0000805676-13-000052.txt : 20131028 0000805676-13-000052.hdr.sgml : 20131028 20131028161258 ACCESSION NUMBER: 0000805676-13-000052 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20131028 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20131028 DATE AS OF CHANGE: 20131028 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PARK NATIONAL CORP /OH/ CENTRAL INDEX KEY: 0000805676 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 311179518 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13006 FILM NUMBER: 131173269 BUSINESS ADDRESS: STREET 1: 50 NORTH THIRD ST CITY: NEWARK STATE: OH ZIP: 43055 BUSINESS PHONE: 6143498451 MAIL ADDRESS: STREET 1: P O BOX 3500 CITY: NEWARK STATE: OH ZIP: 43058-3500 8-K 1 a2013_09x30xearningsxrelea.htm 8-K 2013_09_30_Earnings_Release


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported)
October 28, 2013
 
Park National Corporation
(Exact name of registrant as specified in its charter)
 
Ohio
1-13006
31-1179518
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)
 
50 North Third Street, P.O. Box 3500, Newark, Ohio
43058-3500
(Address of principal executive offices)
(Zip Code)
 
(740) 349-8451
(Registrant’s telephone number, including area code)
 
Not Applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
 
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 


 



1



Item 2.02 - Results of Operations and Financial Condition.

On October 28, 2013, Park National Corporation (“Park”) issued a news release (the “Financial Results News Release”) announcing financial results for the three and nine months ended September 30, 2013. A copy of this Financial Results News Release is included as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.

Park's management uses certain non-GAAP (generally accepted accounting principles) financial measures to evaluate Park's performance. Specifically, management reviews return on average tangible common equity, return on average tangible assets, tangible common equity to tangible assets and tangible common book value per common share. Management has included in the Financial Results News Release information relating to the return on average tangible common equity, return on average tangible assets, tangible common equity to tangible assets and tangible common book value per common share for the three and nine month periods ended September 30, 2013 and 2012. For purposes of calculating the return on average tangible common equity, a non-GAAP financial measure, net income available to common shareholders for each period is divided by average tangible common equity during the period. Average tangible common equity equals average stockholders' equity during the applicable period less (i) average goodwill and other intangible assets during the applicable period and (ii) average preferred stock during the applicable period. For the purpose of calculating the return on average tangible assets, a non-GAAP financial measure, net income available to common shareholders for each period is divided by average tangible assets during the period. Average tangible assets equals average assets during the applicable period less average goodwill and other intangible assets during the applicable period. For the purpose of calculating tangible common equity to tangible assets, a non-GAAP financial measure, tangible common equity is divided by tangible assets. Tangible common equity equals stockholders' equity less preferred stock and goodwill and intangible assets, in each case at period end. Tangible assets equals total assets less goodwill and intangible assets, in each case at period end. For the purpose of calculating tangible common book value per common share, a non-GAAP financial measure, tangible common equity is divided by common shares outstanding at period end. Management believes that the disclosure of return on average tangible common equity, return on average tangible assets, tangible common equity to tangible assets and tangible common book value per common share presents additional information to the reader of the consolidated financial statements, which, when read in conjunction with the consolidated financial statements prepared in accordance with GAAP, assists in analyzing Park's operating performance and ensures comparability of operating performance from period to period while eliminating certain non-operational effects of acquisitions and, in the case of return on average common equity and tangible common book value per common share, the impact of preferred stock. In the Financial Results News Release, Park has provided a reconciliation of average tangible common equity to average stockholders' equity, average tangible assets to average assets, tangible common equity to stockholders' equity and tangible assets to total assets solely for the purpose of complying with SEC Regulation G and not as an indication that return on average tangible common equity, return on average tangible assets, tangible common equity to tangible assets and tangible common book value per common share are substitutes for return on average equity, return on average assets, common equity to assets and common book value per common share, respectively, as determined by GAAP.



2


Item 7.01 - Regulation FD Disclosure

Projection of fiscal 2013 results

The information below begins with Park's projected consolidated pre-tax, pre-provision income and incorporates a projected range for provision for loan losses, income before income tax, income taxes and net income for Park on a consolidated basis in 2013. Management's original projection for 2013 as discussed in Park's Form 10-K for the year ended December 31, 2012 is presented below, along with Park's performance through September 30, 2013 and our current projection for the year ending December 31, 2013. Following our inclusion of this information in our Form 10-Q for the period ended September 30, 2013, management plans to discontinue the use of financial projections in future filings.

     (In thousands)
 
Original projection for 2013
 
75% of midpoint
 
Nine months YTD 2013
 
Current projection for 2013
Pre-tax, pre-provision income
 
$
113,000

$
131,000

 
$
91,500

 
$
83,241

 
$
109,500

$
112,500

   Provision for loan losses
 
20,000

15,000

 
13,125

 
3,500

 
7,500

4,500

Income before income tax
 
$
93,000

$
116,000

 
$
78,375

 
$
79,741

 
$
102,000

$
108,000

   Federal income taxes
 
23,250

30,160

 
20,029

 
19,968

 
25,700

27,600

Net income
 
$
69,750

$
85,840

 
$
58,346

 
$
59,773

 
$
76,300

$
80,400


The decline in pre-tax, pre-provision income (from management's original projection) resulted from the continued low interest rate environment, resulting in lower than previously projected net interest income. Conversely, management currently projects that the provision for loan losses will be lower than originally projected as a result of net recoveries at SE Property Holdings, LLC ("SEPH"). See detailed segment information below.

First nine months of 2013 - Financial Results by segment
The table below reflects the net income (loss) by segment for the first, second and third quarters of 2013, for the first nine months of each of 2013 and 2012, and for each of the fiscal years ended December 31, 2012 and 2011. Park's segments include The Park National Bank ("PNB"), Guardian Financial Services Company (“GFSC”), SEPH and "All Other" which primarily consists of Park as the "Parent Company."
  
(In thousands)
Q3 2013
 
Q2 2013
 
Q1 2013
 
Nine months YTD 2013
Nine months YTD 2012
 
2012
2011
PNB
$
17,249

 
$
20,322

 
$
19,940

 
$
57,511

$
67,112

 
$
87,106

$
106,851

GFSC
731

 
790

 
740

 
2,261

2,686

 
3,550

2,721

Park Parent Company
(244
)
 
191

 
132

 
79

457

 
195

(1,595
)
   Ongoing operations
$
17,736

 
$
21,303

 
$
20,812

 
$
59,851

$
70,255

 
$
90,851

$
107,977

Vision Bank
—

 
—

 
—

 
—

—

 
—

(22,526
)
SEPH
1,293

 
(1,269
)
 
(102
)
 
(78
)
(7,912
)
 
(12,221
)
(3,311
)
   Total Park
$
19,029

 
$
20,034

 
$
20,710

 
$
59,773

$
62,343

 
$
78,630

$
82,140


The “Park Parent Company” above excludes the results for SEPH, an entity which is winding down commensurate with the disposition of its problem assets. Management considers the “Ongoing operations” results to be reflective of the business of Park and its subsidiaries on a going forward basis. The discussion below provides some additional information regarding the segments that make up the “Ongoing operations”, followed by additional information on SEPH.

Vision Bank (“Vision”) merged with and into SEPH, a non-bank subsidiary of Park, following the sale of the Vision business to Centennial Bank (“Centennial”) on February 16, 2012. The sale of the Vision business in the first quarter of 2012 resulted in a pre-tax gain of $22.2 million ($14.4 million after-tax), which is included in the nine months year-to-date 2012 SEPH results presented in the table above. SEPH holds the remaining assets and liabilities retained by Vision subsequent to the sale. SEPH assets consist primarily of performing and nonperforming loans and other real estate owned (“OREO”). This segment represents a run-off portfolio of the legacy Vision assets.


3


The Park National Bank (PNB)

The table below reflects the results for PNB for the first, second and third quarters of 2013, for the first nine months of 2013, for the first nine months of 2012 and for each of the fiscal years ended December 31, 2012 and 2011.

(In thousands)
Q3 2013
 
Q2 2013
 
Q1 2013
 
Nine months YTD 2013
Nine months YTD 2012
 
2012
2011
Net interest income
$
52,348

 
$
51,736

 
$
52,735

 
$
156,819

$
167,234

 
$
221,758

$
236,282

Provision for loan losses
6,339

 
2,122

 
3,130

 
11,591

12,553

 
16,678

30,220

Fee income
16,756

 
18,536

 
17,872

 
53,164

52,511

 
70,739

67,348

Security gains
—

 
—

 
—

 
—

—

 
—

23,634

Total other expense
39,860

 
40,408

 
40,324

 
120,592

114,925

 
156,516

146,235

Income before income taxes
$
22,905

 
$
27,742

 
$
27,153

 
$
77,800

$
92,267

 
$
119,303

$
150,809

    Federal income taxes
5,656

 
7,420

 
7,213

 
20,289

25,155

 
32,197

43,958

Net income
$
17,249

 
$
20,322

 
$
19,940

 
$
57,511

$
67,112

 
$
87,106

$
106,851

Net income excluding security gains
$
17,249

 
$
20,322

 
$
19,940

 
$
57,511

$
67,112

 
$
87,106

$
91,489


The table below provides certain balance sheet information and financial ratios for PNB as of and for the year-to-date periods ended September 30, 2013, December 31, 2012 and September 30, 2012.

