Reliance Bank announces record results in second quarter
From Illinois Business Journal news services
ST. LOUIS – Thomas H. Brouster, Sr., chairman of the board of Reliance Bank, the wholly owned subsidiary of Reliance Bancshares, Inc., has announced financial and operating results for the second quarter and six months ending June 30, 2015.
The bank, which has multiple locations in Metro St. Louis and Southwestern Illinois, generated record setting pre-tax earnings of $2.62 million for the quarter and $5.02 million for the six months ended June 30 compared to $2.08 million and $3.85 million for the same periods in 2014. The 2015 figures represent increases of 26 percent and 30.4 person over the 2014 results.
The results showed Reliance Bank:
• Generated pre-tax income of $2.6 million for the second quarter of 2015 and $5.0 million for the six months ended June 30, 2015
• Achieved net after-tax income of $2.0 million for the second quarter of 2015 and $3.8 million for the six months ended June 30, 2015
• Loans totaled $739 million and grew $95 million (14.7 percent) from June 30, 2014
• Deposits totaled $897 million and grew $47 million (5.5 percent) from June 30, 2014
• Texas Ratio improved to 8.3 percent from 18.3 percent at June 30, 2014
• Zero nonperforming loans
• Nonperforming assets declined 52.5 percent from June 30, 2014
• 40 consecutive months of no loans past due 30 days or more
“We are pleased with the record pre-tax earnings of the second quarter and year-to-date as we continue to work hard to enhance the value of the Reliance Bank franchise,” Brouster said. “Our record net income confirms that our plan to improve asset quality while increasing our loans and deposits is working well in spite of a tough interest rate environment. We look forward to further successes throughout the remainder of 2015.”
The growth in pre-tax earnings is a direct result of increased loans, a reduction in the cost of deposits, increased non-interest income, and the realization of ongoing expense controls, he said The bank’s positive trend in earnings began in late 2012 and now consists of 11 consecutive quarters of positive earnings.