pab bankshares, inc. - SNL Financial
pab bankshares, inc. - SNL Financial
pab bankshares, inc. - SNL Financial
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br />
NOTE 4.<br />
INVESTMENT SECURITIES (Continued)<br />
The amortized cost and fair value of investment securities as of December 31, 2009, by contractual maturity, are<br />
shown below. Maturities may differ from contractual maturities in mortgage-backed securities because the mortgages<br />
underlying the securities may be called or repaid without any penalties. Equity securities have a perpetual life and no<br />
stated maturity; therefore, these securities and the mortgage-backed securities are shown separately from the other debt<br />
securities in the following maturity summary.<br />
Amortized<br />
Cost<br />
Fair<br />
Value<br />
Due in one year or less<br />
$ - $ -<br />
Due from one to five years 1,000,000 856,840<br />
Due from five to ten years<br />
15,748,842 15,850,669<br />
Due after ten years<br />
27,729,131 27,310,959<br />
Mortgage-backed securities 66,368,252 67,522,645<br />
$ 110,846,225<br />
$ 111,541,113<br />
Securities with a carrying value of $91,299,710 and $109,607,145 at December 31, 2009 and 2008, respectively, were<br />
pledged to secure public deposits, certain borrowing arrangements and for other purposes.<br />
Gains and losses on sales and calls of investment securities for the years ended December 31, 2009, 2008 and 2007 consist<br />
of the following:<br />
2009 2008<br />
2007<br />
Gross gains on securities transactions $ 2,826,772 $ 338,853 $ 434,217<br />
Gross losses on securities transactions (770,987) (113,685) (121,229)<br />
Net realized gain on<br />
securities transactions $ 2,055,785 $ 225,168 $ 312,988<br />
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