Comparing the current results to its competitors, Palmetto Bancshares Inc reported Revenue increase in the 2 quarter 2015 by 8.74 % year on year, while most of its competitors have experienced contraction in revenues by -9.31 %, achieved in the same quarter.
Palmetto Bancshares Inc's Comment on Competitors and Industry Peers
We face substantial competition from national, regional and other community banks.
We also face competition from many other types of financial institutions including
savings and loan associations, finance companies, credit unions, mortgage banks
and other financial intermediaries as well as full-service and discount brokerage
firms. Out-of-state financial intermediaries that have opened loan production
offices or that solicit deposits in our market areas also provide competition.
In addition, money market and stock and fixed income mutual funds have attracted
an increasing share of household savings.
We compete with many other financial institutions, some of which are larger and
have greater resources available than those of the Company, which enables them
to maintain numerous locations and conduct extensive promotional and advertising
campaigns. Due to their size, some of these competitors may offer a broader range
of products and services as well as better pricing for those products and services
than we offer. In addition, banks and other financial institutions with larger
capitalization and financial intermediaries that are not subject to bank regulatory
restrictions may have larger lending limits that allow them to serve the lending
needs of larger customers. Because larger competitors have certain advantages
in attracting business from larger corporations, we generally concentrate our
efforts on attracting and servicing the business of individuals and small and
medium-size businesses. We generally compete on the basis of local relationships,
responsive service, the convenience of our service channels (branches, client
contact center, mobile and online banking and cash management products), broad
suite of our products and services and competitive pricing.