(In thousands)
 
September 30, 2013
December 31, 2012
September 30, 2012
 
% change from 12/31/12
% change from 9/30/12
Loans
 
$
4,508,156

$
4,369,173

$
4,311,117

 
3.18
 %
4.57
 %
Allowance for loan losses
 
55,425

53,131

53,145

 
4.32
 %
4.29
 %
Net loans
 
4,452,731

4,316,042

4,257,972

 
3.17
 %
4.57
 %
Investment securities
 
1,387,259

1,579,889

1,651,482

 
(12.19
)%
(16.00
)%
Total assets
 
6,588,368

6,502,579

6,601,785

 
1.32
 %
(0.20
)%
Average assets (YTD)
 
6,570,918

6,532,683

6,530,055

 
0.59
 %
0.63
 %
Deposits
 
4,956,249

4,814,107

4,895,627

 
2.95
 %
1.24
 %
Return on average assets *
 
1.17
%
1.33
%
1.37
%
 
(12.03
)%
(14.60
)%
  * Annualized for the nine months ended September 30, 2013 and 2012.

Through the first nine months of 2013, loan balances increased by $139 million, or an annualized 4.25%. Loans outstanding at September 30, 2013 of $4.51 billion represented an increase of $197 million, or 4.57%, compared to the loans outstanding of $4.31 billion at September 30, 2012. The $197 million increase in loans experienced at PNB over the last twelve months is related to growth in PNB's retained mortgage loan portfolio of approximately $95 million, growth in the consumer loan portfolio of approximately $54 million and an increase in the commercial loan portfolio of approximately $48 million.

PNB's allowance for loan losses increased by $2.3 million, or 4.3%, to $55.4 million at September 30, 2013, compared to $53.1 million at December 31, 2012. The increase in PNB's allowance for loan losses resulted from an increase in general reserves set aside for performing loans and an increase in specific reserves on impaired credits. Refer to the “Credit Metrics and Provision for (Recovery of) Loan Losses” section below for additional information regarding the credit metrics of PNB's loan portfolio.

PNB's investment securities portfolio declined by $192.6 million, or 12.2%, over the course of the 2013 year, as PNB made a decision not to reinvest a portion of the cash received from prepayments on certain of the investments in the securities portfolio. PNB's investment securities portfolio had a balance of $1.39 billion at September 30, 2013, compared to $1.58 billion and $1.65 billion at December 31, 2012 and September 30, 2012, respectively. Rather than reinvesting these funds into investment securities with longer duration in the current low interest rate environment, PNB had $179.4 million in federal funds sold at September 30, 2013, compared to $36.9 million and $165.5 million of federal funds sold at December 31, 2012 and September 30, 2012, respectively.

4


Guardian Financial Services Company (GFSC)

The table below reflects the results for GFSC for the first, second and third quarters of 2013, for the first nine months of each of 2013 and 2012, and for each of the fiscal years ended December 31, 2012 and 2011.

(In thousands)
Q3 2013
 
Q2 2013
 
Q1 2013
 
Nine months YTD 2013
Nine months YTD 2012
 
2012
2011
Net interest income
$
2,204

 
$
2,238

 
$
2,133

 
$
6,575

$
6,887

 
$
9,156

$
8,693

Provision for loan losses
355

 
210

 
210

 
775

634

 
859

2,000

Fee income (loss)
6

 
(3
)
 
2

 
5

—

 
—

—

Total other expense
730

 
810

 
786

 
2,326

2,120

 
2,835

2,506

Income before income taxes
$
1,125

 
$
1,215

 
$
1,139

 
$
3,479

$
4,133

 
$
5,462

$
4,187

    Federal income taxes
394

 
425

 
399

 
1,218

1,447

 
1,912

1,466

Net income
$
731

 
$
790

 
$
740

 
$
2,261

$
2,686

 
$
3,550

$
2,721


The table below provides certain balance sheet information and financial ratios for GFSC as of and for the year-to-date periods ended September 30, 2013, December 31, 2012 and September 30, 2012.

(In thousands)
 
September 30, 2013
December 31, 2012
September 30, 2012
 
% change from 12/31/12
% change from 9/30/12
Loans
 
$
49,888

$
50,082

$
50,099

 
(0.39
)%
(0.42
)%
Allowance for loan losses
 
2,468

2,406

2,419

 
2.58
 %
2.03
 %
Net loans
 
47,420

47,676

47,680

 
(0.54
)%
(0.55
)%
Total assets
 
50,047

49,926

49,921

 
0.24
 %
0.25
 %
Average assets (YTD)
 
49,720

48,381

47,819

 
2.77
 %
3.98
 %
Return on average assets *
 
6.08
%
7.34
%
7.50
%
 
(17.17
)%
(18.93
)%
  * Annualized for the nine months ended September 30, 2013 and 2012.

Park Parent Company

The table below reflects the results for Park's Parent Company for the first, second and third quarters of 2013, for the first nine months of each of 2013 and 2012, and for each of the fiscal years ended December 31, 2012 and 2011.

(In thousands)
Q3 2013
 
Q2 2013
 
Q1 2013
 
Nine months YTD 2013
Nine months YTD 2012
 
2012
2011
Net interest income
$
870

 
$
1,085

 
$
1,240

 
$
3,195

$
3,706

 
$
4,742

$
2,155

Provision for loan losses
—

 
—

 
—

 
—

—

 
—

—

Fee income
109

 
120

 
100

 
329

271

 
233

350

Total other expense
1,855

 
1,443

 
1,644

 
4,942

4,740

 
6,585

7,115

Loss before income taxes
$
(876
)
 
$
(238
)
 
$
(304
)
 
$
(1,418
)
$
(763
)
 
$
(1,610
)
$
(4,610
)
    Federal income tax (benefit)
(632
)
 
(429
)
 
(436
)
 
(1,497
)
(1,220
)
 
(1,805
)
(3,015
)
Net income (loss)
$
(244
)
 
$
191

 
$
132

 
$
79

$
457

 
$
195

$
(1,595
)

The net interest income for Park's parent company includes interest income on loans to SEPH and on subordinated debt investments in PNB, which are eliminated in the consolidated Park National Corporation totals. Additionally, net interest income includes interest expense related to the $35.25 million and $30.00 million of subordinated notes issued by Park to accredited investors in December 2009 and April 2012, respectively.



5


SEPH / Vision Bank

The table below reflects the results for SEPH for the first, second and third quarters of 2013, as well as results for the first nine months of each of 2013 and 2012. Also included below are the results for SEPH for the fiscal years ended December 31, 2012 and 2011. SEPH was formed in March 2011. Prior to holding the remaining Vision assets, SEPH held OREO assets that were transferred from Vision to SEPH. Also included below are the results for Vision for the fiscal year ended December 31, 2011.

(In thousands)
Q3 2013
Q2 2013
Q1 2013
 
Nine months YTD 2013
Nine months YTD 2012
 
2012
SEPH
2011
 
Vision
2011
Net interest income (loss)
$
(462
)
$
(347
)
$
(655
)
 
$
(1,464
)
$
597

 
$
(341
)
$
(974
)
 
$
27,078

(Recovery of) Provision for loan losses
(4,196
)
(1,659
)
(3,011
)
 
(8,866
)
17,044

 
17,882

—

 
31,052

Fee income (loss)
525

645

831

 
2,001

258

 
(736
)
(3,039
)
 
1,422

Security gains
—

—

—

 
—

—

 
—

—

 
5,195

Gain on sale of Vision business
—

—

—

 
—

22,167

 
22,167

—

 
—

Total other expense
2,270

3,909

3,344

 
9,523

18,172

 
22,032

1,082

 
31,379

Income (loss) before income taxes
$
1,989

$
(1,952
)
$
(157
)
 
$
(120
)
$
(12,194
)
 
$
(18,824
)
$
(5,095
)
 
$
(28,736
)
    Federal income taxes (benefit)
696

(683
)
(55
)
 
(42
)
(4,282
)
 
(6,603
)
(1,784
)
 
(6,210
)
Net income (loss)
$
1,293

$
(1,269
)
$
(102
)
 
$
(78
)
$
(7,912
)
 
$
(12,221
)
$
(3,311
)
 
$
(22,526
)
Net income (loss) excluding gains
$
1,293

$
(1,269
)
$
(102
)
 
$
(78
)
$
(22,321
)
 
$
(26,630
)
$
(3,311
)
 
$
(25,903
)

SEPH financial results for the first nine months of 2013 included net recoveries of $8.9 million. The net recoveries during the first nine months consisted of charge-offs of $1.9 million, offset by recoveries of $10.8 million. Fee income in the first nine months of 2013 at SEPH of $2.0 million was primarily related to gains on the sale of OREO of $2.3 million, offset by OREO valuation adjustments of $288,000.

On February 16, 2012, when Vision merged with and into SEPH, the loans then held by Vision were transferred to SEPH by operation of law at their fair market value and no allowance for loan loss is carried at SEPH. The loans included in both the performing and nonperforming portfolios have been charged down to their fair value. The table below provides additional information regarding charge-offs as a percentage of unpaid principal balance, as of September 30, 2013:

SEPH - Retained Vision Loan Portfolio
 
 
 
 
 
 
(In thousands)
 
Unpaid Principal Balance
Aggregate Charge-Offs
Net Book Balance
Charge-off Percentage
Nonperforming loans - retained by SEPH
 
$
87,952

$
48,604

$
39,348

55.26
%
Performing loans - retained by SEPH
 
3,381

242

3,139

7.16
%
  Total SEPH loan exposure
 
$
91,333

$
48,846

$
42,487

53.48
%



6


The table below provides an overview of SEPH loans and OREO, representing the legacy Vision assets. This information is provided as of September 30, 2013, June 30, 2013 and December 31, 2012, showing the decline in legacy Vision assets at SEPH over the past quarter and over the year to date.

