First Reliance reports record 4Q16 pre-tax income of $1.4 million

FLORENCE, SC – First Reliance Bancshares, Inc. (OTC: FSRL), the holding company for First Reliance Bank, reported fourth quarter 2016 pre-tax profits of $1,441,795.  This is the 12^th consecutive quarter of profitability which continues to be fueled by strong loan and deposit growth, and expanding operating efficiencies.  In the fourth quarter of 2016, pre-tax income is up 52.72% compared to $944,100 in the fourth quarter a year ago.  Net income totaled $957,216 for the quarter ended December 3 1, 2016.  Net income to common shareholders improved 252.38% in the fourth quarter of 2016 to $957,216 or $0.21 per diluted share from $271,491 or $0.14 per diluted share from fourth quarter 2015 as a result of redeeming 100% of the TARP funds in the third quarter of 2016.