Company Overview

First Reliance Bancshares, Inc. is a bank holding company that operates in the community banking and financial services industry. The company provides a range of traditional banking products and services primarily to small- and mid-sized businesses, professionals, and individual consumers. Its core offerings include commercial and consumer lending, deposit products, treasury management services, and online and mobile banking. Revenue is primarily driven by net interest income from loans and, to a lesser extent, noninterest income from service fees and related banking activities.

Founded in 1999, the company was established to serve local markets in South Carolina with a relationship-focused banking model. Over time, First Reliance Bancshares expanded through organic growth and selective acquisitions, maintaining a strategy centered on community engagement and localized decision-making. The company completed its initial public offering in 2018 and is publicly traded on the Nasdaq under the ticker FSRL.

Business Operations

The company conducts substantially all of its operations through its wholly owned subsidiary, First Reliance Bank, which represents its sole operating segment. The bank generates revenue by originating commercial real estate loans, commercial and industrial loans, residential real estate loans, and consumer loans, funded primarily through customer deposits. Noninterest income is generated through service charges on deposit accounts, mortgage banking activities, and other fee-based services.

Operations are predominantly domestic, with no material international banking activities. The bank controls its core banking infrastructure, digital banking platforms, and branch network, enabling it to deliver both in-person and digital financial services. Subsidiary operations are fully integrated, and there are no publicly disclosed joint ventures that materially impact earnings.

Strategic Position & Investments

First Reliance Bancshares pursues a conservative growth strategy focused on organic loan growth, disciplined credit underwriting, and selective market expansion within its regional footprint. Strategic priorities include growing commercial relationships, enhancing digital banking capabilities, and deepening customer engagement through treasury management and business banking services.

Historically, the company has supplemented organic growth with targeted acquisitions of community banks, most notably the acquisition of Carolina Bank Holdings, Inc., which expanded its scale and market presence. Investment activities are primarily concentrated in loan portfolio expansion, branch optimization, and technology upgrades rather than venture-style or non-core investments. Public disclosures do not indicate material involvement in emerging technologies beyond standard financial services digitization.

Geographic Footprint

First Reliance Bancshares is headquartered in South Carolina and operates primarily within the Southeastern United States. Its branch network and lending activities are concentrated in South Carolina, with additional presence in select markets in North Carolina. The company does not maintain international branches or overseas operations.

Market presence is focused on regional metropolitan and suburban areas where relationship-based banking provides a competitive advantage. While its geographic footprint is limited relative to national banks, its regional concentration supports local market knowledge and tailored financial solutions.

Leadership & Governance

The company is led by an experienced management team with deep backgrounds in community banking and regional financial services. Leadership emphasizes prudent risk management, shareholder value creation, and long-term community relationships. Corporate governance aligns with regulatory requirements applicable to publicly traded bank holding companies.

Key executives include:

• Rick Saunders – Chief Executive Officer
• Jim Hodges – President
• Phil Helms – Chief Financial Officer
• Michelle H. Crowley – Chief Operating Officer
• Kevin R. Grayson – Chief Credit Officer

The leadership team’s strategic vision centers on sustainable growth, strong asset quality, and maintaining a community-focused banking culture.