pab bankshares, inc. - SNL Financial

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The percentage of total deposits at the indicated dates is presented in the following table according to type of deposit account. As of December 31, 2009 2008 2007 2006 2005 Noninterest-bearing demand 9.61% 8.11% 9.12% 11.11% 13.23% Interest-bearing demand and savings 23.94% 22.44% 36.19% 36.19% 34.83% Retail time deposits < $100,000 30.06% 29.22% 31.91% 30.81% 30.68% Retail time deposits > $100,000 20.84% 17.69% 19.15% 17.73% 16.10% Retail time deposits placed in CDARs program 2.82% 4.15% 0.00% 0.00% 0.00% Brokered time deposits 12.73% 18.39% 3.63% 4.16% 5.16% Total deposits 100.00% 100.00% 100.00% 100.00% 100.00% The following table summarizes average balances of deposits and related weighted average rates of interest paid for each of the three years presented. For the Year Ended December 31, 2009 2008 2007 Average Balance Rate Average Balance Rate (Dollars in Thousands) Average Balance Noninterest-bearing demand $ 109,317 - $ 97,839 - $ 98,475 - Interest-bearing demand 210,874 0.56% 271,498 1.93% 309,037 3.58% Savings 35,846 0.25% 35,381 0.58% 37,231 1.51% Retail time deposits < $100,000 321,626 3.67% 307,170 4.47% 300,618 5.06% Retail time deposits > $100,000 201,462 3.05% 183,151 4.05% 168,842 4.94% Retail time deposits placed in CDARS program 45,138 2.19% 8,973 3.17% - - Brokered time deposits 145,089 4.19% 107,584 4.12% 34,410 5.03% Total deposits $ 1,069,352 2.46% $ 1,011,596 3.10% $ 948,613 3.89% Rate The maturities of time deposits as of December 31, 2009 are summarized below. Retail time deposits < $100,000 Retail time deposits > $100,000 Retail time deposits placed in CDARS program Brokered time deposits (Dollars in Thousands) Total deposits Three months or less $ 61,233 $ 34,475 $ 18,260 $ 19,311 $ 133,279 Over three through six months 88,013 50,393 5,089 16,580 160,075 Over six months through twelve months 82,646 59,067 6,183 17,362 165,258 Over twelve months 102,422 53,797 - 79,694 235,913 Total deposits $ 334,314 $ 197,732 $ 29,532 $ 132,947 $ 694,525 44
The following table summarizes our deposit portfolio by type and market as of December 31, 2009. South Georgia North Georgia Florida Market Market Market Treasury Total deposits (Dollars in Thousands) Noninterest-bearing demand $ 77,661 $ 15,635 $ 2,576 $ 4,586 $ 100,458 Interest-bearing demand and savings 191,209 28,727 29,495 801 250,232 Retail time deposits < $100,000 165,026 44,844 95,351 8,927 314,148 Retail time deposits > $100,000 103,672 28,743 46,799 38,619 217,833 Retail time deposits placed in CDARS program 27,311 2,430 - (209) 29,532 Brokered time deposits > $100,000 - - - 133,012 133,012 Total deposits $ 564,879 $ 120,379 $ 174,221 $ 185,736 $ 1,045,215 LIQUIDITY AND CAPITAL RESOURCES Liquidity is an important factor in our financial condition and affects our ability to meet the borrowing needs and deposit withdrawal requirements of our customers. Assets, consisting primarily of loans and investment securities, are funded by customer deposits, borrowed funds, and retained earnings. Maturities in the investment and loan portfolios also provide a steady flow of funds for reinvestment. In addition, our liquidity continues to be enhanced by a relatively stable core deposit base. If necessary, the Bank has the ability to sell a portion of its unpledged investment securities to manage its liquidity. Unpledged securities totaled $20.2 million at December 31, 2009. However, since the Bank is not considered “well capitalized” as of December 31, 2009, it is unable to accept, rollover, or renew any brokered deposits without prior regulatory approval. Approximately $53.3 million of the Bank’s existing brokered deposits are scheduled to mature in 2010. Based on current and expected liquidity needs and sources, the Company expects to be able to meet its obligations through December 31, 2010. At December 31, 2009, our ratio of liquid assets (defined as the sum of cash and due from bank balances, interest-bearing deposits in other banks, federal funds sold, and investment securities) to total assets was 24.2%, compared to 23.9% at December 31, 2008. It is our policy to maintain a ratio of liquid assets to total assets of at least 15%. During 2009, we utilized the $20.0 million proceeds from the issuance of a three year unsecured debt at an interest rate of 2.74% under the FDIC’s Temporary