================================================================================

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                  _____________

                                    FORM 10-Q

            QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

 For the Quarterly Period Ended March 31, 2001 - Commission File Number 0-25422
                                  _____________

                              PAB BANKSHARES, INC.
                             (A Georgia Corporation)
                 IRS Employer Identification Number: 58-1473302

                3250 NORTH VALDOSTA ROAD, VALDOSTA, GEORGIA 31602
                        TELEPHONE NUMBER: (229) 241-2775


Indicate by check mark whether the registrant (1) has filed all reports required
to  be  filed  by  Section  13  or 15 (d) of the Securities Exchange Act of 1934
during  the  preceding 12 months (or for such shorter period that the registrant
was  required  to  file  such  reports), and (2) has been subject to such filing
requirements  for  the  past  90  days.
Yes  [X]  No  [ ]

The  number  of shares outstanding of the registrant's common stock at March 31,
2001  was  9,496,563  shares.

================================================================================

<PAGE>
<TABLE>
<CAPTION>
                                TABLE OF CONTENTS
                                -----------------


                                                                          Page
                                                                          ----
PART I      FINANCIAL INFORMATION
----------  ---------------------
<S>         <C>                                                           <C>

  Item 1.   Consolidated Financial Statements (Unaudited)
              Statements of Condition                                        3
              Statements of Income                                           4
              Statements of Comprehensive Income                             5
              Statements of Cash Flows                                       6
              Notes to Consolidated Financial Statements                     7
  Item 2.   Management's Discussion and Analysis of Financial Condition
              and Results of Operations                                      9
  Item 3.   Qualitative and Quantitative Disclosures About Market Risk      13

PART II     OTHER INFORMATION
----------  -----------------
  Item 1.   Legal Proceedings                                               14
  Item 2.   Changes in Securities and Use of Proceeds                       14
  Item 3.   Defaults Upon Senior Securities                                 14
  Item 4.   Submissions of Matters to a Vote of Security Holders            14
  Item 5.   Other Information                                               14
  Item 6.   Exhibits and Reports on Form 8-K                                15

SIGNATURES                                                                  15
</TABLE>


                                      - 2 -
<PAGE>
<TABLE>
<CAPTION>
PART  I.  FINANCIAL  INFORMATION

                      PAB BANKSHARES, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CONDITION
                   AS OF MARCH 31, 2001 AND DECEMBER 31, 2000

---------------------------------------------------------------------------------------------

                                                                  MARCH 31,     DECEMBER 31,
                                                                    2001            2000
                                                                -------------  --------------
                                                                 (UNAUDITED)
<S>                                                             <C>            <C>
ASSETS
  Cash and due from banks                                       $ 28,598,620   $  29,697,335
  Interest-bearing deposits in other banks                        17,467,185      13,414,020
  Federal funds sold                                              83,261,000      43,415,000
  Investment securities                                           91,598,586      84,924,830

  Loans                                                          590,608,195     580,736,533
  Allowance for loan losses                                       (8,300,276)     (8,184,641)
                                                                -------------  --------------
        Net loans                                                582,307,919     572,551,892
                                                                -------------  --------------

  Premises and equipment                                          22,804,755      22,380,725
  Goodwill and other intangible assets                             6,305,774       6,450,742
  Investment in unconsolidated subsidiary                            199,752          57,639
  Cash value of bank-owned life insurance policies                 9,129,920       9,041,355
  Foreclosed assets                                                  561,653         566,518
  Other assets                                                    10,421,844      12,406,513
                                                                -------------  --------------

        Total assets                                            $852,657,008   $ 794,906,569
                                                                =============  ==============

LIABILITIES AND STOCKHOLDERS' EQUITY
  Deposits:
    Noninterest-bearing                                         $ 74,988,224   $  70,679,023
    Interest-bearing                                             619,811,266     566,500,715
                                                                -------------  --------------
        Total deposits                                           694,799,490     637,179,738
                                                                -------------  --------------

  Federal funds purchased and securities sold under
    agreements to repurchase                                      12,425,470      12,165,591
  Advances from the Federal Home Loan Bank                        59,139,337      58,701,282
  Other borrowings                                                 7,667,280       7,667,280
  Other liabilities                                                6,765,900       8,412,198
                                                                -------------  --------------
        Total liabilities                                        780,797,477     724,126,089
                                                                -------------  --------------

  Stockholders' equity:
    Preferred stock, no par value, 1,500,000 shares authorized,
      no shares issued                                                     -               -
    Common stock, no par value, 98,500,000 shares authorized,
      9,496,563 and 9,501,947 shares issued                        1,217,065       1,217,065
    Additional paid-in capital                                    29,696,083      29,754,284
    Retained earnings                                             39,574,981      38,939,722
    Accumulated other comprehensive income                         1,371,402         869,409
                                                                -------------  --------------
        Total stockholders' equity                                71,859,531      70,780,480
                                                                -------------  --------------

        Total liabilities and stockholders' equity              $852,657,008   $ 794,906,569
                                                                =============  ==============
</TABLE>

See  accompanying  notes  to  consolidated  financial  statements.