(In thousands)
 
SEPH 09/30/13
SEPH 06/30/13
SEPH 12/31/12
Change from last quarter
Change from year end
Nonperforming loans - retained by SEPH
 
$
39,348

$
43,216

$
55,292

$
(3,868
)
$
(15,944
)
OREO - retained by SEPH
 
22,393

21,389

21,003

1,004

1,390

    Total nonperforming assets
 
$
61,741

$
64,605

$
76,295

$
(2,864
)
$
(14,554
)
Performing loans - retained by SEPH
 
$
3,139

$
3,194

$
3,886

$
(55
)
$
(747
)
    Total SEPH - Legacy Vision assets
 
$
64,880

$
67,799

$
80,181

$
(2,919
)
$
(15,301
)

Park National Corporation

The table below reflects the results for Park on a consolidated basis for the first, second and third quarters of 2013, for the first nine months of each of 2013 and 2012, and for each of the fiscal years ended December 31, 2012 and 2011.

(In thousands)
Q3 2013
 
Q2 2013
 
Q1 2013
 
Nine months YTD 2013
Nine months YTD 2012
 
2012
2011
Net interest income
$
54,960

 
$
54,712

 
$
55,453

 
$
165,125

$
178,424

 
$
235,315

$
273,234

Provision for loan losses
2,498

 
673

 
329

 
3,500

30,231

 
35,419

63,272

Fee income
17,396

 
19,298

 
18,805

 
55,499

53,040

 
70,236

66,081

Security gains
—

 
—

 
—

 
—

—

 
—

28,829

Gain on sale of Vision business
—

 
—

 
—

 
—

22,167

 
22,167

—

Total other expense
44,715

 
46,570

 
46,098

 
137,383

139,957

 
187,968

188,317

Income before income taxes
$
25,143

 
$
26,767

 
$
27,831

 
$
79,741

$
83,443

 
$
104,331

$
116,555

    Federal income taxes
6,114

 
6,733

 
7,121

 
19,968

21,100

 
25,701

34,415

Net income
$
19,029

 
$
20,034

 
$
20,710

 
$
59,773

$
62,343

 
$
78,630

$
82,140

Net income excluding gains (1)
$
19,029

 
$
20,034

 
$
20,710

 
$
59,773

$
47,934

 
$
64,221

$
63,401

(1) Excludes the gain on sale of the Vision business for the year ended December 31, 2012 and the security gains for the year ended December 31, 2011.


7


Credit Metrics and Provision for (Recovery of) Loan Losses

The provision for loan losses for the first nine months of 2013 was $3.5 million, compared to $30.2 million for the same period in 2012. The table below shows a breakdown of the loan loss provision by reportable segment:

(In thousands)
Q3 2013
Q2 2013
Q1 2013
 
Nine months YTD 2013
Nine months YTD 2012
PNB
$
6,339

$
2,122

$
3,130

 
$
11,591

$
12,553

GFSC
355

210

210

 
775

634

Park Parent
—

—

—

 
—

—

    Total Ongoing Operations
$
6,694

$
2,332

$
3,340

 
$
12,366

$
13,187

Vision Bank
—

—

—

 
—

—

SEPH
(4,196
)
(1,659
)
(3,011
)
 
(8,866
)
17,044

    Total Park
$
2,498

$
673

$
329

 
$
3,500

$
30,231


As previously discussed, SEPH had net recoveries of $8.9 million during the first nine months of 2013, resulting in the recovery of loan losses. Provision for loan losses for Park's Ohio operations (PNB and GFSC) was $12.4 million for the nine months ended September 30, 2013, an $800,000 decline from the $13.2 million provision for the same period in 2012. The PNB provision for the three months ended September 30, 2013 was $6.3 million, a substantial increase from the provision in the first six months of 2013. The $6.3 million provision for loan losses in the third quarter of 2013 resulted from an increase in specific reserves, as well as an increase in general reserves. The increase in specific reserves was largely due to management's conclusion to establish a $4.8 million specific reserve for one loan relationship. The table below provides additional information related to specific reserves and general reserves for Park's ongoing operations as of each quarter-end period through September 30, 2013 and as of December 31, 2012 and 2011.
(In thousands)
9/30/2013
6/30/2013
3/31/2013
12/31/2012
12/31/2011
Total allowance for loan losses
$
57,894

$
55,111

$
55,315

$
55,537

$
57,705

Specific reserve
9,297

7,466

8,260

8,276

7,046

General reserve
$
48,597

$
47,645

$
47,055

$
47,261

$
50,659

 
 
 
 
 
 
Total loans
$
4,531,051

$
4,464,305

$
4,391,969

$
4,391,145

$
4,193,217

Impaired loans
80,463

84,531

86,411

89,365

95,109

Performing loans
$
4,450,588

$
4,379,774

$
4,305,558

$
4,301,780

$
4,098,108

 
 
 
 
 
 
General reserve as a % of performing loans
1.09
%
1.09
%
1.09
%
1.10
%
1.24
%
Note: Table includes only those loans at PNB and GFSC, as these are the entities that have an ALLL balance. The table in the attached Exhibit 99.1 in the asset quality section includes all Park loans (including those at SEPH) and thus shows slightly different information.

As the table above shows, specific reserves were $9.3 million at September 30, 2013, an increase of $1.8 million compared to $7.5 million at June 30, 2013. Additionally, general reserves for Park’s ongoing operations increased to $48.6 million at September 30, 2013, an increase of $1.0 million compared to $47.6 million at June 30, 2013. The general reserve as a percentage of performing loans has remained mostly unchanged throughout 2013, and was 1.09% at September 30, 2013.
The following table shows the trends in the Park Ohio commercial loan portfolio.
Commercial loans * (In thousands)
 
September 30, 2013
December 31, 2012
December 31, 2011
Pass rated
 
$
2,261,176

$
2,225,702

$
2,131,007

Special mention
 
44,125

49,275

66,254

Substandard
 
2,306

16,843

29,604

Impaired
 
80,463

89,365

95,109

    Total
 
$
2,388,070

$
2,381,185

$
2,321,974

* Commercial loans include: (1) Commercial, financial and agricultural loans, (2) Commercial real estate loans, (3) Commercial related loans in the construction real estate portfolio and (4) Commercial related loans in the residential real estate portfolio.

8



The commercial loan table above demonstrates the improvement experienced over the last 21 months in the Park Ohio commercial portfolio. Pass rated commercial loans have grown $130.2 million, or 6.1% since December 2011. Over this period, special mention loans have declined by $22.1 million, or 33.4% and substandard loans have declined by $27.3 million, or 92.2%. These improved credit metrics in the special mention and substandard categories of the commercial loan portfolio have a significant impact on the general reserves that are established to cover incurred losses on performing commercial loans. As these credit metrics have improved over the past 21 months, general reserves as a percentage of performing loans have declined.

Delinquent and accruing loan trends (includes all outstanding loans, consumer and commercial) for Park's Ohio-based operations have also improved over the past 21 months. Delinquent and accruing loans were $29.4 million or 0.65% of total loans at September 30, 2013, compared to $39.6 million (0.90%) at December 31, 2012 and $40.1 million (0.96%) at December 31, 2011.

Impaired commercial loans for Park's Ohio-based operations were $80.5 million as of September 30, 2013, a reduction from the balances of impaired loans of $89.4 million at December 31, 2012 and $95.1 million at December 31, 2011. Impaired commercial loans are individually evaluated for impairment and specific reserves are established to cover incurred losses.




9




SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Park cautions that any forward-looking statements contained in this Current Report on Form 8-K or made by management of Park are provided to assist in the understanding of anticipated future financial performance. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance.  The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties.  Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements.  Risks and uncertainties that could cause actual results to differ materially include, without limitation: Park's ability to execute its business plan successfully and within the expected timeframe; general economic and financial market conditions, and the uneven spread of positive impacts of the recovery on the economy, specifically in the real estate markets and the credit markets, either nationally or in the states in which Park and its subsidiaries do business, may be worse or slower than expected which could adversely impact the demand for loan, deposit and other financial services as well as loan delinquencies and defaults; changes in interest rates and prices may adversely impact the value of securities, loans, deposits and other financial instruments and the interest rate sensitivity of our consolidated balance sheet; changes in consumer spending, borrowing and saving habits; changes in unemployment; asset/liability repricing risks and liquidity risks; our liquidity requirements could be adversely affected by changes to regulations governing bank capital and liquidity standards as well as by changes in our assets and liabilities; competitive factors among financial services organizations could increase significantly, including product and pricing pressures and our ability to attract, develop and retain qualified bank professionals; the nature, timing and effect of changes in banking regulations or other regulatory or legislative requirements affecting the respective businesses of Park and its subsidiaries, including changes in laws and regulations concerning taxes, accounting, banking, securities and other aspects of the financial services industry, specifically the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”), as well as future regulations which will be adopted by the relevant regulatory agencies, including the Consumer Financial Protection Bureau, to implement the Dodd-Frank Act's provisions, the Budget Control Act of 2011 and the American Taxpayer Relief Act of 2012; the effect of changes in accounting policies and practices, as may be adopted by the Financial Accounting Standards Board, the SEC, the Public Company Accounting Oversight Board and other regulatory agencies, and the accuracy of our assumptions and estimates used to prepare our financial statements; the effect of fiscal and governmental policies of the United States federal government; the adequacy of our risk management program; a failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors and other service providers, including as a result of cyber attacks; demand for loans in the respective market areas served by Park and its subsidiaries; the outcome of future negotiations surrounding the United States debt and budget, which may be adverse due to its impact on tax increases, governmental spending and consumer confidence and spending; and other risk factors relating to the banking industry as detailed from time to time in Park's reports filed with the Securities and Exchange Commission including those described in "Item 1A. Risk Factors" of Part I of Park's Annual Report on Form 10-K for the fiscal year ended December 31, 2012 and in "Item 1A. Risk Factors" of Part II of Park's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013. Park does not undertake, and specifically disclaims any obligation, to publicly release the results of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement was made, or reflect the occurrence of unanticipated events, except to the extent required by law.

