First Reliance Bancshares Reports Second Quarter 2022 Results

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Jul 29, 2022, 08:30 ET

FLORENCE, S.C., July 29, 2022 /PRNewswire/ -- First Reliance Bancshares, Inc. (OTC:FSRL), the holding company for First Reliance Bank (collectively, "First Reliance" or the "Company"), today announced its financial results for the second quarter of 2022.

Second Quarter 2022 Highlights

Net income for the second quarter of 2022 was $1.1 million, or $0.13 per diluted share, compared to $1.3 million, or $0.17 per diluted share, for the second quarter of 2021.
Net interest income for the quarter was $7.3 million, which represents an increase of $1.1 million, or 18.0%, compared to the same period as last year.
Net interest margin expanded during the quarter to 3.39% at June 30, 2022 compared to 3.12% for the first quarter of 2022.
Total loans increased $45.9 million, or 30.8% annualized, to $638.0 million at June 30, 2022 from $592.1 million at March 31, 2022.
Total investment securities available for sale increased $20.0 million, or 55% annualized, to $164.4 million at June 30, 2022 from $144.4 million at March 31, 2022.
During June, the bank closed our Taylor's branch in Greenville, SC. Full cost savings will be realized by the end of the third quarter.
Asset quality improved on a linked quarter basis, with a decrease of 0.05% in nonperforming assets as a percentage of total assets to 0.06% at June 30, 2022.
The Company had net recoveries of $178 thousand, or annualized 0.12% of average loans during the quarter compared to net recoveries of $81 thousand, or annualized 0.06% of average loans, for the quarter ended March 31, 2022.
Cost of funds for the second quarter of 2022 decreased to 0.21% from 0.22% on a linked quarter basis and from 0.40% for the same period in 2021.

Rick Saunders, Chief Executive Officer, remarked: "We are pleased with the increase in the profitability of our core banking business highlighted by a 27 bps increase in net interest margin for the second quarter. Our bankers were able to find high quality loan opportunities during the quarter as we continue to focus on disciplined growth. We're proud of our strong asset quality metrics and will remain vigilant as we prepare our balance sheet for a softening in the national macro-economic environment."

Mr. Saunders continued, "For the last several quarters, our mortgage revenue has faced headwinds from rising interest rates and low housing supply, however we look forward to our mortgage business stabilizing in the second half of 2022."

Financial Summary
		Three Months Ended				Six Months Ended
	Jun 30	Mar 31	Dec 31	Sept 30	June 30	Jun 30	Jun 30
($ in thousands, except per share data)	2022	2022	2021	2021	2021	2022	2021
Earnings:
Net income available to common shareholders	$ 1,064	$ 852	$ 932	$ 1,288	$ 1,348	$ 1,916	$ 3,056
Earnings per common share, diluted	0.13	0.11	0.12	0.16	0.17	0.24	0.37
Total revenue⁽¹⁾	9,404	9,097	9,253	9,570	10,169	18,501	20,086
Net interest margin	3.39 %	3.12 %	3.10 %	3.12 %	3.40 %	3.25 %	3.41 %
Return on average assets⁽²⁾	0.45 %	0.37 %	0.41 %	0.60 %	0.67 %	0.20 %	0.80 %
Return on average equity⁽²⁾	6.60 %	4.85 %	5.28 %	7.29 %	7.83 %	2.85 %	8.87 %
Efficiency ratio⁽³⁾	84.49 %	87.50 %	88.45 %	83.83 %	81.82 %	85.97 %	79.61 %

	As of
	Jun 30	Mar 31	Dec 31	Sept 30	June 30
(dollars in thousands)	2022	2022	2021	2021	2021
Balance Sheet:
Total assets	$ 946,853	$ 953,784	$ 910,797	$ 911,057	$ 832,241
Total loans receivable	637,953	592,089	586,446	564,738	526,362
Total deposits	830,992	837,663	780,833	787,501	711,505
Total transaction deposits⁽⁴⁾ to total deposits	51.14 %	52.71 %	50.19 %	48.25 %	48.92 %
Loans to deposits	76.77 %	70.68 %	75.11 %	71.71 %	73.98 %
Bank Capital Ratios:
Total risk-based capital ratio	12.97 %	13.67 %	14.07 %	15.80 %	14.89 %
Tier 1 risk-based capital ratio	11.98 %	12.65 %	13.03 %	14.64 %	13.84 %
Tier 1 leverage ratio	9.66 %	9.67 %	9.66 %	10.24 %	10.43 %
Common equity tier 1 capital ratio	11.98 %	12.65 %	13.03 %	14.64 %	13.84 %
Asset Quality Ratios:
Nonperforming assets as a percentage of total assets	0.06 %	0.11 %	0.10 %	0.15 %	0.17 %
Allowance for loan losses as a percentage of total loans receivable	1.17 %	1.22 %	1.20 %	1.23 %	1.20 %

Footnotes to table located at the end of this release.

