PAB Bankshares, Inc. Reports First Quarter 2001 Income

Apr 30, 2001, 01:00 ET from PAB Bankshares, Inc.

    VALDOSTA, Ga., April 30 /PRNewswire/ -- PAB Bankshares, Inc. (Amex:   PAB),
 a multi-bank holding company, announced consolidated earnings after tax of
 $1,679,000 for the quarter ended March 31, 2001 compared to $2,125,000 for the
 same period in 2000.  Diluted earnings per share for the quarter ended March
 31, 2001 amounted to $.18/share, compared to $.22/share for the same period in
 2000.
     "Although our earnings for the first quarter are below first quarter 2000,
 we had anticipated such results given the unprecedented fall in short term
 interest rates and the entrance of our Company into two new markets at the
 close of 2000.  Loan demand slowed during the fourth quarter of 2000 and into
 the current period while time deposit growth continued, placing downward
 pressure on our net interest margin.  The net interest margin was below 4% for
 the quarter and it will take several months to bring the margin back in line
 with our expectations.  However, the balance sheet is quite strong and we are
 confident that our continuing investments in technology systems, as well as an
 increased emphasis on planning and control measures will result in improving
 performance," said Brad Burnette, CEO.
     Total assets increased from $664 million at March 31, 2000 to $851 million
 at March 31, 2001.  Deposits increased from $527 million at March 31, 2000 to
 $695 million at March 31, 2001.
     The return on average assets was .83% for 2001 compared to 1.29% for 2000.
 The return on average equity was 9.39% for 2001 and 12.28% for 2000.
     The allowance for loan losses was approximately $8,300,000 (1.41% of
 loans) at March 31, 2001.  Net loan charge-offs during the quarter ended March
 31, 2001 were $145,000 compared to $33,000 for the quarter ended March 31,
 2000.
     Non-performing assets and loans 90 days or more past due amounted to
 $8,028,000 at March 31, 2001 compared to $4,347,000 at March 31, 2000, or
 0.94% of total assets at March 31, 2001 compared to 0.65% of total assets at
 March 31, 2000.  Included in non-performing assets at March 31, 2001 are
 $4,433,000 in loans conditionally guaranteed by a U.S. Government Agency.  The
 Company is presently negotiating settlement of these loans.  Management
 continues to take a more conservative approach to recognizing potential
 problem credits due to credit quality concerns industry-wide and a slowing
 economy.  All loans are being closely monitored to minimize possible losses
 and reduce the volume of non-performing assets.
     PAB operates 15 offices in Georgia, 2 offices in Florida, and one
 investment services company in Georgia.
     PAB Bankshares Inc. common shares are traded on the American Stock
 Exchange under the symbol "PAB".  More information on the company is available
 on the Internet at pabbankshares.com .
     This press release contains "forward looking statements" within the
 meaning of the Private Securities Litigation Reform Act of 1995.  When used in
 this report, the words "believes," "expects," "anticipates," "estimates," and
 similar words and expressions are generally intended to identify forward-
 looking statements.  Statements that describe the Company's future strategic
 plans, goals or objectives are also forward-looking statements, including
 those regarding the intent, belief or current expectations of the Company or
 management.  These forward-looking statements are not guarantees of future
 performance, and a variety of factors could cause the Company's actual results
 to differ from those anticipated or expected in these forward looking
 statements.  The following list, which is not intended to be an all
 encompassing list of risks and uncertainties affecting the Company, summarizes
 several factors that could cause the Company's actual results to differ from
 those anticipated or expected in these forward looking statements: (i)
 interest rates and general economic conditions in the markets in which the
 Company operates; (ii) competitive pressures in the markets in which the
 Company operates; (iii) the effect of future legislation or regulatory changes
 on the Company's operations; (iv) the effect of weather, such as drought, on
 agribusiness loans; and (v) other factors described from time to time in the
 Company's filings with the Securities and Exchange Commission.  The forward-
 looking statements included in this report are made only as of the date
 hereof.  The Company undertakes no obligation to update such forward-looking
 statements to reflect subsequent events or circumstances.
 
     PAB Bankshares, Inc.
     Selected Financial Data
     Year To Date
     (In thousands, except per
     share and other data)         03/31/2001 03/31/2000 03/31/1999 12/31/2000
 
