pab bankshares, inc. - SNL Financial

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 19. STOCK PLANS AND STOCK-BASED COMPENSATION The Company has two fixed stock option plans under which it has granted options to its employees and directors to purchase common stock at the fair market price on the date of grant. Both plans provide for “incentive stock options” and “non-qualified stock options”. The incentive stock options are intended to qualify under Section 422 of the Internal Revenue Code for favorable tax treatment. It is the Company’s policy to issue new shares for stock option exercises. Under the 1994 Employee Stock Option Plan, the Board of Directors could grant up to 400,000 stock options to employees of the Company as part of an incentive plan to attract and retain key personnel in the Company. The 1994 Employee Stock Option Plan expired in 2004. At December 31, 2009, there were 42,483 options outstanding that were granted under the 1994 Employee Stock Option Plan. Under the 1999 Stock Option Plan, the Board of Directors can grant up to 600,000 stock options to directors, employees, consultants and advisors of the Company. On February 28, 2006, the Company’s Board of Directors adopted an amendment to the 1999 Stock Option Plan to increase the maximum aggregate number of shares of common stock for which options may be granted from 600,000 shares to 1,400,000 shares and to extend the term of the Plan for ten years from the date of the adoption of these amendments. This amendment was subsequently approved at the Company’s annual meeting of shareholders on May 23, 2006. At December 31, 2009, there were 403,283 stock options available for grant and there were 870,080 options outstanding that were granted under the 1999 Stock Option Plan. At December 31, 2009, there was approximately $907,000 of unrecognized compensation cost related to stock-based payments, which is expected to be recognized over a weighted-average period of 2.04 years. 86
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 19. STOCK PLANS AND STOCK-BASED EMPLOYEE COMPENSATION (Continued) A summary of the status of the two fixed plans at December 31, 2009, 2008 and 2007 and changes during the years ended on those dates follows. Number 2009 2008 2007 Weighted- Average Exercise Price Number Weighted- Average Exercise Price Number Weighted- Average Exercise Price Under option, beginning of year 699,218 $ 13.83 708,641 $ 14.20 672,474 $ 13.58 Granted Exercised 419,300 - 2.81 - 61,381 (3,586) 11.55 10.03 110,670 (63,997) 16.17 10.80 Forfeited (41,660) 14.78 (56,304) 15.91 (10,506) 16.22 Expired (164,295) 14.99 (10,914) 15.37 - - Under option, end of year 912,563 $ 8.52 699,218 $ 13.83 708,641 $ 14.20 Exercisable at end of year 387,395 $ 12.51 482,491 $ 12.95 436,097 $ 12.51 Weighted-average fair value per option of options granted during year $ 1.69 $ 2.46 $ 4.55 Total grant-date fair value of options vested during the year $ 284,000 $ 300,000 $ 433,000 Total intrinsic value of options exercised during the year $ - $ 8,500 $ 468,000 The following table presents information on stock options outstanding for the periods shown, less estimated forfeitures. Year ended December 31, 2009 Year ended December 31, 2008 Stock options vested and expected to vest: Number 885,321 673,120 Weighted average exercise price $ 8.58 $ 13.76 Aggregate intrinsic value $ 28,000 $ - Weighted average contractual term of options 5.66 years 4.69 years Stock options vested and currently exercisable: Number 387,395 482,491 Weighted average exercise price $ 12.51 $ 12.95 Aggregate intrinsic value $ - $ - Weighted average contractual term of options 3.62 years 3.36 years 87
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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
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If we fail to continue to meet all
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Performance Graph The following gra
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GAAP Reconciliation and Management
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The three primary reasons for this
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At December 31, 2009, commercial re
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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 87: 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
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Shareholder Information Corporate O
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