pab bankshares, inc. - SNL Financial
pab bankshares, inc. - SNL Financial
pab bankshares, inc. - SNL Financial
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PAB BANKSHARES, INC. AND SUBSIDIARIES<br />
CONSOLIDATED STATEMENTS OF CASH FLOWS<br />
YEARS ENDED DECEMBER 31, 2009, 2008 AND 2007<br />
2009 2008 2007<br />
CASH FLOWS FROM OPERATING ACTIVITIES<br />
Net <strong>inc</strong>ome (loss) $ (51,172,000) $ (5,911,265) $ 10,785,715<br />
Adjustments to reconcile net <strong>inc</strong>ome (loss) to net cash<br />
provided by operating activities:<br />
Depreciation, amortization and accretion, net<br />
1,429,840 1,713,629 1,716,530<br />
Provision for loan losses 51,187,987 18,050,000 2,400,000<br />
Provision for deferred taxes 7,847,947 (2,671,456) (644,268)<br />
Goodwill impairment 5,984,604 -<br />
-<br />
Net realized gain on securities transactions (2,055,785) (225,168) (312,988)<br />
Loss (gain) on disposal of assets/writedowns of assets<br />
5,014,986 1,853,261 (70,860)<br />
Net realized (gain) loss on derivative instruments (1,001,966) 16,011 -<br />
Stock-based compensation expense 350,630<br />
310,043 410,851<br />
Increase in cash value of bank-owned life insurance<br />
(572,065) (421,202) (406,420)<br />
Increase (decrease) in deferred compensation accrual 154,052 (235,904) (226,951)<br />
Decrease in retirement and severance accruals - - (159,799)<br />
Decrease in interest receivable 1,138,406 1,684,196<br />
8,761<br />
Increase (decrease) in interest payable (386,209) 133,993 78,775<br />
Net change in taxes receivable and taxes payable (11,155,122) (2,512,780) (957,764)<br />
Net decrease in accrued expenses and other liabilities (721,442) (1,539,556) (485,914)<br />
Net cash provided by operating activities 6,043,863 10,243,802 12,135,668<br />
CASH FLOWS FROM INVESTING ACTIVITIES<br />
(Increase) decrease in interest-bearing deposits in other banks (51,487,722) (117,851,495) 157,031<br />
(Increase) decrease in federal funds sold 950,894 (495,275) 41,053,284<br />
Purchase of debt securities (62,147,885) (57,790,529) (43,392,095)<br />
Proceeds from sales of debt securities<br />
85,415,386 36,459,026 19,540,964<br />
Proceeds from calls of debt securities<br />
Proceeds from maturities and paydowns of debt securities<br />
15,602,000<br />
26,155,093<br />
21,182,927<br />
12,693,713<br />
2,996,778<br />
11,734,367<br />
Purchase of equity securities<br />
(670,523) (1,664,593) (65,858)<br />
Redemption of equity securities 691,123 452,100<br />
886,151<br />
Net (<strong>inc</strong>rease) decrease in loans<br />
Purchase of premises and equipment<br />
28,876,191<br />
(592,617)<br />
(70,519,785)<br />
(2,341,941)<br />
(108,962,052)<br />
(1,243,446)<br />
Proceeds from disposal of assets 11,397,940 3,991,067 2,234,053<br />
Net cash provided by (used in) investing activities 54,189,880 (175,884,785) (75,060,823)<br />
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