Compared to Third Quarter Net Income of $3.2 Million
GREENVILLE, S.C. – Palmetto Bancshares, Inc. (NASDAQ: PLMT) (the “Company”) reported fourth quarter 2012 net income of $2.7 million ($0.21 per diluted share) compared to third quarter 2012 net income of $3.2 million ($0.25 per diluted share). The Company has now reported two consecutive quarters of net income and expects to remain profitable in 2013.
For the full year, the Company’s net loss improved to $1.9 million in 2012 from $23.4 million in 2011. “Our improving annual results, including our profitable results for the third and fourth quarters, continue to reflect the underlying earnings strength of our franchise,” said Samuel L. Erwin, Chief Executive Officer. “Over the past year we significantly reduced problem assets, improved our operating efficiency, and enhanced the delivery of products and services to our clients. We enter 2013 with positive momentum and are continuing our focus on enhancing the client experience and further improving our profitability.”