First Reliance Bank

Report generated from DepositInsuredBanks.com
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Overview

FDIC Cert 35214
Address
2170 West Palmetto Street, Florence, SC 29501
FDIC Unique Number 76181
Federal Reserve ID 2839790
Federal Reserve ID for Bank Holding Company 3070312
OCC Charter Number 0
OTS Docket Number Not available or not applicable
MSA Florence, SC
County Florence
Website http://Firstreliance.com
Established On 08/16/1999
Insured On 08/16/1999
Holding Company First Reliance Bancshares, Inc.
Regulator Federal Deposit Insurance Corporation
Asset Concentration Commercial Lending Specialization
Ownership Type
Domestic Offices 11
Foreign Offices
Bank Charter Class NM - Commercial bank, state charter and Fed nonmember, supervised by the FDIC

Recent Changes

Merge BIF and SAIF Funds into DIF

Financial Snapshot

USD, Thousands
Total Assets 385,854
Total Deposits 291,583
Domestic Deposits 291,583
Bank Equity Capital 47,727
Year to Date Quarterly
Net Income USD, 000 7,733 728
Return on Assets 2.74% 0.76%
Return on Equity 22.71% 6.15%
Pre-Tax Return on Assets 0.64% 1.14%
as of 09/30/2015

Financial Health

As of 09/30/2015
Low Risk

The Texas ratio is a measure of a bank's credit troubles. It is a way to measure how risky a bank is. The higher the Texas ratio, the more severe the credit troubles. Any bank with a TX Ratio near or greater than 100% is considered at risk. Developed by Gerard Cassidy and others at RBC Capital Markets, it is calculated by dividing the value of the lender's non-performing assets (Non performing loans + Real Estate Owned) by the sum of its tangible common equity capital and loan loss reserves.

First Reliance Bank has a texas ratio of 14.28 which puts it at low risk. As of 09/30/2015 the bank had $1,852 Non Current Loans and Leases, $5,343 Other Real Estate Owned, $47,727 Total Equity Capital and $2,663 Loan Loss Allowance.

Historical Texas Ratios

Date Non Current Loans and Leases Other Real Estate Owned Total Equity Capital Loan Loss Allowance TX Ratio
09/30/2015 $1,852 $5,343 $47,727 $2,663 14.28
06/30/2015 $2,033 $5,609 $46,958 $2,560 15.43
03/31/2015 $4,081 $1,986 $43,782 $2,765 13.03
12/31/2014 $4,406 $2,444 $43,167 $3,006 14.84
09/30/2014 $2,046 $2,009 $42,848 $2,900 8.86
06/30/2014 $5,641 $7,270 $39,141 $2,856 30.74
03/31/2014 $7,688 $7,236 $38,652 $2,803 36
12/31/2013 $8,763 $8,932 $38,283 $2,894 42.97
09/30/2013 $8,927 $13,914 $43,397 $2,899 49.34
06/30/2013 $12,148 $16,179 $46,162 $3,540 56.99
03/31/2013 $20,086 $15,075 $46,861 $4,198 68.86
12/31/2012 $20,979 $15,290 $46,885 $4,167 71.04
09/30/2012 $22,077 $15,359 $47,820 $4,341 71.77
06/30/2012 $18,027 $22,261 $47,405 $5,242 76.52
03/31/2012 $22,792 $23,812 $46,941 $5,749 88.45
12/31/2011 $23,114 $22,136 $46,943 $7,743 82.75
09/30/2011 $23,535 $19,439 $48,341 $6,423 78.47
06/30/2011 $24,833 $19,673 $55,033 $4,696 74.51
03/31/2011 $25,026 $17,852 $53,482 $5,698 72.45
12/31/2010 $21,778 $14,669 $53,199 $6,271 61.29
09/30/2010 $23,032 $12,742 $55,295 $6,820 57.59
06/30/2010 $21,759 $12,268 $54,158 $7,049 55.59
03/31/2010 $24,788 $7,249 $53,165 $6,725 53.49
12/31/2009 $25,448 $8,954 $51,948 $9,423 56.06
09/30/2009 $25,345 $7,144 $57,841 $7,836 49.47
06/30/2009 $27,812 $3,902 $55,399 $7,541 50.39
03/31/2009 $22,936 $1,423 $56,818 $7,331 37.97

