First Reliance Announces Strong 3rd Quarter Results
PR Newswire - Mon Oct 27, 5:46AM CDT
First Reliance Bancshares, Inc (OTC: FSRL) announced that it had unaudited net income of $4,447,675, or $0.77 per diluted share, for the nine months ended September 30, 2014. This compares to unaudited net loss of $2,651,556, or $0.84 per diluted share, for the nine months ended September 30, 2013. The difference in net income between the two periods primarily relates to a tax benefit of $3.1 million derived from the recapture of a portion of the Company's deferred tax asset in the third quarter of 2014. The Company has a remaining DTA valuation allowance of $6,598,788 as of September 30, 2014. Net Income per share for the period ending September 30, 2014 is based on 4,648,535 diluted average shares compared to 4,202,251 diluted average shares for 2013. Income before income taxes increased 152.2% to $1,382,806 from a loss before income taxes of $2,651,556 for the nine months ended September 30, 2014 and 2013, respectively. The 2014 pretax operating results were influenced by growth in net interest income, reduced provision for loan losses, and reductions in noninterest expenses.