                                      - 3 -
<PAGE>
<TABLE>
<CAPTION>
                        PAB BANKSHARES, INC. AND SUBSIDIARIES
                          CONSOLIDATED STATEMENTS OF INCOME
                      THREE MONTHS ENDED MARCH 31, 2001 AND 2000
                                     (UNAUDITED)

-------------------------------------------------------------------------------------

                                                               2001          2000
                                                           ------------  ------------
<S>                                                        <C>           <C>
INTEREST INCOME
  Interest and fees on loans                               $13,825,026   $11,941,149
  Interest and dividends on investment securities:
    Taxable                                                  1,187,416     1,048,937
    Nontaxable                                                  50,332        61,414
  Other interest income                                      1,296,334       421,430
                                                           ------------  ------------
        Total interest income                               16,359,108    13,472,930
                                                           ------------  ------------

INTEREST EXPENSE
  Interest on deposits                                       8,187,226     5,235,081
  Interest on federal funds purchased and securities sold
    under agreements to repurchase                             146,167       137,501
  Interest on Federal Home Loan Bank advances                  942,416       850,470
  Interest on other borrowings                                 136,295             -
                                                           ------------  ------------
        Total interest expense                               9,412,104     6,223,052
                                                           ------------  ------------

        Net interest income                                  6,947,004     7,249,878

Provision for loan losses                                      279,667       391,437
                                                           ------------  ------------
        Net interest income after provision for loan losses  6,667,337     6,858,441
                                                           ------------  ------------

OTHER INCOME
  Service charges on deposit accounts                        1,252,531       913,260
  Other fee income                                             351,067       124,382
  Securities transactions, net                                    (714)       (5,879)
  Equity in earnings of unconsolidated subsidiary              142,113       139,208
  Other noninterest income                                     166,553       168,048
                                                           ------------  ------------
        Total other income                                   1,911,550     1,339,019
                                                           ------------  ------------

OTHER EXPENSES
  Salaries and employee benefits                             3,398,896     2,731,699
  Occupancy expense of premises                                386,923       289,451
  Furniture and equipment expense                              623,605       402,661
  Amortization of goodwill and other intangibles               144,968        89,167
  Other noninterest expense                                  1,623,847     1,522,458
                                                           ------------  ------------
        Total other expenses                                 6,178,239     5,035,436
                                                           ------------  ------------

        Income before income tax expense                     2,400,648     3,162,024
Income tax expense                                             720,767     1,037,635
                                                           ------------  ------------

        Net income                                         $ 1,679,881   $ 2,124,389
                                                           ============  ============

Earnings per common share:
  Basic                                                    $      0.18   $      0.22
                                                           ============  ============
  Diluted                                                  $      0.18   $      0.22
                                                           ============  ============

Weighted-average shares outstanding:
  Basic                                                      9,497,879     9,574,465
                                                           ============  ============
  Diluted                                                    9,564,562     9,674,809
                                                           ============  ============

Dividends declared per share                               $      0.11   $     0.105
                                                           ============  ============
</TABLE>

See  accompanying  notes  to  consolidated  financial  statements.


                                      - 4 -
<PAGE>
<TABLE>
<CAPTION>
                      PAB BANKSHARES, INC. AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                    THREE MONTHS ENDED MARCH 31, 2001 AND 2000
                                   (UNAUDITED)

-----------------------------------------------------------------------------------

                                                               2001        2000
                                                            ----------  -----------
<S>                                                         <C>         <C>
Net income                                                  $1,679,881  $2,124,389

Other comprehensive income (loss):
  Unrealized holding gains (losses) arising during
    the period, net of tax of $258,360 and ($172,619)          501,522    (285,257)
  Reclassification adjustment for losses
    included in net income, net of tax of $243 and $2,219          471       3,660
                                                            ----------  -----------
                                                               501,993    (281,597)
                                                            ----------  -----------

        Comprehensive income                                $2,181,874  $1,842,792
                                                            ==========  ===========
</TABLE>

See  accompanying  notes  to  consolidated  financial  statements.


                                      - 5 -
<PAGE>
<TABLE>
<CAPTION>
                             PAB BANKSHARES, INC. AND SUBSIDIARIES
                             CONSOLIDATED STATEMENTS OF CASH FLOWS
                           THREE MONTHS ENDED MARCH 31, 2001 AND 2000
                                          (UNAUDITED)

-----------------------------------------------------------------------------------------------

                                                                       2001           2000
                                                                   -------------  -------------
<S>                                                                <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES
  Net income                                                       $  1,679,881   $  2,124,389
  Adjustments to reconcile net income to net cash
    provided by operating activities:
    Depreciation, amortization and accretion, net                       684,776        472,650
    Provision for loan losses                                           279,667        391,437
    Net realized  loss on securities transactions                           714          5,879
    Net gain on disposal of assets                                      (16,007)        (8,048)
    Equity in earnings of unconsolidated subsidiary                    (142,113)      (139,208)
    Increase in cash value of bank-owned life insurance                 (88,565)       (34,170)
    Net decrease in accrued interest receivable, prepaid
      expenses and other assets                                       1,400,337         81,193
    Net decrease in accrued interest payable, accrued
      expenses and other liabilities                                 (1,946,004)      (725,123)
                                                                   -------------  -------------
        Net cash provided by operating activities                     1,852,686      2,168,999
                                                                   -------------  -------------

