 million on five loans, all on their second deferral, totaling 1.6% of total loans receivable. 

Financial Summary



Three Months Ended


Mar 31

Dec 31

Sept 30

June 30

Mar 31

($ in thousands, except per share data)

2021

2020

2020

2020

2020

Earnings:






Net income available to common shareholders

$      1,708

$      1,389

$      4,468

$      3,901

$         858

Earnings per common share, diluted

0.21

0.17

0.56

0.49

0.11

Total revenue(1)

9,917

10,858

14,820

13,241

7,542

Net interest margin

3.36%

3.27%

3.86%

3.55%

4.09%

Return on average assets(2)

0.93%

0.72%

2.31%

2.12%

0.54%

Return on average equity(2)

9.91%

8.08%

27.73%

26.20%

5.89%

Efficiency ratio(3)

77.35%

80.05%

54.28%

54.40%

81.15%




As of


Mar 31

Dec 31

Sept 30

June 30

Mar 31

($ in thousands, except per share data)

2021

2020

2020

2020

2020

Balance Sheet:






Total assets

$        777,735

$        710,168

$        781,655

$        762,647

$        660,886

Total loans receivable

490,326

477,968

478,745

512,384

480,573

Total deposits

661,217

594,000

595,767

582,361

506,225

Total transaction deposits(4)to total deposits

49.78%

48.51%

47.30%

49.62%

49.06%

Loans to deposits

74.16%

80.47%

80.36%

87.98%

94.93%

Bank Capital Ratios:






Total risk-based capital ratio

16.00%

15.67%

14.75%

13.31%

12.45%

Tier 1 risk-based capital ratio

14.87%

14.52%

13.72%

12.48%

11.75%

Tier 1 leverage ratio

11.13%

10.31%

9.96%

9.68%

10.29%

Common equity tier 1 capital ratio

14.87%

14.52%

13.72%

12.48%

11.75%

Asset Quality Ratios:






Nonperforming assets as a percentage of
   total assets

0.17%

0.21%

0.19%

0.21%

0.26%

Allowance for loan losses as a percentage of
   total loans receivable

1.26%

1.29%

1.20%

0.92%

0.81%


Footnotes to table located at the end of this release.

 

CONDENSED CONSOLIDATED INCOME STATEMENTS – Unaudited



Three Months Ended


Mar 31

Dec 31

Sept 30

June 30

Mar 31

(in thousands, except per share data)

2021

2020

2020

2020

2020

Interest income






Loans

$         5,851

$         6,156

$         7,403

$         6,650

$         6,568

Investment securities

238

231

218

299

323

Other interest income

60

75

67

41

90

Total interest income

6,149

6,462

7,688

6,990

6,981

Interest expense






Deposits

286

376

519

652

828

Other interest expense

262

388

400

371

336

Total interest expense

548

764

919

1,023

1,164

Net interest income

5,601

5,698

6,769

5,967

5,817

Provision for loan losses

-

350

1,000

1,178

380

Net interest income after provision for loan
   losses

5,601

5,348

5,769

4,789

5,437

Noninterest income






Mortgage banking income

3,390

5,014

7,115

6,633

762

Service fees on deposit accounts

279

315

290

242

463

Debit card and other service charges,
   commissions, and fees

454

427

426

429

315

Income from bank owned life insurance

93

101

103

102

103

Gain (loss) on sale of securities, net

-

8

-

(211)

(9)

Loss on extinguishment of debt

-

(287)

-

-

-

Loss on disposal of fixed assets

-

(528)

