Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - FIRST RELIANCE BANCSHARES INC | v376609_8k.htm |
FIRST RELIANCE BANCSHARES, INC.
Condensed Consolidated Balance Sheets
| March 31, | December 31, | |||||||
| 2014 | 2013 | |||||||
| (Unaudited) | (Audited) | |||||||
| Assets | ||||||||
| Cash and cash equivalents: | ||||||||
| Cash and due from banks | $ | 3,368,635 | $ | 3,548,974 | ||||
| Interest-bearing deposits with other banks | 17,877,291 | 14,698,851 | ||||||
| Total cash and cash equivalents | 21,245,926 | 18,247,825 | ||||||
| Time deposits in other banks | 101,309 | 101,207 | ||||||
| Securities available-for-sale | 11,253,414 | 12,144,843 | ||||||
| Securities held-to-maturity (Estimated fair value of $35,933,179 and $36,951,934 at March 31, 2014 and December 31, 2013, respectively) | 35,643,920 | 36,951,934 | ||||||
| Nonmarketable equity securities | 1,142,400 | 1,594,900 | ||||||
| Total investment securities | 48,039,734 | 50,691,677 | ||||||
| Mortgage loans held for sale | 937,278 | 2,248,252 | ||||||
| Loans receivable | 239,634,692 | 238,502,131 | ||||||
| Less allowance for loan losses | (2,802,823 | ) | (2,894,153 | ) | ||||
| Loans, net | 236,831,869 | 235,607,978 | ||||||
| Premises, furniture and equipment, net | 24,131,418 | 24,333,616 | ||||||
| Accrued interest receivable | 954,180 | 1,129,881 | ||||||
| Other real estate owned | 7,236,115 | 8,932,634 | ||||||
| Cash surrender value life insurance | 13,029,218 | 12,945,693 | ||||||
| Other assets | 1,152,482 | 1,169,368 | ||||||
| Total assets | $ | 353,659,529 | $ | 355,408,131 | ||||
| Liabilities and Shareholders’ Equity | ||||||||
| Liabilities | ||||||||
| Deposits | ||||||||
| Noninterest-bearing transaction accounts | $ | 66,652,989 | $ | 65,576,524 | ||||
| Interest-bearing transaction accounts | 52,101,388 | 46,046,043 | ||||||
| Savings | 85,751,801 | 86,247,410 | ||||||
| Time deposits $100,000 and over | 38,426,451 | 39,934,745 | ||||||
| Other time deposits | 42,361,720 | 44,610,301 | ||||||
| Total deposits | 285,294,349 | 282,415,023 | ||||||
| Securities sold under agreement to repurchase | 5,386,566 | 4,876,118 | ||||||
| Advances from Federal Home Loan Bank | 17,000,000 | 23,000,000 | ||||||
| Junior subordinated debentures | 10,310,000 | 10,310,000 | ||||||
| Accrued interest payable | 636,622 | 587,649 | ||||||
| Other liabilities | 2,635,661 | 2,126,597 | ||||||
| Total liabilities | 321,263,198 | 323,315,387 | ||||||
| Shareholders’ Equity | ||||||||
| Preferred stock | ||||||||
| Series A cumulative perpetual preferred stock - 15,349 shares issued and outstanding | 15,179,709 | 15,145,597 | ||||||
| Series B cumulative perpetual preferred stock - 767 shares issued and outstanding | 767,000 | 769,894 | ||||||
| Common stock, $0.01 par value; 20,000,000 shares authorized, 4,569,895 and 4,568,695 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively | 45,699 | 45,687 | ||||||
| Capital surplus | 30,611,309 | 30,609,281 | ||||||
| Treasury stock, at cost, 29,846 shares at March 31, 2014 and December 31, 2013 | (201,686 | ) | (201,686 | ) | ||||
| Nonvested restricted stock | (21,774 | ) | (32,138 | ) | ||||
| Retained deficit | (14,132,769 | ) | (14,447,907 | ) | ||||
| Accumulated other comprehensive income | 148,843 | 204,016 | ||||||
| Total shareholders’ equity | 32,396,331 | 32,092,744 | ||||||
| Total liabilities and shareholders’ equity | $ | 353,659,529 | $ | 355,408,131 | ||||
FIRST RELIANCE BANCSHARES, INC
Condensed Consolidated Statements of Operations
(Unaudited)
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2014 | 2013 | |||||||
| Interest income | ||||||||
| Loans, including fees | $ | 3,273,679 | $ | 3,471,204 | ||||
| Investment securities | ||||||||
| Taxable | 287,981 | 347,984 | ||||||
| Nontaxable | 28,571 | - | ||||||
| Other interest income | 11,902 | 26,343 | ||||||
| Total | 3,602,133 | 3,845,531 | ||||||
| Interest expense | ||||||||
| Time deposits | 249,119 | 604,663 | ||||||
| Other deposits | 33,333 | 73,711 | ||||||
| Other interest expense | 81,480 | 121,537 | ||||||
| Total | 363,932 | 799,911 | ||||||
| Net interest income | 3,238,201 | 3,045,620 | ||||||
| Provision for loan losses | - | - | ||||||
| Net interest income after provision for loan losses | 3,238,201 | 3,045,620 | ||||||
| Noninterest income | ||||||||
| Service charges on deposit accounts | 383,375 | 413,315 | ||||||
| Gain on sale of mortgage loans | 201,240 | 293,569 | ||||||
| Income from bank owned life insurance | 83,525 | 85,040 | ||||||
| Other charges, commissions and fees | 258,614 | 241,925 | ||||||
| Gain on sale of securities available-for-sale | 5,321 | - | ||||||
| Other non-interest income | 73,709 | 83,649 | ||||||
| Total | 1,005,784 | 1,117,498 | ||||||
| Noninterest expenses | ||||||||
| Salaries and benefits | 1,812,735 | 1,928,709 | ||||||
| Occupancy expense | 367,030 | 358,087 | ||||||
| Furniture and equipment expense | 414,449 | 295,515 | ||||||
| Other operating expenses | 1,303,415 | 1,567,386 | ||||||
| Total | 3,897,629 | 4,149,697 | ||||||
| Income before taxes | 346,356 | 13,421 | ||||||
| Income tax | - | - | ||||||
| Net income | 346,356 | 13,421 | ||||||
| Preferred stock dividends | 209,120 | 249,248 | ||||||
| Deemed dividends on preferred stock resulting from net accretion of discount and amortization of premium | 31,218 | 43,900 | ||||||
| Net income (loss) available to common shareholders | $ | 106,018 | $ | (279,727 | ) | |||
| Average common shares outstanding, basic | 4,569,122 | 4,094,866 | ||||||
| Average common shares outstanding, diluted | 4,649,502 | 4,094,866 | ||||||
| Income (loss) per common share: | ||||||||
| Basic | $ | 0.02 | $ | (0.07 | ) | |||
| Diluted | 0.02 | (0.07 | ) | |||||