pab bankshares, inc. - SNL Financial

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The aggregate market value of voting common stock held by non-affiliates on June 30, 2009 was approximately $17.7 million (based on shares held by non-affiliates at $2.56 per share, the closing stock price on the NASDAQ Stock Market on June 30, 2009). As of February 26, 2010 (the latest practicable date), the registrant had 13,795,040 shares of common stock outstanding. DOCUMENTS INCORPORATED BY REFERENCE Document Parts into which incorporated None N/A 2
TABLE OF CONTENTS Item Page Cautionary Notice Regarding Forward-Looking Statements 4 PART I 1. BUSINESS General 5 Supervision and Regulation 9 1A. RISK FACTORS 15 1B. UNRESOLVED STAFF COMMENTS 23 2. PROPERTIES 23 3. LEGAL PROCEEDINGS 24 PART II 4. RESERVED 24 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 24 6. SELECTED FINANCIAL DATA 26 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview of Key Financial, Strategic and Performance Factors 27 Statistical Disclosures 32 Liquidity and Capital Resources 45 Results of Operations 48 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 52 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Quarterly Financial Summary for 2009 and 2008 54 Management’s Report On Internal Control Over Financial Reporting 55 Auditor’s Attestation Report 56 Reports of Independent Registered Public Accounting Firm 58 Consolidated Balance Sheets at December 31, 2009 and 2008 59 Consolidated Statements of Income (Loss) for the Three Years Ended December 31, 2009 60 Consolidated Statements of Comprehensive Income (Loss) for the Three Years Ended December 31, 2009 61 Consolidated Statements of Stockholders’ Equity for the Three Years Ended December 31, 2009 62 Consolidated Statements of Cash Flows for the Three Years Ended December 31, 2009 63 Notes to Consolidated Financial Statements 65 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 105 9A. CONTROLS AND PROCEDURES 105 9B. OTHER INFORMATION 106 PART III 10. DIRECTORS AND EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 106 11. EXECUTIVE COMPENSATION 113 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 128 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 130 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 131 PART IV 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 132 SIGNATURES 135 3
Page 1 and 2: 2009 Annual Report
Page 3: UNITED STATES SECURITIES AND EXCHAN
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 and 46: Summary of Loan Loss Experience The
Page 47 and 48: The following table summarizes our
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
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PAB BANKSHARES, INC. AND SUBSIDIARI
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NOTES TO CONSOLIDATED FINANCIAL STA
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JAMES W. GODBEE, JR Certified Publi
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KENNITH D. MCLEOD Certified Public
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The Audit Committee is a separately
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SECTION 16(a) BENEFICIAL OWNERSHIP
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Compensation Benchmarks and Use of
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The following table summarizes in t
Page 121 and 122:
Base Salaries The Company’s philo
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(1) The listed stock option grants
Page 127 and 128:
Potential Payments Upon Termination
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(5) Includes 1,659,310 shares owned
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All related party transactions set
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10.5 Rescission Agreement, dated De
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SIGNATURES Pursuant to the requirem
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Shareholder Information Corporate O
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