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First Reliance Bancshares Inc (FSRL) fair value: what the stock is really worth

As of Nov 2, 2026: fair value (intrinsic value) of First Reliance Bancshares Inc stock $14.99, price $19.46, that is 23.0% below the price, quality 54 out of 100. Rating: overvalued. Calculated from audited financials with 4 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services US

FR First Reliance Bancshares Inc logo Some data Nov 4, 2026

First Reliance Bancshares Inc

FSRL · US
Solid, but expensive

Our calculation puts a fair price 23% below what the stock costs today.

Healthy Growth (revenue YoY +77.4 %/yr in USD)
Highly profitable · 23.8% net margin (TTM)
Quality 54/100
Moderate moat 61/100 · thin data
Some data
Revenue last quarter 8% below a year ago.
Fair value $14.99 · Overvalued
Trails peers (3/13)
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$20.08 $6.02 Fair Value $14.99 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.

How to read this chart

60‑month range $6.02 – $20.08 · fair‑value band $11.24 – $18.73 · the $19.46 price screens above the $14.99 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 4, 2026.

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Company profile

First Reliance Bancshares, Inc. operates as the bank holding company for First Reliance Bank that provides banking products and services in North and South Carolina.

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It provides checking, savings, money market, Christmas and vacation club accounts, and individual retirement accounts, as well as certificates of deposit.

The company offers personal loans, including unsecured, auto and recreational vehicle, mortgage, and other loans, as well as home equity line of credit; business loans, such as commercial real estate, business loan checklist and well as business lines of credit as well as mortgage products and services; and debit and credit card services.

In addition, it offers treasury; online, mobile, and business banking; fraud prevention; and other services. First Reliance Bancshares, Inc. was founded in 1999 and is based in Florence, South Carolina.

Stock analysis

First Reliance Bancshares Inc (FSRL) currently trades at $19.46, while our model-based Fair Value estimate is $14.99, 23% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of $14.99 per share, and 0 of the 4 models we run sit above the $19.46 price.

Bear case: the Asset-Based group reads lowest at $6.60, and 4 of the 4 models stay below the price. Data coverage for this calculation is medium.

Scenario range: $11.24 (bear) to $18.73 (bull), the price of $19.46 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 54/100 (solid quality), in the Financial Services sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

First Reliance Bancshares Inc reported revenue of $69.6M in FY2025 versus $40.9M in FY2021, a compound +14.3%/yr. Reported net income was $10.9M in FY2025, compounding +19.9%/yr from FY2021.

Key figures

Market cap $160M Micro · P/E ratio 13.4 · P/S ratio 3.20 · EPS (TTM) $1.45 · Net margin 23.8% · Return on equity 12.9% · Return on assets (EBIT) 0.9% (5-year average) · Operating margin 27.9%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 61 out of 100 (low confidence).

What moves the price

The share trades about 3% below its 52-week high and 79% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at −23%, FSRL screens cheaper than that median.

Fair Value models

Bear $11.24 Fair Value $14.99 Bull $18.73
Price $19.46 · Downside -23.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($1.24 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income $10.19 $11.29 $14.11 71
P/E Multiple $13.47 $17.96 $22.45 63
P/B Multiple $9.01 $12.01 $15.01 55
All 4 models by family
Multiples
P/E Multiple $13.47 $17.96 $22.45 63
P/B Multiple $9.01 $12.01 $15.01 55
Asset-Based
NCAV (Graham) $4.92 $6.60 $9.84 54
Economic Profit
Residual Income $10.19 $11.29 $14.11 71

Open the full fair value analysis →

Quality Score breakdown

Overall quality 54/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 30
How much profit the company makes from its sales and capital
Quality Growth 61
Are margins and returns getting better?
Cashflow 77
Do the profits arrive as real cash?
Financial strength 1
Debt, balance sheet and risk of trouble
Investment 60
Does it invest with discipline instead of growing at any price?
Low Volatility 85
How calm the share price moves, does not count
Price momentum 71
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 97
Distance to the 52-week high, does not count
New shares 88
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
−0.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.2%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.15.1% vs 3.4%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.27% → 20%
2025 sits 83% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)

