pab bankshares, inc. - SNL Financial
pab bankshares, inc. - SNL Financial
pab bankshares, inc. - SNL Financial
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br />
NOTE 27. CONDENSED FINANCIAL INFORMATION OF PAB BANKSHARES, INC.<br />
(PARENT COMPANY ONLY) (Continued)<br />
PAB BANKSHARES, INC.<br />
CONDENSED STATEMENTS OF INCOME (LOSS)<br />
YEARS ENDED DECEMBER 31, 2009, 2008 AND 2007<br />
2009 2008 2007<br />
Income<br />
Dividends from subsidiaries $ - $ 2,450,000 $ 12,445,000<br />
Interest and dividends on investment securities 7,907<br />
16,234 21,862<br />
Securities transactions, net<br />
- - 371,606<br />
Other <strong>inc</strong>ome 66 - 1,040<br />
Total <strong>inc</strong>ome 7,973 2,466,234 12,839,508<br />
Expenses<br />
1,437,796 1,135,975 1,605,380<br />
Income (loss) before <strong>inc</strong>ome tax benefit<br />
and distributions in excess of earnings<br />
of subsidiaries (1,429,823) 1,330,259 11,234,128<br />
Income tax expense (benefit) 438,776 (302,644) (388,311)<br />
Income (loss) before<br />
distributions in excess of<br />
earnings of subsidiaries (1,868,599)<br />
1,632,903 11,622,439<br />
Distributions in excess of earnings of subsidiaries (49,303,401) (7,544,168) (836,724)<br />
Net <strong>inc</strong>ome (loss) $ (51,172,000) $ (5,911,265) $ 10,785,715<br />
102
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