PR Newswire | Apr 23, 2021 08:30AM EDT

04/23 07:30 CDT

First Reliance Bancshares Reports First Quarter 2021 Results FLORENCE, S.C., April 23, 2021

FLORENCE, S.C., April 23, 2021 /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 first quarter of 2021.

First Quarter 2021 Highlights

* Net income for the first quarter of 2021 was $1.7 million, or $0.21 per diluted share, compared to $0.9 million, or $0.11 per diluted share, for the first quarter of 2020, representing an increase of 99.1%. * Total deposits increased by $67.2 million, or 11.3%, to $661.2 million at March 31, 2021 from $594.0 million at December 31, 2020. Non-interest bearing and interest bearing NOW accounts increased $41.0 million, or 14.2%, to 329.1 million at March 31, 2021 from $288.2 million at December 31, 2020. * Mortgage volume remained robust and resulted in mortgage banking income of $3.4 million during the first quarter of 2021, an increase of $2.6 million, or 344.9%, from the first quarter of 2020. * The Company originated 193 loans for $17.4 million as part of the second round of the Paycheck Protection Program ("PPP"). * Asset quality remained strong, with non-performing assets as a percentage of total assets decreasing to 0.17% at March 31, 2021 compared to 0.21% at December 31, 2020. * Net charge-offs were $5 thousand, or annualized 0.01% of average loans (excluding PPP), for the first quarter of 2021 compared to $50 thousand, or annualized 0.04% of average loans, for the same period in 2020. * Cost of funds for the first quarter of 2021 decreased to 0.46% from 0.60% on a linked quarter basis and from 1.08% for the same period in 2020. * The Company repurchased approximately 258,000 shares during the quarter at an average price of $7.80 per share.

Rick Saunders, Chief Executive Officer, remarked on the first quarter results: "First Reliance continued building on the success of 2020 with a strong start to 2021. Our net income of $1.7 million, or $0.21 per diluted common share, for the quarter represents an increase of 99.1% over the same period last year. We have made significant investments in both our commercial and mortgage production teams during the quarter, highlighted by the hiring of Justin Strickland, who in January became President of First Reliance Bank. Justin's hiring represents the completion of our vision to establish an executive leadership team capable of executing our growth plans. Additionally, against the backdrop of fiscal stimulus, the national vaccination rollout, and improved customer balance sheets, our markets appear poised for significant growth. In preparation of the reopening of the economy and a steepening yield curve, we have begun to build our loan pipelines and have initiated strategic investment security purchases."

Mr. Saunders continued, "During the first quarter, we completed the rollout of our new digital banking platform, which allows us to provide robust functionality and an improved user experience for our customer base. Investments in customer-focused technology positions us for growth by providing solutions that are superior to our community banking peers. We believe pairing first-in-class customer service with a high-quality digital banking product will make us the preferred choice for customers looking for a local financial institution with 21st century banking capabilities."

Mr. Saunders concluded, "I want to thank all of our team members for their continued commitment to our customers and for living out our core values every day. Although these have been challenging times, I couldn't be more excited about the direction this organization is heading and I know that our best times are ahead of us."

Payroll Protection Program

During the quarter, the Company was a participating lender in the second round of the Small Business Administration ("SBA") Payroll Protection Program. As of March 31, 2021, the Company had originated 193 PPP loans totaling $17.4 million. Origination fees, net of costs, from these loans are approximately $0.7 million. During the quarter, the Company recognized $16 thousand of the $0.7 million in estimated net fees, with the remaining balance expected to be recognized over the next several quarters.

COVID-19 Update

The first quarter continued to bring positive developments in the fight against COVID-19. Vaccine rollout has continued to accelerate and the additional economic stimulus in the first quarter helped strengthen consumer and business balance sheets. As of March 31, 2021, total COVID-related loan deferrals were $8.0 million on five loans, all on their second deferral, totaling 1.6% of total loans receivable.

