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Palmetto Bancshares reports third quarter earnings

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Palmetto Bancshares Inc. reported a net income of $4.057 million for the third quarter of 2008.

That represents a 4.2 percent increase over the same period in 2007. Net income per diluted share was 62 cents, a 3.3 percent increase over 60 cents per share reported for the third quarter of 2007.

For the nine months ended Sept. 30, reported net income for the company was $12.03 million. That is an increase of 2.7 percent over the $11.720 million reported for the same period last year. Diluted earnings per share were $1.84 for the third quarter of this year.

Total assets at Sept. 30 were $1.4 billion, an increase of 13.9 percent over the same period in 2007.

Palmetto Bancshares Inc. is the parent company for The Palmetto Bank.

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