VALDOSTA, Ga., Feb. 3, 2004 (PRIMEZONE) -- PAB Bankshares, Inc. (AMEX:PAB), the holding company for The Park Avenue Bank, announced preliminary earnings for the fourth quarter and for the year of 2003. The Company reported net income of $1.89 million, or $.19 per diluted share, for the quarter, compared to $1.26 million, or $.13 per diluted share, earned during the fourth quarter of 2002. For the year, the Company reported net income of $7.13 million, or $.74 per diluted share, compared to $6.35 million, or $.67 per share, reported in 2002. "I'm pleased with our results for the quarter and 2003. Our focus in 2004 will be profitable growth," reported President and CEO Michael E. Ricketson.
The Company's return on average assets was 1.02% and its return on average equity was 9.86% for the fourth quarter of 2003 compared to .67% and 7.09%, respectively, one year ago. The net interest margin was 4.14% during the quarter compared to 4.18% for the same period last year and 4.02% for the previous quarter.
For the year, the return on average assets was .97% and the return on average equity was 9.60% compared to .81% and 9.34%, respectively, reported for 2002. The net interest margin for the year was 4.11% compared to 3.92% last year.
At December 31, 2003, the Company reported total assets of $730.7 million down from $747.9 million at December 31, 2002. The Company also reported total loans of $538.6 million and total deposits of $556.9 million at year end compared to $555.2 million and $606.7 million reported, respectively, twelve months ago.
The Company's allowance for loan losses was $10.1 million, or 1.88% of total loans, at December 31, 2003 compared to $12.1 million, or 2.18% of total loans, at December 31, 2002. The Company reported total nonperforming loans of $7.0 million, or 1.31% of total loans at year end compared to $10.4 million, or 1.87% of total loans, twelve months earlier. Net charge-offs amounted to .36% of average total loans for 2003 compared to 1.06% for 2002.
The Company currently operates sixteen branches and two loan production 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 are forward-looking statements, including statements regarding the Company's future performance, expansion in growth markets, asset quality, level of nonperforming assets, and the interest expense savings which are based upon management's beliefs as well as assumptions made by and data currently available to 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 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; (3) general economic conditions 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, may adversely affect the business in which we are engaged; (5) competitors may have greater financial resources and develop products that enable such competitors to compete more successfully than us; (6) adverse changes may occur in the bond and equity markets; (7) opportunities to expand our presence in growth markets may be unavailable on terms suitable to management; and (8) restrictions or conditions imposed by our regulators on our operations may make it more difficult for us to achieve our goals. The Company undertakes no obligation to revise these statements following the date of this press release.
PAB Bankshares, Inc.
Selected Quarterly Financial Data
12/31/03 09/30/03 06/30/03 03/31/03 12/31/02
----------------------------------------------------------------------
(In thousands, except per share and other data)
Summary of
Operations:
Interest income $ 9,657 $ 9,892 $ 10,075 $ 10,417 $ 11,354
Interest expense 2,648 2,972 3,254 3,593 4,142
----------------------------------------------------------------------
Net interest
income 7,009 6,920 6,821 6,824 7,212
----------------------------------------------------------------------
Provision for
loan losses -- -- -- -- 1,088
Other income 1,702 2,865 1,887 2,161 1,842
Other expense 5,829 7,343 6,225 6,305 6,197
----------------------------------------------------------------------
Income before
income tax
expense 2,882 2,442 2,483 2,680 1,769
Income tax
expense 995 760 751 855 511
----------------------------------------------------------------------
Net income $ 1,887 $ 1,682 $ 1,732 $ 1,825 $ 1,258
======================================================================
Net interest
income on a
tax-equivalent
basis $ 7,058 $ 6,968 $ 6,866 $ 6,867 $ 7,253
Securities gains
(losses) $ 11 $ 1,047 $ 107 $ 251 $ 203
Gain (loss) on
disposal or
write-down of
assets $ (27) $ (35) $ (189) $ (5) $ (477)
Selected Average
Balances:
Total assets $737,396 $747,402 $728,136 $732,357 $749,221