CASH FLOWS FROM INVESTING ACTIVITIES
  (Increase) decrease in interest-bearing deposits in other banks    (4,053,165)        13,346
  (Increase) decrease in Federal funds sold                         (39,846,000)    12,655,000
  Activities on securities available for sale:
    Purchases                                                       (16,574,391)      (160,084)
    Proceeds from sales and calls                                     4,070,900        558,200
    Proceeds from maturities and paydowns                             6,611,698      2,551,423
  Net increase in loans                                             (10,058,912)   (27,036,255)
  Purchase of premises and equipment                                   (944,860)    (1,306,801)
  Proceeds from disposal of assets                                      629,058         32,557

  Proceeds from life insurance benefits                                       -        790,907
                                                                   -------------  -------------
        Net cash used in investing activities                       (60,165,672)   (11,901,707)
                                                                   -------------  -------------

CASH FLOWS FROM FINANCING ACTIVITIES
  Net increase in deposits                                           57,619,752     10,132,778
  Net increase (decrease) in Federal funds purchased
    and securities sold under repurchase agreements                     259,879     (2,569,464)
  Advances from the Federal Home Loan Bank                              700,000     23,700,000
  Payments on Federal Home Loan Bank advances                          (261,945)   (31,662,186)
  Dividends paid                                                     (1,045,214)    (1,049,957)
  Proceeds from the exercise of stock options                                 -          4,989
  Acquisition of stock under stock repurchase plans                     (58,201)    (1,049,835)
                                                                   -------------  -------------
        Net cash provided by (used in) financing activities          57,214,271     (2,493,675)
                                                                   -------------  -------------

        Net decrease in cash and due from banks                      (1,098,715)   (12,226,383)
Cash and due from banks at beginning of period                       29,697,335     31,524,206
                                                                   -------------  -------------

Cash and due from banks at end of period                           $ 28,598,620   $ 19,297,823
                                                                   =============  =============

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
  Cash paid during the period for:
    Interest                                                       $  9,011,999   $  6,183,792
                                                                   =============  =============
    Taxes                                                          $    236,444   $    899,588
                                                                   =============  =============

NONCASH INVESTING AND FINANCING TRANSACTIONS:
  Increase (decrease) in unrealized gains on
    securities available for sale                                  $    802,291   $   (411,115)
                                                                   =============  =============
</TABLE>

See  accompanying  notes  to  consolidated  financial  statements.


                                      - 6 -
<PAGE>
                      PAB BANKSHARES, INC. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

--------------------------------------------------------------------------------

NOTE  1.  NATURE  OF  BUSINESS

     PAB  Bankshares, Inc. (the "Company") is a multi-bank holding company whose
     business  is  conducted  by  its  six subsidiary banks (the "Banks") and an
     investment  advisory services subsidiary called PAB Financial Services, LLC
     ("PAB  Financial").  Through the Banks, the Company offers a broad range of
     commercial  and consumer banking products and services to customers located
     in the market areas served by the Banks. At March 31, 2001, the Company had
     a market presence across southern Georgia, south-metro Atlanta, and central
     Florida.  Through  PAB Financial, the Banks are able to offer brokerage and
     investment  services  to  their  customers.  The  Company and the Banks are
     subject  to  the  regulations of certain Federal and state agencies and are
     periodically  examined  by  those  regulatory  agencies.


NOTE  2.  BASIS  OF  PRESENTATION

     The  accompanying  consolidated  financial  information  of  the Company is
     unaudited;  however,  such information reflects all adjustments (consisting
     of  normal  recurring adjustments) which are, in the opinion of management,
     necessary  for a fair presentation of the financial position and results of
     operations.  The results of operations for the three months ended March 31,
     2001 are not necessarily indicative of the results that may be expected for
     the  full  year.  These  statements  should be read in conjunction with the
     consolidated  financial  statements  and  notes  thereto  included  in  the
     Company's  Annual Report on Form 10-K for the year ended December 31, 2000.

     The  accounting  and reporting policies of the Company conform to generally
     accepted  accounting  principles and general practices within the financial
     services  industry.  In  preparing  the  consolidated financial statements,
     management  is  required  to make estimates and assumptions that affect the
     reported  amounts of assets and liabilities as of the date of the statement
     of  condition  and the reported amounts of revenues and expenses during the
     reporting  period.  Actual  results  could  differ  from  those  estimates.
     Material  estimates that are particularly susceptible to significant change
     in  the  near  term  relate  to the determination of the allowance for loan
     losses,  and  the  valuation  of  foreclosed  real  estate and deferred tax
     assets.

     The Company's consolidated financial statements include the accounts of the
     Company and its subsidiaries. All significant intercompany transactions and
     accounts  have  been  eliminated  in  consolidation.

     Certain  items  in  the consolidated financial statements as of and for the
     three  months  ended  March  31,  2000  have been reclassified, with no net
     effect on total assets, total stockholders' equity, or net income, in order
     to  be  consistent  with  the classifications adopted with the current year
     presentation.


