First Reliance Bank

Headquarters

2170 West Palmetto Street
Florence, SC 29501
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.08% 0.66% →
1-Year CD 0.60% 0.67% →
2-Year CD 0.65% 0.75% →
5-Year CD 0.90% 1.15% →
30-Year Mortgage N.A. 2.72% →
15-Year Mortgage N.A. 2.36% →
HELOC N.A. 2.79% →

2021 Overview

General Bank Information

First Reliance Bank is an FDIC insured institution located in Florence, SC. It was founded in 1999 and has approximately $0.71 billion in assets. Customers can open an account at one of its 13 branches.

FDIC Insured Yes
FDIC Certificate # 35214
Date Established 1999
Assets $ 707.63 million
Loans $ 507.41 million
Deposits $ 599.36 million
Capital $ 81.97 million
 

For a more detailed analysis of First Reliance Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - April 14, 2021

Your Current Location: Connecticut, CT 06828

Savings and Money Market Rates APY MIN MAX
Savings
0.08% $2,500 $4,999 Learn More
Money Market
0.15% $2,500 $2,999 Learn More
Money Market
0.12% $2,500 $2,999 Learn More
Money Market
0.15% $10,000 $14,999 Learn More
Money Market
0.12% $10,000 $14,999 Learn More
Money Market
0.15% $25,000 $29,999 Learn More
Money Market
0.12% $25,000 $29,999 Learn More
CD Rates APY MIN MAX
Special: 6 Mo CD
0.70% $5,000 $249,999 Learn More
6 Mo CD
0.55% $10,000 $14,999 Learn More
6 Mo CD
0.55% $100,000 $199,999 Learn More
Special: 6 Mo CD
0.80% $250,000 - Learn More
Special: 9 Mo CD
0.50% $250,000 - Learn More
Special: 12 Mo CD
0.60% $5,000 $249,999 Learn More
Special: 12 Mo CD
0.50% $5,000 $249,999 Learn More
12 Mo CD
0.50% $10,000 $14,999 Learn More
12 Mo CD
0.50% $100,000 $199,999 Learn More
18 Mo CD
0.65% $10,000 $14,999 Learn More
18 Mo CD
0.65% $100,000 $199,999 Learn More
24 Mo CD
0.65% $10,000 $14,999 Learn More
24 Mo CD
0.65% $100,000 $199,999 Learn More
36 Mo CD
0.75% $10,000 $14,999 Learn More
36 Mo CD
0.75% $100,000 $199,999 Learn More
48 Mo CD
0.75% $10,000 $14,999 Learn More
48 Mo CD
0.75% $100,000 $199,999 Learn More
60 Mo CD
0.90% $10,000 $14,999 Learn More
60 Mo CD
0.90% $100,000 $199,999 Learn More

Fixed IRA Rates APY MIN MAX
Fixed IRA
0.50% $1 $999 Learn MoreShow Less
Special: 6 Mo FIRA
0.70% $5,000 $249,999 Learn MoreShow Less
Special: 6 Mo FIRA
0.80% $250,000 - Learn MoreShow Less
Special: 9 Mo FIRA
0.50% $500 $249,999 Learn MoreShow Less
Special: 12 Mo FIRA
0.60% $5,000 $249,999 Learn MoreShow Less
Special: 12 Mo FIRA
0.50% $250,000 - Learn MoreShow Less
Variable IRA Rates APY MIN MAX
Var IRA
0.08% $1 $499 Learn MoreShow Less
Int Checking Rates APY MIN MAX
Int Ckg
0.01% $1 $99 Learn MoreShow Less
Int Ckg
0.04% $2,500 $3,499 Learn MoreShow Less
 

Loan Rates - April 14, 2021

Your Current Location: Connecticut, CT 06828

There are currently no loan rates available for First Reliance Bank

Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:




Featured - Connecticut 30 Year Fixed Mortgage Rates 2021

Lender APR Rate (%) Points Fees Monthly
Payment
Learn More
Test Advertiser QA
NMLS ID:
2.450% 2.375% 1.00 $2,500 $972 Learn More
Rocket Mortgage
NMLS ID: 3030
3.368% 3.250% 1.00 $3,750 $1,089 Learn More

Featured - Connecticut Home Equity Line Of Credit Rates 2021

Lender APR (%)? Monthly Payment? Learn More
Test Advertiser QA
Test Advertiser QA
See Table
0.000 %
$0 Learn More
More Info
Bethpage Federal Credit Union
Bethpage Federal Credit Union
See Table
Intro APR
2.990 %
After Intro: 3.750 %
Intro Period: 12 months
$25,000 Learn More
More Info
Third Federal Savings and Loan
Third Federal Savings and Loan
See Table
2.240 %
$0 Learn More
More Info

Note to First Reliance Bank
To upload and update your bank's rates please register. It is free to register and add rates.

Branches

First Reliance Bank branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:
Fairfield,Connecticut


First Reliance Bank Locations


Financial Details

First Reliance Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of First Reliance Bank. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
First Reliance Bank U.S. Bank Average
1.74% 5.49%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of December 31, 2020, First Reliance Bank had $1,367,000 in non-current loans and $164,000 in owned real estate. To cover these potential losses it had $81,968,000 in equity and $6,187,000 in loans loss reserves. That gives it a Texas Ratio of 1.74%.