     Summary of Operations:
       Interest income                $16,359    $13,473    $11,889    $57,526
       Interest expense                 9,413      6,223      5,702     28,674
         Net interest income            6,946      7,250      6,187     28,852
       Provision for loan losses          280        391        162      4,099
       Other income                     1,912      1,340      1,510      5,756
       Other expense                    6,178      5,036      4,518     21,874
         Income before income tax
          expense                       2,400      3,163      3,017      8,635
       Income tax expense                 721      1,038        974      2,909
         Net income                    $1,679     $2,125     $2,043     $5,726
       Net interest income
        (taxable-equivalent)           $6,972     $7,282     $6,237    $28,968
     Selected Average Balances:
       Total assets                  $825,704   $660,058   $614,235   $694,674
       Earning assets                 758,215    611,542    564,446    640,889
       Loans                          581,443    505,759    442,604    534,340
       Deposits                       668,711    520,102    497,599    548,276
       Stockholders' equity            72,518     69,588     66,721     70,706
     Selected Period End Balances:
       Total assets                  $850,790   $663,857   $612,184   $794,907
       Earning assets                 780,521    618,251    564,264    708,576
       Loans                          590,608    521,317    448,143    580,737
       Allowance for loan losses        8,300      5,396      5,202      8,185
       Deposits                       694,799    526,593    494,753    637,180
       Stockholders' equity            71,860     69,407     66,937     70,780
     Common Share Data:
       Outstanding at period end    9,496,563  9,540,471  9,613,531  9,501,947
       Weighted average outstanding 9,497,879  9,574,465  9,609,307  9,528,387
       Diluted weighted average
        outstanding                 9,564,562  9,674,809  9,774,983  9,598,790
     Per Share Ratios:
       Net income - basic               $0.18      $0.22      $0.21      $0.60
       Net income - diluted              0.18       0.22       0.21       0.60
       Dividends declared                0.11       0.11       0.09       0.43
       Book value                        7.57       7.28       6.96       7.45
     Profitability Ratios
      (Annualized):
       Return on average assets
        (ROA)                           0.83%      1.29%      1.35%      0.82%
       Return on average equity
        (ROE)                           9.39%     12.28%     12.42%      8.10%
       Net interest margin              3.73%      4.79%      4.48%      4.52%
       Efficiency ratio (excluding
        merger and
         conversion costs)             69.18%     58.43%     58.35%     60.14%
     Liquidity Ratios:
       Total loans to total
        deposits                       85.00%     99.00%     90.58%     91.14%
       Average loans to average
        earning assets                 76.69%     82.70%     78.41%     83.37%
       Noninterest-bearing deposits
        to total deposits              10.79%     12.73%     12.68%     11.09%
     Capital Adequacy Ratios:
       Average equity to average
        assets                          8.78%     10.54%     10.86%     10.18%
       Dividend payout ratio           62.63%     47.82%     43.07%     72.49%
     Asset Quality Ratios:
       Net charge-offs to average
        loans (annualized)              0.10%      0.03%      0.12%      0.26%
       Nonperforming loans to total
        loans                           1.28%      0.67%      0.66%      1.27%
       Nonperforming assets to
        total assets                    0.94%      0.65%      0.57%      1.00%
       Allowance for loan losses to
        total loans                     1.41%      1.04%      1.16%      1.41%
       Allowance for loan losses to
        nonperforming loans           110.17%    154.96%    175.39%    111.02%
 
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SOURCE PAB Bankshares, Inc.
    VALDOSTA, Ga., April 30 /PRNewswire/ -- PAB Bankshares, Inc. (Amex:   PAB),
 a multi-bank holding company, announced consolidated earnings after tax of
 $1,679,000 for the quarter ended March 31, 2001 compared to $2,125,000 for the
 same period in 2000.  Diluted earnings per share for the quarter ended March
 31, 2001 amounted to $.18/share, compared to $.22/share for the same period in
 2000.
     "Although our earnings for the first quarter are below first quarter 2000,
 we had anticipated such results given the unprecedented fall in short term
 interest rates and the entrance of our Company into two new markets at the
 close of 2000.  Loan demand slowed during the fourth quarter of 2000 and into
 the current period while time deposit growth continued, placing downward
 pressure on our net interest margin.  The net interest margin was below 4% for
 the quarter and it will take several months to bring the margin back in line
 with our expectations.  However, the balance sheet is quite strong and we are
 confident that our continuing investments in technology systems, as well as an
 increased emphasis on planning and control measures will result in improving
 performance," said Brad Burnette, CEO.
     Total assets increased from $664 million at March 31, 2000 to $851 million
 at March 31, 2001.  Deposits increased from $527 million at March 31, 2000 to
 $695 million at March 31, 2001.
     The return on average assets was .83% for 2001 compared to 1.29% for 2000.
 The return on average equity was 9.39% for 2001 and 12.28% for 2000.
     The allowance for loan losses was approximately $8,300,000 (1.41% of
 loans) at March 31, 2001.  Net loan charge-offs during the quarter ended March
 31, 2001 were $145,000 compared to $33,000 for the quarter ended March 31,
 2000.
     Non-performing assets and loans 90 days or more past due amounted to
 $8,028,000 at March 31, 2001 compared to $4,347,000 at March 31, 2000, or
 0.94% of total assets at March 31, 2001 compared to 0.65% of total assets at
 March 31, 2000.  Included in non-performing assets at March 31, 2001 are
 $4,433,000 in loans conditionally guaranteed by a U.S. Government Agency.  The
 Company is presently negotiating settlement of these loans.  Management
 continues to take a more conservative approach to recognizing potential
 problem credits due to credit quality concerns industry-wide and a slowing
 economy.  All loans are being closely monitored to minimize possible losses
 and reduce the volume of non-performing assets.
     PAB operates 15 offices in Georgia, 2 offices in Florida, and one
 investment services company in Georgia.
     PAB Bankshares Inc. common shares are traded on the American Stock
 Exchange under the symbol "PAB".  More information on the company is available
 on the Internet at pabbankshares.com .
     This press release contains "forward looking statements" within the
 meaning of the Private Securities Litigation Reform Act of 1995.  When used in
 this report, the words "believes," "expects," "anticipates," "estimates," and
 similar words and expressions are generally intended to identify forward-
 looking statements.  Statements that describe the Company's future strategic
 plans, goals or objectives are also forward-looking statements, including
 those regarding the intent, belief or current expectations of the Company or
 management.  These forward-looking statements are not guarantees of future
 performance, and a variety of factors could cause the Company's actual results
 to differ from those anticipated or expected in these forward looking
 statements.  The following list, which is not intended to be an all
 encompassing list of risks and uncertainties affecting the Company, summarizes
 several factors that could cause the Company's actual results to differ from
 those anticipated or expected in these forward looking statements: (i)
 interest rates and general economic conditions in the markets in which the
 Company operates; (ii) competitive pressures in the markets in which the
 Company operates; (iii) the effect of future legislation or regulatory changes
 on the Company's operations; (iv) the effect of weather, such as drought, on
 agribusiness loans; and (v) other factors described from time to time in the
 Company's filings with the Securities and Exchange Commission.  The forward-
 looking statements included in this report are made only as of the date
 hereof.  The Company undertakes no obligation to update such forward-looking
 statements to reflect subsequent events or circumstances.
 
