First Reliance Bancshares in Florence, S.C., is again current on its dividends tied to the Troubled Asset Relief Program.
The $375 million-asset company said in a press release that it had paid about $5 million total to private investors who bought the shares from the Treasury Department, including $4.2 million in deferred dividends and $876,000 in deferred interest. The company had been in deferral on the payments since November 2011.
"As of today, we are current on all dividend payments to holders of our Tarp preferred stock and interest payments on our trust preferred securities," Rick Saunders, Reliance's president and chief executive, said in the release. "We have posted five consecutive quarters of profitability, we have recaptured half of our deferred tax asset valuation allowance, we have made significant improvements in asset quality, and we are well-positioned for success going forward."