Reliance Bank on Friday reported first-quarter net income of $1.8 million, up from the $1.7 million reported in the year-ago quarter, as the bank cut its nonperforming loans.
Bank officials said its growth in pre-tax earnings resulted from increased loans, decreased costs of deposits, increased non-interest income and ongoing expense controls.
Reliance, with assets of $1.2 billion, reported total loans of $728.1 million as of March 31, up 11.3 percent from a year ago. The bank’s deposits grew to $907 million, up 6.5 percent from a year ago.
Sign Up for Newsletters & Alerts
Receive St. Louis Business Journal's Morning Edition and Afternoon Edition newsletters and breaking news alerts.
Reliance also reported that year over year it improved its Texas ratio to 12.3 percent from 33.4 percent, and reduced its nonperforming assets 49.5 percent. It had no nonperforming loans as of March 31, officials said, down from $10.5 million in the first quarter last year.
Reliance Bancshares is the holding company for Reliance Bank, which is led by Chairman Tom Brouster.
