First Reliance announces strong 2nd quarter results
July 31, 2015
FLORENCE, SC – First Reliance Bancshares, Inc. (OTC: FSRL) announced that it had net income of $7.0 million for the quarter ended June 30, 2015. This compares to a net income of $372,331 for the quarter ended June 30, 2014. The increase in net income is largely attributed to a deferred tax asset recapture of $6.9 million.
Additionally, the Company had one-time credit and mortgage charges of $585,000 during the quarter ended June 30, 2015.
Net income for six months ended June 30, 2015 was $7.5 million. This compares to net income of $718,689 for the six months ended June 30, 2014.
Operating results were positively impacted by asset growth of $13 million since December 31, 2014 through robust retail and correspondent mortgage production and continued consumer loan and 1-4 family mortgage originations.
~
