Reliant Bancorp, Inc. Reports Results for First Quarter 2020

BRENTWOOD, Tenn.--(BUSINESS WIRE)--Reliant Bancorp, Inc. (“Reliant Bancorp” or the “Company”) (Nasdaq: RBNC), the parent company for Reliant Bank (“Reliant” or the “Bank”), reported a net loss attributable to common shareholders of $215 thousand, or ($0.02) per diluted common share for the first quarter of 2020 compared to net income available to common shareholders of $3.8 million, or $0.33 per diluted common share, for the first quarter of 2019. First quarter 2020 results included $4.2 million in merger related expenses and an increase in the provision for loan losses to $2.9 million, with $2.0 million of the increase related to risk factors related to the COVID-19 pandemic. Excluding merger related expense, the Company reported net income available to common shareholders of $2.9 million, or $0.25 per diluted common share, for the first quarter of 2020 ("non-GAAP").