Return on Equity
First Reliance Bank U.S. Bank Average
16.06% 9.24%

First Reliance Bank has a Return on Equity of 16.06% versus the BestCashCow average of 9.24%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Capitalization
First Reliance Bank U.S. Bank Average
11.58% 11.96%

First Reliance Bank has a Capitalization of 11.58% versus the BestCashCow average of 11.96. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

First Reliance Bank Balance Sheet Analysis

As of December 31, 2020, First Reliance Bank had assets of $707,626,000, loans of $507,406,000, and deposits of $599,361,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

December 31, 2020
ASSETS
Cash & Balances due from depository institutions $ 99.01 million
Interest-bearing balances $ 93.42 million
Total securities $ 32.73 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 507.41 million
Loan loss allowance $ 6.19 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 0.16 million
Goodwill and other intangibles $ 13.08 million
All other assets $ 31.39 million
     Total Assets $ 625.66 million
LIABILITIES
Total deposits $ 599.36 million
      Interest-bearing deposits $ 426.73 million
      Deposits held in domestic offices $ 599.36 million
      % insured (estimated) 74.52%
Federal funds purchased and repurchase agreements $ 5.52 million
Trading liabilities N.A.
Other borrowed funds $ 10.00 million
Subordinated debt N.A.
All other liabilities $ 10.77 million
      Total Liabilities $ 625.66 million
      Shareholders’ Equity $ 81.97 million

Summary Income Statement

December 31, 2020
INCOME AND EXPENSES
Total Interest Income $ 28.11 million
Total Interest Expense $ 3.34 million
Net interest income $ 24.77 million
Provision for loan and lease losses $ 2.90 million
Total non interest income $ 24.33 million
Total non interest expense $ 30.23 million
Pre-tax Net Operating Income $ 15.97 million

Bank Loan Profile?

The top three loan types in First Reliance Bank’s loan portfolio are Commercial Real Estate, 1-4 Family Residential Loans, and Small Business Loans.

Compared to other banks in South Carolina, First Reliance Bank has a significantly higher percent of Consumer Auto Loans on its balance sheet, potentially indicating a specialty in that lending area.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 30.10
Multifamily
Mortgages
1.04
Credit Card Loans 0.00
Consumer Auto Loans 11.94
Small Business Loans 15.50
Construction and Development Loans 8.56
Commercial Real Estate 35.98
Commercial and Industrial Loans 11.27
Farm Loans 0.01

Frequently Asked Questions About First Reliance Bank

Branches and Savings

Is First Reliance Bank FDIC insured?

Yes. It is covered under FDIC Certificate #35214.

Why does First Reliance Bank pay such low interest on savings accounts?

See the best online savings rates here. See the best local savings rates here.

Why are First Reliance Bank CD rates not competitive?

See the best online CD rates here. See the best local CD rates here.

Is First Reliance Bank a commercial bank?

Yes

Where are First Reliance Bank locations?

See branch locations nearby.

Is First Reliance Bank open on Saturdays?

Is First Reliance Bank open on Sundays?

What time does First Reliance Bank open?

What time does First Reliance Bank close?

Are First Reliance Bank ATMs Open 24/7?

Do First Reliance Bank ATMs accept cash deposits?

Can First Reliance Bank customers use other ATMs?

Do First Reliance Bank branches have notaries?

Will First Reliance Bank notarize my document?

What address for First Reliance Bank should I put for incoming ACH transfers?

Will the First Reliance Bank branch print checks?

Do First Reliance Bank checks expire?

Does First Reliance Bank require US citizenship to open account?

Can First Reliance Bank close my account?

Does First Reliance Bank Report to credit bureaus?

Does First Reliance Bank Use Equifax?

What is First Reliance Bank's ACH Routing Number?

What is First Reliance Bank's SWIFT code?

Products

Does First Reliance Bank offer mortgages?

Compare mortgage rates here.

Does First Reliance Bank offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does First Reliance Bank offer personal loans?

Compare personal loan rates here.

Does First Reliance Bank offer student loans?

Will First Reliance Bank cash a check?

Will First Reliance Bank redeem a savings bond?

Does First Reliance Bank cash savings bonds?

Will First Reliance Bank cash money orders?

Can First Reliance Bank issue a money order?

Does First Reliance Bank do currency exchange?

Background on The Bank

Who owns First Reliance Bank?

How long has First Reliance Bank been around?

Can First Reliance Bank transfer to other banks?

Does First Reliance Bank have quick pay?

Does First Reliance Bank accept rolled coins?

Will First Reliance Bank accept loose change?

Where is First Reliance Bank headquarters?

Customer Reviews for First Reliance Bank


  • April 13, 2019

    Shout out to the 2nd Loop branch. These people are the friendliest employees. I have so enjoyed doing business with them. They go way beyond their job descriptions to help you. AND I have never had to wait more than a few seconds at the windows for service. Kudos to these guys and gals for their service.

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