10



Item 8.01 - Other Events

Declaration of Cash Dividend

As reported in the Financial Results News Release, on October 28, 2013, the Park Board of Directors declared a $0.94 per share quarterly cash dividend in respect of Park's common shares. The dividend is payable on December 10, 2013 to common shareholders of record as of the close of business on November 22, 2013. A copy of the Financial Results News Release is included as Exhibit 99.1 and the portion thereof addressing the declaration of the cash dividend by Park's Board of Directors is incorporated by reference herein.



11


Item 9.01 - Financial Statements and Exhibits.

(a)
Not applicable
    
(b)
Not applicable

(c)
Not applicable

(d)
Exhibits. The following exhibit is included with this Current Report on Form 8-K:



Exhibit No.        Description
99.1
News Release issued by Park National Corporation on October 28, 2013 addressing operating results for the three and nine months ended September 30, 2013.







            


[Remainder of page intentionally left blank;
signature page follows.]











12



SIGNATURE


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 hereunto duly authorized.
 
 
PARK NATIONAL CORPORATION
 
 
 
Dated: October 28, 2013
By:
/s/ Brady T. Burt
 
 
Brady T. Burt
 
 
Chief Financial Officer and Treasurer
 
 
 

13




INDEX TO EXHIBITS


Current Report on Form 8-K
Dated October 28, 2013


Park National Corporation

Exhibit No.
Description
99.1
News Release issued by Park National Corporation on October 28, 2013 addressing operating results for the three and nine months ended September 30, 2013.


14
 EX-99.1 2 exhibit991earningsrelease3.htm EXHIBIT Exhibit 99.1 Earnings Release 3Q 2013




October 28, 2013                                        Exhibit 99.1
Park National Corporation reports third quarter financial results
and continues $0.94 cash dividend
NEWARK, Ohio - Park National Corporation (Park) (NYSE MKT: PRK) today reported financial results for the three-month (third quarter) and nine-month periods ended September 30, 2013. Park’s quarterly net income rose compared to 2012, and loan growth continued in both the retail and commercial categories. Also, Park's board of directors declared a $0.94 per common share quarterly cash dividend, payable on December 10, 2013 to common shareholders of record as of November 22, 2013.
Net income for the third quarter of 2013 was $19.0 million, compared to $12.0 million for the same period in 2012. Net income for the nine months ended September 30, 2013 was $59.8 million. Net income for the same period in 2012 was $62.3 million, which included a gain of $22.2 million ($14.4 million after-tax) from the sale of substantially all of the performing loans, operating assets and the liabilities of Vision Bank. That transaction closed on February 16, 2012.
Excluding the gain from the sale of the Vision Bank business in 2012, net income for the first nine months of 2012 would have been $47.9 million. Park's net income in the first nine months of 2013 of $59.8 million was an increase of $11.9 million, or 24.8 percent, above first nine months of 2012 results excluding the gain related to this sale.
Net income per diluted common share for the third quarter of 2013 was $1.23, compared to $0.78 in the same period of 2012. Net income per diluted common share for the first nine months of 2013 was $3.88. Net income per diluted common share was $3.82 for the first nine months of 2012. Excluding the gain on sale of the Vision Bank business, net income per diluted common share would have been $2.88 for the nine months ended September 30, 2012.
“The economy continues to improve, although slowly. And in spite of uncertainty at the national level, Park affiliates remain focused and decisive,” said Park Chairman C. Daniel DeLawder. “We are proud of the way our associates attract and retain new relationships from customers who value our service-oriented philosophy. We are very pleased with our results in the first nine months of 2013.”
The Park National Bank Results
Park's community-banking subsidiary in Ohio, The Park National Bank, reported net income of $57.5 million for the first nine months of 2013, compared to net income of $67.1 million for the same period in 2012. The Park National Bank had total assets of $6.6 billion at both September 30, 2013 and 2012. This performance generated an annualized return on average assets of 1.17 percent and 1.37 percent for the bank through the first nine months of 2013 and 2012, respectively.
The Park National Bank loan portfolio continued to experience its measured growth during the third quarter of 2013. Loans outstanding at September 30, 2013 of $4.51 billion represented an increase of $66 million, compared to $4.44 billion outstanding at June 30, 2013. Further, this represented a twelve month increase of $197 million, compared to the loans outstanding of $4.31 billion at September 30, 2012.

Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com



“Our experienced associates are talented and possess a deep knowledge of all types of consumer, mortgage and business loans,” said Park President David L. Trautman. “We cannot and do not compel customers and prospects to borrow, but when they are ready, so are we. And our third-quarter performance indicates customers were ready.”
About Park National Corporation
Headquartered in Newark, Ohio, Park National Corporation had $6.7 billion in total assets (as of September 30, 2013). Park consists of 11 community bank divisions, a non-bank subsidiary and two specialty finance companies. Park's Ohio-based banking operations are conducted through Park subsidiary The Park National Bank and its divisions which include Fairfield National Bank Division, Richland Bank Division, Century National Bank Division, First-Knox National Bank Division, Farmers & Savings Bank Division, United Bank Division, Second National Bank Division, Security National Bank Division, Unity National Bank Division, The Park National Bank of Southwest Ohio & Northern Kentucky Division and Scope Leasing, Inc. (d.b.a. Scope Aircraft Finance). Park also includes Guardian Financial Services Company (d.b.a. Guardian Finance Company) and SE Property Holdings, LLC.
Complete financial tables are listed below…

Media contact: Bethany Lewis, 740.349.0421, blewis@parknationalbank.com
Investor contact: Brady Burt, 740.322.6844, bburt@parknationalbank.com



SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

Park cautions that any forward-looking statements contained in this Current Report on Form 8-K or made by management of Park are provided to assist in the understanding of anticipated future financial performance. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance.  The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties.  Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements.  Risks and uncertainties that could cause actual results to differ materially include, without limitation: Park's ability to execute its business plan successfully and within the expected timeframe; general economic and financial market conditions, and the uneven spread of positive impacts of the recovery on the economy, specifically in the real estate markets and the credit markets, either nationally or in the states in which Park and its subsidiaries do business, may be worse or slower than expected which could adversely impact the demand for loan, deposit and other financial services as well as loan delinquencies and defaults; changes in interest rates and prices may adversely impact the value of securities, loans, deposits and other financial instruments and the interest rate sensitivity of our consolidated balance sheet; changes in consumer spending, borrowing and saving habits; changes in unemployment; asset/liability repricing risks and liquidity risks; our liquidity requirements could be adversely affected by changes to regulations governing bank capital and liquidity standards as well as by changes in our assets and liabilities; competitive factors among financial services organizations could increase significantly, including product and pricing pressures and our ability to attract, develop and retain qualified bank professionals; the nature, timing and effect of changes in banking regulations or other regulatory or legislative requirements affecting the respective businesses of Park and its subsidiaries, including changes in laws and regulations concerning taxes, accounting, banking, securities and other aspects of the financial services industry, specifically the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”), as well as future regulations which will be adopted by the relevant regulatory agencies, including the Consumer Financial Protection Bureau, to implement the Dodd-Frank Act's provisions, the Budget Control Act of 2011 and the American Taxpayer Relief Act of 2012; the effect of changes in accounting policies and practices, as may be adopted by the Financial Accounting Standards Board, the SEC, the Public Company Accounting Oversight Board and other regulatory agencies, and the accuracy of our assumptions and estimates used to prepare our financial statements; the effect of fiscal and governmental policies of the United States federal government; the adequacy of our risk management program; a failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors and other service providers, including as a result of cyber attacks; demand for loans in the respective market areas served by Park and its subsidiaries; the outcome of future negotiations surrounding the United States debt and budget, which may be adverse due to its impact on tax increases, governmental spending and consumer confidence and spending; and other risk factors relating to the banking industry as detailed from time to time in Park's reports filed with the Securities and Exchange Commission including those described in "Item 1A. Risk Factors" of Part I of Park's Annual Report on Form 10-K for the fiscal year ended December 31, 2012 and in "Item 1A. Risk Factors" of Part II of Park's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013. Park does not undertake, and specifically disclaims any obligation, to publicly release the results of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement was made, or reflect the occurrence of unanticipated events, except to the extent required by law.






Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com



PARK NATIONAL CORPORATION
Financial Highlights
Three months ended September 30, 2013, June 30, 2013, and September 30, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
2013
2013
2012
 
Percent change vs.
(in thousands, except share and per share data)
3rd QTR
2nd QTR
3rd QTR
 
2Q '13
3Q '12
INCOME STATEMENT:
 
 
 
 
 
 
Net interest income
$
54,960

$
54,712

$
58,016

 
0.5
 %
(5.3
)%
Provision for loan losses
2,498

673

16,655

 
271.2
 %
(85.0
)%
Other income
17,396

19,298

18,079

 
(9.9
)%
(3.8
)%
Total other expense
44,715

46,570

45,683

 
(4.0
)%
(2.1
)%
Income before income taxes
$
25,143

$
26,767

$
13,757

 
(6.1
)%
82.8
 %
Income taxes
6,114

6,733

1,775

 
(9.2
)%
244.5
 %
Net income
$
19,029

$
20,034

$
11,982

 
(5.0
)%
58.8
 %
 
 
 
 
 
 
 
MARKET DATA:
 
 
 
 
 
 
Earnings per common share - basic (b)
$
1.23

$
1.30

$
0.78

 
(5.4
)%
57.7
 %
Earnings per common share - diluted (b)
1.23

1.30

0.78

 
(5.4
)%
57.7
 %
Cash dividends per common share
0.94

0.94

0.94

 
—
 %
—
 %
Common book value per common share at period end
41.06

41.48

42.78

 
(1.0
)%
(4.0
)%
Stock price per common share at period end
79.08

68.79

70.02

 
15.0
 %
12.9
 %
Market capitalization at period end
1,218,778

1,060,190

1,078,720

 
15.0
 %
13.0
 %
 
 
 
 
 
 
 
Weighted average common shares - basic (a)
15,411,972

15,411,981

15,405,894

 
—
 %
—
 %
Weighted average common shares - diluted (a)
15,411,972

15,411,981

15,405,894

 
—
 %
—
 %
Common shares outstanding at period end
15,411,963

15,411,977

15,405,887

 
—
 %
—
 %
 
 
 
 
 
 
 
PERFORMANCE RATIOS: (annualized)
 
 
 
 
 
 
Return on average assets (a)(b)
1.12
 %
1.20
%
0.70
%
 
(6.7
)%
60.0
 %
Return on average common equity (a)(b)
11.84
 %
12.26
%
7.19
%
 
(3.4
)%
64.7
 %
Yield on loans
4.95
 %
5.08
%
5.31
%
 
(2.6
)%
(6.8
)%
Yield on investments
2.55
 %
2.68
%
3.04
%
 
(4.9
)%
(16.1
)%
Yield on money markets
0.25
 %
0.25
%
0.25
%
 
—
 %
—
 %
Yield on earning assets
4.19
 %
4.31
%
4.56
%
 
(2.8
)%
(8.1
)%
Cost of interest bearing deposits
0.33
 %
0.36
%
0.46
%
 
(8.3
)%
(28.3
)%
Cost of borrowings
2.54
 %
2.64
%
2.79
%
 
(3.8
)%
(9.0
)%
Cost of paying liabilities
0.84
 %
0.88
%
1.00
%
 
(4.5
)%
(16.0
)%
Net interest margin
3.52
 %
3.61
%
3.75
%
 
(2.5
)%
(6.1
)%
Efficiency ratio (g)
61.57
 %
62.61
%
59.71
%
 
(1.7
)%
3.1
 %
 
 
 
 
 
 
 
OTHER RATIOS (NON GAAP):
 
 
 
 
 
 
Annualized return on average tangible assets (a)(b)(e)
1.13
 %
1.22
%
0.71
%
 
(7.4
)%
59.2
 %
Annualized return on average tangible common equity (a)(b)(c)
13.36
 %
13.79
%
8.07
%
 
(3.1
)%
65.6
 %
Tangible common book value per common share (d) 
$
36.36

$
36.77

$
38.06

 
(1.1
)%
(4.5
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note: Explanations (a) -(g) are included at the end of the financial highlights.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com


 
 
 
 
 
 
 
PARK NATIONAL CORPORATION
Financial Highlights
Three months ended September 30, 2013, June 30, 2013, and September 30, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percent change vs.
BALANCE SHEET:
September 30, 2013
June 30, 2013
September 30, 2012
 
2Q '13
3Q '12
 
 
 
 
 
 
 
Investment securities
$
1,389,387

$
1,345,069

$
1,653,381

 
3.3
 %
(16.0
)%
Loans
4,573,537

4,510,716

4,400,510

 
1.4
 %
3.9
 %
Allowance for loan losses
57,894

55,111

55,565

 
5.0
 %
4.2
 %
Goodwill and other intangibles
72,334

72,446

72,810

 
(0.2
)%
(0.7
)%
Other real estate owned
35,412

35,662

35,633

 
(0.7
)%
(0.6
)%
Total assets
6,705,891

6,640,473

6,752,938

 
1.0
 %
(0.7
)%
Total deposits
4,850,692

4,851,314

4,793,077

 
—
 %
1.2
 %
Borrowings
1,162,091

1,086,875

1,187,431

 
6.9
 %
(2.1
)%
Stockholders' equity
632,745

639,219

659,127

 
(1.0
)%
(4.0
)%
Common equity
632,745

639,219

659,127

 
(1.0
)%
(4.0
)%
Tangible common equity (d)
560,411

566,773

586,317

 
(1.1
)%
(4.4
)%
Nonperforming loans
162,522

169,313

193,508

 
(4.0
)%
(16.0
)%
Nonperforming assets
197,934

204,975

229,141

 
(3.4
)%
(13.6
)%
 
 
 
 
 
 
 
ASSET QUALITY RATIOS:
 
 
 
 
 
 
Loans as a % of period end assets
68.20
 %
67.93
%
65.16
%
 
0.4
 %
4.7
 %
Nonperforming loans as a % of period end loans
3.55
 %
3.75
%
4.40
%
 
(5.3
)%
(19.3
)%
Nonperforming assets / Period end loans + OREO 
4.29
 %
4.51
%
5.16
%
 
(4.9
)%
(16.9
)%
Allowance for loan losses as a % of period end loans
1.27
 %
1.22
%
1.26
%
 
4.1
 %
0.8
 %
Net loan charge-offs (recoveries)
$
(285
)
$
877

$
19,786

 
(132.5
)%
(101.4
)%
Annualized net loan charge-offs (recoveries) as a % of average loans (a)
(0.02
)%
0.08
%
1.79
%
 
(125.0
)%
(101.1
)%
 
 
 
 
 
 
 
CAPITAL & LIQUIDITY:
 
 
 
 
 
 
Total equity / Period end assets
9.44
 %
9.63
%
9.76
%
 
(2.0
)%
(3.3
)%
Common equity / Period end assets
9.44
 %
9.63
%
9.76
%
 
(2.0
)%
(3.3
)%
Tangible common equity (d) / Tangible assets (f)
8.45
 %
8.63
%
8.78
%
 
(2.1
)%
(3.8
)%
Average equity / Average assets (a)
9.46
 %
9.83
%
9.80
%
 
(3.8
)%
(3.5
)%
Average equity / Average loans (a)
14.04
 %
14.62
%
15.10
%
 
(4.0
)%
(7.0
)%
Average loans / Average deposits (a)
92.77
 %
92.52
%
90.46
%
 
0.3
 %
2.6
 %
 
 
 
 
 
 
 
N.M. - Not meaningful
Note: Explanations (a) -(g) are included at the end of the financial highlights.
 
 
 
 
 
 


Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com


PARK NATIONAL CORPORATION
 
 
 
 
 
 
 
Financial Highlights
 
 
 
 
 
 
 
Nine months ended September 30, 2013 and 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(in thousands, except share and per share data)
 
2013
 
2012
 
 
Percent change vs. 2012
INCOME STATEMENT:
 
 
 
 
 
 
 
Net interest income
 
$
165,125

 
$
178,424

 
 
(7.5
)%
Provision for loan losses
 
3,500

 
30,231

 
 
(88.4
)%
Gain on sale of Vision Bank business
 
—

 
22,167

 
 
N.M.

Other income
 
55,499

 
53,040

 
 
4.6
 %
Total other expense
 
137,383

 
139,957

 
 
(1.8
)%
Income before income taxes
 
$
79,741

 
$
83,443

 
 
(4.4
)%
Income taxes
 
19,968

 
21,100

 
 
(5.4
)%
Net income
 
$
59,773

 
$
62,343

 
 
(4.1
)%
Preferred stock dividends and accretion
 
—

 
3,425

 
 
N.M.

Net income available to common shareholders
 
$
59,773

 
$
58,918

 
 
1.5
 %
 
 
 
 
 
 
 
 
MARKET DATA:
 
 
 
 
 
 
 
Earnings per common share - basic (b)
 
$
3.88

 
$
3.82

 
 
1.6
 %
Earnings per common share - diluted (b)
 
3.88

 
3.82

 
 
1.6
 %
Cash dividends per common share
 
2.82

 
2.82

 
 
—
 %
 
 
 
 
 
 
 
 
Weighted average common shares - basic (a)
 
15,411,981

 
15,405,902

 
 
—
 %
Weighted average common shares - diluted (a)
 
15,411,981

 
15,409,186

 
 
—
 %
 
 
 
 
 
 
 
 
PERFORMANCE RATIOS: (Annualized)
 
 
 
 
 
 
 
Return on average assets (a)(b)
 
1.19
%
 
1.16
%
 
 
2.6
 %
Return on average common equity (a)(b)
 
12.32
%
 
11.95
%
 
 
3.1
 %
Yield on loans
 
5.05
%
 
5.40
%
 
 
(6.5
)%
Yield on investments
 
2.72
%
 
3.23
%
 
 
(15.8
)%
Yield on money markets
 
0.25
%
 
0.25
%
 
 
—
 %
Yield on earning assets
 
4.30
%
 
4.69
%
 
 
(8.3
)%
Cost of interest bearing deposits
 
0.36
%
 
0.51
%
 
 
(29.4
)%
Cost of borrowings
 
2.60
%
 
2.77
%
 
 
(6.1
)%
Cost of paying liabilities
 
0.87
%
 
1.03
%
 
 
(15.5
)%
Net interest margin
 
3.61
%
 
3.86
%
 
 
(6.5
)%
Efficiency ratio (g)
 
61.98
%
 
54.91
%
 
 
12.9
 %
 
 
 
 
 
 
 
 
ASSET QUALITY RATIOS:
 
 
 
 
 
 
 
Net loan charge-offs
 
$
1,143

 
$
43,110

 
 
(97.3
)%
Annualized net loan charge-offs as a % of average loans (a)
 
0.03
%
 
1.31
%
 
 
(97.7
)%
 
 
 
 
 
 
 
 
CAPITAL & LIQUIDITY:
 
 
 
 
 
 
 
Average stockholders' equity / Average assets (a)
 
9.68
%
 
10.30
%
 
 
(6.0
)%
Average stockholders' equity / Average loans (a)
 
14.45
%
 
15.86
%
 
 
(8.9
)%
Average loans / Average deposits (a)
 
92.28
%
 
90.70
%
 
 
1.7
 %
 
 
 
 
 
 
 
 
OTHER RATIOS (NON GAAP):
 
 
 
 
 
 
 
Annualized return on average tangible assets (a)(b)(e)
 
1.21
%
 
1.17
%
 
 
3.4
 %
Annualized return on average tangible common equity (a)(b)(c)
 
13.88
%
 
13.45
%
 
 
3.2
 %
Note: Explanations (a)-(g) are included at the end of the financial highlights.
 
