pab bankshares, inc. - SNL Financial

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 25. REGULATORY MATTERS The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of the assets, liabilities, and certain off-balancesheet items as calculated under regulatory accounting practices. Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Prompt corrective action provisions are not applicable to bank holding companies. Quantitative measures established by regulations to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios of total and Tier I capital to risk-weighted assets, and of Tier I capital to average assets, as such terms are defined in the regulations. As of December 31, 2009, the most recent regulatory notification categorized the Bank as “adequately capitalized” under the regulatory framework for prompt corrective action. Failure to meet capital guidelines for “adequately capitalized” status could subject the Bank to a variety of enforcement remedies from its regulators. Failure to adequately address the regulatory concerns may result in actions by the banking regulators <strong>inc</strong>luding, but not limited to, additional requirements for maintaining sufficient capital under the Written Agreement described more fully in Note 2. Ongoing failure to adequately address regulatory concerns could ultimately result in the eventual appointment of a receiver or conservator of the Bank’s assets. The Bank is subject to certain restrictions on the amount of dividends that may be declared without prior regulatory approval. At December 31, 2009, under the terms of the Written Agreement the Company and the Bank may not pay dividends without prior written consent of the regulators. 94
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 25. REGULATORY MATTERS (Continued) The Company and the Bank’s actual capital amounts and ratios are presented in the following table. All dollar amounts have been rounded to the nearest thousand. As of December 31, 2009: Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Total Capital to Risk Weighted Assets: Consolidated $ 71,080,000 8.1% $ 70,357,000 8.0% - N/A - Bank $ 72,562,000 8.3% $ 70,300,000 8.0% $ 87,875,000 10.0% Tier 1 Capital to Risk Weighted Assets: Consolidated Bank $ $ 59,861,000 61,351,000 6.8% 7.0% $ $ 35,179,000 35,150,000 4.0% 4.0% $ - N/A - 52,725,000 6.0% Tier 1 Capital to Average Assets: Consolidated $ 59,861,000 4.7% $ 50,600,000 4.0% - N/A - Bank $ 61,351,000 4.9% $ 50,541,000 4.0% $ 63,176,000 5.0% As of December 31, 2008: Total Capital to Risk Weighted Assets: Consolidated $ 104,718,000 10.3% $ 81,103,000 8.0% - N/A - Bank $ 104,700,000 10.3% $ 81,019,000 8.0% $ 101,274,000 10.0% Tier 1 Capital to Risk Weighted Assets: Consolidated $ 91,962,000 9.0% $ 40,551,000 4.0% - N/A - Bank $ 91,957,000 9.0% $ 40,510,000 4.0% $ 60,764,000 6.0% Tier 1 Capital to Average Assets: Consolidated $ 91,962,000 7.0% $ 52,223,000 4.0% - N/A - Bank $ 91,957,000 7.0% $ 52,181,000 4.0% $ 65,226,000 5.0% 95
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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
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Loan Portfolio We make both secured
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A summary of loans from each market
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The following table summarizes our
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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 95: 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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