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Assets and Liabilities

Figures in USD, Thousands 09/30/2015 06/30/2015 03/31/2015 12/31/2014 09/30/2014 Charts
Total employees (full-time equivalent) 118 117 123 103 99 Chart
Total Assets 385,854 379,416 375,148 366,850 367,133 Chart
Cash & Balances due from depository institutions 21,288 14,724 31,725 23,317 25,200 Chart
Interest-bearing balances 17,536 11,352 26,936 17,992 20,309 Chart
Securities 38,059 39,871 42,260 44,400 46,134 Chart
Federal funds sold and reverse repurchase 0 0 0 0 0 Chart
Net loans and leases 275,549 273,166 260,145 257,290 254,757 Chart
Loan loss allowance 2,663 2,560 2,765 3,006 2,900 Chart
Trading account assets 0 0 0 0 0 Chart
Bank premises and fixed assets 19,303 19,494 19,686 19,836 19,917 Chart
Other real estate owned 5,343 5,609 1,986 2,444 2,009 Chart
Goodwill and other intangibles 0 0 0 0 0 Chart
All other assets 26,312 26,552 19,346 19,563 19,116 Chart
Total Liabilities and Capital 385,854 379,416 375,148 366,850 367,133 Chart
Total Liabilities 338,127 332,458 331,366 323,683 324,285 Chart
Total deposits 291,583 288,675 294,589 288,334 295,396 Chart
Interest-bearing deposits 217,976 218,036 223,552 219,873 222,997 Chart
Deposits held in domestic offices 291,583 288,675 294,589 288,334 295,396 Chart
% insured (estimated) 83% 82% 78% 78% 77% Chart
Federal funds purchased and repurchase agreements 7,496 9,244 8,738 7,573 7,640 Chart
Trading liabilities 0 0 0 0 0 Chart
Other borrowed funds 35,000 31,000 25,000 25,000 17,000 Chart
Subordinated debt 0 0 0 0 0 Chart
All other liabilities 4,048 3,539 3,039 2,776 4,249 Chart
Total equity capital 47,727 46,958 43,782 43,167 42,848 Chart
Bank equity capital 47,727 46,958 43,782 43,167 42,848 Chart
Perpetual preferred stock 0 0 0 0 0 Chart
Common stock 14 14 14 14 14 Chart
Surplus 42,782 42,782 45,944 45,944 45,944 Chart
Undivided profits 4,931 4,162 -2,176 -2,791 -3,110 Chart
Equity, minor interest in consolidated subs 0 0 0 0 0 Chart
Memoranda
Noncurrent loans and leases 1,852 2,033 4,081 4,406 2,046 Chart
Noncurrent loans which are wholly or partially guaranteed by the U.S. 0 0 0 0 0 Chart
Income earned, not collected on loans 934 1,014 959 1,100 1,119 Chart
Earning assets 331,144 324,389 329,341 319,682 321,200 Chart
Long-term assets (5+ years) 71,623 82,955 69,959 74,491 76,134 Chart
Average total assets 376,817 373,805 370,999 360,939 359,461 Chart
Average assets, quarterly 382,635 377,282 370,999 366,992 365,141 Chart
Total risk weighted assets adjusted 308,996 314,598 298,514 294,740 291,761 Chart
Adjusted average assets for leverage capital purposes 371,756 360,805 365,846 363,976 360,723 Chart
Life insurance assets 13,531 13,447 13,364 13,283 13,198 Chart
General account life insurance assets 9,114 9,057 9,000 8,945 8,888 Chart
Separate account life insurance assets 0 0 0 0 0 Chart
Hybrid life insurance assets 4,417 4,390 4,364 4,338 4,310 Chart
Volatile liabilities 46,630 34,124 38,218 37,668 29,856 Chart
Insider loans 1,581 1,695 1,868 1,904 1,803 Chart
FHLB advances 35,000 31,000 25,000 25,000 17,000 Chart
Loans and leases held for sale 16,972 13,899 3,510 1,970 2,568 Chart
Unused loan commitments 33,560 31,351 29,502 32,670 33,848 Chart
Tier one (core) capital 39,971 39,317 42,669 41,050 40,722 Chart
Tier 2 Risk-based capital 2,663 2,560 2,762 3,006 2,900 Chart
Total unused commitments 33,560 31,351 29,502 32,670 33,848 Chart
Derivatives 22,259 13,651 0 2,456 0 Chart

