GREENVILLE, S.C. – Palmetto Bancshares, Inc. (NASDAQ: PLMT) reported a reduced consolidated net loss for the first quarter 2012 of $587 thousand, compared to a consolidated net loss for the fourth quarter 2011 of $2.3 million. The net loss in both quarters was primarily due to credit-related costs resulting from depressed real estate values which declined to $4.4 million in the first quarter 2012 from $5.9 million in the fourth quarter 2011, the third consecutive quarterly decline. Results for the first quarter 2012 and fourth quarter 2011 also included $328 thousand and $343 thousand, respectively, 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, pretax operating earnings were $4.7 million in the first quarter 2012, compared to $3.8 million in the fourth quarter 2011 and have increased in four of the last five quarters. The quarterly reduction in net loss is a direct result of the Company’s continued execution of its strategic plan. Read more…