FOR IMMEDIATE RELEASE | For More Information Contact: |
April 18, 2007 | Cynthia Jamison, (864) 984-8395 |
cjamison@palmettobank.com |
Palmetto Bancshares, Inc. Reports
3% Quarterly Earnings Increase
UPSTATE, SC - Leon Patterson, chairman and chief executive officer of Palmetto Bancshares, Inc., parent company for The Palmetto Bank, reported net income for the quarter ending March 31, 2007 of $3.8 million compared to $3.7 million reported during the same period of 2006. Net income per share (diluted) was $0.58 for the first three months of 2007, a 2% increase over the $0.57 per diluted share during the same period of 2006. For the quarter ended March 31, 2007, Palmetto Bancshares, Inc. reported a 14.94% return on average shareholders' equity and a 1.32% return on average assets.
Total assets at quarter end were $1.2 billion, up 6% or $68.4 million over the quarter ended March 31, 2006. When comparing the same periods, total loans increased 11% to $958.4 million, and total deposits increased 7% to $1.1 billion.
Celebrating more than 100 years of service in the Upstate, The Palmetto Bank manages $1.953 billion in assets including Commercial Banking, Trust, Brokerage and Mortgage Servicing. The Palmetto Bank is the fifth largest independent state-chartered commercial bank in South Carolina with 32 locations throughout the Upstate counties of Abbeville, Anderson, Cherokee, Greenville, Greenwood, Laurens, Oconee, Pickens and Spartanburg.