PAB Bankshares, Inc. (AMEX: PAB) reported net income of $2.48 million, or $0.26 per diluted share, for the first quarter of 2005, a 16.6% increase compared to the $2.13 million, or $0.22 per diluted share, reported for the same period in 2004. The results for the first quarter also represent a 12.1% increase over the $2.21 million, or $0.23 per diluted share, reported for the fourth quarter of 2004. In other news, the Company announced the April 2005 opening of a loan production office in Atlanta, Cobb County, Georgia. "We are excited about our continued expansion in the Atlanta metro region, and we are optimistic that this new location will afford us another opportunity to serve our existing customers and to establish new relationships," stated President and CEO, M. Burke Welsh, Jr. The Company reported total assets of $907.1 million as of March 31, 2005, a 4.4% increase from December 31, 2004. The Company also reported $679.6 million in total loans and $701.0 million in total deposits as of the end of the first quarter 2005. Total loans increased $33.5 million, or 5.2%, during the quarter. Total deposits increased $43.5 million, or 6.6%, during the quarter. Since March 31, 2004, total loans have increased 23.8%, or $130.5 million, and total deposits have increased 25.9%, or $144.1 million. The net earnings for the quarter resulted in a return on average assets ("ROA") of 1.13% and a return on average equity ("ROE") of 12.16%. The Company reported an ROA and ROE of 1.17% and 10.99%, respectively, for the first quarter of 2004. The Company also reported a 4.19% net interest margin for the first quarter of 2005 compared to a 4.34% net interest margin for the same period in 2004. The 15 basis point decrease in the net interest margin was due to an increase in the Company's incremental cost of funds and a tighter net interest spread on the assets added during the quarter. The Company's average yield on earning assets for the quarter was 6.09%, a 29 basis point improvement compared to an average yield on earning assets of 5.80% during the first quarter of 2004. In contrast, the Company's average rate paid for interest-bearing deposits and other borrowings was 2.26% for the quarter, a 49 basis point increase compared to an average rate of 1.77% paid for funds during the same period last year. The Company reported total nonperforming assets of $6.5 million, or 0.72% of total assets, as of March 31, 2005, an 86% increase compared to the $3.5 million in nonperforming assets held at the end of the fourth quarter 2004. While the majority of the nonperforming assets reported as of the previous year end were resolved during the period, a $5.7 million loan relationship was placed on nonaccrual status during the quarter resulting in the increase. The Company reported $340,000 in net recoveries of prior loan losses during the quarter, resulting in an annualized -0.21% ratio of net losses to average loans, compared to a 0.30% net loss ratio from the same period in 2004. The Company's sole operating subsidiary is The Park Avenue Bank headquartered in Valdosta, Georgia. The Bank operates 17 branch offices and three loan production offices in Adel, Athens, Atlanta, Bainbridge, Baxley, Cairo, Hazlehurst, McDonough, Oakwood, Statesboro, Stockbridge, and Valdosta, Georgia, and in Ocala and St. Augustine, Florida. The Company's common stock is traded on the American Stock Exchange under the symbol "PAB." More information on the Company is available on the Internet at www.pabbankshares.com. Additional information on the Bank's locations and the products and services offered by the Bank is available on the Internet at www.parkavebank.com. Certain matters set forth in this news release are "forward-looking statements" within the meaning of the federal securities laws, including, without limitation, statements regarding our outlook on earnings, dividends and projected growth, and are based upon management's beliefs as well as assumptions made based on data currently available to management. When words like "anticipate," "believe," "intend," "plan," "expect," "estimate," "could," "should," "will" and