Liquidity Guarantee Program, the $151.4 million decrease in loans, the $65.1 million decrease in investment securities and the $12.8 million in net proceeds from capital raised to offset the $78.5 million decrease in deposits, the $19.6 million decrease in advances from the FHLB, the $66.8 million increase in foreclosed assets and the $51.5 million increase in interest bearing deposits in other banks. At December 31, 2009, our liquidity position, which is an internally-calculated ratio of short-term funds available to shortterm and potentially volatile liabilities, was 39.62%. Our net noncore funding dependency ratio, which is the difference between regulatory defined non-core liabilities and short-term investments, divided by long-term assets, was 34.33%. Our liquidity and funding policy provides that we maintain a liquidity position of greater than or equal to 15% and a net noncore funding dependency ratio of less than or equal to 35%. In October 2008, the TLGP was established by the FDIC. Under the TLGP, the FDIC will fully guarantee, until June 30, 2010, all noninterest-bearing transaction accounts with interest rates of 0.5% or less. The TLGP also guarantees all senior unsecured debt of insured depository institutions or their qualified holding companies issued between October 14, 2008 and June 30, 2009 with a stated maturity greater than 30 days. After the initial 30 day grace period, institutions were required to opt-out of the program if they did not want to participate. We decided not to opt-out of the program and are participating in both the transaction account guarantee program and the debt guarantee portions of the TLGP. Investment Portfolio The Bank’s investment portfolio is another primary source of liquidity. Maturities of securities provide a constant flow of funds that are available for cash needs. In addition, mortgage-backed securities and securities with call provisions create cash flows earlier than the contractual maturities. Estimates of prepayments on mortgage-backed securities and call provisions on Federal agency and state and municipals increase the forecasted cash flows from the investment portfolio. The following table summarizes the differences between the contractual maturities and the expected available cash flows from our non-equity investments. 45
Page 1 and 2: 2009 Annual Report
Page 3 and 4: UNITED STATES SECURITIES AND EXCHAN
Page 5 and 6: TABLE OF CONTENTS Item Page Caution
Page 7 and 8: PART I ITEM 1. BUSINESS General PAB
Page 9 and 10: North Georgia During the fourth qua
Page 11 and 12: Supervision and Regulation The bank
Page 13 and 14: Payment of Dividends PAB is a legal
Page 15 and 16: An institution that is categorized
Page 17 and 18: USA Patriot Act of 2001 In October
Page 19 and 20: If our allowance for loan losses is
Page 21 and 22: Our net interest income could be ne
Page 23 and 24: We may need to raise additional cap
Page 25 and 26: If we fail to continue to meet all
Page 27 and 28: Performance Graph The following gra
Page 29 and 30: GAAP Reconciliation and Management
Page 31 and 32: The three primary reasons for this
Page 33 and 34: At December 31, 2009, commercial re
Page 35 and 36: Average Balances, Interest and Yiel
Page 37 and 38: Loan Portfolio We make both secured
Page 39 and 40: A summary of loans from each market
Page 41 and 42: The following table summarizes our
Page 43 and 44: The first component of the allowanc
Page 45: Summary of Loan Loss Experience The
Page 49 and 50: On September 4, 2009, the Company b
Page 51 and 52: Provision for Loan Losses The provi
Page 53 and 54: Income Taxes The provision for inco
Page 55 and 56: We have reduced the level of asset-
Page 57 and 58: MANAGEMENT’S REPORT ON INTERNAL C
Page 59 and 60: Because of its inherent limitations
Page 61 and 62: PAB BANKSHARES, INC. AND SUBSIDIARI
Page 69 and 70: NOTES TO CONSOLIDATED FINANCIAL STA
Page 97 and 98:
NOTES TO CONSOLIDATED FINANCIAL STA
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
Page 107 and 108:
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 123 and 124:
Page 125 and 126:
(1) The listed stock option grants
Page 127 and 128:
Potential Payments Upon Termination
Page 129 and 130:
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 and 138:
SIGNATURES Pursuant to the requirem
Page 139 and 140:
Shareholder Information Corporate O
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