CONDENSED CONSOLIDATED INCOME STATEMENTS – Unaudited

		Three Months Ended				Six Months Ended
	Jun 30	Mar 31	Dec 31	Sept 30	June 30	June 30
($ in thousands, except per share data)	2022	2022	2021	2021	2021	2022	2021
Interest income
Loans	$ 6,781	$ 6,380	$ 6,663	$ 6,382	$ 6,391	$ 13,161	$ 12,242
Investment securities	840	571	359	294	311	1,411	550
Other interest income	176	73	79	58	38	249	97
Total interest income	7,797	7,024	7,101	6,734	6,740	14,821	12,889
Interest expense
Deposits	212	197	224	257	255	410	541
Other interest expense	252	252	256	213	265	503	527
Total interest expense	464	449	480	470	520	913	1,068
Net interest income	7,333	6,575	6,621	6,264	6,220	13,908	11,821
Provision for loan losses	110	85	95	100	108	195	108
Net interest income after provision for loan losses	7,223	6,490	6,526	6,164	6,112	13,713	11,713
Noninterest income
Mortgage banking income	897	1,420	1,407	2,151	2,582	2,317	5,972
Service fees on deposit accounts	357	362	356	315	272	719	551
Debit card and other service charges, commissions, and fees	559	498	543	532	509	1,057	963
Income from bank owned life insurance	89	88	93	94	94	177	188
Gain on sale of securities, net	-	-	-	42	39	-	39
Gain on sale of loans	-	-	-	-	326	-	326
Gain on disposal of fixed assets	-	10	69	-	-	10	-
Other income	168	144	164	172	127	313	226
Total noninterest income	2,070	2,522	2,632	3,306	3,949	4,593	8,265
Noninterest expense
Compensation and benefits	5,059	5,079	4,965	5,268	5,518	10,138	10,509
Occupancy and equipment	890	893	862	784	779	1,783	1,575
Data processing, technology, and communications	789	837	920	852	916	1,627	1,782
Professional fees	180	180	202	234	242	360	480
Marketing	184	74	150	113	88	258	157
Other	843	897	1,085	772	777	1,740	1,488
Total noninterest expense	7,945	7,960	8,184	8,023	8,320	15,906	15,991
Income before provision for income taxes	1,348	1,052	974	1,447	1,741	2,400	3,987
Income tax expense	284	200	42	159	393	484	931
Net income available to common shareholders	$ 1,064	$ 852	$ 932	$ 1,288	$ 1,348	$ 1,916	$ 3,056

Weighted average common shares - basic	7,782	7,784	7,785	7,750	7,681	7,783	7,730
Weighted average common shares - diluted	8,094	8,100	8,096	8,084	8,164	8,097	8,207
Basic income per common share	$ 0.14	$ 0.11	$ 0.12	$ 0.17	$ 0.18	$ 0.25	$ 0.40
Diluted income per common share	$ 0.13	$ 0.11	$ 0.12	$ 0.16	$ 0.17	$ 0.24	$ 0.37

Net income for the three months ended June 30, 2022 was $1.1 million, or $0.13 per diluted common share, compared to $1.3 million, or $0.17 per diluted common share, for the three months ended June 30, 2021. Net income for the six months ended June 30, 2022 totaled $1.9 million, or $0.24 per diluted common share, compared to $3.1 million, or $0.37 per diluted common share for the six months ended June 30, 2021.

