This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:PAB Bankshares, Inc. Announces Third Quarter 2009 Financial Results 2009-11-03 17:27 ET - News Release VALDOSTA, Ga., Nov. 3, 2009 (GLOBE NEWSWIRE) -- PAB Bankshares, Inc. (Nasdaq:PABK), the parent company for The Park Avenue Bank, announced its consolidated financial results for the three months ended September 30, 2009. The Company reported a net loss of $20.0 million, or ($1.93) per diluted share, for the third quarter of 2009 after posting a $31.4 million provision for loan losses. "During the third quarter, we successfully completed a private placement of capital in order to further protect our balance sheet from loan losses and to continue to serve our customers' financial needs during these difficult economic times. We concluded that the most effective way to utilize our capital was to transfer it into our allowance for loan losses," stated Company President and CEO Jay Torbert. "Despite the elevated level of nonperforming assets, the Bank has ample liquidity, it remains well-capitalized, and it has a strong allowance for loans losses. In addition, we believe our core operating earnings will cover the increased cost to carry our nonperforming assets and the increased cost of deposit insurance without having a negative impact on our capital," added Torbert.
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