First Reliance Bancshares, Inc. (FSRL: Pink Current) | First Reliance Bancshares Reports Fourth Quarter 2024 Results
First Reliance Bancshares reported strong financial performance for the fourth quarter and full year 2024:
Key Financial Highlights
- Net income increased 18.3% in Q4 2024, reaching $0.9 million
- Full year 2024 net income rose to $5.9 million, up from $4.6 million in 2023
- Book value per share increased 10.4% to $9.68
- Net interest margin improved to 3.38%
Business Performance
- Total loans grew 7.9% annually to $753.7 million
- Deposits remained stable at $951.4 million
- Asset quality remained strong, with nonperforming assets at just 0.11% of total assets
Strategic Priorities
CEO Rick Saunders highlighted key focus areas for 2025:
- Growing operating earnings
- Expanding client base
- Providing exceptional banking services
- Managing expenses while anticipating increased revenue
- Leveraging strong market positions
Notable Achievements
- Operating earnings per share increased 17% for the year
- Mortgage banking income significantly contributed to noninterest income
- Continued optimization of fixed assets and lease management
The bank enters 2025 with a strong financial foundation and optimistic outlook for continued growth.
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