pab bankshares, inc. - SNL Financial

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A Tradition of Community Banking www.parkavebank.com • Since 1956 Board of Directors James L. Dewar, Jr. Chairman of the Board Real Estate Developer Valdosta, GA R. Bradford Burnette Retired Bank Executive Valdosta, GA James B. Lanier, Jr. Forester/Real Estate Appraiser Brooklet, GA Paul E. Parker Bakery Executive Claxton, GA Thompson Kurrie, Jr. Vice-Chairman of the Board Attorney Valdosta, GA James W. Godbee, Jr. Certified Public Accountant Valdosta, GA John E. Mansfield, Jr. Fuel/Energy Executive Atlanta, GA F. Ferrell Scruggs, Sr. Retired Construction Executive Valdosta, GA Douglas W. McNeill Vice-Chairman of the Board Retired Real Estate Executive Ponte Vedra Beach, FL Michael H. Godwin Real Estate Executive Valdosta, GA Kennith D. McLeod Certified Public Accountant Hazlehurst, GA Executive Officers Donald J. “Jay” Torbert, Jr. President Chief Executive Officer George D. Henderson Executive Vice President, Chief Banking Officer R. Wesley Fuller Executive Vice President, Treasurer and Chief Administrative Officer Judy S. Kelly Executive Vice President, Chief Operations Officer David H. Hammond Executive Vice President, Chief Credit Officer Nicole S. Stokes Executive Vice President, Chief Financial Officer Senior Management Market Presidents: Jeffery E. Hanson Valdosta, Lake Park and Adel Jared B. Reddick Ocala C. Sam Williams Baxley, Hazlehurst and Statesboro Al D. Hosford McDonough and Stockbridge Stephen B. Tippins Athens T. Frank Posey, Jr. Bainbridge and Cairo Gregory W. Wayne Oakwood Senior Officers: Teresa A. Baumann Loan Operations Larry W. Hale Security Officer/Purchasing W. Keith Morris Special Assets Brenda D. Vickery Human Resources Jane D. Carter Deposit Operations/Electronic Banking Suzy S. Hall Compliance David C. Rogers Controller Derek T. Watkins Mortgage Origination J. Randy Cox Marketing Tracey R. Moore BSA/OFAC Officer Donnee L. Upson Information Technology Karen A. Witt Credit Administration
Shareholder Information Corporate Office PAB Bankshares, Inc. 3250 North Valdosta Road / P.O. Box 3460 Valdosta, GA 31604-3460 • (229) 241-2775 www.pabbankshares.com Denise G. McKenzie, Corporate Secretary General Counsel Coleman Talley, LLP 910 N. Patterson St., Valdosta, GA 31603-5437 SEC Counsel Troutman Sanders, LLP 600 Peachtree St, Suite 5200, Atlanta, GA 30308 Independent Certified Public Accountants Mauldin & Jenkins, LLC 2303 Dawson Road, Albany, GA 31708-1549 Transfer Agent Registrar and Transfer Company 10 Commerce Drive, Cranford, NJ 07016-3572 (800) 368-5948 • www.rtco.com Investor Relations Denise G. McKenzie PAB Bankshares, Inc. P.O. Box 3460, Valdosta, GA 31604-3460 Phone: (229) 241-2775 • Fax: (229) 241-2774 Email: ir@pabbankshares.com Stock Listing PAB Bankshares, Inc.’s Common Stock is traded and quoted on the NASDAQ Global Select Market under the symbol “PABK.” Web-Sites Please visit www.pabbankshares.com for additional investor relations information. For information concerning The Park Avenue Bank’s products and services, locations and other materials relating to the Bank, visit www.parkavebank.com. Shareholder Information Shareholders requiring a change of name or address, information about lost certificates or consolidation of accounts should contact the Transfer Agent or Investor Relations. Dividend Reinvestment Plan PAB Bankshares offers a Dividend Reinvestment Plan for automatic reinvestment of dividends in the Common Stock of the Company. The plan allows shareholders to reinvest quarterly dividends and make cash investments in PAB stock for a minimum of $50 per month and up to $6,000 per year, with no brokerage commissions or administrative charges. For more information concerning this convenient and economical way to purchase additional Common Stock and to receive an authorization form, contact the Transfer Agent or Investor Relations. Direct Deposit With direct deposit, stockholders can have dividends deposited directly into a checking account or savings account. There is no cost for this service. For further information, contact the Transfer Agent or Investor Relations. Forward-Looking Statements Certain matters set forth in this annual report are "forwardlooking statements" within the meaning of the federal securities laws, including, without limitation, statements regarding our outlook on earnings, stock performance, asset quality, and projected growth, and are based upon management's beliefs as well as assumptions made based on data currently available to management. When words like "anticipate", "believe", "intend", "plan", "expect", "estimate", "could", "should", "will" and similar expressions are used, you should consider them as identifying forward-looking statements. The Company's actual results may differ materially from the anticipated or expected results expressed in these forward-looking statements, and the Company undertakes no obligation to revise these statements. Risk factors are identified in the Company's Form 10-K for the period ending December 31, 2009 filed with the Securities and Exchange Commission Annual Report on Form 10-K and Proxy Statement Copies of the Company’s 2009 Annual Report on Form 10-K, and 2010 Proxy Statement, as filed with the Securities and Exchange Commission, are available on our website at no charge or upon written request to Investor Relations. You are cordially invited to attend the 2010 Annual Shareholders’ Meeting Date & Time: May 25 at 10:00 a.m. Location: PAB Bankshares, Inc., Boardroom • 3250 North Valdosta Road, Valdosta, GA 31602
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2009 Annual Report
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UNITED STATES SECURITIES AND EXCHAN
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TABLE OF CONTENTS Item Page Caution
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PART I ITEM 1. BUSINESS General PAB
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North Georgia During the fourth qua
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Supervision and Regulation The bank
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Payment of Dividends PAB is a legal
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An institution that is categorized
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USA Patriot Act of 2001 In October
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If our allowance for loan losses is
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Our net interest income could be ne
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We may need to raise additional cap
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If we fail to continue to meet all
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Performance Graph The following gra
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GAAP Reconciliation and Management
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The three primary reasons for this
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At December 31, 2009, commercial re
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Average Balances, Interest and Yiel
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Loan Portfolio We make both secured
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A summary of loans from each market
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The following table summarizes our
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The first component of the allowanc
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Summary of Loan Loss Experience The
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The following table summarizes our
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On September 4, 2009, the Company b
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Provision for Loan Losses The provi
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Income Taxes The provision for inco
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We have reduced the level of asset-
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MANAGEMENT’S REPORT ON INTERNAL C
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Because of its inherent limitations
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PAB BANKSHARES, INC. AND SUBSIDIARI
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NOTES TO CONSOLIDATED FINANCIAL STA
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Page 87 and 88: NOTES TO CONSOLIDATED FINANCIAL STA
Page 109 and 110: JAMES W. GODBEE, JR Certified Publi
Page 111 and 112: KENNITH D. MCLEOD Certified Public
Page 113 and 114: The Audit Committee is a separately
Page 115 and 116: SECTION 16(a) BENEFICIAL OWNERSHIP
Page 117 and 118: Compensation Benchmarks and Use of
Page 119 and 120: The following table summarizes in t
Page 121 and 122: Base Salaries The Company’s philo
Page 125 and 126: (1) The listed stock option grants
Page 127 and 128: Potential Payments Upon Termination
Page 131 and 132: (5) Includes 1,659,310 shares owned
Page 133 and 134: All related party transactions set
Page 135 and 136: 10.5 Rescission Agreement, dated De
Page 137: SIGNATURES Pursuant to the requirem
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