pab bankshares, inc. - SNL Financial

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 27. CONDENSED FINANCIAL INFORMATION OF PAB BANKSHARES, INC.
(PARENT COMPANY ONLY) (Continued)
PAB BANKSHARES, INC.
CONDENSED STATEMENTS OF CASH FLOW
YEARS ENDED DECEMBER 31, 2009, 2008 AND 2007
2009 2008 2007
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (loss) $ (51,172,000) $ (5,911,265) $ 10,785,715
Adjustments to reconcile net income to
net cash provided by (used in) operating activities:
Goodwill impairment 36,697 - -
Net realized gain on securities transactions - - (371,606)
Distributions in excess of earnings of subsidiaries
49,303,401 7,544,168 836,724
Increase (decrease) in deferred compensation
accrual 154,052 (235,904) (133,699)
Stock-based compensation expense 350,630 310,043 410,851
Net change in other assets and liabilities 407,093 (6,266) (19,869)
Net cash provided by (used in)
operating activities (920,127) 1,700,776 11,508,116
CASH FLOWS FROM INVESTING ACTIVITIES
Investments in subsidiaries (12,750,000) - -
Redemption of equity securities - - 641,551
Net cash provided by (used in)
investing activities (12,750,000) - 641,551
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid - (3,532,990) (5,432,369)
Proceeds from private placement of capital 12,772,471 - -
Proceeds from the exercise of stock options - 35,980
691,341
Acquisition of stock under stock repurchase
plans - (1,162,521) (5,894,104)
Net cash provided by (used in)
financing activities 12,772,471 (4,659,531) (10,635,132)
Net increase (decrease) in cash (897,656) (2,958,755) 1,514,535
Cash at beginning of period 1,101,389 4,060,144 2,545,609
Cash at end of period $ 203,733 $ 1,101,389 $ 4,060,144
103