- First Reliance Bancshares (OTC: FSRL) reported a 30.3% increase in net income for Q1 2025, reaching $1.6 million.
- Total deposits increased by 11.5% annualized to $978.7 million.
- Regulatory approvals obtained for the sale of two North Carolina branches to Carter Bank with closure expected in May 2025.
First Reliance Bancshares (OTC: FSRL) announced robust financial results for the first quarter of 2025. The company reported a net income increase of 30.3% to $1.6 million, or $0.19 per diluted share, up from $0.15 per diluted share in the same period last year. Excluding certain items, operating earnings reached $1.7 million or $0.20 per diluted share compared to $1.2 million or $0.15 per diluted share in Q1 2024.
Total deposits saw a remarkable growth of 11.5% annualized, reaching $978.7 million at the end of the quarter, a significant increase from $881.3 million in the first quarter of 2024. The company's net interest income rose by 21.6% to $8.8 million, with a net interest margin improvement to 3.49% from 3.11% in the previous year.
The company also announced it has received all regulatory approvals to sell its two North Carolina branches to Carter Bank, with the transaction expected to close in May 2025. This strategic move is anticipated to enhance operational efficiency. Asset quality remained strong, with nonperforming assets declining to 0.09% of total assets, highlighting improved credit quality management.
With these developments, First Reliance continues to demonstrate its commitment to growth and financial stability, ensuring promising returns for its shareholders.
