pab bankshares, inc. - SNL Financial

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 7. PREMISES AND EQUIPMENT Premises and equipment as of December 31, 2009 and 2008 follows. 2009 2008 Land $ 6,201,540 $ 6,201,540 Buildings and improvements 18,008,918 18,075,242 Furniture, fixtures and equipment 10,525,694 34,736,152 10,656,603 34,933,385 Less accumulated depreciation (16,126,680) (14,949,097) $ 18,609,472 $ 19,984,288 Depreciation expense amounted to $1,435,557, $1,419,799 and $1,701,263, for the years ended December 31, 2009, 2008 and 2007, respectively. The Company leases office space at six locations. One location is leased on a month-to-month basis. The other locations are under agreements with minimum contractual obligations as of December 31, 2009 follows. Year Amount 2010 345,319 2011 324,831 2012 196,408 2013 182,608 2014 48,000 Later - $ 1,097,166 The Company also has commitments on various short-term operating leases for equipment. Total lease expense amounted to $665,340, $756,038 and $611,836 for the years ended December 31, 2009, 2008 and 2007, respectively. 78
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 8. DEPOSITS A summary of interest-bearing deposits as of December 31, 2009 and 2008 follows. 2009 2008 Interest-bearing demand $ 214,580,696 $ 219,167,480 Savings 35,651,658 32,954,566 Time, $100,000 and over 379,134,206 361,431,146 Other time 315,390,411 419,035,729 $ 944,756,971 $ 1,032,588,921 The Company had $133,012,000 and $206,603,000 in brokered deposits included in time deposits $100,000 and over as of December 31, 2009 and 2008, respectively. At December 31, 2009 and 2008, the Company had $28,354,787 and $13,653,243 of retail deposits placed in the CDARS program included in the time deposits $100,000 and over, respectively. At December 31, 2009 and 2008, the Company had $1,177,074 and $33,037,038 of retail deposits placed in the CDARS program included in the other time category, respectively. Interest expense on deposits for the years ended December 31, 2009, 2008 and 2007 follows. 2009 2008 2007 Interest-bearing demand $ 1,190,085 $ 5,238,099 $ 11,049,142 Savings 89,241 203,947 563,840 Time, $100,000 and over 12,705,483 11,857,118 10,064,962 Other time 12,308,843 14,015,258 15,209,655 $ 26,293,652 $ 31,314,422 $ 36,887,599 The scheduled maturities of time deposits at December 31, 2009 follow. Year Amount 2010 $ 458,611,806 2011 134,379,764 2012 57,338,372 2013 30,898,111 2014 13,229,839 Later 66,725 $ 694,524,617 NOTE 9. FEDERAL FUNDS PURCHASED AND SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE Securities sold under repurchase agreements, which are secured borrowings, generally mature within one day to 90 days from the transaction date. Securities sold under repurchase agreements are reflected at the amount of cash received in connection with the transactions. The Company may be required to provide additional collateral based on the fair value of the underlying securities. The Company monitors the fair value of the underlying securities on a weekly basis. Securities sold under repurchase agreements at December 31, 2009 and 2008 were $10,011,024 and $8,954,253, respectively. 79
Page 1 and 2:
2009 Annual Report
Page 3 and 4:
UNITED STATES SECURITIES AND EXCHAN
Page 5 and 6:
TABLE OF CONTENTS Item Page Caution
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
Page 61 and 62: PAB BANKSHARES, INC. AND SUBSIDIARI
Page 69 and 70: NOTES TO CONSOLIDATED FINANCIAL STA
Page 79: 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 125 and 126: (1) The listed stock option grants
Page 127 and 128: Potential Payments Upon Termination
Page 131 and 132:
(5) Includes 1,659,310 shares owned
Page 133 and 134:
All related party transactions set
Page 135 and 136:
10.5 Rescission Agreement, dated De
Page 137 and 138:
SIGNATURES Pursuant to the requirem
Page 139 and 140:
Shareholder Information Corporate O
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