Noninterest income for the three months ended June 30, 2022 was $2.1 million, a decrease of $1.8 million from $3.9 million for the same period in 2021. Noninterest income is largely driven by the Company's mortgage banking division, which produced net revenue of $0.9 million on $73.6 million of mortgage sale volume during the three months ended June 30, 2022. Mortgage banking income decreased due to lower margins, a reduction in the value of the pipeline, and an increase in the amount of mortgages that were retained in our LHFI portfolio from our higher margin retail channel, instead of being sold into the secondary market. For the three months ended June 30, 2021 there was a $0.3 million gain on sale of loans from the sale of the Bank's PPP loan portfolio contributing to the decrease in noninterest income when compared to the same period in 2021.

Noninterest expense for the three months ended June 30, 2022 was $7.9 million, a decrease of $0.4 million from $8.3 million for the same period in 2021. This decrease was driven mainly by a $0.5 million severance expense recorded in the second quarter of 2021. Data processing, technology, and communications for the quarter was down $0.1 million over the same period in 2021.

NET INTEREST INCOME AND MARGIN – Unaudited

	For the Three Months Ended
	June 30, 2022			June 30, 2021
	Average	Income/	Yield/	Average	Income/	Yield/
(dollars in thousands)	Balance	Expense	Rate	Balance	Expense	Rate
Assets
Interest-earning assets
Federal funds sold and interest-bearing deposits	$ 86,552	$ 171	0.79 %	$ 122,289	$ 29	0.09 %
Investment securities	152,115	840	2.22 %	55,991	311	2.23 %
Nonmarketable equity securities	521	5	3.97 %	837	9	4.29 %
Loans held for sale	22,320	248	4.46 %	33,573	232	2.77 %
Loans	607,368	6,533	4.31 %	520,326	6,159	4.75 %
Total interest-earning assets	868,876	7,797	3.60 %	733,016	6,740	3.69 %
Allowance for loan losses	(7,315)			(6,346)
Noninterest-earning assets	81,880			74,317
Total assets	$ 943,441			$ 800,987

Liabilities and Shareholders' Equity
Interest-bearing liabilities
NOW accounts	$ 169,895	$ 20	0.05 %	$ 132,495	$ 15	0.05 %
Savings & money market	286,120	101	0.14 %	210,786	89	0.17 %
Time deposits	111,876	91	0.33 %	134,858	151	0.45 %
Total interest-bearing deposits	567,891	212	0.15 %	478,139	255	0.21 %
FHLB advances and other borrowings	12,398	6	0.20 %	16,997	47	1.11 %
Subordinated debentures	25,671	246	3.84 %	20,801	218	4.20 %
Total interest-bearing liabilities	605,960	464	0.31 %	515,937	520	0.40 %
Noninterest bearing deposits	260,623			205,556
Other liabilities	12,383			10,635
Shareholders' equity	64,475			68,859
Total liabilities and shareholders' equity	$ 943,441			$ 800,987

Net interest income (tax equivalent) / interest rate spread		$ 7,333	3.29 %		$ 6,220	3.29 %
Net Interest Margin			3.39 %			3.40 %

	For the Six Months Ended
	June 30, 2022			June 30, 2021
	Average	Income/	Yield/	Average	Income/	Yield/
(dollars in thousands)	Balance	Expense	Rate	Balance	Expense	Rate
Assets
Interest-earning assets
Federal funds sold and interest-bearing deposits	$ 112,614	$ 236	0.42 %	$ 113,483	$ 58	0.10 %
Investment securities	130,111	1,411	2.19 %	47,643	550	2.33 %
Nonmarketable equity securities	568	13	4.41 %	946	39	8.27 %
Loans held for sale	21,128	412	3.93 %	35,910	496	2.78 %
Loans	597,320	12,749	4.30 %	502,001	11,746	4.72 %
Total interest-earning assets	861,741	14,821	3.47 %	699,983	12,889	3.71 %
Allowance for loan losses	(7,210)			(6,332)
Noninterest-earning assets	81,223			73,770
Total assets	$ 935,754			$ 767,421

Liabilities and Shareholders' Equity
Interest-bearing liabilities
NOW accounts	$ 166,755	$ 39	0.05 %	$ 127,931	$ 28	0.04 %
Savings & money market	280,616	185	0.13 %	192,708	163	0.17 %
Time deposits	116,104	185	0.32 %	137,872	350	0.51 %
Total interest-bearing deposits	563,475	409	0.15 %	458,511	541	0.24 %
FHLB advances and other borrowings	13,948	30	0.43 %	16,560	93	1.13 %
Subordinated debentures	25,667	474	3.72 %	20,794	434	4.21 %
Total interest-bearing liabilities	603,090	913	0.31 %	495,865	1,068	0.43 %
Noninterest bearing deposits	253,104			192,081
Other liabilities	12,243			10,589
Shareholders' equity	67,317			68,886
Total liabilities and shareholders' equity	$ 935,754			$ 767,421