                                      - 7 -
<PAGE>
                      PAB BANKSHARES, INC. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

--------------------------------------------------------------------------------

NOTE  3.  STOCKHOLDERS'  EQUITY

     On  February  28,  2001,  the Company declared a quarterly cash dividend of
     $0.11 per share payable to shareholders of record as of March 31, 2001. The
     dividends  were  paid  on  April  16,  2001.

     During  the  three  months  ended  March 31, 2001, the Company acquired and
     cancelled 5,384 shares of common stock for a total of $58,201 to complete a
     stock repurchase plan approved by the Board of Directors on March 20, 2000.
     On  January  29,  2001,  the Board approved a plan to repurchase and cancel
     another  125,000  shares  of  the Company's common stock. Through March 31,
     2001,  no  shares  had  been  repurchased  under  the  new  plan.


NOTE  4.  EARNINGS  PER  SHARE

     The  following  table  sets  forth  the  computation  of  basic and diluted
     earnings  per  share  for  the  three months ended March 31, 2001 and 2000:

<TABLE>
<CAPTION>
                                                   2001        2000
                                                ----------  ----------
<S>                                             <C>         <C>

  Basic earnings per share:
    Net income                                  $1,679,881  $2,124,389
                                                ----------  ----------

    Weighted average common shares outstanding   9,497,879   9,574,465
                                                ----------  ----------

      Earnings per common share                 $     0.18  $     0.22
                                                ==========  ==========

  Diluted earnings per share:
    Net income                                  $1,679,881  $2,124,389
                                                ----------  ----------

    Weighted average common shares outstanding   9,497,879   9,574,465
    Effect of dilutive stock options                66,683     100,344
                                                ----------  ----------
      Weighted average diluted common
        shares outstanding                       9,564,562   9,674,809
                                                ----------  ----------

      Earnings per common share                 $     0.18  $     0.22
                                                ==========  ==========
</TABLE>

NOTE  5.  RECENT  ACCOUNTING  DEVELOPMENTS

     On  January  1,  2001,  the  Company  adopted SFAS No. 133, "Accounting for
     Derivative  Instruments  and Hedging Activities." SFAS No. 133 standardizes
     the  accounting  for  derivative  instruments, including certain derivative
     instruments  embedded  in  other  contracts.  The  standard  requires  all
     derivatives to be measured at fair value and recognized as either assets or
     liabilities  on  the  statement  of  condition. Under certain conditions, a
     derivative  may  be  specifically designated as a hedge. Accounting for the
     changes  in  fair  value of a derivative depends on the intended use of the
     derivative  and  the  resulting designation. The provisions of SFAS No. 133
     did  not  have  a  material  impact  on the Company's earnings or financial
     position  upon  adoption.


                                      - 8 -
<PAGE>
CAUTIONARY  NOTICE  REGARDING  FORWARD-LOOKING  STATEMENTS

Some of the statements in this Quarterly Report on Form 10-Q, including, without
limitation,  matters  discussed  under  the caption "Management's Discussion and
Analysis  of  Financial  Condition  and  Results  of Operation," as well as oral
statements  made  by  PAB  Bankshares,  Inc.  (the  "Company")  or the officers,
directors,  or  employees  of  the  Company  may  constitute  "forward-looking
statements"  within the meaning of Section 21E of the Securities Exchange Act of
1934,  as  amended.  Forward-looking  statements  include  statements  about the
competitiveness  of  the banking industry, potential regulatory obligations, our
strategies  and  other  statements that are not historical facts.  When or if we
use  in  this  Quarterly  Report  words  like "anticipate," "believe," "expect,"
"estimate"  and  similar  expressions,  you  should consider them as identifying
forward-looking  statements.  These forward-looking statements involve risks and
uncertainties  and are based on the beliefs and assumptions of management of the
Company,  and  on the information available to management at the time that these
disclosures  were  prepared.  Factors  that  may  cause actual results to differ
materially  from  those  expressed or implied by such forward-looking statements
include,  among  others,  the following possibilities: (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 businesses in which the Company is engaged;
(5)  costs  or  difficulties related to the integration of the businesses of the
Company  and its merger partners may be greater than expected; (6) expected cost
savings associated with mergers may not be fully realized or realized within the
expected  time  frame;  (7)  deposit  attrition,  customer  loss or revenue loss
following mergers may be greater than expected; (8) competitors may have greater
financial resources and develop products that enable such competitors to compete
more  successfully  than  the  Company; and (9) adverse changes may occur in the
bond  and equity markets.  Many of such factors are beyond the Company's ability
to  control  or  predict, and readers are cautioned not to put undue reliance on
such forward-looking statements.  The Company disclaims any obligation to update
or  revise  any  forward-looking  statements contained in this Quarterly Report,
whether  as  a  result  of  new  information,  future  events  or  otherwise.


