First Reliance Bancshares Reports Q2 Profit Decline, Book Value Growth
First Reliance Bancshares announced a 23.2% decrease in second-quarter 2026 net income to $2.8 million, or $0.34 per share, compared to the same period last year. Book value per share rose 15.5% to $12.47.
FLORENCE, S.C. – First Reliance Bancshares, Inc. reported its financial results for the second quarter of 2026, showing a net income of $2.8 million, or $0.34 per diluted share. This represents a 23.2% decrease from the $3.7 million, or $0.44 per share, earned in the second quarter of 2025.
Despite the dip in net income, the company saw an increase in its book value per share, which grew by 15.5% to $12.47 as of June 30, 2026, compared to $10.80 a year prior. Tangible book value per share also increased by 15.6% over the same period.
Net interest income saw an 8.4% increase, reaching $9.9 million for the quarter. However, the net interest margin slightly decreased to 3.74% from 3.77% in the previous quarter, though it was up 21 basis points year-over-year. Total loans held for investment grew by 9.8% annualized to $820.7 million, while total deposits decreased by 3.8% annualized to $920.3 million.
Asset quality remained strong, with nonperforming assets falling to $626,000. The company also announced a partnership with Colony Bank, with a merger expected to close in the fourth quarter of 2026. The combined entity is projected to have nearly $5.0 billion in total assets.