     PAB Bankshares, Inc.
     Selected Financial Data
     Year To Date
     (In thousands, except per
     share and other data)         03/31/2001 03/31/2000 03/31/1999 12/31/2000
 
     Summary of Operations:
       Interest income                $16,359    $13,473    $11,889    $57,526
       Interest expense                 9,413      6,223      5,702     28,674
         Net interest income            6,946      7,250      6,187     28,852
       Provision for loan losses          280        391        162      4,099
       Other income                     1,912      1,340      1,510      5,756
       Other expense                    6,178      5,036      4,518     21,874
         Income before income tax
          expense                       2,400      3,163      3,017      8,635
       Income tax expense                 721      1,038        974      2,909
         Net income                    $1,679     $2,125     $2,043     $5,726
       Net interest income
        (taxable-equivalent)           $6,972     $7,282     $6,237    $28,968
     Selected Average Balances:
       Total assets                  $825,704   $660,058   $614,235   $694,674
       Earning assets                 758,215    611,542    564,446    640,889
       Loans                          581,443    505,759    442,604    534,340
       Deposits                       668,711    520,102    497,599    548,276
       Stockholders' equity            72,518     69,588     66,721     70,706
     Selected Period End Balances:
       Total assets                  $850,790   $663,857   $612,184   $794,907
       Earning assets                 780,521    618,251    564,264    708,576
       Loans                          590,608    521,317    448,143    580,737
       Allowance for loan losses        8,300      5,396      5,202      8,185
       Deposits                       694,799    526,593    494,753    637,180
       Stockholders' equity            71,860     69,407     66,937     70,780
     Common Share Data:
       Outstanding at period end    9,496,563  9,540,471  9,613,531  9,501,947
       Weighted average outstanding 9,497,879  9,574,465  9,609,307  9,528,387
       Diluted weighted average
        outstanding                 9,564,562  9,674,809  9,774,983  9,598,790
     Per Share Ratios:
       Net income - basic               $0.18      $0.22      $0.21      $0.60
       Net income - diluted              0.18       0.22       0.21       0.60
       Dividends declared                0.11       0.11       0.09       0.43
       Book value                        7.57       7.28       6.96       7.45
     Profitability Ratios
      (Annualized):
       Return on average assets
        (ROA)                           0.83%      1.29%      1.35%      0.82%
       Return on average equity
        (ROE)                           9.39%     12.28%     12.42%      8.10%
       Net interest margin              3.73%      4.79%      4.48%      4.52%
       Efficiency ratio (excluding
        merger and
         conversion costs)             69.18%     58.43%     58.35%     60.14%
     Liquidity Ratios:
       Total loans to total
        deposits                       85.00%     99.00%     90.58%     91.14%
       Average loans to average
        earning assets                 76.69%     82.70%     78.41%     83.37%
       Noninterest-bearing deposits
        to total deposits              10.79%     12.73%     12.68%     11.09%
     Capital Adequacy Ratios:
       Average equity to average
        assets                          8.78%     10.54%     10.86%     10.18%
       Dividend payout ratio           62.63%     47.82%     43.07%     72.49%
     Asset Quality Ratios:
       Net charge-offs to average
        loans (annualized)              0.10%      0.03%      0.12%      0.26%
       Nonperforming loans to total
        loans                           1.28%      0.67%      0.66%      1.27%
       Nonperforming assets to
        total assets                    0.94%      0.65%      0.57%      1.00%
       Allowance for loan losses to
        total loans                     1.41%      1.04%      1.16%      1.41%
       Allowance for loan losses to
        nonperforming loans           110.17%    154.96%    175.39%    111.02%
 
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 SOURCE  PAB Bankshares, Inc.