Do you remember me posting about RLBS a while back? This bank has been "saved". I regret that I only bought 3000 shares back when it was really cheap, 41 cents. Look for this one to end 2013 with a pps well north of two bucks a share.
Brouster leads $31 million recapitalization of Reliance Bancshares |
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Reliance Bancshares, Inc. (QB) (USOTC:RLBS)
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1Q 2013 |
FYE 2012 |
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FYE 2011 |
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FYE 2010 |
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Net income (loss): |
$1.3 million |
$1.4 million |
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$(34.0) million |
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$(48.5) million |
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Provision for possible loan losses: |
$(1.0) million |
$1.8 million |
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$23.8 million |
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$41.5 million |
Nonperforming loans have fallen for nine consecutive quarters and total $18.3 million as of March 31 , 2013. This reflects a decrease of $86 million or 82% from December 31, 2011 and $153 million or 89% from the high at the end of 2010. Total watch list loans, which include nonperforming loans as well as loans that management considers high risk, have declined by $195 million (79%) since December 31 , 2011.
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March 31, |
December 31, |
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2013 |
2012 |
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2011 |
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2010 |
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Nonperforming loans |
$18.3 million |
$39.6 million |
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$104.3 million |
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$171.1 million |
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Watch list loans * |
$51.5 million |
$74 million |
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$246.2 million |
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$348.9 million |
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Reserve for possible loan losses |
$23.7 million |
$28.1 million |
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$31.4 million |
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$37.3 million |
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* Watch list loans include nonperforming loans as well as loans that management considers high risk. |
Reserves for possible loan losses as a percentage of loans increased to 4.89% on December 31, 2012 compared to 4.35% on December 31, 2011 . Contributing to this increase, the Company has made significant decreases in charged-off loans. For 2012, the Company had net charge-offs of $5.0 million compared to $29.7 million for 2011. The reserve as a percentage of nonperforming loans has increased to 71.07% on December 31, 2012 from 30.08% on December 31, 2011 .
Another factor in the Company's improved results was the decline in noninterest expense by $10 .5 million (25.5%) for 2012, compared to 2011. The largest drop came from other real estate expense, which declined $5.8 million (45.06%) compared to 2011. Salaries and benefits dropped $2.0 million (15.0%) compared to 2011.
Mr. Brouster added: "With our capital raise complete and the Consent Order released, we are well positioned for future growth. Now, we can redouble our efforts to provide our clients with a full-range of enhanced products and services, and build a community bank we are all proud to be a part of."
About Reliance Bancshares, Inc.
Reliance Bancshares, Inc., headquartered in St. Louis, MO , is a Missouri bank holding company that provides a full range of banking services to individual and corporate customers. The Company's common stock is quoted on the Pink Sheets (www.pinksheets.com) under the symbol "RLBS". It currently operates twenty branches in the St. Louis metropolitan area and two branches in Fort Myers, Florida under the name of Reliance Bank. The company's total assets as of December 31, 2012 were approximately $1 Billion . Reliance Bank's website can be found at www.reliancebancshares.com
SOURCE Reliance Bancshares, Inc.