-

-

-

Other income

100

110

117

79

91

Total noninterest income

4,316

5,160

8,051

7,274

1,725

Noninterest expense






Compensation and benefits

4,992

5,359

4,892

4,395

3,583

Occupancy

597

641

628

619

612

Furniture and equipment

450

616

572

585

537

Electronic data processing

277

241

231

200

194

Professional fees

238

400

230

329

267

Marketing

69

155

122

56

77

Other

1,048

1,280

1,288

771

778

Total noninterest expense

7,671

8,692

7,963

6,955

6,048

Income before provision for income taxes

2,246

1,816

5,857

5,108

1,114

Income tax expense

538

427

1,389

1,207

256

Net income available to common shareholders

$         1,708

$         1,389

$         4,468

$         3,901

$            858







Weighted average common shares - basic

7,780

7,931

7,929

7,915

7,901

Weighted average common shares - diluted

8,168

8,089

8,015

7,998

8,014

Basic income per common share

$           0.22

$           0.18

$           0.56

$           0.49

$           0.11

Diluted income per common share

$           0.21

$           0.17

$           0.56

$           0.49

$           0.11

Net income for the three months ended March 31, 2021 was $1.7 million, or $0.21 per diluted common share, compared to $0.9 million, or $0.11 per diluted common share, for the three months ended March 31, 2020.  

Noninterest income for the three months ended March 31, 2021 was $4.3 million, a $2.6 million increase from $1.7 million for the same period in 2020.  Noninterest income is largely driven by the Company's mortgage banking division, which produced income of $3.4 million on $162 million in mortgage volume during the three months ended March 31, 2021.  That represents an increase of $2.6 million in income from the same period in 2020.  However, mortgage banking income was negatively affected during the current quarter by a decrease of $1.0 million in the valuation of mortgage banking derivatives, which includes the valuation of our mortgage pipeline as well as associated hedges.

Noninterest expense for the three months ended March 31, 2021 was $7.7 million, a $1.6 million increase from $6.1 million for the same period in 2020.  The increase in noninterest expense is largely driven by an increase of $1.4 million in compensation and benefits.  The increase in compensation and benefits is driven by an increase in mortgage incentives as well as continued additions to banking personnel throughout the year.

NET INTEREST INCOME AND MARGIN – Unaudited



For the Three Months Ended


March 31, 2021


March 31, 2020


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

$     104,580

$              30

0.12%


$        19,487

$            57

1.17%

Investment securities

39,203

238

2.43%


45,175

323

2.86%

Nonmarketable equity securities

1,055

30

11.31%


2,119

33

6.15%

Loans held for sale

38,273

265

2.76%


19,682

201

4.08%

Loans

483,472

5,586

4.62%


481,825

6,367

5.29%

Total interest-earning assets

666,583

6,149

3.69%


568,288

6,981

4.91%

Allowance for loan losses

(6,318)




(3,584)



Noninterest-earning assets

73,217




73,621



Total assets

$     733,482




$      638,325











Liabilities and Shareholders' Equity








Interest-bearing liabilities








NOW accounts

$     123,316

$              13

0.04%


$        95,462

$            11

0.05%

Savings & money market

174,429

74

0.17%


119,672

116

0.39%

Time deposits

140,921

199

0.56%


148,721

701

1.89%

Total interest-bearing deposits

438,666

286

0.26%


363,855

828

0.91%

FHLB advances and other borrowings

16,118

46

1.13%


50,935

252

1.98%

Subordinated debentures

20,786

216

4.16%


15,309

84

2.20%

Total interest-bearing liabilities

475,570

548

0.46%


430,099

1,164

1.08%

Noninterest bearing deposits

178,456




140,338



Other liabilities

10,543




9,603



Shareholders' equity

68,913




58,285



Total liabilities and shareholders' equity

$     733,482




$      638,325











Net interest income (tax equivalent) / interest
  rate spread


$         5,601

3.23%



$       5,817

3.83%

Net Interest Margin



3.36%




4.09%









Net interest income decreased $216 thousand, or 3.7%, to $5.6 million for the three months ended March 31, 2021 compared to the three months ended March 31, 2020.  The decrease in net interest income over the period was caused by a decrease in the yield on interest-earning assets.   Yield on interest-earning assets decreased to 3.69% for the three months ended March 31, 2021 from 4.91% for three months ended March 31, 2020.  The decrease was driven by both a change in balance sheet mix and an overall decrease in interest rates stemming from decreases in the federal funds target rate during 2020.  The Company continues to reduce its cost of funds, which decreased to 0.46% for the three months ended March 31, 2021 from 1.08% for the same period in 2020.  Average transaction deposits increased by $66.0 million, to $301.8 million for the three months ended March 31, 2021 from $235.8 million for the three months ended March 31, 2020 and were aided in part by deposit growth as a result of fiscal stimulus. 