ITEM  2.  MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OF  FINANCIAL  CONDITION
     AND  RESULTS  OF  OPERATION

The  following  discussion  and analysis of the consolidated financial condition
and  results of operations of the Company should be read in conjunction with the
Consolidated  Financial  Statements  and  related Notes, and is qualified in its
entirety  by  the  foregoing  and  other  more  detailed  financial  information
appearing  elsewhere.  Historical  results  of  operations  and  the  percentage
relationships  among any amounts included, and any trends which may appear to be
inferred,  should  not  be  taken  as  being necessarily indicative of trends in
operations  or  results  of  operations  for  any  future  periods.

FINANCIAL  CONDITION

During  the  three months ended March 31, 2001, total assets grew $57.8 million,
or  7.3%.  This  growth was primarily the result of the Company's expansion into
new  markets  during the fourth quarter of 2000.  Total deposits increased $57.6
million,  or  9.0%, during the quarter.  The majority of this deposit growth was
in time deposits.  Loan demand, which began to slow during the fourth quarter of
2000, continued to trail the pace of deposit growth through the first quarter of
2001.  The  net increase in loans was $9.9 million, or 1.7%, during the quarter.
Management  attributes  the  drop  in new loan growth to a slower economy and an
increase in refinancing requests after a 150 basis point interest rate reduction
during  the  period.  The  excess funds from the deposit growth were invested in
medium-term  securities  and  in  overnight Fed funds.  The securities portfolio
increased  $6.7 million, or 7.9%, and Fed funds sold increased $39.8 million, or
91.8%.


                                      - 9 -
<PAGE>
RESULTS  OF  OPERATIONS

Net  income  for  the three months ended March 31, 2001 was $1,680,000, or $0.18
per  diluted  shared,  as  compared  to  $2,124,000, or $0.22 per diluted share,
during the same period in 2000.  The decrease in net income is the result of the
following:

     Net  interest  income  decreased  $303,000.
     Provision  for  loan  losses  decreased  $112,000.
     Other  income  increased  $572,000.
     Other  expenses  increased  $1,142,000.
     Income  tax  expense  decreased  $317,000.

The  reasons  for  these  changes  are  discussed  in  more  detail  below.

Net  Interest  Income
---------------------
For  the  three  months  ended  March  31,  2001,  net  interest  income  on  a
taxable-equivalent  basis  was  $6,973,000, a 4.2% decrease compared to the same
period  in  2000.  Total  interest  income  on  a  taxable-equivalent  basis was
$16,385,000,  a 21.3% increase compared to the same period in 2000. The increase
in  interest  income  was  due primarily to an increase in earning assets. Total
interest expense was $9,412,000, a 51.2% increase compared to the same period in
2000.  The  increase  in  interest  expense  was due primarily to an increase in
interest-bearing  liabilities.  However,  $1,054,000 of the increase in interest
expense  can  be  attributed to an increase in the average interest rate paid on
those  liabilities.

The  following  table  shows  a  summary  of  the changes in interest income and
interest  expense  on a fully taxable equivalent basis resulting from changes in
volume  and  changes  in  rates for each category of interest-earning assets and
interest-bearing  liabilities.  The  change in interest attributable to rate has
been determined by applying the change in rate between years to average balances
outstanding  in  the  later year.  The change in interest due to volume has been
determined  by  applying the rate from the earlier year to the change in average
balances  outstanding  between  years.  Thus, changes that are not solely due to
volume  have  been  consistently  attributed  to  rate.

<TABLE>
<CAPTION>
For  the  Three  Months  Ended  March  31,                 2001  vs.  2000
----------------------------------------------------------------------------------
                                                        Increase  Changes Due To
                                                                 -----------------
                                                       (Decrease)  Rate    Volume
----------------------------------------------------------------------------------
                                                         (Dollars In Thousands)
<S>                                                    <C>       <C>      <C>
Increase (decrease) in:
  Income from earning assets:
    Loans                                              $ 1,884   $  112   $ 1,772
    Taxable securities                                     139       17       122
    Nontaxable securities                                  (17)      (6)      (11)
    Other short-term investments                           875      (65)      940
----------------------------------------------------------------------------------
      Total interest income                              2,881       58     2,823
----------------------------------------------------------------------------------

  Expense from interest-bearing liabilities:
    Demand deposits                                        120       71        49
    Savings deposits                                         5      (19)       24
    Time deposits                                        2,827      982     1,845
    FHLB advances                                           92       10        82
    Notes payable                                          136        -       136
    Other short-term borrowings                              9       10        (1)
----------------------------------------------------------------------------------
      Total interest expense                             3,189    1,054     2,135
----------------------------------------------------------------------------------

      Net interest income                              $  (308)  $ (996)  $   688
==================================================================================
</TABLE>


                                     - 10 -
<PAGE>
For  the three months ended March 31, 2001, the net interest margin was 3.73%, a
106  basis  point  decrease  from the net interest margin for the same period in
2000.  The  growth  in  time  deposits and FHLB borrowings during the second and
third quarters of 2000 essentially locked in the Company's cost of funds for the
next  twelve  to  eighteen  months  at rates 125 to 150 basis points higher than
current market conditions.  Meanwhile, much of the Company's loan and investment
portfolios  have  repriced  at the lower rates.  The slower loan growth has also
forced  the  Company to invest its excess funds from the deposit growth in lower
yielding Fed funds.  Management anticipates the majority of its higher rate time
deposits  will have either repriced or rolled off by the fourth quarter of 2001.