Net interest income (tax equivalent) / interest rate spread		$ 13,908	3.16 %		$ 11,821	3.28 %
Net Interest Margin			3.25 %			3.41 %

Net interest income for the three months ended June 30, 2022 was $7.3 million compared to $6.2 million for the three months ended June 30, 2021. This increase was primarily driven by an increase in interest-earning assets as well as a decrease in the cost of interest-bearing liabilities, which decreased from 0.40% to 0.31%. Improvements in costs of interest-bearing liabilities were offset by decreases in asset yield. Yield on interest-earning assets decreased to 3.60% for the three months ended June 30, 2022 from 3.69% for the same period in 2021.

Net interest income was $13.9 million for the six months ended June 30, 2022, an increase of $2.1 million over the same period in 2021. Increases in average loans and investments contributed to majority of the increase in interest income somewhat offset by a reduction in yield on interest earning assets.

CONDENSED CONSOLIDATED BALANCE SHEETS – Unaudited

	As of
	June 30	Mar 31	Dec 31	Sept 30	June 30
(dollars in thousands)	2022	2022	2021	2021	2021
Assets
Cash and cash equivalents:
Cash and due from banks	$ 7,702	$ 4,672	$ 5,299	$ 4,930	$ 5,486
Interest-bearing deposits with banks	45,683	116,192	144,825	184,739	144,937
Total cash and cash equivalents	53,385	120,864	150,124	189,669	150,423
Time deposits in other banks	257	257	257	257	256
Investment securities:
Investment securities available for sale	164,440	144,422	81,917	58,470	56,881
Other investments	657	521	837	837	837
Total investment securities	165,097	144,943	82,754	59,307	57,718
Mortgage loans held for sale	19,648	23,528	23,844	33,667	33,097
Loans receivable:
Loans	637,953	592,089	586,446	564,738	526,362
Less allowance for loan losses	(7,494)	(7,206)	(7,040)	(6,934)	(6,323)
Loans receivable, net	630,459	584,883	579,406	557,804	520,039
Property and equipment, net	23,100	23,222	22,805	22,364	21,818
Mortgage servicing rights	14,893	14,536	14,057	13,785	13,603
Bank owned life insurance	18,653	18,564	18,476	18,383	18,289
Deferred income taxes	7,376	5,862	4,128	2,798	2,820
Other assets	13,985	17,125	14,946	13,023	14,178
Total assets	946,853	953,784	910,797	911,057	832,241
Liabilities
Deposits	$ 830,992	$ 837,663	$ 780,833	$ 787,501	$ 711,505
Federal Home Loan Bank advances	-	-	10,000	10,000	10,000
Federal funds and repurchase agreements	13,805	11,886	11,372	6,353	8,946
Subordinated debentures	15,365	15,357	15,349	15,498	10,496
Junior subordinated debentures	10,310	10,310	10,310	10,310	10,310
Other liabilities	12,412	11,937	12,131	10,983	11,393
Total liabilities	882,884	887,153	839,995	840,645	762,650
Shareholders' equity
Preferred stock - Series D non-cumulative, no par value	1	1	1	1	1
Common Stock - $.01 par value; 20,000,000 shares authorized	88	88	88	88	88
Treasury stock, at cost	(4,333)	(4,419)	(4,323)	(4,281)	(3,858)
Nonvested restricted stock	(2,500)	(2,572)	(2,668)	(2,737)	(2,928)
Additional paid-in capital	54,088	53,980	53,856	53,765	53,776
Retained earnings	25,901	24,837	23,985	23,053	21,765
Accumulated other comprehensive income (loss)	(9,276)	(5,284)	(137)	523	747
Total shareholders' equity	63,969	66,631	70,802	70,412	69,591
Total liabilities and shareholders' equity	$ 946,853	$ 953,784	$ 910,797	$ 911,057	$ 832,241

