-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 NKLBoTLGx1g9OJZKOUbNHM1P+RUYlKFkNqwHNK7Xz6q88aO/fvO5KsUuIIv6RX8X
 5mMCI9NDNoFwKphxihhKCA==

<SEC-DOCUMENT>0001246070-11-000001.txt : 20110214
<SEC-HEADER>0001246070-11-000001.hdr.sgml : 20110214
<ACCEPTANCE-DATETIME>20110214192537
ACCESSION NUMBER:		0001246070-11-000001
CONFORMED SUBMISSION TYPE:	5
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20101231
FILED AS OF DATE:		20110214
DATE AS OF CHANGE:		20110214

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SMITH ANN BATSON
		CENTRAL INDEX KEY:			0001246070

	FILING VALUES:
		FORM TYPE:		5
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-26016
		FILM NUMBER:		11611302

	MAIL ADDRESS:	
		STREET 1:		C/O PALMETTO BANCSHARES INC
		STREET 2:		PO BOX 49 301 HILLCREST DRIVE
		CITY:			LAURENS
		STATE:			SC
		ZIP:			29360

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PALMETTO BANCSHARES INC
		CENTRAL INDEX KEY:			0000706874
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				742235055
		STATE OF INCORPORATION:			SC
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		301 HILLCREST DR
		STREET 2:		P O BOX 49
		CITY:			LAURENS
		STATE:			SC
		ZIP:			29360
		BUSINESS PHONE:		8649844551
</SEC-HEADER>
<DOCUMENT>
<TYPE>5
<SEQUENCE>1
<FILENAME>primary_doc.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>5</documentType>

    <periodOfReport>2010-12-31</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <form3HoldingsReported>0</form3HoldingsReported>

    <form4TransactionsReported>0</form4TransactionsReported>

    <issuer>
        <issuerCik>0000706874</issuerCik>
        <issuerName>PALMETTO BANCSHARES INC</issuerName>
        <issuerTradingSymbol>n/a</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001246070</rptOwnerCik>
            <rptOwnerName>SMITH ANN BATSON</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O PALMETTO BANCSHARES INC</rptOwnerStreet1>
            <rptOwnerStreet2>PO BOX 49 301 HILLCREST DRIVE</rptOwnerStreet2>
            <rptOwnerCity>LAURENS</rptOwnerCity>
            <rptOwnerState>SC</rptOwnerState>
            <rptOwnerZipCode>29360</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, $0.01 par value</value>
            </securityTitle>
            <transactionDate>
                <value>2010-10-07</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>384</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>2.6</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5584</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock, $0.01 par value</value>
            </securityTitle>
            <transactionCoding>
                <transactionFormType></transactionFormType>
            </transactionCoding>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>500</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Custodian for Child</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock, $0.01 par value</value>
            </securityTitle>
            <transactionCoding>
                <transactionFormType></transactionFormType>
            </transactionCoding>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>500</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Custodian for Child</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <remarks>Ms. Smith retired as a Board member effective 10/12/2010 and is no longer subject to Section 16. Ownership amounts reported in this Form 5 reflect her ownership as of that date.</remarks>

    <ownerSignature>
        <signatureName>Lauren S Greer, with POA, Director Accounting and Finance, The Palmetto Bank, a wholly owned subsidiary of Palmetto Bancshares, Inc.</signatureName>
        <signatureDate>2011-02-14</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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