The  following  table details the average balance of interest-earning assets and
interest-bearing  liabilities,  the  amount of interest earned and paid, and the
average  yields  and  rates  for the three months ended March 31, 2001 and 2000.
Federally  tax-exempt income is presented on a taxable-equivalent basis assuming
a  34%  Federal  tax  rate.  Loan  average  balances include loans on nonaccrual
status.

<TABLE>
<CAPTION>
For the Three Months Ended March 31,                    2001                           2000
----------------------------------------  -------------------------------  ---------------------------
                                                      Interest   Average             Interest  Average
                                          Average     Income/    Yield/    Average   Income/   Yield/
                                          Balance     Expense     Rate     Balance   Expense    Rate
---------------------------------------  ----------  ---------  ---------  --------  --------  -------
                                                               (Dollars In Thousands)
<S>                                      <C>         <C>        <C>        <C>       <C>       <C>

Interest-earning assets:
  Loans                                  $ 581,443   $ 13,825       9.64%  $505,759  $ 11,941    9.50%
  Investment securities:
    Taxable                                 80,907      1,188       5.95%    72,391     1,049    5.83%
    Nontaxable                               4,686         76       6.60%     5,339        93    7.01%
  Other short-term investments              91,179      1,297       5.77%    28,053       422    6.04%
                                         ----------  --------              --------  --------
    Total interest-earning assets          758,215     16,386       8.76%   611,542    13,505    8.88%
                                         ----------  --------              --------  --------

Interest-bearing liabilities:
  Demand deposits                        $ 128,889   $    939       2.95%  $121,557  $    819    2.71%
  Savings deposits                          33,023        204       2.51%    29,425       199    2.71%
  Time deposits                            435,595      7,045       6.56%   302,265     4,218    5.61%
  FHLB advances                             58,842        942       6.50%    53,644       850    6.38%
  Notes payable                              7,667        136       7.21%         -         -
  Other short-term borrowings               12,090        146       4.90%    12,160       137    4.55%
                                         ----------  --------              --------  --------
    Total interest-bearing liabilities     676,106      9,412       5.65%   519,051     6,223    4.82%
                                         ----------  --------              --------  --------

Interest rate spread                                                3.11%                        4.06%
                                                                =========                      =======

Net interest income                                  $  6,974                        $  7,282
                                                     ========                        ========

Net interest margin                                                 3.73%                        4.79%
                                                                =========                      =======
</TABLE>


Provision  for  Loan  Losses
----------------------------
For  the  three  months  ended March 31, 2001, the provision for loan losses was
$280,000,  a  28.6%  decrease  compared  to  the same period in 2000.  The lower
provision  was  primarily  the  result of the slower loan growth.  The provision
maintained  the  ratio of the allowance for loan losses to total loans at 1.41%,
the  same  as  of  December  31,  2000.

Net  charge-offs  of  $164,000  during  the  first  quarter  was a 397% increase
compared  to  the  same period in 2000.  However, when annualized, this level of
charge-offs  equates  to  0.11%  of  average  loans,  which is relatively low by
current  industry  standards.

There  was  no  material  change  in the status or total volume of the Company's
nonperforming  loans  since  December  31,  2001.

Management  will  continue  to monitor and adjust the level of the allowance for
loan  losses in relation to net charge-offs, as well as the overall level of the
allowance  for  loan  losses to loans outstanding and management's assessment of
loan  losses  inherent  in  the  loan  portfolio.


                                     - 11 -
<PAGE>
Other  Income
-------------
During the three months ended March 31, 2001, total other income was $1,912,000,
a  42.8% increase compared to the same period in 2000.  Service charges and fees
on  deposit accounts increased  $339,000, or 37.1%.  This increase was due to an
increase in transaction accounts and the addition of new fee generating products
and  services  available  to  deposit customers since the first quarter of 2000.
Other fee income increased $227,000, or 182.2%.  This increase was due primarily
to income generated from mortgage originations and brokerage services.  Mortgage
origination  fees  increase  $69,000,  or  97.1%,  due to an increased volume in
mortgage  originations and refinancings.  Brokerage income generated through PAB
Financial  was  $46,000  during  the first quarter of 2001.  PAB Financial began
operations in December 1999 and did not generate any fee income until the second
quarter  of  2000.

Other  Expenses
---------------
During  the  three  months  ended  March  31,  2001,  total  other  expense  was
$6,178,000, a 24.1% increase compared to the same period in 2000.  This increase
in  costs is, however, in line with the Company's growth since the first quarter
of  2000.  For  example,  as a percentage of average assets, total other expense
during  the  first  quarter  of 2001 was 0.75% compared to 0.76% during the same
period  in  2000.  Salaries  and employee benefits increased $667,000, or 24.4%,
compared to the first quarter last year.  This increase corresponds with a 17.2%
increase  in  the number of full-time equivalent employees from 261 at March 31,
2000  to  306  at March 31, 2001.  Occupancy expense and furniture and equipment
expense  combined  increased  $318,000,  or 46.0%, compared to the first quarter
last year.  These costs as a percentage of the Company's beginning investment in
premises  and  equipment  during each period, was 4.5% in 2001 and 4.2% in 2000.

