VALDOSTA, Ga., Oct. 25, 2002 (PRIMEZONE) -- PAB Bankshares, Inc. (AMEX:PAB), the holding company for The Park Avenue Bank of Valdosta, Georgia, announced preliminary earnings for the third quarter ending September 30, 2002. The Company reported net income of $1.65 million, or $.18 per diluted share, for the quarter, a 25.9% increase compared to net income of $1.31 million, or $.14 per diluted share, during the third quarter of 2001.
"I'm pleased we were able to achieve these results for the third quarter. The steps we've taken to improve our credit quality and resolve problem loans have begun to take hold. However, the shrinkage in our total loan portfolio will dampen our performance potential for the rest of the year. Strategically, we opened a full service branch in Hall County, Georgia, during the third quarter. We're delighted with the growth being achieved in and around the metro Atlanta area through our branching program," stated Michael E. Ricketson, President and Chief Executive Officer.
The Company's return on average assets for the third quarter of 2002 was .86% compared to .61% one year ago. The return on average equity for the third quarter of 2002 was 9.52% compared to 7.12% one year ago. The Company's net interest margin improved to 3.98% during the third quarter of 2002, compared to 3.36% one year ago.
For the year to date, the Company reported net income of $5.09 million, or $.54 per diluted share, a 5.4% increase compared to net income of $4.83 million, or $.51 per diluted share, during the same period in 2001.
At September 30, 2002, the Company's assets totaled $757.6 million, which is an 11.8% decrease compared to total assets of $859.1 million at year end. The Company also reported total loans of $553.5 million and total deposits of $615.4 million at quarter end.
The allowance for loan losses was $12.4 million, or 2.25% of total loans, at September 30, 2002. Total nonperforming loans have decreased $3.9 million, or 24.3%, since June 30, 2002 to $12.2 million. As a percentage of total loans, total nonperforming loans were 2.20% at September 30, 2002. Net charge-offs (on an annualized basis) were 1.08% of average total loans for the year-to-date, compared to .75% for 2001.
The Company operates 18 banking offices and two investment advisory service offices in Georgia and Florida. The Company's common stock is traded on the American Stock Exchange under the symbol "PAB." More information on the Company and the products and services available through its subsidiary bank is available on the Internet at www.pabbankshares.com.
Certain matters set forth in this news release may contain forward-looking statements as defined by federal securities laws that are provided to assist in the understanding of anticipated future financial performance. However, such performance involves risks and uncertainties that may cause actual results to differ materially from those in such statements. For a discussion of certain factors that may cause such forward-looking statements to differ materially from the Company's actual results, see the Company's Annual Report on Form 10-K for the year ended December 31, 2001 filed with the Securities and Exchange Commission. The Company undertakes no obligation to revise these statements following the date of this press release.
PAB Bankshares, Inc.
Selected Financial Data
(In thousands, except per share and other data)
Quarter To Date
(Columns may not
total due to rounding)
09/30/02 09/30/01 09/30/00 09/30/99
---------- ---------- ---------- ----------
Summary of Operations:
Interest income $ 11,619 $ 15,454 $ 14,673 $ 12,449
Interest expense 4,627 8,876 7,544 5,596
---------- ---------- ---------- ----------
Net interest
income 6,992 6,577 7,129 6,853
---------- ---------- ---------- ----------
Provision for
loan losses 513 488 367 224
Other income 2,012 2,199 1,576 1,393
Other expense 6,107 6,451 4,991 4,662
---------- ---------- ---------- ----------
Income before
income tax
expense 2,384 1,838 3,347 3,360
Income tax
expense 734 526 1,172 1,099
---------- ---------- ---------- ----------
Net income $ 1,650 $ 1,311 $ 2,175 $ 2,261
========== ========== ========== ==========
Net interest
income (taxable-
equivalent) $ 7,032 $ 6,602 $ 7,157 $ 6,880
Securities gains
(losses) $ 30 $ 2 $ (9) $ (8)
Selected Average
Balances:
Total assets $ 762,315 $ 848,807 $ 707,543 $ 627,211
Earning assets 700,586 779,208 653,611 576,387
Loans 569,703 628,264 546,844 475,285
Deposits 623,374 698,559 556,945 499,703
Stockholders'
equity 68,804 73,057 71,109 68,587
Common Share Data:
Outstanding at
period end 9,430,413 9,489,663 9,509,947 9,613,731
Weighted average
outstanding 9,430,413 9,494,641 9,509,770 9,613,654
Diluted weighted
average
outstanding 9,453,930 9,565,999 9,575,208 9,725,171
Per Share Ratios:
Net income
- basic $ 0.18 $ 0.14 $ 0.23 $ 0.24
Net income
- diluted 0.18 0.14 0.23 0.23
Dividends
declared -- 0.11 0.11 0.10
Book value 7.43 7.75 7.54 7.17
Profitability &
Efficiency Ratios
(Annualized):
Return on average
assets (ROA) 0.86% 0.61% 1.22% 1.43%
Return on average
equity (ROE) 9.52% 7.12% 12.16% 13.08%
Net interest
margin 3.98% 3.36% 4.36% 4.74%
Efficiency ratio
(excludes certain
nonrecurring
items) 67.88% 72.92% 57.05% 56.31%
Assets per
employee
($ millions) $ 2.49 $ 2.74 $ 2.71 $ 2.32
PAB Bankshares, Inc.
