Pre-Tax Earnings Increase $1.2 Million from Fourth Quarter 2012

GREENVILLE, S.C.– Palmetto Bancshares, Inc. (NASDAQ: PLMT) (the “Company”) reported first quarter 2013 net income of $2.2 million ($0.17 per diluted share) compared to fourth quarter 2012 net income of $2.7 million ($0.21 per diluted share). On a pre-tax basis, income increased to $3.0 million in the first quarter 2013 from $1.8 million in the fourth quarter 2012. The Company has now reported three consecutive quarters of net income and expects to remain profitable for the remainder of 2013.

“The earnings momentum with which we ended 2012 has carried over into the first quarter of 2013,” said Samuel L. Erwin, Chief Executive Officer. “While we are still facing a challenging economic environment, we expect to continue this profitable trend as we execute our plan to return to high-performing status.” Read more…