Financial Summary

Three Months Ended

Mar 31 Dec 31 Sept 30 June 30 Mar 31

($ in thousands, except per share data) 2021 2020 2020 2020 2020

Earnings:

Net income available to common shareholders $ 1,708 $ 1,389 $ 4,468 $ 3,901 $ 858

Earnings per common share, diluted 0.21 0.17 0.56 0.49 0.11

Total revenue^(1) 9,917 10,858 14,820 13,241 7,542

Net interest margin 3.36% 3.27% 3.86% 3.55% 4.09%

Return on average assets^(2) 0.93% 0.72% 2.31% 2.12% 0.54%

Return on average equity^(2) 9.91% 8.08% 27.73% 26.20% 5.89%

Efficiency ratio^(3) 77.35% 80.05% 54.28% 54.40% 81.15%

As of

Mar 31 Dec 31 Sept 30 June 30 Mar 31

($ in thousands, except per share data) 2021 2020 2020 2020 2020

Balance Sheet:

Total assets $ 777,735 $ 710,168 $ 781,655 $ 762,647 $ 660,886

Total loans receivable 490,326 477,968 478,745 512,384 480,573

Total deposits 661,217 594,000 595,767 582,361 506,225

Total transaction deposits^(4)to total deposits 49.78% 48.51% 47.30% 49.62% 49.06%

Loans to deposits 74.16% 80.47% 80.36% 87.98% 94.93%

Bank Capital Ratios:

Total risk-based capital ratio 16.00% 15.67% 14.75% 13.31% 12.45%

Tier 1 risk-based capital ratio 14.87% 14.52% 13.72% 12.48% 11.75%

Tier 1 leverage ratio 11.13% 10.31% 9.96% 9.68% 10.29%

Common equity tier 1 capital ratio 14.87% 14.52% 13.72% 12.48% 11.75%

Asset Quality Ratios:

Nonperforming assets as a percentage of 0.17% 0.21% 0.19% 0.21% 0.26% total assets

Allowance for loan losses as a percentage of 1.26% 1.29% 1.20% 0.92% 0.81% total loans receivable

Footnotes to table located at the end of this release.

CONDENSED CONSOLIDATED INCOME STATEMENTS - Unaudited

Three Months Ended

Mar 31 Dec 31 Sept 30 June 30 Mar 31

(in thousands, except per share data) 2021 2020 2020 2020 2020

Interest income

Loans $ 5,851 $ 6,156 $ 7,403 $ 6,650 $ 6,568

Investment securities 238 231 218 299 323

Other interest income 60 75 67 41 90

Total interest income 6,149 6,462 7,688 6,990 6,981

Interest expense

Deposits 286 376 519 652 828

Other interest expense 262 388 400 371 336

Total interest expense 548 764 919 1,023 1,164

Net interest income 5,601 5,698 6,769 5,967 5,817

Provision for loan losses - 350 1,000 1,178 380

Net interest income after provision for loan 5,601 5,348 5,769 4,789 5,437 losses

Noninterest income

Mortgage banking income 3,390 5,014 7,115 6,633 762

Service fees on deposit accounts 279 315 290 242 463

Debit card and other service charges, 454 427 426 429 315 commissions, and fees

Income from bank owned life insurance 93 101 103 102 103

Gain (loss) on sale of securities, net - 8 - (211) (9)

Loss on extinguishment of debt - (287) - - -

Loss on disposal of fixed assets - (528) - - -

Other income 100 110 117 79 91

Total noninterest income 4,316 5,160 8,051 7,274 1,725

Noninterest expense

Compensation and benefits 4,992 5,359 4,892 4,395 3,583

Occupancy 597 641 628 619 612

Furniture and equipment 450 616 572 585 537

Electronic data processing 277 241 231 200 194

Professional fees 238 400 230 329 267

Marketing 69 155 122 56 77

Other 1,048 1,280 1,288 771 778

Total noninterest expense 7,671 8,692 7,963 6,955 6,048

Income before provision for income taxes 2,246 1,816 5,857 5,108 1,114

Income tax expense 538 427 1,389 1,207 256

Net income available to common shareholders $ 1,708 $ 1,389 $ 4,468 $ 3,901 $ 858

Weighted average common shares - basic 7,780 7,931 7,929 7,915 7,901

Weighted average common shares - diluted 8,168 8,089 8,015 7,998 8,014

Basic income per common share $ 0.22 $ 0.18 $ 0.56 $ 0.49 $ 0.11

Diluted income per common share $ 0.21 $ 0.17 $ 0.56 $ 0.49 $ 0.11

Net income for the three months ended March 31, 2021 was $1.7 million, or $0.21 per diluted common share, compared to $0.9 million, or $0.11 per diluted common share, for the three months ended March 31, 2020.

