Exhibit 99.1



For More Information Contact:

January 28, 2015

Roy D. Jones, Chief Financial Officer


(864) 240-5104 or rjones@palmettobank.com



The Palmetto Bank Reports Fourth Quarter Net Income of $3.3 Million

Net Income of $9.4 Million for the Year Ended December 31, 2014


Greenville, S.C.Palmetto Bancshares, Inc. (NASDAQ: PLMT) (the “Company”) reported fourth quarter 2014 net income of $3.3 million ($0.26 per diluted common share) compared to $2.0 million ($0.15 per diluted common share) for the third quarter 2014. For the year ended December 31, 2014, the Company reported net income of $9.4 million ($0.73 per diluted common share) compared to net income of $27.7 million ($2.17 per diluted common share) for the year ended December 31, 2013. Results for 2013 include a non-cash income tax benefit resulting from the reversal of substantially all of the valuation allowance on the Company’s net deferred tax asset. Income before provision (benefit) for income taxes was $14.8 million for the year ended December 31, 2014 compared to $9.3 million for the year ended December 31, 2013. The Company also declared a quarterly cash dividend of $0.08 per common share payable on February 16, 2015 to shareholders of record on February 2, 2015.


“Our financial results for the fourth quarter reflect a strong finish as we ended the year with two consecutive quarters of loan growth,” said Samuel L. Erwin, Chairman and Chief Executive Officer. “We are pleased with the increase in our loan production during the second half of the year and the strength of our loan pipeline as we begin 2015. Our objective was to start 2015 with a higher level of earning assets to ensure we earn a full year of higher income in 2015.”


Highlights for the fourth quarter 2014 are summarized as follows:

Net income was $3.3 million, an increase of $1.3 million from the third quarter. The increase was driven primarily by the increase in the negative provision for loan losses from $500 thousand in the third quarter to $1.8 million in the fourth quarter, and a decline of $1.0 million in noninterest expense quarter over quarter.

Net interest income declined $85 thousand from the third quarter. Net interest margin declined 7 basis points from the third quarter to 3.70% as increases in average loans of $18.9 million and higher loan fees were more than offset by lower investment securities yields and the reversal of accrued interest on nonaccrual loans. Excluding the reversal of accrued interest, the net interest margin would have declined 1 basis point to 3.76%.

The provision for loan losses was negative $1.8 million compared to negative $500 thousand in the third quarter. The negative provision in both quarters reflects continued improvement in the risk profile of the loan portfolio and low charge-offs. The allowance for loan losses coverage ratio declined to 1.60%, also reflecting continued positive trends in credit quality.

Noninterest income decreased $134 thousand primarily due to a decline in nonsufficient funds (NSF) fees and lower Trust and Brokerage income.

Non-credit related expenses decreased $456 thousand from the third quarter primarily due to lower incentive plan accruals, reduced headcount and lower FDIC deposit insurance assessments. In addition, the third quarter included nonrecurring writedowns of $253 thousand on vacant bank properties being marketed for sale.

Credit-related expenses, which are defined as foreclosed real estate writedowns and expenses and loan workout expenses, declined $540 thousand from the third quarter. Results for the fourth quarter included gains of $290 thousand on the individual sale of five lots in a single real estate development, while the third quarter included writedowns of $337 thousand on the bulk sale of all of the Company’s 16 lots in one particular community in this development.

Total period-end loans held for investment increased $28.1 million (3.6%) from the third quarter and are up $37.5 million (4.9%) since December 31, 2013. The increase during the quarter reflects an increase in commercial and consumer organic loan originations, a continuation of our strategy to retain a larger portion of mortgage and Small Business Administration (SBA) loan production in the held for investment loan portfolio, a $5.0 million purchased commercial loan participation, and the purchase of $22.1 million of indirect auto loans to supplement organic loan originations.



The following information was filed by Palmetto Bancshares Inc (PLMT) on Wednesday, January 28, 2015 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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