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First Reliance Bancshares Reports Strong Results for the First Quarter of 2026

Florence, S.C. – April 20, 2026 – First Reliance Bancshares, Inc., the parent company of First Reliance Bank, has reported impressive financial results for the first quarter of 2026, demonstrating robust growth and resilience in a competitive market.

Financial Highlights

In the first quarter of 2026, First Reliance achieved a net income of $3.4 million, translating to $0.41 per diluted share. This marks a staggering 113% increase compared to the $1.6 million or $0.19 per diluted share recorded in the same period last year. The growth in net income underscores the company's effective management strategies and commitment to delivering value to its shareholders.

Operating earnings, which exclude certain losses and gains for clarity, reached $3.2 million or $0.39 per diluted share, a notable increase from $1.7 million or $0.20 per diluted share in Q1 2025.

Asset Growth and Loan Performance

The growth is also reflected in the company's book value, which rose by 19.4% to $12.15 per share, while the tangible book value per share improved by 19.5% to $12.06. Total net interest income experienced an increase of 8.6%, amounting to $9.5 million, showcasing the company's ability to manage earning assets effectively.

As for loans, total loans held for investment climbed to $801.2 million, marking a 10.9% annualized increase from the previous quarter. This growth comes amid strategic changes, including the sale of two branches in North Carolina, allowing First Reliance to focus on its core markets more effectively.

Deposit Trends and Operational Efficiency

Despite the growth in loans, total deposits saw a slight decrease of $19.1 million, or 8.1% annualized, totaling $929 million at the end of the quarter. The branch sales played a significant role in this decline, which reflected the company's ongoing adjustments to align with business objectives.

First Reliance maintained its asset quality, with nonperforming assets declining to $2.1 million, or 0.19% of total assets. This improvement is indicative of the company's strong credit management and proactive risk assessment policies.

Leadership Perspective

Rick Saunders, Chief Executive Officer of First Reliance, expressed optimism regarding the company's growth trajectory, stating, "We had good loan growth in the first quarter of 10.9% annualized and continued to enhance our net interest margin with effective expense management. We remain committed to our communities by providing exceptional service and banking solutions."

Looking Ahead

First Reliance Bancshares is poised for continued growth as it enters the second quarter of 2026. With a solid loan pipeline and commitment to offering quality service, the company aims to maintain its upward trajectory and enhance its value for shareholders.

This financial performance not only reflects First Reliance's operational strengths but also showcases its strategic vision for long-term sustainability and success in an evolving banking landscape. Investors and stakeholders can look forward to more positive developments as the company moves forward in 2026.