COMMON STOCK SUMMARY - Unaudited

			As of
	June 30	Mar 31	Dec 31	Sept 30	June 30
(shares in thousands)	2022	2022	2021	2021	2021
Voting common shares outstanding	8,801	8,782	8,793	8,784	8,788
Treasury shares outstanding	(571)	(545)	(535)	(530)	(489)
Total common shares outstanding	8,230	8,237	8,258	8,254	8,299

Tangible book value per common share⁽⁵⁾	$ 7.66	$ 7.98	$ 8.46	$ 8.41	$ 8.27

Stock price:
High	$ 10.20	$ 10.20	$ 10.74	$ 10.50	$ 10.05
Low	$ 9.25	$ 9.75	$ 9.95	$ 9.80	$ 9.65
Period end	$ 9.25	$ 9.85	$ 10.20	$ 10.30	$ 9.90

ASSET QUALITY MEASURES – Unaudited

	As of
	June 30	Mar 31	Dec 31	Sept 30	June 30
(dollars in thousands)	2022	2022	2021	2021	2021
Nonperforming Assets
Commercial
Owner occupied RE	$ 140	$ 144	$ 152	$ 526	$ 535
Non-owner occupied RE	-	295	-	-	-
Construction	-	-	-	-	-
Commercial business	81	-	-	-	-
Consumer
Real estate	3	343	341	346	383
Home equity	-	-	-	-	-
Construction	-	-	-	-	-
Other	160	104	84	121	129
Nonaccruing troubled debt restructurings	173	190	205	220	235
Total nonaccrual loans	$ 557	$ 1,076	$ 782	$ 1,213	$ 1,282
Other real estate owned	-	-	135	150	150
Total nonperforming assets	$ 557	$ 1,076	$ 917	$ 1,363	$ 1,432
Nonperforming assets as a percentage of:
Total assets	0.06 %	0.11 %	0.10 %	0.15 %	0.17 %
Total loans receivable	0.09 %	0.18 %	0.16 %	0.24 %	0.27 %
Accruing troubled debt restructurings	$ 1,349	$ 1,393	$ 1,405	$ 1,444	$ 1,478

	Three Months Ended
	June 30	Mar 31	Dec 31	Sept 30	June 30
(dollars in thousands)	2022	2022	2021	2021	2021
Allowance for Loan Losses
Balance, beginning of period	$ 7,206	$ 7,040	$ 6,934	$ 6,323	$ 6,168
Loans charged-off	11	19	5	72	59
Recoveries of loans previously charged-off	189	100	16	583	106
Net charge-offs (recoveries)	(178)	(81)	(11)	(511)	(47)
Provision for loan losses	110	85	95	100	108
Balance, end of period	$ 7,494	$ 7,206	$ 7,040	$ 6,934	$ 6,323
Allowance for loan losses to gross loans receivable	1.17 %	1.22 %	1.20 %	1.23 %	1.20 %
Allowance for loan losses to nonaccrual loans	1345.42 %	669.70 %	900.26 %	571.64 %	493.21 %

Footnotes to table located at the end of this release.

Our asset quality remained strong through June 30, 2022, with nonperforming assets dropping to $0.6 million, which represents 0.06% of total assets. The allowance for loan losses as a percentage of total loans receivable decreased slightly to 1.17% at June 30, 2022, compared to 1.22% at March 31, 2022. The Company had net recoveries of $178 thousand for the three months ended June 30, 2022 compared to net recoveries of $47 thousand for the same period in 2021.

LOAN COMPOSITION – Unaudited

	As of
	June 30	Mar 31	Dec 31	Sept 30	June 30
(dollars in thousands)	2022	2022	2021	2021	2021
Commercial real estate	$ 368,316	$ 334,508	$ 333,060	$ 318,849	$ 290,198
Consumer real estate	142,711	123,908	120,079	107,651	97,969
Commercial and industrial	67,239	66,285	60,687	61,778	63,545
Consumer and other	59,687	67,388	72,620	76,460	74,650
Total loans, net of deferred fees	637,953	592,089	586,446	564,738	526,362
Less allowance for loan losses	7,494	7,206	7,040	6,934	6,323
Total loans, net	$ 630,459	$ 584,883	$ 579,406	$ 557,804	$ 520,039

