Florence, South Carolina, October 26, 2025
First Reliance Bancshares, Inc.
First Reliance Bancshares, Inc. is a bank holding company headquartered in Florence, South Carolina, serving the local community with a diverse range of banking products and services. Established to support individuals and businesses across South Carolina, the company emphasizes customer service and financial stability. Over the years, it has grown its assets to approximately $1.1 billion, with total loans receivable of $780 million and deposits totaling $959 million as of September 30, 2025. First Reliance has demonstrated strong financial performance with consistent revenue growth, improved net interest margins, and disciplined credit management, reflecting its strategic focus on sound banking practices and community development.
News Summary
First Reliance Bancshares, Inc. has announced a strong financial performance for the third quarter, with net income rising to $2.7 million. This represents a 50% increase compared to the same period last year, alongside a revenue of $12.2 million. The company also noted improved operating earnings, asset quality, and a tangible book value per share increase of 14.6%. Overall, the bank showcases significant growth and stability amidst economic changes.
Florence, South Carolina – First Reliance Bancshares, Inc. has reported a positive financial performance for the third quarter of 2025, with net income reaching $2.7 million, or $0.33 per diluted common share. This reflects a significant increase compared to the same period in 2024, where the net income was at $1.8 million, equivalent to $0.22 per diluted share. The improvement in earnings is accompanied by a strong revenue figure of $12.2 million for the quarter.
Operating earnings for Q3 2025 aligned with net income figures at $2.7 million, also showing a remarkable 22% rise in earnings per share compared to Q2 2025. The company’s net interest margin has improved to 3.66%, which is an increase of 13 basis points from the previous quarter. Furthermore, First Reliance Bancshares recorded an adjusted efficiency ratio of 69.6%, a key indicator of the company’s operational efficiency.
As of September 30, 2025, the total assets of First Reliance amounted to $1.1 billion, with total loans receivable at $780 million and total deposits reaching $959 million. This reflected a robust growth in deposit balances, which increased by $9 million, marking a 3.8% annualized growth rate. Meanwhile, loan growth was subdued mainly due to paydowns connected to branch sales in North Carolina.
The asset quality of the company remains strong, with nonperforming assets reported at just 0.03% of total assets and minimal net charge-offs at 0.02% of total loans. The allowance for credit losses was a solid 1.12% of total loans receivable, contributing to a favorable outlook on credit quality within the bank.
First Reliance Bancshares’ noninterest income for the third quarter reached $2.8 million, a substantial increase of $1 million compared to Q3 2024. Mortgage banking income played a key role in this uptick, contributing $1.6 million to the overall noninterest income. However, the noninterest expenses grew to $8.5 million, which is an increase of $941 thousand from the previous year, largely due to heightened compensation and benefits costs.
The company’s tangible book value per share increased to $11.33, representing a rise of 14.6% with an increase of $1.44 over the last year. The return on average tangible equity year-to-date, excluding nonrecurring items, stood at an impressive 10.83%. Currently, First Reliance employs around 166 professionals and operates across various locations in South Carolina.
Summary of Financial Performance
| Metric | Q3 2025 | Q3 2024 | Change |
|---|---|---|---|
| Net Income | $2.7 million ($0.33 per share) | $1.8 million ($0.22 per share) | +50% |
| Total Revenue | $12.2 million | N/A | N/A |
| Current Assets | $1.1 billion | N/A | N/A |
| Total Loans Receivable | $780 million | N/A | N/A |
| Total Deposits | $959 million | N/A | N/A |
| Tangible Book Value per Share | $11.33 | N/A | +14.6% |
Background on First Reliance Bancshares
First Reliance Bancshares, Inc. is a bank holding company based in South Carolina that serves both individuals and businesses throughout the state. Established to provide a spectrum of banking products and services, the company emphasizes customer service and the development of local communities. The growth and stability reported in Q3 2025 underscore First Reliance’s commitment to sound financial practices and strategic decision-making as it navigates the economic landscape.
FAQs
What was the net income for First Reliance Bancshares in Q3 2025?
The net income for Q3 2025 was $2.7 million, or $0.33 per diluted common share.
How much did the deposits increase in Q3 2025?
Deposits grew by $9 million, which is a 3.8% annualized increase.
What is the noninterest income for First Reliance Bancshares in Q3 2025?
Noninterest income for Q3 2025 was reported at $2.8 million, which is an increase of $1 million compared to Q3 2024.
Deeper Dive: News & Info About This Topic
HERE Resources
Additional Resources
- PR Newswire: First Reliance Bancshares Q3 2025 Results
- PR Newswire: First Reliance Bancshares Q2 2025 Results
- Island Packet: Local Crime News
- PR Newswire: First Reliance Bancshares Q1 2025 Results
- Post and Courier: United Way Florence County Day of Caring
- Wikipedia: First Reliance Bancshares
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