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Palmetto Bancshares Inc. has second-quarter increase

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Palmetto Bancshares Inc. saw a 6.5 percent increase in net income for the second quarter of 2008 over the same time last year. Net income per diluted share was 66 cents. This was a 4.8 percent increase over $.63 per share in the second quarter of 2007, according to a statement.

For the six months through June 30, Palmetto Bancshares’ reported net income was $8 million, an increase of 2 percent over the same period last year. The company’s total assets grew by $162.5 million to $1.3 billion, an increase of 13.8 percent over the same period of 2007.

The Palmetto Bank is the fifth-largest independent state-chartered commercial bank in South Carolina. It manages $2.2 billion in assets, according to a statement.

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