pab bankshares, inc. - SNL Financial

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 4. INVESTMENT SECURITIES (Continued) The amortized cost and fair value of investment securities as of December 31, 2009, by contractual maturity, are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying the securities may be called or repaid without any penalties. Equity securities have a perpetual life and no stated maturity; therefore, these securities and the mortgage-backed securities are shown separately from the other debt securities in the following maturity summary. Amortized Cost Fair Value Due in one year or less $ - $ - Due from one to five years 1,000,000 856,840 Due from five to ten years 15,748,842 15,850,669 Due after ten years 27,729,131 27,310,959 Mortgage-backed securities 66,368,252 67,522,645 $ 110,846,225 $ 111,541,113 Securities with a carrying value of $91,299,710 and $109,607,145 at December 31, 2009 and 2008, respectively, were pledged to secure public deposits, certain borrowing arrangements and for other purposes. Gains and losses on sales and calls of investment securities for the years ended December 31, 2009, 2008 and 2007 consist of the following: 2009 2008 2007 Gross gains on securities transactions $ 2,826,772 $ 338,853 $ 434,217 Gross losses on securities transactions (770,987) (113,685) (121,229) Net realized gain on securities transactions $ 2,055,785 $ 225,168 $ 312,988 74
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 4. INVESTMENT SECURITIES (Continued) The following table shows the gross unrealized losses and fair value of the entity’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2009 and 2008. Available for sale securities that have been in a continuous unrealized loss position are as follows: Less Than Twelve Months Over Twelve Months Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Total Unrealized Losses Available for Sale Securities December 31, 2009: Debt securities: U.S. Government-sponsored enterprises (GSEs) State and municipal securities $ 247,182 8,504 $ 16,526,513 584,492 $ - 385,197 $ - 4,917,796 $ 247,182 393,701 Corporate Mortgage-backed 143,160 856,840 55,332 972,500 198,492 GSE residential Private-label residential Private-label commercial 217,795 - - 15,005,641 - - - 5,271 2,468 - 601,448 173,981 217,795 5,271 2,468 Total securities available for sale $ 616,641 $ 32,973,486 $ 448,268 $ 6,665,725 $ 1,064,909 Available for Sale Securities December 31, 2008: Debt securities: U.S. Government-sponsored enterprises (GSEs) $ 947 $ 3,019,053 $ - $ - $ 947 State and municipal securities 1,298,823 18,905,887 82,959 875,407 1,381,782 Corporate 534,776 2,491,548 27,081 470,462 561,857 Mortgage-backed GSE residential 825 1,844,464 853 886,992 1,678 Private-label residential - - 80,184 720,005 80,184 Private-label commercial 7,384 331,567 - - 7,384 Total securities available for sale $ 1,842,755 $ 26,592,519 $ 191,077 $ 2,952,866 $ 2,033,832 Management evaluates securities for other-than-temporary impairment at least on an annual basis, and more frequently when economic or market conditions warrant such evaluation. At December 31, 2009 there are two private-label mortgage-backed securities, 11 municipal securities (other) and one corporate debt security in the investment portfolio that have been in a continuous unrealized loss position for twelve months or longer. Private-label mortgage-backed securities. The unrealized losses for twelve months or longer associated with two private residential mortgage-backed securities are primarily driven by higher projected collateral losses, wider credit spreads, and changes in interest rates. We assess for credit impairment using a cash flow model. Based upon our assessment of the expected credit losses of the security given the performance of the underlying collateral compared to our credit enhancement, we expect to recover the entire amortized cost basis of these securities. 75
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2009 Annual Report
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UNITED STATES SECURITIES AND EXCHAN
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TABLE OF CONTENTS Item Page Caution
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PART I ITEM 1. BUSINESS General PAB
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North Georgia During the fourth qua
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Supervision and Regulation The bank
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Payment of Dividends PAB is a legal
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An institution that is categorized
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USA Patriot Act of 2001 In October
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If our allowance for loan losses is
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Our net interest income could be ne
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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
Page 61 and 62: PAB BANKSHARES, INC. AND SUBSIDIARI
Page 69 and 70: NOTES TO CONSOLIDATED FINANCIAL STA
Page 75: NOTES TO CONSOLIDATED FINANCIAL STA
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: The following table summarizes in t
Page 125 and 126: (1) The listed stock option grants
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Potential Payments Upon Termination
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The following table summarizes in t
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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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