Noninterest income for the three months ended March 31, 2021 was $4.3 million, a $2.6 million increase from $1.7 million for the same period in 2020. Noninterest income is largely driven by the Company's mortgage banking division, which produced income of $3.4 million on $162 million in mortgage volume during the three months ended March 31, 2021. That represents an increase of $2.6 million in income from the same period in 2020. However, mortgage banking income was negatively affected during the current quarter by a decrease of $1.0 million in the valuation of mortgage banking derivatives, which includes the valuation of our mortgage pipeline as well as associated hedges.

Noninterest expense for the three months ended March 31, 2021 was $7.7 million, a $1.6 million increase from $6.1 million for the same period in 2020. The increase in noninterest expense is largely driven by an increase of $1.4 million in compensation and benefits. The increase in compensation and benefits is driven by an increase in mortgage incentives as well as continued additions to banking personnel throughout the year.

NET INTEREST INCOME AND MARGIN - Unaudited

For the Three Months Ended

March 31, 2021 March 31, 2020

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 $ 104,580 $ 30 0.12% $ 19,487 $ 57 1.17%

Investment securities 39,203 238 2.43% 45,175 323 2.86%

Nonmarketable equity securities 1,055 30 11.31% 2,119 33 6.15%

Loans held for sale 38,273 265 2.76% 19,682 201 4.08%

Loans 483,472 5,586 4.62% 481,825 6,367 5.29%

Total interest-earning assets 666,583 6,149 3.69% 568,288 6,981 4.91%

Allowance for loan losses (6,318) (3,584)

Noninterest-earning assets 73,217 73,621

Total assets $ 733,482 $ 638,325

Liabilities and Shareholders' Equity

Interest-bearing liabilities

NOW accounts $ 123,316 $ 13 0.04% $ 95,462 $ 11 0.05%

Savings & money market 174,429 74 0.17% 119,672 116 0.39%

Time deposits 140,921 199 0.56% 148,721 701 1.89%

Total interest-bearing deposits 438,666 286 0.26% 363,855 828 0.91%

FHLB advances and other borrowings 16,118 46 1.13% 50,935 252 1.98%

Subordinated debentures 20,786 216 4.16% 15,309 84 2.20%

Total interest-bearing liabilities 475,570 548 0.46% 430,099 1,164 1.08%

Noninterest bearing deposits 178,456 140,338

Other liabilities 10,543 9,603

Shareholders' equity 68,913 58,285

Total liabilities and shareholders' equity $ 733,482 $ 638,325

Net interest income (tax equivalent) / interest $ 5,601 3.23% $ 5,817 3.83% rate spread

Net Interest Margin 3.36% 4.09%

Net interest income decreased $216 thousand, or 3.7%, to $5.6 million for the three months ended March 31, 2021 compared to the three months ended March 31, 2020. The decrease in net interest income over the period was caused by a decrease in the yield on interest-earning assets. Yield on interest-earning assets decreased to 3.69% for the three months ended March 31, 2021 from 4.91% for three months ended March 31, 2020. The decrease was driven by both a change in balance sheet mix and an overall decrease in interest rates stemming from decreases in the federal funds target rate during 2020. The Company continues to reduce its cost of funds, which decreased to 0.46% for the three months ended March 31, 2021 from 1.08% for the same period in 2020. Average transaction deposits increased by $66.0 million, to $301.8 million for the three months ended March 31, 2021 from $235.8 million for the three months ended March 31, 2020 and were aided in part by deposit growth as a result of fiscal stimulus.

CONDENSED CONSOLIDATED BALANCE SHEETS - Unaudited

As of

Mar 31 Dec 31 Sept 30 Jun 30 March 31

($ in thousands, except per share data) 2021 2020 2020 2020 2020

Assets

Cash and cash equivalents:

Cash and due from banks $ 5,547 $ 5,521 $ 5,133 $ 4,952 $ 16,869

Interest-bearing deposits with banks 115,577 93,167 134,592 78,299 18,667

Total cash and cash equivalents 121,124 98,688 139,725 83,251 35,536

Time deposits in other banks 256 256 256 255 255

Investment securities:

Investment securities available for sale 54,413 32,759 35,567 28,237 34,842

Investment securities held to maturity - - - 9,318 9,767

Other investments 837 1,076 3,839 4,264 2,989

Total investment securities 55,250 33,835 39,406 41,819 47,598

Mortgage loans held for sale 48,912 35,642 57,853 57,329 34,042

Loans receivable:

Loans 490,326 477,968 478,745 512,384 480,573

Less allowance for loan losses (6,168) (6,173) (5,721) (4,715) (3,877)

Loans receivable, net 484,158 471,795 473,024 507,669 476,696

Property and equipment, net 18,465 18,491 20,548 20,523 20,528

Mortgage servicing rights 13,353 12,021 11,000 9,698 8,421

Bank owned life insurance 18,195 18,102 18,001 17,898 17,796

Deferred income taxes 3,234 3,452 3,872 5,068 6,156

Other assets 14,788 17,886 17,970 19,137 13,858

Total assets 777,735 710,168 781,655 762,647 660,886

Liabilities

Deposits $ 661,217 $ 594,000 $ 595,767 $ 582,361 $ 506,225

Federal Home Loan Bank advances 10,000 10,000 75,000 85,000 55,000

Federal funds and repurchase agreements 6,955 5,523 12,591 2,464 16,530

Subordinated debentures 10,487 10,459 10,427 10,358 4,835

Junior subordinated debentures 10,310 10,310 10,310 10,310 10,310

Other liabilities 10,548 11,147 10,178 9,814 9,971

Total liabilities 709,517 641,439 714,273 700,307 602,871

Shareholders' equity

Preferred stock - Series D non-cumulative, no par 1 1 1 1 1 value

Common Stock - $.01 par value; 20,000,000 shares 88 82 81 81 81 authorized

Non-Voting Common Stock, $.01 par value; - 4 4 4 4 430,000 shares authorized

Treasury stock, at cost (3,744) (1,680) (1,488) (1,478) (1,402)

Nonvested restricted stock (2,868) (1,487) (1,577) (1,748) (1,757)

Additional paid-in capital 53,617 51,972 51,824 51,822 51,652

Retained earnings 20,417 18,709 17,320 12,852 8,830

Accumulated other comprehensive income 707 1,128 1,217 806 606

Total shareholders' equity 68,218 68,729 67,382 62,340 58,015

Total liabilities and shareholders' equity $ 777,735 $ 710,168 $ 781,655 $ 762,647 $ 660,886

COMMON STOCK SUMMARY - Unaudited

As of

Mar 31 Dec 31 Sept 30 Jun 30 Mar 31

(shares in thousands) 2021 2020 2020 2020 2020

Voting common shares outstanding 8,784 8,154 8,129 8,133 8,103

Non-voting common shares outstanding - 410 410 410 410

Treasury shares outstanding (481) (234) (202) (200) (187)

Total common shares outstanding 8,303 8,330 8,337 8,343 8,326

Tangible book value per common share^(5) $ 8.09 $ 8.12 $ 7.95 $ 7.34 $ 6.83

Stock price:

High $ 10.00 $ 7.80 $ 6.05 $ 5.50 $ 7.82

Low $ 7.46 $ 5.55 $ 4.85 $ 4.93 $ 5.50

Period end $ 9.90 $ 7.75 $ 6.05 $ 5.07 $ 5.50

ASSET QUALITY MEASURES - Unaudited

Ending Balance

Mar 31 Dec 31 Sept 30 June 30 Mar 31

(dollars in thousands) 2021 2020 2020 2020 2020

Nonperforming Assets

Commercial

Owner occupied RE $ 385 $ 394 $ 404 $ 413 $ 416

Non-owner occupied RE - - - - -

Construction - - - - -

Commercial business - - - 135 12

Consumer

Real estate 344 461 346 345 356

Home equity - - - - -

Construction - - - - -

Other 164 242 299 206 246

Nonaccruing troubled debt restructurings 252 270 291 318 298

Total nonaccrual loans $ 1,145 $ 1,367 $ 1,340 $ 1,417 $ 1,328

Other real estate owned 150 164 164 209 392

Total nonperforming assets $ 1,295 $ 1,531 $ 1,504 $ 1,626 $ 1,720

Nonperforming assets as a percentage of:

