RELIANCE BANCSHARES: Profit falls 55 percent
Reliance Bancshares Inc. of Frontenac said its first-quarter profit was down 55 percent to $310,000, or a penny a share. Revenue was up 36 percent, reflecting strong gains in interest and fee income.
Loans were up 9 percent to $81 million. The provision for loan losses nearly tripled to $1.1 million due to loan growth and adverse changes in risk ratings on some credits http://paydayloans-on.com. However, net charge-offs fell slightly to $336,000. Assets were up 29 percent to $1.2 billion.