Income  Tax  Expense
--------------------
During the three months ended March 31, 2001, income tax expense was $721,000, a
30.5%  decrease  compared  to  the  same period in 2000.  As a percentage of net
income  before  taxes,  income  tax  expense  was  30.0% and 32.8% for the first
quarters  of  2001  and  2000,  respectively.


LIQUIDITY  AND  CAPITAL  RESOURCES

Liquidity  is  an important factor in the financial condition of the Company and
affects  it's  ability  to  meet  the  borrowing  needs  and  deposit withdrawal
requirements  of  its  customers.  Assets,  consisting  principally of loans and
investment  securities,  are  funded  by  customer deposits, borrowed funds, and
retained  earnings.

The  investment  portfolio  is  one  of  the  Company's  sources  of  liquidity.
Maturities of securities provide a constant flow of funds that are available for
cash needs.  Contractual investment securities that mature within one year total
$22  million.  However,  mortgage-backed  securities  and  securities  with call
provisions create cash flows earlier than the contractual maturities.  Estimates
of  prepayments  on  mortgage-backed  securities  and call provisions on Federal
agency  and  state  and  municipals  increase  the forecasted cash flow from the
investment  portfolio.  Maturities  in  the loan portfolio also provide a steady
flow of funds.  In addition, the Company's liquidity continues to be enhanced by
a  relatively  stable  core  deposit  base  and  the  availability of additional
advances  from the FHLB and an operating line of credit with the Bankers Bank of
Atlanta,  Georgia.  At  March  31, 2001, the Company's liquidity ratio was 26.1%
and  its  dependency  ratio  was  10.0%.

The  Company's  liquidity  from  investments is somewhat limited since the Banks
have  pledged  certain  investments to secure public deposits, certain borrowing
arrangements,  and  for other purposes.  At March 31, 2001, approximately 51% of
the  Company's  investments  were  pledged  as  collateral  to  others.

The  Consolidated  Financial  Statements  do not reflect various commitments and
contingent  liabilities  that  arise  in  the  normal course of business.  These
off-balance sheet financial instruments include commitments to extend credit and
standby  letters  of  credit.  Such  financial  instruments  are included in the
financial  statements  when  funds  are  distributed  or  the instruments become
payable.  At  March  31,  2001,  the Banks had outstanding commitments to extend
credit through open lines of credit of approximately $66,981,000 and outstanding
standby  letters  of  credit  of  approximately  $1,084,000.


                                     - 12 -
<PAGE>
At  March 31, 2001, PAB had outstanding commitments to complete the construction
of  two  bank  branch  offices, for the installation and training costs of a new
loan  platform  system, and for the conversion of the data processing systems of
Friendship  Community  Bank  of  Ocala,  Florida,  a  Florida  state member bank
acquired by the Company in the fourth quarter of 2000.  Management plans to fund
these expenditures, totaling approximately $1.5 million, with cash provided from
operations  in  2001.  Cash  flows  from operations were $1.9 million during the
three  months  ended  March  31,  2001.

Stockholders'  Equity
---------------------
The  Company  maintains  a ratio of stockholders' equity to total assets that is
adequate  relative  to industry standards.  The Company's ratio of stockholders'
equity  to total assets was 8.4% at March 31, 2001, compared to 8.9% at December
31,  2000.  The  Company  and  the  Banks  are  required  to comply with capital
adequacy  standards  established  by  the  Federal  Reserve  and  the  FDIC.

The  following  table summarizes the Company's capital ratios at March 31, 2001.

<TABLE>
<CAPTION>
                                                                          Minimum
                                                                       Regulatory
                                                     March 31, 2001   Requirement
---------------------------------------------------  ---------------  ------------
<S>                                                  <C>              <C>
  Total Capital to Risk Weighted Assets                        12.4%          8.0%
  Tier 1 Capital to Risk Weighted Assets                       11.0%          4.0%
  Tier 1 Capital to Average Assets (Leverage Ratio)             7.9%          4.0%
---------------------------------------------------  ---------------  ------------
</TABLE>

ITEM  3.  QUANTITATIVE  AND  QUALITATIVE  DISCLOSURES  ABOUT  MARKET  RISK

The  Company is exposed to U.S. dollar interest rate changes and accordingly, it
manages exposure by considering the possible changes in the net interest margin.
The  Company  does  not  have  any  trading instruments nor does it classify any
portion  of  the investment portfolio as held for trading.  The Company does not
engage in any hedging activities or enter into any derivative instruments with a
higher  degree  of risk than mortgage-backed securities, which are commonly held
pass  through  securities.  Finally, the Company has no material direct exposure
to  foreign  currency exchange rate risk, commodity price risk, and other market
risks.

