First Reliance Bancshares Inc. announced earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported net interest income of $5,055,397 compared to $4,904,120 for the same period a year ago. Loss before tax was $864,060 compared to income before tax of $977,017 for the same period a year ago. Net loss was $331,072 or $0.16 diluted per share compared to net income of $765,178 or $0.22 diluted per share for the same period a year ago. For the nine months, the company reported net interest income of $13,094,199 compared to $14,699,354 for the same period a year ago. Loss before tax was $3,153,048 compared to income before tax of $2,894,076 for the same period a year ago. Net loss was $1,471,821 or $0.58 diluted per share compared to net income of $2,274,722 or $0.64 diluted per share for the same period a year ago.

First Reliance Bancshares Inc. reported un-audited consolidated earnings results for the second quarter and six months ended June 30, 2009. For the quarter, the company reported net loss of $1.2 million compared to net income of $683,421 in the prior-year period. Diluted loss per share was $0.40, compared to diluted earning per share of $0.20 reported in the prior year period. The decline in net income is attributable to the increase in allowance for loan and lease losses. Provisions for loan losses increased to $3.6 million compared to $645,794 during the prior year period. Net loss available to common shareholders was $1.4 million, total income was $7.8 million, net interest income was $3.9 million and loss before tax was $2.1 million compared to total income of $9.3 million, net interest income was $4.8 million and income before tax of $0.9 million, respectively reported for the same quarter last year. For the six months, the company reported net loss of $1.1 million compared to net income of $1.5 million in the prior-year period. Diluted loss per share was $0.41, compared to diluted earning per share of $0.43 reported in the prior year period. Net loss available to common shareholders was $1.5 million, total income was $15.6 million, net interest income was $8 million and loss before tax was $2.3 million compared to total income of $19.1 million, net interest income of $9.8 million and income before tax of $1.9 million, respectively reported for the same period last year.

First Reliance Bancshares Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2009. Net income for the quarter was $13,865 compared to $826,123 earned for the quarter ending March 31, 2008 due primarily to loan loss provisions of $1.3 million and a declining interest rate environment during the period. Diluted and basic loss per share for March 31, 2009 totaled $0.02 compared to $0.23 earned for the quarter ended March 31, 2008. The company reported net loss available to common shareholders of $58,403 and loss before income taxes of $179,049 on interest income of $7,823,053 and net interest income of $4,153,093 compared to net income available to common shareholders of $826,123 and income before income taxes of $1,063,779 on interest income of $9,826,652 and net interest income of $4,967,984 for the same period of last year.