 
 
 
 
 
 



Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com





PARK NATIONAL CORPORATION
 
 
 
Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Averages are for the quarters ended September 30, 2013, June 30, 2013 and September 30, 2012, as appropriate.
 
 
 
(b) Reported measure uses net income available to common shareholders.
 
 
 
(c) Net income available to common shareholders for each period divided by average tangible common equity during the period. Average tangible common equity equals average stockholders' equity during the applicable period less (i) average preferred stock during the applicable period and (ii) average goodwill and other intangibles during the applicable period.
 
 
 
 
 
 
 
 
 
 
RECONCILIATION OF AVERAGE STOCKHOLDERS' EQUITY TO AVERAGE TANGIBLE COMMON EQUITY:
 
 
 
 
THREE MONTHS ENDED
 
NINE MONTHS ENDED
 
September 30, 2013
June 30, 2013
September 30, 2012
 
September 30, 2013
September 30, 2012
AVERAGE STOCKHOLDERS' EQUITY
$
637,529

$
655,432

$
663,314

 
$
648,446

$
699,575

Less: Average preferred stock
—

—

—

 
—

41,244

Less: Average goodwill and other intangibles
72,397

72,509

72,888

 
72,508

73,177

AVERAGE TANGIBLE COMMON EQUITY
$
565,132

$
582,923

$
590,426

 
$
575,938

$
585,154

 
 
 
 
 
 
 
(d) Tangible common equity equals ending stockholders' equity less preferred stock and goodwill and other intangibles, in each case at the end of the period.
 
 
 
 
 
 
 
 
 
 
RECONCILIATION OF STOCKHOLDERS' EQUITY TO TANGIBLE COMMON EQUITY:
 
 
 
 
September 30, 2013
June 30, 2013
September 30, 2012
 
 
 
STOCKHOLDERS' EQUITY
$
632,745

$
639,219

$
659,127

 
 
 
Less: Preferred stock
—

—

—

 
 
 
Less: Goodwill and other intangibles
72,334

72,446

72,810

 
 
 
TANGIBLE COMMON EQUITY
$
560,411

$
566,773

$
586,317

 
 
 
 
 
 
 
 
 
 
(e) Net income available to common shareholders for each period divided by average tangible assets during the period. Average tangible assets equals average assets less average goodwill and other intangibles, in each case during the applicable period.
 
 
 
 
 
 
 
 
 
 
RECONCILIATION OF AVERAGE ASSETS TO AVERAGE TANGIBLE ASSETS:
 
 
 
 
THREE MONTHS ENDED
 
NINE MONTHS ENDED
 
September 30, 2013
June 30, 2013
September 30, 2012
 
September 30, 2013
September 30, 2012
AVERAGE ASSETS
$
6,739,055

$
6,670,829

$
6,769,735

 
$
6,701,287

$
6,792,822

Less: Average goodwill and other intangibles
72,397

72,509

72,888

 
72,508

73,177

AVERAGE TANGIBLE ASSETS
$
6,666,658

$
6,598,320

$
6,696,847

 
$
6,628,779

$
6,719,645

 
 
 
 
 
 
 
(f) Tangible common equity divided by tangible assets. Tangible assets equals total assets less goodwill and other intangibles, in each case at the end of the period.
 
 
 
 
 
 
 
 
 
 
RECONCILIATION OF TOTAL ASSETS TO TANGIBLE ASSETS:
 
 
 
 
September 30, 2013
June 30, 2013
September 30, 2012
 
 
 
TOTAL ASSETS
$
6,705,891

$
6,640,473

$
6,752,938

 
 
 
Less: Goodwill and other intangibles
72,334

72,446

72,810

 
 
 
TANGIBLE ASSETS
$
6,633,557

$
6,568,027

$
6,680,128

 
 
 
 
 
 
 
 
 
 
(g) Efficiency ratio is calculated by taking total other expense divided by the sum of fully taxable equivalent net interest income and other income. Fully taxable equivalent net interest income reconciliation is shown below assuming a 35% tax rate. Additionally, net interest margin is calculated on a fully taxable equivalent basis.
 
 
 
 
 
 
 
 
 
 
RECONCILIATION OF FULLY TAXABLE EQUIVALENT NET INTEREST INCOME TO NET INTEREST INCOME
 
 
 
 
THREE MONTHS ENDED
 
NINE MONTHS ENDED
 
September 30, 2013
June 30, 2013
September 30, 2012
 
September 30, 2013
September 30, 2012
Interest income
$
65,410

$
65,279

$
70,618

 
$
196,881

$
216,942

Fully taxable equivalent adjustment
273

368

408

 
1,029

1,241

Fully taxable equivalent interest income
$
65,683

$
65,647

$
71,026

 
$
197,910

$
218,183

Interest expense
10,450

10,567

12,602

 
31,756

38,518

Fully taxable equivalent net interest income
$
55,233

$
55,080

$
58,424

 
$
166,154

$
179,665




Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com



 
 
 
 
 
 
 
 
 
PARK NATIONAL CORPORATION
 
 
 
Consolidated Statements of Income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
(in thousands, except share and per share data)
 
2013
 
2012
 
2013
 
2012
 
 
 
 
 
 
 
 
 
Interest income:
 
 
 
 
 
 
 
 
   Interest and fees on loans
 
56,337

 
58,269

 
168,500

 
176,967

   Interest on:
 
 
 
 
 
 
 
 
      Obligations of U.S. Government, its agencies
 
 
 
 
 
 
 
 
         and other securities
 
8,880

 
12,187

 
27,795

 
39,565

      Obligations of states and political subdivisions
 
7

 
33

 
40

 
121

   Other interest income
 
186

 
129

 
546

 
289

         Total interest income
 
65,410

 
70,618

 
196,881

 
216,942

 
 
 
 
 
 
 
 
 
Interest expense:
 
 
 
 
 
 
 
 
   Interest on deposits:
 
 
 
 
 
 
 
 
      Demand and savings deposits
 
422

 
636

 
1,391

 
1,992

      Time deposits
 
2,729

 
3,757

 
8,719

 
12,517

   Interest on borrowings
 
7,299

 
8,209

 
21,646

 
24,009

      Total interest expense
 
10,450

 
12,602

 
31,756

 
38,518

 
 
 
 
 
 
 
 
 
         Net interest income
 
54,960

 
58,016

 
165,125

 
178,424

 
 
 
 
 
 
 
 
 
Provision for loan losses
 
2,498

 
16,655

 
3,500

 
30,231

 
 
 
 
 
 
 
 
 
         Net interest income after provision for loan losses
 
52,462

 
41,361

 
161,625

 
148,193

 
 
 
 
 
 
 
 
 
Gain on sale of Vision Bank business
 
—

 
—

 
—

 
22,167

Other income
 
17,396

 
18,079

 
55,499

 
53,040

 
 
 
 
 
 
 
 
 
Total other expense
 
44,715

 
45,683

 
137,383

 
139,957

 
 
 
 
 
 
 
 
 
         Income before income taxes
 
25,143

 
13,757

 
79,741

 
83,443

 
 
 
 
 
 
 
 
 
Income taxes
 
6,114

 
1,775

 
19,968

 
21,100

 
 
 
 
 
 
 
 
 
         Net income
 
19,029

 
11,982

 
59,773

 
62,343

 
 
 
 
 
 
 
 
 
Preferred stock dividends and accretion
 
—

 
—

 
—

 
3,425

 
 
 
 
 
 
 
 
 
         Net income available to common shareholders
 
19,029

 
11,982

 
59,773

 
58,918

 
 
 
 
 
 
 
 
 
Per Common Share:
 
 
 
 
 
 
 
 
         Net income - basic
 
1.23

 
0.78

 
3.88

 
3.82

         Net income - diluted
 
1.23

 
0.78

 
3.88

 
3.82

 
 
 
 
 
 
 
 
 
         Weighted average shares - basic
 
15,411,972

 
15,405,894

 
15,411,981

 
15,405,902

         Weighted average shares - diluted
 
15,411,972

 
15,405,894

 
15,411,981

 
15,409,186

 
 
 
 
 
 
 
 
 
        Cash Dividends Declared
 
0.94

 
0.94

 
2.82

 
2.82

 
 
 
 
 
 
 
 
 




Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com


 
PARK NATIONAL CORPORATION 
Consolidated Balance Sheets
 
 
 
(in thousands, except share data)
September 30, 2013
December 31, 2012
 
 
 
Assets
 
 
 
 
 
