pab bankshares, inc. - SNL Financial

PAB BANKSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
YEARS ENDED DECEMBER 31, 2009, 2008 AND 2007
2009 2008 2007
Interest income:
Interest and fees on loans $ 52,307,132 $ 61,686,147 $ 74,060,094
Interest and dividends on investment securities:
Taxable 6,622,165 7,678,742 8,210,696
Nontaxable 628,718 1,294,165 1,214,213
Other interest income 323,434 325,028 1,190,678
Total interest income 59,881,449 70,984,082 84,675,681
Interest expense:
Interest on deposits 26,293,652 31,314,422 36,887,599
Interest on Federal Home Loan Bank advances 4,150,946 3,955,870 4,068,962
Interest on other borrowings 1,126,633 948,152 1,253,271
Total interest expense 31,571,231 36,218,444 42,209,832
Net interest income 28,310,218 34,765,638
42,465,849
Provision for loan losses 51,187,987 18,050,000 2,400,000
Net interest income (expense) after provision for loan losses (22,877,769) 16,715,638 40,065,849
Other income:
Service charges on deposit accounts 3,528,008 3,682,866 3,616,552
Other fee income 1,950,406 1,671,688 1,282,167
Securities transactions, net 2,055,785 225,168 312,988
Gain (loss) on sale and write-down of other assets (5,014,986) (1,853,261) 80,851
Gain (loss) on derivative instrument 1,001,966 (16,011) -
Other noninterest income 1,014,088 692,380 698,709
Total other income
4,535,267 4,402,830 5,991,267
Other expenses:
Salaries and employee benefits expense 16,014,560 18,110,278 18,581,881
Occupancy expense of premises 2,304,976 3,289,742 2,373,917
Furniture and equipment expense 2,024,677 2,023,117 2,278,600
Deposit insurance expense
4,137,772 327,496 108,263
Foreclosed asset expense 3,291,341 956,405 199,447
Goodwill impairment expense 5,984,604 - -
Other noninterest expense 6,815,293 5,877,030 6,048,057
Total other expenses 40,573,223 30,584,068 29,590,165
Income (loss) before income tax expense (benefit) (58,915,725) (9,465,600) 16,466,951
Income tax expense (benefit) (7,743,725) (3,554,335) 5,681,236
Net income (loss) $ (51,172,000) $ (5,911,265) $ 10,785,715
Earnings (loss) per common share:
Basic $ (4.78) $ (0.63) $ 1.12
Diluted $ (4.78) $ (0.63) $ 1.11
See accompanying notes to consolidated financial statements.
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