similar expressions are used, you should consider them as identifying forward-looking statements. These forward-looking statements are not guarantees of future performance, and a variety of factors could cause the Company's actual results to differ materially from the anticipated or expected results expressed 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 materially from those anticipated or expected in these forward-looking statements: (1) competitive pressures among depository and other financial institutions may increase significantly; (2) changes in the interest rate environment may reduce margins or the volumes or values of loans made by The Park Avenue Bank; (3) general economic conditions (both generally and in our markets) may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduction in demand for credit; (4) legislative or regulatory changes, including changes in accounting standards and compliance requirements, may adversely affect the businesses in which we are engaged; (5) competitors may have greater financial resources and develop products that enable such competitors to compete more successfully than we can; (6) adverse changes may occur in the bond and equity markets; (7) war or terrorist activities may cause further deterioration in the economy or cause instability in credit markets; (8) restrictions or conditions imposed by our regulators on our operations may make it more difficult for us to achieve our goals; and (9) economic, governmental or other factors may prevent the projected population and commercial growth in the counties and cities in which we operate. The Company undertakes no obligation to revise these statements following the date of this press release. -0- *T PAB BANKSHARES, INC. Period Ended ----------------------------------- SELECTED QUARTERLY FINANCIAL DATA 03/31/05 12/31/04 09/30/04 ---------------------------------- ----------- ----------- ----------- (Dollars in thousands except per share and other data) Summary of Operations: Interest income $ 12,467 $ 11,129 $ 10,328 Interest expense 3,894 3,201 2,611 ---------------------------------- ----------- ----------- ----------- Net interest income 8,573 7,928 7,717 ---------------------------------- ----------- ----------- ----------- Provision for loan losses 460 600 - Other income 1,347 1,434 1,614 Other expense 5,765 5,429 6,287 ---------------------------------- ----------- ----------- ---------- Income before income tax expense 3,695 3,333 3,044 Income tax expense 1,216 1,122 983 ---------------------------------- ----------- ----------- ---------- Net income $ 2,479 $ 2,211 $ 2,061 ================================== =========== =========== =========== Net interest income on a tax- equivalent basis $ 8,615 $ 7,971 $ 7,760 Per Share Ratios: Net income - basic $ 0.26 $ 0.23 $ 0.21 Net income - diluted 0.26 0.23 0.21 Dividends declared for period 0.11 0.10 0.10 Dividend payout ratio 42.27% 42.95% 46.10% Book value at end of period $ 8.65 $ 8.53 $ 8.46 Common Share Data: Outstanding at period end 9,525,428 9,495,320 9,500,720 Weighted average outstanding during period 9,498,988 9,492,103 9,491,439 Diluted weighted average outstanding during period 9,648,630 9,629,082 9,608,360 Selected Average Balances: Total assets $ 892,189 $ 825,617 $ 770,782 Earning assets 833,451 763,829 710,407 Loans 665,750 616,191 572,102 Deposits 683,828 616,614 572,119 Stockholders' equity 82,657 81,795 79,710 Selected Period End Balances: Total assets $ 907,131 $ 868,975 $ 797,098 Earning assets 854,721 808,886 735,072 Loans 679,608 646,149 600,450 Allowance for loan losses 9,867 9,066 9,562 Deposits 701,041 657,550 575,775 Stockholders' equity 82,387 81,000 80,370 Tier 1 Regulatory Capital 86,961 85,465 84,307 Performance Ratios: Return on average assets 1.13% 1.07% 1.06% Return on average stockholders' equity 12.16% 10.75% 10.29% Net interest margin 4.19% 4.15% 4.35% Efficiency ratio (excluding the following items): 57.85% 57.06% 67.16% Loss on early retirement of debt included in other expense $ - $ - $ - Securities gains (losses) included in other income - (1) 6 Other gains (losses) included in other income (3) (109) 7 Selected Asset Quality Factors: Nonaccrual loans $ 6,531 $ 1,417 $ 3,857 Loans 90 days or more past due and still accruing 6 11 10 Other impaired loans (troubled- debt restructurings) - 2,045 2,170 Other real estate and repossessions 1 30 4,310 Asset Quality Ratios: Net charge-offs to average loans (annualized YTD) -0.21% 0.29% 0.14% Nonperforming loans to total loans 0.96% 0.54% 1.00% Nonperforming assets to total assets 0.72% 0.40% 1.30% Allowance for loan losses to total loans 1.45% 1.40% 1.59% Allowance for loan losses to nonperforming loans 150.95% 261.04% 158.66% Other Selected Ratios and Nonfinancial Data: Average loans to average earning assets 79.88% 80.67% 80.53% Average loans to average deposits 97.36% 99.93% 100.00% Average stockholders' equity to average assets 9.26% 9.91% 10.34% Full-time equivalent employees 287 277 274 Bank branch offices 17 17 17 Bank loan production offices 2 2 2 Bank ATMs 17 17 17 PAB BANKSHARES, INC. Period Ended ------------------------ SELECTED QUARTERLY FINANCIAL DATA 06/30/04 03/31/04 --------------------------------------------- ----------- ----------- (Dollars in thousands except per share and other data) Summary of Operations: Interest income $ 9,552 $ 9,587 Interest expense 2,381 2,430 --------------------------------------------- ----------- ----------- Net interest income 7,171 7,157 --------------------------------------------- ----------- ----------- Provision for loan losses - - Other income 1,490 1,806 Other expense 5,613 5,726 --------------------------------------------- ----------- ----------- Income before income tax expense 3,048 3,237 Income tax expense 928 1,111 --------------------------------------------- ----------- ----------- Net income $ 2,120 $ 2,126 ============================================= =========== =========== Net interest income on a tax-equivalent basis $ 7,214 $ 7,202 Per Share Ratios: Net income - basic $ 0.23 $ 0.22 Net income - diluted 0.22 0.22 Dividends declared for period 0.07 0.07 Dividend payout ratio 31.39% 31.32% Book value at end of period $ 8.19 $ 8.26 Common Share Data: Outstanding at period end 9,496,360 9,514,240 Weighted average outstanding during period 9,515,438 9,500,031 Diluted weighted average outstanding during period 9,640,837 9,689,580 Selected Average Balances: Total assets $ 736,898 $ 728,652 Earning assets 677,527 667,516 Loans 551,675 541,549 Deposits 561,141 555,406 Stockholders' equity 78,647 77,814 Selected Period End Balances: Total assets $ 739,237 $ 735,299 Earning assets 679,232 675,293 Loans 554,524 549,149 Allowance for loan losses 9,609 9,730 Deposits 565,613 556,853 Stockholders' equity 77,735 78,611 Tier 1 Regulatory Capital 83,238 82,002 Performance Ratios: Return on average assets 1.16% 1.17% Return on average stockholders' equity 10.84% 10.99% Net interest margin 4.28% 4.34% Efficiency ratio (excluding the following items): 64.55% 65.09% Loss on early retirement of debt included in other expense $ - $ - Securities gains (losses) included in other income (1) 2 Other gains (losses) included in other income 10 210 Selected Asset Quality Factors: Nonaccrual loans $ 4,484 $ 4,868 Loans 90 days or more past due and still accruing 9 - Other impaired loans (troubled-debt restructurings) 2,179 2,188 Other real estate and repossessions 4,298 4,376 Asset Quality Ratios: Net charge-offs to average loans (annualized YTD) 0.19% 0.30% Nonperforming loans to total loans 1.20% 1.28% Nonperforming assets to total assets 1.48% 1.55% Allowance for loan losses to total loans 1.73% 1.77% Allowance for loan losses to nonperforming loans 144.03% 137.90% Other Selected Ratios and Nonfinancial Data: Average loans to average earning assets 81.42% 81.13% Average loans to average deposits 98.31% 97.51% Average stockholders' equity to average assets 10.67% 10.68% Full-time equivalent employees 277 275 Bank branch offices 16 16 Bank loan production offices 2 2 Bank ATMs 17 17 *T
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