In its fourth straight quarter of gains, Palmetto Bancshares Inc. reported a decrease in net income in last week’s quarterly 10-Q filing for the period ended June 30. The holding company for The Palmetto Bank said in a release that net income had dropped to $1.5 million from $2.2 million the previous quarter because of a $1.9 million increase in credit-related expenses, primarily due to a writedown on one problem asset.
Palmetto Bancshares saw a drop in expenses for borrowed money to $503,000 from $1.3 million, and the provision for loan losses dropped to $670,000 from $8.5 million.
Palmetto Bank has recently increased staffing in the trust and financial planning areas. Most recently, the company announced last week that Brian Neill was added as a financial advisor with Palmetto Investment Professionals.
