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First Reliance Bancshares approves stock buyback

First Reliance Bancshares Inc.'s board approved the repurchase of up to about 30,000 shares of the company's common stock and series D preferred stock through Dec. 31.

The buyback plan was approved since the company believes the share trading prices were undervalued.

Additionally, the bank reported second-quarter net income available to common shareholders of $465,797, or 6 cents per share, compared to $662,633, or 14 cents per share, a year ago.