Cash and due from banks
$
135,440

$
164,120

Money market instruments
179,434

37,185

Investment securities
1,389,387

1,581,751

Loans
4,573,537

4,450,322

Allowance for loan losses
57,894

55,537

Loans, net
4,515,643

4,394,785

Bank premises and equipment, net
56,116

53,751

Goodwill and other intangibles
72,334

72,671

Other real estate owned
35,412

35,718

Other assets
322,125

302,822

Total assets
$
6,705,891

$
6,642,803

 
 
 
Liabilities and Stockholders' Equity
 
 
 
 
 
Deposits:
 
 
Noninterest bearing
$
1,109,194

$
1,137,290

Interest bearing
3,741,498

3,578,742

Total deposits
4,850,692

4,716,032

Borrowings
1,162,091

1,206,076

Other liabilities
60,363

70,329

Total liabilities
$
6,073,146

$
5,992,437

 
 
 
 
 
 
Stockholders' Equity:
 
 
Common stock (No par value; 20,000,000 shares authorized
in 2013 and 2012; 16,150,952 shares issued at September 30, 2013
and 16,150,987 shares issued at December 31, 2012)
$
302,652

$
302,654

Accumulated other comprehensive loss, net of taxes
(51,449
)
(17,518
)
Retained earnings
457,917

441,605

Treasury stock (738,989 shares at September 30, 2013 and December 31, 2012)
(76,375
)
(76,375
)
Total stockholders' equity
$
632,745

$
650,366

 
 
 
Total liabilities and stockholders' equity
$
6,705,891

$
6,642,803





Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com


 
 
 
 
PARK NATIONAL CORPORATION 
 
 
 
Consolidated Average Balance Sheets
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
(in thousands)
2013
2012
 
2013
2012
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
Cash and due from banks
$
108,813

$
115,198

 
$
110,847

$
122,258

Money market instruments
295,634

208,191

 
293,511

156,830

Investment securities 
1,359,690

1,621,365

 
1,370,627

1,664,365

Loans
4,539,685

4,392,067

 
4,487,756

4,410,042

Allowance for loan losses
55,697

59,686

 
56,186

63,525

Loans, net
4,483,988

4,332,381

 
4,431,570

4,346,517

Bank premises and equipment, net
56,643

52,671

 
56,352

55,123

Goodwill and other intangibles
72,397

72,888

 
72,508

73,177

Other real estate owned
36,363

36,575

 
35,446

39,760

Other assets
325,527

330,466

 
330,426

334,792

Total assets
$
6,739,055

$
6,769,735

 
$
6,701,287

$
6,792,822

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Stockholders' Equity
 
 
 
 
 
 
 
 
 
 
 
Deposits:
 
 
 
 
 
Noninterest bearing
$
1,096,178

$
1,026,690

 
$
1,101,929

$
1,034,801

Interest bearing
3,797,118

3,828,830

 
3,761,111

3,827,370

Total deposits
4,893,296

4,855,520

 
4,863,040

4,862,171

Borrowings
1,137,877

1,172,379

 
1,114,113

1,155,900

Other liabilities
70,353

78,522

 
75,688

75,176

Total liabilities
$
6,101,526

$
6,106,421

 
$
6,052,841

$
6,093,247

 
 
 
 
 
 
Stockholders' Equity:
 
 
 
 
 
Preferred stock
$
—

$
—

 
$
—

$
41,244

Common stock 
302,652

302,655

 
302,653

301,992

Common stock warrants
—

—

 
—

1,929

Accumulated other comprehensive loss, net of taxes
(43,255
)
(7,009
)
 
(27,825
)
(7,874
)
Retained earnings
454,507

444,675

 
449,993

439,291

Treasury stock 
(76,375
)
(77,007
)
 
(76,375
)
(77,007
)
Total stockholders' equity
$
637,529

$
663,314

 
$
648,446

$
699,575

 
 
 
 
 
 
Total liabilities and stockholders' equity
$
6,739,055

$
6,769,735

 
$
6,701,287

$
6,792,822






Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com


 
PARK NATIONAL CORPORATION 
Consolidated Statements of Income - Linked Quarters
 
 
 
 
 
 
 
2013
2013
2013
2012
2012
(in thousands, except per share data)
3rd QTR
2nd QTR
1st QTR
4th QTR
3rd QTR
 
 
 
 
 
 
Interest income:
 
 
 
 
 
Interest and fees on loans 
$
56,337

$
56,388

$
55,775

$
57,671

$
58,269

Interest on:
 
 
 
 
 
Obligations of U.S. Government, its agencies and other securities
8,880

8,673

10,242

10,984

12,187

Obligations of states and political subdivisions
7

16

17

19

33

Other interest income
186

202

158

119

129

Total interest income
65,410

65,279

66,192

68,793

70,618

 
 
 
 
 
 
Interest expense:
 
 
 
 
 
Interest on deposits:
 
 
 
 
 
Demand and savings deposits
422

468

501

491

636

Time deposits
2,729

2,900

3,090

3,404

3,757

Interest on borrowings
7,299

7,199

7,148

8,007

8,209

Total interest expense
10,450

10,567

10,739

11,902

12,602

 
 
 
 
 
 
Net interest income
54,960

54,712

55,453

56,891

58,016

 
 
 
 
 
 
Provision for loan losses
2,498

673

329

5,188

16,655

 
 
 
 
 
 
Net interest income after provision for loan losses
52,462

54,039

55,124

51,703

41,361

 
 
 
 
 
 
Other income
17,396

19,298

18,805

17,196

18,079

 
 
 
 
 
 
Total other expense
44,715

46,570

46,098

48,011

45,683

 
 
 
 
 
 
Income before income taxes
25,143

26,767

27,831

20,888

13,757

 
 
 
 
 
 
Income taxes
6,114

6,733

7,121

4,601

1,775

 
 
 
 
 
 
Net income 
$
19,029

$
20,034

$
20,710

$
16,287

$
11,982

 
 
 
 
 
 
Preferred stock dividends and accretion
—

—

—

—

—

 
 
 
 
 
 
Net income available to common shareholders
$
19,029

$
20,034

$
20,710

$
16,287

$
11,982

 
 
 
 
 
 
Per Common Share:
 
 
 
 
 
Net income - basic
$
1.23

$
1.30

$
1.34

$
1.06

$
0.78

Net income - diluted
$
1.23

$
1.30

$
1.34

$
1.06

$
0.78







Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com


 
PARK NATIONAL CORPORATION 
Detail of other income and other expense - Linked Quarters
 
 
 
 
 
 
 
2013
2013
2013
2012
2012
(in thousands)
3rd QTR
2nd QTR
1st QTR
4th QTR
3rd QTR
 
 
 
 
 
 
Other income:
 
 
 
 
 
Income from fiduciary activities
$
4,139

$
4,328

$
4,076

$
4,056

$
4,019

Service charges on deposits
4,255

4,070

3,822

4,235

4,244

Other service income
3,391

3,352

3,985

3,463

4,017

Checkcard fee income
3,326

3,316

2,983

3,151

3,038

Bank owned life insurance income
1,311

1,254

1,202

1,184

1,184

ATM fees
705

677

627

650

565

OREO valuation adjustments
(2,030
)
(600
)
401

(2,440
)
(425
)
Gain on the sale of OREO, net
895

1,633

224

1,028

138

Other
1,404

1,268

1,485

1,869

1,299

Total other income
$
17,396

$
19,298

$
18,805

$
17,196

$
18,079

 
 
 
 
 
 
Other expense:
 
 
 
 
 
Salaries and employee benefits
$
25,871

$
24,679

$
24,633

$
24,086

$
24,255

Net occupancy expense
2,348

2,444

2,597

2,222

2,303

Furniture and equipment expense
2,639

2,981

2,607

2,774

2,666

Data processing fees
1,042

1,049

1,019

913

904

Professional fees and services
5,601

5,880

5,864

6,846

6,040

Amortization of intangibles
112

113

112

139

139

Marketing
863

953

848

1,002

924

Insurance
1,174

1,338

1,302

1,482

1,408

Communication
1,268

1,453

1,580

1,482

1,470

Loan put provision
—

—

—

—

346

Other
3,797

5,680

5,536

7,065

5,228

Total other expense
$
44,715

$
46,570

$
46,098

$
48,011

$
45,683





Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com




PARK NATIONAL CORPORATION 
 
Asset Quality Information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December 31,
(in thousands, except ratios)
September 30, 2013
 
June 30, 2013
 
March 31, 2013
 
2012
2011
2010
2009
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses, beginning of period
$
55,111

 
$
55,315

 
$
55,537

 
$
68,444

$
143,575

$
116,717

$
100,088

Transfer of loans at fair value
—

 
—

 
—

 
—

(219
)
—

—

Transfer of allowance to held for sale
—

 
—

 
—

 
—

(13,100
)
—

—

Charge-offs (A)
5,288

 
3,839

 
6,508

 
61,268

133,882

66,314

59,022

Recoveries
5,573

 
2,962

 
5,957

 
12,942

8,798

6,092

6,830

Net charge-offs (recoveries)
(285
)
 
877

 
551

 
48,326

125,084

60,222

52,192

Provision for loan losses
2,498

 
673

 
329

 
35,419

63,272

87,080

68,821

Allowance for loan losses, end of period
$
57,894

 
$
55,111

 
$
55,315

 
$
55,537

$
68,444

$
143,575

$
116,717

(A) Year ended 2012 includes the full charge-off of the Vision Bank ALLL of $12.1 million to bring the retained Vision Bank loan portfolio to fair value prior to the merger of Vision Bank (as constituted following the transaction with Centennial Bank and Home BancShares, Inc.) with and into SEPH, the non-bank subsidiary of Park, on February 16, 2012.
 