CONDENSED CONSOLIDATED BALANCE SHEETS – Unaudited


As of


Mar 31

Dec 31

Sept 30

Jun 30

March 31

($ in thousands, except per share data)

2021

2020

2020

2020

2020

Assets






Cash and cash equivalents:






Cash and due from banks

$                5,547

$                5,521

$                5,133

$                4,952

$              16,869

Interest-bearing deposits with banks

115,577

93,167

134,592

78,299

18,667

Total cash and cash equivalents

121,124

98,688

139,725

83,251

35,536

Time deposits in other banks

256

256

256

255

255

Investment securities:






Investment securities available for sale

54,413

32,759

35,567

28,237

34,842

Investment securities held to maturity

-

-

-

9,318

9,767

Other investments

837

1,076

3,839

4,264

2,989

Total investment securities

55,250

33,835

39,406

41,819

47,598

Mortgage loans held for sale

48,912

35,642

57,853

57,329

34,042

Loans receivable:






Loans

490,326

477,968

478,745

512,384

480,573

Less allowance for loan losses

(6,168)

(6,173)

(5,721)

(4,715)

(3,877)

Loans receivable, net

484,158

471,795

473,024

507,669

476,696

Property and equipment, net

18,465

18,491

20,548

20,523

20,528

Mortgage servicing rights

13,353

12,021

11,000

9,698

8,421

Bank owned life insurance

18,195

18,102

18,001

17,898

17,796

Deferred income taxes

3,234

3,452

3,872

5,068

6,156

Other assets

14,788

17,886

17,970

19,137

13,858

Total assets

777,735

710,168

781,655

762,647

660,886

Liabilities






Deposits

$            661,217

$            594,000

$            595,767

$            582,361

$            506,225

Federal Home Loan Bank advances

10,000

10,000

75,000

85,000

55,000

Federal funds and repurchase agreements

6,955

5,523

12,591

2,464

16,530

Subordinated debentures

10,487

10,459

10,427

10,358

4,835

Junior subordinated debentures

10,310

10,310

10,310

10,310

10,310

Other liabilities

10,548

11,147

10,178

9,814

9,971

Total liabilities

709,517

641,439

714,273

700,307

602,871

Shareholders' equity






Preferred stock - Series D non-cumulative, no par
  value

1

1

1

1

1

Common Stock - $.01 par value; 20,000,000 shares
  authorized

88

82

81

81

81

Non-Voting Common Stock, $.01 par value;
  430,000 shares authorized

-

4

4

4

4

Treasury stock, at cost

(3,744)

(1,680)

(1,488)

(1,478)

(1,402)

Nonvested restricted stock

(2,868)

(1,487)

(1,577)

(1,748)

(1,757)

Additional paid-in capital

53,617

51,972

51,824

51,822

51,652

Retained earnings

20,417

18,709

17,320

12,852

8,830

Accumulated other comprehensive income

707

1,128

1,217

806

606

Total shareholders' equity

68,218

68,729

67,382

62,340

58,015

Total liabilities and shareholders' equity

$            777,735

$            710,168

$            781,655

$            762,647

$            660,886

 

COMMON STOCK SUMMARY - Unaudited





As of




Mar 31

Dec 31

Sept 30

Jun 30

Mar 31

(shares in thousands)

2021

2020

2020

2020

2020

Voting common shares outstanding

8,784

8,154

8,129

8,133

8,103

Non-voting common shares outstanding

-

410

410

410

410

Treasury shares outstanding

(481)

(234)

(202)

(200)

(187)

  Total common shares outstanding

8,303

8,330

8,337

8,343

8,326







Tangible book value per common share(5)

$                  8.09

$                  8.12

$                  7.95

$                  7.34

$                  6.83







Stock price:






  High

$                10.00

$                  7.80

$                  6.05

$                  5.50

$                  7.82

  Low

$                  7.46

$                  5.55

$                  4.85

$                  4.93

$                  5.50

  Period end

$                  9.90

$                  7.75

$                  6.05

$                  5.07

$                  5.50

 

 ASSET QUALITY MEASURES – Unaudited



Ending Balance


Mar 31

Dec 31

Sept 30

June 30

Mar 31

(dollars in thousands)

2021

2020

2020

2020

2020

Nonperforming Assets






Commercial






Owner occupied RE

$                  385

$                  394

$                  404

$                   413

$                    416

Non-owner occupied RE

-

-

-

-

-

Construction

-

-

-

-

-

Commercial business

-

-

-

135

12

Consumer






Real estate

344

461

346

345

356

Home equity

-

-

-

-

-

Construction

-

-

-

-

-

Other

164

242

299

206

246

Nonaccruing troubled debt restructurings

252

270

291

318

298

Total nonaccrual loans

$               1,145

$               1,367

$               1,340

$                1,417

$                 1,328

Other real estate owned

150

164

164

209

392

Total nonperforming assets

$               1,295

$               1,531

$               1,504

$                1,626

$                 1,720

Nonperforming assets as a percentage of:






Total assets

0.17%

0.21%

0.19%

0.21%

0.26%

Total loans receivable

0.26%

0.32%

0.31%

0.32%

0.36%

Accruing troubled debt restructurings

$               1,544

$               1,584

$               2,508

$                2,620

$                 3,502








Quarter Ended


Mar 31

Dec 31

Sept 30

June 30

March 31

(dollars in thousands)

2021

2020

2020

2020

2020

Allowance for Loan Losses






Balance, beginning of period

$               6,173

$               5,721

$               4,715

$                3,877

$                 3,547

Loans charged-off

55

43

76

452

168

Recoveries of loans previously charged-off

50

145

82

112

118

Net charge-offs (recoveries)

5

(102)

(6)

340

50

Provision for loan losses

-

350

1,000

1,178

380

Balance, end of period

$               6,168

$               6,173

$               5,721

$                4,715

$                 3,877

Allowance for loan losses to gross loans receivable

1.26%

1.29%

1.20%

0.92%

0.81%

Allowance for loan losses to nonaccrual loans

538.69%

451.57%

426.94%

332.75%

291.94%


Footnotes to table located at the end of this release.

Our asset quality continued to be strong through March 31, 2021, with nonperforming assets decreasing to $1.3 million at March 31, 2021 from $1.5 million at December 31, 2020.  The ratio of nonperforming assets to total assets declined to 0.17% at March 31, 2021, a decrease of 4 basis points compared to December 31, 2020.  Other real estate owned and repossessed assets remain nominal.  The allowance for loan losses as a percentage of total loans receivable decreased slightly to 1.26% at March 31, 2021, compared to 1.29% at December 31, 2020.  The Company had net charge-offs of $5 thousand for the three months ended March 31, 2021 compared to net recoveries of $102 thousand for the three months ended December 31, 2020.

LOAN COMPOSITION – Unaudited



Quarter Ended


Mar 31

Dec 31

Sept 30

June 30

Mar 31

(dollars in thousands)

2021

2020

2020

2020

2020

Commercial






Owner occupied RE

$             106,354

$             106,721

$             104,173

$             113,205

$             115,711

Non-owner occupied RE

84,837

88,560

79,838

70,748

69,474

Construction

23,364

29,099

35,579

35,029

29,523

Business

63,748

57,512

63,163

62,464

63,522

PPP

17,374

-

-

30,211

-

Total commercial loans

295,677

281,892

282,753

311,657

278,230

Consumer






Real Estate

95,849

96,458

97,904

99,565

97,465

Home equity

17,645

19,456

20,244

21,895

21,362

Construction

13,328

13,892

12,831

11,642

9,617

Other

67,827

66,270

65,013

67,625

73,899

Total consumer loans

194,649

196,076

195,992

200,727

202,343

Total loans, net of deferred fees

490,326

477,968

478,745

512,384

480,573

Less allowance for loan losses

6,168

6,173

5,721

4,715

3,877

Total loans, net

$             484,158

$             471,795

$             473,024

$             507,669

476,696

 