Total assets 0.17% 0.21% 0.19% 0.21% 0.26%

Total loans receivable 0.26% 0.32% 0.31% 0.32% 0.36%

Accruing troubled debt restructurings $ 1,544 $ 1,584 $ 2,508 $ 2,620 $ 3,502

Quarter Ended

Mar 31 Dec 31 Sept 30 June 30 March 31

(dollars in thousands) 2021 2020 2020 2020 2020

Allowance for Loan Losses

Balance, beginning of period $ 6,173 $ 5,721 $ 4,715 $ 3,877 $ 3,547

Loans charged-off 55 43 76 452 168

Recoveries of loans previously charged-off 50 145 82 112 118

Net charge-offs (recoveries) 5 (102) (6) 340 50

Provision for loan losses - 350 1,000 1,178 380

Balance, end of period $ 6,168 $ 6,173 $ 5,721 $ 4,715 $ 3,877

Allowance for loan losses to gross loans receivable 1.26% 1.29% 1.20% 0.92% 0.81%

Allowance for loan losses to nonaccrual loans 538.69% 451.57% 426.94% 332.75% 291.94%

Footnotes to table located at the end of this release.

Our asset quality continued to be strong through March 31, 2021, with nonperforming assets decreasing to $1.3 million at March 31, 2021 from $1.5 million at December 31, 2020. The ratio of nonperforming assets to total assets declined to 0.17% at March 31, 2021, a decrease of 4 basis points compared to December 31, 2020. Other real estate owned and repossessed assets remain nominal. The allowance for loan losses as a percentage of total loans receivable decreased slightly to 1.26% at March 31, 2021, compared to 1.29% at December 31, 2020. The Company had net charge-offs of $5 thousand for the three months ended March 31, 2021 compared to net recoveries of $102 thousand for the three months ended December 31, 2020.

LOAN COMPOSITION - Unaudited

Quarter Ended

Mar 31 Dec 31 Sept 30 June 30 Mar 31

(dollars in thousands) 2021 2020 2020 2020 2020

Commercial

Owner occupied RE $ 106,354 $ 106,721 $ 104,173 $ 113,205 $ 115,711

Non-owner occupied RE 84,837 88,560 79,838 70,748 69,474

Construction 23,364 29,099 35,579 35,029 29,523

Business 63,748 57,512 63,163 62,464 63,522

PPP 17,374 - - 30,211 -

Total commercial loans 295,677 281,892 282,753 311,657 278,230

Consumer

Real Estate 95,849 96,458 97,904 99,565 97,465

Home equity 17,645 19,456 20,244 21,895 21,362

Construction 13,328 13,892 12,831 11,642 9,617

Other 67,827 66,270 65,013 67,625 73,899

Total consumer loans 194,649 196,076 195,992 200,727 202,343

Total loans, net of deferred fees 490,326 477,968 478,745 512,384 480,573

Less allowance for loan losses 6,168 6,173 5,721 4,715 3,877

Total loans, net $ 484,158 $ 471,795 $ 473,024 $ 507,669 476,696

DEPOSIT COMPOSITION - Unaudited

Quarter Ended

Mar 31 Dec 31 Sept 30 June 30 Mar 31

(dollars in thousands) 2021 2020 2020 2020 2020

Non-interest bearing $ 197,831 $ 167,274 $ 173,628 $ 185,208 $ 144,359

Interest bearing:

NOW accounts 131,304 120,891 108,152 103,732 104,003

Money market accounts 137,913 119,716 113,203 101,083 94,778

Savings 52,085 46,688 41,549 34,392 26,270

Time, less than $250,000 109,295 105,327 122,139 120,782 104,841

Time, $250,000 and over 32,789 34,104 37,096 37,164 31,974

Total deposits $ 661,217 $ 594,000 $ 595,767 $ 582,361 506,225

Footnotes to tables:

(1) Total revenue is the sum of net interest income and noninterest income.

(2) Annualized for the respective three-month period.

(3) Noninterest expense divided by the sum of net interest income and noninterest income annualized for respective three-month period.

(4) Includes noninterest-bearing and interest-bearing NOW accounts.

The tangible book value per share is calculated as total shareholders'(5) 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 $778 million. The Company employs more than 170 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 three companies throughout South Carolina to receive the Best Places To Work in South Carolina award all 15 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. We also offer a full suite of digital banking services, a Customer Service Guaranty, a Mortgage Service Guaranty, and are open on most traditional holidays.

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.

Contact:Robert HaileSEVP & Chief Financial Officer(843) 656-5000rhaile@firstreliance.com

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SOURCE First Reliance Bancshares