Earning assets 676,372 687,329 667,462 671,527 687,761
Loans 537,223 529,761 541,836 554,638 554,676
Deposits 563,836 573,422 577,416 593,171 607,295
Stockholders'
equity 75,906 74,281 74,237 72,454 70,373
Performance
Ratios:
Return on
average assets
(ROA) 1.02% 0.89% 0.95% 1.01% 0.67%
Return on
average equity
(ROE) 9.86% 8.99% 9.36% 10.21% 7.09%
Net interest
margin 4.14% 4.02% 4.13% 4.15% 4.18%
Efficiency ratio 66.42% 83.24% 70.46% 71.79% 66.14%
Average loans to
average earning
assets 79.43% 77.08% 81.18% 82.59% 80.65%
Average loans to
average deposits 95.28% 92.39% 93.84% 93.50% 91.34%
Average equity
to average assets 10.29% 9.94% 10.20% 9.89% 9.39%
Per Share Ratios:
Net income
- basic $ 0.19 $ 0.19 $ 0.18 $ 0.19 $ 0.13
Net income
- diluted 0.19 0.18 0.18 0.19 0.13
Dividends
declared 0.07 0.05 0.03 0.03 --
Dividend payout
ratio 35.18% 28.09% 16.35% 15.50% 0.00%
Book value at
end of period $ 8.02 $ 7.87 $ 7.90 $ 7.67 $ 7.56
Common Share
Data:
Outstanding at
period end 9,484,660 9,452,584 9,434,813 9,430,413 9,430,413
Weighted
average
outstanding 9,476,158 9,445,852 9,431,644 9,430,413 9,430,413
Diluted weighted
average
outstanding 9,686,617 9,615,852 9,554,345 9,476,645 9,462,289
Selected Period
End Balances:
Total assets $730,741 $735,715 $748,017 $716,758 $747,911
Earning assets 666,488 671,927 677,395 651,989 683,456
Loans 538,644 531,551 529,231 547,785 555,238
Allowance for
loan losses 10,139 10,426 10,728 11,752 12,097
Deposits 556,917 563,412 573,230 587,719 606,730
Stockholders'
equity 76,062 74,411 74,566 72,365 71,265
Selected Asset
Quality Factors:
Nonaccrual loans $ 7,048 $ 7,230 $ 9,842 $ 10,301 $ 10,378
Loans 90 days
or more past
due and still
accruing -- -- -- -- --
Other real
estate &
repossessions 4,578 3,918 1,882 1,612 1,284
Asset Quality
Ratios:
Net charge-offs
to average loans
(annualized YTD) 0.36% 0.41% 0.50% 0.25% 1.06%
Nonperforming
loans to total
loans 1.31% 1.36% 1.86% 1.88% 1.87%
Nonperforming
assets to
total assets 1.60% 1.52% 1.57% 1.66% 1.56%
Allowance for
loan losses to
total loans 1.88% 1.96% 2.03% 2.15% 2.18%
Allowance for
loan losses to
nonperforming
loans 143.86% 144.21% 109.01% 114.09% 116.56%
PAB Bankshares, Inc.
Selected Year To Date Financial Data
12/31/03 09/30/03 06/30/03 03/31/03 12/31/02
-----------------------------------------------------------------------
(In thousands, except per share and other data)
Summary of
Operations:
Interest income $ 40,040 $ 30,383 $ 20,491 $ 10,417 $ 48,079
Interest expense 12,467 9,819 6,847 3,593 19,989
----------------------------------------------------------------------
Net interest
income 27,573 20,564 13,644 6,824 28,090
----------------------------------------------------------------------
Provision for loan
losses -- -- -- -- 2,575
Other income 8,616 6,913 4,048 2,161 8,013
Other expense 25,702 19,872 12,530 6,305 24,368
----------------------------------------------------------------------
Income before
income tax
expense 10,487 7,605 5,162 2,680 9,160
Income tax expense 3,361 2,366 1,606 855 2,813
----------------------------------------------------------------------
Net income $ 7,126 $ 5,239 $ 3,556 $ 1,825 $ 6,347
======================================================================
Net interest income
on a tax-equivalent
basis $ 27,759 $ 20,701 $ 13,733 $ 6,867 $ 28,225
Securities gains
(losses) $ 1,416 $ 1,405 $ 358 $ 251 $ 261
Gain (loss) on
disposal or
write-down of
assets $ (256) $ (229) $ (194) $ (5) $ (372)
Selected Average
Balances:
Total assets $736,367 $736,020 $730,235 $732,357 $779,958
Earning assets 675,718 675,497 669,482 671,527 719,352
Loans 540,787 541,987 548,202 554,638 586,712
Deposits 576,871 581,264 585,249 593,171 641,449
Stockholders'
equity 74,229 73,663 73,350 72,454 67,975
Performance Ratios:
Return on average
assets (ROA) 0.97% 0.95% 0.98% 1.01% 0.81%
Return on average
equity (ROE) 9.60% 9.51% 9.78% 10.21% 9.34%
Net interest margin 4.11% 4.10% 4.14% 4.15% 3.92%
Efficiency ratio 72.99% 75.17% 71.12% 71.79% 67.04%
Average loans to
average earning
assets 80.03% 80.24% 81.88% 82.59% 81.56%
Average loans to
average deposits 93.74% 93.24% 93.67% 93.50% 91.47%
Average equity to
average assets 10.08% 10.01% 10.04% 9.89% 8.72%
Per Share Ratios:
Net income
- basic $ 0.75 $ 0.56 $ 0.38 $ 0.19 $ 0.67
Net income
- diluted 0.74 0.55 0.37 0.19 0.67
Dividends declared 0.18 0.11 0.06 0.03 0.11
Dividend payout
ratio 23.89% 19.82% 15.91% 15.50% 16.34%
Common Share Data:
Weighted average
outstanding 9,446,142 9,436,026 9,431,032 9,430,413 9,426,761
Diluted weighted
average
outstanding 9,587,187 9,547,265 9,507,548 9,476,645 9,459,768