DEPOSIT COMPOSITION – Unaudited



Quarter Ended


Mar 31

Dec 31

Sept 30

June 30

Mar 31 

(dollars in thousands)

2021

2020

2020

2020

2020

Non-interest bearing

$         197,831

$         167,274

$         173,628

$         185,208

$         144,359

Interest bearing:






NOW accounts

131,304

120,891

108,152

103,732

104,003

Money market accounts

137,913

119,716

113,203

101,083

94,778

Savings

52,085

46,688

41,549

34,392

26,270

Time, less than $250,000

109,295

105,327

122,139

120,782

104,841

Time, $250,000 and over

32,789

34,104

37,096

37,164

31,974

Total deposits

$         661,217

$         594,000

$         595,767

$         582,361

506,225

 

Footnotes to tables:


(1)

Total revenue is the sum of net interest income and noninterest income.

(2)

Annualized for the respective three-month period.

(3)

Noninterest expense divided by the sum of net interest income and noninterest income annualized for respective three-month period.

(4)

Includes noninterest-bearing and interest-bearing 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, First Reliance Bancshares, Inc. (OTC: FSRL.OB), is based in Florence, South Carolina and has assets of approximately $778 million.  The Company employs more than 170 professionals and has locations throughout South Carolina and central North Carolina.  First Reliance has redefined community banking with a commitment to making customers lives better, its founding principle.  Customers of the company have given it a 93% customer satisfaction rating well above the bank industry average of 81%.  First Reliance is also one of three companies throughout South Carolina to receive the Best Places To Work in South Carolina award all 15 years since the program began.  We believe that this recognition confirms that our associates are engaged and committed to our brand and the communities we serve.  In addition to offering a full range of personalized community banking products and services for individuals, small businesses, and corporations, First Reliance offers two unique community-customers programs, which include:  Hometown Heroes, a package of benefits for those serving our communities and Check N Save, an outreach program for the unbanked or under-banked.  We also offer a full suite of digital banking services, a Customer Service Guaranty, a Mortgage Service Guaranty, and are open on most traditional holidays.

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 the United States economy in general and the strength of the local economies in which we conduct operations may be different than expected resulting in, among other things, a deterioration in the credit quality or a reduced demand for credit, including the resultant effect on the Company's loan portfolio and allowance for loan losses; (3) the rate of delinquencies and amounts of charge-offs, the level of allowance for loan loss, the rates of loan growth, or adverse changes in asset quality in our loan portfolio, which may result in increased credit risk-related losses and expenses; (4) the risk that the preliminary financial information reported herein and our current preliminary analysis will be different when our review is finalized; (5) changes in the U.S. legal and regulatory framework including, but not limited to, the Dodd-Frank Act and regulations adopted thereunder; (6) adverse conditions in the stock market, the public debt market and other capital markets (including changes in interest rate conditions) could have a negative impact on the Company, including the value of its MSR asset; (7) the business related to acquisitions may not be integrated successfully or such integration may take longer to accomplish than expected; (8) the expected cost savings and any revenue synergies from acquisitions may not be fully realized within expected timeframes; and (9) disruption from acquisitions may make it more difficult to maintain relationships with clients, associates or suppliers.  Moreover, a trade war or other governmental action related to tariffs or international trade agreements or policies, as well as Covid-19 or other potential epidemics or pandemics, have the potential to negatively impact ours and/or our customers' costs, demand for our customers' products, and/or the U.S. economy or certain sectors thereof and, thus, adversely affect our business, financial condition, and results of operations.  All subsequent written and oral forward-looking statements concerning the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.  We do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

Contact:
Robert Haile
SEVP & Chief Financial Officer
(843) 656-5000
rhaile@firstreliance.com

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SOURCE First Reliance Bancshares

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