Income and Expenses

Figures in USD, Thousands 09/30/2015 06/30/2015 03/31/2015 12/31/2014 09/30/2014 Charts
Total interest income 11,328 7,480 3,704 15,173 11,123 Chart
Total interest expense 460 327 185 913 722 Chart
Net interest income 10,868 7,153 3,519 14,260 10,401 Chart
Provision for loan and lease losses 191 161 77 706 98 Chart
Total noninterest income 4,872 2,850 1,138 4,623 3,511 Chart
Gross Fiduciary activities income 0 0 0 0 0 Chart
Service charges on deposit accounts 1,070 696 361 1,625 1,204 Chart
Trading account gains and fees 0 0 0 0 0 Chart
Additional Noninterest Income 3,802 2,154 777 2,998 2,307 Chart
Total noninterest expense 13,752 9,132 3,974 16,035 12,152 Chart
Salaries and employee benefits 7,191 4,731 2,100 7,318 5,396 Chart
Premises and equipment expense 1,514 1,001 481 1,993 1,483 Chart
Additional noninterest expense 5,047 3,400 1,393 6,724 5,273 Chart
Pre-tax net operating income 1,797 710 606 2,142 1,662 Chart
Securities gains (losses) 10 10 0 5 5 Chart
Applicable income taxes -5,926 -6,285 22 -2,820 -2,971 Chart
Income before extraordinary items 7,733 7,005 584 4,967 4,638 Chart
Extraordinary gains, net 0 0 0 0 0 Chart
Net income 7,733 7,005 584 4,967 4,638 Chart
Minority interest net income 0 0 0 0 0 Chart
Net income of bank and minority interests 7,733 7,005 584 4,967 4,638 Chart
Net charge-offs 534 607 318 598 92 Chart
Cash dividends 3,162 0 0 0 0 Chart
Sale, conversion, retirement of capital stock, net 0 0 0 0 0 Chart
Net operating income 7,723 6,995 584 4,962 4,633 Chart

Securities

Figures in USD, Thousands 09/30/2015 06/30/2015 03/31/2015 12/31/2014 09/30/2014 Charts
Total securities 38,059 39,871 42,260 44,400 46,134 Chart
U.S. Government securities 32,066 33,874 36,316 38,448 40,163 Chart
U.S. Treasury securities 0 0 0 0 0 Chart
U.S. Government agency obligations 32,066 33,874 36,316 38,448 40,163 Chart
Securities issued by states & political subdivisions 3,127 3,130 3,134 3,137 3,140 Chart
Other domestic debt securities 2,866 2,867 2,810 2,815 2,831 Chart
Privately issued residential mortgage-backed securities 0 0 0 0 0 Chart
Commercial mortgage-backed securities - Total 0 0 0 0 0 Chart
Asset backed securities 0 0 0 0 0 Chart
Structured financial products - Total 0 0 0 0 0 Chart
Other domestic debt securities - All other 2,866 2,867 2,810 2,815 2,831 Chart
Foreign debt securities 0 0 0 0 0 Chart
Equity securities 0 0 0 0 0 Chart
Assets held in trading accounts for TFR Reporters 0 0 0 0 0 Chart
General valuation allowances for securities for TFR Reporters 0 0 0 0 0 Chart
Memoranda
Pledged securities 10,100 10,155 8,850 18,239 18,268 Chart
Mortgage-backed securities 21,292 22,889 30,220 32,099 33,755 Chart
Certificates of participation in pools of residential mortgages 12,363 13,182 18,179 19,390 20,389 Chart
Issued or guaranteed by U.S. 12,363 13,182 18,179 19,390 20,389 Chart
Privately issued 0 0 0 0 0 Chart
Collaterized mortgage obligations 8,929 9,707 12,041 12,709 13,366 Chart
CMOs issued by government agencies or sponsored agencies 8,929 9,707 12,041 12,709 13,366 Chart
Privately issued 0 0 0 0 0 Chart
Commercial mortgage-backed securities 0 0 0 0 0 Chart
Commercial mortgage pass-through securities 0 0 0 0 0 Chart
Other commercial mortgage-backed securities 0 0 0 0 0 Chart
Held to maturity securities (book value) 26,557 28,225 29,733 31,384 32,626 Chart
Available-for-sale securities (fair market value) 11,502 11,646 12,527 13,016 13,508 Chart
Total debt securities 38,059 39,871 42,260 44,400 46,134 Chart
Structured Notes
Amortized cost 0 0 0 0 0 Chart
Fair value 0 0 0 0 0 Chart
Trading account assets 0 0 0 0 0 Chart
Revaluation gains on off-balance sheet contracts 0 0 0 0 0 Chart
Revaluation losses on off-balance sheet contracts 0 0 0 0 0 Chart

