FOR IMMEDIATE RELEASE For More Information Contact:
January 18, 2006 Cynthia Jamison, (864) 984-8395
 

cjamison@palmettobank.com

 

Palmetto Bancshares, Inc. Reports Record Year

 

UPSTATE, SC - L. Leon Patterson, chairman and chief executive officer of Palmetto Bancshares, Inc., parent company of The Palmetto Bank, reported net income for the year ended December 31, 2005, of $13.8 million, up 14% over the previous year. Net income per diluted share reached $2.15, up 13% over the previous year's record earnings of $1.90 per diluted share. Total assets were $1.1 billion at year-end 2005, up 8% or $81.9 million over year-end 2004. For the year ended December 31, 2005, Palmetto Bancshares, Inc. produced a 16.06% return on shareholders' equity and a 1.32% return on assets.

Net income for the quarter ended December 31, 2005, was $3.5 million, a 12% increase over net income for the same three months of 2004. Net income per diluted share for the fourth quarter was $.55, a 12% increase over $.49 per share reported for the fourth quarter of 2004.

The year 2005 marked the twenty-third consecutive year in which Palmetto Bancshares, Inc. has increased the payment of dividends to shareholders. Cash dividends paid in 2005 were 13.8% higher when compared with 2004. Shareholders' equity ended the year at $88.9 million, a 10.1% increase over year-end 2004.

Total loans at December 31, 2005, increased 12% over the prior year to $871 million, while total deposits reached $938 million, a 9% increase over the same periods. The Palmetto Bank reported total assets under management (including mortgage servicing and trust and investment group assets) of $1.8 billion as compared with $1.7 billion reported at the close of the year 2004.

Celebrating 100 years of service in the Upstate, The Palmetto Bank manages $1.8 billion in assets including Commercial Banking, Trust and Investment Group and Mortgage Servicing.  The Palmetto Bank is the fifth largest independent state-chartered commercial bank in South Carolina with 31 locations throughout the Upstate counties of Abbeville, Anderson, Cherokee, Greenville, Greenwood, Laurens, Oconee, Pickens and Spartanburg.

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The following information was filed by Palmetto Bancshares Inc (PLMT) on Monday, January 23, 2006 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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