 
 
 
 
 
 
 
 
 
 
General reserve trends:
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses, end of period
$
57,894

 
$
55,111

 
$
55,315

 
$
55,537

$
68,444

$
143,575

$
116,717

Specific reserves
9,297

 
7,466

 
8,260

 
8,276

15,935

66,904

36,721

General reserves
$
48,597

 
$
47,645

 
$
47,055

 
$
47,261

$
52,509

$
76,671

$
79,996

 
 
 
 
 
 
 
 
 
 
 
Total loans
$
4,573,537

 
$
4,510,716

 
$
4,443,523

 
$
4,450,322

$
4,317,099

$
4,732,685

$
4,640,432

Impaired commercial loans
118,225

 
126,080

 
130,270

 
137,238

187,074

250,933

201,143

Non-impaired loans
$
4,455,312

 
$
4,384,636

 
$
4,313,253

 
$
4,313,084

$
4,130,025

$
4,481,752

$
4,439,289

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset Quality Ratios:
 
 
 
 
 
 
 
 
 
 
Net charge-offs (recoveries) as a % of average loans (annualized for quarterly periods)
(0.02
)%
 
0.08
%
 
0.05
%
 
1.10
%
2.65
%
1.30
%
1.14
%
Allowance for loan losses as a % of period end loans
1.27
 %
 
1.22
%
 
1.24
%
 
1.25
%
1.59
%
3.03
%
2.52
%
General reserves as a % of non-impaired loans
1.09
 %
 
1.09
%
 
1.09
%
 
1.10
%
1.27
%
1.71
%
1.80
%
 
 
 
 
 
 
 
 
 
 
 
Nonperforming Assets - Park National Corporation:
 
 
 
 
 
 
 
 
 
 
Nonaccrual loans
$
136,470

 
$
145,398

 
$
151,539

 
$
155,536

$
195,106

$
289,268

$
233,544

Accruing troubled debt restructuring
24,398

 
22,413

 
24,274

 
29,800

28,607

 -- 

142

Loans past due 90 days or more
1,654

 
1,502

 
1,350

 
2,970

3,489

3,590

14,773

Total nonperforming loans
$
162,522

 
$
169,313

 
$
177,163

 
$
188,306

$
227,202

$
292,858

$
248,459

Other real estate owned - Park National Bank
13,019

 
14,273

 
14,587

 
14,715

13,240

8,385

6,037

Other real estate owned - SEPH
22,393

 
21,389

 
21,705

 
21,003

29,032

 -- 

 -- 

Other real estate owned - Vision Bank
—

 
—

 
 -- 

 
 -- 

 -- 

33,324

35,203

Total nonperforming assets
$
197,934

 
$
204,975

 
$
213,455

 
$
224,024

$
269,474

$
334,567

$
289,699

Percentage of nonaccrual loans to period end loans
2.98
 %
 
3.22
%
 
3.41
%
 
3.49
%
4.52
%
6.11
%
5.03
%
Percentage of nonperforming loans to period end loans
3.55
 %
 
3.75
%
 
3.99
%
 
4.23
%
5.26
%
6.19
%
5.35
%
Percentage of nonperforming assets to period end loans
4.33
 %
 
4.54
%
 
4.80
%
 
5.03
%
6.24
%
7.07
%
6.24
%
Percentage of nonperforming assets to period end assets
2.95
 %
 
3.09
%
 
3.16
%
 
3.37
%
3.86
%
4.59
%
4.11
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com


PARK NATIONAL CORPORATION 
Asset Quality Information (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December 31,
(in thousands, except ratios)
September 30, 2013
 
June 30, 2013
 
March 31, 2013
 
2012
2011
2010
2009
 
 
 
 
 
 
 
 
 
 
 
Nonperforming Assets - Park National Bank and Guardian:
 
 
 
 
 
 
 
 
 
 
Nonaccrual loans
$
97,122

 
$
102,182

 
$
103,246

 
$
100,244

$
96,113

$
117,815

$
85,197

Accruing troubled debt restructuring
24,398

 
22,413

 
24,274

 
29,800

26,342

—

142

Loans past due 90 days or more
1,654

 
1,502

 
1,350

 
2,970

3,367

3,226

3,496

Total nonperforming loans
$
123,174

 
$
126,097

 
$
128,870

 
$
133,014

$
125,822

$
121,041

$
88,835

Other real estate owned - Park National Bank
13,019

 
14,273

 
14,587

 
14,715

13,240

8,385

6,037

Total nonperforming assets
$
136,193

 
$
140,370

 
$
143,457

 
$
147,729

$
139,062

$
129,426

$
94,872

Percentage of nonaccrual loans to period end loans
2.14
 %
 
2.29
%
 
2.35
%
 
2.28
%
2.29
%
2.88
%
2.15
%
Percentage of nonperforming loans to period end loans
2.72
 %
 
2.82
%
 
2.93
%
 
3.03
%
3.00
%
2.96
%
2.24
%
Percentage of nonperforming assets to period end loans
3.01
 %
 
3.14
%
 
3.27
%
 
3.36
%
3.32
%
3.16
%
2.39
%
Percentage of nonperforming assets to period end assets
2.06
 %
 
2.15
%
 
2.17
%
 
2.27
%
2.21
%
1.99
%
1.53
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nonperforming Assets - SEPH/Vision Bank (retained portfolio as of September 30, 2013, June 30, 3013, March 31, 2013, December 31, 2012, and December 31, 2011):
Nonaccrual loans
$
39,348

 
$
43,216

 
$
48,293

 
$
55,292

$
98,993

$
171,453

$
148,347

Accruing troubled debt restructuring
—

 
—

 
—

 
—

2,265

—

—

Loans past due 90 days or more
—

 
—

 
—

 
—

122

364

11,277

Total nonperforming loans
$
39,348

 
$
43,216

 
$
48,293

 
$
55,292

$
101,380

$
171,817

$
159,624

Other real estate owned - Vision Bank
—

 
—

 
—

 
—

—

33,324

35,203

Other real estate owned - SEPH
22,393

 
21,389

 
21,705

 
21,003

29,032

—

—

Total nonperforming assets
$
61,741

 
$
64,605

 
$
69,998

 
$
76,295

$
130,412

$
205,141

$
194,827

Percentage of nonaccrual loans to period end loans
N.M.

 
N.M.

 
N.M.

 
N.M.

N.M.

26.77
%
21.91
%
Percentage of nonperforming loans to period end loans
N.M.

 
N.M.

 
N.M.

 
N.M.

N.M.

26.82
%
23.58
%
Percentage of nonperforming assets to period end loans
N.M.

 
N.M.

 
N.M.

 
N.M.

N.M.

32.02
%
28.78
%
Percentage of nonperforming assets to period end assets
N.M.

 
N.M.

 
N.M.

 
N.M.

N.M.

25.90
%
21.70
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New nonaccrual loan information - Park National Corporation
 
 
 
 
 
 
 
Nonaccrual loans, beginning of period
$
145,398

 
$
151,539

 
$
155,536

 
$
195,106

$
289,268

$
233,544

$
159,512

New nonaccrual loans
12,362

 
15,404

 
21,141

 
83,204

124,158

175,175

184,181

Resolved nonaccrual loans
21,290

 
21,545

 
25,138

 
122,774

218,320

119,451

110,149

Nonaccrual loans, end of period
$
136,470

 
$
145,398

 
$
151,539

 
$
155,536

$
195,106

$
289,268

$
233,544

 
 
 
 
 
 
 
 
 
 
 
New nonaccrual loan information - Ohio based operations
 
 
 
 
 
 
 
 
 
Nonaccrual loans, beginning of period
$
102,182

 
$
103,246

 
$
100,244

 
$
96,113

$
117,815

$
85,197

$
68,306

New nonaccrual loans - Ohio-based operations
12,362

 
15,404

 
21,141

 
68,960

78,316

85,081

57,641

Resolved nonaccrual loans
17,422

 
16,468

 
18,139

 
64,829

100,018

52,463

40,750

Nonaccrual loans, end of period
$
97,122

 
$
102,182

 
$
103,246

 
$
100,244

$
96,113

$
117,815

$
85,197

 
 
 
 
 
 
 
 
 
 
 
New nonaccrual loan information - SEPH/Vision Bank (SEPH as of September 30, 2013, June 30, 2013 and March 31, 2012)
Nonaccrual loans, beginning of period
$
43,216

 
$
48,293

 
$
55,292

 
$
98,993

$
171,453

$
148,347

$
91,206

New nonaccrual loans - SEPH/Vision Bank
—

 
—

 
—

 
14,243

45,842

90,094

126,540

Resolved nonaccrual loans
3,868

 
5,077

 
6,999

 
57,944

118,302

66,988

69,399

Nonaccrual loans, end of period
$
39,348

 
$
43,216

 
$
48,293

 
$
55,292

$
98,993

$
171,453

$
148,347

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Impaired Commercial Loan Portfolio Information (period end):
 
 
 
 
 
 
 
Unpaid principal balance
$
201,573

 
$
222,871

 
$
233,144

 
$
242,345

$
290,908

$
304,534

$
245,092

Prior charge-offs
83,348

 
96,791

 
102,874

 
105,107

103,834

53,601

43,949

Remaining principal balance
118,225

 
126,080

 
130,270

 
137,238

187,074

250,933

201,143

Specific reserves
9,297

 
7,466

 
8,260

 
8,276

15,935

66,904

36,721

Book value, after specific reserve
$
108,928

 
$
118,614

 
$
122,010

 
$
128,962

$
171,139

$
184,029

$
164,422


Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
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