DEPOSIT COMPOSITION – Unaudited

	As of
	June 30	Mar 31	Dec 31	Sept 30	June 30
(dollars in thousands)	2022	2022	2021	2021	2021
Noninterest-bearing	$ 265,049	$ 273,118	$ 238,019	$ 246,534	$ 215,814
Interest-bearing:
DDA and NOW accounts	159,939	168,401	153,889	133,474	132,269
Money market accounts	230,840	217,812	204,432	216,243	169,707
Savings	66,727	61,246	58,566	59,941	57,880
Time, less than $250,000	78,735	84,874	99,059	103,126	106,219
Time, $250,000 and over	29,702	32,212	26,868	28,183	29,616
Total deposits	$ 830,992	$ 837,663	$ 780,833	$ 787,501	$ 711,505

Footnotes to tables:
(1)	Total revenue is the sum of net interest income and noninterest income.
(2)	Annualized for the respective period.
(3)	Noninterest expense divided by the sum of net interest income and noninterest income.
(4)	Includes noninterest-bearing and interest-bearing DDA and NOW accounts.
(5)	The tangible book value per share is calculated as total shareholders' equity less intangible assets, divided by period-end outstanding common shares.

ABOUT FIRST RELIANCE

Founded in 1999, First Reliance Bancshares, Inc. (OTC: FSRL.OB), is based in Florence, South Carolina and has assets of approximately $947 million. The company employs more than 175 professionals and has locations throughout South Carolina and central North Carolina. First Reliance has redefined community banking with a commitment to making customers' lives better, its founding principle. Customers of the company have given it a 93% customer satisfaction rating well above the bank industry average of 81%. First Reliance is also one of two companies throughout South Carolina to receive the Best Places to Work in South Carolina award all 16 years since the program began. We believe that this recognition confirms that our associates are engaged and committed to our brand and the communities we serve. In addition to offering a full range of personalized community banking products and services for individuals, small businesses and corporations, First Reliance offers two unique community-customers programs, which include: Hometown Heroes, a package of benefits for those serving our communities and Check N Save, an outreach program for the unbanked or under-banked. The company also offers a full suite of digital banking services, Treasury Services, a Customer Service Guaranty, a Mortgage Service Guaranty, and First Reliance Wealth Strategies.

FORWARD-LOOKING STATEMENTS

Certain statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements include, but are not limited to, statements with respect to our plans, objectives, expectations and intentions and other statements that are not historical facts, and other statements identified by words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," and "projects," as well as similar expressions. Such statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by the Company or any person that the future events, plans, or expectations contemplated by the Company will be achieved.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) competitive pressures among depository and other financial institutions may increase significantly and have an effect on pricing, spending, third-party relationships and revenues; (2) the strength of the United States economy in general and the strength of the local economies in which we conduct operations may be different than expected resulting in, among other things, a deterioration in the credit quality or a reduced demand for credit, including the resultant effect on the Company's loan portfolio and allowance for loan losses; (3) the rate of delinquencies and amounts of charge-offs, the level of allowance for loan loss, the rates of loan growth, or adverse changes in asset quality in our loan portfolio, which may result in increased credit risk-related losses and expenses; (4) the risk that the preliminary financial information reported herein and our current preliminary analysis will be different when our review is finalized; (5) changes in the U.S. legal and regulatory framework including, but not limited to, the Dodd-Frank Act and regulations adopted thereunder; (6) adverse conditions in the stock market, the public debt market and other capital markets (including changes in interest rate conditions) could have a negative impact on the Company, including the value of its MSR asset; (7) the business related to acquisitions may not be integrated successfully or such integration may take longer to accomplish than expected; (8) the expected cost savings and any revenue synergies from acquisitions may not be fully realized within expected timeframes; and (9) disruption from acquisitions may make it more difficult to maintain relationships with clients, associates or suppliers. Moreover, a trade war or other governmental action related to tariffs or international trade agreements or policies, as well as Covid-19 or other potential epidemics or pandemics, have the potential to negatively impact ours and/or our customers' costs, demand for our customers' products, and/or the U.S. economy or certain sectors thereof and, thus, adversely affect our business, financial condition, and results of operations. All subsequent written and oral forward-looking statements concerning the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. We do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

For Immediate Release Contact:
Robert Haile
SEVP & Chief Financial Officer
(843) 656-5000
[email protected]

SOURCE First Reliance Bancshares

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First Reliance Bancshares Reports Second Quarter 2022 Results

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