Interest  rates  play  a  major  part  in the net interest income of a financial
institution.  The  sensitivity to rate changes is known as "interest rate risk."
The  repricing  of  interest earning assets and interest-bearing liabilities can
influence  the  changes  in  net  interest  income.  As  part  of  the Company's
asset/liability  management  program,  the  timing  of  repriced  assets  and
liabilities  is  referred  to  as Gap management.  It is the Company's policy to
maintain  a  Gap  ratio  in the one-year time horizon of .80 to 1.20.  The table
below  has  two  measures  of  Gap,  regulatory  and  management  adjusted.  The
Regulatory  Gap  considers  only  contractual  maturities  or  repricings.  The
management adjusted Gap considers such things as prepayments on certain interest
rate  sensitive  assets  and  the  circumstances  under  which core deposits are
repriced.  Although  interest-bearing  transaction  accounts  are  available  to
reprice  in  the  three-month window, historical experiences show these deposits
more  stable over the course of one year.  The management adjusted Gap indicates
the  Company  is  somewhat  asset  sensitive  in  relation  to changes in market
interest  rates.  Being  asset  sensitive  would  result  in net interest income
increasing  in  a  rising  rate  environment  and decreasing in a declining rate
environment.


                                     - 13 -
<PAGE>
The  Company  uses simulation analysis to monitor changes in net interest income
due  to  changes in market interest rates.  The simulation of rising, declining,
and flat interest rate scenarios allow management to monitor and adjust interest
rate  sensitivity  to  minimize  the impact of market interest rate swings.  The
analysis  of  the  impact  on  net interest income over a twelve-month period is
subjected  to  a gradual 150 basis point increase or decrease in market rates on
net  interest  income  and  is  monitored on a quarterly basis.  As of March 31,
2001, the simulation model projected net interest income would increase 2.45% if
rates  gradually  rise  by 150 basis points over the next twelve months.  On the
other  hand,  the model projected net interest income to decrease 1.78% if rates
gradually  decline by 150 basis points over the next year.  The Company's policy
states  that  net  interest income cannot change over 5% using this analysis and
presently,  the  Company  is  within  policy  guidelines.


     CUMULATIVE  GAP  ANALYSIS

     Regulatory Defined                3-Month   6-Month    1-Year
     --------------------------------  --------  --------  ----------
                                          (Dollars in thousands)

     Rate Sensitive Assets (RSA)       $279,491  $326,512   $417,373
     Rate Sensitive Liabilities (RSL)   255,945   351,719    513,987
     --------------------------------  --------  --------  ----------
     RSA minus RSL (Gap)               $ 23,546  $(25,207)  $(96,614)

     Gap Ratio (RSA/RSL)                   1.09      0.93       0.81


     Management Adjusted                3-Month  6-Month     1-Year
     --------------------------------  --------  --------  ----------
                                          (Dollars in thousands)

     Rate Sensitive Assets (RSA)       $279,491  $326,512   $417,373
     Rate Sensitive Liabilities (RSL)   178,894   290,078    467,756
     --------------------------------  --------  ---------  ---------
     RSA minus RSL (Gap)               $100,597  $ 36,434   $(50,384)

     Gap Ratio (RSA/RSL)                   1.56      1.13       0.89


PART  II.  OTHER  INFORMATION

ITEM  1.  LEGAL  PROCEEDINGS

     None.

ITEM  2.  CHANGES  IN  SECURITIES  AND  USE  OF  PROCEEDS

     None.

ITEM  3.  DEFAULTS  UPON  SENIOR  SECURITIES

     None.

ITEM  4.  SUBMISSION  OF  MATTERS  TO  A  VOTE  OF  SECURITY  HOLDERS

     None.

ITEM  5.  OTHER  INFORMATION

     None.


                                     - 14 -
<PAGE>
ITEM  6.  EXHIBITS  AND  REPORTS  ON  FORM  8-K

     a.   Exhibits

          Exhibit  No.     Description
          ------------     -----------

             10.7          Loan  and  Stock  Pledge  Agreement  dated August 31,
                           2000  between  the  Company  and  The Bankers Bank of
                           Atlanta,  Georgia.

     b.   Reports  on  Form  8-K

          1.   Press  Release dated January 2, 2001 Announcing the Completion of
               Merger  with  Friendship  Community  Bank  of  Ocala,  Florida.


SIGNATURES

Pursuant  to  the  requirements  of  the  Securities  Exchange  Act of 1934, the
Registrant  has  duly  caused  this  report  to  be  signed on its behalf by the
undersigned  thereunto  duly  authorized.

     PAB  BANKSHARES,  INC.
     ----------------------
     Registrant

     Date:  May 15, 2001          By:     /s/  R.  Bradford  Burnette
            ------------                  ---------------------------
                                          R.  Bradford  Burnette,
                                          Chairman and Chief Executive Officer

     Date:  May 15, 2001          By:     /s/  Michael  E.  Ricketson
            ------------                  ---------------------------
                                          Michael  E.  Ricketson,
                                          Chief Operating and Financial Officer


                                     - 15 -
<PAGE>
                                  EXHIBIT INDEX
                                  -------------


     Exhibit  No.   Description
     ------------   -----------

        10.7        Loan  and  Stock  Pledge  Agreement  dated  August  31, 2000
                    between  the  Company  and  The  Bankers  Bank  of  Atlanta,
                    Georgia.


                                     - 16 -
<PAGE>