First Reliance Bank in Florence, South Carolina (SC)
Overview, Financial Summary, Detailed Financial Reports, Branches

First Reliance Bank - Overview

  • General
  • FDIC Certificate #: 35214
    Status: Active
    Federal Reserve ID: 2839790
    Bank Holding Company (Regulatory Top Holder): First Reliance Bancshares, Inc. (RSSDID: 3070312, Location: Florence, SC)
    Date Established: August 16, 1999
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 11 (Domestic: 11, Interstate: No)
    FDIC's unique #: 76181
    Numeric code: 21
    Regulator: FDIC
    Insurance Fund Membership: Deposit Insurance Fund (DIF)
    Insured commercial Banks: Yes
    FDIC Insured: Yes
    Deposit Insurance Fund member: Yes
    Ownership Type: Non-Stock
    FFIEC Call Report 31 Filer: No
    State Chartered: Yes
    Subchapter S Corporations: No
    Asset Concentration Hierarchy: Commercial Lending Specialization
    Date of Deposit Insurance: August 16, 1999
    Last Structure Change Effective Date: March 31, 2006
    Last Structure Change Process Date: November 03, 2006
    Last Data Update: November 03, 2006
    Data Source Date: April 05, 2012
  • Location
  • Address: 2170 West Palmetto Street, Florence, SC 29501
    County: Florence
    Quarterly Banking Profile Region: Atlanta
    FDIC Geographic Region: Atlanta
    FDIC Supervisory Region: Atlanta
    FDIC Field Office: Columbia Sc
    Office of the Comptroller the Currency (OCC) District: Northeast
    Office of Thrift Supervision Region: Southeast
    Metropolitan Statistical Area (MSA): Florence, SC (#2655)
    Core Based Statistical Area (CBSA): Florence, SC (#22500)
    CBSA Metro Statistical Area: Florence, SC (#22500)
  • History of Changes
  • Merge BIF and SAIF Funds into DIF
  • Financial Summary
  • Total assets: $496.1 mil
    Equity capital: $47.6 mil
    Deposits held in domestic offices: $431.9 mil
    Return on assets (ROA): -1.55% (-$7.7 mil)
    Quarterly return on assets: -0.33% (-$1.6 mil)
    Return on Equity (ROE): -15.47% (-$7.4 mil)
    Quarterly return on equity: -3.48% (-$1.7 mil)
    Net income: -$8.0 mil
    Quarterly Net income: -$0.4 mil
    Pretax return on assets: -0.65% (-$3,224.6 mil)
    Quarterly Pretax return on assets: -0.33% (-$1,637.1 mil)

2000 - 2011 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Historical total employees (full-time equivalent)

Assets and Liabilities (December 31, 2011)