Selected Financial Data
(In thousands, except per share and other data)
Year To Date
(Columns may not
total due to rounding)
09/30/02 09/30/01 09/30/00 09/30/99
---------- ---------- ---------- ----------
Summary of Operations:
Interest income $ 36,725 $ 48,222 $ 42,028 $ 36,528
Interest expense 15,846 27,767 20,337 16,873
---------- ---------- ---------- ----------
Net interest
income 20,879 20,455 21,691 19,655
---------- ---------- ---------- ----------
Provision for
loan losses 1,487 1,069 1,095 585
Other income 6,171 6,556 4,244 4,265
Other expense 18,171 19,011 15,288 13,696
---------- ---------- ---------- ----------
Income before
income tax expense 7,391 6,931 9,552 9,639
Income tax expense 2,302 2,101 3,244 3,205
---------- ---------- ---------- ----------
Net income $ 5,089 $ 4,830 $ 6,308 $ 6,434
========== ========== ========== ==========
Net interest
income (taxable-
equivalent) $ 20,972 $ 20,530 $ 21,780 $ 19,752
Securities gains
(losses) $ 58 $ 2 $ (20) $ (33)
Selected Average
Balances:
Total assets $ 790,312 $ 840,516 $ 681,596 $ 619,809
Earning assets 729,998 773,696 630,190 569,433
Loans 597,509 605,853 526,915 458,916
Deposits 652,960 686,482 536,929 497,893
Stockholders'
equity 67,167 72,241 70,296 67,711
Common Share Data:
Outstanding at
period end 9,430,413 9,489,663 9,509,947 9,613,731
Weighted average
outstanding 9,425,530 9,495,981 9,536,080 9,612,251
Diluted weighted
average
outstanding 9,456,796 9,559,771 9,614,228 9,753,881
Per Share Ratios:
Net income
- basic $ 0.54 $ 0.51 $ 0.66 $ 0.67
Net income
- diluted 0.54 0.51 0.66 0.66
Dividends declared 0.11 0.33 0.32 0.29
Book value 7.43 7.75 7.54 7.17
Profitability &
Efficiency Ratios
(Annualized):
Return on average
assets (ROA) 0.86% 0.77% 1.24% 1.39%
Return on average
equity (ROE) 10.13% 8.94% 11.98% 12.71%
Net interest
margin 3.84% 3.55% 4.62% 4.64%
Efficiency ratio
(excludes certain
nonrecurring
items) 67.35% 69.79% 58.24% 56.99%
Assets per
employee
($ millions) $ 2.49 $ 2.74 $ 2.71 $ 2.32
PAB Bankshares, Inc.
Selected Financial Data
(In thousands, except per share and other data)
09/30/02 09/30/01 09/30/00 09/30/99
---------- ---------- ---------- ----------
Selected Period
End Balances:
Total assets $ 757,589 $ 860,043 $ 735,186 $ 643,207
Earning assets 690,974 794,046 679,055 590,946
Loans 553,458 644,101 557,915 488,048
Allowance for
loan losses 12,426 8,624 5,679 5,004
Deposits 615,415 709,130 579,617 500,546
Stockholders' equity 70,049 73,541 71,691 68,903
Selected Asset
Quality Factors:
Nonaccrual loans $ 12,100 $ 8,522 $ 1,971 $ 2,130
Other impaired loans -- 4,433 4,433 --
Loans 90 days or
more past due and
still accruing 52 2,116 1,140 255
Other real estate
& repossessions 966 526 754 575
Liquidity Ratios:
Total loans to
total deposits 89.93% 90.83% 96.26% 97.50%
Average loans to
average earning
assets 81.85% 78.31% 83.61% 80.59%
Noninterest-bearing
deposits to total
deposits 13.96% 10.69% 12.38% 12.40%
Capital Adequacy
Ratios:
Average equity to
average assets 8.50% 8.59% 10.31% 10.92%
Dividend payout
ratio 20.45% 65.35% 49.16% 43.18%
Asset Quality Ratios:
Net charge-offs to
average loans
(annualized YTD) 1.08% 0.14% 0.12% 0.22%
Nonperforming loans
to total loans 2.20% 2.34% 1.35% 0.49%
Nonperforming assets
to total assets 1.73% 1.81% 1.13% 0.46%
Allowance for loan
losses to total
loans 2.25% 1.34% 1.02% 1.03%
Allowance for loan
losses to
nonperforming loans 102.25% 57.22% 75.28% 209.81%