FSRL screens overvalued: fair value 23% below the price. Compare with China Merchants Bank Co →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 996 stocks

Beats the industry median on 3/13 measures
Overall it trails its industry peers.
Valuation
Quality Score 54 · Below median
Fair Value upside −23.0% · Below median
Profitability
Return on equity (12 months) 12.9% · Above median
Return on assets 1.0% · Above median
Net margin (12 months) 23.8% · Below median
Operating margin (12 months) 27.9% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −8.3% · Bottom 25%
Balance sheet
Debt / equity 0.63× · Above median

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 13.4× · Pricier than median
P/B 1.72× · Priciest 25%
P/S (12 months) 3.20× · Cheaper than median
Price / free cash flow (fiscal year) 12.1× · Pricier than median
EV/EBITDA 14.2× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)3 · sector 8
FUTURE (revenue growth)0 · sector 47
PAST (return on equity)52 · sector 43
HEALTH (low debt)–
DIVIDEND (yield)0 · sector 53

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Banks - Regional stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Postal Savings Bank of China Co 601658 ¥5.53 ¥7.59 +37% vs FSRL
China Merchants Bank Co 600036 ¥42.88 ¥52.73 +23% vs FSRL
BNP Paribas SA BNP €91.93 €106.01 +15% vs FSRL
Intesa Sanpaolo S.p.A ISP €6.18 €4.49 −27% vs FSRL
State Bank of India SBIN ₹1,019 ₹736.65 −28% vs FSRL
UniCredit S.p.A UCG €76.80 €50.44 −34% vs FSRL
Mizuho Financial Group MFG $9.40 $5.89 −37% vs FSRL
DBS Group D05 69.72 SGD 40.39 SGD −42% vs FSRL
HDFC Bank Limited HDFCBANK ₹788.25 ₹406.39 −48% vs FSRL
ICICI Bank Limited ICICIBANK ₹1,571 ₹615.63 −61% vs FSRL

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First Reliance Bancshares Inc: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "First Reliance Bancshares Inc Fair Value". https://www.fairvalue-calculator.com/stock/FSRL

