FSRL - First Reliance Bancshares GAAP EPS of $0.31 beats by $0.13 revenue of $11.10M beats by $3.19M

• First Reliance Bancshares press release ( OTCPK:FSRL ): Q3 GAAP EPS of $0.31 beats by $0.13 .
• Revenue of $11.10M (+16.0% Y/Y) beats by $3.19M .
• Return on average assets increased to 1.06% for September 30, 2022 compared to 0.45% at June 30, 2022 and 0.60% for the third quarter of 2021. Return on average equity increased to 15.60% for September 30, 2022 compared to 6.60% at June 30, 2022 and 7.29% for the third quarter of 2021.
• Net interest income for the quarter was $8.2 million, which represents an increase of $0.9 million, or 12.4%, on a linked quarter basis and an increase of $2.0 million, or 31.6% compared to the same period in 2021.
• Net interest margin expanded during the quarter to 3.71% at September 30, 2022 compared to 3.39% for the second quarter of 2022.
• In the third quarter, $4.9 million of the mortgage servicing right assets were sold for a net gain of $632 thousand.
• Total loans increased $8.7 million, or 5.4% annualized, to $646.6 million at September 30, 2022 from $638.0 million at June 30, 2022.
• Total deposits increased $9.4 million, or 4.5% annualized, to $840.4 million at September 30, 2022 from $831.0 million at June 30, 2022. This growth was primarily driven by noninterest-bearing deposits and transaction accounts.
• The Company had net charge-offs of $34 thousand, or annualized 0.02% of average loans during the quarter compared to net recoveries of $178 thousand, or annualized 0.12% of average loans, for the quarter ended June 30, 2022. Asset quality remains unchanged with nonperforming assets as a percentage of total assets of 0.06% at September 30, 2022 and June 30, 2022.
• Cost of funds for the third quarter of 2022 increased to 0.33% from 0.21% on a linked quarter basis and from 0.24% for the same period in 2021.

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