Performance and Condition Ratios

Figures in USD, Thousands 09/30/2015 06/30/2015 03/31/2015 12/31/2014 09/30/2014 Charts
% of unprofitable institutions N/A N/A N/A N/A N/A Chart
% of insitutions with earnings gains N/A N/A N/A N/A N/A Chart
Performance Ratios (%, annualized)
Yield on earning assets 4.63% 4.61% 4.57% 4.84% 4.75% Chart
Cost of funding earning assets 0.19% 0.20% 0.23% 0.29% 0.31% Chart
Net interest margin 4.44% 4.41% 4.34% 4.55% 4.44% Chart
Noninterest income to average assets 1.72% 1.52% 1.23% 1.28% 1.30% Chart
Noninterest expense to average assets 4.87% 4.89% 4.28% 4.44% 4.51% Chart
Loan and lease loss provision to assets 0.07% 0.09% 0.08% 0.20% 0.04% Chart
Net operating income to assets 2.73% 3.74% 0.63% 1.37% 1.72% Chart
Return on assets (ROA) 2.74% 3.75% 0.63% 1.38% 1.72% Chart
Pretax return on assets 0.64% 0.39% 0.65% 0.59% 0.62% Chart
Return on Equity (ROE) 22.71% 31.39% 5.37% 12.29% 15.56% Chart
Retained earnings to average equity (YTD only) 13.42% 31.39% 5.37% 12.29% 15.56% Chart
Net charge-offs to loans 0.26% 0.46% 0.49% 0.24% 0.05% Chart
Credit loss provision to net charge-offs 35.77% 26.52% 24.21% 118.06% 106.52% Chart
Earnings coverage of net charge-offs (x) 3.72% 1.43% 2.15% 4.76% 19.13% Chart
Efficiency ratio 87.37% 91.29% 85.33% 84.92% 87.35% Chart
Assets per employee ($millions) 3.27% 3.24% 3.05% 3.56% 3.71% Chart
Cash dividends to net income (YTD only) 40.89% 0.00% 0.00% 0.00% 0.00% Chart
Condition Ratios (%)
Loss allowance to loans 0.96% 0.93% 1.05% 1.15% 1.13% Chart
Loan loss allowance to noncurrent loans 143.79% 125.92% 67.75% 68.23% 141.74% Chart
Noncurrent assets plus other real estate owned to assets 1.86% 2.01% 1.62% 1.87% 1.10% Chart
Noncurrent loans to loans 0.67% 0.74% 1.55% 1.69% 0.79% Chart
Net loans and leases to total assets 71.41% 72.00% 69.34% 70.13% 69.39% Chart
Net loans and leases to deposits 94.50% 94.63% 88.31% 89.23% 86.24% Chart
Net loans and leases to core deposits 101.50% 101.47% 96.97% 98.76% 95.25% Chart
Total domestic deposits to total assets 75.57% 76.08% 78.53% 78.60% 80.46% Chart
Equity capital to assets 12.37% 12.38% 11.67% 11.77% 11.67% Chart
Core capital (leverage) ratio 10.75% 10.90% 11.66% 11.28% 11.29% Chart
Tier 1 risk-based capital ratio 12.94% 12.50% 14.29% 13.93% 13.96% Chart
Total risk-based capital ratio 13.80% 13.31% 15.22% 14.95% 14.95% Chart
Memoranda
Average total assets 376,817 373,805 370,999 360,939 359,461 Chart
Average earning assets 326,139 324,471 324,512 313,549 312,016 Chart
Average equity 45,409 44,636 43,475 40,418 39,731 Chart
Average loans 269,286 266,311 261,603 250,407 247,934 Chart