Frequently asked questions

Is First Reliance Bancshares Inc (FSRL) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of $14.99 versus the last price from Nov 2, 2026 of $19.46, about 23% lower (overvalued).
What is the fair value of FSRL?
Our model-based fair value for First Reliance Bancshares Inc is $14.99 (as of Nov 4, 2026), built from audited fundamentals. Last price (from Nov 2, 2026): $19.46.
What is the quality score of FSRL?
First Reliance Bancshares Inc has a Quality Score of 54/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for First Reliance Bancshares Inc (FSRL)?
Our model-based price target is the fair value of $14.99 (as of Nov 4, 2026) from 4 valuation models. Cautious scenario $11.24, optimistic scenario $18.73. It is a calculation from audited fundamentals, not an analyst target.
What is the First Reliance Bancshares Inc stock forecast for 2026?
Our models put fair value at $14.99, about 23% lower versus the last price from Nov 2, 2026 of $19.46 (overvalued). Cautious scenario $11.24, optimistic scenario $18.73. The calculation is refreshed regularly with new filings.
What is the revenue of First Reliance Bancshares Inc (FSRL)?
First Reliance Bancshares Inc reported trailing-twelve-month revenue of about $50.0M (latest available figure, as of Nov 4, 2026).
What is the intrinsic value of First Reliance Bancshares Inc (FSRL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For First Reliance Bancshares Inc it is $14.99 per share (as of Nov 4, 2026), against a price of $19.46. It is the blended result of 4 valuation models in 3 families (Multiples, Asset-Based, Economic Profit).
Is First Reliance Bancshares Inc stock overvalued or undervalued in 2026?
As of Nov 4, 2026, FSRL trades above its calculated fair value: price $19.46, fair value $14.99, a gap of about −23% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FSRL?
No. The price is what the market pays today ($19.46); the fair value is what the company's own numbers justify ($14.99). For First Reliance Bancshares Inc the two are $4.47 per share apart. That gap is exactly why we show both numbers side by side.
How much is First Reliance Bancshares Inc worth?
The market values First Reliance Bancshares Inc at about $160M (market capitalisation, as of Nov 4, 2026). Per share that is $19.46; our models calculate a fair value of $14.99 per share.
What do the bullish and bearish scenarios say about FSRL?
Our models span a range for First Reliance Bancshares Inc: cautious scenario $11.24, base $14.99, optimistic $18.73 per share (as of Nov 4, 2026, price $19.46). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FSRL?
First Reliance Bancshares Inc trades at a price-to-earnings ratio of 13.4 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $14.99 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2016 to 2025), reported earnings: 13.4. Other multiples: P/B 1.7, P/S 3.2, EV/EBITDA 14.2.
How solid is the balance sheet of First Reliance Bancshares Inc (FSRL)?
Balance-sheet figures for First Reliance Bancshares Inc (as of Nov 4, 2026): return on equity 12.9%, debt of 0.63 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is FSRL from its 52-week high?
First Reliance Bancshares Inc trades at $19.46, about 3% below its 52-week high of $20.08 and 79% above the low of $10.90 (as of Nov 2, 2026). Distance from the high says nothing about value: that is what the fair value of $14.99 is for.
Which stocks are comparable to First Reliance Bancshares Inc?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is First Reliance Bancshares Inc stock attractive at the current price?
The data as of Nov 4, 2026: price $19.46, calculated fair value $14.99 (−23%), Quality Score 54/100, from 4 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FSRL calculated?
We run First Reliance Bancshares Inc through 4 models from 3 families: Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of $14.99 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. First Reliance Bancshares Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of First Reliance Bancshares Inc (FSRL)?
The latest price we hold is from Nov 2, 2026 and stands at $19.46. Our model-based fair value is $14.99, about 23% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with First Reliance Bancshares Inc right now?
The price sits above even our optimistic bull case ($18.73). The favourable scenario is already priced in. Solid but not exceptional quality (54/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of First Reliance Bancshares Inc

How large is the market capitalisation of First Reliance Bancshares Inc (FSRL)?
The market capitalisation of First Reliance Bancshares Inc is $160M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of First Reliance Bancshares Inc (FSRL)?
The price-to-sales ratio of First Reliance Bancshares Inc is 3.20 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of First Reliance Bancshares Inc (FSRL)?
Earnings per share at First Reliance Bancshares Inc are $1.45 (price ÷ EPS = P/E 13.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of First Reliance Bancshares Inc (FSRL)?
The net margin of First Reliance Bancshares Inc is 23.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of First Reliance Bancshares Inc (FSRL)?
The return on equity (ROE) of First Reliance Bancshares Inc is 12.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of First Reliance Bancshares Inc (FSRL)?
On an EBIT basis the return on assets of First Reliance Bancshares Inc is 0.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of First Reliance Bancshares Inc (FSRL)?
The operating margin of First Reliance Bancshares Inc is 27.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at First Reliance Bancshares Inc (FSRL)?
Revenue at First Reliance Bancshares Inc is growing −8.3% versus a year earlier (3y avg +18.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at First Reliance Bancshares Inc (FSRL)?
Earnings per share at First Reliance Bancshares Inc are growing −22.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does First Reliance Bancshares Inc (FSRL) generate?
The free cash flow of First Reliance Bancshares Inc is $13.2M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does First Reliance Bancshares Inc (FSRL) carry?
The net debt of First Reliance Bancshares Inc is $40.1M (fiscal year 2025, ≈ 3.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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