GREENVILLE, S.C. – Palmetto Bancshares, Inc. (NASDAQ: PLMT) reported a reduced consolidated net loss for the fourth quarter 2011 of $2.3 million, compared to a consolidated net loss for the third quarter 2011 of $5.5 million. The primary contributor to the net loss in both quarters was credit-related costs resulting from depressed real estate values which declined to $5.9 million in the fourth quarter 2011 from $11.1 million in the third quarter 2011. Results for the fourth quarter 2011 also included $343 thousand of one-time charges related to the Company’s previously announced strategic decisions to sell and consolidate four branches and outsource certain operational functions. Excluding the credit-related items and one-time charges, pre-tax operating earnings were $3.8 million in the fourth quarter 2011, compared to $4.3 million in the third quarter 2011. The quarterly reduction in net loss is a direct result of the Company’s continued execution of its strategic plan. Read more…