  • Dollar figures in thousands
  • 106Total employees (full-time equivalent)
  • $496,098Total assets
  • $44,401Cash and due from depository institutions
  • $41,986Interest-bearing balances
  • $84,523Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $302,872Net loans & leases
  • $6,961Loan loss allowance
  • $0Trading account assets
  • $21,246Bank premises and fixed assets
  • $22,270Other real estate owned
  • $0Goodwill and other intangibles
  • $496,098Life insurance assets
  • $20,786All other assets
  • $448,500Total liabilities and capital
  • $431,918Total liabilities
  • $375,517Total deposits
  • $431,918Interest-bearing deposits
  • $73Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $13,000Trading liabilities
  • $0Other borrowed funds
  • $3,582Subordinated debt
  • $47,598All other liabilities
  • $47,598Total equity capital
  • $47,598Total bank equity capital
  • $0Perpetual preferred stock
  • $14Common stock
  • $45,945Surplus
  • $1,639Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $2,863Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $23,114Income earned, not collected on loans
  • $0Earning assets
  • $1,983Long-term assets (5+ years)
  • $429,381Average Assets, year-to-date
  • $81,887Average Assets, quarterly
  • $515,586Volatile liabilities
  • $503,824Insider loans
  • $356,896FHLB advances
  • $503,087Loans and leases held for sale
  • $12,229Unused loan commitments
  • $12,229Tier 1 (core) risk-based capital
  • $45,717Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $34,501Restructured Loans and leases
  • $2,233Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $23,302Total interest income
  • $6,475Total interest expense
  • $16,827Net interest income
  • $4,621Provision for loan and lease losses
  • $4,281Total noninterest income
  • $0Fiduciary activities
  • $1,822Service charges on deposit accounts
  • $0Trading account gains & fees
  • $2,459Additional noninterest income
  • $20,437Total noninterest expense
  • $8,728Salaries and employee benefits
  • $2,280Premises and equipment expense
  • $9,429Additional noninterest expense
  • -$3,950Pre-tax net operating income
  • $615Securities gains (losses)
  • $4,635Applicable income taxes
  • -$7,970Income before extraordinary items
  • $0Extraordinary gains - net
  • -$7,970Net income attributable to bank
  • $0Net charge-offs
  • -$7,970Cash dividends
  • $3,931Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 5.21%Yield on earning assets
  • 1.45%Cost of funding earning assets
  • 3.76%Net interest margin
  • 0.96%Noninterest income to earning assets
  • 4.57%Noninterest expense to earning assets
  • -1.67%Net operating income to assets
  • -1.55%Return on assets (ROA)
  • -0.65%Pretax return on assets
  • -15.47%Return on equity (ROE)
  • -15.47%Retained earnings to average equity (YTD only)
  • 1.17%Net charge-offs to loans
  • 117.55%Credit loss provision to net charge-offs
  • 0.17%Efficiency ratio
  • 96,821Assets per employee
  • 4.68%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 2.25%Loss allowance to noncurrent loans
  • 30.12%Noncurrent assets plus other real estate owned to assets
  • 9.15%Noncurrent loans to loans
  • 7.46%Net loans and leases to deposits
  • 70.12%Net loans and leases to core deposits
  • 90.89%Equity capital to assets
  • 9.59%Core capital (leverage) ratio
  • 9.09%Tier 1 risk-based capital ratio
  • 12.81%Total risk-based capital ratio
  • Memoranda
  • $14Average assets
  • $515,586Average earning assets
  • $51,531Average equity
  • $447,651Average loans

List of branches

  • 11 South Carolina Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    076181First Reliance Bank2170 West Palmetto Street, Florence, SC 29501August 16, 1999Full Service Brick and Mortar
    1364430Second Loop Branch411 Second Loop Road, Florence, SC 29501May 07, 2001Full Service Brick and Mortar
    2430213Lexington North Lake Dr Branch709 N Lake Dr, Lexington, SC 29072June 17, 2004Full Service Brick and Mortar
    3440188Lexington/Richland Messenger Service709 North Lake Drive, Lexington, SC 29072June 21, 2004Limited Service Messenger
    4442569Charleston Peninsula Branch25 Cumberland Street, Charleston, SC 29401March 15, 2005Full Service Brick and Mortar
    5446256Florence Messenger Service2170 West Palmetto Street, Florence, SC 29501June 04, 2004Limited Service Messenger
    6451738Mount Pleasant Branch800 South Shelmore Boulevard, Mount Pleasant, SC 29464October 03, 2005Full Service Brick and Mortar
    7451739Charleston County Messenger Service25 Cumberland Street, Charleston, SC 29401March 15, 2005Limited Service Messenger
    8451740Mount Pleasant Messenger Service800 South Shelmore Boulevard, Mount Pleasant, SC 29464March 15, 2005Limited Service Messenger
    11493148Sunset Blvd, West Columbia Branch2805 A Sunset Blvd, West Columbia, SC 29169June 01, 2009Full Service Brick and Mortar
    12499498Messenger Service2805-A Sunset Boulevard, West Columbia, SC 29169June 01, 2009Limited Service Messenger

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